Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

电商SaaS ERP龙头聚水潭第四次冲击港交所IPO，但其资产负债率超300%、依赖亏损抵税实现账面盈利的财务困局，引发市场对其可持续性的深度质疑 12。 表面盈利的真相 2024年，聚水潭首次实现净利润1100万元，但核心源于超9000万元的所得税抵免（利用过往亏损抵税），实际经营亏损仍达6200万元。这种盈利模式不具备 可持续性，且递延所得税资产在2024年集中确认的操作缺乏合理解释，被指"粉饰报表"15。更严峻的是，公司SaaS产品平均合同价值三年下降37%，反映价 格战下收入质量恶化1。 对赌倒逼下的生死线 聚水潭背负31.44亿元优先股赎回压力，若2025年底前未能上市，将触发回购条款。而截至2024年底，其账上现金仅10.85亿元，年经营现金净流入不足3亿 元，一旦回购启动，现金流可能断裂35。这一对赌协议已扭曲公司战略——2024年研发投入占比从44.8%降至26.4%，销售费用率却维持在40%以上，牺牲长 期技术投入换取短期增长16。 夹缝中的生存困境 市场天花板过低：2024年中国电商SaaS ERP市场规模仅31亿元，到2029年预计仅83亿元，难以支撑其60亿元估值13。 技术护城河薄弱 ...

世界局部动荡、关税浪潮、宏观经济波动等因素加速了逆全球化的趋势。王黎明认为，在此背景下，市场环境会倒逼企业改变运营模式甚至商业 模式，需要更加智能的供应链。他表示，未来的供应链更加互联，信息更加透明，各个主体的参与度更高。 场景三：智能比价 对于智能供应链建设的策略和核心要素，王黎明提出，国内做加法，国外做减法。针对国内智能供应链建设框架，他分享了ERP+SRM+AI的三位 一体模式：ERP主内，对内协同；SRM主外，采供协同；在此架构中，以AI中台和Agent应用赋能整个供应链采购管理。为进一步说明AI在采购 过程中的应用，王黎明基于五大核心模块分析了非功能问题转化为AI场景的机会点： 场景一：引导式需求管理 会上，甄云科技西区总经理王黎明以《AI赋能逆全球化背景下的供应链系统建设》为题进行了现场演讲，并介绍了甄云科技近几年在人工智能 +供应链采购领域的部分创新和落地应用。 研发、服务类等个性化需求的沟通和审批耗时这类需求建设重点在于需求整体评估、流程标准化与预算审批、供应商管理和风控、全生命周期成 本优化等。通过AI引导用户生成符合企业管理规范的采购申请，可以更好地优化整个采购申请流程和风控管理。 场景二 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [14]. Core Views - The company has initiated a share buyback plan with a budget of up to HKD 100 million, reflecting confidence in its long-term growth and market performance [6][4]. - The board believes the current stock price does not reflect the company's true value and aims to enhance earnings per share (EPS) through share repurchases [4]. - The company is balancing short-term value realization with long-term strategic investments, including increased focus on smart supply chains and digital healthcare services [4]. Summary by Sections Company Performance and Market Position - The company has completed its warehousing and supply chain setup, with a cumulative registered buyer base of 827,000 by the end of 2024, including 491,000 pharmacies [5]. - The company is expected to achieve a compound annual growth rate (CAGR) of 145% in net profit from 2024 to 2027 [5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are approximately HKD 20.81 billion, HKD 23.48 billion, and HKD 26.49 billion, with year-on-year growth rates of 16%, 13%, and 13% respectively [7]. - The net profit attributable to the parent company is projected to be HKD 1.29 billion, HKD 2.75 billion, and HKD 4.41 billion for the same years, reflecting significant growth rates of 331%, 112%, and 61% respectively [7]. Key Financial Metrics - The gross margin is expected to improve from 10.13% in 2024 to 11.49% in 2027 [6]. - The return on equity (ROE) is projected to increase from 1.29% in 2024 to 14.13% in 2027 [6]. - The price-to-earnings (P/E) ratio is expected to decrease from 104.90 in 2024 to 10.17 in 2027, indicating a more attractive valuation over time [6].