wen/linjian

jinyinianduoyilai，suizhexinguanxiangmushourujianshao，zaijiashangshengwuyiyaotourongzifanghuandengyingxiang，bushaocxoqiyeyejizengzhangchuxianfanghuan。xingyeheshikeyihuinuan，shoudaoshichanggaoduguanzhu。

zuoweicxoxingyelongtouqiyezhiyi，yaomingshengwu（02269.hk）yefabulebannianbao，shujuzhanxianlezhuduoliangdian，bingyezaishifangxingyejijixinhao。

juxianshi：gongsifeixinguanshouruchixuzaizengzhang，shouwoweiwanchengdingdanzongeda201yimeiyuan，qizhongjinnianshangbannianxinzengdingdanshudadao61ge，chaochushichangyuqi。bujinruci，gongsiqiangjingdelinchuangqianyewuyexianxianleshengwujishurongzifusudezaoqijixiang。

新增订单创历史新高

zaiyaomingshengwufabubannianbaozhiqian，qi“xiongdigongsi”yaomingkangdejinniandiyijidu、dierjidulianxulianggejidujinglirunhuanbichuxianzengzhang。yucitongshi，gongsizaishoudingdanshoucichaoguo400yiyuan。

chuleyaomingkangdewai，qitacxoqiye，rukailaiyingzaibannianbaoyejiyugaozhongtoulu“xinqiandingdantongbizengzhangchaoguo20%”，zairukanglonghuachengyebiaoshi“2024nianshangbannianxinqiandingdanjinetongbizengzhang15%yishang”。

huidaoyaomingshengwuzishen，bannianbaoyezaishifangxingyejijixinhao。

jinnianshangbannian，yaomingshengwushixianshouyi85.7yiyuan，tongbizengzhang1.0%。tichuxinguanxiangmushouyi，feixinguanxiangmushouyitongbizengzhang7.7%，qizhonglinchuanghouqijishangyehuaxiangmushouyizengzhang11.7%。

jinguanmianlinbianhuandediyuanzhengzhihuanjing，yaomingshengwu2024nianshangbannianxinzeng61gezonghexiangmu，duibi2023nianshangbanniantongqixinzeng46gezonghexiangmu，gaixinzengxiangmushushigongsiqijinweizhibiaoxianzuihaodebannianchengjizhiyi。

youyisideshi，zaixinzengde61gezonghexiangmuzhong，qizhongyueyibanxinqianxiangmulaizimeiguo。

jutikanzhei61gezonghexiangmu，xinyaolinchuangshiyanshenqing（ind）qian、linchuangzaoqi、linchuanghouqiyijishangyehuashengchanxiangmushufenbiewei52ge、5ge、3gehe1ge，gongsiqiangjingdelinchuangqianyewuyexianxianleshengwujishurongzifusudezaoqijixiang。

yaomingshengwudingdanshulianglianglibiaoxian，beihoudeyiyugongsidutedecrdmoshangyemoshi，jutiyewuhangair（yanjiu）、d（kaifa）hem（shengchan）huanjie，gaimoshikeyitigongcongzaoqidefenzikaifa、gongyikaifadaolinchuangshengchande“yitiaolong”fuwu，keyigenggaoxiaobangzhukehuxuyaodeyaopin。zheizhongshangyemoshi，yibangzhuyaomingshengwugoujianqilaogudejingzhengbilei。

yaomingshengwudejishupingtaihangaiyaowufaxian、kaifajishengchanquanliucheng，yaowufaxianjishupingtaibaokuowuxibody（yongyushuangteyixing/duoteyixingkangtifaxian）、txibaoxianjiezi（tce）pingtai、zhongliuxiangguankangyuan（taa）kangtifaxianpingtaihedanbxibaojishupingtai。yaowukaifapingtaibaokuowuxia（xibaoxikaifa）、wuxidar4（yaowukangtibijishu）hewuxihigh（gaonongduzhijichanpindingzhihuakaifa）。shengchanjishupingtaibaokuowuxiui（chaoqianghuafenpibuliaoshengwugongyi）hewuxiup（chaogaoxiaolianxushengwugongyi）。

zaibaochikehuzhanxingfangmian，kekaodezhiliangtixiyeshiyaomingshengwudejingzhengyoushisuozai。yaomingshengwugongjieshouemahefda 21cijiancha，100%chenggongtongguopai。zi2023nianqi，you14gekehuxiangmuchenggongtongguoemajiancha，4getongguofdajiancha。

R端在发力

fangyanquanqiu，diyuanzhengzhidechuxian，zaijiashangjingjidahuanjingdepiruan，yijiujizhenggeyiyaoxingye，shenzhicxoxingyezengzhangdailaiyidingdetiaozhan。yaomingshengwuweilaiyejizengzhang，haiyounaxiekandian？

jinqi，kuaguoyaoqimoshadongyuzhongguoshengwujishuqiyetongrundachengshouquanhezuo，shougouhouzhebadianweicd3*cd19detceshuangkangguanxian，fenzidaihaoweicn201。zheibijiaoyishoufukuangaoda7yimeiyuan，kanbi“yigegangguipo”，lichengbeifukuangaoda6yimeiyuan，zongedadao13yimeiyuan。

budebutideshi，cn201zhengshitongguoyaomingshengwuwuxibody、tcehewuxiup sangezhuanlijishupingtaierkaifade，gaiyaowufenzibeigaoeshougou，qibenzhishiguojizhiyaojutouduiyaomingshengwuyanfajishuderenke。

qubieyuneixiechuncmoqiye，yaomingshengwudeyewumoshihangai“rdm”，congshangshukan，gongsizairduanshangdeyoushizaizhangxian，qijishupingtaidebianxiannengliyijingzaijigezhongbangduiwaihezuozhongdedaotixian。zaigongsidebutongdingdanjinezhong，laizirduandedingdanjinekansibugao，danjuyouzhangweixiaoying，ciqiandachengdeduiwaihezuo，houxuyouwangjinyibujigongsidailaishouru，bingjinyibuzhuanhuaweidhemdedingdanshouru。

zai8yue22rishangwuyejijiaoliuhuishang，yaomingshengwuguanlicengtoulu，gongsijinnianrduandeyewuzengzhanghuizaixiabanniantixian。zi2018nianqi，kehubeishougouhouqianshudehetongzongedadao18.95yimeiyuan，68%dehetonglaizikuaguodayaoqi。“gongsibujinzaikehubeishougouhoumeiyoudiushixiangmu(liucunlv>95%)。womenhaicongkuaguoyaoqiheshougouzhechuhuodegengduoxinxiangmu，shougouhoudexiangmuyechanshenggenggaoshouru。”

未来增长确定性强

jiezhi2024nian6yue30ri，yaomingshengwuweiwanchengdingdanzongeda201yimeiyuan，qizhongweiwanchengfuwudingdanheweiwanchengqianzailichengbeifukuandingdanfenbiedadao130yimeiyuanhe71yimeiyuan。3nianneiweiwanchengdingdanchaoguo36yimeiyuan，yikeyiquebaojinqishouyi。

zaishangshuyejijiaoliuhuishang，yaomingshengwushouxizhixingguanchenzhishengbiaoshi，gongsideweiwanchengdingdanzongezhuyaotixiandeshimduan，ruguosuanshangrduanhedduan，gongsidedingdanshouruqishifeichangkeguan。tahaibiaoshi，zaidangqiancaozadehuanjingzhongyaokandaoquedingxing，gongsizai2024nianshangbanniandeyejibiaoxianyiranqiangren，zheiyichengji，guigongyugongsidutegaoxiaodecrdmoshangyemoshi，yiji‘gensuibingyingdefenzi’zhanlvedechenggongzhixing。

yucitongshi，yaomingshengwuzhengzaitishengquanqiubujuhenenglijianshe，tebieshixinjiapodeyitihuacrdmozhongxin，weilaijiangnenggouweikehutigonggenglinghuo、gengkekaodefuwu。muqian，yaomingshengwuaierlanjidi2025nianyijiejinmanchan，ciwai，yaomingshengwuyoubianbuquanqiudecrdmojidi，baokuo3geyaowufaxianzhongxin、8geyaowuyanfazhongxinyiji9geshengchanjidi。。

yaomingshengwuguanlicengbiaoshi，zaiweilaishouruyuqidequedingxingshang，rduandefalishiyifangmian，gongsixiabannianrxiangmushuzengjiajiangchaoguoqunianshangbannian。rgendyewufangmian，zengzhangshitouyicong2023niandisijiduyanxudao2024nianshangbannian；myewufangmian，“gensuifenzi”xiangmujinzhanshunli，gaiyewujigeqianzaidezhongbangxiangmuzhengjinruppqjieduan，jiangzai2025nianjiyihoudailaixianzhuzengzhang。gongsijinyibutishengshengwuyaor（yanjiu）、d（kaifa）hem（shengchan）nengli，weihezuohuobanchuangzaogengdadeshangyejiazhi。

chenzhishengbiaoshi：“guoqushinian，tongguoshishi‘gensuifenzi’zhanlve，yaomingshengwushixianlexianzhuzengzhang，yaowukaifayewu/ ‘d’duanshourudafutisheng。pingjiexingyelingxiandechuangxinjishupingtai，womenxiangxinyanjiufuwuyewu‘r’ (yaowufaxianyewu) jiangchengweiweilaizengzhangdelingyizhongyaoqudongli；zuoweizaixiandaishengwuzhiyaolingyudejishulingdaozhe，qieyongyoujiaofudaxingshangyehuashengchanxiangmuzhichenggongjingyan，womenrenweishangyehuashengchan/‘m’shiweilaizengzhangdelingyigeguanjianzhizhu。”muqiankanlai，yaomingshengwuzhengzaizheitiaozengzhangdedaolushangpingwenqianxing。cicizhongqiyejifabuhuishang，chenzhishengbiaoshi，gongsidezonghexiangmuzongshugaoda742ge，yiyongyouyejieguimozuida、hangaiduozhongfuzashengwuyaochanpindeguanxianzhiyi。gongsijibenmianyiranqiangjing，yourencaihegongsiwenhuazhichidecrdmoshangyemoshi、xingyelingxiandejishupingtai、duandaoduanyitihuadenengliheyouxiudezhixingnenglishinanyifuzhide。