飞亚达精密科技股份有限公司 2025 年第一季度报告 飞亚达精密科技股份有限公司 2025 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第一季度报告是否经审计 否 证券代码：000026、200026 证券简称：飞亚达、飞亚达 B 公告编号：2025-015 1 飞亚达精密科技股份有限公司 2025 年第一季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 924,208,353.87 | 1,065,150,876.00 | -13.23% | | 归属于上市公司股东的净 ...

关于飞亚达精密科技股份有限公司 2024 年度股东会法律意见书 致：飞亚达精密科技股份有限公司 广东鸿湾律师事务所（简称"本所"）接受飞亚达精密科技股份有限公司（以 下简称"贵公司"）的委托，指派本所李柳雄、唐健律师就贵公司 2024 年度股东 会进行现场见证，就本次股东会有关法律事宜进行审查，并出具法律意见书。 本所律师根据《中华人民共和国公司法》（简称《公司法》）、《上市公司股 东会规则》（简称《股东会规则》）、《上市公司治理准则》（简称《治理准则》） 等国家法律、法规、有关主管部门的规定及贵公司《公司章程》就本次会议的召开、 召集程序、出席会议人员资格、议案审议情况及表决结果等相关事宜和法律问题进 行审查，本所律师将按照律师行业公认的业务标准、道德规范和勤勉尽责的精神， 发表法律意见如下： 广东鸿湾律师事务所 1、股东出席的总体情况 通过现场和网络投票的股东 132 人，代表股份 175,622,087 股，占公司有表决 权股份总数的 43.2818％。 一、关于本次股东会的召集、召开程序 贵公司董事会已按照《公司法》和《公司章程》的规定在会议召开二十日前， 于 2025 年 3 月 14 日在巨潮资讯 ...

证券代码：000026 200026 证券简称：飞亚达 飞亚达B 公告编号：2025-014 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、现场会议时间：2025 年 4 月 10 日（星期四）下午 15:00 2、网络投票时间：2025 年 4 月 10 日。其中，通过深圳证券交易所交易系统进行网络投 票的具体时间为：2025 年 4 月 10 日 9:15-9:25,9:30-11:30，13:00-15:00；通过深圳证券交 易所互联网投票的具体时间为：2025 年 4 月 10 日 9:15 至 15:00。 3、现场会议召开地点：深圳市南山区高新南一道飞亚达科技大厦 20 楼 2 号会议室 飞亚达精密科技股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 4、召开方式：现场表决与网络投票相结合 5、召集人：公司董事会 6、主持人：董事长张旭华先生 7、会议的召开符合《公司法》、《深圳证券交易所股票上市规则》及本《公司章程》等有 关规定。 ...

财报显示，广发基金旗下广发中证国新央企股东回报ETF进入飞亚达前十大股东，且为去年四季度新进，持股比例为0.36%。今年以来收益率-10.52%，同类 排名2522(总3067)。 4月7日，飞亚达股票盘中跌停，飞亚达精密科技股份有限公司创立于1987年,系中国航空工业集团下属中航科创的主要投资企业之一。 | ○ 基金经理：罗国庆 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间：9年又179天 | | | | 基金经理简介:罗国庆先生:中国籍,经济学硕士,持有中国证券投资基金业从业证书,曾任深圳 | | | | | | 任职起始日期：2015-10-13 | | | | 证券信息有限公司研究员.华富基金管理有限公司产品设计研究员、广发基金管理有限公司产品 | | | | | | | 现任基金公司：广发基金管理有限公司 | | | 经理及量化研究员。广发深证100指数分级证券投资基金基金经理(自2015年10月13日至2020 | | | | | | | | | | 年5月25日)、广发中证医疗 ...

Group 1: Business Performance - The company's overall revenue for 2024 was 3.941 billion yuan, a year-on-year decrease of 13.77% due to a decline in watch sales [1] - As of the end of 2024, the company's inventory balance was 1.984 billion yuan, a year-on-year decrease of 0.45% [5] Group 2: Brand and Market Position - The "Fiyta" brand has established a strong market presence over 30 years, currently holding a leading position in the domestic watch market [2] - The brand is focusing on a new positioning as a high-quality Chinese watch brand featuring aerospace characteristics, with stable sales proportions in the aerospace series [2] Group 3: Strategic Initiatives - The company is actively adjusting its product, channel, and marketing strategies to adapt to changing market conditions and competition [2] - Plans for strategic transformation include a focus on precision technology and smart wearable devices, with ongoing research and exploration in these areas [4] Group 4: Risk Management - The company has implemented measures to control inventory risks, ensuring that the total inventory aligns with actual business operations [5] - Strict adherence to accounting standards is maintained for potential impairment risks in inventory [5] Group 5: Future Outlook - The company aims to enhance its core competitiveness and operational performance while accelerating the transformation and upgrading process [1] - Future marketing efforts will leverage new media platforms to strengthen brand positioning and create differentiated products [2]

Group 1: Financial Performance - The company's main watch business achieved revenue of 3.656 billion yuan in 2024, a year-on-year decline of 14.32% [1] - The company aims to stabilize its watch business and enhance operational efficiency through various management measures [1] Group 2: Strategic Direction - The company is focusing on "high-quality development" as its guiding principle to strengthen its watch industry and enhance core competitiveness [1] - Plans to accelerate the development of strategic emerging industries, including precision technology and smart wearables [2] Group 3: Product Innovation and Market Positioning - The "Feiyada" brand will continue to position itself as a high-quality Chinese watch brand with a focus on aerospace-themed products [2] - The company is enhancing product differentiation and marketing strategies to align with consumer preferences and cultural elements [2] Group 4: Market Expansion and Technology Integration - The company is actively exploring the integration of third-party AI applications in its smart watch products, enhancing features like DIY watch faces [3] - Ongoing efforts to expand into sectors such as medical devices and laser technology through its precision technology business [4] Group 5: Shareholder Engagement and Value Management - The company has implemented multiple share buyback programs, utilizing approximately 279.14 million HKD to repurchase and cancel 41.06 million B shares [4] - Continuous communication with investors and high-quality information disclosure are prioritized to enhance company value and mitigate asset loss [4] Group 6: Asset Management and Corporate Governance - The company is monitoring the market changes in property leasing, with a total area of approximately 170,000 square meters across various locations [5] - Management is committed to improving performance evaluation and incentive mechanisms for executives to ensure accountability [5]

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [7][10]. Core Views - The company is positioned as a leading player in the domestic watch industry, focusing on its own brand development and precision technology to foster new growth points. It emphasizes shareholder returns through dividends [7][6]. - The traditional watch consumption market is facing challenges such as demand contraction and intensified competition, with luxury goods and discretionary spending under pressure. The report cites a significant decline in personal luxury goods sales in mainland China, particularly in the watch category, which has been impacted by increased overseas consumption [5][4]. Financial Performance Summary - In 2024, the company achieved revenue of 3.941 billion yuan, a year-on-year decrease of 13.77%. The net profit attributable to the parent company was 220 million yuan, down 33.86% year-on-year [3][9]. - The gross profit margin for 2024 was 37.16%, reflecting a slight increase of 0.74 percentage points year-on-year. The net profit margin was 5.59%, down 1.7 percentage points year-on-year [6][9]. - The company's retail service business for watches generated revenue of 2.935 billion yuan, a decrease of 15.4% year-on-year, while the watch brand business revenue was 722 million yuan, down 9.5% year-on-year [5][3]. Future Earnings Forecast - The report slightly lowers the company's growth rate expectations, forecasting revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027. The net profit growth is projected at 8% in 2025, 7% in 2026, and 10% in 2027 [7][9]. - The expected earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.62 yuan in 2026, and 0.68 yuan in 2027, with the current stock price corresponding to a price-to-earnings (P/E) ratio of 19 times for 2025 [7][9].

Investment Rating - The report maintains a "Hold" rating for the company, indicating that the stock is expected to perform in line with the market benchmark over the next six months [7][10]. Core Views - The company is positioned as a leading player in the domestic watch industry, focusing on its own brand development and precision technology to foster new growth points. It emphasizes shareholder returns through dividends [7][6]. - The traditional watch consumption market is facing challenges such as demand contraction and intensified competition, with luxury goods and discretionary spending under pressure. The report cites a significant decline in personal luxury goods sales in mainland China, particularly in the watch category, which has been impacted by increased overseas consumption [5][4]. Financial Performance Summary - In 2024, the company achieved revenue of 3.941 billion yuan, a year-on-year decrease of 13.77%. The net profit attributable to shareholders was 220 million yuan, down 33.86% year-on-year [3][9]. - The gross profit margin for 2024 was 37.16%, reflecting a slight increase of 0.74 percentage points year-on-year. The net profit margin was 5.59%, down 1.7 percentage points year-on-year [6][9]. - The company's retail service business for watches generated revenue of 2.935 billion yuan, a decrease of 15.4% year-on-year, while the watch brand business revenue was 722 million yuan, down 9.5% year-on-year [5][3]. Future Earnings Forecast - The report slightly lowers the company's growth rate expectations, forecasting revenue growth of 6% in 2025, 6% in 2026, and 7% in 2027. The net profit growth is projected at 8% in 2025, 7% in 2026, and 10% in 2027 [7][9]. - The expected earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.62 yuan in 2026, and 0.68 yuan in 2027 [7][9].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 13.20, up from the previous forecast of 12.20 [1][13]. Core Views - The company is actively promoting brand upgrades and channel optimization, awaiting business stabilization and recovery [2]. - The report highlights a significant decline in revenue and net profit for 2024, with revenue expected to be 39.41 billion and net profit at 2.2 billion, reflecting a decrease of 13.8% and 33.9% respectively compared to the previous year [13]. Financial Summary - **Revenue Forecast**: - 2023A: 4,570 million - 2024A: 3,941 million - 2025E: 4,336 million - 2026E: 4,723 million - 2027E: 5,102 million - Revenue growth rates: -13.8% in 2024, followed by 10.0% in 2025 [4][14]. - **Net Profit (Attributable to Parent)**: - 2023A: 333 million - 2024A: 220 million - 2025E: 243 million - 2026E: 265 million - 2027E: 286 million - Net profit growth rates: -33.9% in 2024, followed by 10.5% in 2025 [4][14]. - **Earnings Per Share (EPS)**: - 2023A: 0.82 - 2024A: 0.54 - 2025E: 0.60 - 2026E: 0.65 - 2027E: 0.71 [4][14]. - **Return on Equity (ROE)**: - 2023A: 10.0% - 2024A: 6.5% - 2025E: 7.0% - 2026E: 7.5% - 2027E: 7.9% [4][14]. Market Data - **Current Price**: 11.03 - **52-week Price Range**: 8.61 - 11.53 - **Market Capitalization**: 4,476 million - **Total Shares**: 406 million, with 365 million in circulation [5][14]. Valuation Overview - The company is valued at a PE of 22 times for 2025, leading to a reasonable valuation of 13.20 [15][17].

容诚会计师事务所(特殊普通合伙) 中国 ·北京 RSM 容诚 涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 飞亚达精密科技股份有限公司 容诚专字|2025|350Z0001 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查 "我 容诚会计 目 录 | 序号 | 容 内 | 页码 | | --- | --- | --- | | | 关于飞亚达精密科技股份有限公司涉及财务公司 关联交易的存款、贷款等金融业务的专项说明 | 1-2 | | 2 | 飞亚达精密科技股份有限公司 2024 年度涉及财务 | | 公司存款、贷款等金融业务汇总表 关于飞亚达精密科技股份有限公司 涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 容诚专字[2025]350Z0001 号 飞亚达精密科技股份有限公司全体股东: 我们接受委托,根据中国注册会计师审计准则审计了飞亚达精密科技股份有 限公司(以下简称飞亚达公司)2024年 12月 31 日的合并及母公司资产负债表, 2024 年度的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有 者权益变动表以 ...