3-1-3-1Guoyuan Securities Co., Ltd.'s Listing Recommendation Report on Guangdong Ruidi Intelligent Technology Co., Ltd.'s Initial Public Offering of Shares and Listing on the ChiNext BoardShenzhen Stock Exchange: Guoyuan Securities Co., Ltd. (hereinafter referred to as "Guoyuan Securities" or "the Sponsor") accepts the entrustment of Guangdong Ruidi Intelligent Technology Co., Ltd. (hereinafter referred to as "Ruidi Intelligent" or "the Issuer" or "the Company") and serves as the sponsor (lead underwriter) for Ruidi Intelligent's initial public offering of shares and listing on the ChiNext Board. 2. The sponsor and the sponsor's representatives have, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as the "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as the "Securities Law") and other laws and regulations, as well as the relevant provisions of the China Securities Regulatory Commission and the Shenzhen Stock Exchange, acted in good faith, diligently and responsibly, strictly in accordance with the business rules and industry self-regulatory norms formulated according to law, and have issued this listing recommendation report, and guarantee that the documents issued are true, accurate, and complete.3. I. Overview of the Issuer (I) Basic Information Issuer Name Guangdong Ruidi Intelligent Technology Co., Ltd. Date of Registration February 4, 1997 (Converted to a joint stock company on October 15, 2013) Registered Capital RMB 76.464 million Legal Representative Wang Jun Place of Registration No. 1 Ruixiang Road, Daliang Fengxiang Industrial Park, Shunde District, Foshan City Contact Information Shareholder Wang Jun Actual Controller Wang Jun Industry Classification According to the "Industry Classification Guidelines for Listed Companies (2012 Revision)" issued by the China Securities Regulatory Commission, the company belongs to the industry of "C39 Computer, Communication and Other Electronic Equipment Manufacturing"; according to the "National Economic Industry Classification Code (GB/T4754-2017)" issued by the National Bureau of Statistics, the company belongs to "Computer, Communication and Other Electronic Equipment Manufacturing (C39)" under "Manufacturing (C)". 4. Meanwhile, according to the "Strategic Emerging Industry Classification" (2018 Revision), the company's main products and services belong to "1. New Generation Information Technology Industry" under "1.1.2 Manufacturing of New Computers and Information Terminal Equipment" which is a key national support. Business Scope Research, development, production, and sales: home appliance intelligent controllers, home appliance accessories, integrated circuits, electronic components, and electronic products; induction cooker complete machines; smart home appliance complete machines; LED drive power supplies, control systems, lighting products, and accessories; new energy controllers, inverters, control cabinets, distributed power sources, power generation equipment, and integrated supporting products; power and electrical equipment such as power automation equipment, electric vehicle controllers, uninterruptible power supplies, energy storage power supplies, and power control systems; IoT smart home appliance products and system integration, smart home system solutions, gateway products and information system platforms, home appliance full lifecycle data service platforms, and RFID3-1-3-2 read/write devices, supporting software; software products, medical devices (operating with valid licenses), and those involving licenses must operate with valid licenses). 5. (Projects requiring approval according to law may only be carried out after approval by relevant authorities) (II) Main Business The company's main business is the research, development, production, and sales of intelligent controllers, as well as the production and sales of a small number of terminal products. The main products include intelligent controllers for various small household appliances such as kitchen appliances, household appliances, and environmental appliances, and are gradually penetrating and expanding into large home appliances, medical health, power tools, smart home, and other fields. 7. Relying on its advanced R&D and design platform, efficient flexible production system, complete quality management system, and good customer service system, the company has been deeply rooted in the two core economic circles of the Pearl River Delta and the Yangtze River Delta for more than 20 years, accumulating a large number of high-quality customer resources, and has established long-term and stable cooperative relationships with well-known manufacturers such as Supor, Midea, Chunmi, Airmate, Xinbao, and Bear. 8. (III) Core Technology and R&D Level The company attaches great importance to investment in technological innovation, and over the years of development, has gradually formed and established a complete R&D system, independently developed and mastered a number of core technologies. The main core technologies are as follows: Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 1 Quasi-resonant high-frequency converter control technology Uses two (or more) power switch tubes, utilizing the length of the conduction time of the power switch tubes or shunting through the power switch tubes to reduce conduction losses. 9. Reduces the problem of IGBT and heat sink temperature being too high Independently developed Applied to home appliance intelligent controllers 1 patent 2 Fuzzy algorithm rice cooking control technology Calculates the time to reach the actual rice amount temperature and the actual rice amount based on the difference between the temperature value at cold pot start and the temperature value at the start of rice amount determination. The chip then sets the corresponding heating control method based on the actual rice amount, shortening cooking time and ensuring rice quality. Independently developed Applied to home appliance intelligent controllers 1 patent 3 Constantan wire current compensation stable heating technology By adding a current operational amplifier compensation circuit containing an NTC resistor, the NTC resistor monitors the internal temperature of the machine at all times. When the temperature increases, the resistance of the NTC resistor decreases, and the output voltage of the current operational amplifier compensation circuit also decreases. When the program detects a decrease in the current sampling value, it appropriately adds PWM to compensate for the power reduction caused by the temperature increase, overcoming the power attenuation problem and achieving precise and stable power output. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-3 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 4 Anti-overflow and boiling judgment control technology Suitable for wall breakers without anti-overflow needle detection. Adjusts the heating power and stirring cycle of the wall breaker based on temperature sampling values to avoid overflow, and determines whether boiling occurs in the cup based on the trend of temperature sampling values, achieving probe-free anti-overflow detection. Independently developed Applied to home appliance intelligent controllers 1 patent 5 PID precise temperature control technology Uses fast water heating PID control software algorithm, high-power thyristor chopping and water flow control, and fast temperature sampling to achieve rapid heating and constant temperature, with constant temperature drift less than ±0.5°C. Independently developed Applied to home appliance intelligent controllers 1 patent 6 Ultra-low standby power consumption control technology Uses a resistive-capacitive step-down power supply scheme, composed of step-down, rectification, filtering, voltage stabilization, power control, voltage output circuits, etc., achieving standby power consumption below 0.5W, providing higher power DC power during operation, complying with EU EUP new energy consumption standards, and easily meeting EMC requirements. Independently developed Applied to home appliance intelligent controllers 1 patent 7 Low-power plug anti-arcing control technology Uses new material countermeasure components, through small capacitors and amorphous components, optimizes filter circuits and relay circuits, enabling electromagnetic controllers to obtain good EMC performance. While achieving good EMC effects, it effectively reduces standby power consumption and effectively solves the problem of electric sparks generated during plugging and unplugging. Independently developed Applied to home appliance intelligent controllers 1 patent 8 Simplified DC 5V power supply technology To simplify the control circuit structure of rice cooker and other household appliance products and reduce control circuit costs, the working voltage of the circuit is unified to +5V, forming a DC power supply loop structure with +5V DC single power supply. It is miniaturized and low-cost. Independently developed Applied to home appliance intelligent controllers 1 patent 9 Display module technology On the display bracket, several digital display holes and touch button holes are set, integrating the electronic software control of the control board. A single circuit board achieves integrated display and control, with lower overall cost. Independently developed Applied to home appliance intelligent controllers 1 patent 10 Home appliance energy-saving control technology Through rectifier filter circuits, switching power supply conversion circuits, voltage detection processing circuits, load control circuits, current detection processing circuits, wireless remote control circuits, and main control unit MCU controlling the on/off of loads, it protects loads to work normally within a certain power range during grid voltage fluctuations, achieving energy-saving control. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-4 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 11 Battery intelligent protection technology Automatically controls the on/off of loads through MOS tubes, effectively solving the problem of excessive discharge of batteries due to virtual voltage, with self-restart function and extended battery life. Independently developed Applied to home appliance intelligent controllers 1 patent 12 Zero-current soft-switching PWM control technology By achieving zero-current turn-on or turn-off of the switching power tube over a wide output power range, the switching power loss of the circuit is minimized, enabling stable high-voltage power output and good regulation of output power. 10. The converter can change the input power by frequency modulation or adjusting the duty cycle. Independently developed Applied to home appliance intelligent controllers 1 patent 13 RFID information system technology By setting a control interface circuit corresponding to the RFID transponder circuit on the home appliance intelligent controller, and connecting the printed circuit board wires with the RFID chip data lines, the RFID information system can independently and continuously record product usage status information without using an external reader/writer. Independently developed Applied to home appliance intelligent controllers 1 patent 14 IoT interconnection algorithm technology Uses a frequency-hopping 433M wireless module to automatically monitor and select channels, increasing the anti-interference capability of wireless transmission in interconnection. Through networking, intra-network control and feedback increase the reliability, security, and timeliness of interconnection. Independently developed Applied to home appliance intelligent controllers 1 patent 15 Smart home wireless communication technology Distinguishes master and slave devices, effectively solving the mutual interference problem of smart home wireless communication, ensuring stable and reliable wireless communication, and enabling one-to-many complex control modes, with wider applicability. Independently developed Applied to home appliance intelligent controllers 1 patent 16 Shared water treatment payment platform technology Uses an RFID reading chip installed in the water purifier controller and an RFID tag installed on the water purification filter element to form a wireless communication system, achieving anti-counterfeiting, category, number, and lifespan cycle management of filter elements; the controller uploads information to the shared payment water purification platform through a GPRS wireless module, and the platform issues corresponding control instructions. Independently developed Applied to home appliance intelligent controllers 1 patent 17 IoT home appliance local area network transmission technology The gateway unit issues a networking command, and each home appliance device that needs to join the network joins in sequence. The gateway unit assigns corresponding network IDs to the devices in the order of joining, and determines the transmission method for data transmission based on instructions, solving the problem of different transmission methods for multiple devices versus a single device, achieving low-cost and timely response for home appliance transmission. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-5 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 18 ZigBee-WiFi dual-mode gateway technology The WiFi module in the gateway serves as the control core to lead the network, and ZigBee acts as the coordinator responsible for device networking management; after integration, device information is fed back to the local or wide area network in real time, achieving multi-point device access and high-speed network characteristics. Independently developed Applied to home appliance intelligent controllers 1 patent 19 Gateway data processing technology Classifies functional attribute variables of several types of smart home appliances, defines corresponding functional attribute structures, encapsulates the structures, and builds a universal data model for smart home gateway devices, thereby improving the flexibility and universality of the software framework for the gateway device networking program, reducing program redundancy, and enabling efficient addition of new devices based on this program software framework. Independently developed Applied to home appliance intelligent controllers 1 patent 20 Palmprint image recognition technology Uses trapezoidal markers as templates, adopts image processing algorithms for fast matching of palmprint images, digitizes local images, converts them to binary images, and then uses an eight-neighborhood edge tracking algorithm to detect palmprint contour lines, extracting two feature points of the contour lines to achieve comparison and recognition. Independently developed Applied to home appliance intelligent controllers 1 patent 21 Intelligent heating curve temperature control technology Uses wireless communication technology to connect to cloud servers, matches rice cooking heating plans through mobile phone apps, linearly adjusts the softness and hardness of rice, and can achieve intelligent temperature adjustment and diversified cooking methods. Independently developed Applied to home appliance intelligent controllers 1 patent 22 Intelligent smoke sensing technology Uses a 315M wireless low-power early warning circuit to report smoke concentration and temperature signals to the cloud for early warning through encoding technology, while locally implementing signal processing and control. Independently developed Applied to home appliance intelligent controllers 1 patent 23 Compressor soft start technology Uses thyristor switches and magnetic latching relays, enabling the compressor to start with the advantage of zero-crossing switching, with no switching losses during normal conduction, reducing the impact torque of the compressor, no inrush current, no arc, ensuring the service life of the compressor. Independently developed Applied to home appliance intelligent controllers 1 patent 24 DC motor overcurrent protection control technology Uses a control chip as the control terminal for automatic overcurrent protection, monitors current in real time, controls the generation of PWM control signals by detecting the magnitude of current, thereby controlling the on and off of MOS switch tubes, making the motor run or stop. Multi-level protection measures effectively protect the normal operation of the circuit and improve product service life. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-6 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 25 FOC vector algorithm technology Uses dedicated motor control chips and dedicated motor drive integrated chips, controls the rotation of sensorless brushless DC motors through the microcontroller's FOC vector algorithm, reducing noise and making startup and speed more stable. Independently developed Applied to home appliance intelligent controllers 1 patent 26 Delayed current limiting protection technology When the current flowing through the motor is too large, the voltage across the sampling resistor in series with the motor increases. When the voltage increases to a certain value, the transistor driving the motor enters the cutoff state, causing the motor to automatically shut off, protecting the motor and drive circuit from burning out; at the same time, it avoids erroneous judgments caused by excessive current during motor startup. After an appropriate delay, the current flowing through the motor is detected again, achieving the function of avoiding startup surge during motor startup, achieving the purpose of protecting the motor. Independently developed Applied to home appliance intelligent controllers 1 patent 27 Thyristor dimming drive technology To solve the problems of unstable operation and poor compatibility of thyristor dimmers, at the zero crossing of the thyristor, the minimum holding current of the thyristor is maintained, while keeping the thyristor in a conducting state at the minimum current, achieving stable operation of LED lights. Independently developed Applied to home appliance intelligent controllers 1 patent 28 Scene lighting intelligent control technology Through MCU judgment to enable different functions, change the on/off of PWM signals, or change the frequency, to control the output current of each color of the constant current IC. By combining three basic colors in different brightness ratios, different colors are produced, enabling the device to have warm light, cool light, multiple scene modes, and other light combinations, effectively simplifying control methods, improving control efficiency, and indicating the effectiveness of control operations. Independently developed Applied to home appliance intelligent controllers 1 patent 29 Zero-crossing detection and control technology for live and neutral wires In the switch control circuit, a switching circuit is used to always connect the isolation layer of the heating tube to the neutral wire, performing zero-crossing detection and control of live and neutral wires, eliminating or reducing induced electricity generated by the heating tube, improving product safety, and solving the problem of reversed live and neutral wires causing induced electricity and safety hazards. Independently developed Applied to home appliance intelligent controllers 1 patent 30 Micro switch double insurance control technology In the load main control circuit of the switch control circuit, a relay and a thyristor are connected in series, and two micro switches are set to control the on/off of the relay, thereby controlling the working state of the thyristor. Only when both micro switches are closed simultaneously can the load in the load main control circuit work normally, achieving a double insurance effect and avoiding misjudgment by the microcontroller. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-7 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 31 PTC thermostat protection signal detection technology The input end of an optocoupler is connected in parallel across the thermostat. By utilizing the difference between the on-state and off-state of the thermostat (on-state is short circuit, off-state is resistive rather than open circuit), the signal difference at the input end of the optocoupler is used to identify the state of the thermostat, thereby achieving recognition of the thermostat protection signal. Independently developed Applied to home appliance intelligent controllers 1 patent 32 Thyristor power adjustment control technology Appropriate value resistors/capacitors/RC are connected in parallel across the switching device. When the switching device transitions from off-state to on-state, the change in voltage difference across the power-adjusting thyristor is reduced, solving the problem of hard conduction of the thyristor caused by the transition of the switching device from off-state to on-state in series-type thyristor power adjustment circuits. Independently developed Applied to home appliance intelligent controllers 1 patent 33 Proximity sensing detection technology Uses discrete components to form a circuit structure, controls the infrared transmitter to emit infrared rays through a chip, which are reflected by objects and received by a receiver to determine whether an object is approaching. Independently developed Applied to home appliance intelligent controllers 1 patent 34 Intelligent voice control technology To solve the common problem of voice-controlled switch circuits being misled by noise interference, the controller controls resistors to be connected in series with the amplifier circuit and shorted to ground, controlling the amplification factor of the amplifier circuit, thereby adjusting the sensitivity to sound, achieving noise interference resistance and precise voice recognition. Independently developed Applied to home appliance intelligent controllers 1 patent 35 Intelligent cloud recipe cooking control technology Constructs the constituent elements of cloud recipe data, establishes WiFi communication protocols, transmits cloud recipes to the local device, and enables the machine to automatically operate cooking according to the cloud recipe data. 11. It makes the cooking process more automated and intelligent, and allows users to enjoy authentic cuisine recipes from around the world, truly achieving no oil smoke during cooking, arbitrary selection of nutritious dishes, saving time, effort, and trouble, no sticking, no burning, no overflowing, completely subverting traditional cooking methods, with high intelligence and more comprehensive functions. Independently developed Applied to home appliance intelligent controllers 1 patent 36 PWM linear voltage regulation power supply control technology By changing the waveform of the PWM control signal and adjusting the duty cycle of the PWM, different voltage outputs are achieved without the need for A/D conversion circuits, which is beneficial for the development and promotion of digital power supplies. Independently developed Applied to home appliance intelligent controllers 1 patent 37 Home appliance zero-power shutdown/standby control technology After the device is powered on, the microprocessor controls the relay to close, achieving power-on; when shutting down, the microprocessor controls the relay to open, at which time no current flows through the control board, truly achieving zero-power shutdown/standby, energy-saving and environmentally friendly. Independently developed Applied to home appliance intelligent controllers 1 patent 3-1-3-8 Serial No. Technology Name Technology Summary Technology Source Achievement Transformation Applied Patents 38 Linear compensation temperature control technology Uses adjustable resistors to linearly compensate the sampling voltage of the temperature-measuring thermistor, solving the problem of unstable outlet water temperature of instant hot water dispensers, ensuring that the outlet water temperature reaches above 98 degrees. Independently developed Applied to home appliance intelligent controllers 1 patent 39 2.4GHz wireless home lighting control technology Uses 2.4G wireless technology in the ISM band, providing conditions for frequency hopping communication to improve anti-interference capability. Uses 2.4G wireless communication to form a network. The controller can independently control the working mode of each receiver, and can change the program and function of receivers through wireless data transmission. The wireless communication network is stable, has strong anti-interference capability, is convenient for users to control the on/off of any lamps in the home at any time, and can also change the lighting effects of lamps. Independently developed Applied to home appliance intelligent controllers 1 patent 40 Thyristor chopping power adjustment drive technology Utilizes the correlation between sawtooth waves and time to control the conduction angle of the thyristor by adjusting voltage, achieving full-band and full-power-range control capability. 12. The power adjustment range can output 0%-100% of the full power range, and modular application is easy to achieve. Independently developed Applied to home appliance intelligent controllers 1 patent The above 40 core technologies are all independently developed and mastered by the company. While improving the company's product system, the performance, cost, quality, and manufacturing processes of the products have also been improved and guaranteed. 13. The company's above-mentioned independently innovative core technologies have no disputes or potential disputes, nor do they infringe upon the intellectual property rights of others. 15. When the macro economy is in an upward phase, the demand for white goods in the market develops rapidly; conversely, when the macro economy is in a downward phase, the white goods market develops slowly. 16. As a supplier of intelligent controllers, the company's business continuity and profitability are significantly affected by the macroeconomic environment and fluctuations in the downstream white goods industry. 2. Continuous innovation risk The downstream white goods industry of the company has a fast product upgrade cycle, with increasingly complex demands on product functions and uses. Customers have higher and higher requirements for intelligent controller suppliers. At the same time, the popularization of smart homes brings opportunities and challenges to the traditional white goods industry. These will prompt the company to keep up with industry development trends and continuously innovate in products, technology, and processes. As of the date of this listing recommendation report, the issuer has obtained a total of 240 patents, including 33 invention patents. If the company's future innovation capability in technology and product R&D is insufficient and fails to meet market demand changes, it may face risks of technological backwardness and reduced competitiveness. 3-1-3-10 3. Risk of relatively concentrated customers During the reporting period, the sales of the company's top five customers accounted for 57.69%, 53.26%, 47.22%, and 45.47% of the current operating revenue, respectively. Among them, sales to the largest customer, Supor, accounted for 32.44%, 32.83%, 26.54%, and 21.04%, respectively, indicating a relatively high customer concentration. The company's top five customers are well-known domestic home appliance manufacturers, and the company has maintained long-term strategic cooperative relationships with these customers.In the future, if these customers' demand for intelligent controllers declines, or if the company's cooperation with them undergoes adverse changes, it will have an adverse impact on the company's operating performance. 4. Risk of raw material supply shortage and price fluctuations The company's main raw materials are electronic components such as IC chips, PCBs, display screens, diodes and triodes, resistors and capacitors, relays, and inductors. During the reporting period, the company's direct material costs accounted for nearly 80% of operating costs. Affected by the rise in raw material market prices, the gross profit margin of the company's main business from January to June 2021 decreased by 1.49 percentage points compared with 2020. If in the future, raw materials are affected by market supply and demand, transportation costs, energy prices, and other factors, leading to supply shortages or continuous price increases, and the company cannot timely purchase the raw materials needed for production or pass on the rise in raw material prices to downstream customers or effectively reduce production costs, it will have an adverse impact on the company's production delivery and profitability. 5. Risk of bad debts on accounts receivable With the expansion of the company's business scale and the growth of operating revenue, the balance of accounts receivable has increased accordingly. During the reporting period, the company's accounts receivable balances were RMB 285.549 million, RMB 282.0017 million, RMB 307.0067 million, and RMB 330.3719 million, accounting for 34.35%, 29.91%, 28.16%, and 52.65% of current operating revenue, respectively. However, as sales further increase, accounts receivable will further increase. If accounts receivable cannot be collected on time or cannot be collected, it will have an adverse impact on the company's operating performance, cash flow, and normal production and operation. 6. Risk of not paying social insurance and housing provident fund for some employees During the reporting period, the company and its subsidiaries had situations where some employees were not covered by social insurance and housing provident fund due to reasons such as low willingness to pay, high mobility, and newly hired employees not completing social insurance and housing provident fund procedures in the current month. According to estimates, the amounts of social insurance and housing provident fund not paid for some employees by the company and its subsidiaries during the reporting period were RMB 8.7073 million, RMB 11.5203 million, RMB 2.9136 million, and RMB 0.7916 million, accounting for 23.03%, 17.28%, 3.68%, and 1.74% of total profit, respectively. Regarding the company's failure to pay social insurance and housing provident fund for some employees, there is a risk of being required to make up payments or being penalized by regulatory authorities. (III) Total number of new shares issued: The total number of shares issued by the company in the initial public offering shall not exceed