公司的管理层,我们简单的介绍一下公司的近况,然后后面的话给大家留个Q&A的时间。好呀,谢谢那个林怡,然后也谢谢国联这次的邀请,然后我是科技集团的IIJC。因为可能在线的有刚了解公司的一些朋友,所以我也先简单的介绍一下公司的这个基本情况。 然后再看接下来大家有什么问题我们再进行这个Q&A的一个环节首先科迪的话其实我们是在去年23年的6月份在对 其实科迪是一家非常年轻的这个企业 刚过了我们店的成立五周年的一个时间然后去年六月份的时候我们在港交所通过这个18A的一个身份进行了主板的上市在上市之后的话其实 我们是一家比较典型的创造的企业但实际上的话今天给大家强调的第一个点就是对于科技来讲我们一直在强调说我们的这个更加消费大于医药的这么一个逻辑包括说今天咱们的分析师小伙伴以及说cover到咱们的大部分的这个投资人朋友也都是这个消费背景的那医药的属性的话有在我们的这个产品 请看前面视频 这些商业的逻辑上来讲我们都是一家以消费为大的前提的另一家企业那讲到说我们具体的一个管线的话可能招股书或者公开信息对外披露的比较少只有9个但实际上截止到去年年底的话公司已经有40多条管线在这里边最多的管线布局最大的是我们的这个 毛发类的一系 ...

哈喽哈喽各位领导大家早上好我是国联安证券的研究员李茵今天欢迎大家参加课题的 首先有请公司管理员为我们简单的介绍一下公司的情况然后后面的话给大家留有QA的时间 哎好呀谢谢那个林依然后也谢谢国联这次的邀请然后我是克迪集团的IIJC因为可能在线的有刚了解公司的一些朋友所以我也先简单的介绍一下公司的这个基本情况然后再看接下来大家有什么问题我们再进行这个QA的一个环节首先克迪的话其实我们是在去年23年的6月份在重录请按2 克迪是一家非常年轻的企业,我们19年成立,今年刚好过了我们成立5周年的时间。去年6月份的时候,我们在港交所通过18A的身份进行了主板上市。 我们是一家比较典型的超市药的这个企业但实际上的话今天给大家强调的第一个点就是对于科技来讲我们一直在强调说我们的这个更加消费大于医药的这么一个逻辑包括说今天咱们的分析师小伙伴以及说cover到咱们的大部分的投资人朋友也都是这个消费背景的 那医药的属性的话有在我们的这个产品力的一个层面而且这是我们相较于其他消费的这个公司非常大的一块优势包括说我们非常守候的这个管线以及说我们非常多的这个创新的一些产品以及说我们非常强大的这个研发的团队那除此之外的话在我们整个的公司的这个 ...

截至2023年12月31日，我們按公平值計入損益的金融資產為人民幣469.3百萬元，較截至2022年12月31日的人民幣 43.5百萬元增加979.0%，主要是由於購買若干產品以將資本回報最大化。 | --- | --- | --- | |--------------------|-----------------------------------------|-------------------------------------| | | 截至 2023 年 12 月 31 日 人民幣千元 | 截至 2022 年 12 月 31 日 人民幣千元 | | | | | | 租賃負債 | 54,344 | 54,128 | | 計息銀行借款 | 189,411 | – | | 可轉換可贖回優先股 | – | 2,570,021 | 截至2023年12月31日，我們的資產負債比率為21.0%，而截至2022年12月31日為186.1%。該下降主要是由於在 2023年6月12日成功進行首次公開發售後，所有可轉換可贖回優先股均已自動轉換為普通股。 截至2023年12月31日，我們有關收購物業、廠房及設備以及其他無 ...

公 司 研 究 2023 年营收超预期，在研管线有望落地贡献增量 投资评级：买入（维持） 事件：2023 年营收同比+1110.8%超市场预期，现金储备充裕 毛发及护肤品管线均实现快速放量，经调整净亏损可控 商业化能力有望持续验证，在研管线有望顺利落地贡献增量 风险提示：研发进度受阻、销售不及预期、费用失控、医疗事故、监管变化。 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 -90% -60% -30% 0% 30% 60% 2023-03 2023-07 2023-11 科笛-B 恒生指数 相关研究报告 | --- | --- | |-------------------------|--------------| | 日期 | 2024/3/28 | | 当前股价 ( 港元 ) | 7.890 | | 一年最高最低 ( 港元 ) | 32.600/5.570 | | 总市值 ( 亿港元 ) | 24.04 | | 流通市值 ( 亿港元 ) | 24.04 | | 总股本 ( 亿股 ) | 3.05 | | 流通港股 ( 亿股 ) | 3.05 | | 近 3 个月换手率 (%) | 13. ...

[Table_Introduction] 研究团队简介 周子莘，美护分析师。南京大学经济学硕士，华中科技大学经济学学士，曾任兴业证券社会服务行业美护 分析师，2022 年 11 月加入信达新消费团队。主要覆盖化妆品、医美。 林凌，厦门大学经济学院金融硕士，2023 年 1 月加入信达新消费团队。主要覆盖化妆品、医美。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分 析师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何 组成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 本报告是针对与信达证券签署服务协议的签约客户的专属研究产品，为该类客户进行投资决策时提供辅助和参考，双方对权利与 义务均有严格约定。本报告仅提供给上述特定客户，并不面向公众发布。信达证券不会因接收人收到本报告而视其为本公司的当 然客户。客户应当认识到有关本报告的电话、短信、邮件提示仅为研究观点的简要沟通，对本报告的参考使用须以本报告的完整 版本为准。 在法律允许的情况下，信达证券或其关联机构 ...

Financial Performance - Gross profit for the year ended December 31, 2023, was RMB 71.0 million, a 794.5% increase from RMB 7.9 million in 2022, while the gross margin decreased from 69.8% to 51.6% due to changes in product mix[1] - The company recorded a net loss of RMB 1,963.8 million in 2023, a significant increase from RMB 555.8 million in 2022, mainly due to higher fair value losses on convertible redeemable preferred shares[11] - Revenue for 2023 increased to RMB 137,623 thousand, compared to RMB 11,366 thousand in 2022[104] - Gross profit for 2023 was RMB 71,008 thousand, up from RMB 7,938 thousand in 2022[104] - Total loss for 2023 was RMB 1,963,758 thousand, compared to RMB 555,836 thousand in 2022[104] - Sales revenue from product sales at a point in time increased to RMB 137,623 thousand in 2023 from RMB 11,366 thousand in 2022, representing a significant growth[134] - The company reported a basic and diluted loss per share of RMB 9.60 in 2023, compared to RMB 6.94 in 2022, indicating a larger loss per share[164] - The weighted average number of ordinary shares used in calculating basic and diluted loss per share increased to 204,614,716 in 2023 from 80,045,710 in 2022[164] - The company did not declare or intend to declare any dividends for the year ended December 31, 2023, consistent with the previous year[162] - The company's pre-tax loss for 2023 was RMB 1,963,758 thousand, with a tax expense calculated at the statutory rate of 25% amounting to RMB 490,940 thousand[186] Revenue and Sales Growth - Total revenue increased by 1,110.8% to RMB 137.6 million for the year ended December 31, 2023, compared to RMB 11.4 million in the previous year[44] - Revenue increased by 1,110.8% from RMB 11.4 million in 2022 to RMB 137.6 million in 2023, driven by increased sales of hair disease and care products as well as daily skincare products[76] - GMV for hair disease and care products during the "618" event reached RMB 9.4 million, a year-on-year increase of 4,348.0%[43] - GMV for hair disease and care products and skin care products during the "Double 11" event exceeded RMB 16.7 million and RMB 24.8 million, respectively[43] - During the "Double 11" shopping festival, the company's hair disease and care products recorded GMV exceeding RMB 16.7 million, while skin care products recorded GMV exceeding RMB 24.8 million, with a specific skin care product achieving over RMB 5.0 million GMV on Douyin[59] - The company's GMV for hair disease and care products during the "618 event" exceeded RMB 9.4 million, representing a year-on-year growth of 4,348.0%[87] - The company's CUP-MNDE (Bailleul® Minoxidil Spray) ranked first in sales in the cross-border minoxidil category on Tmall and JD platforms[87] Expenses and Costs - R&D costs rose by 19.3% to RMB 215.7 million in 2023, primarily due to increased employee costs and depreciation from expanded R&D laboratory operations[23] - Sales and distribution expenses surged by 479.7% to RMB 208.3 million in 2023, driven by expanded online marketing activities and employee costs[26] - Sales costs increased to RMB 66.6 million in 2023, up from RMB 3.4 million in 2022, reflecting higher product sales volumes[21] - Financial costs rose by 159.1% to RMB 4.5 million in 2023 due to increased bank loans for daily operations[27] - Administrative expenses increased by 85.1% to RMB 185.9 million for the year ended December 31, 2023, due to business expansion and share-based payments[41] - R&D costs for 2023 were RMB 215,711 thousand, compared to RMB 180,756 thousand in 2022[104] - Total employee compensation costs increased from RMB 179.7 million in 2022 to RMB 260.7 million in 2023, primarily due to an increase in headcount[79] - The unrecognized deductible temporary differences increased to RMB 59,668 thousand in 2023 from RMB 21,245 thousand in 2022, mainly due to advertising and promotional expenses[161] - The company's R&D expenses tax deduction amounted to RMB 18,461 thousand in 2023, compared to RMB 15,849 thousand in 2022[186] Cash and Financial Position - Cash and cash equivalents increased by 1.6% to RMB 473.1 million as of December 31, 2023, primarily due to proceeds from the initial public offering[33] - Time deposits over three months decreased by 41.8% to RMB 330.2 million as of December 31, 2023, mainly due to the maturity of time deposits[33] - Financial assets at fair value through profit or loss surged by 979.0% to RMB 469.3 million as of December 31, 2023, driven by investments to maximize capital returns[33] - The company's cash and cash equivalents, time deposits over three months, and financial assets at fair value through profit or loss totaled approximately RMB 1,272.6 million as of December 31, 2023[44] - Cash and cash equivalents for 2023 were RMB 473,120 thousand, compared to RMB 465,866 thousand in 2022[122] - The company's net current assets increased to RMB 1,161,528 thousand in 2023 from RMB 1,068,023 thousand in 2022, reflecting improved liquidity[141] - Cash and cash equivalents increased slightly to RMB 473,120 thousand in 2023 from RMB 465,866 thousand in 2022, with RMB 424,381 thousand denominated in CNY and USD 47,885 thousand[169] - The company's financial products classified as fair value through profit or loss increased to RMB 469,337 thousand in 2023 from RMB 43,496 thousand in 2022, with expected yields ranging from 1.5% to 4.5% annually[193] Liabilities and Debt - The asset-to-liability ratio improved to 21.0% in 2023 from 186.1% in 2022, following the conversion of all convertible redeemable preferred shares into ordinary shares after the IPO[14] - Total current liabilities for 2023 were RMB 254,788 thousand, compared to RMB 77,402 thousand in 2022[106] - Total non-current liabilities for 2023 were RMB 102,970 thousand, down significantly from RMB 2,615,719 thousand in 2022[125] - The company's financial liabilities under trade and other payables are unsecured, interest-free, and repayable on demand, with carrying amounts approximating fair value due to their short-term nature[172] - The company's short-term unsecured bank loans amount to RMB 129,411 thousand, with interest rates ranging from 3.19% to 3.65%[199] - The company has long-term secured bank loans totaling RMB 60,000 thousand, with an interest rate of 3.45%, maturing between 2025 and 2026[199] - Total bank loans (both short-term and long-term) amount to RMB 189,411 thousand, all denominated in RMB and at fixed interest rates[199] - The company has provided guarantees for part of its bank loans, up to RMB 120,000,000, as of the reporting period end[198] - The company's repayment schedule for bank loans includes RMB 129,411 thousand due within one year, RMB 40,000 thousand in the second year, and RMB 20,000 thousand between the third and fifth years[199] R&D and Product Pipeline - CU-20401, a recombinant mutant collagenase, is undergoing Phase II clinical trials in China for submental fat treatment, with the first subject enrolled in January 2024[43] - The company's proprietary CATAME® technology platform has developed a competitive pipeline of products including creams, sprays, ointments, and aerosol foams, focusing on micron and nanoparticle development, formulation quality, and skin pharmacokinetics analysis[47] - CU-20401, a recombinant mutant collagenase targeting obesity and localized fat accumulation, completed Phase I clinical trials in China for abdominal fat treatment in February 2024, with Phase II trials expected to start in 2024 and regulatory approval anticipated by 2028[51] - CU-40102, the first and only approved topical finasteride product for androgenetic alopecia in China, had its NDA accepted by the National Medical Products Administration in January 2024, with commercial approval expected by 2025[53] - CU-40101, a potent small molecule thyroid hormone receptor agonist for hair regrowth, completed Phase I clinical trials in China in November 2023[54] - CU-10201, a topical 4% minocycline foam for acne treatment, offers lower systemic exposure and fewer side effects compared to oral minocycline[55] - CU-10101, a non-hormonal small molecule drug for mild to moderate atopic dermatitis, had its IND application accepted by the CDE in March 2024[56] - CU-30101 completed Phase III clinical trials in China in January 2024[57] - The company is conducting Phase II clinical trials for CU-20401 in China for submental fat treatment, with the first patient enrolled in January 2024 and trial completion expected by 2025[65] - CU-20401 completed Phase I clinical trials for abdominal fat treatment in February 2024 and initiated Phase II clinical trials for submental fat treatment in January 2024[74] - CU-10201, the first and only topical minocycline approved for acne treatment, received NDA acceptance from the National Medical Products Administration (NMPA) in September 2023, with commercialization expected in 2024[82][83] - CU-40102's NDA was accepted by the NMPA in January 2024, marking progress in the company's pipeline[74] Marketing and Commercialization - The company has a tailored commercialization strategy focusing on online marketing through platforms like Tmall, JD.com, Bilibili, Douyin, Zhihu, and Xiaohongshu, supported by a dedicated marketing and customer service team[72] - The company secured exclusive distribution rights for the "Omar" brand in China in September 2023, expanding its skincare product portfolio[73] Assets and Investments - Total current assets for 2023 were RMB 1,416,316 thousand, up from RMB 1,145,425 thousand in 2022[122] - Net asset value for 2023 was RMB 1,349,039 thousand, compared to a net liability of RMB 1,246,316 thousand in 2022[107] - Property, plant, and equipment for 2023 were valued at RMB 177,664 thousand, slightly down from RMB 179,398 thousand in 2022[122] - The company utilized RMB 356.8 million from the net proceeds of the global offering, with no significant investments, acquisitions, or disposals reported during the year[20][15] - The company completed the construction of a GMP-compliant production facility in Jiangsu with three production lines for ointments, creams, aerosols, and foams, which became operational in February 2023[73] Other Income and Expenses - Other income increased by 53.3% to RMB 36.8 million in 2023, driven by government subsidies and higher bank interest income from increased cash and cash equivalents[1] - Other income decreased by 71.5% to RMB 23.3 million for the year ended December 31, 2023, mainly due to smaller exchange rate gains compared to the previous year[39] - Government grants increased to RMB 11,930 thousand in 2023 from RMB 6,252 thousand in 2022, reflecting higher support from local government agencies[136] - Bank interest income rose to RMB 21,758 thousand in 2023 from RMB 16,447 thousand in 2022, indicating improved cash management[136] - Total other income increased to RMB 36,846 thousand in 2023 from RMB 24,042 thousand in 2022, driven by higher interest and government grants[136] - Net exchange gains decreased to RMB 20,801 thousand in 2023 from RMB 73,979 thousand in 2022, reflecting lower foreign exchange volatility[155] Contingencies and Legal Matters - The company had no significant contingent liabilities, guarantees, or litigation as of December 31, 2023[16] Tax and Impairment - The company's cumulative tax losses in Hong Kong amounted to RMB 100,525 thousand as of December 31, 2023, which can be used indefinitely to offset future taxable profits[187] - The company's cumulative tax losses in Mainland China amounted to RMB 827,439 thousand as of December 31, 2023, which can be used to offset future taxable profits within one to five years[187] - The company's trade receivables impairment provision increased to RMB 752 thousand in 2023 from zero in 2022[167] Trade Receivables and Payables - Trade receivables increased significantly to RMB 62,950 thousand in 2023 from RMB 98 thousand in 2022, with expected credit loss rates of 1.04% for within one month, 1.27% for one to six months, and 2.75% for six to twelve months[168] - Trade and other payables increased to RMB 113,603 thousand in 2023 from RMB 68,572 thousand in 2022, with trade payables at RMB 20,292 thousand and R&D service accruals at RMB 23,105 thousand[171] Employee and Workforce - The company's R&D team comprises 49 employees, accounting for 16.4% of the total workforce[79]

智通财经APP讯，科笛-B(02487)发布公告，公司董事会欣然宣布，公司已获选并纳入富时全球股票指数系列富时全球微盘股指数及富时全球总盘指数，此次调整已于2024年3月15日收市后正式生效。 公告称，公司获纳入富时全球股票指数系列显示出国际资本市场对于集团业务表现及发展前景的认可，预期将有助公司进一步扩大股东基础及提高股份流通性。同时，国际权威指数的认可亦将有助于提升集团在全球资本市场的关注度和知名度。 ...

Financial Performance - For the six months ended June 30, 2023, the revenue from customer contracts for product sales at a point in time was RMB 34,343 thousand, a significant increase from RMB 658 thousand for the same period in 2022, representing a growth of approximately 5,116%[53] - The total revenue for the six months ended June 30, 2023, was RMB 53,844 thousand, compared to RMB 58,446 thousand for the same period in 2022, indicating a decrease of approximately 8.7%[54] - The company reported a net loss of RMB 134,443,000 for the six months ended June 30, 2023, compared to a loss of RMB 75,834,000 for the same period in 2022, representing an increase in losses of approximately 77.2%[84] - The total comprehensive loss for the six months ended June 30, 2023, was RMB 1,246,316,000, compared to RMB 790,509,000 for the same period in 2022, indicating an increase in losses[134] - The loss attributable to ordinary shareholders was RMB 1,640,339 thousand, compared to RMB 251,613 thousand for the same period in 2022, representing a significant increase in losses[111] - The basic and diluted loss per share for the six months ended June 30, 2023, was RMB 15.84, compared to RMB 3.14 for the same period in 2022, indicating a worsening financial performance[111] Revenue Sources - Government grants received amounted to RMB 7,855 thousand for the six months ended June 30, 2023, while no such income was recorded in the same period of 2022[54] - Bank interest income increased to RMB 12,057 thousand in the first half of 2023, compared to RMB 2,844 thousand in the same period of 2022, reflecting a growth of approximately 324%[54] Costs and Expenses - Cost of goods sold for the six months ended June 30, 2023, was RMB 9,449,000 compared to RMB 185,000 for the same period in 2022, representing a significant increase[84] - Research and development costs increased to RMB 90,139,000 for the six months ended June 30, 2023, from RMB 83,464,000 in the same period of 2022, reflecting a growth of approximately 8.5%[84] - Employee costs, including salaries, bonuses, and benefits, rose to RMB 57,523,000 in the first half of 2023, compared to RMB 34,769,000 in the same period of 2022, indicating a year-on-year increase of about 65.3%[84] - The interest expense on bank borrowings was RMB 503 thousand for the six months ended June 30, 2023, while no such expense was recorded in the same period of 2022[56] - The interest expense on lease liabilities increased to RMB 1,213 thousand in the first half of 2023, compared to RMB 608 thousand in the same period of 2022, reflecting an increase of approximately 99%[56] Assets and Liabilities - The company reported a total of RMB 461,599,000 in financial assets measured at fair value using significant observable inputs as of June 30, 2023[103] - The company’s total non-current liabilities as of June 30, 2023, were RMB 41,085,000, a decrease from RMB 2,615,719,000 as of December 31, 2022[143] - The company’s accumulated losses as of June 30, 2023, were RMB 2,626,451,000, reflecting ongoing financial challenges[134] - The company’s share premium as of June 30, 2023, was RMB 234,161,000, compared to RMB 61,445,000 as of December 31, 2022, indicating an increase in shareholder equity[134] Share Capital and Options - The total number of issued shares as of June 30, 2023, was 304,024,465, an increase from 16,009,142 shares as of December 31, 2022, following the conversion of preferred shares[92] - The company has granted unexercised options to subscribe for 33,424,310 shares under the pre-IPO equity incentive plan, representing approximately 11.0% of the total issued share capital as of June 30, 2023[25] - The total number of stock options granted as of June 30, 2023, is 33,424,310 shares[26] - The total number of stock options exercised during the reporting period was 0 shares[26] - The total number of stock options canceled during the reporting period was 0 shares[26] - The total number of stock options that expired during the reporting period was 0 shares[26] Corporate Governance - The company has complied with all applicable codes and principles of corporate governance since its listing date up to June 30, 2023[64] - The company has no outstanding obligations under the listing rules as of the report date[14] Taxation - As of June 30, 2023, the company had no tax expenses, consistent with the previous period[2] - The company has not made any provision for Hong Kong profits tax as there was no estimated taxable profit during the reporting period[57] - The company reported no estimated taxable profits in its Chinese subsidiaries for the reporting period, resulting in no provision for corporate income tax[109] Operational Developments - The company is preparing for clinical trials and has conducted preclinical research to assess the efficacy and safety of its drug candidates[134] - The GMP production facility in Jiangsu, completed in February 2023, has three production lines with an annual capacity of approximately 5 million doses[175] - The company is expanding its product pipeline with several new hair disease and care products launched in mainland China[166] Product Development - CU-10201, a topical 4% minocycline foam, has shown significant efficacy and good safety in treating acne, with the primary endpoint of the Phase III clinical trial completed in February 2023[167] - CU-40101, a topical small molecule thyroid hormone receptor agonist, completed its Phase I dose escalation trial in July 2023, assessing its safety and tolerability for promoting hair growth in androgenetic alopecia patients[174] - CU-40102 is the world's first and only approved topical finasteride product for the treatment of androgenetic alopecia, currently undergoing Phase III clinical trials in mainland China[182] - The Phase III clinical trial for CU-40102 completed database lock in May 2023 and achieved its primary endpoint in September 2023, with plans to submit an NDA to the National Medical Products Administration in Q4 2023[183] - CU-40103, a self-developed topical minoxidil foam, is in preclinical research, with plans to submit an ANDA for alopecia treatment to the National Medical Products Administration in Q3 2024[184] - CU-40104, a self-developed topical dutasteride, is in preclinical research, with an IND application planned for submission in Q4 2024[185] - CU-10201 is the world's first and only approved topical minocycline for the treatment of acne, currently in clinical development in China[186] - CU-30101, a topical lidocaine-dinoprost cream, initiated Phase III clinical trials in April 2023, with all subjects completing the trial by August 2023[188] Financial Position - The cash and cash equivalents, along with financial assets measured at fair value, totaled approximately RMB 1,399.0 million[176] - The company has recognized a deferred tax asset of RMB 6,137,000 related to lease liabilities as of January 1, 2022, indicating potential future tax benefits[154] - The company has established a broad product portfolio covering nine products and candidate products across four major therapeutic areas, including hair disease and care[198] - The proprietary CATAME® technology platform enhances drug formulation and delivery, contributing to the development of competitive product lines[199]

表皮麻醉 CU-30101（局部外用利多卡因丁卡因乳膏劑） － CU-30101是一種局部利多卡因和丁卡因複合表皮麻醉乳膏。由於其成分的藥 代動力學特性，CU-30101的利多卡因和丁卡因組合配方可產生快速持久的麻 醉效果。 － 利多卡因較丁卡因擴散更快且更廣泛，而丁卡因是一種長效氨基酸酯，較利 多卡因更親脂，可在表皮角質層中濃縮。麻醉成分的全身吸收亦受到表皮乳 膏配方的限制。 － 我們已於2022年11月獲得國家藥監局對CU-30101的IND批准並於2023年4月 在中國內地啟動III期臨床試驗。所有受試者於2023年8月完成III期臨床試驗 出組。我們計劃於2025年向國家藥監局提交NDA。 警告：本公司無法確保本公司將能最終成功開發及銷售CU-20401、CU-40102、 CU-40101、CU-40103、CU-40104、CU-10201、CU-10101、CU-10401及 CU-30101。本公司股東及潛在投資者在買賣本公司股份時務請審慎行事。 7 商業化 我們已採取量身定制的商業化戰略，以滲透中國內地的廣泛皮膚病治療及護理市 場。線上營銷一直是我們的優先策略之一。我們有一支專職營銷團隊，具 ...