Core Viewpoint - The 137th Canton Fair highlights the resilience of the Chinese home appliance industry amidst the ongoing tariff challenges from the U.S., with large enterprises showing better preparedness and adaptability compared to smaller firms [1][3][5]. Group 1: Impact of Tariffs on Large Enterprises - Large home appliance companies have limited exposure to U.S. tariffs due to strategic planning and diversified supply chains, with many having established manufacturing bases in emerging markets [4][5]. - For instance, Midea Group reported a revenue of 409.1 billion yuan and a net profit of 38.5 billion yuan for the year ending December 31, 2024, with a low revenue share from the U.S. market [4]. - Haier Smart Home achieved an overseas revenue of 143.814 billion yuan in 2024, marking a year-on-year growth of 5.43%, with significant growth in emerging markets [4]. Group 2: Adaptation Strategies of the Industry - The home appliance industry has proactively adjusted to tariff impacts by shifting production capacities and exploring new markets, reducing reliance on the U.S. market [5][6]. - Companies like TCL and Hisense have minimized direct exports to the U.S. by utilizing production facilities in Mexico and Southeast Asia, thus mitigating tariff impacts [5][6]. - The overall export value of China's home appliance industry reached 112.42 billion USD in 2024, with exports to the U.S. accounting for 20.71 billion USD, reflecting a 4.3% year-on-year increase but a reduced share of total revenue [5]. Group 3: Challenges Faced by Small Enterprises - Smaller home appliance companies are facing significant challenges due to their heavy reliance on the U.S. market, with many experiencing customer defaults on orders [7][8]. - The Canton Fair has introduced initiatives to assist small enterprises in finding new clients, particularly in countries involved in the Belt and Road Initiative [8][9]. - Experts suggest that small enterprises should adjust their strategies by expanding overseas production and tapping into domestic markets through e-commerce platforms [9].

编号：25-03 | | √特定对象调研 □分析师会议 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | | | | | | | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | | | | | | | | | □现场参观 | | | | | | | | | | | | □其他（请文字说明其他活动内容） | | | | | | | | | | | | 银河证券、 宝盈基金、华夏基金、交银施罗德、新华基金、 | | | | | | | | | | | | 西部利得、 IGWT Investment、上海五地私募基金管理有限公司、 | | | | | | | | | | | | 香港沪光国际投资管理公司、湖南八零后资产管理有限公司、 | | | | | | | | | | | | 深圳中天汇富基金管理有限公司、上海富善投资有限公司、深 圳市尚诚资产管理有限责任公司、太平资产管理有限公司、爱 | | | | | | | ...

编号：25-02 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称及 | 天弘基金管理有限公司 | | 人员姓名 | | | 时间 | 2025 年 5 月 14 日（星期三）上午 10:00-11:00 | | 地点 | 公司四楼会议室 | | 上市公司接待人 | | | 员姓名 | 卢宇凡、李小霞 | | | 1、问：目前公司在海外市场的布局情况如何？在泰国和埃及 | | | 建立生产基地的进展如何？ | | | 答：您好！感谢您的关注！ | | | 公司积极拓展海外市场，并投入泰国和埃及两大生产基地，泰 | | | 国工厂一期已于 2024 年 4 月正式投产，二期则在今年 4 月顺 | | | 利进入试产阶段。公司于 2025 年 4 月 24 日召开的董事会五届 | | | 二十次会议审议通过了《关于再次向泰国生产基地增加投资额 | | | 度暨泰国子公司增资的议案》，为满足泰国生产基地客户订单 ...

Core Viewpoint - The company, Guangdong Vanward New Electric Co., Ltd., reported significant growth in overseas revenue for 2024, despite uncertainties related to tariff policies impacting exports [1]. Financial Performance - In 2024, the company achieved total revenue of 7.342 billion yuan, a year-on-year increase of 20.29% [1]. - The net profit attributable to shareholders reached 658 million yuan, reflecting a 15.73% year-on-year growth [1]. - Export sales revenue was 2.663 billion yuan, up 41.43% year-on-year, while domestic sales were 4.534 billion yuan, growing by 10.23% [1]. - The proportion of export sales in total revenue increased from 30.85% in 2023 to 36.27% in 2024 [1]. Operational Strategy - The company is implementing measures to address tariff risks, including overseas factory layouts, market diversification, and a dual-driven approach from domestic and international markets [2]. - The Thai factory's first phase has entered mass production, with the second phase expected to begin trial production in April 2025 [2]. - The Egyptian factory is set to start trial production in January 2025, targeting the European and African markets [2]. Cash Flow and Working Capital - The operating cash flow for 2024 was 618 million yuan, a decrease of 52.32% year-on-year [3]. - The increase in cash payments for goods, labor, and other operating activities contributed to the decline in cash flow [3]. - Accounts receivable rose from 860 million yuan in 2023 to 1.209 billion yuan in 2024, an increase of over 40%, with the turnover days extending from 34 days to 51 days [3][4]. - Inventory increased from 820 million yuan in 2023 to 1.055 billion yuan in 2024, marking a 28.66% rise [4].

Core Viewpoint - The company, Vanward Electric, is a leading player in the domestic water heater and kitchen appliance market, reporting a significant increase in export sales revenue for 2024, despite uncertainties in tariff policies [1][2]. Group 1: Export Performance and Strategy - In 2024, Vanward Electric's export sales revenue reached 2.663 billion yuan, marking a 41.43% increase compared to the previous year [1]. - The company exports primarily to Europe, America, and Southeast Asia, with products including gas ovens, smokers, and dehydrators, using an FOB trade model where customers bear tariff costs [1]. - To address potential challenges from tariffs, the company has implemented key measures such as enhancing customer communication, improving internal efficiency, and diversifying markets [1][2]. Group 2: Overseas Factory Development - Vanward Electric is accelerating efficiency improvements at its factories in Thailand and Egypt, with the first phase of the Thailand factory having commenced production in April 2024, generating 105 million yuan in revenue [2]. - The company is also advancing the second phase of the Thailand factory and plans for further investment to expand capacity [2]. Group 3: Market Diversification and Product Development - The company is actively exploring emerging and mature markets to reduce reliance on any single region, focusing on the "Belt and Road" initiative to enhance global market presence [2]. - In 2023, Vanward Electric introduced a 121 industry development strategy to cultivate the air energy sector, aiming to upgrade its product structure from gas appliances to include both gas and renewable energy products [2][3]. - The company has initiated research and development in hydrogen technology for household gas appliances, becoming the first in China to obtain EU CE certification for hydrogen gas appliances [3]. Group 4: Financial Health and Dividend Policy - Vanward Electric maintains a healthy balance sheet and strong cash flow, providing a solid foundation for sustainable growth [3]. - The company has distributed approximately 3.14 billion yuan in cash dividends to shareholders and will evaluate its dividend policy cautiously in the future [3].