Core Viewpoint - Ananda Drive Technology (Shanghai) Co., Ltd. reported a revenue increase of 7.07% in 2024, but net profit decreased by 25.66%, indicating a situation of revenue growth without profit growth due to rising costs and market competition [1][4][28]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1,528.34 million yuan, up from 1,427.47 million yuan in 2023, reflecting a growth of 10.09 million yuan [3][5]. - The net profit attributable to the parent company was 109.96 million yuan, down from 147.55 million yuan in 2023, a decline of 25.48% [3][21]. - The comprehensive gross profit margin for the past three years averaged 21.28%, with a notable decrease in gross margins across various product lines [1][4][29]. Group 2: Reasons for Profit Decline - The primary reasons for the profit decline include: - A decrease in gross margin for direct drive hub motors due to short-term fluctuations in raw material prices and intensified market competition [4][9][28]. - An increase in selling, administrative, and research expenses (collectively referred to as "three expenses") by 23.47%, amounting to an increase of 31.43 million yuan [12][28]. Group 3: Product Performance - The main products include hub motors, mid-mounted motors, controllers, and others, with direct drive hub motors being the primary focus for domestic sales [5][6]. - The gross profit margin for direct drive hub motors fell from 8.97% in 2023 to 6.54% in 2024, a decrease of 2.43 percentage points [8][29]. - The sales price of direct drive hub motors decreased by 8.71%, while the unit cost also dropped by 6.27%, indicating a challenging pricing environment [8][29]. Group 4: Market Environment - The electric two-wheeler market in China is experiencing a decline in demand due to stricter regulatory measures, with a reported 11.6% drop in total sales in 2024 [17][19]. - The competitive landscape is intensifying, particularly in the domestic direct drive hub motor market, which is affecting profit margins [11][19]. - The company’s peers, such as Bafang Technology, also reported declines in revenue and profit margins, indicating a broader industry trend [21][28].

Core Viewpoint - The significant increase in prepaid expenses for Anada Drive Technology (Shanghai) Co., Ltd. is primarily due to the company's strategy to lock in prices with suppliers to mitigate raw material price volatility, which aligns with industry practices [1][6][10]. Prepayment Items - The company's prepaid expenses reached 14.2572 million yuan, a year-on-year increase of 598.14%, with the balance for Supplier 1 accounting for 11.1598 million yuan, or 78.28% of total prepaid expenses [1][2]. - The top five prepaid suppliers include various entities, with total procurement amounts and prepayment ratios disclosed, indicating that the increase in prepaid expenses is reasonable given the company's business context and industry norms [2][6]. Supplier Relationships - Supplier 1 has been providing customized products and has the capability to respond to the company's needs for locking in prices for key raw materials, thus ensuring production continuity [4][10]. - There are no existing relationships or financial transactions between Supplier 1 and the company beyond normal procurement activities, confirming the legitimacy of the transactions [6][10]. Inventory - The company's inventory amounted to 189 million yuan, reflecting a year-on-year increase of 45.55%, with raw materials increasing by 40% and finished goods by 54.84% [10][11]. - The growth in inventory is attributed to the rising demand in the electric vehicle industry, with the company preparing for increased orders as new regulations come into effect [11][13]. Sales and Production - The company has seen a steady increase in sales revenue for its hub motors and mid-mounted motors over the past three years, indicating a growing customer demand [14]. - The production capacity and utilization rates for hub motors and mid-mounted motors have improved, with the company expanding its production lines to meet increasing market demand [13][14]. Financial Performance - The company's main business revenue for the first four months of 2025 was 655.7915 million yuan, with a corresponding cost of 552.0589 million yuan, showing a significant increase compared to the same period in 2024 [21][22]. - The inventory turnover ratios and sales performance indicate that the company is effectively managing its inventory and meeting customer demand, with no significant risks of unsold inventory [20][21].

Group 1: Company Overview and Strategic Direction - The company has established a dedicated division for automotive electronics, focusing on enhancing customer collaboration and expanding market share [1][2]. - The company is actively pursuing a global strategy, with plans to issue H shares and list in Hong Kong to support long-term growth and enhance international brand recognition [5][6]. Group 2: Product Development and Market Expansion - The company is committed to the development of logistics automation, with its drum motor drive system designed for high efficiency and modularity, receiving positive customer feedback [3]. - The company has formed a specialized robotics team and established a subsidiary to focus on the development of robotic products, emphasizing continuous innovation and product upgrades [4]. Group 3: Platform Products and Technological Integration - The company has launched several platform products, including dexterous hands and drum motors, leveraging a "1+1+1" innovation system to integrate core technologies and enhance product stability [6]. - The platform products are designed to provide independent solutions, ensuring stable market demand and reducing vulnerability to market fluctuations [6].

安乃达驱动技术 投分有限公司 Ananda Drive Techn ues (Shanghai) Co., Ltd. (上海市闵行区光中路 133 弄 19号 A 座 1-2 层) 安乃达驱动技术（上海）股份有限公司 招股说明书（上会稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人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。 首次公开发行股票并在主板上市 招股说明书 (上会稿) 根据《证券法》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。 声明:本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书(上会稿)不具有据以发行股票的法律效力,仅供预先披露之用。投 资者应当以正式公告的招股说明书作为投资决定的依据。 保荐机构(主承销商) 中泰证券股份有限公司 ZHONGTA ...

安乃达驱动技术（上海）股份有限公司 Ananda Drive Techniques（Shanghai）Co., Ltd. （上海市闵行区光中路 133 弄 19 号 A 座 1-2 层） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。 本招股说明书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投 保荐机构（主承销商） 资者应当以正式公告的招股说明书作为投资决定的依据。 （济南市市中区经七路 86 号） 安乃达驱动技术（上海）股份有限公司 招股说明书（申报稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人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》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 ...