作为近九年来唯一成功登陆资本市场的白酒企业，珍酒李渡自2023年以"港股白酒第一股"的身份上市以来，始终保持着稳健发展态势。在行业深度调整的 2024年，公司逆势实现营业收入70.7亿元，同比增长0.5%；经调整净利润16.8亿元，同比增长3.3%，交出了一份高质发展成绩单。 珍酒李渡2024年主要业绩指标 更值得关注的是，珍酒李渡展现出持续优化的盈利能力和卓越的成长性。数据显示，2020年至2024年，公司经调整净利润从5.2亿元跃升至16.8亿元，四年间 实现了223%的跨越式增长。 这一成绩的取得，源于公司在产品结构优化和运营效率提升等方面的持续努力。2024年毛利率达58.6%（按A股会计准则计算为75.5%），经调整净利率提升 至23.7%，两项关键指标均同比提升0.6个百分点，充分彰显了管理层卓越的成本管控能力和经营效率。 如今，作为中国第九大白酒上市公司，珍酒李渡正以其独特的"资本+品质"双轮驱动模式，在高端酱酒赛道稳步前行。在上市两周年的重要节点，让我们共 同探寻这家酱酒新贵如何在行业调整期中实现逆势增长，持续书写中国白酒产业的新传奇。 渡旗下三家企业 贵州省白酒产业发展促进会会长李保芳指出， ...

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses **Changjiang Automobile** and its joint venture with **Tuman Intelligent**, focusing on the **four-wheel drive system** and **screw rod production**. The collaboration aims to leverage both companies' strengths to overcome technical bottlenecks and enhance equipment qualifications and R&D capabilities [2][5]. Key Financial Performance and Growth Factors - In Q1 2025, Changjiang Automobile reported **revenue of 180 million yuan**, a **26% year-on-year increase**, with a profit of approximately **70 million yuan**, reflecting a **37% growth**. The revenue growth is primarily driven by overseas markets, with expectations for continued contributions from traditional business in 2025 [4][40]. - The gross margin for Q1 2025 improved due to **scale effects** and **internal process enhancements**, particularly a **10% increase in assembly line efficiency**. This improvement helped meet the rising demand from clients like BYD [2][6][7]. - The company anticipates **20%+ overall revenue growth** in 2025, with overseas revenue expected to rise from **40% in 2024 to 50% in 2025** [3][40]. Market Expansion and Performance - The Czech market is projected to grow by **80% in 2024**, with a net profit margin of **20%**, while the Mexican market is expected to grow by **30%**. This indicates significant revenue and profitability improvements in overseas markets [2][8]. - BYD is expected to account for approximately **15% of revenue in 2024**, with Volkswagen contributing around **40-50%**, of which **30% is from overseas**. BYD's sales are projected to increase significantly in 2025, potentially enhancing market share for Changjiang [25][37]. Joint Venture and Product Development - The joint venture with Tuman Intelligent will focus on producing screw rods using **extrusion and grinding processes**, targeting both vehicle and robotics sectors. The partnership includes exclusive agreements to protect interests and is expected to start sample deliveries in the second half of 2025 [2][10][21]. - The company is also developing screw rod equipment in collaboration with Tuman, leveraging Tuman's strengths in gear machine tools and grinding machines [11][12]. Challenges and Strategic Considerations - Despite strong overseas growth, the company faces challenges in management, particularly regarding local employee management and initial profit margins. However, the European market remains profitable, and the company is optimistic about its performance [30][31]. - The company plans to maintain a **high capacity utilization rate** of **80-90%** in overseas markets, with ongoing improvements in assembly line efficiency to support profitability [26]. Research and Development - R&D expenses are expected to increase in 2025, particularly for the **magnetic steel project**, with a total budget of **500 million yuan**. The company is in the early stages of this project, with significant investments planned for future phases [47][48]. Conclusion and Investor Communication - The company is in a preliminary R&D phase, with many details remaining confidential. The chairman expresses confidence in the company's future and encourages investors to reach out with any questions [54].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company is actively expanding its growth opportunities in the screw rod sector and has shown strong revenue and profit growth in recent quarters [7]. - The company reported a revenue of 680.28 million yuan for 2024, representing a year-on-year increase of 16.63%, and a net profit attributable to the parent company of 211.61 million yuan, up 14.76% year-on-year [7]. - The company is focusing on enhancing its profitability and has achieved a gross margin of 51.9% in 2024, with a net margin of 32.3% [7]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 680.28 million yuan in 2024 to 1,507.60 million yuan by 2027, with compound annual growth rates (CAGR) of 32.4% [2][12]. - **Net Profit Forecast**: The net profit is projected to increase from 211.61 million yuan in 2024 to 490.86 million yuan in 2027, with significant growth rates in the coming years [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.55 yuan in 2024 to 3.60 yuan in 2027 [2][12]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 15.72% in 2024 to 21.09% in 2027 [2][12]. Business Segment Performance - **Valve Transmission Group**: Revenue from this segment is expected to grow from 500.17 million yuan in 2024 to 1,009.46 million yuan by 2027, with a gross margin of 56% by 2025 [9]. - **Cold Forged Precision Wire**: This segment is projected to see revenue growth from 40 million yuan in 2024 to 190.44 million yuan in 2027, with an improving gross margin reaching 10% by 2027 [9]. - **Overseas Business Growth**: The company has reported a 47% year-on-year increase in overseas revenue, driven by new projects and increased production capacity [7]. Strategic Initiatives - The company is investing approximately 500 million yuan in establishing a new joint venture focused on precision transmission components, which is expected to enhance its market position in the screw rod sector [7].

Core Viewpoint - The company, New Coordinate, demonstrates strong growth in its financial performance for 2024 and Q1 2025, alongside strategic partnerships aimed at enhancing its product offerings and market reach [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 680 million yuan, a year-on-year increase of 16.63% - The net profit attributable to shareholders was 211 million yuan, reflecting a growth of 14.76% - For Q1 2025, operating revenue reached 179 million yuan, marking a 26.15% year-on-year increase - The net profit attributable to shareholders for Q1 2025 was approximately 66.82 million yuan, up 37.59% from 48.56 million yuan in the same period last year [1]. Strategic Partnerships - The company plans to establish a joint venture, Hangzhou September Eight Precision Transmission Technology Co., Ltd., with a registered capital of 100 million yuan, where New Coordinate will contribute 77 million yuan for a 77% stake - The total investment for the project is around 500 million yuan, with remaining funds to be sourced from shareholders or through self-financing by the joint venture - The joint venture will focus on the R&D, production, and sales of precision transmission components such as rolled screw rods and ball screw rods [1]. Market Expansion - New Coordinate's products are widely used in the automotive and motorcycle engine timing mechanisms, with clients including major companies like Volkswagen, BYD, and China National Heavy Duty Truck Group - The company has successfully secured new projects with Chery Automobile and has seen new projects launched with European Volkswagen, MAN, Caterpillar, and Stellantis - The overseas market has shown significant growth, with revenue from Europe and Mexico increasing by 77.48% and 24.91% respectively, contributing to 293.70 million yuan in overseas revenue, which accounts for 43.17% of total revenue in 2024 [2]. Technological Advancements - The company has made substantial investments in R&D, achieving breakthroughs in several patented technologies, including acid-free rust removal and environmentally friendly phosphating processes - Innovations such as the liquid sandblasting machine have introduced new processes for wire surface treatment without acid washing - The company has expanded the application of cold forming technology to various materials, including aluminum, copper, titanium alloys, and stainless steel, enhancing product safety, reliability, and cost-effectiveness [3].

Core Insights - The company reported a revenue increase of 16.63% in 2024, reaching 680,282,123.88 yuan, driven by global expansion and new projects [2] - Net profit grew by 14.76% to 211,605,056.95 yuan, supported by revenue growth and effective cost control measures [3] - Significant fluctuations in cash flow were noted, with a 22.72% decline in operating cash flow and a 612.76% drop in financing cash flow, indicating potential liquidity concerns [5] Financial Performance - Revenue Growth: The company achieved a revenue of 680,282,123.88 yuan in 2024, up from 583,303,603.15 yuan in the previous year, reflecting a stable growth trend across all quarters [2] - Profitability: The net profit attributable to shareholders was 211,605,056.95 yuan, a 14.76% increase, with basic earnings per share rising to 1.58 yuan [3] - Cost Management: Sales expenses decreased by 8.85% to 8,777,082.12 yuan, while management expenses increased slightly by 1.47% [4] Cash Flow Analysis - Operating Cash Flow: The net cash flow from operating activities was 241,129,448.50 yuan, down 22.72% from the previous year, primarily due to increased material purchases [5] - Investment Cash Flow: The net cash flow from investing activities improved by 82.05%, reaching -82,034,556.76 yuan, indicating a reduction in cash outflows from investments [5] - Financing Cash Flow: The net cash flow from financing activities was -126,833,852.06 yuan, a significant decline of 612.76%, attributed to increased repayments of bank loans and stock buybacks [5] Research and Development - R&D Investment: The company invested 37,465,979.37 yuan in R&D, accounting for 5.51% of total revenue, focusing on innovative technologies and product development [6][7] - R&D Team: The company has a specialized R&D team of 81 members, ensuring a strong foundation for technological innovation and market competitiveness [6][7] Personnel and Compensation - Executive Compensation: The chairman and general manager received a total pre-tax compensation of 3.1237 million yuan, with additional incentives in place to attract and retain talent [8] - Employee Incentives: The company implemented stock incentive plans to enhance employee motivation and align interests with company performance [8]

杭州新坐标科技股份有限公司 2024 年度独立董事述职报告 （陈军） 本人作为杭州新坐标科技股份有限公司（以下简称"公司"或"新坐标"） 的第五届独立董事，在任职期内严格按照《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证 券交易所上市公司自律监管指引第1号——规范运作》等法律法规及《公司章程》 《独立董事工作制度》等公司规章的规定。在2024年度工作中，本着诚实和勤勉 尽责的态度，忠实履行了独立董事的职责，出席了相关会议，对重要事项发表了 独立意见，从专业角度为公司的经营决策和规范运作提出意见和建议，维护了公 司和股东尤其是社会公众股股东的利益。现就2024年度履职情况述职如下： 一、基本情况 (一)个人履历情况 陈军先生：1969年出生，中国国籍，无境外永久居留权，博士学历，材料加 工专业，教授。1996年8月至今，在上海交通大学塑性成形工程系（2011年更名 为塑性成形技术与装备研究院）任教，期间1998年4月至1999年4月，任密歇根大 学访问学者、同时兼任福特汽车公司访问工程师，2013年12月20日至2020年1月6 日，任新坐标独立董事。 ...

杭州新坐标科技股份有限公司 舆情管理制度 杭州新坐标科技股份有限公司 舆情管理制度 第一章 总则 第一条 为了提高杭州新坐标科技股份有限公司（以下简称"公司"）应对 各类舆情的能力，建立快速反应和应急处置机制，及时妥善处理各类舆情对公司 股价及正常生产经营活动等方面造成的影响，切实保护投资者合法权益，根据《上 海证券交易所股票上市规则》等法律、法规和规范性文件及《杭州新坐标科技股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 本制度所称舆情分为重大舆情与一般舆情： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管 ...

杭州新坐标科技股份有限公司 2024 年度独立董事述职报告 （王刚） 本人作为杭州新坐标科技股份有限公司（以下简称"公司"或"新坐标"） 的第五届独立董事，在任职期内严格按照《中华人民共和国公司法》《中华人民 共和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》《上海证 券交易所上市公司自律监管指引第1号——规范运作》等法律法规及《公司章程》 《独立董事工作制度》等公司规章的规定。在2024年度工作中，本着诚实和勤勉 尽责的态度，忠实履行了独立董事的职责，出席了相关会议，对重要事项发表了 独立意见，从专业角度为公司的经营决策和规范运作提出意见和建议，维护了公 司和股东尤其是社会公众股股东的利益。现就2024年度履职情况述职如下： 一、基本情况 (一)个人履历情况 王刚，1975年10月出生，中国国籍，无境外永久居留权，硕士学历，中共党 员，中国注册会计师、高级经济师。曾任浙江省海宁市地方税务局稽查员，上海 荣正投资咨询有限公司研发总监，上海海隆软件股份有限公司董事会秘书、人力 资源部长、总经理助理，杭州老板家电厨卫有限公司董事会秘书。现任杭州诺邦 无纺股份有限公司董事、杭州老板电器股份有限公司董事、 ...

Financial Performance - The company reported a basic earnings per share of 1.58 yuan for 2024, an increase of 14.49% compared to 1.38 yuan in 2023 [1] - The net profit for 2024 was 2.12 billion yuan, reflecting a 15.22% increase from 1.84 billion yuan in 2023 [1] - The operating revenue reached 6.8 billion yuan, up 16.64% from 5.83 billion yuan in the previous year [1] - The return on equity (ROE) improved to 16.36%, a rise of 3.68% from 15.78% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 80.54 million shares, accounting for 59.62% of the circulating shares, with a decrease of 567,500 shares compared to the previous period [1] - Hangzhou Zuofeng Investment Management Co., Ltd. remains the largest shareholder with 6,920.55 million shares, representing 51.24% of the total share capital [2] - New entrants among the top shareholders include Yu Debin with 900,000 shares and Zheng Xiuxia with 709,000 shares [2] Dividend Distribution - The company announced a dividend distribution plan of 10 yuan per 6 shares (including tax) [3]

证券代码：603040 证券简称：新坐标 公告编号：2025-020 杭州新坐标科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开地点：杭州市余杭区仓前街道龙潭路 18 号公司一楼多功能室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 20 日 至2025 年 5 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2025年5月20日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 (一)股东大会类型和届次 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 20 日 14 点 50 分 2024年年度股东大会 (二)股东大会召集人：董事会 ...