Core Viewpoint - Su Zhuangyuan has partnered with Intertek to achieve BAP certification, aiming to ensure high-quality and sustainable production of Chinese hairy crabs, addressing industry issues such as inconsistent standards and quality concerns [1][2][4]. Industry Overview - The Chinese hairy crab market has seen significant growth, with production increasing from 748,700 tons in 2016 to 839,000 tons in 2023, and demand rising from 743,000 tons to 844,300 tons in the same period [2]. - The wholesale market for hairy crabs reached 33.357 billion yuan in 2023, highlighting the industry's prosperity despite existing challenges like fraud and quality issues [2]. Company Achievements - Su Zhuangyuan has established itself as a quality benchmark in the hairy crab industry, having been recognized as the top brand in the new ingredient category for two consecutive years (2024-2025) [4][10]. - The company has successfully implemented a comprehensive quality control system, utilizing advanced technology and sustainable practices in its operations [7][8]. Strategic Initiatives - The partnership with Intertek and the attainment of BAP certification signify a commitment to international quality standards, enhancing consumer trust and safety [4][15]. - Su Zhuangyuan has invested in a large-scale distribution center and smart crab ponds, employing automation and AI technology to improve supply chain transparency and efficiency [8]. Brand Positioning - The brand's slogan "Choose Su Zhuangyuan for Quality Crabs" reflects its dedication to providing high-quality products, which has resonated well with consumers, leading to strong sales performance [10][11]. - Su Zhuangyuan aims to expand its market presence globally, with a mission to let "300 million people enjoy Su Zhuangyuan crabs all year round" and to showcase Chinese hairy crabs on the world stage [12][15].

Core Insights - The Chinese beauty market is expanding, leading to a transformation in the supply chain, which is now a core component of brand competitiveness [1] - Consumers demand not only speed but also product diversity, pushing supply chain companies to innovate continuously [1] - The integration of supply chains with digital intelligence systems is seen as a potential "invisible engine" to attract consumers [1] Supply Chain Role Evolution - The supply chain has shifted from a backend support role to a "frontline connection" between brands and consumers, with logistics speed, flexibility, and differentiated experiences becoming crucial for purchase decisions [2] - The rise of live-streaming sales has intensified consumer demands for logistics speed and product differentiation, necessitating rapid adjustments in inventory and packaging [2] - L'Oréal China reports that 99% of its national orders can be delivered within 2.4 days, with some core cities achieving same-day delivery, thanks to smart warehousing and AI integration [2] Intelligent Supply Chain Operations - The image of a smart operations center during peak shopping events illustrates the efficiency of AI-driven inventory management and rapid order fulfillment [3] - For beauty companies, building a more intelligent and market-responsive supply chain is essential to winning consumer loyalty [3] Collaborative Innovation in Supply Chain - The diverse consumer demands in the Chinese beauty market require supply chains to focus on innovation and differentiation, beyond just cost and efficiency [4] - L'Oréal is establishing efficient collaboration mechanisms with local and international partners to integrate various suppliers' technological advantages into a comprehensive supply chain solution [4] - Chinese companies are transitioning from "OEM" to "innovation" through digital R&D ecosystems and AI quality inspection, thanks to collaborations with multinational firms [4] Supply Chain as a Driver of Innovation - The supply chain is not only a production support mechanism but also a vital force in product development and innovation [5] - In a rapidly changing consumer environment, the supply chain is described as a "symphony of connections" linking consumers, beauty ecosystem partners, and global markets [5]

Core Viewpoint - Mixue Ice Cream has become a leading global fresh tea beverage company with over 46,000 stores worldwide since its establishment in 1997, supported by local government initiatives [1] Group 1: Government Support - The government has provided comprehensive support to Mixue Ice Cream, facilitating its transition from a local brand to a global chain [1] - Through initiatives like the "Learning, Inspection, Improvement, and Enterprise Observation" campaign, the government has actively listened to the company's needs and offered guidance on food safety, compliance, and operational support [1] - The government has also enhanced policies to assist companies in expanding into overseas markets, providing a platform for international cooperation [1] Group 2: Business Development Strategy - The company aims to optimize its product and service offerings while building a self-controlled, safe, and efficient digital supply chain [1] - Mixue Ice Cream is focused on innovating diverse consumption scenarios to inject new momentum into the retail industry's transformation and upgrading [1] - The continuous release of national policy dividends presents unprecedented development opportunities for the company [1]

Group 1 - The core viewpoint of the news is that JD Century Trade Co., Ltd. successfully issued a 2 billion yuan bond, marking its first appearance in the 3-year corporate bond market, with a coupon rate of 1.63% and receiving 3.8 times oversubscription [1][2] - The bond is categorized as a "technology innovation" special bond and aims to optimize the company's debt structure while continuing to invest in digital supply chain and technology innovation [2] - JD Century Trade is a key operational entity under JD Group, focusing on retail and technology services, leveraging its supply chain infrastructure to provide efficient digital solutions [1][2] Group 2 - The funds raised from the bond issuance will be used to replace maturing debts and enhance the company's debt structure, ensuring flexible financing for future investments in key technology research and development [2] - The bond issuance attracted diverse investors, including banks, securities firms, and funds, reflecting the capital market's recognition of JD Century Trade's stable operational capabilities and technological innovation strength [2] - JD Century Trade is recognized as the only retail enterprise from China included in Gartner's 2024 Global Supply Chain Top 25, showcasing its leadership in the industry and commitment to driving digital economy integration [1]

Core Viewpoint - JD.com integrates green concepts into its development strategy, promoting high-quality development of a green low-carbon economy through initiatives such as building a green supply chain, advocating for green consumption, and enhancing technological empowerment [1][2]. Group 1: Green Initiatives - JD.com initiated the "Qingliu Plan," focusing on supply chain aspects like warehousing, transportation, and transactions, establishing multiple industry standards [2]. - In the warehousing segment, JD.com is creating "low-carbon parks," exploring "green packaging" in logistics, and promoting "circular degradation" in transactions [2]. - Since 2022, JD.com launched the "Qinglv Plan," encouraging consumer participation in green consumption and carbon-inclusive mechanisms, while collaborating with brand merchants to reduce carbon emissions in the supply chain and sales processes [2]. Group 2: Technological Empowerment - JD.com utilizes digital technology to connect and optimize various stages of production, circulation, consumption, and services, creating a unique new generation of digitalized green infrastructure supply chain [2]. - The self-developed digital carbon reduction technology has been included in the national green technology promotion catalog [2]. - The supply chain carbon footprint management platform, "Jing Carbon Hui," serves over 100 brands and has managed more than 40 million shipping orders [2]. Group 3: Government and Enterprise Collaboration - JD.com's government and enterprise business focuses on procurement management, integrating carbon footprint digital management technology with platforms like JD.com Smart Procurement to advance the construction and application of green procurement supply chains, making government and enterprise procurement smarter and greener [2].

Core Insights - The logistics industry is transitioning from a focus on speed differentiation to a more complex competitive landscape, with companies like JD Logistics and SF Express adopting different strategies to maintain market share [1][2][3] Group 1: Company Performance - JD Logistics reported a revenue of 46.967 billion yuan in Q1, representing a year-on-year growth of 11.5%, with a net profit of 0.451 billion yuan, up 89.1% [1] - The revenue from JD Logistics' integrated supply chain clients reached 23.2 billion yuan in Q1, growing by 13.2% year-on-year, accounting for nearly 50% of total revenue [3] - SF Express achieved a revenue of 69.85 billion yuan in Q1, with a year-on-year increase of 6.9%, and a net profit of 2.234 billion yuan, up 16.87% [7] Group 2: Strategic Initiatives - JD Logistics is focusing on deep integration with manufacturing and various industry segments, moving away from traditional express delivery competition [3] - The company has over 3,600 self-operated warehouses and cloud warehouses, with a total management area exceeding 32 million square meters [2] - JD Logistics is implementing advanced technologies, such as the "Super Brain" model, to enhance operational efficiency and ensure smooth delivery of products under national subsidy programs [5][6] Group 3: Market Trends - The logistics market is experiencing intensified competition, with companies seeking to avoid reliance on price wars while maintaining market share [2][3] - The rise of e-commerce has significantly influenced the logistics sector, leading to a saturated market where differentiation is increasingly challenging [2] - JD Logistics is expanding its overseas operations, with plans to exceed 1 million square feet of overseas warehouse space by 2025, and has already established over 20 overseas warehouses in Europe [6][7]

Investment Rating - The report maintains a "Recommended" investment rating for JD Logistics (02618.HK) [1][6] Core Views - JD Logistics achieved an adjusted net profit of 7.92 billion RMB in 2024, representing a year-on-year increase of 187%, driven by integrated supply chain growth and cost reduction efforts [1][6] - The company is expected to continue its growth trajectory with a projected revenue of 182.84 billion RMB in 2024, reflecting a 9.7% year-on-year increase [2][6] - The report highlights the significant contribution of integrated supply chain clients, with revenue from these clients reaching 87.4 billion RMB, a 7.2% increase from the previous year [6][7] Financial Summary - **Revenue Forecast**: - 2024A: 182.84 billion RMB - 2025E: 200.62 billion RMB - 2026E: 216.90 billion RMB - 2027E: 232.18 billion RMB - Year-on-year growth rates: 9.7% for 2024 and 2025, 8.1% for 2026, and 7.0% for 2027 [2][8] - **Net Profit Forecast**: - 2024A: 6.20 billion RMB - 2025E: 7.08 billion RMB - 2026E: 8.20 billion RMB - 2027E: 9.46 billion RMB - Year-on-year growth rates: 905.8% for 2024, 14.2% for 2025, 15.9% for 2026, and 15.4% for 2027 [2][8] - **Earnings Per Share (EPS)**: - 2024A: 0.94 RMB - 2025E: 1.06 RMB - 2026E: 1.23 RMB - 2027E: 1.42 RMB [2][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 12.1 for 2024, decreasing to 7.9 by 2027 - Price-to-Book (P/B) ratio: 1.4 for 2024, decreasing to 0.9 by 2027 [2][8] Strategic Insights - JD Logistics is focusing on enhancing its global supply chain capabilities and improving service quality to drive profitability [6][7] - The company plans to integrate its supply chain systems with major e-commerce platforms, which is expected to boost logistics volume across channels [6][7] - The implementation of smart technologies has led to a significant reduction in operational costs, with gross profit margin increasing to 10.2% in 2024 [6][7]