格隆汇12月1日丨凯旺科技(301182.SZ)公布，凯旺科技作为实施智能制造布局的上市公司，构建了包含 精密线缆组件、五金零件、塑胶组件、成品组装等环节的完整产业链，在精密制造领域积累了丰富经 验，具备规模化产能与稳定的供应链体系。随着下游市场对散热性能要求的不断提高，公司有必要进行 业务拓展，向高附加值、高技术壁垒领域转型，以提升产值与市场竞争力。在消费电子、通讯、安防等 领域，面对利润率下滑、产品同质化等问题，公司需开展技术革新以开拓新的业务增长点。目前，公司 现有的研发团队已逐步开展散热相关技术的研发与储备工作，管理层秉持"双轮驱动"战略，将散热解决 方案作为公司的第二增长曲线，计划通过合资方式强化核心部件制造能力，形成全链条服务能力。公司 拟与东莞市稳尖精密科技有限公司在东莞共同设立由本公司控股的子公司，暂定名为稳凯科技（东莞） 有限公司（具体名称以当地登记机关核准登记为准）。同时，公司董事会授权总经理及其授权办理人员 负责向主管部门办理稳凯科技（东莞）有限公司的相关核准、备案手续并签署相关文件。 ...

Financial Performance - In 2024, the company's operating revenue increased by 9.12% year-on-year, but the net profit attributable to shareholders was 93.45 million, a year-on-year loss expansion of 64.47% due to high R&D and equipment depreciation costs [1] - In Q1 2025, operating revenue grew by 6.77%, but the net profit loss expanded to 38.46 million, attributed to ongoing R&D and sampling costs, as well as increased equipment depreciation [2] - The company's financial expenses in 2024 rose by 1080.22% to 6.43 million, primarily due to new bank loans and discounts [5] Asset Management - Asset impairment losses in 2024 increased by 80.99%, mainly due to inventory write-downs and fixed asset impairments [3] - The inventory turnover rate in Q1 2025 decreased by 62.94%, prompting plans for improved inventory management [4] Cash Flow and Debt Management - In Q1 2025, net cash flow from operating activities increased by 230.25%, while cash reserves decreased by 27.13% due to increased investment expenditures [10] - The company's interest-bearing debt grew by 25.80%, with short-term loans amounting to 155 million, but the overall scale remains manageable [13] Market Strategy and Innovation - The company faces challenges from U.S.-China decoupling and increased competition, but plans to stabilize core resources and explore new markets [6][7] - The company aims to enhance R&D investment and improve product quality to increase gross margins, which were -14.13% in Q1 2025 [8][9] - The company has achieved significant results in market expansion, becoming a qualified supplier for major clients [7] Accounts Receivable Management - Accounts receivable increased significantly in 2024, with credit impairment losses rising by 230.18%, but the company maintains a strategy to control customer credit risk [7]