12月30日，由中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金 牛奖颁奖典礼"在上海市虹口区举行。在圆桌论坛环节，中邮基金总经理张志名、国泰基金董事长周向 勇、兴业基金总经理李辉、海富通基金总经理任志强等多家公募基金公司掌门人齐聚一堂，围绕业绩比 较基准、平台化建设、资本市场发展空间等热点话题展开深入讨论。 ● 本报记者魏昭宇 强化业绩比较基准约束作用 周向勇持相似观点。他认为，公募基金行业强化业绩比较基准的约束作用，有助于让投资回归本源，让 投资者更加清晰地了解产品。周向勇还表示，科学设定基准能够更有效地连接中国资本市场与经济基本 面，让投资者分享中国经济增长的红利。 聚焦可持续的平台优势 在行业迈向高质量发展的进程中，业绩比较基准的锚定作用成为多位嘉宾共识的焦点。张志名对此表示 认同，并提出了"底线思维"。他强调监管统一标准是底线，达标是本分，做不好就应被出清。 任志强特别强调了业绩比较基准的锚定作用，视其为公募基金行业发展的基石。他说，缺乏清晰基准的 基金产品，对于投资者来说，如同购买了不确定性极高的产品，而严格锚定基准则能让基金实现"所见 即所得"。这种对基准的重视 ...

Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for Pop Mart (09992), highlighting its strong IP matrix and operational capabilities that continue to activate overseas markets and expand offline channels, leading to sales surges during holiday seasons [1] Group 1: Global Expansion and Market Demand - The globalization process is progressing steadily, with a focus on expanding overseas supply chains and channels to meet global fan demand [1] - The collectible toy category has strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the number of overseas retail stores reached 171, with significant growth potential in North America (62 stores), Europe (28 stores), and Southeast Asia (44 stores) [1] - The recent Halloween product launches in North America have generated strong sales, and the upcoming holiday season is expected to boost social engagement and revenue growth for new IPs like Labubu [1] Group 2: Brand Strength and IP Development - The success of a single IP does not hinder the overall platform development, with the brand's strength significantly improving [2] - Labubu's revenue contribution is healthy, and the company has demonstrated its long-term IP operation capabilities through product innovation and iteration [2] - The global popularity of Labubu and other key IPs has elevated Pop Mart's brand presence, exemplified by participation in the Macy's Thanksgiving Day Parade [2] Group 3: Long-term Business Model Viability - The company is viewed as one of the most competitive globally in terms of IP design, operation, and supply chain, capable of realizing long-term value through effective IP management [3] - Recent product launches have maintained a slight premium, indicating a healthier supply-demand ecosystem compared to June, which is beneficial for cultivating long-term fans [3]

Group 1 - The core viewpoint emphasizes the steady progress of globalization, with a positive outlook on overseas supply chain and channel expansion to meet global fan demand [1] - The collectible toy category possesses strong display, social, and gifting attributes, making offline channels crucial for sales and brand marketing [1] - As of October 30, the company has expanded its overseas retail store count to 171, aligning with its strategic plan, with significant growth potential in North America, Europe, Southeast Asia, and East Asia [1] Group 2 - The performance of a single IP does not hinder the overall platform development, with the company's brand strength significantly improving [2] - The company has demonstrated its long-term IP operation capabilities, maintaining fan engagement through product innovation and iteration [2] - The global popularity of Labubu and other leading IPs has elevated the company's brand power, as evidenced by participation in major events like the Macy's Thanksgiving Day Parade [2] Group 3 - The company has adjusted its revenue forecasts for 2025-2027 to 38.865 billion, 52.738 billion, and 66.946 billion respectively, reflecting an optimistic outlook on store openings and product launches [2] - The adjusted net profit forecasts for the same period are set at 13.648 billion, 18.429 billion, and 23.569 billion, indicating confidence in the company's long-term operational capabilities and competitive landscape [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market benchmark [4][7]. Core Insights - The company is focusing on cross-regional expansion and IP development to support long-term operations, with a significant increase in revenue and net profit projected over the next few years [7]. - The company has successfully expanded its overseas retail presence, with 171 stores globally, and is well-positioned to meet growing demand from international markets [7]. - The report highlights the company's strong brand power and competitive advantages in IP design, operation, and supply chain management, which are expected to sustain long-term value creation [7]. Financial Data and Profit Forecast - Revenue projections show a substantial increase from RMB 6.301 billion in 2023 to RMB 66.946 billion by 2027, with a compound annual growth rate (CAGR) of approximately 27% [5][8]. - Net profit is expected to grow from RMB 1.184 billion in 2023 to RMB 23.569 billion in 2027, reflecting a CAGR of around 28% [5][8]. - The report anticipates a significant rise in earnings per share (EPS), from RMB 0.88 in 2023 to RMB 17.55 in 2027, indicating strong profitability growth [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expanding its global presence and IP portfolio, which supports long-term operations. The retail store expansion is expected to activate new user demand in various regions [9] - The company has demonstrated strong IP operation capabilities, maintaining fan engagement through product innovation and iteration. The overall brand strength has significantly improved [9] - The long-term business model is viewed positively, with competitive advantages in IP design, operation, and supply chain management [9] - Revenue and profit forecasts have been revised upwards for 2025-2027, reflecting confidence in the company's growth trajectory [9] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB - 2025E: 38,865 million RMB - 2026E: 52,738 million RMB - 2027E: 66,946 million RMB - Net profit projections for the same period are: - 2023: 1,184 million RMB - 2024: 3,220 million RMB - 2025E: 13,648 million RMB - 2026E: 18,429 million RMB - 2027E: 23,569 million RMB - The company expects significant growth rates, with net profit growth rates reaching 324% in 2025 [7][10]

Core Viewpoint - The article discusses the transformation of the Chinese public fund industry from scale growth to value creation, highlighting the unique strategies of companies like Yongying Fund that have successfully navigated this change [1][18]. Group 1: Industry Landscape - The public fund industry has surpassed 36 trillion yuan, with leading firms establishing strong competitive advantages, leaving less space for mid-sized companies [2][18]. - Yongying Fund, a bank-affiliated company, has achieved remarkable growth, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [2][18]. Group 2: Strategic Decisions - Yongying Fund's management recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area despite initial challenges [6][8]. - The company made significant investments in talent acquisition and launched ten new funds focused on innovative production capabilities and traditional industry upgrades during a market downturn [8][12]. Group 3: Organizational Innovation - The introduction of the concept that "every fund manager is also a product manager" has reshaped the investment culture at Yongying Fund, emphasizing the importance of understanding client needs and product positioning [9][10]. - A unique "product meeting" mechanism has been established to facilitate collaboration across departments, enhancing decision-making efficiency [10][12]. Group 4: Market Positioning - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [12][19]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [13][19]. Group 5: Future Aspirations - Yongying Fund aims to evolve into a platform-based asset management company, emphasizing the importance of diverse product lines to mitigate market volatility [14][15]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [15][16]. Group 6: Industry Implications - Yongying Fund's success illustrates that mid-sized firms can thrive through differentiated strategies and a focus on core competencies [16][18]. - The shift towards tool-based products reflects a broader industry trend, raising questions about the evolving responsibilities of fund managers and investors [20][21].

Meeting Overview - The meeting is scheduled for June 20, 2025, at 14:30, combining on-site and online voting methods [3][4] - The agenda includes the announcement of attendees, review of proposals, and voting results [3][4] Proposals - Proposal one includes the company's 2024 annual report and summary, which covers production, financial indicators, governance, and social responsibility [4][5] - Proposal two presents the 2024 board work report, highlighting the company's operational model and financial performance [5][6] - Proposal three involves the supervisory board's work report, ensuring compliance with legal and regulatory requirements [19][20] - Proposal four is the independent directors' annual report, summarizing their oversight and contributions [27][28] - Proposal five discusses the compensation for directors, supervisors, and senior management for 2024, emphasizing performance-based incentives [29][30] - Proposal six outlines the profit distribution plan, proposing a cash dividend of 0.286 yuan per share, totaling approximately 131 million yuan [30][31] - Proposal seven seeks to reappoint the auditing firm for 2025, emphasizing their qualifications and past performance [32][33] Financial Performance - In 2024, the company achieved a revenue of 8.034 billion yuan and a net profit of 375 million yuan, with a 34.42% increase in net profit attributable to shareholders [5][6] - The company maintained a cash flow from operating activities of 816 million yuan, ensuring profitability and cash flow sustainability [5][6] - The company reduced interest-bearing debt from 5.369 billion yuan in 2020 to 2.03 billion yuan [5][6] Governance and Compliance - The board held nine meetings during the reporting period, approving 53 proposals, ensuring compliance with legal and regulatory frameworks [6][9] - The supervisory board conducted nine meetings, focusing on financial oversight and compliance with corporate governance standards [19][20] - Independent directors actively participated in meetings and provided oversight, ensuring the protection of shareholder interests [27][28] Future Outlook - The board aims to enhance corporate governance and operational efficiency, focusing on sustainable development and innovation [17][18] - The company plans to continue its strategic initiatives, including platform construction and ecological development, to achieve high-quality growth [17][18]