Core Viewpoint - The credit rating report indicates that Beijing Yubang Electric Technology Co., Ltd. maintains a stable credit rating outlook due to its solid industry foundation and growth in smart power equipment and energy storage business, despite facing competitive market conditions and high operational costs [4][7][8]. Company Overview - Beijing Yubang Electric has over 20 years of experience in the power grid sector, originally established as a research center under the North China Electric Power Research Institute, and has maintained long-term collaborations with major power grid companies [6]. - The company has significantly increased its revenue and profit due to rising customer demand and enhanced market expansion efforts, achieving a total revenue of 940 million yuan in 2024, a year-on-year increase of 67.35%, and a net profit of 111 million yuan, up 195.77% [7]. Financial Performance - Key financial metrics for the company include total assets of 18.36 billion yuan, total liabilities of 5.76 billion yuan, and equity attributable to shareholders of 8.66 billion yuan [5]. - The company's operating cash flow was negative at -19 million yuan, indicating challenges in cash generation despite revenue growth [5]. - The debt-to-capital ratio stands at 39.80%, reflecting a moderate level of leverage [5]. Market Environment - The smart grid investment in China remains high, with ongoing upgrades in smart power products like smart meters, which are crucial for the development of the electric power internet and digital grid [18][19]. - The competition in the smart power equipment market is intense, with a low concentration of market players, which may impact the company's future bidding success [7][20]. Future Outlook - The company plans to increase production capacity significantly with the completion of a new project aimed at producing 3.6 million smart grid devices annually, which could enhance its market position if demand aligns with capacity [7][8]. - The ongoing transition towards a low-carbon economy and the push for digitalization in the power sector are expected to create new market opportunities for smart power products and services [17][24].

Group 1 - The core activity "Shareholders Come" aims to enhance institutional investors' understanding and trust in listed companies, thereby boosting investor confidence and promoting effective communication between companies and investors [1][3] - Beijing Yubang Electric Technology Co., Ltd. has over 20 years of experience in the smart grid sector, focusing on the research, production, and sales of smart electricity products, including smart meters and energy storage products [1][2] - In 2024, Yubang Electric achieved a revenue of 940 million yuan, a year-on-year increase of 67.35%, and a net profit of 111 million yuan, reflecting a significant growth of 195.77% [2] Group 2 - The company emphasizes a combination of production and research, with a 2024 R&D investment of 80.1465 million yuan, accounting for 8.52% of revenue, and has obtained 69 new intellectual property rights [2] - During the event, Yubang Electric's executives shared insights on the company's technological innovations and market positioning, as well as its role in supporting the construction of a new power system in China [3][4] - Guotai Junan Securities, as a co-organizer, provided macroeconomic analysis and insights into the opportunities presented by the clean electricity demand and the evolving competitive landscape in the power industry [4]

Core Viewpoint - The report outlines the continuous supervision and compliance of Beijing Yubang Electric Technology Co., Ltd. by the sponsor, Industrial Securities Co., Ltd., during its initial public offering and bond issuance on the Sci-Tech Innovation Board, emphasizing the company's adherence to regulations and internal controls [1][2][3]. Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision system, along with a corresponding work plan [1]. - A continuous supervision agreement has been signed, clarifying the rights and obligations of both parties during the supervision period [2]. Compliance and Internal Control - The internal control systems of Yubang Electric are in compliance with relevant regulations and have been effectively executed, ensuring the company's standardized operation [4]. - The sponsor has verified the design, implementation, and effectiveness of the internal control systems, including financial management and auditing [4]. Information Disclosure - The sponsor has ensured that the information disclosure documents submitted by Yubang Electric do not contain false records or misleading statements [5]. - Any issues found in the information disclosure documents are promptly addressed, and if the company fails to correct them, the sponsor reports to the Shanghai Stock Exchange [5]. Financial Performance - In 2024, Yubang Electric reported a revenue of 940.14 million yuan, a 67.35% increase from 561.79 million yuan in 2023 [12]. - The net profit attributable to shareholders reached 111.32 million yuan, reflecting a 195.77% increase from 37.64 million yuan in the previous year [12]. - The net cash flow from operating activities was 141.17 million yuan, up 36.81% from 103.19 million yuan [12]. Core Competitiveness - Yubang Electric is recognized as a national high-tech enterprise, with a strong focus on technology research and development, holding 385 intellectual property rights, including 154 patents [15][21]. - The company has established a robust quality management system and adheres to strict quality control procedures throughout its operations [18]. Industry Risks - The company faces risks related to core competitiveness, operational challenges, and financial stability, particularly due to the competitive landscape and reliance on major clients like State Grid and Southern Power Grid [7][8][10]. - The macroeconomic environment and industry investment trends could significantly impact the company's performance and procurement demand [10][11]. Use of Raised Funds - Yubang Electric successfully raised 410.81 million yuan through the issuance of convertible bonds, with a net amount of 403.65 million yuan after deducting issuance costs [21][23]. - The company has complied with regulations regarding the use of raised funds, ensuring proper storage and usage [24].