Group 1: Company Overview and Strategy - Yiatong is a supply chain company that integrates logistics, supply chain services, and internet technology to establish an O2O business ecosystem [1] - The company aims to create a B2B2C supply chain ecosystem, focusing on consumer-centric services and integrating various stakeholders, including over 500 brand enterprises, logistics providers, and financial institutions [1] - Yiatong's ecological layout includes financial services, media services, and value-added services, enhancing the functionality of retail stores [2] Group 2: Financial Services - Financial services are categorized into B2B and B2C, with risk control and credit systems in place to support partners needing loans [1] - The company emphasizes the importance of scale in financial services, indicating that future growth will rely on expanding its operational scale [1] Group 3: Starlink Platform - The Starlink platform consists of two versions: Starlink Life for consumers and Starlink Microstore for sellers, providing a zero-cost entry for retail stores [2] - The platform aggregates over 1,000 well-known brands and 150,000 products, enabling community retail stores to easily access quality goods [2] - Starlink aims to create a community economy by sharing supply chain resources and internet platforms with partner stores [2] Group 4: Management Structure - Yiatong's management structure includes wholly-owned subsidiaries in each province, with local general managers appointed by the headquarters [3] - The company operates on a partnership model, where local partners hold 40% equity and Yiatong retains 60%, fostering a collaborative management approach [3] - The company has united over 200 excellent partners and plans to continue expanding this network [3] Group 5: Cash Flow and Growth - Yiatong has experienced rapid growth in both assets and liabilities, with its business model influencing cash flow dynamics [3]

Group 1: Company Strategy and Ecosystem - Yiatong focuses on a consumer-centric approach, leveraging a comprehensive supply chain service platform to create a B2B2C/O2O supply chain ecosystem [1] - The company aims to integrate internet technology with supply chain services, establishing five major service platforms: retail, O2O, financial services, value-added services, and distribution marketing [1] - Financial services are categorized into B2B and B2C, facilitating loans for partner terminals through Yiatong's platform and banks [1] Group 2: Development of the 380 Deep Distribution Platform - The 380 Deep Distribution Platform was initiated in the second half of 2008 and has reached a certain scale, evolving from basic supply chain services to a comprehensive O2O ecosystem [2] - The company aims to establish 60-80 joint ventures annually to enhance its ground network and improve online and offline integration [2] - Yiatong's partnership selection involves a professional team for evaluation and due diligence, typically forming joint ventures with a 60% stake for Yiatong and 40% for partners [2] Group 3: Starlink Platform - The Starlink platform consists of two versions: Starlink Life for consumers and Starlink Microstore for sellers, providing a zero-cost entry for retail stores [2] - The platform aggregates over 1,000 well-known brands and 150,000 products, enabling community retail stores to easily access quality supply [2] - Yiatong's business model focuses on providing supply and internet platforms for stores, promoting a "community familiar economy" without engaging in price wars with other e-commerce platforms [2] Group 4: Financial and Human Resource Management - The company implements cash-on-delivery for small and medium-sized stores while utilizing financial solutions like factoring and pledging for large supermarkets [3] - Yiatong emphasizes strategic human resource management, conducting annual recruitment and training programs to build a reserve team for its subsidiaries [3] - The company continues to advance its capital needs through methods such as issuing new shares and bonds during its rapid growth phase [3]

证券代码：002183 证券简称：怡亚通 深圳市怡亚通供应链股份有限公司投资者关系活动记录表 编号：2016－04 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-------------------------------------------------------------------|---------------------------------|-----------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002183 证券简称：怡亚通 编号：2017－04 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ■其他 (财报解读电话会议） 参与单位名称及人 员姓名 兴业证券; 上海屹成投资管理中心; 光大保德信基金; 兴业信托; 兴全基 金; 净玺投资; 台新投资信托; 宏利基金; 尚雅投资; 幸福保险; 建信保 险; 建发股份; 建发集团; 承周资产; 朱雀投资; 浙银资本; 淮海投资; 红 土创新基金; 阳光保险 深圳市怡亚通供应链股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------|-----------------------------|-------| | 时间 | 2017 年 5 月 3 日 | | | 上市公司接待人员 | 梁 欣 董事会秘书 | | | 姓名 | 莫 京 中国区财务总监 | | | --- | --- | |-----------------------------|--------------------------------------- ...

证券代码：002183 证券简称：怡亚通 深圳市怡亚通供应链股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-----------------------------------------------------------------------------------------|-------|----------------------------------------------| | | | | | | 投资者关系活动类 别 | ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □ 新闻发布会 □路演活动 □现场参观 □ 其他 | | 编号： 2017－06 | | 参与单位名称及人 员姓名 | | | Excelsior Capital Asia John Yang/Dicken Chiu | | 时间 | 2017 年 6 月 20 日 | | | | 上市公司接待人员 姓名 | 李雪花 投资者关系 | | | | 地点 | 深圳市龙岗区南湾街道李朗路 | 3 | 号怡亚通供应链整合物流中心 ...

Group 1: New Circulation Model - The new circulation model promotes direct connections among brands, agents, retailers, and consumers, eliminating traditional boundaries [3] - Traditional distribution methods hinder brand understanding of market demands, leading to slow responses in marketing and product innovation [3] - The new model integrates supply chain platforms with the internet, facilitating real-time information sharing and decision-making [3] Group 2: Revenue Generation - Current revenue sources include service fees from supply chain services, logistics, and marketing platforms [3] - Future revenue is expected to diversify into content services, financial services, and brand strategy fees, with a focus on increasing content revenue [3] - The company aims to transition from primarily relying on service fees from carriers to a more balanced revenue model that includes content and financial services [3] Group 3: Inventory and Cash Flow Management - The company holds significant inventory, which is financed through banks and supporting funds, reflecting a business model that scales with increased demand [4] - Measures to enhance cash flow include transferring receivables and inventory risks to financial institutions and implementing credit systems with upstream brands [4] - The organization aims to reduce debt ratios and improve cash flow through innovative operational strategies [4] Group 4: Organizational Structure and Strategy - A recent large-scale organizational restructuring aims to achieve horizontal integration and vertical specialization to better serve strategic goals [4] - The company has expanded from five clusters to twelve platforms, each led by a president responsible for specific industry sectors [4] - The restructuring is designed to foster innovation and adaptability in a rapidly changing market environment [4] Group 5: Financial Services and Market Position - The company has established a financial service model that complements traditional banking, focusing on temporary financing needs for seasonal orders [4] - The financial services sector is positioned to adapt to regulatory changes while maintaining risk control and service quality [4] - The company views its relationship with major internet players as complementary rather than competitive, focusing on enhancing supply chain services [5] Group 6: Competitive Landscape - The company recognizes the importance of a strong platform and broad logistics capabilities to compete effectively in the market [5] - The focus on fast-moving consumer goods (FMCG) is seen as a strategic move to improve the overall circulation landscape [5] - The company aims to leverage its extensive experience in supply chain services to enhance market share for brand partners [5]

Group 1: Company Strategy and Business Model - The company aims to integrate traditional and new economic models, transitioning from offline to online to create the largest circulation industry ecosystem in China, focusing on five interactive platforms [1] - The strategy includes achieving "business globalization, platform internetization, operational big data, intelligent services, and refined management" to build a collaborative supply chain ecosystem [1] - The company emphasizes a consumer-centric approach, utilizing a comprehensive supply chain service platform to cover various market segments [1] Group 2: Financial Performance and Cash Flow - The company has experienced negative cash flow for several consecutive years due to rapid business growth leading to increased operational capital and inventory [2] - The operational cash flow is affected by the need to provide financial settlement services and maintain safety stock for downstream distribution [2] - The company is actively working on improving cash flow through external financing and capital injection, with ongoing plans for a capital increase [2] Group 3: Market Position and Competitive Advantage - The company has established a nationwide distribution network covering 30 provinces and nearly 270 cities, recognized as the leader in service network and terminal coverage [2] - In 2015, the company achieved over 25 billion in business revenue, serving over 100 Fortune 500 companies and 2,000 well-known domestic and international brands [2] - The company plans to enhance its breadth supply chain strategy by optimizing teams and expanding into new industries and large clients [2] Group 4: E-commerce and Future Outlook - The company views "supply chain + internet" as a driving force for a new O2O ecosystem, leveraging offline strengths while supplementing with online capabilities [2] - The company believes that a purely internet-based model is not sustainable for profitability, positioning itself as a provider of a comprehensive supply chain ecosystem rather than a traditional e-commerce platform [2]

证券代码：002183 证券简称：怡亚通 深圳市怡亚通供应链股份有限公司投资者关系活动记录表 编号：2017－02 | --- | --- | --- | |-----------------------------|---------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002183 证券简称：怡亚通 深圳市怡亚通供应链股份有限公司投资者关系活动记录表 编号：2017－03 | --- | --- | --- | |-----------------------------|------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Group 1: Business Model and Strategy - The company aims to integrate traditional and new economic models to create the largest circulation industry ecosystem in China, focusing on five interactive platforms for global business, internet-based operations, big data management, intelligent services, and refined management [1] - The O2O supply chain ecosystem is designed to provide comprehensive services, including B2B/O2O distribution, B2B2C/O2O retail, O2O terminal marketing, and O2O value-added services, covering all aspects of the circulation industry [1] Group 2: Core Competitiveness - The company possesses extensive industry experience, a strong client base, a professional service team, and a global service network, which enhances its distribution services and logistics systems [2] - Strategic partnerships with major banks provide robust financial support, enabling the company to meet the funding needs of its partners [2] Group 3: Revenue Structure and Financial Performance - The company's revenue is derived from broad and deep supply chain services, global procurement, product integration, and supply chain financial services, primarily through service fees [2] - Despite large revenue scales, the company faces low net profit margins due to high operational capital demands, resulting in significant fluctuations in cash flow [2] Group 4: Future Plans and Developments - The company is in the process of responding to the first round of feedback from the regulatory authority regarding its share issuance and has approved an employee stock ownership plan to be executed within six months post-approval [2]