Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to reach a turning point in performance, with an anticipated gradual increase in electronic cigarette orders [4] - For 2024, the company is projected to achieve total revenue of 3.573 billion yuan, a year-on-year decrease of 7%, and a net profit attributable to shareholders of 252 million yuan, down 44% year-on-year [2][4] - The fourth quarter of 2024 is expected to show a revenue increase of 15% year-on-year, while the first quarter of 2025 is projected to see a revenue increase of 12% year-on-year [2][4] Financial Performance Summary - In 2024, the company’s revenue is expected to be 3.573 billion yuan, with a net profit of 252 million yuan and a net profit excluding non-recurring items of 238 million yuan, reflecting year-on-year declines of 7%, 44%, and 38% respectively [2][4] - For Q4 2024, the expected revenue is 1.034 billion yuan, with a net profit of 80 million yuan and a net profit excluding non-recurring items of 94 million yuan, showing year-on-year changes of +15%, -32%, and -8% respectively [2][4] - In Q1 2025, the expected revenue is 859 million yuan, with a net profit of 77 million yuan and a net profit excluding non-recurring items of 74 million yuan, reflecting year-on-year increases of +12%, +38%, and +71% respectively [2][4] Business Segment Analysis - The company’s revenue from the intelligent control components and innovative consumer electronics is expected to decline by 14% and 2% respectively in 2024, while automotive electronics are projected to grow by 19% [4] - The electronic cigarette business is anticipated to improve gradually, with orders expected to increase as labor issues in the Malaysian base are resolved [4] - The automotive electronics segment is expected to maintain stable growth, contributing positively to overall revenue [4] Future Outlook - The company aims for a revenue increase of 25% to 50% in 2025, targeting a revenue range of 4.5 to 5.4 billion yuan, primarily driven by the electronic cigarette and automotive electronics segments [4] - The company is expected to achieve net profits of 500 million yuan, 690 million yuan, and 870 million yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 24, 18, and 14 times [4]

证券代码：002925 证券简称：盈趣科技 公告编号：2025-049 厦门盈趣科技股份有限公司（以下简称"公司"）《2024 年年度报告》及《2024 年年度报告摘要》已经公司第五届董事会第十六次会议审议通过，并于 2025 年 4 月 25 日刊登在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）上。 为了便于广大投资者更深入、全面地了解公司生产经营情况、发展战略、公 司治理及可持续发展等相关事项，公司定于 2025 年 5 月 15 日（星期四）下午 15:40-17:00 举办 2024 年年度报告网上说明会暨参加厦门辖区上市公司投资者网 上集体接待日活动。本次年度报告网上说明会将采用网络远程的方式举行，投资 者可登录"全景路演"网站（http://rs.p5w.net），或关注微信公众号"全景财经"， 或下载全景路演 APP，参与本次互动交流。 出席本次年度报告网上说明会的人员有：公司董事长林松华先生，董事、总 裁杨明先生，独立董事蔡庆辉先生，董事会秘书、财务总监李金苗先生。 投资者可于 2025 年 5 月 13 日（星期二）17:00 前将有关问题通过电子邮件 的方式 ...

Group 1: Company Performance - Yihua Jiaye reported a main revenue of 265 million yuan for Q1 2025, representing a year-on-year increase of 38.11% [1] - The net profit attributable to shareholders for Yihua Jiaye was 71.93 million yuan, up 44.11% year-on-year [1] - The non-recurring net profit for Yihua Jiaye was 60.19 million yuan, reflecting a year-on-year increase of 43.18% [1] - Yihua Jiaye's debt ratio stood at 14.07%, with investment income of 4.84 million yuan and financial expenses of -9.08 million yuan [1] - The gross profit margin for Yihua Jiaye was 49.57% [1] Group 2: Company Highlights - Yingqu Technology is currently providing automation equipment and solutions for new energy enterprises [2] Group 3: Institutional Overview - Shenzhen Zhongou Ruibo Investment Management Co., Ltd. was established in 2007 and is one of the earliest private equity fund management companies in China [3] - The company focuses on secondary market securities investment and has launched over 50 private equity products in collaboration with top financial institutions [3] - Zhongou Ruibo emphasizes risk management and has received various industry awards, including the "Morningstar Award" and "Golden Bull Award" [3]

Core Viewpoint - Yingqu Technology (002925.SZ) reported a decline in both revenue and net profit for the third consecutive year, with revenue of 3.573 billion yuan, down 7.45% year-on-year, and a net profit of 251 million yuan, down 44.17% year-on-year, primarily due to a painful revenue structure adjustment and a significant drop in its innovative consumer electronics business [2][3][6]. Revenue and Profit Performance - The company has experienced a continuous decline in revenue and net profit over the past three years, with revenue dropping from 7.061 billion yuan in 2021 to 3.573 billion yuan in 2024, and net profit decreasing from 1.093 billion yuan to 251 million yuan during the same period [6][12]. - The gross profit margin for 2024 was recorded at 28.36%, down from 30.70% in the previous year, reflecting a decrease of 2.36 percentage points [6]. Business Segment Analysis - The innovative consumer electronics segment, which previously accounted for over 60% of revenue, saw a significant decline, with revenue falling to 1.137 billion yuan in 2024, representing 31.82% of total revenue, down from over 43.05 billion yuan in 2021 [3][5]. - The automotive electronics segment was the only area showing positive growth, achieving revenue of 614 million yuan in 2024, a year-on-year increase of 19.43%, but it still only accounted for 17.19% of total revenue [5][6]. - The smart control components business has shown slow growth and volatility, with revenues fluctuating between 9.55 billion yuan and 11.45 billion yuan from 2020 to 2024, including a decline in 2022 and 2024 [4][6]. Financial Management and Shareholder Actions - Despite the declining performance, the company declared a substantial dividend of 323 million yuan, which represents 195.07% of its net profit for 2024, raising concerns about the sustainability of such payouts amid ongoing financial pressures [7][12]. - The major shareholder, Wanlida, has pledged over 60% of its shares, indicating potential liquidity issues, as the high dividend payout may be a strategy to alleviate financial strain on the major shareholder [7][14]. Investment and Future Outlook - The company is focusing on expanding its UDM (User Defined Manufacturing) model and plans to strengthen its automotive electronics and health environment businesses by 2025 [3][6]. - Yingqu Technology has been investing heavily in construction projects, with significant funds allocated to multiple manufacturing facilities, including a 500 million USD investment in a Mexican manufacturing base, which is currently only 24.46% complete [9][13].

Group 1: Company Overview and International Expansion - The company has been developing its international layout for nearly ten years, establishing a "big triangle + small triangle" international strategy that is now taking shape and has reached a certain scale [1] - Domestic manufacturing bases, including Xiamen, Zhangzhou, and Shanghai, still have room for further capacity planning [1] - The Malaysian and Hungarian manufacturing bases are fully utilized, with ongoing construction for the third phase in Hungary [2] Group 2: Financial Performance and Capacity Utilization - The company is continuously investing in manufacturing bases in Malaysia and Mexico, which will impact net profit due to depreciation [2] - New capacities are being planned and will be gradually released, ensuring reasonable amortization of depreciation expenses [2] Group 3: Project Development and Market Potential - The company has a diverse project reserve, including air and water purification products, biodegradable packaging materials, and smart medical devices, with significant growth potential expected [2] - The company has established partnerships with several five-star hotels for its BE WTR recyclable glass bottled water, indicating strong market demand [2] Group 4: Automotive Electronics Sector - The revenue growth of the automotive electronics business has slowed due to intense competition and price declines, with expectations for gradual production ramp-up in the second half of the year [3] - The company has a strong technical R&D capability and has expanded its product line from bus systems to passenger vehicles, enhancing its market share [3] Group 5: R&D Investment and Future Outlook - The company plans to maintain its innovation and R&D investment, focusing on core components and new technologies [3] - R&D expenses will be adjusted based on project needs and progress, with an emphasis on cost reduction and efficiency improvement [3]

证券代码：002925 证券简称：盈趣科技 公告编号：2025-046 厦门盈趣科技股份有限公司 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。 厦门盈趣科技股份有限公司（以下简称"公司"或"本公司"）第五届董事 会第十六次会议审议通过了《关于召开公司2024年年度股东大会的议案》，决定 于2025年5月16日（星期五）下午15:00在厦门市海沧区东孚西路100号盈趣科技创 新产业园3号楼806会议室召开公司2024年年度股东大会，现将本次股东大会有关 事项公告如下： 一、召开会议的基本情况 1、股东大会届次：2024年年度股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法合规性：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》《上市公司股东大会规则》和《厦门盈趣科技股份有限公 司章程》等有关规定。 4、会议召开日期和时间 （1）现场会议时间：2025年5月16日下午15:00 （2）网络投票时间：2025年5月16日上午9:15至下午15:00 其中，通过深圳证券交易所交易系统进行投票的具体 ...

证券代码：002925 证券简称：盈趣科技 公告编号：2025-032 厦门盈趣科技股份有限公司 第五届监事会第十五次会议决议公告 本公司及监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。 厦门盈趣科技股份有限公司（以下简称"公司"）第五届监事会第十五次会议 于 2025 年 4 月 24 日在厦门市海沧区东孚西路 100 号盈趣科技创新产业园 3 号楼 806 会议室以现场会议的方式召开，会议通知已于 2025 年 4 月 14 日以电子邮件 等方式送达。本次会议应出席监事 3 人，实际出席监事 3 人，全体监事均以现场 会议方式出席了本次会议。本次会议由监事会主席钟扬贵先生主持，会议的召集、 召开符合《中华人民共和国公司法》（以下简称"《公司法》"）和《厦门盈趣科 技股份有限公司章程》（以下简称"《公司章程》"）等有关规定。 经与会监事认真审议，本次会议以举手表决的方式逐项表决通过了以下决议： 一、会议以 3 票同意、0 票反对、0 票弃权的表决结果，审议通过《2024 年 度监事会工作报告》。 2024 年度，公司监事会严格按照《公司法》《公司章程》《监事会议事规 ...

厦门盈趣科技股份有限公司 监事会对公司 2024 年度内部控制自我评价报告的意见 根据《企业内部控制基本规范》《企业内部控制配套指引》《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》等行政法规以及厦门 盈趣科技股份有限公司（以下简称"公司"）的《公司章程》《监事会议事规则》的 有关规定，公司监事会审阅了公司董事会审计委员会编制的《2024 年度内部控 制自我评价报告》。现发表意见如下： 1、公司现已建立了较为完善的内部控制体系，符合国家相关法律、行政法 规要求及生产经营管理实际需要，并得到有效执行，内部控制体系的建立对公司 经营管理的各个环节起到了较好的风险防范和控制作用。 3、公司监事会对《2024 年度内部控制自我评价报告》没有异议。 厦门盈趣科技股份有限公司 监 事 会 2025 年 04 月 25 日 1 2、公司内部控制自我评价符合《企业内部控制基本规范》《公开发行证券的 公司信息披露编报规则第 21 号—年度内部控制评价报告的一般规定》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及其他相关文 件的要求；自我评价报告全面、客观、真实地反映了公司 ...

证券代码：002925 证券简称：盈趣科技 公告编号：2025-031 《2024 年度董事会工作报告》。公司独立董事林志扬先生、蔡庆辉先生及高绍福 先生分别向董事会递交了《2024 年度独立董事述职报告》，并将在公司 2024 年 度股东大会上进行述职。独立董事述职报告具体内容详见公司同日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的相关公告。 厦门盈趣科技股份有限公司 第五届董事会第十六次会议决议公告 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。 厦门盈趣科技股份有限公司（以下简称"公司"）第五届董事会第十六次会议 于 2025 年 4 月 24 日在厦门市海沧区东孚西路 100 号盈趣科技创新产业园 3 号楼 806 会议室以现场会议和通讯会议相结合的方式召开，会议通知于 2025 年 4 月 14 日以电子邮件等方式送达。本次会议应出席董事 9 人，实际出席董事 9 人， 其中以通讯表决方式出席会议的人数为 1 人，董事林先锋先生以通讯表决方式出 席了会议。公司监事和高级管理人员列席了本次会议。本次会议由公司董事长林 松华 ...

2025 年 04 月 25 日 经审议，公司及子公司本次年度日常关联交易预计事项系公司 2025 年业 务发展所需，较大程度上支持了公司的生产经营和持续发展，符合公开、公 平、公正的原则，定价公允，符合相关法律、法规的规定，不会对公司的正常 运作和业务发展造成不良影响，不存在损害公司股东尤其是中小股东利益的情 形，对公司的独立性不产生影响，不会形成公司对关联方的依赖。基于独立判 断，我们一致同意《关于公司及子公司 2025 年度日常关联交易预计的议案》， 并同意提交公司董事会审议，关联董事应回避表决该议案。 独立董事：林志扬、蔡庆辉、高绍福 厦门盈趣科技股份有限公司 第五届董事会独立董事专门会议第四次会议决议 厦门盈趣科技股份有限公司（以下简称"公司"）第五届董事会独立董事专 门会议第四次会议于 2025 年 4 月 23 日在厦门市海沧区东孚西路 100 号盈趣科 技创新产业园 3 号楼 806 会议室以现场会议方式召开，会议通知于 2025 年 4 月 14 日以电子邮件等方式送达。本次会议应出席独立董事 3 人，实际出席独立董 事 3 人。经与会独立董事推举，会议由独立董事林志扬先生主持。本次会议的 ...