如今，这个选择已被证明具有前瞻性：2011年曾烨把线下分销公司整体搬上云端，成为国内最早"啃元 器件长尾采购硬骨头"的线上玩家；14年后，云汉芯城以15.89万家企业客户、69.65万平台注册用户、年 峰值订单6.8万笔的成绩登陆创业板，为"产业互联网如何跑通"提供了"云汉样板"。 C 12 67 (E t 曾烨 ◎记者 邓贞 "小订单，也能长出大平台。"云汉芯城董事长曾烨对上海证券报记者说。这一总结看似轻描淡写，背后 其实是公司对电子产业互联网二十多年的探索历程。从2002年深圳华强北的一家传统元器件分销商，到 如今服务超15万家企业客户的产业互联网标杆，曾烨带领云汉芯城走出了一条以数字化重构电子供应链 的独特路径。 目前，云汉芯城线上商城每日可支持上百万级的搜索量，搜索匹配率维持在90%左右，月处理订单数峰 值达6.8万笔，报关商品归类自动匹配率超95%。 把握行业痛点，建立B2B线上商城 曾烨的创业故事始于2002年的深圳。当时，他创立"云汉电子"，从事电子元器件的传统代理与分销业 务。多年的线下经营让他深入了解到电子制造行业的核心痛点——小批量采购需求难以得到有效满足。 电子元器件行业长期存在"上游批 ...

Core Insights - The competition in the bulk commodity circulation industry is shifting from traditional resource competition to data asset competition, prompting companies to innovate and adapt to digital transformation [1] - Zhejiang Zhongtuo is showcasing its digital supply chain services at the Global Digital Trade Expo, emphasizing the need for a more concentrated, greener, and smarter industrial chain [1] Group 1: Digital Transformation - Zhejiang Zhongtuo has established a unified data operation platform covering management dashboards, customer analysis, financial monitoring, and logistics tracking, with nearly 700 key indicators and numerous analysis scenarios implemented [3] - The company has upgraded its smart operation system, enabling 24-hour intelligent monitoring and full-process digital management [3] - An AI task force has been formed to address business pain points, focusing on applications in contract review, risk warning, and customer profiling [4] Group 2: Supply Chain Resilience - The digital value lies in the seamless collaboration across the entire supply chain, enhancing resilience through improved information flow and resource utilization [5] - The core brand, Zhongtuo Guangying, integrates photovoltaic trade, engineering design, EPC contracting, and smart operation services into a digital management platform, achieving online closed-loop control across the business chain [5] - The smart operation system has connected over 50,000 completed power stations and more than 50,000 inverter devices, enabling real-time monitoring of power generation data [6] Group 3: Global Expansion - Zhejiang Zhongtuo's logistics network has made its first breakthrough in the Middle East with the successful establishment of an overseas warehouse in Dubai [8] - The company has initiated a global strategy focusing on various sectors, including black metals, energy chemicals, new energy, and agricultural products, to build a collaborative global supply chain [8] - The first overseas photovoltaic project has been launched in Portugal, providing comprehensive solutions for rooftop photovoltaic installations [8] Group 4: Future Directions - The company aims to continue expanding globally while integrating into the broader ecosystem, focusing on collaboration with upstream and downstream partners to promote a more concentrated, greener, and smarter industrial chain [11]

技术现状 随着信息技术的快速发展，数字化和智能化成为健康电商平台提升服务效率和用户体验的核心手段。根据工信部发布的《数字经济发展报告2023》，零售行 业数字化渗透率逐年上升，尤其是健康电商领域，技术赋能成为提升用户满意度和运营效率的重要驱动力。在银发群体日益增长的健康消费需求背景下，数 字化供应链和智能服务平台的重要性愈发突出。 平台应用 超拼网利用大数据、人工智能（AI）及数字化供应链管理，实现从药厂、农田到家庭的全流程直达配送。平台通过智能算法分析老年用户的健康需求，精 准推荐营养补充品、保健器械及生活辅助用品。数字化技术不仅优化了库存管理和物流调度，还能根据用户购买记录预测需求，提升服务效率和用户体验。 旗下"超拼银龄"结合线上问诊、处方开具和药品配送，实现慢病管理闭环，为用户提供一站式健康服务。与此同时，平台通过"超拼健康"板块整合线上线下 健康管理资源，让老年用户在购物的同时，获得健康咨询和个性化干预方案。 用户体验优化 对行业影响 数字化供应链模式不仅降低了中间流通成本，也提升了健康电商行业的整体透明度和效率。《药品管理法》要求药品及保健品必须符合国家标准，数字化供 应链有助于保障这一要求。超拼 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Seres Group Co., Ltd. (601127), which plans to issue up to 331,477,235 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] Company Development - Seres has undergone three entrepreneurial phases: 1. Initial phase (1986): Started with automotive parts like springs and shock absorbers, later expanded into motorcycles, establishing a manufacturing foundation 2. Second phase (2003): Entered vehicle manufacturing through a joint venture with Dongfeng Motor, gaining experience in complete vehicle production 3. Third phase (2016): Fully transitioned to the new energy vehicle sector, launching the core brand "AITO" in 2021 and rebranding from "Chongqing Xiaokang Industrial Group" to "Seres Group" in 2022, marking a strategic focus on new energy [3] Financial Performance - Revenue for 2023 is projected at 35.8 billion yuan, increasing to 145.1 billion yuan in 2024, a year-on-year surge of 305.5%, primarily driven by the sales volume of AITO models [7] - Gross margin is expected to rise from 7.2% in 2023 to 23.8% in 2024, an increase of 16.6 percentage points; net profit is forecasted to shift from a loss of 2.4 billion yuan in 2023 to a profit of 5.9 billion yuan in 2024, making it the fourth global new energy vehicle company to achieve profitability [7] Competitive Advantages - Recognition of new luxury brand: AITO ranks third in sales among high-end new energy passenger brands in China for 2024, with M7 and M9 dominating the 300,000 and 500,000 yuan market segments, respectively [6] - Efficient operational system: The company employs DSTE, IPD, and IPMS processes to achieve full-link collaboration from concept to mass production, leading the industry in product development efficiency [6] - Technological innovation barriers: AITO M9 features over 40 industry-leading technologies, while M8 includes over 40, with several being first in the industry [6] - Supply chain and manufacturing capabilities: The digital supply chain provides real-time alerts on key component quality, and the super factory utilizes digital twin and AI technology, achieving over 90% automation in production [6] - Comprehensive lifecycle service ecosystem: By the end of 2024, the company will have 670 experience centers and 310 user centers across over 210 cities, offering 24-hour rescue and service [6] - Entrepreneurial spirit and team: The management team has over 20 years of experience in the automotive industry, with R&D personnel expected to reach 7,117 by the end of 2024, a year-on-year increase of 28.72% [6] Production and Delivery - The company operates three smart factories with a combined annual production capacity of approximately 600,000 vehicles; the AITO M9 is projected to produce over 150,000 units within 10 months of its launch, demonstrating strong delivery capabilities [7] Market Reputation - In the second half of 2024, AITO's brand NPS (Net Promoter Score) is expected to reach 82%, ranking first in the new energy vehicle reputation list; the company has also been recognized for three consecutive years by Frost & Sullivan for having the best quality among new energy vehicle models [7]

Core Viewpoint - The successful IPO of Jianfa Zhixin marks a significant milestone for the company, which is a leading player in the medical device supply chain management sector, reflecting its strong market position and innovative service model [1][9]. Company Overview - Jianfa Zhixin has been approved for its IPO on the Shenzhen Stock Exchange with an initial price of 7.05 yuan per share, opening at 36.00 yuan, representing a 427% increase on the first day [1]. - The company focuses on enhancing the efficiency of medical device distribution and has developed an integrated service system covering direct sales, distribution, and SPD (supply chain management) services [2][3]. Business Model and Innovation - The company employs a unique "direct sales + distribution + SPD" model, which strengthens its competitive edge by enhancing customer loyalty and operational efficiency [3]. - Jianfa Zhixin is committed to digitalization and precision management, which drives service enhancement and operational improvements, allowing clients to reduce costs and increase efficiency [4][6]. - The SPD service represents a shift from traditional distribution to high-value service output, embedding the company deeply into hospital operations and creating long-term partnerships [5][9]. Financial Performance - In the first half of 2025, Jianfa Zhixin reported a revenue of 9.829 billion yuan, a 12.2% increase year-on-year, and a net profit of 137 million yuan, up 42.4% [7]. - The company's total assets reached 13.885 billion yuan, a 5.9% increase from the end of 2024, indicating a robust capital structure and operational efficiency [7]. - Cash flow from operating activities improved significantly, narrowing the net cash outflow to 139 million yuan from 393 million yuan in the previous year, attributed to better management of accounts receivable and inventory turnover [8]. Industry Context - The medical device distribution industry is undergoing structural upgrades due to increased demand for efficient and centralized operations amid cost control measures in hospitals [8][9]. - The implementation of UDI (Unique Device Identification) is raising standards for supply chain information and compliance, benefiting leading companies like Jianfa Zhixin that possess technological advantages [8][9].

1. Report Industry Investment Rating There is no information provided in the content regarding the report industry investment rating. 2. Core Viewpoints of the Report - The global high - value medical consumables market is expected to reach $347.8 billion in 2031, with a compound growth rate of 8.4% from 2025 - 2031. The Chinese high - value medical consumables market is currently under pressure but has great potential in the future due to the release of demand from an aging population [23][24]. - The medical device industry has long - term growth potential driven by factors such as the "Healthy China 2030" strategy, aging population, and technological innovation. The market size of Chinese medical devices in 2024 was about 1.0638 trillion yuan, and the growth rate from 2025 - 2030 is expected to be about 3% [31][32]. - The company's innovative business model, national service network, integrated control, and digital supply chain capabilities give it significant competitive advantages in the medical device industry [38][39][40]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Guoke Hengtai, and the reception time is September 17, 2025. The listed company's reception personnel include the chairman, general manager, independent director, and other executives [16]. 3.2. Detailed Research Institutions - The reception objects are investors who participated in the company's 2025 semi - annual online performance briefing online, and the reception object type is "other" [19]. 3.3. Research Institution Proportion There is no information provided in the content regarding the research institution proportion. 3.4. Main Content Data 3.4.1. Market Situation of High - value Medical Consumables - The global high - value medical consumables market maintains a steady growth trend, but faces challenges such as rising raw material prices, capital market fluctuations, and supply chain disruptions. The Chinese market is under pressure from volume - based procurement but will have greater space in the future with the release of demand [23][24]. 3.4.2. Warehouse and Logistics Network - As of June 30, 2025, the company has 111 branches and subsidiaries in 31 provinces, municipalities, and autonomous regions, with a 2 - hour delivery radius covering over 80% of tertiary hospitals in China. It completed 80,000 surgical support operations in the first half of 2025. The company has 9 third - party warehouses in 8 cities, which can improve operational efficiency and reduce costs [25]. 3.4.3. Informatization System Construction - The company has a mature information system, using cloud computing and other advanced technologies to build four middle - platform support architectures. It has formed an industry - leading information management system, achieving real - time interaction of internal and external information, and promoting the digital transformation of the medical device supply chain [25][26]. 3.4.4. Market Value Management - The company attaches great importance to market value management, including strengthening top - level design, focusing on enhancing investment value, and normalizing the market value management working mechanism [34][35][36]. 3.4.5. Digital Supply Chain - The company has developed a digital core product "Juxietong", which provides comprehensive solutions for medical device manufacturers, helps with channel collaboration, and reduces costs and risks at the hospital end [29][30][31]. 3.4.6. Industry Development Trends and Policy Support - The medical device industry has long - term growth potential. In 2025, the state introduced policies to support the high - quality development of the industry, such as promoting the construction of a unified national market and optimizing the review and approval process [31][33]. 3.4.7. Tianjin Public Bonded Warehouse - In April 2025, the company's public bonded warehouse in Tianjin completed its first cargo storage. It can reduce the operating costs of medical device enterprises and shorten the turnover time of goods [34]. 3.4.8. Business Model and Competitive Advantages - The company's innovative business model of "one - stop product distribution platform + hospital - end service platform" and its national service network, integrated control, and digital supply chain capabilities form significant competitive advantages [38][39][40]. 3.4.9. Risk Control - The company has established a complete risk control system, covering the whole process from project initiation to execution, and will continue to optimize risk management [42]. 3.4.10. Cooperation with Manufacturers - The company has become a fixed partner of well - known domestic and foreign medical device manufacturers in the Chinese mainland, with product lines covering multiple departments [42]. 3.4.11. Operating Cash Flow - In the first half of 2025, the company's operating cash flow reached 387 million yuan, a year - on - year increase of 11.21% [44].

Group 1 - COSCO Shipping Holdings announced the establishment of a joint venture company, Shenzhen COSCO Shipping Smart Supply Chain Co., Ltd., with a total registered capital of RMB 1 billion [1] - The investment amounts from the parties involved are RMB 370 million from COSCO Shipping (Hong Kong), RMB 300 million from Guangzhou COSCO Shipping Logistics, RMB 230 million from Shenzhen Port Logistics Group, and RMB 100 million from China Communications Construction Company [1] - The joint venture will focus on various logistics services including loading and unloading, general warehousing, cold storage, international freight forwarding, and supply chain comprehensive services [1] Group 2 - COSCO Shipping Holdings aims to enhance its integrated supply chain operation system by focusing on container shipping, ports, and related logistics, driven by customer demand [2] - The project is expected to serve as a logistics hub for cargo around Yantian Port, providing high-standard warehouses and multifunctional logistics parks, thus supporting the integration of regional service and advanced manufacturing industries [2] - This initiative will strengthen the company's strategic layout in the Pearl River Delta region and serve as a core infrastructure for expanding digital supply chain business scale [2]

Core Viewpoint - China Unicom launched the "Tongtong Huigou - Tianfu Mall" as a comprehensive digital integration platform, aiming to empower local industries and enhance the supply chain in Sichuan province [1][3][4] Group 1: Platform Overview - "Tianfu Mall" is a one-stop digital integration platform that responds to national strategies and injects strong momentum into the development of the telecommunications industry and related sectors in Sichuan [1][3] - The platform integrates internal and external resources, focusing on B2B models to meet diverse procurement needs across various scenarios such as communication engineering and employee welfare [3][4] Group 2: Strategic Initiatives - Sichuan Unicom plans to leverage its innovation and industrial chain advantages by accelerating the construction of 5G-A, ten-gigabit optical networks, and computing networks [4] - The platform aims to create an open industrial ecosystem, providing a reliable trading environment for six core industries in Sichuan, enhancing efficiency and collaboration [4][6] Group 3: Competitive Advantages - "Tianfu Mall" boasts core competencies in large market bargaining power, supply chain resource aggregation, and integrated online-offline services [6][7] - The platform offers four unique trading tools to meet various procurement needs, facilitating both small-scale purchases and long-term collaborations [6][7] Group 4: Market Potential - Sichuan's status as a populous and economically significant province provides a vast market space for the B2B platform, particularly in the digital economy and electronic information sectors [7][9] - The platform focuses on six modern industries and cultural tourism, helping "Sichuan-made" products reach national customers and providing better procurement solutions [9] Group 5: Future Plans - The company aims to establish a three-tiered linkage mechanism among provinces, cities, and enterprises to ensure the implementation of cooperation agreements [9] - Future efforts will focus on leveraging digital advantages to promote collaborative development across the industrial chain, contributing to the prosperity of the industrial ecosystem [9]

Group 1 - Company announced a joint venture agreement involving its wholly-owned subsidiary, COSCO Shipping (Hong Kong), with Guangzhou COSCO Shipping Logistics, Shenzhen Port Logistics Group, and China Communications Construction Company, with a total registered capital of RMB 1 billion (approximately HKD 1.095 billion) [1] - The investment amounts from the parties include RMB 370 million (approximately HKD 405 million) from COSCO Shipping (Hong Kong), RMB 300 million (approximately HKD 328 million) from Guangzhou COSCO Shipping Logistics, RMB 230 million (approximately HKD 252 million) from Shenzhen Port Logistics Group, and RMB 100 million (approximately HKD 109 million) from China Communications Construction Company [1] - The joint venture will hold respective equity stakes of 37%, 30%, 23%, and 10% among the partners, and will be classified as an indirect non-wholly-owned subsidiary of the company [1] Group 2 - The company is focusing on building a digital supply chain investment and operation platform centered around container shipping, aiming to enhance the stability and reliability of global supply chains [2] - The project aims to establish a high-standard warehouse and a multifunctional logistics park near Yantian Port, providing integrated value-added services including cold storage, consolidation, customs supervision, and warehousing [2] - This initiative is expected to strengthen the company's strategic layout in the Pearl River Delta region and support the integration of service and advanced manufacturing industries, enhancing brand value and ensuring supply chain resilience [2]

Group 1 - Company announced a joint venture agreement involving its wholly-owned subsidiary, COSCO Shipping (Hong Kong), and three other parties, with a total registered capital of RMB 1 billion (approximately HKD 1.095 billion) [1] - The equity distribution in the joint venture will be 37% for COSCO Shipping (Hong Kong), 30% for Guangzhou COSCO Shipping Logistics, 23% for Shenzhen Port Logistics Group, and 10% for China Communications Construction Company [1] - The joint venture will be classified as an indirect non-wholly-owned subsidiary of the company, and its financial statements will be consolidated into the group's financial reports [1] Group 2 - The company aims to establish a digital supply chain investment and operation platform centered on container shipping, responding to the growing demands for stability and reliability in global supply chains [2] - The project will serve as a logistics hub for cargo around Yantian Port, featuring high-standard warehouses and a multifunctional logistics park, enhancing integrated value-added services [2] - This initiative is expected to strengthen the company's strategic positioning in the Pearl River Delta region and support the integration of service and advanced manufacturing industries, thereby enhancing brand value [2]