财务数据显示，2022年度、2023年度和2024年度，公司实现营业收入分别为3.61亿元、5.33亿元、8.31亿元，扣除非经常性损益后归属于母公司股 东的净利润分别为1亿元、1.61亿元、3.2亿元；2025年1-6月，公司实现营业收入4.35亿元，扣除非经常性损益后归属于母公司股东的净利润为1.53 亿元。 收入逐年增长的同时，公司电机单价连年走低。 2022年至2024年售价分别为295元/台、262元/台、148元/台，2025年上半年进一步降至110.4元/台。2025年上半年电机单价较2022年下降幅度高达 62.57%。此外，机器人动力系统电机单价也一路下滑，从2022年的1455.31元/台降至615.26元/台。 9月28日，据深交所披露的信息显示，南昌三瑞智能科技股份有限公司（以下简称"三瑞智能"）更新了招股书，公司拟在深交所创业板上市。 资料显示，三瑞智能成立于2009年，是无人机与机器人动力系统制造商，主营业务为无人机电动动力系统及机器人动力系统的研发、生产和销 售。 根据弗若斯特沙利文行业研究报告，按2024年销售额统计，公司2024年在全球民用无人机电动动力系统（不含动力电池）市 ...

Core Viewpoint - The rapid development of the low-altitude economy has significantly boosted the revenue and performance of Sanrui Intelligent Technology Co., Ltd. (hereinafter referred to as "Sanrui Intelligent") [1] Group 1: Company Overview - Sanrui Intelligent is a leading manufacturer of drone and robot power systems, recently submitted an IPO application to the ChiNext board, which has been accepted [1] - The company focuses on the research, production, and sales of electric power systems for drones and robots, which are critical components for the continuous development of these industries [2][3] Group 2: Financial Performance - From 2022 to 2024, Sanrui Intelligent achieved operating revenues of 362 million, 534 million, and 831 million yuan, with year-on-year growth rates of 47.61% and 55.77% for the latter two years [5] - The net profits for the same period were 131 million, 172 million, and 333 million yuan, with growth rates of 52.29% and 93.36% for the last two years [5] Group 3: Revenue Structure - Over 80% of Sanrui Intelligent's revenue comes from drone power systems, while robot power systems currently contribute less than 10% [3] - In 2024, the revenue from electric motors, the company's core product, is projected to reach 462 million yuan, accounting for 55.72% of total revenue [4] Group 4: Market Presence - Sanrui Intelligent's products are exported to over 100 countries and regions, with foreign sales accounting for 65.16%, 71.78%, and 51.38% of total revenue during the reporting period [5][6] - The company has established partnerships with notable clients in the drone industry, including Aerospace Electronics and Leica Geosystems [2] Group 5: R&D and Competitive Position - Sanrui Intelligent's R&D expenses for 2024 are projected to be lower than some comparable companies, but it holds a higher number of authorized patents [9][10] - The company's gross profit margins are significantly higher than those of comparable companies, with rates of 52.60%, 55.99%, and 59.79% over the reporting period [10][11]

Group 1: Elderly and Child Care - A total of 7 national standards were released for home-based elderly meal services, rehabilitation aids in elderly care institutions, and convenient services on medical insurance platforms, addressing the needs of elderly care and medical security [2] - 9 national standards were introduced to enhance product packaging safety, particularly for children, including requirements to prevent children from opening packaging [2] - 4 national standards were established to improve the aging-friendly features of products and enhance anti-counterfeiting technology [2] Group 2: Daily Life - 2 national standards were published for oral hygiene products, focusing on calcium silicate and toothpaste abrasion testing methods to protect public oral health [3] - 3 financial service national standards were introduced, including a unique product identification code and descriptions of banking services, supporting financial security and high-level financial openness [3] - 2 national standards were released for emergency management and urban power service continuity guidelines, enhancing emergency response capabilities and promoting resilient city construction [3] Group 3: Emerging Industries - 7 national standards were published in areas such as artificial intelligence, information technology, and the Internet of Things, providing technical support for digital service capabilities [4] - 5 national standards were established for data centers and cybersecurity technologies, facilitating deeper interconnectivity in the digital economy [4] - 2 national standards were introduced for electric earth-moving machinery safety and battery swap systems, aiding the green transformation of traditional industries [4] Group 4: Transportation and Energy - 12 national standards were released for waterway passenger transport services, road traffic signs, fuel consumption evaluation methods for passenger cars, and automotive maintenance, providing technical support for transportation safety [5] - 14 national standards were published for ship soft ladders, propellers, and buoyancy materials for submersibles, enhancing quality and efficiency in the shipbuilding industry [5] - 2 national standards for ethanol gasoline and its blending components were introduced, ensuring the stability of fuel quality [5]

Group 1 - The national support policies for the new energy industry are positively impacting the company's wind power product business, with the wind power segment accounting for approximately 32.5% of the company's total orders [2] - Over 85% of the wind power orders come from the top 10 domestic wind turbine manufacturers, indicating a strong market position [2] - The company is actively researching industry policies, aligning with customer needs, optimizing product and customer structure, and enhancing management of the wind power segment to drive order growth [2] Group 2 - The national marine economy support policies are providing positive assistance for the company's marine engineering market expansion [2] - The company's related business is primarily focused on shipbuilding and marine engineering, with the order scale for ship crankshafts reaching 700 million yuan this year, showing a year-on-year increase since 2022 [2] - Other marine-related products have an average annual order of about 100 million yuan, which is relatively small in proportion [2]

Group 1: Military and Aerospace Industry Overview - The military informationization is a core support for modern military power development, aiming to enhance combat efficiency and battlefield awareness through information technology [3] - The "14th Five-Year Plan" emphasizes the development of intelligent and informationized weapon systems, with military equipment demand expected to exceed 250 billion yuan by 2025 [3] - The commercial aerospace sector is recognized as a key component of national strategic emerging industries, with a focus on promoting its healthy development as part of building a strong aerospace nation [4] Group 2: Key Players and Market Dynamics - China Shipbuilding Group, formed by the merger of CSIC and CSSC, is the largest shipbuilding group globally, benefiting from the growing demand in the marine economy [2] - Major suppliers in the military informationization sector include Rockwell Collins, Lockheed Martin, and Northrop Grumman globally, while domestic players include China Electronics Technology Group and Aviation Industry Corporation of China [3] - The A-share aerospace and military sector saw significant growth, with a 7.2% increase in national defense budget reaching 1.66 trillion yuan in 2025, marking a golden period for the industry [9] Group 3: Technological Innovations and Trends - The commercial aerospace industry is integrating satellite communication, navigation, and remote sensing technologies into various sectors, driving the rapid development of emerging industries like low-altitude economy and tourism [4] - Companies like SpaceX are leading technological innovations in the global commercial aerospace wave, while Chinese aerospace firms are exploring new development models [4] - The shift from traditional single-satellite development to batch production and low-cost manufacturing in satellite production is crucial for enhancing market competitiveness [4] Group 4: Investment Opportunities - Companies such as AVIC Shenyang Aircraft Corporation and Aerospace Technology are expected to benefit from the concentration of military equipment orders and international trade in high-end equipment [9] - Focus on companies with leading advantages in technology breakthroughs and industrial revolutions, such as AVIC High-Tech in carbon fiber and Guangqi Technology in metamaterials [10] - The integration of military and civilian technologies is creating a dynamic balance between national security and economic development, with significant implications for investment strategies [5][8]