Ge Long Hui A P P·2025-11-14 06:23Core Viewpoint - The report from Cinda Securities highlights that Hars has established a significant presence in the overseas supply chain of well-known brands, with a projected cooperation amount of 2.326 billion yuan from its top five clients in 2024, accounting for 88.4% of its OEM revenue and 69.8% of total revenue [1] Group 1 - The company is the first in the industry to possess overseas production capacity, with a planned capacity of 30 million units at its Thailand base [1] - The company is expected to enhance its global market share amid uncertainties in global trade [1] - A dual upgrade in organizational restructuring and capability leap is planned for 2025, with an independent team for research, production, and sales to achieve an end-to-end closed loop from market insight to product launch [1] Group 2 - The company is building a comprehensive network that integrates offline, online, new retail penetration, private domain retention, and instant retail [1] - Recent trials with co-branded products, such as those with the Palace Museum, indicate a strategy to capitalize on the growing IP economy [1] - The company has set ambitious goals, aiming for brand revenue to approach manufacturing by 2028, with expectations for high growth in its OBM business [1]