Core Viewpoint - Geli Si (歌力思) has been awarded the "Supply Chain Influence Award" for its outstanding practices in Environmental, Social, and Governance (ESG) areas, highlighting its commitment to sustainable development and responsible corporate governance [1][4]. Group 1: ESG Practices - The award aims to recognize companies that excel in environmental sustainability, social responsibility, and corporate governance, promoting the integration of economic efficiency and social responsibility [1]. - Geli Si emphasizes sustainable development throughout its operations, providing high-quality, personalized fashion products while maintaining a diverse product matrix [4]. Group 2: Supply Chain Management - The company has established a comprehensive supplier management system, ensuring the safety and stability of its supply chain through strict supplier admission, assessment, and exit mechanisms [4]. - Geli Si utilizes digital management tools to enhance supplier management and evaluation, achieving refined supply chain management [4][5]. - Close collaboration with suppliers has led to stable raw material supply and cost optimization, significantly improving supply chain responsiveness and efficiency [4]. Group 3: Green Supply Chain Initiatives - Geli Si actively promotes sustainable practices by encouraging suppliers to use eco-friendly materials and optimize production processes, thereby reducing carbon emissions [5]. - The company has partnered with low-impact fabric suppliers to facilitate the transition to a low-carbon supply chain [5]. - Geli Si advocates for the reuse of inventory fabrics, which not only reduces procurement quantities but also minimizes environmental impact [5]. Group 4: Employee Welfare and Social Responsibility - The company protects employees' legal rights and provides safe working conditions, while also focusing on their comprehensive development through training and innovation initiatives [6]. - Geli Si participates in public welfare by donating funds to educational institutions, supporting the development of education [6]. - The company aims to enhance supply chain competitiveness and sustainability while creating value for consumers and contributing to society [6].

Company Overview - Huanyu He Yi Emergency Rescue Materials (Guangdong) Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The company is wholly owned by Huanyu He Yi Huize Supply Chain Management (China) Co., Ltd. [1] Business Scope - The business scope includes emergency rescue services, vehicle towing, earthquake services, hazardous chemical emergency rescue services, and sales of diving and salvage equipment [1] - Additional services include business training (excluding licensed training), educational consulting, camping site services, urban management, sales of smart drones and robots, software development, and various consulting services [1] - The company also engages in the sale of environmental emergency technical equipment, medical devices, food (only pre-packaged), and automotive services including maintenance and sales of new energy vehicles [1] Corporate Structure - The legal representative of the company is Liu Dong [1] - The company is classified as a limited liability company (sole proprietorship) [1] - The business registration is valid until July 28, 2025, with no fixed term thereafter [1]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 285.77 RMB per ADS, corresponding to 40.01 USD per ADS based on a FY2026 PE of 18X [4]. Core Views - The company has a strong market position with over 24,097 stores as of Q1 2025, focusing on a self-pickup model at an affordable price range of 10-15 RMB [2]. - The company is expected to see significant growth in non-GAAP net profit, projected at 43.42 billion RMB for FY2025, 56.05 billion RMB for FY2026, and 73.12 billion RMB for FY2027, reflecting year-on-year growth rates of +32.1%, +29.1%, and +30.5% respectively [4]. - The coffee market in China is anticipated to grow at a CAGR of 21.6% from 2023 to 2027, indicating substantial potential for the company [49]. Summary by Sections Company Overview - The company operates a self-pickup model and has established itself as a leading player in the coffee market with strong capabilities across products, channels, brands, and supply chains [2]. Investment Logic - The company is positioned to benefit from the growing coffee consumption trend in China, with significant room for growth compared to more mature markets like the US and Japan [49]. Profit Forecast, Valuation, and Rating - The company’s revenue is projected to grow from 24.9 billion RMB in 2023 to 67.9 billion RMB by 2027, with a compound annual growth rate (CAGR) of 20.1% [8]. - The report highlights a healthy growth trajectory in both direct and franchise operations, with direct store numbers expected to increase significantly [70]. Strategic Store Opening - The company has entered a positive same-store sales growth cycle with a Q1 2025 same-store sales growth (SSSG) of +8.1% [15]. - The company has maintained a rapid store opening pace, with a net increase of 1,757 stores in Q1 2025 [32]. Competitive Positioning - The company leads the industry in terms of store count and market share, with a GMV market share of 21.8% as of 2023 [29]. - The company has a robust supply chain and digital capabilities, enhancing operational efficiency and product innovation [46]. Market Potential - The coffee market in China is still in a growth phase, with significant potential for increased per capita consumption [49]. - The company is exploring international markets, having entered regions like Singapore, Malaysia, and the US, with a focus on competitive pricing [56]. Financial Projections - The company expects to achieve substantial revenue growth driven by both direct and franchise operations, with total revenue projected to reach 46.95 billion RMB in FY2025 [70]. - The report anticipates a decrease in fulfillment costs as the number of stores increases, contributing to improved profitability [73].

Group 1 - Dongpeng Beverage Group Co., Ltd. has invested 10 million RMB to establish Guangdong Dongpeng Beverage Supply Chain Management Co., Ltd., holding 100% of the shares [1] - The newly established company is classified under the unloading, handling, and warehousing industry [1] - Guangdong Dongpeng Beverage Supply Chain Management Co., Ltd. was founded on July 17, 2025, with Lin Mugang as the legal representative [2] Group 2 - The registered capital of the new company is 10 million RMB, and it is located in Zhuhai City [2] - The company is authorized to engage in various activities, including food sales, food internet sales, road cargo transportation (excluding hazardous goods), and customs-regulated cargo warehousing services [2] - Additional services offered by the company include supply chain management, cargo handling, import and export of goods, and various transportation agency services [2]

Core Viewpoint - The article discusses the strategic supply chain management of Li Auto, emphasizing its focus on self-research and collaboration with suppliers to enhance product competitiveness and ensure supply security [5][22][29]. Group 1: Company Overview and Growth - Li Auto's core component, the rear electric drive, is its first self-developed and manufactured product [2]. - The company has shown remarkable growth, with revenue soaring from 2.9 billion yuan in 2021 to 16.2 billion yuan in 2024 [4]. - Li Auto has expanded its partnerships beyond startups to include major domestic and international automotive brands [4][5]. Group 2: Supply Chain Strategy - Li Auto's strategy prioritizes supply chain construction, aiming for rapid technological innovation and efficient product iteration [5][6]. - The company employs a four-tier supplier management system, ranging from self-research and manufacturing to strategic partnerships [15][22]. - The geographical clustering of suppliers in Jiangsu province enhances supply chain resilience and reduces transportation costs [13][14]. Group 3: Self-Research and Collaboration - Li Auto has invested in self-research for core components, such as the rear electric drive system, to improve efficiency and product competitiveness [15][18]. - The company collaborates with suppliers like Huichuan and Ningde Times to co-develop critical technologies, ensuring a stable supply of key components [17][20]. - Li Auto's partnership with Sico Semiconductor aims to develop third-generation semiconductor technology, enhancing its product offerings [17][18]. Group 4: Challenges and Market Position - Li Auto has faced challenges, including production halts and sales fluctuations, impacting its supply chain [26][28]. - The company differentiates itself from competitors like Tesla and BYD by defining products first and then selecting suitable suppliers, focusing on mutual benefits [29]. - The success of Li Auto's supply chain strategy, termed "Li Chain," hinges on accurate market demand and technology trend assessments [29].

Core Viewpoint - The article discusses Li Auto's four collaboration models with suppliers, emphasizing the importance of strategic partnerships and self-research in enhancing product competitiveness and supply chain security [1][5][13]. Group 1: Collaboration Models - **Self-Research and Manufacturing**: Li Auto designs and produces key components in-house, such as the rear electric drive system for the i8, to ensure competitive efficiency and product integration [6][7]. - **Self-Research with Key Technology Lock-in**: The company collaborates with suppliers like Huichuan to co-develop critical components, such as the front electric drive, to mitigate risks and enhance supply chain security [8][9]. - **Deep Cooperation for Cutting-Edge Technology**: Li Auto invests heavily in partnerships, such as with CATL for the 5C ultra-fast charging Kirin battery, which significantly improves charging times and vehicle range [11][12]. - **Strategic Cooperation for Product Optimization**: Collaborations with companies like Horizon and Hesai lead to customized components that meet specific technical requirements, enhancing overall product performance [12][14]. Group 2: Supply Chain Strategy - **Investment in Core Technologies**: Li Auto focuses on self-research in critical areas like battery cell technology while outsourcing manufacturing to specialized firms, ensuring advanced technology without heavy capital investment [14]. - **Dynamic Supplier Management**: The company maintains a flexible supplier base of approximately 500, aiming to streamline this number for better cost efficiency and competitive advantage [14]. - **Balancing Self-Research and Outsourcing**: Li Auto adopts a dual approach of self-research and external procurement to foster healthy competition among suppliers, ensuring continuous technological advancement and cost optimization [13][14].

Core Viewpoint - The article discusses a significant corruption case involving a high-ranking executive at Ele.me, highlighting issues in supply chain management and corporate governance that allowed for the misconduct to occur [1][5]. Group 1: Corruption Case Details - The corruption case involved Han Liu, the former CEO of Ele.me, who, along with others, accepted bribes exceeding 40 million yuan from suppliers starting in July 2023 [1][2]. - The investigation revealed that Han Liu and his associates leveraged their control over logistics and supplier management to benefit bribing suppliers, creating a complete chain of interest transfer [2][4]. Group 2: Systemic Issues - The case raises questions about the systemic failures within Ele.me, particularly the concentration of power and lack of transparency in supplier selection criteria [3][4]. - The internal controls and anti-corruption mechanisms at Ele.me were found to be severely lacking, with a significant delay in detecting the corruption, which persisted for nearly two years [5][8]. Group 3: Implications for ESG - The incident has implications for ESG (Environmental, Social, and Governance) practices, indicating that the governance aspect is often overlooked, especially regarding the absolute power held by executives [5][6]. - The lack of a transparent compliance system for supplier management has been identified as a critical vulnerability that facilitated the corruption [5][8]. Group 4: Broader Industry Context - The article suggests that the flat management structure typical in internet companies may increase the risk of corruption, as it grants significant power to lower-level employees [10][11]. - The unique characteristics of internet companies, such as the anonymity and high turnover of digital resources, create additional challenges for traditional regulatory frameworks to detect corruption [10][11]. Group 5: Recommendations for Improvement - To combat corruption, companies should enhance their internal oversight mechanisms and consider separating powers to prevent the concentration of authority [12]. - Establishing a governance responsibility loop that includes problem detection, reporting, handling, and disclosure is essential for effective anti-corruption measures [12].

Core Viewpoint - The article discusses the strategic supply chain management of Li Auto, emphasizing its focus on self-research and manufacturing of key components, particularly the rear electric drive system for the i8 model, to enhance product competitiveness and ensure supply security [2][12][14]. Group 1: Company Overview and Performance - Li Auto's partner, United Power, has completed its IPO registration, marking a significant step in its listing process, with revenue growth from 2.9 billion yuan in 2021 to 16.2 billion yuan in 2024 [2]. - Li Auto has crossed the milestone of one million sales and over 100 billion yuan in revenue, positioning United Power among China's leading suppliers of core components for electric vehicles [3]. Group 2: Supply Chain Strategy - Li Auto's strategy prioritizes supply chain construction, aiming for rapid technological innovation and efficient product iteration through deep collaboration with suppliers [4][5]. - The company employs a four-tier supplier management system, ranging from self-research and manufacturing of core components to strategic partnerships for optimizing product definitions [6][12][19]. Group 3: Self-Research and Manufacturing - The rear electric drive system for the i8 is developed in-house, utilizing silicon carbide technology to enhance efficiency, which is crucial for maximizing internal space [13][16]. - Li Auto has invested in a production line capable of producing one million electric drives annually, ensuring supply security and competitive advantage [14][15]. Group 4: Collaborative Development - For critical components, Li Auto opts for self-research followed by joint manufacturing with suppliers, exemplified by the partnership with United Power to develop the front electric drive [15]. - The collaboration with semiconductor company Sico has led to the production of silicon carbide power modules, significantly improving vehicle range and design flexibility [16]. Group 5: Strategic Partnerships - Li Auto has engaged in deep cooperation with battery suppliers like CATL and Xinwanda, establishing dedicated teams to enhance integration and data sharing for quality control [17][18]. - The company has also partnered with Horizon Robotics for advanced chip technology, ensuring that its vehicles meet high-performance standards [19]. Group 6: Market Positioning and Risks - Li Auto's supply chain strategy is influenced by the need to balance self-research and external procurement, ensuring competitive pricing and technological advancement [21][22]. - The company has faced challenges, including production halts and sales fluctuations, which have impacted its supply chain and financial performance [24][25][26].

Core Insights - The importance of the supply chain in the restaurant industry is emphasized, as it connects upstream agricultural products with downstream dining enterprises, directly affecting operational costs and food quality [1] - Haidilao has maintained high standards for its supply chain over its 30 years of operation, focusing on integrity and quality to provide high-quality products to consumers [1] Group 1: Supply Chain Management - Haidilao classifies suppliers into A, B, and C grades based on risk levels, with a focus on managing and supporting high-risk suppliers [1] - The company has conducted approximately 4,000 surprise inspections on food safety projects across its nationwide stores and over 500 flying audits on suppliers, testing nearly 2,000 batches of materials by November 2024 [1] Group 2: Product Quality Assurance - The company has partnered with four bullfrog breeding bases after thorough research in regions like Hunan, Hubei, and Anhui, implementing various improvement measures to standardize breeding practices [2] - Haidilao's winter 2024 new product "浓浓浓菌汤" has received positive consumer feedback, with its main ingredient, mushrooms, sourced from strictly vetted partner factories [2] Group 3: Supplier Support and Training - Haidilao has established a food safety learning ecosystem for suppliers, providing training on food safety and processing standards, along with customized solutions to enhance management and production efficiency [2] - The company ensures traceability in the entire food supply chain, from sourcing to the dining table, by strictly selecting suppliers and providing technical support and talent development [2]

Core Viewpoint - The third China International Supply Chain Expo highlights the global demand for stable industrial and supply chains amidst geopolitical tensions and economic globalization challenges, showcasing China's commitment to enhancing global supply chain resilience and fostering cooperation [1][4]. Group 1: Event Overview - The expo attracted 1,200 domestic and foreign enterprises, indicating a higher level of international participation compared to previous editions, with a clearer supply chain logic and a stronger emphasis on innovation [1]. - Six major exhibition areas were established, including advanced manufacturing, clean energy, smart automotive, digital technology, healthy living, and green agriculture, providing a platform for real-world connections and showcasing the entire lifecycle from R&D to application [1][2]. Group 2: Industry Participation - Major global companies such as Airbus, NVIDIA, and Schneider participated for the first time, demonstrating the integration of supply chains and the collaborative achievements with Chinese partners [2]. - The expo reflects how deep cooperation in supply chains can enhance human well-being, with leading firms from healthcare, food, and cosmetics presenting their latest products and services [2]. Group 3: Global Supply Chain Challenges - The stability of global supply chains has been severely threatened by unilateralism, trade protectionism, and geopolitical tensions, leading to increased fragmentation risks and reduced efficiency in global economic operations [3]. - Companies are shifting from an "efficiency-first" approach to a "resilience-first" strategy, focusing on diversified procurement, regional production, and localized operations to enhance supply chain resilience [3]. Group 4: China's Role in Global Supply Chains - China is positioned as a "stabilizing anchor" in global supply chains due to its dual advantages in supply and demand, as well as its deep integration capabilities across various sectors [4]. - The country has developed a comprehensive and competitive industrial system, accounting for nearly 30% of global manufacturing value added, and continues to attract global capital with a high level of openness and innovation [4]. Group 5: Future Outlook - The maintenance of global supply chain stability is crucial for healthy economic development and mutual benefits, with a call for countries to foster a fair, open, and predictable market environment [5].