2025 Results Announcement Investor Presentation 23 March 2026 Navigating Change and Pursing Innovation with Steady Growth 1. Results Overview 2. Development Strategies of Beer Business 3. Development Strategies of Baijiu Business Remarks: * Special items – company overall: 1. Shenzhen headquarters-related income of RMB1,005 million (2024: RMB-26 million); 2. impairment loss of goodwill of baijiu business of RMB2,877 million (2024: -); 3. impairment loss of fixed assets and one-off staff compensation and set ...

Core Viewpoint - The main theme for BaoSheng International over the past year has been inventory reduction and betting on new brands, as the company faces significant declines in revenue and profit due to increased competition and reliance on major international brands [1][4]. Financial Performance - For the fiscal year ending December 31, 2025, BaoSheng International reported a revenue of 17.132 billion yuan, a year-on-year decrease of 7.2% [1]. - Operating profit fell to 362 million yuan, down 49% year-on-year, marking the company's worst performance in nearly a decade [1]. - Profit attributable to shareholders was 211 million yuan, a decrease of 57.1% compared to 491 million yuan in the same period of 2024 [1]. Store Operations - The company closed over 100 stores in the past year, reducing the total number of stores to 3,310 [1]. - Direct store sales experienced a decline of 10% to 20%, with a net reduction of 138 stores in Greater China by the end of 2025 [2]. Inventory and Cash Flow - As of the end of 2025, inventory amounted to 5.02 billion yuan, an increase of 1.5% from the previous year, with the average inventory turnover period extending from 145 days to 160 days [3]. - Cash and cash equivalents decreased by 54.9% to 640 million yuan, with bank balances dropping from 2.703 billion yuan to 1.822 billion yuan [3]. Strategic Initiatives - To reduce dependence on major brands like Nike and Adidas, the company is focusing on developing its proprietary brand matrix, with a particular emphasis on the Korean yoga brand XEXYMIX [4]. - The company plans to enhance its online operations and has seen digital sales contribute over 30% to total revenue, with live streaming sales growing by over 70% [3][4]. Future Outlook - BaoSheng International aims to diversify its brand portfolio, penetrate lower-tier markets, and upgrade its digital capabilities as key strategies for overcoming current challenges [5]. - The company is also expanding its multi-brand outlet store network and strengthening partnerships with franchisees to enhance market penetration [5].

Core Insights - Nanjing Shuangjing Electric Group Co., Ltd. has successfully developed an innovative product in collaboration with Huawei, which has been recognized in the 2025 "Jiangsu Boutique" certification list by the Jiangsu Provincial Market Supervision Administration [1][2] - The product addresses the issue of "information islands" in underground coal mining equipment, creating a new intelligent interconnected framework [1][2] Group 1: Product Innovation - The Minhong system developed by Shuangjing Group allows for communication between underground equipment, enabling them to detect anomalies in real-time and issue alerts, thus improving response times to faults [3] - The certified product integrates the Minhong system with 5G and Wi-Fi communication technologies, resulting in significant economic benefits for the company [5] Group 2: Digital Transformation - Shuangjing Group has been committed to dual-track development of digital upgrades and cutting-edge technology research, achieving full-process digitization in production through the implementation of ERP and MES systems [5] - As a digital pilot enterprise in Jiangsu Province, the new digital system enhances management efficiency across core processes including product design, production, supply chain, and finance [5] Group 3: Future Developments - The chairman of Shuangjing Group expressed confidence in upcoming innovations, focusing on the development of combined lighting products and mixed control switches that will enhance operational efficiency in mining areas [7] - The company has seen a strong order influx this year, achieving sales of over 36 million yuan in January alone, with expectations for record-breaking annual output, profit, and sales [9] Group 4: Industry Impact - Shuangjing Group's innovative practices exemplify the integration of technological and industrial innovation in Nanjing, contributing to the city's development of new growth drivers [11]

Core Insights - The launch of the "AI Empowering Collective Procurement, Food Safety Benefiting People's Livelihood" platform marks a significant step in enhancing food safety and supply chain management in Liaoning Province [1][2][3] - The platform aims to digitize and standardize agricultural product management, ensuring traceability from production to consumption, thereby strengthening the foundation of food safety in the region [2][3] Group 1: Platform Launch and Features - The Liaoning Province food safety quality control traceability smart service platform was launched to implement national food safety policies and promote digital transformation in the food industry [1][2] - The platform will facilitate full-chain traceability of food products, generating over 10 million traceability records to enhance regulatory efficiency [1][2] - It offers 11 comprehensive services including transaction sorting, intelligent detection, traceability management, and financial services to improve food circulation efficiency [3] Group 2: Regulatory and Financial Support - The new management measures for agricultural product quality safety will make compliance certificates a core requirement for market access, promoting a "commitment equals credit" regulatory model [2] - Strategic cooperation agreements were signed between various regulatory bodies and technology partners to enhance the application of the platform and strengthen the credit system from farm to table [3] - Financial institutions are collaborating to provide accessible financing solutions for food supply chain enterprises, fostering a synergistic relationship between finance and food safety industries [3]

Company Project Advancement - The company has successfully secured a 5G spectrum auction, ensuring a maximum capacity of 160 MHz for a single operator, with plans to officially launch 5G commercial services in April 2026. This move may open new business opportunities in smart cities and connected factories, facilitating the company's transition from traditional telecom services to digital upgrades [1]. Company Business Status - Digital business revenue grew by 97% year-on-year in Q3 2025, with data center and cloud revenue increasing by 51%. The company plans to further strengthen its leadership in this area [2]. - The payment plan for the 5G auction will be staggered in 2026, with the net leverage ratio expected to remain below 1. The second phase of dividends was initially scheduled for Q4 2025, with a target of distributing 50% of net profits for future dividend policies [2]. Industry Policy and Environment - Turkey's inflation rate rose to 30.65% year-on-year in January, which may affect market expectations for monetary policy stability and indirectly impact the attractiveness of assets, including the telecom sector [2]. - The Turkish Competition Authority initiated an antitrust investigation against Google on February 4, 2026. Although this does not directly target telecom operators, it may affect mobile ecosystem collaborations and pre-installation agreements [2]. Stock Recent Performance - On February 11, 2026, the stock price increased by 3.06%, driven by solid fundamentals such as net user growth and ARPU improvement, with a year-to-date increase of 26.42%. However, low liquidity (small float) may amplify volatility [3].

Financial Performance - In Q4 2025, Coca-Cola reported revenue of $11.822 billion, a 2% year-over-year increase, slightly below market expectations of $12.03 billion; total revenue for 2025 reached $47.941 billion with a net profit of $13.137 billion, reflecting a 23% increase year-over-year [1] - Sales of sugar-free cola showed strong performance, with a 13% increase in Q4 and a 14% increase for the entire year [1] Executive Changes - Effective March 31, 2026, COO Henrique Braun will succeed James Quincey as CEO, while Quincey will transition to the role of Executive Chairman of the Board; Braun's previous experience as President of Greater China may strengthen the company's strategic focus on the Chinese market [2] Business Developments - Coca-Cola has entered a five-year strategic partnership with Microsoft valued at $1.1 billion, focusing on the application of AI in supply chain forecasting, personalized marketing, and efficiency improvements; AI-driven sales forecast accuracy has improved from 70% to 90%, contributing to an 8% increase in sales [3] - The company is accelerating the integration of bottlers, including the merger of two major bottlers in Africa and the sale of equity in the Indian market; new plants in China, including COFCO Coca-Cola's Shaanxi plant and Swire Coca-Cola's Zhengzhou plant, aim to enhance supply chain resilience [3] Performance Guidance - For 2026, Coca-Cola expects organic revenue growth of 4%-5%, with earnings per share (EPS) projected to grow by 7%-8% from a base of $3 in 2025; the free cash flow target is set at $12.2 billion, which is slightly below market expectations and may impact short-term stock price volatility [4] Stock Performance - As of February 9, 2026, Coca-Cola's stock price was $77.97, reflecting an 11.53% increase year-to-date; however, the stock experienced a pullback following the Q4 earnings report due to the moderate guidance; trading volume on that day was $1.828 billion, a 25.31% increase from the previous day [5] Future Outlook - The Q1 2026 earnings report is expected to be released between April and May 2026, with a focus on the financial contributions of AI initiatives, the sustainability of sugar-free product growth, and changes in demand from emerging markets [6] - Key industry trends include health-conscious consumption (such as sugar-free and small-pack products) and digital upgrades (like AI marketing and green supply chains), with particular attention to execution efficiency in the Chinese market [6]

Core Viewpoint - Mercedes-Benz (China) Investment Co., Ltd. announced a series of key personnel adjustments in its management team to strengthen its strategic layout in China and ensure smooth business transitions and high-quality development [2] Group 1: Management Changes - President and CEO of Beijing Mercedes-Benz Sales Service Co., Ltd., Duan Jianjun, resigned for personal reasons and will leave the company, but will continue to support the team as a strategic advisor until April 30, 2026 [2] - Li Desi, the current Sales Executive Vice President, will take over as President and CEO effective March 1, 2026, bringing extensive management experience and insights into the Chinese market [6] - Zhang Mingxia will become the Sales Executive Vice President on April 1, 2026, contributing over 20 years of experience with the brand [6] Group 2: Contributions and Achievements - Duan Jianjun has been a pivotal figure in Mercedes-Benz's success in China, leading the company through a complex market environment and establishing it as the largest single market for the brand globally [3] - Under his leadership, the brand achieved significant milestones, including the "Double 5 Million" mark, and adapted its product matrix to align with Chinese market demands [3] - The management changes are seen as a strategic move to leverage local industry advantages and enhance core competitiveness, aiming to provide better products and services to Chinese customers [7]

Core Viewpoint - The Cheesecake Factory (NYSE: CAKE) is focusing on financial guidance, business expansion, and strategic initiatives as it prepares for its future performance [1] Financial Performance - For Q4 of FY2025, the company expects revenue between $940 million and $955 million, with an adjusted net profit margin target of approximately 5.1%, while maintaining an annual net profit margin target of 4.9% [2] - For FY2026, the company aims for total revenue growth of 4% to 5% compared to FY2025, with an annual net profit margin target of around 5%, and anticipates commodity inflation of 1% to 2% and labor inflation slightly above commodity inflation [2] Business Development - The company plans to accelerate expansion in 2026, with a goal of opening 26 new restaurants, approximately three-quarters of which will be opened in the second half of the year, covering brands such as Cheesecake Factory, North Italia, and Flower Child [3] Strategic Initiatives - Digital Upgrade: The Cheesecake Rewards membership program is experiencing strong growth, and the company plans to launch a dedicated app in the first half of 2026 to enhance user engagement and digital experience [4] - Menu Innovation: The company will continue to promote new items such as "small plates" and "signature dishes," along with seasonal menus to drive improvements in average check size and same-store sales growth [4] - Cost Control: The company is optimizing its cost structure by improving employee retention and operational efficiency, with a continued focus on labor productivity and supply chain management in 2026 [4]

Core Viewpoint - The company, Andeli, is leveraging its investment in Deep Kaihong to enhance its digital transformation and smart upgrades in the juice manufacturing sector, aligning with industry trends towards innovation and intelligent development [2] Group 1: Technology and Innovation - Deep Kaihong has established technological advantages in areas such as domestic open-source HarmonyOS, industrial IoT, and smart device operating systems [2] - The operating systems and related platforms developed by Deep Kaihong are characterized by self-control, fast response times, and adaptability to various industry scenarios [2] Group 2: Strategic Focus - The company plans to explore the implementation of Deep Kaihong's digital technologies across its production, supply chain, and management processes [2] - Future industrial layouts and investment plans will remain aligned with the company's core juice manufacturing business, ensuring that any new initiatives do not deviate from its primary operations [2]

Group 1 - The core idea of the news is that Meituan has upgraded its New Year's Eve dinner reservation service by introducing a deposit system to secure reservations and utilizing VR technology for room selection, transforming the traditional reservation process into a more reliable transaction model [1][2][3] Group 2 - The new model allows consumers to lock in their dining spots by paying a deposit, which will be refunded double if the merchant fails to fulfill the reservation [1] - The service includes a flexible cancellation policy where merchants can set a "no responsibility cancellation time," allowing full deposit refunds if cancellations occur within that timeframe [1][3] - Meituan's VR feature enables consumers to virtually view dining rooms in a 360-degree immersive experience, addressing concerns about discrepancies between online representations and actual conditions [3] Group 3 - Data indicates that by 2026, the order volume for New Year's Eve dinner reservations on Meituan and Dianping is expected to increase by over three times year-on-year, with diverse consumer behaviors emerging, such as early bookings for family gatherings and last-minute reservations for smaller groups [3] - Over 24% of merchants have started offering "Spring Festival big dish" delivery or pickup services, reflecting the evolving consumption patterns during the holiday season [3]