投资者关系活动记录表 编号：2025-004 | | □特定对象调研 □分析师会议 | | | --- | --- | --- | | | □媒体采访 业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | 其他 年度深圳辖区上市公司投资者网上集体接待日 2025 | ☑ | | | | 活动 | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 年 月 日（周四）下午 11 20 14:30-17:00 | 2025 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | 公司董事长、总经理王玉成先生 | | | 上市公司接待人 | 董事、董事会秘书王丽春女士 | | | 员姓名 | 董事、副总经理、财务总监孟振江先生 | | | | 独立董事吴守农先生 | | | | 公司与投资者交流的主要内容如下： 1、您是如何看待行业未来的发展？接下来贵司又有怎样 | | | | 的战略规划？ | | | 投资者关系活动 | 尊敬的投资者您好！国家近年来持续对半导体产 ...

2025年11月17日，由安永[1]、太保资本及通力律所联合主办的"基遇∞-卓越私基金管理人论坛"在上海成功举办。作为安永构建私募生态圈系列活动全新 升级后的焕新启幕之作，本次论坛汇聚了众多行业精英。太保资本总经理刘龙、财务负责人王晶及核心管理团队、通力律师事务所合伙人史成律师以及众 多顶尖私募基金管理人的合伙人与高级管理人员均应邀出席。安永、太保资本与现场嘉宾围绕构建私募生态圈展开深度交流，并聚焦科技主题，分享了私 募行业最前沿的实践经验和专业见解，引发了热烈讨论与思维碰撞。 安永大中华区金融服务首席合伙人、安永亚太区金融科技及创新首席合伙人忻怡发表了欢迎致辞。忻怡指出： "当前私募行业正面临资产配置逻辑重构、科技创新驱动等多重结构性变迁，面对挑战，没有谁能够独善其身，更没有谁能够独自破局，唯有开放协作、 生态共生才是通向未来的可行之路。忻怡表示，安永希望结合全球视野与本土洞察，为私募行业提供认知、连接及运营三个维度的赋能，并强调真正的生 态价值，不在于规模的简单叠加，而在于通过良好的机制设计，激发'1+1+1趋近无限可能'的协同效应，希望安永可以与太保资本等业内顶尖机构携手打 造资本可溯、风险可控、价值可 ...

Core Insights - JD.com showcased its "super supply chain" capabilities during the 2025 11.11 shopping festival, emphasizing its role in enhancing consumer experience and driving industry growth through innovative supply chain solutions [1][9][23] Sales Performance - JD.com experienced explosive sales across all categories, with significant growth in 3C digital products, home appliances, and daily necessities, achieving a year-on-year growth rate of 36% in daily goods and 30% in apparel [2][5] - The number of active users on the JD app increased by 24.7% year-on-year, leading the industry [1] Product Innovation - JD.com collaborated with Lenovo to launch the Lenovo Y7000P 2025 AI gaming laptop, which quickly became a top seller during the event, demonstrating the effectiveness of the C2M (Customer-to-Manufacturer) model [3][5] - Customized products saw a fivefold increase in sales compared to the previous year, with significant demand for new home appliance models [6] New Business Models - JD's live streaming sales saw a 150% increase in order volume, with the number of participating merchants tripling compared to last year [8] - The introduction of innovative business formats, such as the "Seven Fresh" restaurant initiative, led to a 150% increase in online orders [9][10] Global Expansion - JD.com announced plans to introduce 1,000 overseas brands and expand its global reach, with cross-border sales seeing over 100% growth in key markets like Japan and South Korea during the 11.11 event [14][15] Technological Integration - The integration of AI and robotics into JD's supply chain operations significantly improved efficiency, with AI applications increasing by 3.2 times compared to previous events [16][20] - JD's logistics capabilities were enhanced through the use of advanced AI models, resulting in a 10% efficiency increase for frontline employees [20][22] Health and Wellness Services - JD Health expanded its services to provide a wide range of medical products and services, catering to chronic disease patients during the shopping festival [11][13] Consumer Engagement - The introduction of personalized AI services improved customer satisfaction, with over 42 billion consultations handled by intelligent customer service [18]

Group 1: Overview of Changshu's Development - Changshu's "upward" posture is characterized by its natural endowments, robust industries, and a spirit of innovation, reflecting a clear self-awareness and understanding of development patterns [1][2] - The Suzhou Technology Fashion Week and the "Fashion Changshu" brand event highlight the city's integration of technology, fashion, and outdoor sports, showcasing its dynamic growth [1][3] Group 2: Industrial Strength - In 2024, Changshu's industrial output value surpassed 490 billion, with key contributions from the automotive, equipment manufacturing, and textile industries, the latter showing a 10.5% year-on-year growth [3][5] - The textile and apparel industry is a significant pillar, with over 5,000 enterprises producing more than 500 million garments annually, generating stable output value of 100 billion and export value exceeding 10 billion [2][3] Group 3: Innovation and Future Vision - Changshu is focusing on AI-driven innovation, with 28 AI models and 49 application scenarios identified, generating nearly 20 billion in revenue and housing 200 enterprises [8][9] - The "Fashion Changshu" brand and the "Outdoor Sports Industry Three-Year Action Plan" aim to enhance industry upgrades, scene expansion, and technological empowerment, positioning Changshu as a model for integrating technology into traditional industries [9][10] Group 4: Cultural and Sporting Events - The city has hosted various high-profile sports events, enhancing its reputation as "the first city of outdoor sports in Jiangnan," with activities like hiking and camping gaining popularity [6][7] - The 17th "Changshu Cup" Fashion Design Competition attracted over 1,000 participants, showcasing the city's commitment to fostering global fashion talent and innovation [6][7]

Core Viewpoint - The current industry lacks not just capital but also patience and exit channels, indicating a need for deeper structural changes in China's primary market [4][6]. Group 1: Importance of Patience Capital - The cultivation of "patience capital" is essential for the development of the science and technology innovation ecosystem, which requires long-term capital support [7][10]. - A multi-tiered capital market system is crucial, allowing capital to play differentiated roles at various stages of a company's development, from technology transfer to exit strategies [7][8]. - The ecosystem must foster collaboration among industries to transform technological innovations into real productivity, emphasizing the need for a supportive market environment that tolerates failure [8][10]. Group 2: Investment Strategies and Fund Development - Two new mother funds are being prepared, focusing on venture capital and strategic emerging industries, with a commitment to support state-owned enterprises and the real economy [9]. - The investment strategies of these funds will align with national strategies, emphasizing support for technological innovation and strategic emerging industries [9][20]. Group 3: Selection Criteria for General Partners (GPs) - Key criteria for selecting GPs include historical investment performance, industry expertise, and the ability to adapt to market changes using new technologies [17][18]. - The alignment of GPs with Shanghai's core industries is critical, ensuring that their focus matches the technological and product directions of the local market [17]. - Collaboration and service capabilities with government funds are also essential, moving beyond traditional reporting to fostering partnerships that enhance investment outcomes [18]. Group 4: Challenges and Future Outlook - The industry must address internal challenges, such as fostering a long-term mindset among investors and understanding the lengthy return cycles associated with technology investments [10][12]. - The recent recovery in the secondary market and the gradual revival of the primary market highlight the need for increased investment in technology sectors, reflecting national strategic priorities [13][20]. - The establishment of a supportive ecosystem that integrates various stakeholders, including early-stage investors and local talent, is vital for enhancing China's competitive edge in global markets [13][20]. Group 5: Role of Cultural and Technological Integration - The integration of culture and technology is becoming a focal point for investment, particularly in areas like digital cultural new business forms and AI applications [23][24]. - The shift in investment logic from hard technology to "AI + industry" reflects the evolving landscape of the science and technology innovation sector [23][24]. Group 6: Conclusion - The construction of the science and technology innovation ecosystem requires collaboration among government policies, LP patience capital, GP professional capabilities, and entrepreneurs' long-term commitment [27]. - The implementation of national policies is expected to facilitate a more integrated approach among various types of funds, enhancing the overall investment environment [27].

Core Insights - The integration of artificial intelligence (AI) into various industries is transforming traditional practices, enhancing efficiency and creating new market opportunities [3][18][20] - The "AI+" initiative has become a national strategy, emphasizing the deep fusion of information technology and modern industries, leading to innovative business models and service scenarios [3][20] Industry Applications - AI is being utilized in urban management, with systems like "city brain" optimizing the deployment of resources such as cleaning robots and water trucks to maintain city aesthetics during high traffic periods [2] - In the real estate sector, AI tools are being employed to analyze market data and generate buying reports, significantly improving the efficiency of property searches and transactions [7][17] - The use of AI in real estate is shifting the focus from experience-driven recommendations to data-driven insights, enhancing the role of real estate agents as trusted advisors [17][18] Market Trends - The demand for AI in the real estate industry is on the rise, with over 90% of leading real estate companies expecting AI to be operational within 1 to 2 years, and nearly 40% anticipating an annual growth rate of 10% to 30% in AI investments [20]

Core Insights - The article discusses the integration of artificial intelligence (AI) into various industries, particularly during the upcoming National Day and Mid-Autumn Festival holidays in 2025, highlighting how AI is transforming traditional practices into smarter operations [4]. Group 1: AI in Transportation and Travel - AI is enhancing the travel experience by allowing users to order food and reserve charging stations through their vehicles while on the road [2]. - Online travel agencies (OTAs) like Ctrip, Qunar, and Fliggy have upgraded their AI services to assist users in planning trips more efficiently [5][6]. - The AI-generated travel itineraries are detailed, covering transportation, accommodation, attractions, dining, and even restroom locations, showcasing a high level of personalization and attention to user needs [20]. Group 2: AI in Urban Management - Cities are utilizing "city brain" technology to manage resources effectively, such as deploying cleaning robots and water trucks to maintain city aesthetics during high traffic periods [3]. - The integration of AI into urban management is part of a broader trend of using technology to enhance public services and improve quality of life [4]. Group 3: AI in Industry and Manufacturing - The "AI+" initiative is becoming a national strategy, indicating a shift towards deep integration of AI with modern industries, which is expected to create new market spaces and service scenarios [4]. - AI is not merely a replacement for human labor but is facilitating a transformation in job roles, allowing workers to focus on more complex tasks rather than routine operations [4]. Group 4: Future Prospects - The article anticipates that as AI technology continues to evolve, the quality of travel planning and other services will improve significantly by the next holiday season [21].

Group 1 - The upcoming 2025 National Day and Mid-Autumn Festival holiday will see an increase in human mobility, while intelligent mobility represents a new norm for various industries [1] - New energy vehicle owners can use large screens to place orders for coffee, meals, and reserve charging stations while on the road [1] - Urban management departments are utilizing "city brain" technology to automatically allocate resources like watering trucks and cleaning robots to maintain city aesthetics during high traffic [1] Group 2 - The "Artificial Intelligence +" initiative has become a national strategy in 2025, integrating intelligent technologies into various sectors such as manufacturing, agriculture, tourism, healthcare, and urban governance [2] - The transformation in smart factories allows workers to evolve from manual tasks to system management, while smart agriculture implements digital management throughout the entire farming process [2] - The "AI + industry" concept signifies a deep integration of information technology and AI with modern industries, creating new business models and market spaces rather than merely enhancing traditional methods [2]

Core Viewpoint - The company has demonstrated resilience and strategic transformation in its financial performance amidst a changing macroeconomic environment, showcasing a shift from "industrial internet" to "industry + AI" [1][8] Financial Performance - In the first half of 2025, the company achieved historical highs in three profit margin indicators, with gross margin rising to 4.6%, operating profit increasing by 15.9% year-on-year, and net profit attributable to shareholders growing by 10.8% [1] - The company reported cash and financial assets exceeding 7.8 billion RMB, with operating cash flow reaching 412 million RMB, a significant year-on-year increase of 65.7% [1] Brand and Supply Chain Development - The company's proprietary brand business experienced rapid growth, with sales exceeding 80 million RMB, a staggering increase of 490% year-on-year, and a gross margin over 25% [2] - The company has established a flexible supply chain system characterized by "reverse + short chain + digitalization," enhancing efficiency and aligning with national market integration policies [2] Strategic Initiatives in Instant Retail - The company has proactively engaged in the "instant retail" sector, leveraging AI and SaaS to enhance operational capabilities and has integrated with major platforms like Taobao and Meituan [3] - The instant retail market in China is projected to exceed 2 trillion RMB by 2030, presenting significant growth opportunities for the company [3] AI Strategy and Revenue Growth - The company's "AI + industry" strategy has led to service revenue of 312 million RMB in the first half of 2025, with AI-related income accounting for over 20% [4] - The deployment of the "Qiancheng Cloud AI" model has improved operational efficiency in member stores by over 30% and reduced inventory turnover time by more than 15% [4] Competitive Advantages - The company has established a robust competitive moat through its platform, technology, and team, aligning with national market integration goals [5] - The integration of online and offline ecosystems, along with a strong data-driven approach, has created high entry barriers for new competitors [5] Capital Management and Future Plans - The company announced a share repurchase plan of up to 500 million RMB and is transitioning 350 million shares to H-shares to enhance liquidity and attract international investors [6] - Future strategies include focusing on new consumer trends, enhancing proprietary brand operations, and pursuing mergers and acquisitions in supply chain and AI sectors [7] Market Outlook - The company is positioned for a new phase of high-quality growth, driven by the rapid development of its proprietary brand and AI businesses, with ongoing improvements in its fundamentals [8] - The implementation of full circulation is expected to increase investor interest and enhance stock liquidity, providing a pathway for potential stock price appreciation [8]

Core Viewpoint - The company has demonstrated resilience and strategic transformation in its financial performance amidst a changing macroeconomic environment, showcasing a shift from "industrial internet" to "industry + AI" and solidifying its leading position in the lower-tier market [1][8]. Financial Performance - In the first half of 2025, the company achieved historical highs in three profit margin indicators, with gross margin rising to 4.6%, operating profit increasing by 15.9% year-on-year, and net profit attributable to shareholders growing by 10.8% [1]. - The company reported cash and financial assets exceeding 7.8 billion yuan, with operating cash flow reaching 412 million yuan, a significant year-on-year increase of 65.7%, indicating improved profitability and operational efficiency [1]. Brand and Supply Chain Development - The company's proprietary brand business experienced rapid growth, with sales exceeding 80 million yuan, a staggering increase of 490% year-on-year, and a gross margin over 25%, significantly higher than traditional agency business [2]. - The company has established a flexible supply chain system characterized by "reverse + short chain + digitalization," enhancing supply chain efficiency and aligning with national market integration policies [2]. Strategic Initiatives in Instant Retail - The company has proactively engaged in the burgeoning "instant retail" sector, leveraging AI and SaaS to enhance store, product, order, and evaluation management, and has integrated with major platforms like Taobao and Meituan [3]. - The instant retail market in China is projected to exceed 2 trillion yuan by 2030, presenting a significant growth opportunity for the company [3]. AI Strategy and Revenue Growth - The company's "AI + industry" strategy has led to service revenue of 312 million yuan in the first half of 2025, with AI-related revenue accounting for over 20% [4]. - The deployment of the "Qiancheng Cloud AI" model has improved operational efficiency in member stores by over 30% and reduced inventory turnover time by 15% [4]. Competitive Advantages - The company has built a robust competitive moat through its "platform, technology, and team" barriers, aligning with national market integration goals [5]. - The integration of online and offline ecosystems, along with a strong data-driven AI model, creates high entry barriers for new competitors [5]. Capital Management and Future Plans - The company announced a share repurchase plan of up to 500 million yuan and is transitioning 350 million domestic shares to H-shares to enhance liquidity and attract international investors [6]. - Future strategies include focusing on new consumer trends, enhancing proprietary brand operations, and pursuing mergers and acquisitions in supply chain and AI sectors [7]. Market Outlook - The company is positioned for a new phase of high-quality growth, driven by the rapid development of its proprietary brand and AI businesses, with ongoing improvements in its fundamentals [8]. - The implementation of full circulation is expected to increase investor interest and enhance stock liquidity, potentially leading to a significant rise in share price [8].