Group 1: Organizational Changes and Market Position - The company underwent an organizational transformation in 2024 to adapt to the tightening of government information technology budgets, aiming to enhance competitive capabilities and market share [1] - As of the first five months of 2025, the company's bid share in natural resource information technology reached 7.2%, a year-on-year increase of 1.4%, maintaining its leading position in the industry [1] - The market share of the company in 2024 was 4.5 times that of the second-ranked competitor, further solidifying its market position [1] Group 2: Order and Revenue Growth - From January to May 2025, the company's bid amount increased by 21% year-on-year, while new contracts signed grew by 42% year-on-year [1] - The company is experiencing a recovery in operational performance as the effectiveness of the organizational changes is gradually realized [1] Group 3: International Expansion - The company is focusing on international business as a key growth area, with significant breakthroughs such as winning a $4.5 million data platform project in Malaysia [2] - The international business is expanding beyond platform software to include comprehensive application solutions [2] Group 4: AI Development and Applications - The company launched the SuperMap AIF, the first complete geospatial AI technology platform, in 2024, and introduced the SuperMap Copilot, a geospatial intelligent product [3] - In 2025, several AI-related projects were secured, including an AI-GIS training system for a university and a generative model project for the Guangzhou Planning and Natural Resources Bureau [4] Group 5: Upcoming Events - The 2025 Spatial Intelligent Software Technology Conference (GISTC 2025) will be held on June 24-25, 2025, in Beijing, focusing on "AI Reshaping Spatial Intelligence" and featuring discussions on new trends in the AI industry [5] Group 6: Risk Warning - The company advises investors that any forecasts regarding industry trends, company development plans, or future operational conditions should not be viewed as commitments or guarantees [6]

Core Viewpoint - The article discusses the significant changes in the management structure of Proya Cosmetics, highlighting the shift towards innovation, digitalization, and internationalization strategies under the new leadership of Hou Yameng, who took over as General Manager in September 2024 [1][4][6]. Management Changes - In the past nine months, Proya has experienced frequent changes in its senior management team, with the departure of key figures and the introduction of new executives focused on research and digital strategies [3][4]. - The company has seen the exit of veteran leaders, including co-founder Fang Youyou and former Vice General Manager Wang Li, while bringing in new talent such as Wang Yifeng, Sun Peiwen, and Hu Ningbo [4][15][16]. Strategic Focus - Proya's recent appointments are closely aligned with its strategic goals of enhancing research innovation, internationalization, and digital transformation, supporting its ambition to rank among the top ten global cosmetics companies in the next decade [4][14]. - The company has upgraded its talent requirements from "execution and professionalism" to "learning ability, collaboration, and self-drive," aiming to attract cross-industry talents with backgrounds in internet and fast-moving consumer goods [5]. Digital Transformation - Hu Ningbo, the newly appointed Chief Digital Officer, has established a digital value assessment system focused on ROI to ensure that technological investments translate into measurable business growth [11][19]. - The company is implementing a "brand innovation development" model to enhance long-term brand growth by integrating market demand, research, product development, and marketing [20]. Organizational Structure - Proya has undergone multiple organizational structure adjustments since its listing, with the latest changes reflecting a shift towards a brand-driven approach, emphasizing research, branding, supply chain, and digitalization as core components [21][24]. - The company has seen significant revenue growth, with reported revenues of 6.385 billion yuan and 8.9 billion yuan in 2022 and 2023, respectively, marking year-on-year increases of 37.8% and 39.5% [25][26]. Marketing Strategy - The shift from a marketing-driven to a brand-driven strategy is a key focus for Proya, as indicated by the recent appointment of Wang Yifeng, who will lead efforts to enhance product development and brand growth [27].

Core Viewpoint - Proya Cosmetics Co., Ltd. is undergoing significant leadership changes aimed at enhancing research innovation, internationalization, and digitalization strategies to achieve its goal of becoming a top ten global cosmetics company in the next decade [2][6][12]. Leadership Changes - Proya has appointed Wang Yifeng as the new head of product development and vice general manager of incubated brands, marking the third high-level personnel change this year [2][4]. - Since the appointment of Hou Yameng as general manager in September 2022, Proya has seen a net addition of four new executives while two long-standing members have departed [4][8]. - The new hires include key figures focused on research and digitalization, such as Sun Peiwen as Chief R&D Innovation Officer and Hu Ningbo as Chief Digital Officer [5][6]. Strategic Focus - The recent appointments are closely aligned with Proya's strategic vision, emphasizing research innovation, internationalization, and digitalization [2][6]. - Proya has upgraded its talent requirements from "execution and expertise" to "learning ability, collaboration, and self-drive," aiming to attract cross-industry talent with backgrounds in internet and fast-moving consumer goods [2][6]. Organizational Structure - Proya's organizational structure has been adjusted to focus on brand or business-led project teams, with R&D, branding, supply chain, and digitalization as four key platforms [9][10]. - The company has made seven organizational adjustments since its listing, with the most significant changes occurring during the second board term [10]. Financial Performance - Proya's revenue growth has accelerated, with reported revenues of 6.385 billion yuan in 2022 and 8.9 billion yuan in 2023, reflecting year-on-year growth rates of 37.8% and 39.5%, respectively [12]. - The company's net profit also saw substantial increases, reaching 820 million yuan in 2022 and 1.19 billion yuan in 2023, with growth rates of 41.9% and 46% [12]. - Marketing expenses have risen significantly, with annual sales expenses reported at 1.992 billion yuan, 2.786 billion yuan, and 3.972 billion yuan from 2021 to 2023, indicating a focus on marketing strategies [12].

Group 1: Company Strategy - The company’s strategy includes "county-based" development as part of its "Four Modernizations" strategy, which also encompasses youth-oriented, international, and terminal-focused approaches [3] - County-based marketing is prioritized due to its alignment with the current economic environment in China, where county-level markets are less affected by economic pressures [3] - The company aims to optimize its product and marketing strategies to reflect county characteristics, especially within Qinghai Province [3] Group 2: Product and Market Development - The company has a diverse product range in the light bottle liquor market, including brands like Huzhu Daqu and Bai Qingke, with Bai Qingke performing notably well in the province [4] - Adjustments have been made to expand channels outside Qinghai, focusing on light bottle liquor and mid-range boxed liquor to align with market trends [4] - The company is responding to the trend of rational consumption by optimizing its product structure [4] Group 3: Regulatory Impact - The impact of the alcohol ban on regional famous liquors is relatively minor, as the company’s main products cater to daily consumer needs [5] - The company is accelerating its county-based strategy to mitigate the effects of the ban and is focusing on differentiating its products, particularly those made from barley [5] Group 4: Product Line Management - The star product series, which generates the highest sales, has undergone brand revitalization and the introduction of new variants to enhance visibility during key holidays [6] - The company is implementing volume control and price standardization across online channels to maintain profitability at retail points [6] Group 5: Youth-Oriented Products - The company is exploring the launch of youth-oriented products, including fruit-flavored options and a low-alcohol lemon liquor, with plans for a barley champagne in the future [7]

Group 1: Company Overview - Haitan Weiye officially listed on the Hong Kong Stock Exchange on June 19, with a total fundraising amount of 10.1 billion HKD, making it the second-largest IPO in Hong Kong this year [2] - The company achieved a market capitalization exceeding 210 billion HKD shortly after opening, with significant backing from renowned institutional investors [3] - Haitan Weiye has maintained its position as China's largest condiment company for 28 consecutive years, holding a market share of 4.8% in a market projected to reach 498.1 billion RMB by 2024 [3] Group 2: Product Portfolio and Market Position - The company boasts seven product lines with annual revenues exceeding 1 billion RMB, the highest in the industry, and 31 product lines with revenues over 100 million RMB, contributing to 76.6% of total sales revenue [3] - Haitan Weiye's product range includes soy sauce, oyster sauce, seasoning sauces, vinegar, cooking wine, and various other condiments, with over 1,450 SKUs and an 80% household penetration rate in China [6] Group 3: Recent Challenges and Market Dynamics - Since 2022, the company has faced challenges, including a decline in net profit for the first time since its listing, attributed to a public relations crisis and changing market trends [7] - In 2023, the company experienced its first decline in both revenue and profit in nearly a decade, with significant drops in sales from its core products [7] - The rise of Sichuan cuisine and its associated condiments has created competitive pressure, with Sichuan-style hot pot ingredients gaining popularity and market share [8][9] Group 4: Strategic Initiatives and Future Outlook - In response to recent challenges, the company is focusing on global expansion and innovation, with plans to enhance its global brand image and supply chain capabilities [10] - The company aims to establish a global research and development system, targeting overseas markets with strong demand for condiments, particularly in Southeast Asia and Europe [10] - The transition from a domestic leader to a global food group presents significant challenges, requiring the company to navigate complex geopolitical landscapes and adapt to international market demands [11]

Group 1: Shenzhen Qianhai Development - Qianhai aims to create four international circles: service, innovation, lifestyle, and friendship, leveraging its connection with Hong Kong and global outreach [1] Group 2: Guangzhou Live Streaming E-commerce - Guangzhou is projected to have the highest live streaming sales in the country in 2024, with 688,000 active online stores and 7.31 million live streaming sessions [2] Group 3: Shenzhen Huanggang Port - The reconstruction of Huanggang Port is expected to be completed this year, with operations starting in 2026, facilitating 24-hour customs clearance and a peak daily capacity of 300,000 people [3] Group 4: Hong Kong Universities Ranking - Five universities from Hong Kong have made it to the top 100 in the QS World University Rankings for 2026, with the University of Hong Kong ranked 11th [4] Group 5: Shenzhen Stock Market - The Shenzhen Composite Index closed at 10,051.97 points, down 1.21% [5] Group 6: Shenzhen Stock Performance - Leading stocks in Shenzhen include Haike Xinyuan, Yihau New Materials, and Kaiwang Technology, all showing significant gains of over 20% [6]

编号：2025-002 投资者关 系活动类 别 □特定对象调研□分析师会议 □媒体采访√业绩说明会 □新闻发布会□路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位 名称及人 员姓名 投资者网上提问 时间 2025 年 6 月 18 日 (周三) 下午 14:30~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 络远程的方式召开业绩说明会 上市公司 接待人员 姓名 1、董事、总经理万国栋 2、董事、副总经理范文丁 3、副总经理、财务总监郭春光 4、董事、董事会秘书赵洁 投资者关 系活动主 要内容介 绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、前段时间高管在股价低迷的情况下仍旧低位减持，是对公司的业绩 没有信心，还是对公司未来发展没有信心？去年广告高投入仍旧带来今年 一季度业绩下滑，二季度有何销售计划改善目前的经营状况？ 谢谢您的关注！公司高管减持，主要是个人原因，因为高管在前期的 股权激励中，大部分是银行贷款。广告投入公司是按品牌投入、市场投入 的规划与计划来执行的，有些投入是不能立竿见影的，是未 ...

Core Insights - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, announced significant regulatory measures aimed at enhancing market integrity and transparency, particularly targeting insider trading and market manipulation [3][4] - The CSRC introduced a series of reforms to attract foreign investment, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable futures and options [3][4] Regulatory Measures - The CSRC is intensifying its crackdown on insider trading and market manipulation, with a reported 9% year-on-year increase in penalties for merger and acquisition insider trading cases [3] - The focus is on creating a cleaner market environment, which is expected to benefit retail investors by promoting value investing [3] Foreign Investment Initiatives - The QFII system will see lowered entry barriers and increased flexibility for foreign investors, with the number of tradable futures and options set to increase from dozens to 100 [3] - The introduction of RMB foreign exchange futures and liquefied natural gas futures and options is aimed at reducing exchange rate risks for foreign trade enterprises and providing hedging tools for the energy sector [3][4] Market Outlook - The reforms signal a move towards a more open, transparent, and internationalized Chinese capital market, which is expected to lead to a healthier market structure and more stable long-term capital [4] - Investors are encouraged to focus on high-dividend, undervalued blue-chip stocks, aligning with foreign investment trends for potential gains [4]

Core Viewpoint - JD Group has experienced a period of stagnation over the past five years, lacking innovation and growth, which the founder describes as the least distinctive and least valuable period in the company's history. The company aims to introduce a new innovative business model each year moving forward, with six projects currently in development, including stablecoins [1][4][21]. Expansion into New Markets - JD Group is entering the food delivery market, emphasizing its supply chain capabilities. The founder has consulted with industry leaders before this move and anticipates launching a business model distinct from Meituan's, focusing on food safety and cost-effectiveness for consumers [1][5][2]. - In the hospitality and restaurant sectors, the goal is to reduce costs by 20% through supply chain efficiencies, providing a new channel for these industries [2]. International Strategy - JD's international strategy diverges from cross-border e-commerce, focusing instead on local e-commerce with local teams. The company has over 2,000 employees dedicated to local procurement and delivery, selling only branded products [2][18]. - The company plans to introduce 1,000 Chinese brands to international markets, emphasizing the quality and innovation of Chinese products, particularly in small appliances [19][18]. Supply Chain Focus - All of JD's business operations revolve around supply chain management, with the founder asserting that the company is not diversified but rather focused on enhancing supply chain services across various sectors [4][3]. - The company has established a competitive edge through its logistics capabilities, boasting over 1,600 logistics centers and a self-operated product range exceeding 10 million items, with inventory turnover days between 30 to 50 [9][10]. Innovation and Future Projects - JD Group is committed to annual innovation, with six ongoing projects, including stablecoins aimed at reducing cross-border payment costs by 90% and improving transaction efficiency to under 10 seconds [21][22]. - The company acknowledges that not all innovation projects will succeed, but it believes that taking risks is essential for achieving breakthroughs [22].

Core Viewpoint - JD.com is strategically expanding into multiple sectors, including food delivery and travel, with a focus on supply chain innovation and internationalization [2][3] Group 1: Business Expansion - JD.com is entering the food delivery market and plans to launch its travel and hospitality services, aiming to create a new channel for these industries [10] - The company has over 120,000 full-time delivery personnel as of mid-June, with a daily onboarding of 3,000 to 4,000 new employees [7] - JD.com is developing a unique business model for its food delivery service that differs significantly from competitors like Meituan, focusing on food safety and cost-effectiveness [6] Group 2: Supply Chain Focus - The core of JD.com's business strategy revolves around supply chain management, with plans to enhance existing operations rather than create entirely new business models [14] - The company aims to reduce costs in the hospitality and restaurant sectors by 20% through its supply chain services [10] - JD.com has established a new division dedicated to supply chain services for the hospitality industry [10][11] Group 3: International Strategy - JD.com's international strategy emphasizes local e-commerce, infrastructure, and workforce, differentiating itself from Amazon's approach [15][16] - The company plans to bring 1,000 Chinese brands to international markets over the next five years, focusing on compliance and local certifications [17] Group 4: Financial Performance - JD.com has achieved a retail cost efficiency of only 10%, comparable to global leaders like Costco and Amazon [25] - The company's inventory turnover days are currently at 30, with potential optimization to 20-25 days, which could significantly enhance cash flow [26] - The net profit margin is approximately 1% of the total transaction volume, reflecting a balanced approach to profitability [27][28]