【私募调研记录】泾溪投资调研天阳科技、妙可蓝多

Group 1: Tianyang Technology - Tianyang Technology positions its U Card platform as an end-to-end digital currency comprehensive service platform, covering the entire process from virtual currency import, exchange, fiat currency recharge, to card lifecycle management [1] - The U Card business focuses on corporate procurement card categories, with a clear and compliant demand, adopting a subscription-based fee model that includes a minimum transaction volume corresponding to a guaranteed monthly fee [1] - The core customer regions for the U Card business are Southeast Asia, Central Asia, and Africa, where there is a strong foundational customer base for stablecoin holdings [1] Group 2: Miaokelan Duo - Miaokelan Duo achieved positive growth in its cheese stick business in Q1 2025, with an increase in market share despite a cautious consumption environment [2] - The company employs a dual-brand strategy and product innovation to drive continuous growth in cheese sticks, launching various innovative products [2] - The sales expense structure shows that advertising and promotional expenses, along with employee compensation, account for over 80%, with plans to increase digital marketing investment in the future [2]