证券代码：301381 证券简称：赛维时代 赛维时代科技股份有限公司 投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 业绩说明会 ☑ | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他：电话会议 | | 参与单位名称及 | 国泰海通证券、长江证券、财通证券、信达证券、中信证券、 | | 人员姓名 | 东吴证券、中金公司、浙商证券、东北证券、海富通基金、金 | | | 鹰基金、point 72、尚诚资管等机构 | | 时间 | 年 月 日 2025 8 29 | | 地点 | 公司会议室 | | 上市公司接待人 | 财务负责人 林文佳 | | 员姓名 | 董事会秘书 张爱宁 | | | 证券事务代表 张凯丽 1、2025Q2 利润率环比改善的原因？ | | | 2025Q2 利润率环比改善主要来自于非服业务亏损收窄和 | | 投资者关系活动 | 服饰业务利润率提升，其中非服业务亏损收窄贡献较大：非服 | | 主要内容介绍 | 业务自去年下半年开始进行去库存，伴随着库存商品的 ...

Summary of Earnings Call for Yingqu Technology Company Overview - **Company**: Yingqu Technology - **Period**: First half of 2025 - **Revenue**: 2.02 billion CNY, up 15.54% year-on-year - **Net Profit**: 138 million CNY, up 1.66% year-on-year - **Challenges**: Q2 performance slightly below expectations due to the discontinuation of old electronic cigarette models and delays in new model production [2][3] Key Business Segments Electronic Cigarettes - **Core Modules**: Performed well, while complete devices were affected by new and old model transitions - **Market Share Goal**: Aim for complete device business to reach market average, with module business targeting 50% market share - **Supplier Relationships**: 4 complete device suppliers and 2 module suppliers among major clients [2][5] Engraving Machines - **Performance**: Significant growth in 2025, but overall business proportion is low - **Future Outlook**: Expected to maintain stable growth in the coming years, with resources shifting to emerging fields [2][6] Smart Control Components - **Performance Issues**: Decline of approximately 30% in water cooling systems and video conferencing systems due to economic conditions and trade wars - **Product Development**: Focus on new products like electronic cigarettes, air purifiers, and Ebikes [4][14][15] Financial Insights - **Gross Margin Trends**: - Innovative electronic products' gross margin increased by 4.5 percentage points due to sales growth - Smart control components' gross margin decreased due to high production costs and competitive pricing pressures in automotive electronics [12] - **Stock Incentive Costs**: New stock incentive expenses estimated at 20-30 million CNY, impacting profits [10] Supply Chain and Production - **International Expansion**: Domestic supply chain moving overseas has brought new orders, but profit margins are limited - **Production Bases**: - Malaysia Phase II and Hungary fully operational - Mexico expected to start production in Q3 2025 [13][16] New Product Development - **Focus Areas**: Continuous development of new products including electronic cigarettes, air purifiers, and precision temperature control systems - **Collaborations**: Partnership with Bosch recognized as a preferred supplier, indicating strong technical capabilities [17][20] Automotive Electronics - **Market Position**: Diverse product offerings including EC mirrors and smart cockpit systems - **Client Base**: Major clients include Chery, Geely, and other domestic automakers, with expansion into international markets [21] Overall Business Outlook - **Current Status**: Steady growth across various business segments despite challenges in Q2 - **Long-term Growth**: Commitment to expanding market opportunities and developing new clients and products [22]

Summary of Conference Call for Company Company Overview - The company reported a revenue of 6.63 billion yuan for Q2 2025, representing a year-on-year growth of 61.54% [2][4] - The net profit attributable to shareholders was 788 million yuan, up 70.77% year-on-year [2][4] - Excluding share-based payment expenses, the net profit reached 888 million yuan, reflecting an 83.76% increase [2][5] Key Financial Metrics - For the first half of 2025, the company achieved a total revenue of 11.742 billion yuan, a 76.14% increase year-on-year [3] - The net profit attributable to shareholders was 1.242 billion yuan, up 108.45% year-on-year [3] - The gross profit margin was 30.39%, an increase of 1.48 percentage points year-on-year [3] Business Segments Performance Electric Two-Wheelers - The electric two-wheeler business showed significant scale effects with a gross margin exceeding 25% and an EBIT margin over 13% [2][7] - The company aims to sell 4 million electric two-wheelers in 2025, with a target of over 5 million units in 2026 [4][31] - The number of stores for electric two-wheelers is approaching 10,000, with sales targets of 800-1,000 units per store annually [4][17] Electric Scooters - The electric scooter business exceeded expectations, with a strong product competitiveness and an average selling price (ASP) increasing from 2,000 yuan to 2,400 yuan [2][19] - The ToB (business-to-business) to ToC (business-to-consumer) sales ratio is 2:1, with a projected annual growth rate of 30% for ToB and 20% for ToC [19] Robotic Lawn Mowers - The robotic lawn mower segment is focusing on online channels and expanding product lines for different sales platforms [2][9] - Despite some price reductions, the EBIT margin remains high due to scale effects [11] - The company expects to see over 100% growth in robotic lawn mowers for the year [4][31] Market Expansion and Strategy - The company plans to launch its Ebike products in the U.S. market first, with a focus on Europe in the following year [10] - The company is exploring the ToB market in the U.S. due to consumer preferences for service providers [15] - The company is also adapting to new tariff policies by relocating production to countries like Vietnam and Mexico [24] Competitive Landscape - The company maintains a leading position in the robotic lawn mower market, with a focus on innovation and technology integration [9][29] - The penetration of boundary-less robotic mowers is expected to increase significantly, with a forecasted growth from 2% to 17% over the next five years [30] Future Outlook - The company anticipates that its overall performance will exceed revenue growth, with specific guidance for 2026 to be provided later [31] - The company is committed to enhancing user experience and product value rather than engaging in price wars, reflecting a healthier industry trend [32] Additional Insights - The company has a mechanism for replacing underperforming stores and dealers to maintain operational efficiency [18] - The company is exploring new smart hardware products, including various robotic solutions for home and garden maintenance [23] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, business segment insights, market strategies, competitive positioning, and future outlook.

Investment Rating - The investment rating for the company is "Accumulate" [4][11]. Core Views - The company continues to experience high revenue growth driven by its diverse business segments, including two-wheeled vehicles, lawnmowers, and scooters, with expectations for further growth in all-terrain vehicles and Ebikes [1][11]. - The projected net profit for the company from 2025 to 2027 is expected to be 20.15 billion, 26.22 billion, and 32.29 billion CNY, respectively, with earnings per share (EPS) of 28.01, 36.44, and 44.88 CNY, reflecting year-on-year growth of 85.9%, 30.1%, and 23.2% [11][12]. - The company has reported a significant increase in sales and profitability, with Q2 2025 revenue reaching 66.3 billion CNY, a year-on-year increase of 61.5%, and net profit of 7.86 billion CNY, up 70.8% year-on-year [11][12]. Financial Summary - Total revenue is projected to grow from 10,222 million CNY in 2023 to 34,055 million CNY in 2027, with a compound annual growth rate (CAGR) of 20.5% [3][12]. - Net profit attributable to the parent company is expected to rise from 598 million CNY in 2023 to 3,229 million CNY in 2027, reflecting a CAGR of 23.2% [3][12]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 7.05 in 2023 to 1.31 in 2027, indicating increasing valuation attractiveness [3][12]. Business Performance - The company reported a sales volume of 138.87 million units for electric two-wheeled vehicles in Q2 2025, a 77% increase year-on-year, contributing 39.6 billion CNY in revenue [11][12]. - The average selling price (ASP) for electric two-wheeled vehicles was 2,852 CNY, reflecting a 2% increase year-on-year [11][12]. - The company has over 8,700 dedicated stores for electric two-wheeled vehicles in China as of June 30, 2025 [11][12]. Shareholder Returns - The company announced a semi-annual dividend plan, distributing 4.23 CNY per 10 shares, totaling 300 million CNY, which represents 24.19% of its net profit [11][12].

作者 | 张子怡 编辑 | 袁斯来 关税的最新变化对出海行业而言，无疑是天大的好消息。 目前，美国和中国已达成协议，暂时取消了4月份以来相互加征的大部分关税。美国同意将针对大部分中国商品加征的基本关税从145%下调至30%。 当然，没人能预测特朗普的下一步动作，但至少所有人都可以喘口气。 很多行业的创业者经历了悲喜交加的一个月。 特朗普145%的关税落地时，Ebike公司Velotric的创始人张曦还在美国，他们从创业开始就主攻这一市场。那一天，妻子显得很焦虑。她催张曦赶紧回深 圳，因为自己收到20多条信息，都在问：Velotric是不是要倒闭了？ "过去两年都讲不出海就出局，现在是出海也出局。"后来，张曦在光点投资的分享会上感叹。 从中国硬件跨出国门的那一天起，公司们钟爱的市场就是欧洲和美国。太多昂贵而新鲜的品类，只能在成熟的欧美市场寻找扎根的土地，国内用户很少听 说的Ebike算是代表性的一类。欧洲和美国市场多少有些相似性，中国硬件公司早已习惯隔着大西洋，娴熟地腾挪。 以Ebike为例，过去两年，欧洲Ebike增速早已停滞、甚至出现下滑，渗透率还很低的美国理所应当成了下一个开拓地。 这场关税一度打乱了整个 ...

Core Insights - The company reported a total revenue of 3.573 billion and a net profit attributable to shareholders of 252 million for 2024, reflecting a year-on-year decline of 7% and 44% respectively [1] - The company experienced a revenue increase of 15% in Q4 2024 but a significant drop in net profit by 32% [2] - For Q1 2025, the company anticipates a revenue of 859 million, with a net profit increase of 38% year-on-year [1][3] Revenue Breakdown - The revenue from the engraving machine and water cooling heat dissipation business faced pressure, leading to a 7% decline in total revenue for 2024 [2] - Revenue from smart control components, innovative consumer electronics, automotive electronics, and health environment products showed varied performance, with declines of 14%, 2%, and 53% respectively, while automotive electronics grew by 19% [2] - The innovative consumer electronics segment is expected to see a significant decline in engraving machine revenue, while the e-bike segment is projected to grow [2] Profitability Analysis - The net profit margin and the net profit margin excluding non-recurring items decreased by 4.6 and 3.4 percentage points year-on-year respectively [2] - The company’s expenses in sales, management, R&D, and finance increased year-on-year, with management expenses rising due to the absence of a previous year's stock incentive reversal [2] Future Outlook - The company is expected to see a recovery in engraving machine business and stable growth in e-bike and automotive electronics in 2025 [3] - The company’s global production capacity and strong R&D capabilities are expected to enhance its competitive advantage [4] - The company has announced an incentive plan with targets for 2025 revenue growth of 25% to 50%, primarily driven by the e-cigarette and automotive electronics segments [4]