[年报]东方精工(002611):2024年年度报告(英文版)
原标题:东方精工:2024年年度报告(英文版) AnnualReport2024 【DateofDisclosure】18March2025 MessagetoOurShareholders Withthepastyearbeingafruitfulone,wearereadytoembraceanewchapter.2024 marked the beginning of a global economic shift and restructuring. Amid theconvergenceofmultiplevariables,theupgradingoftraditionalindustriesdrivenbytechnologicalinnovationandtheartificialintelligencerevolutionshapedthepathforglobaldevelopment.In this transformative era, Dongfang Precision has steadfastly implemented its “1+N”developmentstrategyandthepathof“theprincipalbusinessesasthecore+extendedinvestmentasthesupport”.Throughthedualenginesoforganicgrowthandexternalexpansion,wecontinuetostrengthenourpositionintheglobalhigh-endequipmentmanufacturingsectorwhileactivelyadvancingintechnology. Atthesametime,wehaveproactivelyanticipatedindustrialtransformationtrends,makingforward-lookinginvestmentsinfieldssuchasrobotics,artificialintelligence,nuclearpower,andaerospace.Theseinvestmentshaveinfusedcutting-edgetechnologicalinnovationintoDongfangPrecision,drivingustoaccelerateourevolutionandgraduallyrealizethetransitionfromintelligentequipment manufacturing to the high-quality development of digital intelligence, as well asachievingacomprehensivebreakthroughinour“digitalandintelligent”strategy.In2024,DongfangPrecisionachievedtotaloperatingrevenueofRMB4.78billion,anetprofitofRMB500million,andapeakmarketvalueexceedingRMB20billion,presentingareporttoallshareholdersthatreflectsbothstrategicstabilityandinnovativebreakthroughs.SustainedAdvancementofDualMainBusinesses,StrengtheningtheFoundationSinceitsfounding29yearsago,DongfangPrecisionhasremainedfocusedonthehigh-endequipmentmanufacturingsectorandcontinuouslyexpandedbothupstreamanddownstreamalongtheindustrialchainwiththeempowermentofthecapitalmarkets.Throughyearsofexperience,wehavedevelopedstrategicmanagementanddeepintegrationcapabilitiesinourcorebusinesssectors,achievingefficientintegrationofouracquisitionactivitiesandcontinuouslygeneratingsynergisticeffectswithintheindustrialchain. Inthefieldofintelligentpackagingequipment,wehavebuiltacomprehensiveindustrialchainthatencompassessmartcorrugatedpackagingequipment,digitalprinters,andindustrialInternetat the forefront of driving digital and intelligent transformation, continuously enhancing thetechnologicalcontentandaddedvalueofourproducts. In2024,DongfangPrecision’sintelligentpackagingequipmentsegmentachievedarecordhighinannualrevenue.OurmarketshareinsmartcorrugatedpackagingequipmentcontinuedtorankfirstinChinaandsecondglobally.Thehigh-endbrandFosbersawitsmarketshareinNorthAmericasurpass50%.Despiterisingsupplychaincostpressuresandheightenedglobalmarketfluctuations,wesuccessfullystrengthenedourgloballeadershippositioninintelligentpackagingmachinery, becoming a trusted industry benchmark and preferred partner for internationalcustomers. Inthefieldofwaterpowersportsequipment,weovercamekeytechnologicalchallengesinoutboardmotorsandofficiallylaunchedandmass-produceda300-horsepowergasolineoutboardmotorthatmeetsinternationaladvancedstandards.ThismarksanothersignificantachievementforDongfangPrecision,followingoursuccessfulbreakthroughsin2021and2023,whenwedisruptedthelong-standingmonopolyofAmericanandJapanesebrandsinthe115-horsepowerand130-horsepowergasolineoutboardmotormarkets. Currently, international competition has entered deeper waters, and China is graduallytransitioning from “passive defense” to “active breakthrough”. Domestic substitution isaccelerating.Inthiscontext,companiesthatcanbreakforeigntechnologicalblockadeswillbenefitfrombothindustrygrowthanddomesticsubstitution.Asarepresentativeoftheriseofdomesticoutboardmotorbrands,wewillleverageoursolidtechnologicalfoundation,activelypromoteR&Dinnovation, and systematically expand water powersports products centered around outboardmotors,injectingnewvitalityintotheChineseeconomy. Today,DongfangPrecisionthrivesonthestrongmomentumofitstwomainbusinesses—”intelligentpackagingequipment”and“waterpowersportsequipment”—positioningitselfasanindustryleaderintermsofmarketshare,industrialchainlayout,customersatisfaction,andoverallcompetitiveness.This is themoat that enables us to effectively respond to various unknownchallengesinaneraofuncertainty.Italsoservesasthesolidfoundationforourongoingexternalexpansionanddrivesthecompanytowardahigherstageofqualitydevelopment.ClearExternalExpansionStrategy,Multi-dimensionalEfforts Lookingback,ourunwaveringstrategicvisionhasalwaysbeen“togrowlarger,notjuststronger”. To this end, we have crafted a clear external expansion strategy, which has beenimplementedthroughthreekeyinitiatives:“expandingcorebusinessesandintegratingtheindustrialchain”,“strategicinvestmentsthatalignwithcorebusinesses”,and“exploringemergingindustriesthroughequityinvestments”.Theseinitiativesareactivelynurturingnewgrowthdrivers.Inthisprocess,wefullyleveragetheadvantagesofourlistedcompany’sbrandplatform.Bycombiningourdeepintegrationandstrategicmanagementcapabilities,wecontinuetoenhanceourpositioninintelligentequipmentmanufacturingbyincubatingcompanieswithacorefocusontechnologicalinnovation,hightechnicalbarriers,andpromisingdevelopmentprospects.“Buildingmountainsfromaccumulatedearth,creatingseasfromaccumulatedwater”.Withthetechnologicaldepthachievedthroughourexternalexpansionstrategy,wehavemadebreakthroughsinseveralcoretechnologies.In2024,theCompanylaunchedtheindustrial-gradehigh-definitioncolordigitalprinter,markingthefirstuseofhigh-speeddigitalinkjetprintingtechnologywitharesolutionof1800NPIintheindustrial-gradepaperpackagingprintingfield.Additionally,theindustrialInternetbusinessintroducednewproductsandmodules,suchas“InterLink,”“MicroMes,”andthe“EquipmentAfter-SalesServiceManagementSystem,”whichnotonlyempowertheiterationandupgradeofourownproductsbutalsoenhancethelevelofdigitalintelligenceintheexistingproductionlinesofcorrugatedpackagingandcompositepaperboardindustries.Today, companies under the Fosber, Tiru?a, Parsun Power, Wonder Digital, DongfangDigicom,and otherbrand serieshavefullyintegrated intothelistedcompany’sdevelopmentsystem,becomingkeycomponentsofourcorebusinessandprofitgeneration.Ourforward-lookinginvestmentsinJatenRobot,RuoyuTechnology,AerospaceXinli,andothercompaniesareshowingstrongdevelopmentinrobotics,artificialintelligence,andnewmaterials.Theseventureslayasolidfoundationforexpandingtheapplicationofour“intelligentequipmentmanufacturing”strategyandopenupnewindustrialopportunitiesfortheGroup’sfuture. MovingForwardwiththeTimes,ThrivingwiththeNation Frominitiallyfocusingontheintelligentpackagingequipmentbusinesstoenteringthewaterpowersportsequipmentsectorandbecomingaleadingsupplier,andnowacceleratinggrowthwithnew engines like robotics, artificial intelligence, and new materials—Dongfang Precision hasconsistently strengthened its forward-looking planning, strategic layout, and innovativebreakthroughs in line with industrial development trends, creating multi-dimensional corecompetitiveadvantages. Inthepast,whentheera’sdividendsexploded,wechosetochallengethe“impossible”.Fearlessly,wetransformedfromanindustryfollowertoaleaderthroughorganicgrowthandstrategicmergersandacquisitions.Wehaveledthedomestichigh-endequipmentmanufacturingindustrytowarddeeperinnovationandhigh-qualitydevelopment. Lookingahead,theinevitabletrendoftechnologicalinnovationisintegration.Leveragingourleadingadvantagesintechnologicalresearchanddevelopment,wewillcontinuetopushforwardwithinnovation,consolidatingtheaccumulatedsparksof29yearsofprogressintoaninexhaustiblesourceofDongfangPrecision’shigh-qualitygrowth.Wewillworkhandinhandwithupstreamanddownstreampartnersacrossvariousbusinessfieldstohelprealizethenation’stechnologyself-reliancestrategy,makingDongfangPrecisionaproudrepresentativeofChinesenationalbrands.Theachievementsof2024areatestamenttothetrustofourshareholdersandthehardworkofourteam.WearedeeplygratefulforyourunwaveringsupportandtrustinDongfangPrecision’sdevelopment.Facingthenewchallengesahead,wewillremaincommittedtoourmissionto“deepenourbusinessoperations”,accelerateinnovationandtransformationwithcapitalasthelink,expandmarketswithaglobalperspective,andcontinuetocreategreatervalueforinvestorsinthecapitalmarkets. Thankyou! ChairmanoftheBoard:TangZhuolin PartIImportantNotes,TableofContentsandDefinitions TheBoardofDirectors(orthe“Board”),theSupervisoryCommitteeaswellasthedirectors,supervisorsandseniormanagementofGuangdongDongfangPrecisionScience&TechnologyCo.,Ltd.(hereinafterreferredtoasthe“Company”)herebyguaranteethatthecontentsofthisReportaretrue,accurateandcompleteandfreeofanymisrepresentations,misleadingstatementsormaterialomissions,andcollectivelyandindividuallyacceptlegalresponsibilityforsuchcontents. TangZhuolin,theCompany’slegalrepresentative,ShaoYongfeng,theCompany’sChiefFinancial Officer, and Chen Lin, the Head of the Company’s Accounting Department(equivalenttoFinancialManager)herebyguaranteethatthefinancialstatementscarriedinthisReportaretruthful,accurateandcomplete. AlldirectorsoftheCompanyattendedinpersontheboardmeetingfortheapprovalofthisReport. Thefuturedevelopmentstrategies,businessplans,andotherforward-lookingstatementsmentionedinthisReportshallbedeemedasuncertainplansinsteadofpromisestoinvestors.Therefore,investorsareremindedtoexercisecautionwhenmakinginvestmentdecisions.ForpossibleriskswithrespecttotheCompany,pleasereferto“(III)PossibleRisksandCountermeasures”in“XIProspects”of“PartIIIManagementDiscussionandAnalysis”herein.Andinvestorsarekindlyadvisedtoreadthroughtheaforesaidcontents.TheCompanyplannednottodistributecashdividends,giveawaybonusshares,orcapitalizefrompublicreserve. ThisReporthasbeenpreparedinChineseandtranslatedintoEnglish.Shouldtherebeanydiscrepanciesormisunderstandingsbetweenthetwoversions,theChineseversionshallprevail. TableofContents PartIImportantNotes,TableofContentsandDefinitions...........................................................5 PartIICorporateInformationandKeyFinancialInformation.................................................10 PartIIIManagementDiscussionandAnalysis.............................................................................15 PartIVCorporateGovernance.......................................................................................................78 PartVEnvironmentalandSocialResponsibilities.....................................................................108 PartVISignificantEvents.............................................................................................................110 PartVIIShareChangesandShareholderInformation.............................................................120 PartVIIIPreferenceShares..........................................................................................................129 PartIXCorporateBonds...............................................................................................................130 PartXCorporateFinancialStatement........................................................................................131 DocumentsAvailableforReference 1.ThefinancialstatementssignedandsealedbytheCompany’slegalrepresentative,ChiefFinancialOfficer,andtheperson-in-chargeofthefinancialorgan. 2.TheoriginaloftheAuditor’sReportsealedbytheCPAfirmaswellassignedandsealedbythecertifiedpublicaccounts. 3.AlltheoriginalsoftheCompany’sannouncementsanddocumentsthatweredisclosedtothepublicduringtheReportingPeriodonthemediadesignatedbytheCSRCforinformationdisclosure.4.The2024AnnualReportcarryingthesignatureofthelegalrepresentative.5.ThedocumentsabovearelodgedintheSecuritiesDepartmentoftheCompany,18A,ChinaMerchantsPlaza,1166WanghaiRoad,Shekou,ShuiwanCommunity,ZhaoshangStreet,NanshanDistrict,ShenzhenCity,GuangdongProvince,China. Definitions
ICorporateInformation
TheindependentauditorhiredbytheCompany:
□Applicable√Notapplicable TheindependentfinancialadvisorhiredbytheCompanytoexerciseconstantsupervisionovertheCompanyintheReportingPeriod: □Applicable√Notapplicable VIKeyFinancialInformation Indicatewhetherthereisanyretrospectivelyrestateddatuminthetablebelow.□Yes√No
losseswasnegativeforthelastthreeaccountingyears,andthelatestindependentauditor’sreportindicatedthattherewasuncertainty abouttheCompany’sabilitytocontinueasagoingconcern. □Yes√No Indicatewhetherthelowerofthenetprofitattributabletothelistedcompany’sshareholdersbeforeandafterexceptionalgainsand losseswasnegative. □Yes√No VII Accounting Data Differences under China’s Accounting Standards for BusinessEnterprises (CAS) andInternationalFinancialReporting Standards(IFRS)andForeignAccountingStandards 1.NetProfitandEquityunderCASandIFRS □Applicable√Notapplicable NodifferencefortheReportingPeriod. 2.NetProfitandEquityunderCASandForeignAccountingStandards □Applicable√Notapplicable NodifferencefortheReportingPeriod. VIIIKeyFinancialInformationbyQuarter Unit:RMB
disclosedintheCompany’squarterlyorinterimreports. □Yes√No IXExceptionalGainsandLosses √Applicable□Notapplicable Unit:RMB
NosuchcasesintheReportingPeriod. ExplanationofwhytheCompanyreclassifiesasrecurrentanexceptionalgain/lossitemdefinedorlistedintheExplanatory AnnouncementNo.1onInformationDisclosureforCompaniesOfferingTheirSecuritiestothePublic—ExceptionalGain/Loss Items: □Applicable√Notapplicable NosuchcasesintheReportingPeriod
1.TheIndustriestowhichtheCompany'sIntelligentPackagingEquipmentBusinessSegmentBelongs1.1Demandside—customers TheintelligentpackagingequipmentdivisionoftheCompanyprimarilyservesB-endcustomerssuchascorrugatedcardboard andcorrugatedboxmanufacturers.TheCompanyprovidesvarioussinglemachineandcompleteproductionlineproductsfor cardboardandboxproduction. Enddemandforcorrugatedpackagingisgrowing:.Corrugatedpackagingproductsareusedinavastnumberoffields,includingfoodandbeverage,householdchemicals,electronicproducts,ande-commerceexpressdelivery,andareinelastically demandedbyconsumers.Electronicproducts,food,beverage,andexpressdeliverytakeup26%,20%,21%,and13%respectivelyof thedownstreamapplicationmarketofpaperpackaging.China’sexpressmarketandtherelevantfieldssuchase-commerceand logisticsshowanincreasingdemandforcorrugatedboxandboardpackaging,whichwilldrivetheexpansionofthecapacityof corrugatedpackagingenterprisesandthusincreasethedemandforcorrugatedpackagingmachinery.Guidedbythe“large-scaleequipmentrenewal”policy,aswiftaccelerationinequipmentupgradesisanticipatedwithin thedomesticcorrugatedpackagingsector. In2024,theCentralFinancialandEconomicAffairsCommissiondecidedtopromoteanewroundoflarge-scaleequipment renewal,explicitlymentioningtheneedto“promotetherenewalandtechnologicaltransformationofvarioustypesofproduction equipmentandserviceequipment”.TheStateCouncilexecutivemeetingconsideredandpassedtheIssuingtheActionPlanfor PromotingLarge-scaleEquipmentRenewalsandConsumerGoodsTrade-ins,proposingto“promotetheproportionofadvanced productioncapacitytocontinuetoincrease”. Over the years, China's corrugated packaging sector has largely consisted of numerous small- and medium-sized box manufacturersdominatedbylow-endproductioncapacities,leadingtoahighlydecentralisedmarketandrelativelylowindustry consolidation.RespondingtothePartyCentralCommitteeandStateCouncil's“large-scaleequipmentrenewal”policydirective,the corrugatedpackagingindustryanticipatesaheightenedpaceofequipmentmodernisationthroughoutthe14thFive-YearPlanperiod, withanexpectedsurgeinmedium-tohigh-endproductioncapacityproportions.Inthecorrugatedpackagingindustry,marketconcentrationandthephase-outoflow-endproductioncapacityisaninevitable trend,duetomarketcompetition,capacityupgrading,M&A,etc.Itisestimatedthatthelinemachinerythatismoreintelligentand productivewillreplacetheexistingcorrugatedcardboardproductionlinesandcorrugatedboxprintingandpackagingproductionline equipmentintheupcomingfivetotenyears.Bystatistics,thereareover6,000existingcorrugatedcardboardproductionlinesinthe domesticmarket,andmorecorrugatedboxprintingandpackagingmachinery.Digitalandintelligentupgradingbringsnewdevelopmentopportunities.The“strategyofrobotassemblingline”and“smart factory”areincreasinglyrecognizedbytheindustry. Additionally,leadingpackagingenterprises,includingXiamenHexing PackagingPrintingCo.,Ltd.(HXPP),MYSGroupCo.Ltd.(MYS),ShenzhenYUTOPackagingTechnologyCo.,Ltd.,andShenzhenJinjiaGroupCo.,Ltd.,havesuccessivelyenteredmarketssuchasintelligentmanufacturingoneafteranother.Thecapacity upgradeinthepaperpackagingandprintingindustrycontinuestodeepen.Againstthebackdropofintelligentmanufacturing,leading enterprisesinthecorrugatedpaperpackagingequipmentindustryarealsoexpectedtoembracenewopportunitiesfordevelopment. Overseasdemandisgrowingsteadily:Inrecentyearswhenenvironmentalpollutionbecomesmoreandmoreserious,growing environmentalawarenesshasledto“plasticbansandrestrictions”acrosstheworld,providingamajorboosttopaperasan alternativetoplastic.TheglobalgreenpackagingmarketisprojectedtogrowfromUSD262.27billionin2023toUSD381.98billion in2028,withacompoundannualgrowthrateof7.81%duringtheforecastperiod(2023-2028).Thecorrugatedcardboardproducedbycorrugatedcardboardproductionlinesisusedtomakevariouscorrugatedboxes, corrugatedcartonsandothercorrugatedpackagingmaterials,whicharerigidconsumerproductsinEuropeanandAmericancountries. Thephilosophyof“sustainability”isgaininggroundintheEuropeanandUSconsumergoodspackagingmarkets.Withthegrowing trendof"replacingplasticswithpaper"inthepackagingindustry,demandforcorrugatedpackagingmaterialsintheEuropeanand US consumer goodsmarkets continues to grow steadily, helpingto drive demand for corrugated packagingproductionline equipment. Therapiddevelopmentofdigitalprintingbringsmoredevelopmentopportunitiesfortheindustry.Accordingtothelatest reportbySmithersPira,theinkjetprintingmarkethasgrownstronglyoverthepast5years.Thereportforecaststhatgrowthofinkjet printinginpackagingwillbemostrapidfrom2022to2027,withexpectedcompoundannualgrowthratesof17.7%byshipment quantityand16.3%byvalue. 1.2 Supplyside——theCompany’sWorld-leadingcomprehensivestrengthInthefieldofintelligentpackagingequipment,DongfangPrecisionhasacompletelayoutandhasformedamulti-segment businesssystemcoveringcorrugatedcardboardproductionlines,corecomponentsofcorrugatedboardproductionlines,carton printingandpackaginglinesaswellasdigitalprintingequipment.Relyingonitscomprehensiveindustrialchainlayoutandstrong technologicalstrength,thecompany,withitswiderangeofproductsandadvancedtechnologies,providesglobalcustomerswithone- stopandall-roundintelligentpackagingequipmentsolutions. Corrugatedcardboardproductionlines:Majormanufacturersofcorrugatedcardboardproductionlinesaroundtheworldinclude FosberGroup,BHS,Marquip,andJ.S.Machine.Amongthem,FosberGroupanditsmajorrival,BHS.FosberGroupholdsapproximately30%oftheglobalmiddle-andhigh-endcorrugatedcardboardproductionlinemarketandmorethan50%oftheNorth Americanmarket. Corrugated&pressurerollers,keycomponentsofcorrugatedcardboardproductionlines:ThesubsidiaryTiru?aGrouphasmore than40yearsofexperienceinthecorrugatedandpressurerollersegmentandisrenownedinEuropeasaworld-leadingspecialistin thissegment. Corrugated box printingand packagingproduction line equipment:Major manufacturers in thisfield includeDongfang Precision,Bobst,Gopfert,Ward,DingLong(Shanghai),andGuangzhouKeshenglong. Withanadvantageinglobalresource coordination,leadingdesignconcept,excellentoverallR&Dstrength,andaproductsystemfeaturingcompletecategoriesandrich Switzerland. Digitalprinters:MajormanufacturersincludeHP,EFI,Koenig&BauerDurst,WonderDigital,HanhuaGongye,andAtexco, amongothers.WonderDigital,amajority-ownedsubsidiaryofDongfangPrecision,isaleaderinthedomesticdigitalprinterindustry, andhasbeencommittedtoextendingdigitalprintingtechnologytosuchfieldsaspaperpackaging(colourprinting&pre-printing), advertising,homefurnishing,buildingmaterials,andlabelprinting.DongfangPrecisionleadstheworldintermsofitscomprehensivestrengthinsmartcorrugatedpackagingequipmentbusiness andcanprovidedownstreamcustomerssuchascardboardplantsandboxplantswith“one-stop”machineryandservicesupportthat coverseachproductionprocess,includingcorrugatedcardboardproduction,corrugatedboxproduction,andpre-printingandpost- printingproductionprocesses,anddifferenttechnologyroadmaps,includingflexographicprintinganddigitalprinting. ThevalueoftheglobalcorrugatedpackagingequipmentmarketisestimatedtobeaboutRMB30-40billion.Intermsofoperatingrevenue,DongfangPrecisionaccountsforapproximately15%oftheglobalcorrugatedpackagingequipment market,rankingfirstamongdomesticenterprisesofthesametypeandsecondintheglobalmarket.2.Theindustrytowhichthecompany'sindustrialInternetindustrysolutionsbusinessbelongsPolicyside:.Foreightconsecutiveyearsfrom2018to2025,"IndustrialInternet"hasappearedinthegovernmentworkreport every year.The government work report in 2025 put forward the idea of "vigorously promoting new industrialization and acceleratingtheinnovativedevelopmentoftheIndustrialInternet".The"14thFive-YearPlanfortheIn-depthIntegrationof InformatizationandIndustrializationDevelopment"proposedthatby2025,informatizationandindustrializationwouldachieve integrateddevelopmentonabroaderscale,atadeeperlevelandatahigherlevel.Undertheguidanceandsupportofaseriesof policies,theIndustrialInternetandsmartfactorieshavealwaysbeenimportantdirectionsforthetransformationandupgradingofthe manufacturingindustry. Marketside:ChinaistheonlycountryintheworldwhoseindustriescoverallindustrialcategoriesintheUnitedNations’ industrialclassification.Concurrently,itisexpectedtogrowintotheworld’slargestindustrialdigitalizationmarket.Forthecurrent manufacturingindustryofChina,digitaltransformationisnolongeran“option”buta“compulsorycourse”thatiscriticaltoits survivalandlong-termdevelopment. According to the Bluebook on the Digital Transformation of Enterprises--Empowering the Low-carbon and Green TransformationoftheRealEconomywithNewITreleasedbytheChinaAcademyofInformationandCommunicationsTechnology, afterrelevantmanufacturingenterprisescompletedigitaltransformation,onaverage,theirproductionefficiencywillbeboosted,their operatingexpenseswillbelowered,andtheirenergyutilisationratewillbeimproved.Concurrently,withtherapiddevelopmentand continuousiterationofthenew-generationinformationtechnology,thecostofdigitaltransformationofenterprisesisgradually decreasing. AccordingtothedatareleasedbyFrost&Sullivan,thescaleofthemarketofindustrialInternetplatformsandrelevantsolutions inChinaby2025isestimatedtoreachRMB193.12billion. TheScaleoftheMarketofIndustrialInternetPlatformsandRelevantSolutionsandForecastbetween2020and2025
ByApplicationField:Therecreationalboatingsectoristhelargestdownstreamapplicationmarketforsportswillaccountfor73.22%globally.Yachtsareoneofthemaindownstreamproductsequippedwithoutboardmotors.Inrecentyears,theglobalyachtindustryhasshownatrendofexpandingscale.AccordingtoareportbytheChinaAssociationoftheNationalShipbuildingIndustry,thegloballeisureboatmarketsizeisexpectedtogrow fromUSD16.4billion in 2021to USD23.6billionin 2027, with aCAGR ofapproximately 6.20%.Benefitingfromtherapidgrowthofthedownstreamyachtmarket,theglobaloutboardmotormarketforwaterleisuresportsisexpectedtogrowsteadily. ByPowerSize:Themarketshareofmid-to-highpoweroutboardmotorsaccountsformorethanthree-quartersofthetotalmarket.In2023,themid-to-highpoweroutboardmotormarketshareintheglobaloutboardmotormarketwas79.72%.NorthAmericaandEuropearethemainmarketsformid-to-highpoweroutboardmotors.From2023to2030,thecompoundannualgrowthrate(CAGR)ofthemid-to-highpoweroutboardmotormarketintheAsia-Pacificregionisexpectedtoreach8.97%. By Power Type: Gasoline outboard motors are the mainstream model in the global outboard motorconsumptionmarket.By2030,itisexpectedthatthemarketshareofgasoline,diesel,andelectricoutboardmotorsgloballywillbe80.21%,11.49%,and8.30%,respectively.Dieselengineshavecertainmarketspaceinspecificfields.Electricoutboardmotorsareprimarilyusedforlowhorsepower,withahigherpricebutfeaturessuchasgreaterenvironmentalfriendlinessandeasiermaintenance.Withincreasinglystringentenvironmentalregulationsinvariouscountriesandcontinuousadvancementsinbatterytechnology,theapplicationofelectricoutboardmotorsisbecomingmorewidespread. ChineseMarket:By2030,themarketsizeofoutboardmotorsinChinaisexpectedtoreachUSD588million,withacompoundannualgrowthrate(CAGR)of9.79%from2022to2030,significantlyhigherthantheglobalCAGR.BenefitingfromtherapidgrowthofChina’seconomyandchangesinresidents’recreationalhabits,Chinahasbecomeoneofthefastest-growingcountriesintheglobaloutboardmotormarket.Domesticsubstitutionhasbecomethemainstreamtrendinthedevelopmentofthedomesticoutboardmotorindustry.AccordingtoChina’scustomsimportandexportdata,theimportvalueofoutboardmotorsintoChinareachedRMB1,283millionin2023.Inthepublicserviceandmilitaryfields,China’smilitaryoutboardmotorsinthe mid-to-high power range primarily use overseas brands.Against the backdrop of the national policy encouragingdomesticequipmenttoreplaceimports,withtheriseofdomesticoutboardmotorcompanies,Chinaisexpectedtoenteranewstageofprosperousdevelopmentfordomesticoutboardmotorcompanies.Leadingdomesticoutboardmotorcompanieswillbenefitfromboththeindustry’srapidgrowthanddomesticsubstitution.PolicySupport:Inrecentyears,withthedevelopmentofChina’swatertourismandleisureindustryandthecountry’semphasisonmarinerights,variousgovernmentdepartmentshaveprovidedsignificantpolicysupportforthedevelopmentoftheboatingindustry. 3.2 Supplyside——theCompany’spresenceintheindustry ThemajorparticipantsintheglobaloutboardmotormarketareJapaneseandAmericanbrands,includingYamahaandSuzukifromJapan,andMercuryfromtheUnitedStates.Comparedtointernationalcompetitors,ParsunPower,relyingonitsproductperformancethatisclosetothecompetitors’anditsclearpriceadvantage,competesgloballywithAmericanandJapanesemanufacturersbyofferinghighcost-performanceproducts.2020to2022,ParsunPower’soutboardmotorproductsrankedfirstinmarketshareinChinaforthreeconsecutiveyears.The company is a national“Little Giant” enterprise specializing in innovation, a national high-tech enterprise, the Jiangsu Province Outboard Motor Engineering Technology Research Center, a recognized（未完）  |