编号：2021-008 证券代码：002010 证券简称：传化智联 | --- | --- | --- | |-------------------------------|----------------------------------------------|-----------------------------------------------------------| | 投 资者 关系 活 \n动类别 \n | □媒体采访 \n□新闻发布会 \n□现场参观 \n□其他 | □特定对象调研 □分析师会议 \n 业绩说明会 \n 路演活动 | | | 王靖添 | 银河证券 | | | 林安琪 | 摩根士丹利 | | | 韩轶超 | 长江证券 | | | Teddy Gao | | | | | | | | 渠顶立 | 万家基金 | | 参 与单 位名 称 | 范飞 | 诺德基金 | | 及人员姓名 | 庞文杰 | 北信瑞丰 | | | 景松石 | 国联证券 | | | 周晴 | 德邦证券 | | | 罗娟 | 恒昇基金 | | | 黄正初 | Zaaba Capital | | | | | | ...

Group 1: Industry Background and Challenges - The road freight industry faces various issues, including difficulties in logistics outsourcing, high financial and tax risks, lack of data retention, high management costs, and challenges in enterprise financing [3] - Logistics companies struggle with brand establishment, limited financing channels, qualification issues in bidding, and a lack of direct cargo sources [3] - The actual carriers in the capacity sector are numerous but disorganized, leading to challenges in trust and standardization [3] Group 2: Development of Network Freight - The pilot program for non-vehicle carriers was initiated in August 2016, with policies introduced to integrate social capacity resources [4] - In 2019, the industry saw policy optimization and model upgrades, transitioning from "non-vehicle transportation" to "network freight," enhancing overall logistics service capabilities [4] Group 3: Company Overview and Product Offerings - The company launched the "Luyuntong" product, an online non-vehicle carrier platform providing comprehensive logistics services, including capacity dispatch and payment settlement [4] - The "Rongyiyun" platform integrates upstream cargo sources and downstream logistics providers, facilitating a digital supply chain for manufacturing [4][5] - The network freight service standards include online bidding, capacity services, visual cloud services, compliance settlement, financial services, and operational reporting [4] Group 4: Business Growth and Metrics - As of July 2021, the monthly transaction scale of the network freight platform exceeded 1.8 billion yuan, serving over 7,600 enterprises [5] - The platform utilizes blockchain technology, allowing cargo owners to view order information securely [5] Group 5: Future Development Plans - Future plans for the network freight platform include three phases: creating a large-scale financial and tax solution platform, developing a capacity pool for cargo matching, and establishing a comprehensive logistics ecosystem [5] Group 6: Competitive Advantages and Market Position - The company emphasizes its operational management advantages, channel construction, and service standards to enhance market competitiveness [5][6] - The network freight market has significant growth potential, with a low current penetration rate compared to the overall road transport market, indicating room for expansion [6]

Group 1: Company Value Assessment - The company's value can be reflected in three main business segments, with significant operational improvements compared to previous years. Prior to 2020, the company faced operational losses, but has since turned profitable, as evidenced by the first quarter performance [2][3]. - The road port business has shown the most significant improvement, transitioning from a loss phase to a stable profit phase over the past 2-3 years, indicating the platform's value is beginning to materialize [3]. - The network freight platform is expanding in scale, contributing steadily to operational profits, with efforts now focused on tapping into the shipper market in addition to connecting logistics companies and drivers [3]. Group 2: Market Challenges - The express line market is highly fragmented, with low industry concentration and significant service level disparities, exacerbated by increased competition from capital influx, leading to survival challenges for many express line companies [3]. - Issues of trust and unreasonable resource allocation in the market, along with a slow digital transformation among express line companies, hinder the ability to provide high service levels to customers [3]. Group 3: Future Investments and Layout - The company has over 60 projects covering most regions of the country, with ongoing efforts to enhance the road port network. Most projects are entering a harvest phase, confirming the success of the road port model [3]. - New projects are being established in cities such as Wuhan, Puyang, Haining, Meihekou, and Enshi, with an expectation to add 3-5 new projects annually in the future [3]. - The company will continue to deepen its local market presence and expand existing road port scales based on current project layouts [3]. Group 4: Asset Valuation - The road port assets are measured at fair value as investment properties, requiring annual evaluations based on discounted cash flows from rental income, which is a conservative approach [4]. - The true value of the road port network extends beyond mere property value; it lies in enhancing logistics turnover efficiency and fostering the growth of businesses on the platform [4].

编号：2021-009 证券代码：002010 证券简称：传化智联 传化智联股份有限公司投资者关系活动记录表 | --- | --- | --- | |-------------------------------|----------------------------------------------|----------------------------------------------------------| | 投 资者 关系 活 \n动类别 \n | □媒体采访 \n□新闻发布会 \n 现场参观 \n□其他 | □特定对象调研 □分析师会议 \n 业绩说明会 \n□路演活动 | | | 王靖添 | 银河研究所 | | | 吴一凡 | | | | 刘浩然 | Millennium Capital Management | | 参 与单 位名 称 | 赖旭明 | 南方睿泰基金管理有限公司 | | 及人员姓名 | 姜 楠 | 东方财富证券 | | | 庞文杰 | | | | 郑晓亮 | 浙江信诚资产 | | | 等 24 家机构 | | | 时间 2021 | 年 10 | 日、 2021 年 ...

Group 1: Logistics Development Strategy - The company's logistics sector aims to impact "To B" logistics significantly over the next 5-10 years amid China's industrial upgrade [4] - The logistics categories include express delivery, expedited shipping, and large parcel transportation (500 kg to 5 tons), with a growing trend towards less-than-truckload (LTL) shipping due to increasing personalized demands [4] - The shift from full truckload to LTL is becoming more evident, as seen in the example of Xin'an Chemical, which has expanded from 5 products to 200-300, necessitating a more flexible logistics approach [4] Group 2: Cost and Efficiency Improvements - High logistics costs in China are attributed to fragmented services where different companies handle pickup, transportation, and delivery, leading to inefficiencies and high transaction costs [4] - The company leverages its online platform to standardize services, ensure service quality, and provide full tracking, thus enhancing overall logistics efficiency [4] - The company has grown its Luyuntong product from over 6 billion in 2019 to over 10 billion, improving direct payment ratios for drivers and ensuring compliance [5] Group 3: Customer Acquisition Strategies - The company employs a dual strategy for attracting cargo to its platform, utilizing tax rebate policies to draw logistics companies and drivers online [5] - The Luyuntong platform simplifies customer acquisition through tax incentives, while the Rongyiyun platform addresses logistics companies' pain points, such as IT support and unified customer settlement [5] - The platform allows shippers to maintain existing carrier relationships while benefiting from enhanced visibility and cost reduction through competitive bidding [5] Group 4: Strategic Integration and Development - The company has outlined four strategic initiatives: initial capacity integration through Luyuntong, reaching manufacturing clients via Rongyiyun, creating a large parcel trading platform for comprehensive integration, and developing cloud warehouses for better control [6]

Group 1: Business Model and Market Position - The logistics market is large, with the company focusing on a flexible model that serves both full truckload and less-than-truckload markets, unlike competitors who primarily focus on full truckload transportation [2][3] - The company aims to provide end-to-end logistics solutions, integrating business flow, information flow, logistics, and capital flow into a closed-loop ecosystem [2][3] - The company emphasizes enhancing service experience and solving customer pain points rather than blindly increasing scale through aggressive spending [3] Group 2: Operational Changes and Strategic Focus - The company has shifted its operational focus from matching vehicles and cargo to serving manufacturing clients, enhancing collaboration with local manufacturers [3][4] - The public logistics port model has evolved over nearly 20 years, transitioning from offline transactions to online services, which has broadened the resource base for the logistics network [3][4] - The company has introduced customized warehouses for large clients, achieving "zero inventory" solutions, which has increased customer responsiveness [3][4] Group 3: Growth Potential and Economic Environment - Despite a challenging economic environment, the logistics sector remains fragmented, indicating a need for small logistics companies to collaborate and utilize the company's platform [4] - The current occupancy rate of logistics ports is around 90%, with significant potential for rental price increases, especially for new ports [4] - The company is actively attracting manufacturing clients and adjusting property product planning to enhance asset utilization, indicating stable future growth prospects [4] Group 4: Chemical Business Development - The chemical business, being the company's earliest venture, has developed a mature R&D, production, and sales system, showing resilience despite raw material price fluctuations [4] - The overall chemical industry is currently in an upward cycle, contributing to stable development in the company's chemical business [4]

Financial Performance - The company's operating revenue for Q3 2022 was ¥9,792,052,870.59, representing a 4.86% increase year-over-year, while the revenue for the year-to-date period reached ¥28,188,647,049.71, up 11.48% compared to the same period last year[6]. - Net profit attributable to shareholders for Q3 2022 was ¥156,703,651.22, a decrease of 59.83% year-over-year, and the year-to-date net profit was ¥605,421,972.93, down 35.35% compared to the previous year[6]. - The basic earnings per share for Q3 2022 was ¥0.05, reflecting a decline of 58.33% year-over-year, while the diluted earnings per share also stood at ¥0.05[6]. - Total operating revenue for the period reached ¥28,260,624,432.85, an increase of 7.46% compared to ¥25,367,861,937.68 in the previous period[30]. - Operating income was ¥28,188,647,049.71, up from ¥25,286,240,026.97, reflecting a growth of 11.36%[30]. - The net profit for the current period is CNY 656,586,354.24, a decrease of 31.9% compared to CNY 965,571,430.57 in the previous period[32]. - The total comprehensive income attributable to the parent company is CNY 425,781,316.01, down from CNY 849,092,819.29 in the previous period[32]. Assets and Liabilities - The total assets as of the end of Q3 2022 amounted to ¥39,430,021,316.00, which is a decrease of 3.57% from the end of the previous year[6]. - The company's total assets were reported at ¥39,430,021,316.00, down from ¥40,890,334,291.17, reflecting a decline of 3.56%[29]. - Total liabilities decreased to ¥21,210,537,060.72 from ¥22,926,272,939.31, a reduction of 7.48%[29]. - The equity attributable to shareholders increased to ¥17,173,143,716.93, marking a 1.72% increase compared to the end of the previous year[6]. - The total equity attributable to shareholders increased to ¥17,173,143,716.93 from ¥16,883,461,751.27, reflecting a growth of 1.72%[29]. Cash Flow - The net cash flow from operating activities for the year-to-date period was ¥557,649,489.68, showing a 24.24% increase year-over-year[6]. - The net cash flow from operating activities is CNY 557,649,489.68, an increase of 24.2% compared to CNY 448,854,988.39 in the previous period[36]. - The net cash flow from investing activities is -CNY 552,729,290.96, an improvement from -CNY 2,066,401,346.54 in the previous period[40]. - The net cash flow from financing activities is -CNY 1,204,447,586.19, compared to a positive cash flow of CNY 728,736,188.83 in the previous period[40]. - The cash and cash equivalents at the end of the period are CNY 3,885,851,885.68, compared to CNY 3,793,007,021.49 at the end of the previous period[40]. Receivables and Inventory - The company reported a significant increase in accounts receivable, which rose by 67.44% to ¥2,293,081,020.59, primarily due to outstanding payments from chemical business[10]. - The company experienced a 53.78% decrease in receivables from factoring, which fell to ¥307,624,917.04, attributed to the net recovery of factoring receivables during the period[10]. - The accounts receivable increased to approximately 2.293 billion RMB from 1.369 billion RMB at the beginning of the year[23]. - The inventory decreased to approximately 1.957 billion RMB from 2.664 billion RMB at the beginning of the year[23]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 40,170, with the largest shareholder, Transfar Group, holding 53.93% of the shares[18]. - The company reported a significant increase in the number of shares held by its top ten shareholders, with the largest shareholder holding over 1.5 billion shares[18]. - The company has a total of 23.9396 million shares held in its repurchase account, accounting for 0.85% of the total share capital[19]. Strategic Initiatives - The company is focused on high-quality development and optimizing its business structure in response to challenging economic conditions[22]. - The company is actively promoting the construction of the Transfar Freight Network as part of its strategic initiatives[22]. Other Financial Metrics - The company recorded a total of ¥12,880,716.95 in non-recurring gains and losses for Q3 2022, down from ¥57,299,417.24 in the previous year[8]. - The company’s investment income for the year-to-date period increased by 32.78% to ¥84,825,051.43, mainly due to gains from the disposal of financial instruments[12]. - Research and development expenses for the period were ¥292,978,100.24, slightly down from ¥294,666,435.47, indicating a decrease of 0.57%[30]. - The company reported a decrease in credit impairment losses to CNY -135,731,842.32 from CNY -97,614,460.43 in the previous period[32]. - The company experienced a significant increase in tax refunds received, amounting to CNY 344,851,802.74, compared to CNY 83,664,569.73 in the previous period[36].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥18,396,594,179.12, representing a 15.35% increase compared to ¥15,948,165,481.45 in the same period last year[27]. - The net profit attributable to shareholders of the listed company decreased by 17.87% to ¥448,718,321.71 from ¥546,347,683.94 year-on-year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥404,299,621.42, down 22.25% from ¥519,996,520.15 in the previous year[27]. - The net cash flow from operating activities increased by 20.19% to ¥347,713,971.54, compared to ¥289,307,870.32 in the same period last year[27]. - Basic earnings per share decreased by 11.76% to ¥0.15 from ¥0.17 in the same period last year[27]. - The diluted earnings per share also decreased by 11.76% to ¥0.15 from ¥0.17 year-on-year[27]. - The weighted average return on equity was 2.64%, down 0.95 percentage points from 3.59% in the previous year[27]. Revenue Breakdown - The total Gross Transaction Value (GTV) for the platform reached 46.254 billion yuan, up 3.94% year-on-year[39]. - The number of completed orders for the full truckload service was 2.3387 million, an increase of 40.07% year-on-year[40]. - The revenue from full truckload services was 9.416 billion yuan, reflecting a growth of 32.00%[41]. - Revenue from the port and warehouse solutions was 261 million yuan, with a gross margin of 5.44%, up 1.54 percentage points year-on-year[45]. - The logistics segment accounted for 75.98% of total revenue, generating ¥13,978,521,904.60, while the chemical segment contributed 24.02% with ¥4,418,072,274.52[63]. Asset Management - The total assets at the end of the reporting period were ¥40,257,047,674.38, a decrease of 1.55% from ¥40,890,334,291.17 at the end of the previous year[27]. - The net assets attributable to shareholders of the listed company increased by 1.18% to ¥17,081,971,485.33 from ¥16,883,461,751.27 at the end of the previous year[27]. - The company experienced a decrease in cash and cash equivalents, with a net decrease of ¥806,395,211.65 compared to a decrease of ¥649,581,882.44 in the previous year[60]. - Total assets at the end of the reporting period amounted to CNY 40,000,000,000, with cash and cash equivalents at CNY 4,859,265,622.86, accounting for 12.07% of total assets[67]. - Accounts receivable increased to CNY 2,177,774,043.04, representing 5.41% of total assets, up 2.06 percentage points year-over-year[67]. Investment and Expansion - The company is expanding its international business, focusing on Southeast Asia, the Middle East, and Latin America for new production bases[57]. - The company has completed the construction of a new production base in Pinghu, Zhejiang, and is progressing with other bases in South and East China[54]. - The company reported a total investment of CNY 978,007,789.53 during the reporting period, representing a decrease of 32.45% from CNY 1,447,743,497.38 in the same period last year[75]. - The total amount of raised funds was CNY 2,432,794.97 million, with CNY 2,427,429.56 million already utilized, indicating a utilization rate of 99.78%[82]. Environmental Management - The company continues to prioritize environmental protection and complies with relevant environmental laws and regulations[119]. - Hangzhou Chuanhua Chemical Co., Ltd. has a wastewater treatment system with a capacity of 600 t/d, achieving over 99% comprehensive purification efficiency for waste gas treatment[120]. - The company has implemented online monitoring systems for wastewater and waste gas, ensuring compliance with environmental standards[123]. - No significant environmental pollution incidents or major environmental complaints were reported during the reporting period[123]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[111]. - The company has implemented a stock repurchase plan, canceling 528,000 restricted shares due to the departure of six employees[112]. - The company has committed to protecting the interests of minority shareholders and has not violated this commitment[135]. - The total amount of related party transactions during the reporting period was 35,146.87 million yuan, accounting for 0.79% of similar transactions[147]. Legal and Compliance - The half-year financial report has not been audited[140]. - The company has no major litigation or arbitration matters during the reporting period[142]. - The company has not encountered any significant issues in the use and disclosure of raised funds during the year[89].

Financial Performance - The company's operating revenue for Q1 2022 was ¥8,301,207,790.61, representing a 17.29% increase compared to ¥7,077,216,190.39 in the same period last year[4]. - The net profit attributable to shareholders for Q1 2022 was ¥152,415,129.81, up 9.03% from ¥139,797,107.04 in Q1 2021[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥166,482,259.63, reflecting a 26.96% increase from ¥131,128,027.18 in the previous year[4]. - In Q1 2022, the company achieved operating revenue of 6.66 billion RMB, representing a year-on-year growth of 17.06%[16]. - The operating profit for the same period was 151.58 million RMB, an increase of 79.49% year-on-year[16]. - Total operating revenue for the current period reached ¥8,329,398,158.02, an increase of 17.3% compared to ¥7,101,435,047.26 in the previous period[27]. - Net profit for the current period was ¥160,798,274.72, compared to ¥142,155,222.21 in the previous period, marking an increase of 13.1%[30]. - Earnings per share (EPS) for the current period was ¥0.05, up from ¥0.04 in the previous period[34]. Cash Flow - The net cash flow from operating activities was -¥194,005,213.64, a significant decrease of 2,486.55% compared to ¥8,129,118.92 in Q1 2021[4]. - Cash flow from operating activities amounted to ¥8,828,400,342.10, compared to ¥7,153,734,639.13 in the previous period, indicating a growth of 23.4%[35]. - Operating cash inflow totaled CNY 10,016,548,680.18, an increase from CNY 8,128,914,277.56 year-over-year[38]. - Operating cash outflow amounted to CNY 10,210,553,893.82, compared to CNY 8,120,785,158.64 in the previous year[38]. - The company received CNY 1,070,885,914.70 in cash related to operating activities, up from CNY 877,751,413.89 in the previous year[38]. - The company paid CNY 827,953,999.10 in taxes, compared to CNY 589,354,544.15 in the prior year[38]. Assets and Liabilities - Total assets at the end of Q1 2022 were ¥40,657,951,900.80, a decrease of 0.57% from ¥40,890,334,291.17 at the end of the previous year[4]. - Total liabilities decreased to ¥22,633,537,786.88 from ¥22,926,272,939.31, a reduction of 1.3%[26]. - Total equity increased to ¥18,024,414,113.92 from ¥17,964,061,351.86, reflecting a growth of 0.3%[26]. - The company's cash and cash equivalents at the end of the quarter were approximately 4.82 billion RMB, down from 5.79 billion RMB at the beginning of the year[20]. - The ending balance of cash and cash equivalents was CNY 4,235,726,195.18, an increase from CNY 3,888,281,536.01 year-over-year[41]. Investments and Shareholder Information - The company reported a 458.72% increase in investment income to ¥25,025,891.59, primarily from the disposal of financial instruments[10]. - The company has repurchased a total of 23,929,900 shares, accounting for approximately 0.78% of the total share capital[15]. - The number of ordinary shareholders at the end of the reporting period was 34,875, with the largest shareholder, Chuanhua Group, holding 57.94% of the shares[11]. - The company reported an investment income of ¥25,025,891.59, significantly higher than ¥4,479,164.16 in the previous period, showing a substantial increase[30]. Operational Metrics - Accounts receivable increased by 54.88% to ¥2,120,987,549.87 due to accelerated collection of year-end payments in the chemical business[7]. - The total Gross Transaction Value (GTV) across the platform reached 21.91 billion RMB, with the full truckload business achieving a transaction scale of 4.76 billion RMB, up 28.47% year-on-year[16]. - The company's inventory stood at approximately 2.82 billion RMB, up from 2.66 billion RMB at the beginning of the year[22]. - Accounts receivable increased to approximately 2.12 billion RMB from 1.37 billion RMB at the beginning of the year[20]. Future Plans - The company plans to enhance its logistics service platform and improve product functionality through digital technology[16]. - The company is focused on expanding its logistics network and standardizing service capabilities to better serve manufacturing[16].

Financial Performance - The company's operating revenue for 2021 was ¥35,392,207,812.89, representing a 64.64% increase compared to ¥21,496,560,453.84 in 2020[26]. - The net profit attributable to shareholders for 2021 was ¥2,249,436,914.27, a 47.87% increase from ¥1,521,260,792.34 in 2020[26]. - The net profit after deducting non-recurring gains and losses was ¥2,035,462,065.71, up 60.48% from ¥1,268,358,308.48 in 2020[26]. - The basic earnings per share for 2021 was ¥0.72, reflecting a 53.19% increase from ¥0.47 in 2020[26]. - The total assets at the end of 2021 were ¥40,890,334,291.17, a 17.97% increase from ¥34,661,757,943.85 at the end of 2020[26]. - The net assets attributable to shareholders at the end of 2021 were ¥16,883,461,751.27, a 12.41% increase from ¥15,019,328,123.95 at the end of 2020[26]. - The company's cash flow from operating activities for 2021 was ¥1,326,645,671.12, a decrease of 39.14% compared to ¥2,179,696,070.38 in 2020[26]. - The weighted average return on net assets for 2021 was 14.17%, an increase of 3.99 percentage points from 10.18% in 2020[26]. Revenue Breakdown - In Q4 2021, the company's operating revenue reached ¥10,105,967,785.92, with a total annual revenue of ¥35,392,107,000.00, reflecting a significant year-on-year growth[31]. - The logistics segment contributed ¥27,424,222,940.75, accounting for 77.49% of total revenue, with a growth of 77.30% compared to the previous year[83]. - Chemical segment revenue was ¥7,967,984,872.14, representing 22.51% of total revenue, with a year-on-year increase of 32.17%[83]. - The network freight platform business saw a significant revenue increase of 154.24%, reaching ¥17,204,952,312.89, which is 48.61% of total revenue[83]. Cash Flow and Investments - The company plans to distribute a cash dividend of ¥1.00 per 10 shares (including tax) to all shareholders[6]. - The total operating costs for logistics in 2021 amounted to ¥25,626,322,714.96, representing 80.34% of total operating costs, an increase of 79.06% year-on-year[95]. - The operating costs for chemicals in 2021 were ¥6,271,567,186.86, accounting for 19.66% of total operating costs, reflecting a year-on-year increase of 38.87%[95]. - Total investment during the reporting period was ¥3,218,654,054.99, representing an 18.93% increase compared to ¥2,706,292,434.80 in the previous year[119]. Market Position and Industry Leadership - The company is recognized as a leader in the logistics industry, with the largest infrastructure network for urban logistics centers in China, enhancing its competitive position[44]. - The textile chemicals segment holds the largest production capacity and market share in China, ranking second globally, indicating strong market leadership[48]. - The company has been recognized for its advanced dyeing technology and is a key player in setting national standards for textile chemicals[48]. Innovation and Technology - The company focuses on developing the "Intelligent Logistics Service Platform" to enhance the efficiency of logistics services for the manufacturing sector[50]. - The "Transfar Freight Network" integrates transportation and warehousing services, achieving a comprehensive logistics service system that supports digital transformation for manufacturing clients[51]. - The company is leveraging new technologies like IoT, cloud computing, and big data to enhance the logistics supply chain service platform, promoting efficiency and collaboration among manufacturing and service enterprises[159]. Sustainability and Environmental Commitment - The company is focusing on low-carbon logistics development, as the road freight transport sector accounts for 75.11% of the total freight volume and approximately 40% of carbon emissions in the transportation sector[160]. - The company is committed to providing customized green low-carbon chemical solutions to enhance customer loyalty and align with future development trends[161]. - The company plans to strengthen low-carbon technology development and has set a carbon emission reduction target for 2023[176]. Governance and Compliance - The company has implemented various governance measures to ensure compliance with regulatory requirements and enhance operational efficiency[194]. - A total of 23 governance-related policies have been established to strengthen corporate governance and risk management practices[194]. - The company guarantees equal rights for all shareholders, particularly minority shareholders, during shareholder meetings[197]. Future Outlook - Future outlook indicates a commitment to expanding market presence and enhancing product offerings, with specific performance guidance provided for the upcoming fiscal year[192]. - The company is actively investing in new product development and technological advancements to maintain competitive advantage in the market[192]. - Strategic initiatives include exploring potential mergers and acquisitions to bolster growth and market share[192].