Core Insights - The company is focusing on new growth demands driven by renewable energy and digital economy in the low-voltage electrical sector [1][2] - The company aims to become a leader in technological innovation and application within the industry by enhancing high voltage and high current technology research [1] Group 1: Product Innovations - The company has introduced new products such as 2P compact products and vacuum contactors to support the continuous development of renewable energy [1] - The company has also launched simplified isolation switches to meet the demands of data center development [1] Group 2: Research and Development Strategy - The company is implementing multiple R&D projects in areas such as renewable energy, digital energy, and smart living [1] - The company will focus on developing a new generation of LAZZEN low-voltage component series products using the IPD2.0 process [1] - The company plans to maintain strong R&D collaboration with major clients like Huawei and Vertiv to develop leading core technology systems [1] Group 3: Future Focus - The company will continue to emphasize the "Two Intelligence and One New" strategy, deepening research in high voltage and high current technologies [1] - The company aims to strengthen the application of solid-state and AI frontier technology achievements and expand overseas UL standard applications [1]

Group 1 - The company is focusing on overseas market opportunities and has restructured its overseas business strategy for 2024, targeting Southeast Asia, South Korea, Europe, and North America [1] - The company aims to enhance its competitiveness in overseas markets through product certification and promotional events [1] Group 2 - The company sees significant market potential for domestic substitution in high-end low-voltage electrical applications, where domestic brands currently hold a low market share [2] - The company plans to leverage the ongoing domestic policy guidance and the increasing brand influence of domestic manufacturers to expand its market share [2] - The company is involved in the research, production, and sales of various electrical products, which are widely used across multiple sectors including renewable energy, smart computing centers, and infrastructure [2]

Group 1: Financial Performance - The main reasons for the decline in Q4 profits include a 2% decrease in gross margin due to a shift in revenue structure, with increased contributions from lower-margin new energy business and a decline in high-margin real estate revenue [1] - Increased management expenses due to more fixed asset projects in the Haiyan Park, leading to higher depreciation costs [1] - Increased marketing and R&D expenses as the company invests in new product development and customer engagement [1] Group 2: Market Trends and Strategies - The company believes that R&D investment is crucial for long-term development, despite short-term profit impacts, aiming to enhance product competitiveness and customer satisfaction [1] - The company is focusing on sectors such as new energy, digital energy, smart buildings, and infrastructure for future growth, with expectations of pressure on building business due to market conditions [2] - The largest segment within the new energy business unit is photovoltaic, followed by energy storage and wind energy, with expectations of improved overall gross margin as high-margin segments grow [2] Group 3: Competitive Positioning - The company aims to replace foreign brands in the data center sector by leveraging its product reliability and stability, while also enhancing its offerings in the renewable energy sector [2] - The company is preparing to increase investments in the development of direct current circuit breakers, particularly for energy storage applications [2] Group 4: Supply Chain and Cost Management - Rising prices of raw materials are expected to impact gross margins, with the company planning to manage costs through early procurement and potential cost pass-through to downstream customers [3] Group 5: International Strategy - The company is restructuring its overseas business strategy, focusing on Southeast Asia, South Korea, Europe, and North America, with plans for differentiated market expansion based on local conditions [2] - The company is pursuing UL certification for high-demand products to enter the North American market and enhance its export business [2]

Core Viewpoint - In 2024, the company reported a revenue of 4.238 billion yuan, a year-on-year decrease of 7.57%, and a net profit attributable to shareholders of 312 million yuan, indicating challenges in the market environment [1] Group 1: Financial Performance - The company achieved a revenue of 4.238 billion yuan in 2024, reflecting a decline of 7.57% compared to the previous year [1] - The net profit attributable to shareholders was reported at 312 million yuan for the year [1] Group 2: Strategic Initiatives - The company is focusing on the "Two Intelligence and One New" strategy, enhancing product upgrades in smart and digital solutions tailored for various sectors including new energy and intelligent buildings [1] - In the low-voltage component sector, the company executed over 160 product development and enhancement plans, completing 84 product developments, including the launch of 19 new products [1] Group 3: Research and Development - The company emphasizes technological accumulation and R&D capabilities, applying the IPD2.0 transformation and deepening the end-to-end process-oriented product line model [2] - In 2024, the company applied for 456 domestic and international patents, including 127 invention patents, and obtained 356 new authorizations [2] - As of the end of 2024, the company has cumulatively applied for 3,103 patents, including 922 invention patents, and has received 2,171 authorizations [2] Group 4: Product and Market Position - The company is a leading player in the high-end market of the domestic low-voltage electrical industry, involved in the R&D, production, and sales of terminal electrical appliances, distribution electrical appliances, control electrical appliances, and smart home products [2] - The low-voltage electrical products produced by the company are widely used across various sectors of the national economy, including new energy, intelligent computing centers, and electric vehicles [2]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 苏州未来电器股份有限公司 Suzhou Future Electrical Company Co.,Ltd. （苏州市相城区北桥街道庄基村） 保荐人（主承销商） （济南市市中区经七路 86 号） 苏州未来电器股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件及所 披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经 营与收益变化或者股票价格变动引致的投资风险。 首次公开发行股票并在 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 苏州未来电器股份有限公司 Suzhou Future Electrical Company Co.,Ltd. （苏州市相城区北桥街道庄基村） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （济南市市中区经七路 86 号） 苏州未来电器股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件及所 披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责； 投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经 营与收益变化或者股票价 ...