证券代码：000701 证券简称：厦门信达 编号： | --- | --- | --- | |--------------|----------------------------------|--------------------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | √ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | | 长江证券 王平阳；华安财保资管 刘宇辙；中海基金 张海啸；新华基金 崔 | | 及人员姓名 | 古昕、朱翔。 | | | 时间 | 2017 年 07 月 13 | 日 | | 地点 | 信达光电二楼及四楼会议室 | | | 上市公司接待 | | 信达物联总经理徐守辉、信达光电常务副总经理刘正达、信达光电财务总 | | 人员姓名 | | 监罗晓东、公司董事会秘书范丹、证券事务代表林慧婷、张凌君、郑 ...

证券代码：000701 证券简称：厦门信达 厦门信达股份有限公司投资者关系活动记录表 编号： | --- | --- | --- | |--------------|-----------------------------|------------------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 天风证券股份有限公司 孟万林 | | | 及人员姓名 | 招商基金管理有限公司 王梓林 | | | 时间 | 2019 年 7 月 9 日 | | | 地点 | 公司十一楼会议室 | | | 上市公司接待 | 证券事务代表林慧婷、张凌君 | | | 人员姓名 | | | | 投资者关系活 | | 厦门信达股份有限公司是一家综合性企业，已形成电子信息、汽车经 | | 动主要内 ...

Group 1: Company Overview - Xiamen Xinda Co., Ltd. is a large high-tech enterprise group focused on the electronic information industry, adhering to a development strategy of "high-tech leadership and diversified development" [2] - The company operates in various sectors including optical electronics, IoT, bulk commodity trading, automotive 4S stores, real estate, and financial services [2] Group 2: Supply Chain Business - The supply chain business includes bulk trading and automotive trading, with core products such as iron, copper, coal, and optical equipment [3] - The company enhances supply chain competitiveness by focusing on quality resources, reducing intermediaries, and providing value-added services [3] - Risk management for commodity prices and exchange rates is primarily achieved through derivatives and monitoring price fluctuations [3] - In 2015, the company invested in Shenzhen Maike Commodity Financial Services Co., Ltd., and in 2016, it invested in Dashi Dao Commodity Trading Market Co., Ltd. to explore new profit growth points [3] Group 3: Electronic Information Business - The optical electronics segment has developed in Xiamen, Shenzhen, Anxi, and Zhongshan, focusing on LED packaging, road lighting, and indoor lighting products [4] - The company ranks among the top in display packaging, with plans to expand production capacity as refinancing projects come online [4] - The LED industry is encouraged by the state, with high concentration in the chip sector and lower concentration in packaging and application sectors, leading to intense market competition [4] - The company aims to enhance its core competitiveness and market position by adjusting production scale and optimizing processes [4] Group 4: IoT Business - Xinda IoT is one of the early domestic companies engaged in RFID technology and product development, with applications in various fields such as supply chain management and intelligent traffic management [4] - The company collaborates with well-known enterprises like Hailan Home and La Chapelle, achieving recognition for successful RFID applications [4] - Ongoing efforts include enhancing R&D capabilities, expanding production capacity, and rapidly developing markets to achieve higher revenue levels [4]

证券代码：000701 证券简称：厦门信达 厦门信达股份有限公司投资者关系活动记录表 编号： | --- | --- | --- | |--------------|---------------------------------|----------------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 天风证券股份有限公司 孟万林 | | | 及人员姓名 | 泰康资产管理有限责任公司 王梦妍 | | | | | 上海和琪同益资产管理有限公司 吴劲松 | | 时间 | 2019 年 5 月 29 日 | | | 地点 | 公司十一楼会议室 | | | 上市公司接待 | 证券事务代表林慧婷、张凌君 | | | 人员姓名 | | | | 投资者关系活 | | 一、公司供应链 ...

编号： 证券代码：000701 证券简称：厦门信达 厦门信达股份有限公司投资者关系活动记录表 | --- | --- | --- | |--------------|-----------------------------|------------------------------------------------------------------| | | | | | 投资者关系活 | √ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称 | 张彬 | | | 及人员姓名 | | | | 时间 | 2018 年 5 月 9 日 | | | 地点 | 公司十一楼会议室 | | | 上市公司接待 | 证券事务代表林慧婷、张凌君 | | | 人员姓名 | | | | 投资者关系活 | 一、 公司情况简介 | | | 动主要内容介 | | 公司是以电子信息产业为核心的大型高新技术企业集团，以"坚守高 | | 绍 | | ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥27,789,413,345.52, a decrease of 20.15% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥3,769,782.60, representing a decline of 109.19% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥104,141,215.60, a decrease of 313.93% compared to the previous year[3]. - The operating revenue for the period was CNY 74.92 billion, a decrease of about 10.8% compared to CNY 83.93 billion in the previous period[22]. - The total operating costs were CNY 74.93 billion, down from CNY 83.44 billion, showing a reduction of approximately 10.3%[22]. - The net profit for Q3 2022 was 96,048,889.43 CNY, down from 122,932,663.43 CNY in the same period last year, indicating a decrease of about 22%[23]. - The operating profit for Q3 2022 was 187,957,392.23 CNY, compared to 238,977,303.72 CNY in Q3 2021, reflecting a decline of approximately 21.4%[23]. - The total comprehensive income for Q3 2022 was 191,323,691.77 CNY, compared to 119,297,901.31 CNY in Q3 2021, an increase of approximately 60.4%[24]. Cash Flow and Investments - The company's cash flow from operating activities showed a net outflow of -¥1,831,069,381.72, a decline of 189.49% year-on-year[3]. - The net cash flow from operating activities for the first nine months of 2022 was -CNY 1,831,069,381.72, a decrease of 189.49% year-on-year[8]. - The net cash flow from investing activities improved by 62.41%, amounting to -CNY 470,627,846.20 for the first nine months of 2022[8]. - The investment activities generated a net cash flow of -470,627,846.20 CNY in Q3 2022, an improvement from -1,252,116,268.14 CNY in Q3 2021[27]. - The net cash flow from financing activities decreased by 48.53%, totaling CNY 1,479,258,086.12 in the first three quarters of 2022[8]. - The financing activities generated a net cash flow of 1,479,258,086.12 CNY in Q3 2022, down from 2,874,221,836.60 CNY in Q3 2021[28]. Assets and Liabilities - The total assets at the end of the reporting period were ¥21,457,452,898.51, an increase of 36.56% from the end of the previous year[4]. - As of September 30, 2022, the total assets of Xiamen Xinda Co., Ltd. reached CNY 21.46 billion, an increase from CNY 15.71 billion at the beginning of the year, representing a growth of approximately 36.5%[18]. - The company's total liabilities amounted to CNY 17.88 billion, up from CNY 12.22 billion at the beginning of the year, indicating an increase of about 46.2%[20]. - The total equity of the company as of September 30, 2022, was CNY 3.58 billion, compared to CNY 3.49 billion at the beginning of the year, reflecting a growth of approximately 2.5%[20]. Receivables and Inventory - The company's accounts receivable increased by 72.66% to ¥3,559,035,272.26 compared to the end of 2021[7]. - The accounts receivable increased significantly to CNY 3.56 billion from CNY 2.06 billion, marking an increase of about 72.5%[18]. - The inventory level rose significantly by 139.96% to ¥5,594,252,337.66 compared to the end of the previous year[7]. Financial Expenses and Income - Financial expenses for the first nine months of 2022 were ¥554,647,063.72, an increase of 84.90% year-on-year[7]. - Financial expenses increased due to exchange losses from RMB depreciation, prompting the company to use financial instruments to hedge against currency risks[9]. - The company recognized an increase in government subsidies received, contributing to other income growth during the reporting period[9]. - The company reported a total of ¥100,371,433.00 in non-recurring gains for the current period[5]. - Investment income for the first three quarters of 2022 was CNY 332,391,042.43, an increase of 259.85% compared to the same period in 2021[8]. - The company reported a significant increase in other comprehensive income after tax, amounting to CNY 95,274,802.34, a rise of 2,721.21% compared to the previous year[8]. Shareholder Actions - The company completed the repurchase and cancellation of 460,000 shares of restricted stock at a price of CNY 2.46 per share due to the departure of 5 incentive plan participants[15]. - The company granted 25.98 million shares of restricted stock to 253 incentive plan participants under the 2022 incentive plan[16]. Research and Development - Research and development expenses for Q3 2022 were 39,988,938.76 CNY, down from 46,899,559.21 CNY in Q3 2021, a decrease of about 14.7%[23].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥47,126,773,364.36, a decrease of 4.08% compared to ¥49,133,597,073.08 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥11,199,607.96, representing an increase of 23.80% from ¥9,046,256.64 in the previous year[21]. - The company's total revenue for the reporting period was ¥47.13 billion, a decrease of 4.08% compared to ¥49.13 billion in the same period last year[49]. - The operating cost was ¥46.24 billion, down 3.99% from ¥48.17 billion year-on-year[49]. - The company reported a total revenue of 28,486 million, with a significant increase compared to the previous year[127]. - The company achieved a net profit of 300 million CNY in the first half of 2022, which is a 20% increase compared to the same period last year[200]. Cash Flow and Investments - The net cash flow from operating activities improved by 25.93%, amounting to -¥3,056,109,237.75 compared to -¥4,125,986,599.29 in the same period last year[21]. - The company generated a net cash flow from financing activities of ¥4.30 billion, a decrease of 16.65% from ¥5.16 billion in the previous year[49]. - The company’s cash and cash equivalents increased by 92.88% to ¥707.15 million from ¥366.63 million at the end of the previous period[49]. - The company reported a total investment of ¥125,582,882.49 during the reporting period, marking a 31.01% increase compared to the previous year[64]. - The company has invested 43.5 million yuan for a 29.00% stake in a vehicle retail and parts business, with the acquisition process completed[67]. - The company has invested CNY 180 million in bank financial products, with a maximum daily balance of CNY 140 million in principal-protected investments[175]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥22,084,847,156.05, reflecting a significant increase of 40.55% from ¥15,713,318,778.75 at the end of the previous year[21]. - Cash and cash equivalents at the end of the reporting period reached ¥4,542,935,496.79, accounting for 20.57% of total assets, an increase of 1.44% compared to the previous year[56]. - Accounts receivable increased to ¥3,763,750,738.03, representing 17.04% of total assets, up by 3.92% year-on-year, primarily due to the expansion of supply chain operations[56]. - Inventory rose significantly to ¥4,477,986,211.05, making up 20.28% of total assets, an increase of 5.44% from the previous year, also linked to supply chain business growth[56]. - Short-term borrowings surged to ¥10,055,206,447.24, which is 45.53% of total assets, reflecting a substantial increase of 21.76% due to supply chain operations[56]. - The total approved guarantee amount for subsidiaries during the reporting period was CNY 1,510 million, with actual guarantees amounting to CNY 61.9 million[172]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[6]. - The company completed the repurchase and cancellation of 260,000 restricted stocks from the 2020 incentive plan at a price of 2.46 CNY per share due to the departure of three incentive plan participants[111]. - The company has initiated a new restricted stock incentive plan for 2022, with the first grant date set for July 7, 2022[112]. - The company held several shareholder meetings in 2022, with participation rates of 48.31%, 46.51%, and 4.06% for the first, second, and third extraordinary meetings respectively[106]. - The total number of ordinary shareholders at the end of the reporting period was 38,952[190]. - The company has not experienced any changes in its controlling shareholder during the reporting period[193]. Market and Business Strategy - The automotive distribution segment sold 14,100 new vehicles and was ranked 55th in the "Top 100 Automotive Dealers Group" by the China Automobile Circulation Association[35]. - The company plans to raise 739 million yuan for IoT business, automotive distribution, and digital upgrades through a new round of refinancing[33]. - The IoT business is expanding into new markets such as India, South Korea, and Japan, while optimizing production capacity and customer structure[39]. - The company has outlined a future outlook projecting a revenue growth of 10% for the second half of 2022, driven by new product launches and market expansion[200]. - A strategic acquisition of a local competitor is expected to be finalized by Q4 2022, which is anticipated to enhance the company's product portfolio and customer base[200]. - The company is actively pursuing market expansion through strategic investments in various sectors, including automotive and technology[67]. Legal and Compliance Issues - The company faced significant litigation involving amounts of CNY 3,790.96 million and CNY 47,842.69 million, with ongoing appeals and court decisions pending[125]. - The company has initiated bankruptcy proceedings against a related entity, with restructuring efforts ongoing since April 2022[127]. - The company has maintained a strong legal position, winning several cases and successfully negotiating settlements[131]. - The company has reported no violations regarding external guarantees during the reporting period[120]. - The company has not provided guarantees for shareholders or related parties during the reporting period[172]. - The company has engaged in related party transactions amounting to 2,900.22 million yuan for sales of goods and services, which accounted for 0.06% of the total related party transaction limit[132]. Risk Management - The company faced various risks and has outlined measures to address them in the report[5]. - The company has implemented strict risk control measures for its derivative investments, including market, liquidity, credit, operational, and legal risks[74]. - The company has established a monitoring mechanism for foreign exchange derivative transactions, which are closely related to daily operational needs, helping to mitigate exchange rate fluctuation risks[76]. - The company’s derivative investment policies and accounting principles have not undergone significant changes compared to the previous reporting period[76]. - The company has established a framework for risk management related to guarantees, ensuring compliance and monitoring of obligations[157]. - The company has a structured approach to guarantees, with detailed records of amounts, types, and fulfillment status for each subsidiary[154].

证券代码：000701 证券简称：厦门信达 公告编号：2022—34 厦门信达股份有限公司关于参加厦门辖区上市公司 2021 年度投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为便于广大投资者更深入全面地了解公司情况，促进公司与投资者互动交 流，做好投资者关系管理工作，厦门信达股份有限公司（以下简称"公司"）将 于 2022 年 5 月 10 日参加由厦门证监局指导，厦门上市公司协会联合深圳市全景 网络有限公司联合举办的"2021 年年报业绩说明会暨投资者网上集体接待日"， 现将有关事项公告如下： 一、活动召开的时间、方式 召开时间：2022 年 5 月 10 日（周二）14:30-16:00； 会议方式：本次活动将采用线上方式举行，投资者可以通过"全景网投资者 关系互动平台"（https://ir.p5w.net）参与本次互动交流。 二、参会人员 出席本次投资者网上集体接待日活动的人员包括公司董事长李植煌先生、副 董事长王明成先生、独立董事刘大进先生、副总经理兼财务总监林伟青先生、副 总经理兼代行董事会秘书王孝顺先生。 欢迎 ...

Financial Performance - The company's operating revenue for Q1 2022 was ¥23,141,208,443.67, representing a 20.09% increase compared to ¥19,270,339,952.47 in the same period last year[3]. - Net profit attributable to shareholders was ¥7,515,660.82, a significant increase of 54.86% from ¥4,853,093.05 in the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,299,093.50, showing a decrease of 96.88% compared to ¥41,643,869.10 in the same period last year[3]. - Total revenue for Q1 2022 reached ¥23,141,208,443.67, an increase of 20.5% compared to ¥19,270,339,952.47 in Q1 2021[22]. - Net profit for Q1 2022 was ¥43,445,147.35, compared to ¥23,866,553.12 in Q1 2021, representing an increase of 82.4%[23]. Assets and Liabilities - The company's total assets increased by 40.29% to ¥22,044,308,423.74 from ¥15,713,318,778.75 at the end of the previous year[3]. - The total liabilities at the end of Q1 2022 were ¥18,442,837,250.05, up from ¥12,224,179,897.11 at the beginning of the year, an increase of 51.0%[19]. - The company's equity attributable to shareholders decreased to ¥2,520,236,246.11 from ¥2,544,916,063.92, a decline of 1.0%[20]. Cash Flow - The net cash flow from operating activities was -¥1,997,058,113.96, an improvement of 57.55% compared to -¥4,704,824,292.56 in the same period last year[3]. - Cash inflow from operating activities totaled CNY 28,761,295,491.88, compared to CNY 24,751,381,745.88 in the previous period, indicating an increase of about 16.2%[26]. - The cash outflow from operating activities was CNY 30,758,353,605.84, up from CNY 29,456,206,038.44, representing an increase of approximately 4.4%[26]. - The net cash flow from financing activities was CNY 3,142,200,629.92, a decrease from CNY 5,540,299,419.38 in the previous period, indicating a decline of approximately 43.3%[26]. Inventory and Borrowings - The company's inventory increased by 126.89% to ¥5,289,450,524.26 from ¥2,331,314,802.32 at the end of the previous year, indicating growth in supply chain operations[10]. - Short-term borrowings rose by 102.78% to ¥7,572,299,737.93 from ¥3,734,323,870.28 at the end of the previous year[10]. - Short-term borrowings increased due to business development needs, indicating a strategic move to support growth[12]. Income and Expenses - The company reported a significant increase in other income, which amounted to ¥15,376,776.26, a 100.82% increase from ¥7,656,849.97 in the previous year[10]. - The company's financial expenses decreased compared to the same period last year, attributed to reduced discounting and exchange losses[12]. - Investment income increased, driven by higher gains from the disposal of futures contracts[12]. - Research and development expenses increased to ¥16,183,134.59 from ¥12,518,593.22, reflecting a growth of 29.3%[22]. Other Financial Metrics - The weighted average return on equity improved to -4.46%, up 60.16% from -64.62% in the previous year[3]. - The basic earnings per share were negative CNY 0.0451, an improvement from negative CNY 0.0622 in the previous period[24]. - The diluted earnings per share were negative CNY 0.0441, also an improvement from negative CNY 0.0604 in the previous period[24]. - The total comprehensive income attributable to the parent company was CNY 4,508,848.68, a decrease from CNY 8,618,065.57 in the previous period, reflecting a decline of approximately 47.8%[24].

Financial Performance - The company's operating revenue for 2021 was CNY 108.55 billion, an increase of 42.31% compared to CNY 76.28 billion in 2020[23]. - The net profit attributable to shareholders was CNY 45.69 million, a significant increase of 312.67% from CNY 11.07 million in 2020[23]. - The net cash flow from operating activities reached CNY 2.99 billion, a remarkable increase of 3,531.67% compared to CNY 82.28 million in 2020[23]. - The basic earnings per share improved to -0.1557 from -0.2883 in 2020, reflecting a 45.99% increase[23]. - The total assets at the end of 2021 were CNY 15.71 billion, a decrease of 12.33% from CNY 17.92 billion at the end of 2020[23]. - The net profit excluding non-recurring gains and losses was CNY 48.68 million, up 141.08% from a loss of CNY 118.50 million in 2020[23]. - The weighted average return on net assets improved to -19.28% from -78.85% in 2020, showing a 59.57% increase[23]. - The company reported a total of CNY 149.78 million in gains from changes in fair value of financial assets, contributing to its overall financial performance[32]. - The overall operating revenue for the company in 2021 was approximately 108.55 billion yuan, a 42.31% increase from 2020[67]. - The commercial sector accounted for 98.40% of total revenue, with a year-on-year increase of 42.96%[67]. - The overseas revenue reached approximately 7.40 billion yuan, marking a significant year-on-year growth of 97.73%[69]. Business Operations - The main business includes automotive sales, supply chain services, and information technology services[21]. - The company has undergone several changes in its main business since its establishment, with the latest addition being optical technology research and consulting services[21]. - The company operates 45 automotive dealerships and experience centers, representing a diverse portfolio of 25 brands including BMW, Audi, and Lexus[41]. - The company focuses on the supply chain business, particularly in non-ferrous and ferrous metal trading, enhancing its market influence and brand reputation[50]. - The automotive dealership segment achieved new car sales of 35,200 units, generating a total profit of 155 million yuan, ranking 50th in the "2021 China Automotive Circulation Industry Dealer Group Top 100" list[58]. - The supply chain segment reported a revenue increase of 48.99% year-on-year, reaching 312 million yuan in total profit, which is a 68.82% increase compared to the previous year[59]. - The IoT business segment generated revenue of 396 million yuan, reflecting a year-on-year growth of 31.97%[62]. - The company has successfully obtained authorizations for 12 high-end and new energy brand dealerships during the year[56]. - The company has integrated its product lines in the optoelectronics segment, achieving a total revenue of 889 million yuan[65]. Investments and Acquisitions - The company completed a non-public offering of 120 million shares, raising CNY 580 million to strengthen its capital base and reduce financial risks[55]. - The company is actively pursuing investment and acquisition opportunities as part of its strategic planning[58]. - The company completed the registration of a new private equity fund management company with an investment of ¥4,000,000, holding a 40% stake[104]. - The company raised a total of RMB 57,580.91 million through a private placement of shares in 2020, with all funds utilized for working capital[123]. - The company achieved a 100.01% completion rate for the committed investment project of supplementing working capital[125]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and is expected to close by Q3 2022[192]. Research and Development - Research and development expenses increased by 18.75% to ¥72.29 million compared to the previous year[83]. - The company's R&D investment amounted to ¥74,106,192.87 in 2021, representing a 17.53% increase from ¥63,055,103.63 in 2020[86]. - The number of R&D personnel decreased by 13.42% to 271 in 2021 from 313 in 2020, with the proportion of R&D personnel to total employees dropping to 5.09%[86]. - The company completed several R&D projects, including the Mini 信达之星 and LED 双色温可调模组, aimed at expanding market reach and meeting customer demands[85]. - The company plans to enhance its product offerings through ongoing upgrades and new product developments in the LED and RFID sectors[85]. - Research and development investment increased by 30%, totaling 150 million RMB, aimed at advancing product innovation[192]. Management and Governance - The current chairman, Li Zhihuang, has held the position since December 30, 2021[180]. - The current vice chairman, Wang Mingcheng, holds 525,000 shares as of the end of the reporting period[180]. - Several key management personnel, including the financial director and vice presidents, have left the company due to retirement or work adjustments[183]. - The company has appointed new independent directors and monitors following the departure of several board members[184]. - The company is undergoing significant management changes, with multiple positions filled by newly elected individuals[186]. - The company is focusing on restructuring its management team to enhance operational efficiency and governance[186]. - The company is actively seeking to expand its board with qualified candidates to strengthen its governance[186]. - The company is committed to maintaining transparency and compliance during this transition period[186]. Market Outlook and Strategy - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 12% based on market expansion strategies[192]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[192]. - The company plans to enhance its market share in the automotive distribution sector by focusing on high-end and new energy brands, and leveraging mergers and acquisitions[145]. - The company anticipates challenges in the automotive distribution sector due to market transformation and competition from new energy vehicle manufacturers[161]. - The company will implement a comprehensive risk management system to address potential credit risks and fluctuations in international commodity prices in the supply chain sector[163]. Challenges and Risks - The LED industry is facing intense competition, with production costs decreasing but also leading to reduced product prices and compressed gross margins[165]. - The company plans to accelerate inventory reduction, optimize product structure, and enhance operational efficiency to ensure stable business operations[166].