Core Viewpoint - The small home appliance market is experiencing a shift in consumer demand towards quality, smart interaction, and personalized design, prompting companies to accelerate innovation and expansion [1] Group 1: Company Expansion Initiatives - Zhejiang Biyi Electric Co., Ltd. plans to raise 482 million yuan (approximately 68.5 million USD) through a private placement to enhance its smart kitchen appliance production capacity by 15 million units annually [1] - Ningbo Dechang Motor Co., Ltd. aims to raise 1.54 billion yuan (approximately 215 million USD) to support the production of 1.2 million smart kitchen appliances annually, expanding its business footprint in this sector [1] - Dechang plans to invest 343 million yuan (approximately 48.5 million USD) in a factory in Thailand to produce 5 million appliances and 175 million yuan (approximately 24.5 million USD) in Vietnam for 3 million units, enhancing its global presence [2] Group 2: Market Trends and Drivers - The expansion of small appliance companies is driven by three main forces: recovering overseas demand, rising penetration in emerging markets, and a trend towards quality, health, and smart upgrades in the domestic market [3] - Improvements in domestic manufacturing costs and shorter return periods for smart manufacturing investments have made expansion more economically viable [3] - Support from capital markets and government policies, including easier refinancing channels and special funding initiatives, has provided strong backing for company expansions [3] Group 3: Industry Insights - Experts suggest that the current expansion among small appliance companies is not merely a scale competition but a comprehensive contest focused on capacity upgrades and global strategies [3] - The true winners in the industry will be those who can leverage expansion to enhance organizational efficiency and technological capabilities, which will be the core competitive logic in the next phase of the small appliance sector [3]

Core Viewpoint - The company, Hongzhi Technology, has signed a Memorandum of Understanding with Indonesian local enterprise PT. KUMALA LESTARI INDAH to jointly invest in establishing a joint venture company [1] Group 1: Joint Venture Details - The registered capital of the joint venture company is set at 10 million RMB, with Hongzhi Technology contributing 4.9 million RMB, representing 49% of the registered capital, while PT. KUMALA LESTARI INDAH will contribute 5.1 million RMB, holding 51% [1] - The operational scope of the joint venture includes research, manufacturing, sales, and export of small household appliances such as rice cookers, electric pressure cookers, multifunctional pots, slow cookers, ovens, air fryers, and electric kettles [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is experiencing rapid growth in the health and wellness kitchen appliance sector and is actively expanding its e-commerce business [2] - In 2024, the company achieved a revenue of 480 million yuan, representing a year-on-year growth of 14.77%, while the net profit attributable to the parent company was 35.42 million yuan, a decline of 3.12% [4] - The company anticipates a recovery in overseas demand, which is expected to drive performance potential, maintaining a positive outlook for the years 2025 to 2027 [4] Financial Performance Summary - In 2024, the company reported a revenue of 480 million yuan, with a year-on-year increase of 14.77% and a net profit of 35.42 million yuan, down 3.12% [4] - For Q1 2025, the company achieved a revenue of 102 million yuan, a year-on-year growth of 3.66%, and a net profit of 7.33 million yuan, up 3.40% [4] - The company projects net profits for 2025, 2026, and 2027 to be 41 million yuan, 49 million yuan, and 54 million yuan respectively, with corresponding EPS of 0.46, 0.55, and 0.61 yuan per share [4][8] Industry Insights - The kitchen small appliance industry is showing a bifurcated growth pattern, with low-end market competition intensifying while mid-to-high-end segments present significant growth opportunities [5] - Health-oriented products are rapidly growing due to increasing health awareness, while traditional essential categories are stabilizing [5] - The company’s main product, rice cookers, generated revenue of 370 million yuan, reflecting a year-on-year growth of 12.67% [5] Strategic Initiatives - The company is committed to developing its own brand, increasing market expansion efforts, and continuously innovating through technology upgrades [6] - In 2024, the company’s sales expenses increased by 14.38% to 14.02 million yuan, reflecting its aggressive e-commerce expansion strategy [6] - The company holds 175 patents, with 27 patents in the application stage, including 9 invention patents that have entered the review stage, reinforcing its foundation for sustainable development [6]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company is experiencing rapid growth in the health and wellness kitchen appliance sector and is actively expanding its e-commerce business [2][4] - In 2024, the company achieved a revenue of 480 million yuan, representing a year-on-year growth of 14.77%, while the net profit attributable to the parent company was 35.42 million yuan, a decline of 3.12% [4] - The company anticipates a recovery in overseas demand, which is expected to drive performance potential, maintaining a positive outlook for the years 2025-2027 [4] Financial Performance Summary - In 2024, the company reported a revenue of 480 million yuan, with a year-on-year increase of 14.77% and a net profit of 35.42 million yuan, down 3.12% [4][8] - For Q1 2025, the company achieved a revenue of 102 million yuan, a year-on-year growth of 3.66%, and a net profit of 7.33 million yuan, up 3.40% [4] - The company projects net profits for 2025, 2026, and 2027 to be 41 million yuan, 49 million yuan, and 54 million yuan respectively, with corresponding EPS of 0.46, 0.55, and 0.61 yuan per share [4][8] Industry Insights - The kitchen appliance industry is showing a bifurcated growth pattern, with low-end market competition intensifying while mid-to-high-end segments present significant growth opportunities [5] - Health-oriented products are rapidly growing due to increasing health awareness, while traditional essential categories are stabilizing [5] - The company’s main product, rice cookers, generated revenue of 370 million yuan, reflecting a year-on-year growth of 12.67% [5][6] Strategic Initiatives - The company is focused on developing its own brand, enhancing market expansion efforts, and continuously innovating through technology upgrades [6] - In 2024, the company invested 17.07 million yuan in R&D, a year-on-year increase of 17.65%, and holds 175 patents, with 27 patents in the application stage [6][8]

广东省湛江市坡头区官渡镇广湛路高速路口西 广东鸿智智能科技股份有限公司 广东鸿智智能科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 保荐机构（主承销商） （上海市广东路 689 号） 1-1-0 证券简称： 鸿智科技 证券代码： 870726 中国证监会和北京证券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者保证。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。 1-1-1 声明 发行人及全体董事、监事、高级管理人员承诺 ...

证券简称： 鸿智科技 证券代码： 870726 广东鸿智智能科技股份有限公司 广东省湛江市坡头区官渡镇广湛路高速路口西 广东鸿智智能科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 保荐机构（主承销商） （上海市广东路 689 号） 1-1-0 中国证监会和北京证券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者保证。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， ...

证券简称： 鸿智科技 证券代码： 870726 广东鸿智智能科技股份有限公司 广东省湛江市坡头区官渡镇广湛路高速路口西 广东鸿智智能科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 保荐机构（主承销商） （上海市广东路 689 号） 1-1-0 中国证监会和北京证券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者保证。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， ...

证券简称： 鸿智科技 证券代码： 870726 广东鸿智智能科技股份有限公司 广东鸿智智能科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 保荐机构（主承销商） 1-1-0 广东省湛江市坡头区官渡镇广湛路高速路口西 （上海市广东路 689 号） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、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。投资者应充分了解北京证券交易所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。 中国证监会和北京证券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者保证。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， ...