Company Overview - Oukeyi Precision Tool Co., Ltd. is located in Hunan Province, established on January 23, 1996, and listed on December 10, 2020. The company specializes in the research, production, and sales of CNC tool products and hard alloy products [1] - The main revenue composition includes CNC tool products (50.72%), hard alloy products (46.91%), other supplementary products (1.49%), and other products (0.88%) [1] Stock Performance - On September 22, Oukeyi's stock rose by 5.13%, reaching a price of 23.76 CNY per share, with a trading volume of 122 million CNY and a turnover rate of 3.34%. The total market capitalization is 3.773 billion CNY [1] Fund Holdings - According to data, the Everbright Pramerica Fund holds a significant position in Oukeyi, with the Everbright Pramerica Hengxin Mixed A Fund (013980) owning 9,000 shares, accounting for 1.37% of the fund's net value, making it the fourth-largest holding [2] - The Everbright Pramerica Hengxin Mixed A Fund was established on November 30, 2021, with a latest scale of 6.9011 million CNY. Year-to-date returns are 15.14%, ranking 5068 out of 8244 in its category, while the one-year return is 34.46%, ranking 4672 out of 8066 [2]

Company Overview - Oukeyi Precision Tool Co., Ltd. is located in Hunan Province, China, and was established on January 23, 1996. The company went public on December 10, 2020. Its main business involves the research, production, and sales of CNC tools and hard alloy products [1] - The revenue composition of the company is as follows: CNC tools account for 50.72%, hard alloy products for 46.91%, other supplementary products for 1.49%, and other products for 0.88% [1] Stock Performance - On September 19, Oukeyi's stock price fell by 5.06%, closing at 22.12 CNY per share, with a trading volume of 57.91 million CNY and a turnover rate of 1.61%. The total market capitalization is 3.512 billion CNY [1] Fund Holdings - According to data, the Everbright Pramerica Fund holds a significant position in Oukeyi, with the Everbright Pramerica Hengxin Mixed A Fund (013980) owning 9,000 shares, representing 1.37% of the fund's net value, making it the fourth-largest holding. The estimated floating loss today is approximately 10,600 CNY [2] - The Everbright Pramerica Hengxin Mixed A Fund was established on November 30, 2021, with a current scale of 6.9011 million CNY. Year-to-date returns are 15.21%, ranking 5012 out of 8172 in its category, while the one-year return is 35.35%, ranking 4619 out of 7980 [2]

Company Overview - Oukeyi Precision Tool Co., Ltd. is located in Hunan Province, established on January 23, 1996, and listed on December 10, 2020. The company specializes in the research, production, and sales of CNC tools and hard alloy products [1] - The main revenue composition includes CNC tools at 50.72%, hard alloy products at 46.91%, other products at 1.49%, and miscellaneous products at 0.88% [1] Stock Performance - On September 17, Oukeyi's stock rose by 5.46%, reaching a price of 21.84 CNY per share, with a trading volume of 76.52 million CNY and a turnover rate of 2.29%. The total market capitalization is 3.468 billion CNY [1] Fund Holdings - Wanji Fund has a significant holding in Oukeyi, with its fund "Wanji High-end Equipment Quantitative Stock Mixed Initiation A" (020560) holding 18,700 shares, accounting for 2.01% of the fund's net value, making it the sixth-largest holding [2] - The fund has a total scale of 8.7935 million CNY and has achieved a year-to-date return of 28.92%, ranking 2928 out of 8172 in its category. Over the past year, the return is 66.12%, ranking 1882 out of 7980 [2] Fund Manager Information - The fund manager of Wanji High-end Equipment Quantitative Stock Mixed Initiation A is Yin Hang, who has been in the position for 5 years and 60 days. The total asset size of the fund is 468 million CNY, with the best return during his tenure being 59.74% and the worst being -8.76% [3]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its operational performance, revenue distribution, and business model adjustments in response to market conditions [1][2]. Group 1: Operational Performance - In 2024, the company's domestic revenue was 904 million yuan, a decrease of 6.51% year-on-year, while overseas revenue reached 209 million yuan, an increase of 49.22% [2][3]. - The domestic gross margin was 21.34%, down by 6.51 percentage points, and the overseas gross margin was 30.77%, down by 7.88 percentage points [2][3]. - The company has been innovating its sales model, promoting a comprehensive tool solution approach [2]. Group 2: Revenue and Gross Margin Analysis - The company provided a breakdown of revenue and gross margin by product type for the past three years, indicating that the overseas sales growth was primarily due to accelerated overseas channel development and the establishment of brand stores [3][5]. - The gross margin for domestic sales was lower due to a higher proportion of lower-margin products, while overseas sales were dominated by higher-margin CNC tool products [7][8]. Group 3: Sales Model and Market Strategy - The company has adopted a dual sales model of direct sales and distribution, with the distribution model yielding higher gross margins due to the sale of higher-margin CNC tools [9][10]. - The company is actively expanding its overseas market presence, establishing operational centers in Asia to enhance local marketing and service capabilities [5][6]. Group 4: Overall Solution Business Model - The overall solution business model focuses on providing customized cutting solutions, which includes a full range of products and technical services to optimize tool management for clients [12][14]. - The company has established a comprehensive quality assurance system and real-time monitoring of production and sales processes to enhance operational efficiency [12][13]. Group 5: Accounts Receivable and Credit Policy - The company's accounts receivable at the end of 2024 amounted to 416 million yuan, representing 36.91% of total revenue, which has been increasing due to slower payment progress from clients affected by macroeconomic conditions [21][22]. - The company maintains a cautious approach to bad debt provisions, aligning its policies with industry standards and ensuring sufficient coverage based on historical credit loss experiences [24].

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response from its continuous supervision institution, Minsheng Securities, addressing various operational and financial aspects of the company. Group 1: Operational Performance - In 2024, the company's domestic revenue was 904 million yuan, a decrease of 6.51% year-on-year, while overseas revenue reached 209 million yuan, an increase of 49.22% year-on-year [2] - The domestic gross margin was 21.34%, down by 6.51 percentage points, and the overseas gross margin was 30.77%, down by 7.88 percentage points [2] - The company has been innovating its sales model, promoting comprehensive tool solutions, which has contributed to the changes in revenue and gross margin [2][3] Group 2: Revenue and Gross Margin Analysis - The company provided a breakdown of revenue and gross margin by product type for the past three years, indicating that the overseas sales growth was primarily due to accelerated overseas channel development and the establishment of local operational centers [3][4] - The company opened over 10 overseas brand stores from 2022 to 2024, achieving a compound annual growth rate of 65.97% in sales from these stores [3] - The gross margin for domestic sales was lower due to a higher proportion of lower-margin hard alloy products compared to higher-margin CNC tool products in overseas sales [6][7] Group 3: Sales Model and Margin Differences - The company reported that the gross margin for the distribution model was higher than that for the direct sales model, primarily due to the product structure differences, with CNC tools generally having higher margins than hard alloy products [8][9] - The company is actively promoting an overall solution business model, which, while having lower margins currently, is expected to enhance customer satisfaction and loyalty in the long term [10][13] Group 4: Accounts Receivable and Credit Policy - The company's accounts receivable at the end of 2024 amounted to 416 million yuan, an increase of 7.87% year-on-year, with accounts receivable and notes receivable accounting for 57.88% of total revenue [16][20] - The increase in accounts receivable as a percentage of revenue is attributed to slower payment progress from customers affected by macroeconomic conditions [20][21] - The company maintains a cautious approach to bad debt provisions, aligning with industry standards and ensuring sufficient coverage based on historical credit loss experiences [22]

Company Overview - The company, 欧科亿, was established on January 23, 1996, with a registered capital of 158.78 million RMB and is headquartered in Zhuzhou, Hunan Province [2] - The main business includes the research, production, and sales of CNC cutting tools and hard alloy products [2] - The current chairman is 袁美和, and the company has 1,311 employees [2] Joint Venture Establishment - On June 4, 2025, the company announced the establishment of a joint venture named 欧科亿（山东）新能源科技有限公司 with a registered capital of 50 million RMB [2] - The joint venture has completed the registration process and is located in Tancheng County, Linyi City, Shandong Province, focusing on emerging energy technology research and photovoltaic equipment manufacturing and sales [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 was 1.055 billion RMB, 1.026 billion RMB, and 1.127 billion RMB, reflecting year-on-year growth rates of 6.56%, -2.73%, and 9.81% respectively [3] - The net profit attributable to the parent company for the same years was 242 million RMB, 166 million RMB, and 57.3 million RMB, with year-on-year changes of 8.94%, -31.43%, and -65.48% respectively [3] - The asset-liability ratios for the years were 22.22%, 33.94%, and 35.59% [3] Risk Assessment - The company has a total of 37 risk entries in the Tianyancha database, with 1 historical risk and 144 warning alerts [3]