Summary of Conference Call Company and Industry - The conference call involved **Huayuan Overseas** and its subsidiary **Jiajie** in the **technology and food industry**. The focus was on the company's performance and market dynamics, particularly in **Southeast Asia**. Key Points and Arguments 1. **Financial Performance**: The company reported a revenue of **891 million HKD** and a net profit of **10.5 million HKD**, both showing double-digit growth compared to the previous year [2] 2. **Southeast Asia Contribution**: The Southeast Asian market's performance was highlighted, with a **74% year-on-year growth** in 2024, contributing over **50%** to the group's overall profit [2] 3. **Investor Interest**: There has been increased interest from various investors, including institutional investors and high-net-worth individuals, leading to a significant rise in the proportion of retail investors and daily trading volume [3] 4. **Awards and Recognition**: The company received significant awards from major manufacturers like **Huawei** and **NVIDIA**, indicating strong industry recognition [4] 5. **New Office Acquisition**: The company has acquired a new office in Beijing, which was celebrated with a relocation ceremony attended by partners [4] 6. **Impact of Tariff Policies**: The management discussed the potential impacts of changing tariff policies, noting that the company is minimally affected due to its sourcing strategy primarily focused on **China and Southeast Asia** [5][6] 7. **Price Stability**: Most suppliers in Southeast Asia have not raised prices, indicating stable cost structures for the company [8] 8. **Historical Resilience**: The company has navigated past economic downturns, including the 2008 financial crisis, maintaining a stable return on equity (ROE) above **12%** [13][15] 9. **Domestic Market Shift**: There has been a significant shift towards domestic products, with over **80%** of enterprise-level products now sourced domestically, reflecting a trend of local substitution [14] 10. **Market Dynamics**: The company emphasized the resilience of the IT industry, stating that demand remains stable across various sectors despite economic fluctuations [16] 11. **Management Philosophy**: The management approach focuses on relative performance rather than absolute targets, allowing flexibility in response to market changes [21][22] 12. **Expansion Plans**: The company is actively looking to expand into **Vietnam**, recognizing its strategic importance in Southeast Asia [30] 13. **Currency Management**: The company aims to conduct transactions in local currencies to mitigate risks associated with currency fluctuations [31] 14. **Share Buyback Plans**: There are discussions about potential share buybacks, contingent on the company's financial health and market conditions [34] Other Important but Overlooked Content - The management highlighted the importance of maintaining a healthy operational culture and effective inventory management to ensure financial stability [17][18] - The company has a long-term vision for continuous improvement and adaptation to market changes, emphasizing the need for iterative capabilities [25] - The management's focus on risk control and quality management has positioned the company favorably within the industry [24] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of the company's current standing and future outlook.

Summary of Conference Call Company Overview - The company, Daji, is a technology platform focused on ICT industry solutions, leading in the Asia-Pacific region. It serves as a primary entry point for technology products into the Chinese and Southeast Asian markets, covering nine countries including China, Thailand, Singapore, and others [1][2]. Financial Performance - The group's turnover reached HK$8.9 billion as of December 31, 2024, representing a 21% increase from the previous figure of HK$10.5 billion [1]. - The AI business revenue for 2024 is approximately HK$3.78 billion, which is a 42% increase compared to the previous year [2]. - Domestic brand turnover in Southeast Asia reached HK$6.8 billion, marking a 14% increase [2]. AI and Cloud Services - The company has developed a comprehensive AI ecosystem, including AI development, training, and reasoning capabilities [3]. - The company has established over 30 AI computing centers in China, including nine national centers, and is collaborating with major partners like Huawei [3][5]. - Plans to launch a large-model ETG under the Weishijiajie brand are underway, expected to generate additional revenue of 100 million to 300 million yuan by 2025 [4]. Market Position and Growth - The company has seen significant growth in Southeast Asia, with a market share increase in Thailand from third to first place [10]. - The company aims for an average growth rate of 20% over the next three years, driven by the expanding ICT industry [13]. Strategic Partnerships - The company has long-term partnerships with major players like Huawei, AWS, and Alibaba, enhancing its service offerings and market reach [5][7][8]. - It has been recognized as a top service provider for Huawei Cloud and has won awards for its competitive pricing with AWS [7]. Future Plans - The company plans to expand its cloud services to small and medium-sized enterprises in China and enhance its multi-cloud management platform [6]. - There are intentions to explore acquisitions in Southeast Asia, particularly in Vietnam, to strengthen market presence [16]. Challenges and Market Dynamics - The company acknowledges challenges in the market, including competition from foreign brands and the need for continuous innovation [14][16]. - Despite a slight decline in overall interest rates, the company remains optimistic about its growth trajectory and market opportunities [16]. Conclusion - The management expresses confidence in the company's future performance and growth potential, emphasizing the importance of adapting to market changes and leveraging technological advancements [12][17].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 於本公佈日期，董事會由執行董事李佳林先生、王偉炘先生、李玥先生、陳海洲先生及顧三軍 先生；非執行董事張冬杰先生；以及獨立非執行董事李煒先生、高懿洋女士及余定恒先生組 成。 本公告由偉仕佳杰控股有限公司（「本公司」，連同其附屬公司，「本集 團」），就美國對所有進口至美國的商品徵收額外關稅對本集團業務的影 響，自願作出。 儘管頒布了上述額外關稅，但由於本集團所有產品均在中國內地、香港、 澳門及東盟地區銷售；而本集團採購的產品主要在亞洲生產。就此，本公 司董事會認為美國新公佈的關稅政策不會對本集團的業務產生直接不利影 響。 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 偉仕佳杰控股有限公司 公司秘書 林從帥 香港，二零二五年四月七日 自願公告 業務更新 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 偉仕佳杰控股有限公司 呈交日期： 2025年4月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00856 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事 ...

Core Viewpoint - The financial performance of Weishi Jiajie for FY24 is strong, driven by robust demand for AI solutions and growth in Southeast Asia, with total revenue increasing by 21% year-on-year to HKD 89.1 billion, exceeding expectations [2] Group 1: Financial Performance - Total revenue for FY24 reached HKD 89.1 billion, a 21% year-on-year increase, surpassing expectations by 7% and 8% [2] - Net profit for FY24 grew by 14% to HKD 1.05 billion, exceeding expectations by 10% and 6% [2] - The company's gross margin decreased by 0.3 percentage points to 4.4% due to intense domestic market competition and a higher contribution from lower-margin AI server distribution [4] Group 2: Business Segments - Revenue from enterprise systems, consumer electronics, and cloud computing grew by 30%, 8%, and 28% respectively, reaching HKD 52.3 billion, HKD 32.8 billion, and HKD 3.9 billion [3] - AI and cloud computing business revenue increased by 35% to HKD 7.7 billion, accounting for approximately 9% of total revenue [3] - Southeast Asia revenue surged by 74% to HKD 30.7 billion, driven by strong demand for AI data centers in Malaysia and Singapore [3] Group 3: Future Outlook - Management expects FY25-27 earnings growth to maintain between 15% and 20% due to demand for AI solutions, cloud computing, and trusted computing [2] - The company plans to increase R&D investment in AI by over 50% and expand its DeepSeek service to over 30 existing managed data centers [3] - The target price has been raised to HKD 7.60 based on an 8x FY25 PE, up from the previous HKD 7.20 based on a 10x FY25 PE [2]

Core Viewpoint - 伟仕佳杰 (856.HK) reported strong financial performance for the fiscal year 2024, with significant revenue and profit growth, driven by robust expansion in overseas markets, particularly in Southeast Asia [1][4]. Financial Performance - The company achieved total revenue of HKD 890.9 billion, representing a year-on-year increase of 20.6% [1][4]. - Operating profit reached HKD 16.99 billion, up 18.39% year-on-year [1][4]. - Net profit attributable to shareholders was HKD 10.52 billion, reflecting a 14.1% increase compared to the previous year [1][4]. Business Segment Analysis - **Enterprise Systems**: Revenue grew by 30% to HKD 523.4 billion, accounting for 59% of total revenue, making it the primary driver of the company's growth [2][5]. - **Consumer Electronics**: Revenue increased by 8% to HKD 328.13 billion, representing 37% of total revenue, showcasing the company's diverse product offerings [2][5]. - **Cloud Computing**: Revenue surged by 28% to HKD 39.34 billion, although it only constitutes 4% of total revenue, indicating significant growth potential in this segment [2][5]. Regional Performance - Southeast Asia generated revenue of HKD 306.52 billion, a remarkable 74% increase from 2023, contributing approximately 34% to the group's total revenue [3][6]. - The rapid economic development and accelerated digital transformation in Southeast Asia have led to a surge in demand for IT products and services [3][6]. Investment Outlook - The company is expected to maintain strong growth momentum and solid financial health, with increasing contributions from overseas markets [3][6]. - A target price of HKD 8.3 is set based on a 9x price-to-earnings ratio for 2025, with a "Buy" rating maintained [3][6].

"企业系统+消费电子+云计算"三轮驱动，各线业务持续回暖。伟仕佳杰业 务布局以企业系统、消费电子及云计算三大板块为核心，为客户提供全方位 的 ICT 解决方案。其中，消费电子业务稳步回调，实现营业收入 328.13 亿元， 同比增长 8%。企业系统业务爆发式增长，实现营收 523.38 亿元，同比增长 29.5%，成为公司新的增长引擎。云计算业务进一步扩容，实现营业收入 39.34 亿元，同比增长 27.6%，为公司业务升级贡献新机遇。 与国际品牌深入合作，东南亚业务加速扩张。2024 年，公司北亚地区营收 584.3 亿元，同比增长 3.8%，东南亚地区营收 306.5 亿元，同比增长 74.0%。 北亚作为主要市场，增速保持稳健；东南亚市场凭借其强劲的消费潜力和出 海合作，成为集团新的增长亮点。一方面，受益于东南亚庞大人口和数字化 转型需求，公司拥有巨大市场潜力。另一方面，公司与各国际知名品牌深入 合作，持续占领市场份额：与星链达成在马来西亚及印尼地区的合作，成为 HPI TKDN 产品在公共部门 B2G 领域的唯一总经销商；是戴尔、惠普及联 想在新加坡区域市场排名第一的合作伙伴；同时助力华为、科大讯飞、 ...

证券研究报告 | 2025年03月25日 伟仕佳杰（00856.HK） 优于大市 业绩高增长，持续开拓东南亚市场 年报业绩高增长。根据公司年报，2024 年公司主营收入 890.9 亿元，同比上 升 21%；归母净利润 10.52 亿元，同比上升 14%。2024 年下半年，公司主营 收入 490.0 亿元，同比上升 18%；归母净利润 5.99 亿元，同比上升 43%。公 司在收入和利润方面均表现出色，主要得益于公司在 IT 分销与服务领域的 丰富经验，以及趋于完善的全产业链生态体系。 "企业系统+消费电子+云计算"三轮驱动，各线业务持续回暖。伟仕佳杰业 务布局以企业系统、消费电子及云计算三大板块为核心，为客户提供全方位 的 ICT 解决方案。其中，消费电子业务稳步回调，实现营业收入 328.13 亿元， 同比增长 8%。企业系统业务爆发式增长，实现营收 523.38 亿元，同比增长 29.5%，成为公司新的增长引擎。云计算业务进一步扩容，实现营业收入 39.34 亿元，同比增长 27.6%，为公司业务升级贡献新机遇。 与国际品牌深入合作，东南亚业务加速扩张。2024 年，公司北亚地区营收 584.3 亿元 ...

EF001 免責聲明 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 偉仕佳杰控股有限公司 | | 股份代號 | 00856 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之末期股息 | | 公告日期 | 2025年3月21日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 增加暫停辦理股份過戶登記手續之日期細節 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2024年12月31日 | | 宣派股息的報告期末 | 2024年12月31日 | | 宣派股息 | 每 股 0.257 HKD | | 股東批准日期 | 2025年5月22日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 ...

EF001 第 2 頁 共 2 頁 v 1.1.1 獨立非執行董事李煒先生、余定恒先生及高懿洋女士組成。 第 1 頁 共 2 頁 v 1.1.1 EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | | 於本公佈日期，董事會由執行董事李佳林先生、王偉炘先生、李玥先生、陳海洲先生及顧三軍先生；非執行董事張冬杰先生；以及 | 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 偉仕佳杰控股有限公司 | | 股份代號 | 00856 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2024年12月31日止年度之末期股息 | | 公告日期 | 2025年3月21日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股 ...