Core Insights - The stock price of Weike Technology increased by 2.03% on November 14, reaching 8.04 CNY per share, with a total market capitalization of 4.254 billion CNY [1] - The company has seen a year-to-date stock price increase of 33.78%, with significant gains over the past 5, 20, and 60 trading days [1] - Weike Technology's main business includes the research, production, and sales of consumer batteries and small power batteries, with a revenue composition heavily weighted towards polymer batteries [2] Financial Performance - For the period from January to September 2025, Weike Technology reported a revenue of 1.028 billion CNY, a year-on-year decrease of 6.54%, and a net profit attributable to shareholders of -59.35 million CNY, a significant decline of 11,355.24% [2] - The company has not distributed any dividends in the last three years, with a total payout of 214 million CNY since its A-share listing [3] Market Activity - The stock has appeared on the "Dragon and Tiger List" four times this year, with the most recent instance on November 13, where it recorded a net buy of 32.10 million CNY [1] - The trading volume indicates a net outflow of 37.38 million CNY from main funds, with large orders showing a higher sell-off compared to buy-in [1]

Core Viewpoint - The company, Weike Technology Co., Ltd., is responding to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, highlighting significant changes in revenue and profit margins across its business segments [1][2]. Financial Performance - The company reported a decline in revenue from its lithium-ion battery, small power battery, and consumer aluminum shell lithium-ion battery segments, while the overall gross margin increased by 4.91 percentage points to 13.95% [2]. - The net profit attributable to the parent company for 2024 was -0.29 billion yuan and -0.89 billion yuan after deducting non-recurring gains and losses, which included a debt restructuring gain of 0.13 billion yuan [2]. Business Segments - The main business areas include consumer batteries (polymer and aluminum shell batteries) and small power batteries (for two-wheeled vehicles and power tools), with over 80% of revenue derived from consumer lithium-ion battery sales [4][5]. - The company is gradually expanding its presence in the small power lithium-ion battery sector and is also focusing on sodium-ion battery applications [4]. Operational Model - The operational model consists of procurement, production, and sales, with a focus on customer demand and market orientation. The company employs a make-to-order production strategy based on sales forecasts and customer orders [5]. - The procurement strategy involves planning based on production schedules and market trends, with a mix of long-term contracts and spot purchases [5]. Revenue and Cost Analysis - In 2024, the company experienced a slight decline in total revenue due to decreased sales prices of major products and a shrinking market demand for consumer aluminum shell batteries [6]. - The total sales revenue for 2024 was 148.63 billion yuan, down from 160.99 billion yuan in 2023, with a gross margin of 12.84% compared to 8.97% in the previous year [6]. Customer and Supplier Relationships - The company maintains relationships with several key customers and suppliers, with detailed disclosures regarding transaction amounts, contract terms, and execution status [3][4]. - The company has implemented a prepayment system for certain customers to mitigate credit risk, particularly for those with significant sales volumes [10].