Group 1 - The company Zhenan Technology (SZ 300767) held its 22nd meeting of the fourth board of directors on August 28, 2025, where it reviewed the proposal for establishing an internal management system for information disclosure deferral and exemption [1] - For the fiscal year 2024, Zhenan Technology's revenue composition is as follows: seismic isolation products account for 63.9%, vibration reduction products account for 34.16%, and other businesses account for 1.94% [1] - As of the report date, Zhenan Technology has a market capitalization of 6.5 billion yuan [1]

点击注册小程序 查看完整报告 特别申明： 报告摘要 24年公司部分项目成交价格相对较低，在收入下滑的同时，公司单位固定成本上升，致使24年毛利率同比 下滑，24年公司毛利率/净利率为31.6%/-33.8%,同比-2.91/-27.85pcts。隔震/减震产品毛利率分别为27.7%及 39.5%,同比-5.8/+4.6pcts。24年公司销售费用率大幅上扬，带动期间费用率整体抬升，从而导致净利率显 著下滑，销售/管理/财务/研发费用率为22.5%/12.5%/5.0%/7.8%,同比+8.14/+3.26/+1.33/+1.76pcts。年内公 司强化现金流管控，加强催收，24年应收账款较2023年有所减少，24年经营现金流净流入0.96亿元，较上 年同期多流入0.18亿元。 事件： 公司发布24年年报,24年公司实现营业收入/归母净利润/扣非归母净利润4.2/-1.4/-1.4亿元，上年同期为 6.9/-0.4/-0.4亿元。24Q4公司实现营业收入/归母净利润/扣非归母净利润1.0/-0.8/-0.8亿元，上年同期为 1.5/-0.6/-0.6亿元。 点评： 经营业绩持续承压，云南省内业务收入降幅较大 2 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, indicating ongoing operational challenges and a need for strategic adjustments [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 4.2 billion, a decrease from 6.9 billion in the previous year. The net profit attributable to shareholders was -1.4 billion, compared to -0.4 billion in 2023 [2]. - In Q4 2024, the company recorded operating revenue of 1.0 billion, with a net profit of -0.8 billion, down from 1.5 billion and -0.6 billion in the same quarter of the previous year [2]. Operational Challenges - The decline in revenue is attributed to a slowdown in real estate and infrastructure investments in certain regions, leading to reduced construction of public buildings such as schools and hospitals. This has affected project progress due to funding issues for contractors [3]. - The company has tightened its collection and credit policies, contributing to a noticeable drop in revenue [3]. Margin and Cost Analysis - The company's gross margin decreased due to rising fixed costs amid declining revenues, with a gross margin of 31.6% and a net margin of -33.8% for 2024, down 2.91 and 27.85 percentage points year-on-year, respectively [4]. - The sales expense ratio increased significantly, leading to an overall rise in the expense ratio, with sales, management, financial, and R&D expense ratios at 22.5%, 12.5%, 5.0%, and 7.8%, respectively, all showing year-on-year increases [4]. Market Expansion and Future Outlook - The market for seismic isolation and damping technology is steadily expanding, with increasing applications in various sectors beyond traditional uses, including public buildings, residential areas, and industrial facilities [5]. - The company is focusing on emerging industries and new business growth points, emphasizing green low-carbon initiatives, smart manufacturing, and digital transformation [5]. - The demand for seismic isolation in schools and hospitals remains the largest segment, accounting for 42% of the market, followed by airports and other public projects at 23% [5].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, with total revenue of 420 million and a net loss of 140 million, compared to 690 million and a net loss of 40 million in the previous year [1][2]. Financial Performance - In Q4 2024, the company achieved revenue of 100 million and a net loss of 80 million, down from 150 million and a net loss of 60 million in the same quarter of the previous year [1]. - The company's gross profit margin decreased to 31.6%, down 2.91 percentage points year-on-year, while the net profit margin fell to -33.8%, a decline of 27.85 percentage points [3]. - The revenue from seismic isolation and damping products was 270 million and 140 million, representing year-on-year declines of 46.6% and 24.3%, respectively [2]. Regional Performance - Revenue from operations in Yunnan province decreased by 50.7%, while revenue from outside the province fell by 36.1%, with total revenues of 100 million and 309 million, respectively [2]. Cost and Cash Flow Management - The company faced rising fixed costs, contributing to the decline in gross profit margin, while it successfully managed cash flow, achieving a net cash inflow of 96 million, an increase of 18 million from the previous year [3]. Market Expansion and Future Outlook - The demand for seismic isolation technology in the construction market remains strong, with schools and hospitals accounting for 42% of the demand, followed by airports and other public projects at 23% [4]. - The company is actively exploring new growth areas in green low-carbon technologies, smart manufacturing, and digital transformation, while also seeking opportunities in overseas markets [4]. - Profit forecasts for 2025 and 2026 have been adjusted to net losses of 50 million and a profit of 5 million, respectively, with a new profit forecast for 2027 set at 23 million [4].