Core Viewpoint - The recent reduction of tariffs between China and the United States has alleviated pressure on foreign trade enterprises, leading to a turnaround in production and operations [1] Company Strategies - The company in Luoyang, Henan, has seen a backlog of over 20,000 products due to previous order cancellations from U.S. clients, prompting a shift in focus to other overseas markets and retail consumers [1] - The company plans to deepen its diversified market strategy, targeting emerging markets in Japan, Europe, and Central Asia, while also enhancing its "semi-managed model" to reduce logistics and compliance costs [1] - The company aims to promote brand strategy and improve risk resistance through market diversification, technological independence, and supply chain optimization [1] Market Diversification Efforts - The hair products company in Henan has experienced a significant impact on orders, with a total of $4 million affected due to U.S. retailers halting orders since March [2] - The company is actively exploring new markets in Europe, Africa, Asia, and South America to reduce reliance on the U.S. market while also focusing on domestic market growth [2] - The automotive parts company in Nanyang has successfully entered the European high-end market by leveraging its offices in Germany, France, and Sweden, thus increasing revenue from regions outside the U.S. [2] Trade Data and Growth - In the first four months of 2025, Henan Province's foreign trade reached 275.77 billion yuan, a year-on-year increase of 29.5%, with exports growing by 44.1% and imports by 6.5% [3] - Trade with ASEAN and EU has seen rapid growth, with imports and exports to ASEAN increasing by 11% and to the EU by 19.2% [3] - The province is also enhancing support for foreign trade enterprises through initiatives like "Foreign Trade Quality Products China Tour" and "Double Product Online Shopping Festival," resulting in a 42% domestic sales conversion rate [3] Financial Support Initiatives - Henan Province has implemented ten financial measures to provide comprehensive services to foreign trade enterprises, ensuring each company has at least one bank for tracking services [4] - Customized financial service plans are being developed based on the operational characteristics of each foreign trade enterprise [4] - The province aims to expand the coverage of export credit insurance to over 45% and explore "cross-border e-commerce insurance" through a co-insurance model [4]

Group 1: Company Performance and Financials - The company achieved a revenue growth of 89.67% in 2024, primarily due to successful inventory reduction by customers and strong market demand for new products [15] - In Q1 2025, both revenue and net profit saw significant increases, attributed to heightened market demand and the acquisition of AL-KO, which further boosted overall revenue [12] - The company's R&D investment for 2024 reached 78.9955 million CNY, marking a 16.39% increase from the previous year [4] Group 2: Strategic Initiatives - The company is focusing on four strategic pillars for future growth: innovative products, global manufacturing, brand operation, and talent acquisition, with key product lines including riding, smart, and lithium battery-powered equipment [9] - A strategic integration plan with AL-KO has been initiated, enhancing collaboration in R&D, procurement, production, and sales to improve efficiency and market competitiveness [7] - The company has established a global production footprint with five manufacturing bases, including new facilities in Mexico and Austria, to mitigate risks from international trade tensions [6] Group 3: Market Outlook and Industry Trends - The global market demand for lawn and garden equipment is projected to reach 30.9 billion USD by 2030, with a compound annual growth rate (CAGR) of 2.11%, driven by increasing consumer living standards and gardening culture [11] - The lithium-powered garden machinery segment is expected to grow at a CAGR of 6.65%, representing a significant growth driver within the industry [11] - The company is well-positioned to navigate the impacts of the US-China trade war, with a strategic focus on diversifying its production and sales channels [12] Group 4: Shareholder Engagement and Corporate Governance - The company has completed its share repurchase plan for 2024 and will consider further buyback measures based on market conditions [3] - The board emphasizes a balanced approach to dividend distribution, taking into account industry characteristics, profitability, and investor returns [3] - The company maintains compliance with relevant securities laws and regulations, ensuring transparent communication with investors [1]

Financial Performance - In 2024, the company achieved a revenue growth while experiencing a profit decline due to increased sales and management expenses related to expanding overseas operations [1] - The gross profit margin for 2024 was 25.33%, an increase of 1.01% year-on-year, while Q1 2025 saw a gross profit margin of 28.07%, up 2.12% year-on-year [7] - Q1 2025 revenue reached 507 million CNY, a 41.69% increase, with net profit of 40.55 million CNY, up 90.86% [10] Business Development - The company is transitioning from OEM to ODM and is currently advancing towards OBM, focusing on brand development [5] - Cross-border e-commerce accounts for approximately 20% of total revenue, with strong sales on platforms like Amazon and Wayfair [2] - The "Mirador" brand is positioned in the mid-to-high-end market, focusing on metal outdoor furniture and products [6] Product Highlights - The "Starry Canopy" product line generated approximately 700 million CNY in sales for 2024, with a year-on-year growth of about 50% and a gross margin of 30%-35% [2] - The company has received multiple design awards, including the Red Dot Award, showcasing its innovative product design [4][11] - New product categories include storage solutions, outdoor furniture, and camping gear, which are expected to enhance market presence [6] Market Strategy - The company plans to expand its product categories and strengthen its presence in key accounts (KA) in 2025 [10] - An Indonesian production base is set to commence operations in May 2025 to enhance global supply chain capabilities [10] - The company aims to mitigate the impact of U.S. tariffs by improving operational efficiency and expanding into non-U.S. markets [10] Competitive Advantages - The company has established a strong intellectual property barrier, ensuring its leading position in the outdoor market [4] - The product offerings are designed to cater to various consumer segments, from budget-conscious to high-end customers [4] - The company’s focus on innovation and quality has resulted in a competitive edge in the market [11]

Core Insights - The agricultural industry in Pujiang County has achieved significant growth, with a total planting area of 600,000 acres and annual sales revenue exceeding 12 billion yuan [1] - The county's unique ecological environment contributes to the high quality of its citrus products, with online retail sales of premium agricultural products projected to surpass 3.8 billion yuan in 2024 [1][3] - Pujiang County has successfully implemented a brand strategy, developing over 30 brands and achieving a total brand value of 42.657 billion yuan [2] Group 1: Agricultural Products - Pujiang County's citrus, kiwi, and tea are highlighted as key agricultural products, with the county leading in organic farming practices and achieving zero pesticide residue in 273 parameters [2][3] - The average price of "Pujiang Yaba" citrus has increased by over 30%, reaching 4 yuan per jin, due to the adoption of sustainable farming practices [2] Group 2: Logistics and Distribution - A comprehensive cold chain logistics system has been established, with over 240 cold storage enterprises and 7,800 e-commerce entities, facilitating an annual turnover of over 1 million tons [3] - The county's logistics network covers 27 provincial regions, ensuring efficient distribution of agricultural products [3] Group 3: Talent Development - Pujiang County has implemented policies to attract and retain high-level agricultural talent, training over 30,000 rural practical talents and agricultural managers [3] - The county's agricultural development is supported by both local experts and international professionals, enhancing the quality of its agricultural practices [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 10.275 billion yuan in 2024, representing a year-on-year increase of 56.5%, while the net profit attributable to shareholders was 214 million yuan, down 36.2% [4][5] - In Q1 2025, the company achieved a revenue of 2.458 billion yuan, up 36.6%, but the net profit attributable to shareholders decreased by 45.3% to 47 million yuan [4][5] - The company is expected to continue its brand strategy and expand into non-US markets, which may enhance brand influence and market share [4][6] - Due to inventory impacts, profit forecasts for 2025-2026 have been adjusted downwards, with new profit estimates for 2027 introduced [4] Financial Performance Summary - The company’s revenue for 2024 was 10.275 billion yuan, with a gross margin of 43.8%, down 2.1 percentage points from the previous year [5][7] - The company’s inventory turnover days increased to 81 days in 2024, reflecting a slowdown in inventory turnover [5] - The revenue breakdown for 2024 shows significant growth in apparel and accessories, with revenues of 7.447 billion yuan (up 59.4%) and 2.324 billion yuan (up 33.9%) respectively [5] Future Outlook - The company aims to enhance its brand premium and market share through a robust brand incubation strategy and expansion into overseas markets [6] - The projected net profits for 2025, 2026, and 2027 are 371 million yuan, 511 million yuan, and 665 million yuan respectively, with corresponding EPS of 0.93, 1.28, and 1.66 yuan [4][7]

优壹电商模式调整拖累业绩 报告期内，跨境通的跨境进口电商业务实现营业收入53.26亿元，同比下降12.68%。这部分业务主要由 优壹电商贡献，但其收入下滑的主要原因是业务模式从经销模式转为代运营模式。这一调整直接影响了 B2C业务的收入表现，导致整体进口业务收入下降。 优壹电商作为跨境通的核心业务主体，其模式调整虽然可能是为了优化运营效率，但短期内对收入的负 面影响显而易见。此外，优壹电商的净利润仅为1.30亿元，远低于其营收规模，显示出其盈利能力较 弱。未来，优壹电商能否通过优化产品品类结构和加强渠道合作来提升业绩，仍存在较大不确定性。 跨境出口业务表现低迷 2025年3月29日，跨境通发布2024年年报，公司全年实现营业收入57.19亿元，同比下降13.56%；归属净 利润亏损4.79亿元，同比扩大4842.16%。作为中国跨境电商零售企业，跨境通的主营业务包括跨境进口 和出口电商，其中进口业务占比高达93.13%，但优壹电商的业务模式调整成为收入下滑的主要原因。 总体来看，跨境通在2024年面临多重挑战，优壹电商的模式调整和出口业务的低迷成为拖累业绩的主要 因素。未来，公司能否通过优化业务布局和提升经营 ...