Core Viewpoint - Nanhua Instrument has shown continuous improvement in its operational status, focusing on its main business, enhancing innovation, and pursuing external development opportunities in a complex market environment [1] Financial Performance - In 2024, the company reported revenue of 124 million yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 14.77 million yuan, marking a return to profitability [1] - In Q1 2025, revenue increased by 44.18% year-on-year, while the net profit attributable to shareholders decreased by 16.54% [1] Industry Context - The motor vehicle testing industry in China is evolving, with a vehicle ownership of 453 million units in 2024, including over 31.4 million new energy vehicles [1] - The industry is upgrading towards intelligent and multi-scenario testing, creating opportunities driven by policy and market resonance [1] Product and Market Development - Sales of motor vehicle testing equipment and systems increased by 41.34% year-on-year in 2024, with production volume rising by 46.88% [1] - The company has strategically positioned itself in the new energy testing equipment sector, with sales in this area expected to rise following the implementation of new regulations in March 2025 [1] - The company has seen a significant increase in overseas sales, which rose by 334.52% year-on-year, now accounting for 3.27% of total sales [1] Operational Strategy - The company is focusing on cost reduction and efficiency improvement, optimizing procurement, sales, and assessment mechanisms, with initial positive effects on cost control [1] - As of Q1 2025, the company reported a debt-to-asset ratio of 10.7%, a current ratio of nearly 6.75 times, and cash reserves exceeding 115.93 million yuan, with outstanding orders around 80 million yuan [1] - The company has set a strategic plan for 2025 centered on strengthening its main business, expanding markets, promoting innovation, and controlling risks [1]

Core Viewpoint - The company has successfully turned a profit by selling real estate, but it faces scrutiny from the Shenzhen Stock Exchange regarding its financial disclosures and the sustainability of its revenue growth [1][3]. Group 1: Financial Performance - In 2024, the company reported operating revenue of 124 million yuan, an increase of 10.79% year-on-year, and a net profit attributable to shareholders of 14.77 million yuan, marking a reduction in losses by 455.96% [1]. - The company's main revenue sources include 116 million yuan from motor vehicle testing equipment, up 12.40% year-on-year, and 6.20 million yuan from environmental monitoring equipment, down 5.81% [1][2]. Group 2: Market Drivers - The increase in revenue and the turnaround to profitability are attributed to three main factors: heightened market demand for motor vehicle emission testing equipment due to regulatory focus, the release of new national standards for electric vehicle safety testing, and the sale of real estate assets [2]. - The company sold its property and land use rights in Foshan for 52.57 million yuan, which positively contributed to its profits [2]. Group 3: Regulatory Scrutiny - The Shenzhen Stock Exchange has raised questions about the company's net profit figures, noting that the net profit attributable to shareholders was 15 million yuan, while the net profit excluding non-recurring items was a loss of 16 million yuan, a decrease of 57.71% year-on-year [3]. - The exchange has requested the company to clarify its revenue growth prospects and the rationale behind its real estate transactions, including whether these transactions have commercial substance and if they involve related-party transactions to adjust profits [3]. Group 4: Strategic Developments - In 2024, the company acquired Guangzhou Jingu Intelligent Measurement Technology Co., Ltd. and Nanchang Weike Lian Information Technology Co., Ltd., enhancing its software development capabilities and expanding its business scale [4].

Core Viewpoint - The company is required to provide detailed explanations regarding its revenue recognition, cash flow trends, and the impact of recent asset sales on its financial performance, particularly focusing on the sustainability of its operations and compliance with regulatory guidelines. Group 1: Revenue and Profitability - The company must explain the growth prospects of its revenue, considering industry conditions, main business developments, and changes in market share, with a focus on whether there is a realistic possibility of revenue falling below 100 million [2] - The company reported a gross margin of 38.26% for its main business of vehicle inspection equipment, an increase of 0.87 percentage points, with revenue growth of 12.40% and cost growth of 10.84% [3] - The company needs to clarify the reasons for the rapid growth in production and sales of vehicle inspection equipment not aligning with revenue and gross margin increases [3] Group 2: Cash Flow Analysis - The company’s net cash flow from operating activities has decreased for three consecutive years, with figures of 29.39 million, 10.99 million, and 4.97 million respectively [4] - The company is required to explain the reasons for the continuous decline in cash flow and its inconsistency with revenue and net profit trends [5] - The company must assess whether the declining cash flow trend is likely to continue and outline any measures taken or planned to address this issue [5] Group 3: Asset Transactions - The company sold assets to a related party for 52.57 million, and it must detail the internal review process and disclosure obligations related to this transaction [6] - The company is required to explain the rationale and necessity of the asset sale, ensuring it has commercial substance and does not manipulate profits [6] - The company must provide information on the pricing basis and fairness of the transaction, as well as the impact of this sale on the 2024 net profit [7]

佛山市南华仪器股份有限公司投资者关系活动记录表 编号：NH/IR2025-01 证券代码：300417 证券简称：南华仪器 | 设备海外市场业务拓展，满足客户需求。 | | --- | | 3、 你们行业本期整体业绩怎么样？你们跟其他公司比如何？ | | 答：2022 年 9 月，公安部、市场监管总局、生态环境部、交 | | 通运输部联合印发《关于深化机动车检验制度改革优化车检服务 | | 工作的意见》，该措施进一步放宽机动车强制检测标准，机动车 | | 检测频次、检测数量存在一定程度的下降。公司所处的机动车检 | | 测行业的相关产品需求有所减少，对本公司和其它公司业绩增长 | | 均造成一定困难。随着时间推移，政策调整带来的影响逐渐减少， | | 新能源汽车检测的逐步实施以及行业规范管理的日益完善，行业 | | 将迎来新的发展阶段。 | | 4、 行业以后的发展前景怎样? | | 答：目前机动车检测行业的相关产品需求短期有所减少，但 | | 随着时间推移，从长期来看，相关政策调整带来的影响逐渐减少， | | 新能源汽车检测的逐步实施以及行业规范管理的日益完善，行业 | | 将迎来新的发展阶段。 | | | ...