Independent Directors' Opinion on the Reply to the Inquiry Letter Regarding the 2025 Annual Report of Anhui Dehao Runda Electric Co., Ltd.
To the Management Department of the Shenzhen Stock Exchange Listed Company:
We have received the "Inquiry Letter on the 2025 Annual Report of Anhui Dehao Runda Electric Co., Ltd." (hereinafter referred to as the "Annual Report Inquiry Letter") issued by your department. In accordance with the requirements of the "Annual Report Inquiry Letter," the company has conducted self-inspection and hereby replies to the inquiry matters as follows:
I. Regarding Issues Related to the Ability to Continue Operating
(1) Based on the company's main business performance during the reporting period, cost and expense control measures, industry competition landscape, and comparable company data, explain the specific reasons for the continued negative net profit after deducting non-recurring gains and losses, analyze the risk of continuous deterioration of profitability, and the specific improvement measures taken and planned by the company and their effectiveness.
1. Specific Reasons for the Continued Negative Net Profit After Deducting Non-Recurring Gains and Losses
The company's net profit after deducting non-recurring gains and losses has been negative for several consecutive years, mainly due to the combined effects of intensified industry competition, rapid product iteration, weak profitability of the main business, and historical burdens. The specific situation is as follows:
(1) Main Business Performance During the Reporting Period
The company's main businesses are currently small kitchen appliances, primarily smart coffee machines, and LED packaging, forming a dual-core development pattern. During the reporting period, affected by factors such as intensified industry competition and rapid product iteration, the company achieved operating revenue of 663.453 million yuan, a year-on-year decrease of 10.02%. The net profit attributable to shareholders of the listed company was 34.0967 million yuan, turning losses into profits. This was mainly due to the company's disposal of idle assets in Dalian, which recognized asset disposal gains, the promotion of historical debt restructuring for subsidiaries and recognition of debt restructuring gains, coupled with reduced depreciation and amortization expenses due to the reduction in the scale of idle assets, and the optimization of internal management to reduce administrative expenses. The net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -117.7931 million yuan. This was mainly due to the weak profitability of the company's two core businesses, coupled with historical burdens, resulting in a continued negative net profit after deducting non-recurring gains and losses.
(2) Cost and Expense Control Measures
During the reporting period, the company's cost and expense situation was as follows:
| Project | 2025 Period | % of Operating Revenue | 2024 Period | % of Operating Revenue | Year-on-Year Change |
|---|---|---|---|---|---|
| I. Operating Revenue | 66,345.30 | 100.00% | 73,736.30 | 100.00% | -10.02% |
| (1) Small Kitchen Appliance Sector | 35,177.55 | 53.02% | 40,838.89 | 55.39% | -13.86% |
| (2) LED Sector | 28,957.98 | 43.65% | 30,536.27 | 41.41% | -5.17% |
| (3) Other Business Revenue | 2,209.78 | 3.33% | 2,361.13 | 3.20% | -6.41% |
| II. Total Operating Cost | 71,405.60 | 107.63% | 83,718.84 | 113.54% | -14.71% |
| 1. Operating Cost | 55,307.83 | 83.36% | 61,356.92 | 83.21% | -9.86% |
| (1) Small Kitchen Appliance Sector | 30,721.57 | 46.31% | 34,996.88 | 47.46% | -12.22% |
| (2) LED Sector | 23,270.55 | 35.07% | 24,847.67 | 33.70% | -6.35% |
| (3) Other Business Expenses | 1,315.71 | 1.98% | 1,512.37 | 2.05% | -13.00% |
| 2. Taxes and Administrative Expenses | 16,097.77 | 24.26% | 22,361.92 | 30.33% | -28.01% |
| (1) Taxes and Surcharges | 1,297.72 | 1.96% | 1,777.42 | 2.41% | -26.99% |
| (2) Selling Expenses | 2,874.28 | 4.33% | 2,312.94 | 3.14% | 24.27% |
| (3) Administrative Expenses | 10,204.04 | 15.38% | 14,938.51 | 20.26% | -31.69% |
| (4) Research and Development Expenses | 2,843.86 | 4.29% | 2,195.05 | 2.98% | 29.56% |
| (5) Financial Expenses | -1,122.12 | -1.69% | 1,138.01 | 1.54% | -198.60% |