Core Points - The 2025 Zhengzhou Cross-Border E-Commerce Conference and Foreign Trade Quality Products China Tour (Henan Station) will be held from May 29 to 31 in Zhengzhou, focusing on the theme "Buy Global, Sell Global" [6][9] - The event will feature a combination of a "1+3+1" format, including a main conference, three specialized sessions, and an exhibition [6][7] - The exhibition will cover over 15,000 square meters and will be free for attendees, showcasing products from more than 300 foreign trade enterprises [9][11] Group 1 - The main event will take place on the morning of May 29, with an expected attendance of around 1,000 participants, including senior figures from the cross-border e-commerce sector [6][7] - Keynote speakers will include leaders from various international organizations and high-ranking executives from major e-commerce platforms, discussing trends in cross-border e-commerce and digitalization [6][12] - The three specialized sessions will focus on international cooperation, collaboration among Henan cross-border e-commerce entrepreneurs, and innovations in air freight logistics [7][8] Group 2 - The Foreign Trade Quality Products China Tour aims to assist foreign trade enterprises facing challenges and to promote the integration of domestic and foreign trade [9][10] - The exhibition will feature seven major categories, including food and agricultural products, home goods, clothing, and industrial tools, with a focus on high-quality products [10] - The event will utilize both online and offline strategies, including live streaming and partnerships with major e-commerce platforms to broaden sales channels [10][11] Group 3 - The event will also include participation from major logistics companies and payment service providers, enhancing the networking opportunities for attendees [12] - The organizers have invited diplomats and officials from various countries to foster international cooperation and exchange of ideas [12]

Group 1 - The core theme of the event was "Galactic Shine, Moving Towards the Future," highlighting the launch of the Ouman Galaxy heavy-duty trucks in Hebei, which aims to meet the urgent demand for efficient, intelligent, and reliable transportation equipment in the logistics industry [1] - Ouman Galaxy has secured a total of 177 orders during the launch event, demonstrating its strong appeal in the Hebei market [1] - The Ouman Galaxy 9 truck features advanced intelligent functions across driving, entertainment, and vehicle management, setting a new benchmark for smart heavy-duty trucks in China [3][7] Group 2 - The Ouman Galaxy 9 truck includes a comprehensive intelligent protection system for driving, which enhances fuel efficiency and reduces risks associated with lane departure and collisions [5] - The truck is designed as a "mobile smart living room," allowing voice control for navigation and entertainment, thus improving user interaction and operational efficiency [7] - The Ouman Galaxy 7 gas truck is positioned as a high-efficiency transport solution, featuring a powerful engine and advanced fuel-saving technologies, which significantly enhance its performance and economic viability [8][10] Group 3 - The Ouman Galaxy 5 truck is designed for the diverse logistics market in Hebei, focusing on lightweight construction and cost-effectiveness, which improves transportation efficiency and vehicle performance [11] - The launch of the entire Ouman Galaxy series represents a significant upgrade in logistics equipment for the Hebei region, aiming to reconstruct the regional transportation ecosystem [15] - The company's strategy emphasizes providing comprehensive transportation solutions rather than just selling vehicles, aiming to enhance profitability for users in the logistics sector [15]

Core Viewpoint - The completion of the steel structure for the Shenzhen Pinghu South Comprehensive Logistics Hub marks a significant advancement in the development of a smart logistics transportation model that integrates multiple modes of transport, enhancing the logistics capabilities of Shenzhen and supporting the Belt and Road Initiative [1] Group 1: Project Overview - The steel structure of the Shenzhen Pinghu South Comprehensive Logistics Hub Phase II, constructed by China Railway Construction Corporation, was completed on May 25 [1] - This project is one of the first 23 national logistics hubs in China, designed to create a seamless connection between rail, road, and maritime transport [1] Group 2: Strategic Importance - The project aims to improve the quality and efficiency of the China-Europe Railway Express, thereby enhancing the logistics capabilities of Shenzhen as a global logistics hub [1] - It plays a crucial role in promoting the influence of the Belt and Road Initiative, facilitating better logistics and transportation networks [1]

Core Insights - Hisense is entering a period of explosive growth with advancements in RGB three-color backlight technology, AI image quality chips, and strategic collaborations with competitors like Midea Group in AI applications and smart logistics [1] - The launch of the new laser television, the Exploration X1, aims to bring cinema-level projection technology into homes, featuring high-end components typically found in expensive cinema equipment [1] - Hisense has developed the Nano Spectrum Selective Screen Pro, achieving a stable brightness of 1000 nits and an environmental light blocking rate of 87%, significantly outperforming traditional LCD TVs [3] Product Developments - The Exploration X1 Ultra 120-inch model is priced at 69,999 yuan, while the base model, Exploration X1 92-inch, starts at 21,999 yuan, with additional discounts available [3] - Hisense plans to release larger versions of the Exploration X1, including 139-inch and 150-inch models, with the latter being comparable in size to half a standard badminton court [3] Market Positioning - Hisense emphasizes emotional connections in its marketing, promoting the idea that its laser televisions can create a warm and memorable family environment [4] - The company's television activation rate is 1.43 times the industry average, and the engagement with movie content is 1.81 times higher than the industry average [5]

Financial Performance - In Q1 2025, the company achieved revenue of ¥705,373,882.71, a year-on-year decrease of 8.25% [2] - The net profit attributable to shareholders for Q1 2025 was ¥69,909,924.40, down 28.69% year-on-year [2] Order and Market Expansion - The company confirmed a total order of ¥4 billion, with project implementation timelines of approximately 6 months for the renewable energy sector and 9-12 months for other sectors [1] - In 2024, the company secured new overseas orders amounting to ¥518 million, representing 20.40% of total orders, with a year-on-year growth of 172.36% [3] Growth Strategies - Future growth points include horizontal expansion into downstream industries, digital business extensions, and enhancing intelligent hardware and software products [4][9] - The company aims to optimize resource allocation and management through strategic mergers and acquisitions in the supply chain [4][9] Market Position and Industry Outlook - The company is positioned as a leading service provider in the smart logistics and intelligent warehousing sectors, benefiting from industry policy support and technological advancements [10] - The company plans to leverage its industrial internet platform to empower digital transformation and maintain a competitive edge [10] Shareholder Engagement and Value Return - The company has consistently implemented cash dividends, exceeding the total amount raised from previous fundraising efforts by mid-2024 [6] - Future share repurchase plans will be disclosed as they arise, with a focus on maintaining operational integrity and enhancing shareholder returns [7][6]

5月15日上午的开幕式由上海现代服务业联合会副会长、上海国际物流节常务副主任简大年主持。 他表示，作为全球贸易的"血脉"和产业升级的"加速器"，物流与供应链产业正以持续创新之姿重塑着全 球经济连接方式。在这个充满变革的时代，上海国际物流节不仅是一场行业盛会，更是思想碰撞、合作 共赢的全球舞台。 政企共话物流新生态 上海现代服务业联合会会长、上海国际物流节组委会主任孙建平做开幕式致辞。他指出，当前，国 际经济形势严峻复杂，国际供应链波动、绿色化转型压力和人才结构性缺失构成三大挑战。上海国际物 流节在应对挑战、采取切实行动中，极具现实意义。他表示，本届国际物流节将全方位、多角度、立体 化地展示物流技术成果，加快前沿技术装备在物流行业的应用步伐，激发物流技术装备企业市场活力， 推动物流行业提质增效、降低成本，增强产业链供应链的韧性和安全性，系统助推本市现代物流体系的 建设。 孙建平详细介绍了本次活动聚焦的三大主线。一是标准引领。宣贯国标/团标，为物流与供应链产 业提供规范化指引；二是产学协同。将成立高校物流与供应链EMBA联席会议，集聚高端复合型领军人 才队伍；三是场景创新。物流节期间将集中举办15场专业论坛，分享 ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting the potential for growth driven by favorable policies and market dynamics [6][7]. Core Insights - The report emphasizes three main investment themes: the white goods sector, export opportunities, and core components, suggesting a robust growth trajectory for these areas [7]. - Recent developments include a strategic cooperation agreement between Midea Group and Hisense Group, focusing on AI applications and advanced manufacturing [6][14]. - The report notes a significant increase in sales and prices for air conditioners and kitchen appliances, indicating a strong market demand [4][5][33][35]. Summary by Sections 1. Market Performance - The home appliance sector underperformed compared to the CSI 300 index, with a slight increase of 0.1% in the sector index while the CSI 300 rose by 3.3% [6][8]. - Key companies such as Huaxiang Co. and Rongtai Health showed significant gains, while others like Hisense Vision and XGIMI faced declines [10]. 2. Industry Dynamics - The US-China trade agreement resulted in a temporary suspension of 24% tariffs for 90 days, which is expected to benefit the home appliance sector [6][13][59]. - The report highlights the importance of the real estate market's recovery for the white goods sector, with a projected increase in production [7][42]. 3. Sales Data - In April 2025, online sales of air conditioners reached 3.36 million units, a year-on-year increase of 39.2%, while offline sales were 537,000 units, up 9.6% [4][33]. - For kitchen appliances, online sales of range hoods increased by 15.6% to 430,000 units, and offline sales rose by 31.0% to 99,000 units [5][35]. 4. Component Sales - The report indicates a 9.7% year-on-year increase in the sales of rotary compressors, with a total of 31.4 million units sold in March 2025 [23][27]. - The sales of electronic expansion valves also saw a significant increase of 18.4% year-on-year [25]. 5. Macroeconomic Environment - As of May 16, 2025, the USD to CNY exchange rate was reported at 7.1938, reflecting a slight increase of 0.08% since the beginning of the year [41]. - The report notes a 20.21% year-on-year increase in the sales area of residential properties, indicating a positive trend in the real estate market [42].

Investment Rating - The report recommends investing in the logistics sector, specifically highlighting SF Holding as a strong candidate due to its valuation, operational resilience, and shareholder returns [2]. Core Insights - The express delivery sector saw a year-on-year growth of 19.1% in business volume for April, while the average revenue per package decreased by 7% [2]. - The logistics sector is under pressure with domestic shipping prices for liquid chemicals declining, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3]. - The aviation sector is experiencing a recovery with an increase in flight operations and a new visa-free policy expected to boost inbound tourism [4]. Summary by Sections Transportation Market Review - The transportation index increased by 2.1% from May 10 to May 16, outperforming the Shanghai Composite Index by 1% [12]. Express Delivery - In April, the express delivery business volume reached 163.2 billion packages, a 19.1% increase year-on-year, with revenue of 121.28 billion yuan, up 10.8% [2]. - The average revenue per package was 7.43 yuan, down 7% year-on-year [2]. Logistics - The domestic shipping price for liquid chemicals was 163 yuan/ton, down 15.1% year-on-year [3]. - Hai Chen Co. is recommended due to its focus on smart logistics and improving demand in the consumer electronics sector [3]. Aviation and Airports - The average daily flight operations reached 14,919, a 5.58% increase year-on-year, with international flights up 17.67% [4]. - The introduction of visa-free travel for five countries is expected to enhance tourism [4]. Shipping - The export container shipping index (CCFI) was 1,104.88 points, down 0.1% week-on-week and down 20.5% year-on-year [22]. - The domestic container shipping index (PDCI) was 1,163 points, down 0.8% week-on-week but up 7.8% year-on-year [33]. Road and Rail - National highway truck traffic increased by 15.15% week-on-week, with a total of 51.75 million trucks [82]. - Railway passenger turnover was 1,121.34 billion person-kilometers, down 1.31% year-on-year [79].

Core Viewpoint - The company, Lanjian Intelligent Technology Co., Ltd., has received an inquiry letter regarding its 2024 annual report disclosure, prompting a detailed response about its revenue recognition and business performance. Group 1: Revenue and Business Performance - In 2024, the company's main business segments include intelligent warehousing logistics automation systems, operational services, and others, with total revenue reaching 1.206 billion yuan, a 23.75% increase from 2023 [2][3] - The revenue from the intelligent logistics system was 1.122 billion yuan, marking a 25.77% increase from 2023, driven by demand across various industries including tobacco, pharmaceuticals, and e-commerce [4][6] - The operational service revenue decreased slightly by 3.25% to 38.80 million yuan, while technical consulting services saw a significant increase of 2103.47% to 837,700 yuan [3][4] Group 2: Market Trends and Competitive Analysis - The growth in revenue is attributed to favorable government policies promoting smart manufacturing and rising demand for automation due to increasing land and labor costs [5][6] - Compared to industry peers, Lanjian's revenue growth rate of 23.80% stands out, while competitors like Jintian International and Yinfeng Storage experienced declines [6][7] - The company has established a competitive edge through innovation in logistics technology and a comprehensive service capability that meets diverse customer needs [5][6] Group 3: Revenue Recognition Policies - The company recognizes revenue based on initial acceptance reports, with 97.14% of the intelligent logistics system revenue confirmed this way, aligning with industry practices and accounting standards [9][12] - The revenue recognition policy has remained consistent since the IPO, with no adverse conditions affecting the transition from initial to final acceptance [12][15] - The operational service revenue is recognized upon confirmation of monthly service fees based on performance metrics, ensuring compliance with accounting standards [19][21] Group 4: Customer and Supplier Dynamics - The company has seen changes in its top five customers and suppliers, with new entrants like BYD and Hikvision, reflecting shifts in procurement needs and market dynamics [21][22] - The operational model involves significant investments in automation systems, which impacts cash flow and limits the ability to undertake multiple projects simultaneously [19][24] - The company maintains a cautious approach to revenue recognition from major clients, ensuring that all sales are terminal sales and that income is recognized accurately [22][23]

关于兰剑智能科技股份有限公司 致同会计师事务所（特殊普通合伙） 致同会计师事务所（特殊普通合伙） 中国北京朝阳区建国门外大街 22 号 赛特广场 5 层邮编 100004 电话 +86 10 8566 5588 传真 +86 10 8566 5120 www.grantthornton.cn 关于兰剑智能科技股份有限公司 致同专字（2025）第 371A013925 号 上海证券交易所： 致同会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托对兰剑智 能科技股份有限公司（以下简称"公司"或"兰剑智能公司"）2024 年财务报表，包 括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、 合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注进行 审计，并于 2025 年 3 月 27 日出具了致同审字（2025）第 371A005425 号的无保留 意见审计报告。 我们于近日收到了兰剑智能公司转来的贵所出具的《关于兰剑智能科技股 份有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】 函相关问题的说明以及我们对兰剑智能公司 2 ...