Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, a year-on-year increase of 40.28%, and a net profit of CNY 40 million, an increase of 14.42% [2] Group 2: Business Model and Operations - The company primarily adopts a direct sales model, with self-researched and produced intelligent vehicle terminals targeting the automotive aftermarket [2] - The intelligent vehicle terminal industry operates on a collaborative model between equipment manufacturers and vehicle operation service providers due to diverse regional regulations and customer needs [2] - The company employs an ODM model for smart payment hardware and an ODM/OEM model for smart sleep terminals and other intelligent hardware [2] Group 3: Market Expansion and Management - The company has established a sales presence in Africa, Southeast Asia, and West Asia for its intelligent vehicle terminals, with plans to focus on developed markets in Europe and the U.S. for long-term growth [3] - The company has obtained product certifications in Europe and the U.S., with ongoing integration and adaptation work for some clients [3] - The company operates a divisional management structure, with all divisions, including the newly established overseas division, achieving profitability [3] Group 4: Risk Warning - The content does not constitute a commitment or guarantee from the company or its management regarding industry forecasts or company development strategies, urging investors to make rational decisions and be aware of investment risks [4]

2025年5月13日， 博实结 披露接待调研公告，公司于5月13日接待 长江证券 、国联基金、泰康资产、华 商基金、西部利得基金等27家机构调研。 公告显示，博实结参与本次接待的人员共4人，为董事、财务总监雷金华，副总经理、董事会秘书向碧 琼，证券事务代表王占超，证券事务专员叶紫惠。调研接待地点为深圳公司会议室。 据了解，博实结是从事 物联网 智能化产品研发等的高新技术企业、 专精特新 "小巨人"企业。2024 年 实现营业收入 14.02 亿元、净利润 1.76 亿元，2025 年一季度实现营业收入 3.48 亿元、净利润 0.40 亿 元。 据了解，公司未来业务增量主要来自"出海"、推出新的产品方案、技术进步带来的产品价值提升和产品 类别增加。公司海外销售收入大幅增长，产品在海外的销售区域包括非洲、欧美等，未来将持续推进海 外业务。 据了解，2025 年一季度公司利润与营收增幅不一致，原因包括产品结构变化影响毛利率、海外市场开 拓成本增加。公司智能睡眠终端目前主要销往海外，未来会基于需求和行业情况寻求国内合作机会。 调研详情如下： 一、基本情况介绍 公司是专业从事物联网智能化产品的研发、生产和销售的高新技 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized and innovative" small giant [1][2] - The mission is to "empower everything with wisdom, co-create a better future," focusing on customer achievement, innovation, pragmatism, and quality [2] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, up by 0.81% [2] - In Q1 2025, revenue reached CNY 348 million, a 40.28% increase year-on-year, with a net profit of CNY 40 million, up by 14.42% [2] Group 3: Revenue Composition - Revenue breakdown by product application: - Smart vehicle terminals: 39.04% - Smart travel components: 24.81% - Smart sleep terminals: 14.17% - Smart payment hardware: 6.10% - Other smart hardware: 10.16% [2] Group 4: Financial Health - The company maintains a low debt-to-asset ratio of 19.31% as of December 31, 2024, indicating a strong financial position [3] - The sales strategy includes a cash-in-advance model for small to medium clients and credit terms for large clients, ensuring stable cash flow [3] Group 5: Product Development - The company is developing smart sleep terminals that monitor key physiological indicators and adjust temperature for optimal sleep quality [4] - The smart vehicle monitoring terminal includes collision warning features and uploads data to regulatory platforms [4] Group 6: Market Trends - The smart travel component business is expected to grow as electric bike sharing penetrates lower-tier cities, driven by new safety standards requiring IoT features [5][6] - The company is exploring potential applications of its technology in the humanoid robot sector but currently focuses on established markets [6]