商报讯（记者 张玲丽 吕文鹃 实习生 王佳怡 ） 企业中台到底要不要？当行业跟风质疑"中台无用论"， 企业到底是跟风，还是自我独立思考？在庞杂的大数据中，以毫秒计算的大宗交易如何运筹帷幄？ 场景一：煤矿贸易单笔两亿元（中小体量），理论利润约5%（约1000万元）。但若发生重大授信风 险，可能面临两亿元亏损，于是乎，授信的风险管控是贸易企业生存发展的核心命脉。在全球大宗商品 贸易价格剧烈波动、供应链风险持续升级的背景下，企业对信息获取速度、风险预判精准度及市场响应 敏捷度的要求愈发严苛。 大宗贸易行业始终与高风险相伴共生。单笔订单动辄数亿上千万，试错成本高、价格波动对利润影响显 著，而大型贸易集团普遍存在的多套独立业务系统，导致数据跨系统流转效率低，管理层决策常依赖滞 后的人工数据汇总……数据壁垒成为提升风控能力和市场响应速度的最大掣肘。 中基宁波集团总裁周杨告诉记者："大宗商品交易的敏捷度就是企业生存的关键。我们过去面临的核心 挑战在于数据分散，一次全量授信计算耗时5到10分钟，极易引发超额风险。毫秒级的交易计算时间和 24小时的市场价格变化监测，是生存和发展的刚需。" 面对日益复杂的市场环境和业务需求，20 ...

Summary of the Conference Call for 美丽田园 Company Overview - **Company**: 美丽田园 (Beautiful Pastoral) - **Industry**: Beauty and Health Services Key Points and Arguments Financial Performance - In the first half of 2025, 美丽田园 reported a revenue increase of 33% year-on-year to 1.75 billion RMB, with a net profit margin improvement of 0.6 percentage points to 11.7% [2][3] - The acquisition of 奈瑞儿 (Nair) contributed 276 million RMB in revenue, with an expected annual revenue per store of 8 million RMB and a net profit margin increase from 6% to 9% [2][7] - The company achieved a 90% increase in operating cash flow and over 50% growth in overall customer traffic [2][10] Growth Strategies - 美丽田园's growth is driven by a dual strategy of organic growth and external acquisitions, maintaining a same-store sales growth of 4% despite industry challenges [4][6] - The company plans to deepen its dual beauty and health business model, aiming for a revenue target of 3 billion RMB and an adjusted net profit of 340 million RMB for the full year [2][12] Business Segments Performance - The beauty and health segment grew by 30%, while the medical beauty segment saw over 10% growth. The sub-health management services experienced explosive growth of over 100% [9][10] - The company reported a 30% increase in rights fees, indicating improved customer retention and repurchase rates [10] Digital Transformation and Cost Efficiency - 美丽田园 has invested over 200 million RMB in digital infrastructure to enhance operational efficiency and reduce reliance on human resources [5][22] - The company is leveraging scale effects to optimize costs in supply chain and procurement, which directly contributes to profit margins [23] Future Outlook and Expansion Plans - 美丽田园 is preparing to enter the Hong Kong Stock Connect, with a market capitalization growth of 70% since early 2025 [5][15] - The company plans to expand the 奈瑞儿 brand into the Yangtze River Delta region by 2026, with a focus on enhancing its medical beauty and health services [16][29] Market Position and Competitive Advantage - 美丽田园 maintains a strong market position with a focus on high-quality membership management and lifecycle engagement, which enhances customer loyalty and reduces acquisition costs [31] - The company is well-positioned to capitalize on the growing demand in the sub-health market, which is expected to become a new growth point [27][28] Integration of Acquisitions - The integration of 奈瑞儿 has shown significant results, with an increase in profit margins and operational efficiency [7][13] - Future acquisitions will focus on high-quality membership assets in the beauty and health sector, particularly in affluent urban areas [24][25] Risks and Challenges - The company acknowledges the competitive landscape, particularly from emerging models like 新氧 (Xinyang), but believes its established brand and service quality provide a competitive edge [26] Additional Important Insights - 美丽田园's commitment to enhancing customer experience through AI tools and integrated marketing strategies is expected to drive future growth [11][30] - The company is optimistic about achieving and potentially exceeding its annual performance targets due to strong first-half results [12][19]