Company Overview - Yunhan Chip City operates a self-built B2B online marketplace, providing one-stop supply chain services for the electronic manufacturing industry [2][3] - The company has shifted from a "sell first, buy later" model to a "buy first, sell later" inventory model, enhancing order delivery speed and customer experience [3][4] Market Dynamics - The electronic components market is large and continues to grow, with "small, scattered, urgent" demands forming a significant long-tail market [3][4] - Online distribution channels are expected to efficiently serve small-batch demands, leveraging accumulated data and efficiency advantages [3][4] Financial Performance - In 2023, the company's revenue experienced a decline due to industry cyclicality and restrictions on overseas suppliers, but has begun to recover [4][5] - The gross margin has shown noticeable improvement as operational strategies were adjusted [4][5] Business Model and Strategy - The "buy first, sell later" model is crucial for enhancing customer experience and supply chain reliability, allowing for two-hour shipping on stocked items [5][6] - The company plans to maintain a mix of "sell first, buy later" and "buy first, sell later" strategies to improve service capabilities [5][6] Revenue Composition - The company’s product categories include active components, passive components, discrete components, connectors, and modules, with a stable revenue structure expected [6][7] - The revenue distribution across categories is consistent with typical cost structures in printed circuit boards [6][7] Growth Drivers - Future growth will stem from expanding the customer base, increasing existing customer purchase volumes, developing authorized agency businesses, and utilizing digital products to serve larger clients [8][9] Profitability and Efficiency - The company aims to maintain its current gross margin level, with fixed costs expected to decrease as operational scale increases [9][10] - Inventory turnover may slow due to increased stock levels from the inventory model, but data-driven inventory management will help maintain healthy levels [10][11]

Core Viewpoint - Yunhan Chip City (301563) is enhancing its B2B online marketplace to provide efficient and professional supply chain services for the electronic manufacturing industry, extending into various fields including product technical solution design, PCBA manufacturing services, and technical support from electronic engineers [1] Group 1: Company Services - The company operates a self-built B2B online mall focused on the electronic manufacturing sector, offering a one-stop service for electronic components supply chain [1] - It has developed a technology solution for small-batch PCBA production, emphasizing "high-frequency line change and flexible production" to meet urgent project demands [1] Group 2: Production Capabilities - The company has established an intelligent production factory for PCBA, concentrating on small-batch production and prototype sampling for R&D projects [1] - The implementation of "high-frequency line change and flexible production" allows the company to fulfill urgent project shipping requirements within 6 hours, significantly enhancing the one-stop procurement experience [1]