Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [2] - It aims to become a global expert in IoT intelligent application solutions, leveraging its core technologies and business model [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 0.81% from the previous year [2] - In Q1 2025, the company reported a revenue of CNY 348 million, representing a 40.28% increase year-on-year, with a net profit of CNY 40 million, up 14.42% [3] Group 3: International Business Growth - The company's overseas revenue reached CNY 327 million in 2024, accounting for 23.35% of total revenue, with a growth of 399.37% compared to 2023 [3] - Key growth areas for international business include smart vehicle terminals and smart sleep terminals, with a focus on expanding market share in Africa, Southeast Asia, and developed regions like Europe and the US [3] Group 4: Domestic Market Focus - The smart vehicle terminal products target the "two passengers and one dangerous goods" vehicles, heavy-duty trucks, and ride-hailing services, primarily in the aftermarket sector [4] - The trend is shifting towards replacing traditional driving recorders with intelligent video driving recorders, driven by policy changes and advancements in AI technology [4] Group 5: Product Innovation - The smart sleep terminal, centered around a smart mattress cover, monitors key physiological indicators to optimize sleep conditions without altering existing bedding [5] - The product is developed in collaboration with an overseas client known for its expertise in sleep health, leveraging advanced sleep AI algorithms [5] Group 6: Investment and Financial Management - As of December 31, 2024, the company's asset-liability ratio was 19.31%, indicating a relatively low level of debt [5] - The company manages idle funds through low-risk financial products to ensure normal operations while optimizing cash flow [5]

Group 1 - In June, nearly 800 listed companies in the A-share market were investigated by institutions, reflecting a strong interest in potential investment opportunities [2][5] - The average increase in stock prices for the companies that were investigated in June was 7.95%, outperforming the Shanghai Composite Index and Shenzhen Component Index [4] - Over 2300 listed companies were investigated by institutions in the first half of the year, with a focus on sectors such as electronics, biomedicine, machinery, and computers [5][6] Group 2 - Companies like Huichuan Technology and Jun Ding Da were among those receiving significant attention, with each being investigated 12 times in June [2][3] - Huichuan Technology highlighted the positive impact of national equipment renewal plans on its business, particularly in consumer-facing industries [2] - Jun Ding Da is focusing on the medical industry, reporting a revenue increase of nearly 300 million from this sector in 2024, although it remains in the early stages of market development [3] Group 3 - Bo Shi Jie, another company investigated multiple times, emphasized the application of AI algorithms in its products, particularly in smart transportation and security [4] - The first half of the year saw 170 companies investigated more than 10 times, with 37 companies investigated over 20 times, indicating a trend towards popular sectors like robotics and AI [6] - The average stock price increase for companies investigated in the first half of the year was 18.68%, significantly higher than the overall market performance [6]

来看机构调研情况。 刚刚过去的6月份，A股市场整体表现较好，上证指数和深证成指分别上涨2.90%和4.23%，机构调研活动 保持了较高的热度，当月合计有近800家上市公司接受机构调研。 而将时间拉长到今年上半年来看，机构合计调研了逾2300家上市公司，相关机构通过积极调研上市公司寻 找后市投资机会。 6月份机构调研近800家上市公司 据Wind统计口径，今年6月份，机构合计调研了近800家上市公司。 从调研次数上看，机构6月份对22家上市公司的调研次数达到5次以上，其中对汇川技术、骏鼎达、博实 结、大族激光等公司的调研次数均超过10次。 据Wind统计口径，机构在6月份调研汇川技术次数达12次，参与调研的机构涉及公募基金、券商、私募基 金等多种不同类型的机构，调研形式包括特定对象调研、路演活动、券商策略会等。在调研活动中，汇川 技术回复了多个方面的问题。比如对于国家提出的设备更新计划对公司业务带来的驱动情况，汇川技术表 示，国家设备更新计划有效刺激了家电、汽车等面向消费者（ToC）行业的市场需求。在面向企业 （ToB）的市场中，特别是高污染、高能耗行业，设备更新计划在央国企客户群体落地较多。国家推进绿 色化、 ...

Group 1: Company Overview - The company specializes in the research, development, production, and sales of IoT intelligent products, recognized as a high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant [1] - The core technologies include communication, positioning, and AI, providing intelligent terminal products and solutions for various IoT applications [1] - The mission is to empower everything with intelligence and create a better future, focusing on customer success, innovation, pragmatism, and quality [1] Group 2: Financial Performance - In 2024, the company achieved a revenue of 1.402 billion yuan, an increase of 24.85% year-on-year, and a net profit of 176 million yuan, up by 0.81% [2] - In Q1 2025, the revenue reached 348 million yuan, marking a 40.28% increase year-on-year, with a net profit of 40 million yuan, up by 14.42% [2] Group 3: Growth Drivers - In the commercial vehicle monitoring sector, there is a trend towards upgrading to intelligent video driving recorders, replacing traditional models lacking video capabilities [3] - The company has obtained product certifications in Europe, the USA, and Saudi Arabia, targeting these regions for business expansion [3] - In the passenger vehicle positioning sector, the company aims to increase its market share overseas while exploring new applications for asset positioning products [3] Group 4: Product Development - The smart sleep sector will see an expansion in product variety, enhancing market competitiveness through innovation [4] - In 2024, other smart hardware generated a revenue of 142 million yuan, reflecting a growth of 21.70% compared to 2023, showcasing the success of the company's diversification strategy [4]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [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, up by 0.81% [1] - In Q1 2025, the company reported a revenue of CNY 348 million, reflecting a 40.28% increase year-on-year, with a net profit of CNY 40 million, up by 14.42% [2] Group 2: Business Growth Drivers - The commercial vehicle monitoring sector is experiencing a product upgrade wave, with traditional devices being replaced by intelligent video recording devices [2] - The company is actively pursuing product certifications in the EU and Americas, aiming to expand its overseas market presence [2] - In the passenger vehicle positioning sector, the company plans to enhance its market share overseas while exploring new applications in asset tracking [2] Group 3: Product Development and Innovation - The company aims to diversify its smart sleep product offerings to enhance market competitiveness and achieve steady revenue growth [3] - The company has developed over twenty types of smart hardware, including electronic student IDs and smart wearable devices, generating CNY 142 million in revenue in 2024, a 21.70% increase from 2023 [6] - Future product development will focus on smart wearables, smart education, pet tracking, and smart city applications [6] Group 4: Sales and Market Strategy - The company’s smart vehicle terminal products primarily target the aftermarket, characterized by diverse regional distribution and varying customer needs [6] - The sales model involves collaboration with vehicle operation service providers, who purchase products and implement solutions tailored to local customer demands [7] - The relationship between the company and service providers is mutually beneficial, ensuring that customer needs are met effectively [7] Group 5: Risk Considerations - The information provided regarding industry forecasts and company strategies should not be interpreted as commitments or guarantees from the company or its management [7]

Core Viewpoint - The company has demonstrated strong growth in revenue and profit, with a focus on expanding its product offerings in the smart transportation and IoT sectors, while also addressing challenges in profitability and market competition [2][5][9]. Financial Performance - In 2024, the company achieved operating revenue of 1.402 billion yuan, an increase of 24.85% year-on-year, and a net profit attributable to shareholders of 176 million yuan, up 0.81% from the previous year [2]. - In Q1 2025, the company reported operating revenue of 348 million yuan, a 40.28% increase year-on-year, with a net profit of 40 million yuan, reflecting a 14.42% increase [2]. Product Development and Market Expansion - The company is actively developing products in the smart connected vehicle sector, leveraging its expertise in communication, positioning, storage, and AI algorithms to create advanced vehicle-mounted video recorders with features like ADAS and DSM [1]. - The company is focusing on the commercial vehicle monitoring market, where it anticipates a shift from traditional to smart video recording devices, and is expanding its presence in overseas markets such as the EU and the Americas [2][5]. - In the smart mobility sector, the company aims to capitalize on the growing demand for electric bicycles and enhance its product offerings in smart sleep technology to drive revenue growth [2]. Competitive Landscape - The company faces challenges in maintaining profitability in its smart mobility products, with a reported gross margin of 8.52% in 2024, down from 16.78% in 2023, attributed to increased competition and pricing pressures [5]. - The company is committed to optimizing its product structure and improving operational efficiency to enhance profitability in the face of market competition [5]. Technological Integration - The company is integrating AI technologies, such as DeepSeek, into its product offerings to enhance functionality and user experience, although these efforts are still in the prototype development stage [7]. - The company positions itself as a provider of comprehensive IoT solutions, covering everything from core technology to end-user applications, thereby differentiating itself from competitors [8]. International Market Strategy - The company has seen an increase in export revenue, reaching 327 million yuan in 2024, accounting for 23.35% of total revenue, with a focus on markets in Africa and Southeast Asia [9]. - The company has implemented measures to mitigate the impact of currency fluctuations on its performance, benefiting from positive exchange rate movements in 2024 [10].