2024 年 報 2024 ANNUAL REPORT (Incorporated in the Cayman Islands with limited liability) Stock Code : 9919 年 報 2024 ANNUAL REPORT 1 2024 年報 目錄 概覽 | | | 組織 | | | 15 董事會及高級管理層 管理層討論與分析 | 19 | 業務回顧 | | --- | --- | | 22 | 財務回顧 | | 27 | 五年財務概要 | 管治 | 28 | 企業管治報告 | | --- | --- | | 46 | 董事會報告 | | 63 | 環境、社會及管治報告 | 財務 | 125 | 獨立核數師報告 | | --- | --- | | 129 | 綜合損益表 | | 130 | 綜合全面收益表 | | 131 | 綜合財務狀況表 | | 133 | 綜合權益變動表 | | 135 | 綜合現金流量表 | | 137 | 綜合財務報表附註 | 其他 | 215 | 公司資料 | | --- | --- | | 217 | 詞彙 | 7 獎項及榮譽 8 主席報告 年度 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 848 million yuan in 2024, a decrease of 12.4% year-on-year, and a net profit of 79 million yuan, down 26.6% year-on-year [1] - The company is actively expanding its customer base and market presence, focusing on AI-enabled marketing and efficiency improvements [3] - Despite a decline in high-end consumer spending, the company retains its leading position in the luxury brand experience marketing sector, with a market share of 13.8% in 2024 [2] Financial Performance - Revenue breakdown shows that experience marketing services generated 653 million yuan, down 14.3% year-on-year, while digital marketing and promotion services brought in 178 million yuan, down 5.4% [2] - The company's gross margin for 2024 was 30.0%, a decrease of 0.8 percentage points year-on-year, attributed to reduced revenue [4] - The net profit margin for 2024 was 10.3%, down 1.9 percentage points year-on-year, with total net profit decreasing by 26.2% to 87 million yuan [4] Strategic Focus - The company aims to enhance operational efficiency through AI tools and expand its geographic reach, particularly in Southeast Asia, with a new office established in Singapore [3] - Future strategies include diversifying the customer base beyond traditional luxury brands to include sectors like sportswear, beauty, and high-end alcoholic beverages [3] Financial Projections - Revenue projections for 2025-2027 are adjusted to 970 million yuan, 1.087 billion yuan, and 1.201 billion yuan, respectively, with net profit estimates of 92 million yuan, 104 million yuan, and 116 million yuan [4] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected at 6.8, 6.0, and 5.4 times, respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 848 million yuan for 2024, a decrease of 12.4% year-on-year, and a net profit of 79 million yuan, down 26.6% year-on-year [1] - The company is focusing on expanding its customer base and market presence, particularly through AI-enabled marketing and efficiency improvements [3] - The company plans to distribute a final dividend of 0.037 HKD per share and a special dividend of 0.033 HKD per share [1] Revenue Breakdown - Experience marketing services generated revenue of 653 million yuan, accounting for 77% of total revenue, with a year-on-year decline of 14.3% [2] - Digital marketing and promotion services achieved revenue of 178 million yuan, representing 21% of total revenue, with a year-on-year decline of 5.4% [2] - IP expansion business generated revenue of 17 million yuan, accounting for 2% of total revenue, with a year-on-year decline of 1.8% [2] Regional Performance - Revenue from mainland China was 767 million yuan, accounting for 90.4% of total revenue, with a year-on-year decline of 11.6% [2] - Revenue from Hong Kong and Singapore was 81 million yuan, accounting for 9.6% of total revenue, with a year-on-year decline of 18.8% [2] Strategic Focus for 2025 - The company aims to enhance integrated marketing services through AI-driven solutions and personalized marketing activities [3] - The company is focused on improving operational efficiency and expanding its customer base to include diverse sectors such as sportswear and high-end alcoholic beverages [3] - The establishment of an office in Singapore is part of the strategy to tap into the growing high-end consumer market in Southeast Asia [3] Financial Metrics - The company's gross margin for 2024 was 30.0%, a decrease of 0.8 percentage points year-on-year [4] - The net profit margin for 2024 was 10.3%, down 1.9 percentage points year-on-year [4] - The projected revenues for 2025, 2026, and 2027 are 970 million yuan, 1,087 million yuan, and 1,201 million yuan respectively, with corresponding net profits of 92 million yuan, 104 million yuan, and 116 million yuan [4][6]

Financial Performance - The group's revenue for the fiscal year 2024 was approximately RMB 847.8 million, a decrease of 12.3% compared to RMB 967.2 million in fiscal year 2023[9]. - The net profit for fiscal year 2024 was approximately RMB 87.4 million, down 26.2% from RMB 118.4 million in fiscal year 2023, with a net profit margin of 10.3%, down 1.9 percentage points from 12.2% in the previous year[9]. - The net profit attributable to equity shareholders for fiscal year 2024 was RMB 79.2 million, compared to RMB 108.0 million in fiscal year 2023, with basic earnings per share of RMB 0.1088[9]. - The gross profit decreased by 14.7% from RMB 298.2 million in fiscal year 2023 to RMB 254.3 million in fiscal year 2024, with a gross profit margin of 30.0% compared to 30.8% in the previous year[44]. - The total comprehensive income for the year was RMB 78.97 million, down from RMB 104.56 million in 2023, reflecting a decrease in other comprehensive income[71]. - The company reported a pre-tax profit of RMB 120,131,000 for 2024, which is a decrease from RMB 164,785,000 in 2023, marking a decline of around 27%[83]. - The group reported a total tax expense of RMB 32,753,000 for 2024, down from RMB 46,366,000 in 2023[100]. Revenue Breakdown - Revenue from the experiential marketing services segment was RMB 653.0 million in 2024, down 14.3% from RMB 762.0 million in 2023, accounting for 77.0% of total revenue[33]. - The digital marketing and promotion services segment generated RMB 178.0 million in 2024, a decline from RMB 188.2 million in 2023[28]. - The overall revenue from the IP expansion segment was RMB 16.7 million in 2024, slightly down from RMB 17.0 million in 2023[28]. - Revenue from mainland China for 2024 was RMB 766,627,000, down from RMB 867,277,000 in 2023, representing a decrease of approximately 11.6%[87]. - Experience marketing service revenue decreased to RMB 653,047,000 in 2024 from RMB 761,972,000 in 2023, representing a decline of 13.5%[92]. - Digital marketing and promotion service revenue decreased to RMB 177,971,000 in 2024 from RMB 188,237,000 in 2023, a decline of 5.4%[92]. Dividends and Shareholder Information - The proposed final dividend for fiscal year 2024 is HKD 0.037 per share, along with a special dividend of HKD 0.033 per share, totaling approximately HKD 52.1 million, which is subject to shareholder approval[4]. - The proposed final dividend for 2024 is RMB 25,656,000, a decrease of 37.1% from RMB 40,766,000 in 2023[102]. - The record date for the proposed final dividend and special dividend is May 29, 2025, with a suspension of share transfer registration from May 24 to May 29, 2025[121]. - The 2025 Annual General Meeting is scheduled for May 15, 2025, with related documents to be sent to shareholders in April 2025[119]. Market Position and Strategy - The group maintains a market share of 13.8% in the high-end luxury brand experiential marketing services sector in Greater China for 2024[5]. - The luxury goods market in China is experiencing a temporary slowdown, but long-term growth opportunities remain due to the increasing purchasing power of high-net-worth individuals[7]. - The group aims to expand its customer base beyond luxury goods, targeting high-growth categories such as sportswear, beauty, and premium alcoholic beverages[16]. - The group anticipates continued active participation from luxury brands in large-scale marketing and promotional activities in the Chinese market over the coming years[12]. - The group is actively diversifying its customer base to mitigate risks and seize opportunities in emerging high-potential industries, including sportswear and beauty[22]. - The group is leveraging its expertise in luxury marketing to support emerging mid-to-high-end brands in China, enhancing their market positioning[22]. Operational Efficiency and Digital Transformation - The group is focusing on operational efficiency and resource optimization to improve profitability amidst a complex global macroeconomic environment[16]. - The integration of advanced AI tools into marketing strategies is a core pillar of the group's digital transformation, enhancing decision-making speed and customer engagement[19]. - The use of AI-driven solutions has significantly improved delivery quality and customer experience, allowing for diverse creative directions[21]. - The company is exploring AI-driven solutions to enhance operational efficiency and provide innovative marketing strategies[36]. - The group plans to further enhance its digital capabilities to provide higher value to clients, aiming to leverage the increasing importance of digital marketing in overall marketing strategies[39]. Employee and Administrative Information - As of December 31, 2024, the total number of employees in the group is approximately 221, a decrease from 243 in 2023, with employee benefits expenses amounting to RMB 118.7 million, up from RMB 114.2 million in the previous fiscal year[60]. - The increase in general and administrative expenses from RMB 58.6 million in fiscal year 2023 to RMB 61.6 million in fiscal year 2024 was primarily due to an increase in share-based payment expenses[47]. Financial Position and Assets - As of December 31, 2024, the group's cash and cash equivalents were approximately RMB 379.2 million, an increase from RMB 307.1 million on December 31, 2023[51]. - The group had no interest-bearing borrowings as of December 31, 2024, maintaining a capital-to-debt ratio of zero[58]. - The total assets of the company as of December 31, 2024, amounted to RMB 745,909,000, compared to RMB 795,401,000 in 2023, reflecting a reduction of approximately 6.2%[85]. - The total liabilities of the company as of December 31, 2024, were RMB 384,765,000, compared to RMB 435,426,000 in 2023, indicating a decrease of about 11.6%[85]. - Trade receivables decreased from RMB 397.6 million as of December 31, 2023, to RMB 264.9 million as of December 31, 2024, while trade payables also decreased from RMB 339.4 million to RMB 294.7 million during the same period[61]. Compliance and Governance - The company has fully complied with the Corporate Governance Code for the fiscal year 2024, except for the deviation regarding the separation of the roles of Chairman and CEO[113]. - The Audit Committee, composed of three independent non-executive directors, has reviewed the annual performance for fiscal year 2024 and confirmed compliance with applicable accounting principles and regulations[116]. - There were no significant matters to disclose after December 31, 2024[118].

Dividend Declaration - The board declared an interim dividend of HKD 0.02 per share for the 2024 interim period, amounting to approximately HKD 14,895,000, consistent with the 2023 interim dividend[12]. - The company declared an interim dividend of RMB 13,868 thousand for the six months ended June 30, 2024, compared to RMB 13,235 thousand for the same period in 2023, representing an increase of 4.8%[122]. Financial Performance - The interim financial results for 2024 have been reviewed by the company's audit committee, comparing with the 2023 interim figures[11]. - The group's revenue for the first half of 2024 was approximately RMB 316.3 million, a decrease from RMB 350.3 million in the same period of 2023, representing a decline of about 9.4%[14]. - Net profit for the first half of 2024 was approximately RMB 30.2 million, down from RMB 41.0 million in the same period of 2023, reflecting a decrease of about 26.5%[14]. - The group's gross profit margin increased from 30.0% to 32.7%, an annual growth of 2.7 percentage points[14]. - The group's gross profit decreased by 1.6% from RMB 105.1 million in the first half of 2023 to RMB 103.4 million in the first half of 2024, while the overall gross profit margin increased from 30.0% to 32.7%[32]. - The net profit for the six months ended June 30, 2024, was RMB 30,153 thousand, down 26.5% from RMB 41,026 thousand in the previous year[70]. - Basic earnings per share for the period was RMB 3.70, compared to RMB 5.11 for the same period in 2023, indicating a decline of 27.5%[68]. - The group’s profit before tax for the six months ended June 30, 2024, was RMB 26,858,000, compared to RMB 38,082,000 for the same period in 2023, reflecting a decrease of 29.5%[110]. Revenue Breakdown - The group's experience marketing service revenue was approximately RMB 257.5 million, down from RMB 280.2 million in the same period of 2023, a decline of about 8.9%[22]. - Digital marketing and promotion service revenue was approximately RMB 48.9 million, down from RMB 61.6 million in the same period of 2023, a decrease of about 20.7%[22]. - Revenue from the experiential marketing segment for the first half of 2024 was approximately RMB 257.5 million, a decrease of 8.1% compared to RMB 280.2 million in the first half of 2023[25]. - Digital marketing and promotion revenue for the first half of 2024 was approximately RMB 48.9 million, down 20.6% from RMB 61.6 million in the first half of 2023, representing 15.5% of total revenue[28]. - The group’s IP expansion business generated revenue of approximately RMB 9.9 million in the first half of 2024, up from RMB 8.5 million in the first half of 2023, accounting for 3.1% of total revenue[29]. - Revenue from mainland China was RMB 288,530 thousand, down 7.9% from RMB 313,159 thousand in the previous year[96]. - Experience marketing services revenue in mainland China was RMB 230,729,000, down 5.4% from RMB 243,939,000 year-over-year[102]. - Digital marketing and promotion services revenue in mainland China decreased to RMB 47,893,000, a decline of 21.3% from RMB 60,769,000 in the previous year[102]. Market Position and Growth Opportunities - The group's market share in the Greater China region for 2023 was 12.7%, maintaining its position as the largest provider of mid-to-high-end fashion brand experience marketing services[14]. - The group is optimistic about future growth opportunities in the luxury goods market, particularly in China, which is expected to account for 35-40% of global luxury market share by 2030[17]. - The group is exploring expansion opportunities in Southeast Asia and focusing on local brands, beauty products, and wine and spirits to enhance its market influence[19]. - The group remains the largest high-end fashion brand experiential marketing service provider in Greater China, with a market share of 12.7% in 2023[23]. Operational Highlights - The experiential marketing segment accounted for 81.4% of the group's total revenue in the first half of 2024, highlighting its dominant position in the market[25]. - The group hosted multiple high-profile events in the first half of 2024, reinforcing its leadership and expertise in experiential marketing[25]. - The group has actively promoted data-driven interactive marketing since 2020, combining physical events with online promotion to enhance marketing effectiveness[23]. - The luxury brand marketing strategies can effectively be applied to Chinese high-end brands, as demonstrated by a fashion show that attracted 400-500 key clients and generated over 500 million online views[23]. Expenses and Financial Management - General and administrative expenses rose from RMB 24.1 million in the first half of 2023 to RMB 29.4 million in the first half of 2024, mainly due to an increase in share-based payment expenses from RMB 3.8 million to RMB 9.6 million[34]. - The company experienced a significant increase in share-based payment expenses, which rose to RMB 9,586 thousand, compared to RMB 3,763 thousand in the previous year, marking a 154.1% increase[80]. - The sales and distribution expenses for the six months were RMB 37,089 thousand, slightly up from RMB 36,754 thousand in 2023[68]. Assets and Liabilities - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 288.6 million, down from RMB 307.1 million as of December 31, 2023[38]. - Trade receivables decreased from approximately RMB 397.6 million as of December 31, 2023, to approximately RMB 204.7 million as of June 30, 2024, while trade payables decreased from approximately RMB 339.4 million to approximately RMB 200.8 million in the same period[46]. - Total assets as of June 30, 2024, amounted to RMB 596,449 thousand, compared to RMB 795,401 thousand as of December 31, 2023[91]. - Total liabilities as of June 30, 2024, were RMB 274,154 thousand, a decrease from RMB 435,426 thousand at the end of 2023[91]. - The company's net asset value as of June 30, 2024, was RMB 322,295 thousand, down from RMB 359,975 thousand, reflecting a decrease of about 10.5%[74]. - The company reported a significant reduction in current liabilities, which fell to RMB 264,840 thousand from RMB 428,722 thousand, a decrease of about 38.3%[72]. Shareholder Information - As of June 30, 2024, the company had a total of 744,742,000 shares issued, with major shareholders holding significant stakes, including 17.20% by Mr. Wu and 23.14% by Mr. Liu[54][58]. - Mr. Wu holds 10,404,580 shares directly and has controlled interests in 117,669,156 shares through a controlled corporation, totaling 128,073,736 shares[54][55]. - Mr. Liu directly owns 17,913,288 shares and has controlled interests in 154,413,522 shares, amounting to 172,326,810 shares[54][55]. - Ms. Liu holds 20,300,521 shares directly and has controlled interests in 41,854,717 shares, totaling 62,155,238 shares[54][55]. Corporate Governance - The company has adopted the Corporate Governance Code and claims full compliance as of mid-2024, except for the combined roles of Chairman and CEO held by Mr. Liu[50]. - The company confirmed that all directors strictly adhered to the Securities Trading Code during the mid-2024 period[51]. - The company will regularly review the need to separate the roles of Chairman and CEO to maintain good corporate governance[50]. - No changes in director information were disclosed as required by the listing rules for mid-2024[52]. Miscellaneous - The company has not repurchased, sold, or redeemed any of its listed securities during the mid-2024 period[62]. - The company did not utilize any of the net proceeds from the global offering as of June 30, 2024, and plans to utilize all unutilized net proceeds by the end of the fiscal year ending December 31, 2025[42].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next six months [3]. Core Views - The company reported a revenue of 316 million HKD for H1 2024, a decrease of 9.68% year-on-year, and a net profit of 27 million HKD, down 29.47% year-on-year. The interim dividend declared is 0.02 HKD per share, totaling 14.89 million HKD [1]. - The revenue breakdown shows that experience marketing accounted for 81.4% of total revenue, with a decline of 8.1% year-on-year, while digital marketing and promotion saw a 20.6% decrease, contributing 15.5% to total revenue. IP expansion, however, grew by 16.5%, making up 3.1% of total revenue [1]. - The gross margin improved by 2.7 percentage points to 32.7%, while the overall net profit margin decreased by 2.2 percentage points to 9.5% [1]. - The long-term outlook is positive due to the increasing focus of international brands on the domestic market and the rise of local brands, which positions the company favorably as a data-driven marketing group [1]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 947 million HKD, 1.083 billion HKD, and 1.214 billion HKD, respectively, with net profits of 110 million HKD, 124 million HKD, and 137 million HKD [2]. - The projected P/E ratios for 2024, 2025, and 2026 are 6.6, 5.8, and 5.3, respectively, indicating a potentially undervalued stock [2]. - The company’s return on equity (ROE) is expected to decline from 25.4% in 2024 to 19.7% in 2026, reflecting a gradual decrease in profitability [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight decline in performance for H1 2024, with revenue of HKD 316 million, down 9.7% year-on-year, and a net profit of HKD 30 million, down 26.5% year-on-year. The interim dividend was approximately HKD 15 million, with a payout ratio increased to about 50% [2] - Despite the challenges posed by a slowdown in the luxury goods sector and seasonal impacts, the company remains the largest mid-to-high-end fashion brand experience marketing service provider in Greater China, with a market share of 12.7% in 2023 and over 550 brand clients [2] - The company has slightly adjusted its profit forecast for 2024-2026, expecting net profits of HKD 110 million, HKD 130 million, and HKD 150 million respectively, with year-on-year growth rates of 3.3%, 18.8%, and 12.9% [2] - The company's earnings per share (EPS) are projected at HKD 0.17, HKD 0.19, and HKD 0.22 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 6.4, 5.4, and 4.8 [2] Financial Summary and Valuation Metrics - For 2024, the company is expected to achieve revenue of HKD 1,001 million, with a year-on-year growth of 3.5%. The net profit is projected at HKD 112 million, reflecting a year-on-year increase of 3.3% [3] - The gross margin is expected to be 32.3% in 2024, while the net margin is projected at 11.1% [3] - The return on equity (ROE) is forecasted to be 21.5% for 2024, with an EPS of HKD 0.17 and a P/E ratio of 6.4 [3]

Financial Performance - For the first half of 2024, the company's revenue was approximately RMB 316.3 million, a decrease of 9.4% compared to RMB 350.3 million in the first half of 2023[2] - Net profit for the first half of 2024 was approximately RMB 30.2 million, down from RMB 41.0 million in the same period of 2023[2] - For the six months ended June 30, 2024, total revenue was RMB 316.4 million, a decrease of 9.7% from RMB 350.3 million in the same period of 2023[6] - Gross profit decreased by 1.6% from RMB 105.1 million in the first half of 2023 to RMB 103.4 million in the first half of 2024, while the overall gross profit margin increased from 30.0% to 32.7%[14] - The net profit for the period was RMB 30,153 thousand, representing a decline of 26.5% from RMB 41,026 thousand in the previous year[29] - Basic earnings per share decreased to RMB 3.70 from RMB 5.11, reflecting a 27.5% drop year-over-year[28] - The company reported a pre-tax profit of RMB 42,087 thousand for the six months ended June 30, 2024, compared to RMB 53,665 thousand for the same period in 2023, showing a decrease of approximately 21.6%[37] Revenue Breakdown - The revenue breakdown by region shows that mainland China contributed RMB 288.5 million (91.2%), while Hong Kong and Singapore contributed RMB 27.8 million (8.8%) in 2024[6] - The experience marketing segment generated revenue of approximately RMB 257.5 million, down 8.1% from RMB 280.2 million in 2023, accounting for 81.4% of total revenue[9] - Digital marketing and promotion services revenue was approximately RMB 48.9 million, a decrease of 20.6% from RMB 61.6 million in 2023, representing 15.5% of total revenue[11] - The revenue from experience marketing services in mainland China was RMB 230,729,000 for the six months ended June 30, 2024, down from RMB 243,939,000 in the same period of 2023, indicating a decrease of about 5.4%[43] Market Position and Strategy - The company maintains a market share of 12.7% in the Greater China region for mid-to-high-end fashion brand experiential marketing services as of 2023[2] - The company is optimistic about future growth opportunities in the luxury brand marketing sector in China, which is expected to continue to expand[4] - The company is actively pursuing marketing service projects for both international and local clients in mainland China and Hong Kong[4] - The company aims to deepen relationships with existing clients while attracting new clients through innovative marketing strategies[5] - The luxury marketing strategies employed by the company are effectively applicable to high-end brands in China, demonstrating significant ROI for clients[9] Cost and Expenses - The group's sales cost decreased from RMB 245.2 million in the first half of 2023 to RMB 213.0 million in the first half of 2024, consistent with the decrease in revenue[13] - General and administrative expenses increased from RMB 24.1 million in the first half of 2023 to RMB 29.4 million in the first half of 2024, mainly due to an increase in share-based payment expenses[17] - The cost of services provided for the six months ended June 30, 2024, was RMB 212,970,000, down from RMB 245,185,000 in the same period of 2023, showing a reduction of about 13.1%[46] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 596,449 thousand, down from RMB 795,626 thousand as of December 31, 2023[30] - The company's total equity decreased to RMB 322,295 thousand from RMB 359,975 thousand, indicating a decline of 10.5%[31] - The total liabilities as of June 30, 2024, were RMB 274,154 thousand, down from RMB 435,426 thousand as of December 31, 2023, reflecting a reduction of about 37%[39] - Trade receivables decreased from approximately RMB 397.6 million as of December 31, 2023, to approximately RMB 204.7 million as of June 30, 2024[26] - Trade payables decreased from approximately RMB 339.4 million to approximately RMB 200.8 million in the same period[26] Future Outlook - The company is exploring opportunities in Southeast Asia to expand its influence and expertise in the growing market[5] - The company is optimistic about the growth potential of its digital marketing and promotion segment, focusing on enhancing digital capabilities[11] - The company is actively pursuing opportunities in e-commerce live streaming and metaverse marketing services to adapt to rapid changes in the digital landscape[11] Corporate Governance - The company has fully complied with the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[55] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim results for 2024 and confirmed compliance with applicable accounting principles[57] Miscellaneous - The company reported no significant contingent liabilities or major acquisitions during the first half of 2024[27] - The company has no plans for significant investments or capital assets for the year ending December 31, 2024[27] - The company continues to monitor foreign exchange risks closely, as most of its income and expenses are denominated in RMB[27] - The company recorded a foreign exchange loss of RMB 7,457 thousand related to the translation of overseas operations[29] - The interim results announcement for 2024 will be published on the Hong Kong Stock Exchange website and the company's website in September 2024[58]

Summary of Conference Call Company/Industry Involved - The conference call pertains to Huazhang Securities and its research department Core Points and Arguments - The call is intended exclusively for the whitelist clients of Huazhang Securities Research Institute [1] - It is emphasized that the meeting does not constitute investment advice under any circumstances [1] - Participants are reminded to make their own investment decisions and bear the associated risks [1] Other Important but Possibly Overlooked Content - The call outlines the importance of investor suitability management in futures trading [1]

Summary of Conference Call Company/Industry Involved - The conference call pertains to Huazhang Securities and its research department [1] Core Points and Arguments - The call is intended exclusively for clients on the whitelist of Huazhang Securities Research Institute [1] - It is emphasized that the meeting does not constitute investment advice under any circumstances [1] - Participants are reminded to make their own investment decisions and bear the associated risks [1] Other Important but Possibly Overlooked Content - The call highlights the importance of investor suitability management in futures trading [1]