Core Viewpoint - Shandong Victorysoft Technology Co., Ltd. (Victorysoft) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing its solutions, R&D, sales network, and exploring strategic investments, despite facing significant financial challenges and high customer dependency [1][2]. Financial Performance - The company reported a net profit margin of -66.8% and a gross profit margin of 24.6% for the first four months of 2025, indicating severe short-term performance pressure [2][3]. - Revenue for 2022, 2023, and 2024 was 391 million, 502 million, and 525 million RMB respectively, with net profits of 37.6 million, 53.7 million, and 59.3 million RMB, reflecting a steady increase in profitability [2]. Business Model and Seasonality - Victorysoft's revenue is highly concentrated in the fourth quarter, leading to a pattern of "annual profit, short-term loss," which poses risks if project deliveries do not meet expectations [3][4]. - The company relies heavily on project acceptance in the second half of the year, which can significantly impact annual profitability [4]. Gross Margin Decline - The gross margin has declined from 41.4% in 2022 to 24.6% in the first four months of 2025, with significant drops across all business segments [4][5]. - The gross margin for the smart energy solutions segment fell from 42.7% in 2022 to 26.9% in the first four months of 2025, while the smart manufacturing solutions segment saw a drop from 71.2% to 15.1% [4][5]. Customer Dependency and Accounts Receivable - Victorysoft's top five customers accounted for over 70% of its revenue, with Sinopec being the largest contributor, indicating a high dependency on a limited customer base [6][7]. - Accounts receivable turnover days surged to 1662 days by April 2025, reflecting significant cash flow issues and reliance on delayed payments from government and state-owned enterprise clients [8][9]. Market and Competitive Landscape - The growth rate of the smart energy solutions market in China is projected to slow to 15.6% from 2019-2024, which may impact Victorysoft's revenue growth [10]. - The company ranks tenth in the smart energy solutions market by revenue, facing competition from state-owned enterprises with their own IT teams [10]. R&D Investment - Victorysoft's R&D expenditure as a percentage of revenue has been below the industry average, with figures of 7.4%, 6.3%, and 6.2% from 2022 to 2024, which may hinder its long-term competitiveness [11]. Financial Control Issues - The company has faced regulatory warnings due to financial control issues, including accounting errors that have necessitated multiple corrections [12]. - As of now, Victorysoft's market capitalization is only 2.6 billion RMB, below the Hong Kong Stock Exchange's minimum listing requirement of 4.65 billion RMB [12].

Core Viewpoint - The company, New Beiyang, is expected to achieve significant growth in net profit and revenue in the first half of 2025, driven by its logistics automation and smart retail solutions [1][2]. Group 1: Financial Performance - New Beiyang forecasts a net profit of 34.7 million to 38.2 million yuan for the first half of 2025, representing a year-on-year increase of 100% to 120% [1]. - The company anticipates a non-recurring net profit of 30.93 million to 33.8 million yuan, reflecting a year-on-year growth of 650% to 720% [1]. - The revenue from overseas operations reached 999.2 million yuan in 2024, marking a 24% increase and accounting for over 40% of total revenue for the first time [2]. Group 2: Business Segments - The company is experiencing continuous growth in its logistics automation equipment sales, particularly in smart logistics sorting solutions [1]. - Smart self-service terminal products, including smart express cabinets and vending machines, are also seeing significant sales growth [1]. - New Beiyang's new retail comprehensive operation business is in a growth phase, focusing on product sales while exploring diversified value-added services such as membership, sampling, advertising, and brand marketing [2]. Group 3: Market Position and Strategy - The company has established a global marketing service network, with products sold in over 40 countries and regions across Europe, Asia-Pacific, and the Americas [2]. - New Beiyang's smart micro-super products are being applied in unmanned retail, sampling, and trendy toy scenarios, with ongoing sales growth in unmanned retail and sampling [2]. - The company expects continued strong growth in its new retail comprehensive operation business, logistics sorting solutions, and specialized product solutions for self-service terminals and financial equipment in 2025 [2].

证券代码：430090 证券简称：同辉信息 公告编号：2025-038 同辉佳视（北京）信息技术股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、投资者关系活动类别 □特定对象调研 √业绩说明会 上市公司接待人员： □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、投资者关系活动情况 活动时间：2025 年 5 月 27 日 活动地点：公司通过全景网"投资者关系互动平台"（http//ir.p5w.net） 采用网络远程的方式，召开 2024 年年度报告业绩说明会。 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 董事长、总经理：王一方女士 董事会秘书：李刚先生 财务负责人：丁瑶女士 公司保荐代表人：谭星先生 三、投资者关系活动主要内容 本次业绩说明会公司就投资者关心的问题进行了沟通交流，主要问题及回 复如下： 问题 1、根据 2024 年 3 月收到的《立案告知书》，公司目前信息披露违法 违规调查的最新进 ...

Core Insights - The article emphasizes the importance of reverse logistics in enhancing cost efficiency and operational effectiveness for businesses in the context of digital transformation and e-commerce growth [1][15] - Reverse logistics is defined as the process of moving goods from their final destination back to the manufacturer or distributor for the purpose of recapturing value or proper disposal [1] Industry Overview - The Chinese government's draft decision on amending the "Interim Regulations on Express Delivery" aims to promote green packaging and sustainable practices in logistics [1] - Reverse logistics costs are projected to account for 15%-20% of total logistics costs for enterprises by 2024, directly impacting economic efficiency and sustainability [1] Challenges in Reverse Logistics - The article identifies three core pain points in reverse logistics: 1. Difficulty in selecting cross-regional service providers and controlling costs due to dispersed return locations and high single-return costs [5] 2. Inefficiencies in time prediction and resource scheduling, leading to increased management costs and operational risks [6] 3. Issues with logistics information isolation and accountability, resulting in challenges in tracking and managing returns [7] Solutions Offered - The "Baidiyun Enterprise Express Management SaaS" integrates SaaS, API, and internal systems to provide a comprehensive solution for reverse logistics, enhancing efficiency by 52% [3][8] - The solution includes features such as intelligent scheduling, real-time tracking, and automated cost calculations, enabling businesses to transition from passive to proactive management [8][13] Technological Integration - The "Baidiyun API Open Platform" connects over 2,100 courier companies, allowing for nationwide coverage and cost control in reverse logistics [9] - The system supports various return methods, enabling consumers to return items through multiple channels while allowing businesses to monitor logistics in real-time [11] Conclusion - Reverse logistics is not only a cost management challenge but also a critical aspect of customer experience and brand reputation [15]