Core Viewpoint - Aishide's half-year report for 2025 shows significant growth in revenue and profit, highlighting its strategic focus on digital distribution and retail services in the mobile and consumer electronics sectors [1] Financial Performance - In the first half of 2025, Aishide achieved operating revenue of 25.37 billion and a net profit of 255 million [1] - The gross profit margin increased from 3.88% in the same period last year to 5.09% [2] Business Strategy and Operations - The company is enhancing its distribution service capabilities and expanding retail presence while optimizing low-margin and uncertain businesses [1][2] - Aishide's Apple business segment served over 2,000 authorized stores, while the Honor segment supported over 7,000 clients with a self-developed store management system [2] - The company added 36 self-operated Apple APR stores, bringing the total to 236, maintaining the largest APR channel scale in the country [3] Product Development and Innovation - Aishide's IoT solutions have made significant progress, establishing partnerships with leading IoT module manufacturers and expanding international eSIM platform capabilities [3] - The company launched new beverage brands and expanded its 3C accessory brand, focusing on product innovation and higher sales value [3] International Expansion - Aishide's overseas sales revenue grew by 29.96% year-on-year, with successful market penetration in countries like Thailand and Vietnam [4][5] - The company has established localized operations and supply chain services to support international brand expansion [5] Strategic Investments - Aishide is pursuing a dual strategy of internal growth and external development, investing in emerging sectors such as AI and low-altitude economy [6] - The company has formed a joint venture in the AI computing field and is actively exploring new growth opportunities [6]

Core Viewpoint - The company, Aishide, is a leading digital smart distribution and retail service provider in China, focusing on mobile smart terminals, 3C digital products, communication and value-added services, and fast-moving consumer goods sales services. The company has established long-term strategic partnerships with numerous top brands and is expanding its own brand presence in the 3C digital and fast-moving consumer goods sectors [3][4][8]. Company Overview - Aishide operates in digital smart distribution, digital smart retail, and other innovative businesses, serving as a national first-level distributor for major mobile brands like Apple, Honor, Samsung, and Meizu. The company has built a comprehensive offline sales service network and online capabilities, achieving digital, visual, and intelligent management of all flows in the goods circulation process [4][5]. - The company provides full-scenario digital retail empowerment services, helping offline retail stores integrate with online traffic to create a new ecosystem of integrated retail [5]. Financial Performance - In the 2024 fiscal year, Aishide reported a total operating income of CNY 65.82 billion, a decrease of 28.58% compared to the previous year. The operating profit was CNY 864.05 million, and the net profit attributable to shareholders was CNY 581.49 million, reflecting declines of 6.71%, 6.54%, and 11.26% respectively [26][29]. Profit Distribution Plan - The board approved a profit distribution plan for 2024, proposing a cash dividend of CNY 5 per 10 shares (including tax), based on a total share capital of 1,239,281,806 shares as of December 31, 2024. The total cash dividend payout will amount to CNY 619.64 million, with no capital reserve conversion or bonus shares issued [2][29]. Asset Impairment Provision - The company has decided to recognize an asset impairment provision for the 2024 fiscal year, which will reduce the total profit by CNY 16.90 million. The provision includes bad debt, inventory depreciation, and goodwill impairment, with the total amounting to CNY 71.09 million at the end of the reporting period [74][81].

Investment Rating - The report does not explicitly provide an investment rating for the industry or the specific company [1]. Core Insights - The company, Aishide, is a leading digital smart distribution and retail service provider in the commercial retail sector, focusing on mobile smart terminals, 3C digital products, and consumer goods sales services [19]. - The company has established long-term strategic partnerships with numerous top brands and is enhancing its operational efficiency through digitalization and smart capabilities [19]. - Aishide is responding to national policies aimed at boosting consumer spending and innovation, particularly in the mobile distribution sector [20][21]. - The company has a significant role in the distribution of Apple products in China, managing a large network of authorized stores and providing extensive after-sales services [22]. - Aishide's partnership with Honor is expected to yield substantial growth opportunities following Honor's transition to a public company [23]. Summary by Sections 1. Basic Research Information - The research was conducted on February 27, 2025, focusing on the commercial retail industry, specifically Aishide [13]. 2. Detailed Research Institutions - Various investment and asset management firms participated in the research, including Haichuang Private Equity, Shanghai Jianshun Investment, and CITIC Asset Management [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [17]. 4. Main Content Information - Aishide's projected performance for 2024 includes an expected revenue of 57.458 billion yuan, operating profit of 0.809 billion yuan, and net profit attributable to shareholders of 0.525 billion yuan [19]. - The company is actively optimizing its business structure and focusing on core operations to enhance efficiency and competitiveness [19]. - Aishide is establishing an investment fund focused on technology sectors, leveraging its strengths in digital sales channels [21].