Summary of HeBai Group's Conference Call Company Overview - **Company**: HeBai Group - **Date**: October 2025 Key Points Industry Performance - **Real Estate**: Revenue for the first three quarters of 2025 decreased by over 50% [2][5] - **Appliance Business**: Despite stable performance in the first half due to subsidy policies, profits are expected to decline slightly for the year [2][5] - **Agricultural Products**: Revenue increased by 16.8% year-on-year, but net profit declined due to the cultivation period of the Feixi Logistics Park, putting pressure on overall profitability [2][5] - **Supermarket Sales**: In October 2025, supermarket sales grew by 27% to 350 million yuan, while department store sales saw a slight increase of 0.5% after previous declines [2][6] - **Overall Sales**: Appliance sales dropped by 50% year-on-year, while agricultural product sales rose by 13% to 550 million yuan [2][6] Financial Metrics - **Gross Margin**: - Supermarket: Approximately 14%, down 0.5 percentage points year-on-year [14] - Department Store: Approximately 12.5%, down 0.7 percentage points year-on-year [14] - Appliance: 7.4%, slightly up by 0.1 percentage points [14] - **Net Profit**: - Supermarket net profit fell from over 30 million yuan last year to less than 10 million yuan this year [14] - Department store net profit around 12 million yuan, with appliance net profit at approximately 1 million yuan [14] Strategic Initiatives - **Store Adjustments**: Plans to gradually adjust stores from 2026 to 2028, with significant sales and customer flow increases reported in adjusted stores [4][18] - **Private Label Development**: Nearly 500 private label products, with a 90% year-on-year increase in product count, but sales contribution remains below 2% [9][10] - **Supply Chain Optimization**: Direct procurement in Hefei region increased to over 70%, with plans to expand into fresh vegetables and fruits [10][12] Investment and Expansion - **Investment in Emerging Industries**: HeBai Group invested 900 million yuan in the Hefei Guosheng Capital Equity Investment Fund, focusing on semiconductors, new energy, and biomedicine [20][21] - **Store Expansion Plans**: Closed 35 stores this year but plans to open 10 new supermarkets, focusing on stabilizing the central Anhui region [7][13] Market Challenges - **Intense Competition**: The market in Anhui, especially Hefei, is nearing saturation with new entrants, leading to fierce competition in community shopping centers [15] - **Impact of Subsidy Policies**: The shift to a lottery system for appliance subsidies has led to a significant drop in sales since mid-July 2025 [24][25] Future Outlook - **Profit Margin Improvement**: Expected improvements in profit margins through store adjustments and supply chain enhancements [16][18] - **Marketing Strategies for 2026**: Preparing differentiated marketing strategies for the upcoming Spring Festival to maximize consumer opportunities [26] Additional Notes - **New Chairman Appointment**: The appointment of a new chairman is pending, with expectations for a decision by the end of 2025 [22] - **Tax Refund Stores**: Five stores in Anhui are part of the tax refund pilot, with potential for increased transactions if policies are streamlined [11]

为适配"耐心资本"的定位，中信聚信还将基金期限从五年延长至七年、八年甚至十年，并在投资决策机制、运营模式和人才梯 队建设方面进行系统性变革。 在科技金融人才建设方面，林梓建坦言，复合型人才稀缺是行业普遍面临的挑战。为此，中信聚信采取"内外结合"的策略：一 方面引进科研院所、高校的技术骨干，提升团队中工程师思维的比例；另一方面在项目评审中引入科技企业高管、高校专家等 行业外脑顾问，提升决策的专业性与前瞻性。 中信聚信（北京）资本管理有限公司董事总经理 林梓建 为应对"十五五"期间科技自立自强的战略要求，中信聚信进一步强化了对细分赛道的深耕能力。林梓建介绍，中信聚信围绕电 子信息、半导体、航空航天等少数核心领域，设立专业研投团队，制作重点产业图谱，识别技术空白与产业链短板，并针对性 孵化或投资相关企业。 与此同时，中信聚信还积极联动地方政府引导基金，设立关键领域专项基金。"例如近期在成都成立的电子专项基金，专门投微 波射频、数据链、芯片等电子信息领域，作为一个纵向的投资，这可以大大提高我们对具体项目的把握评判能力，也更好可以 做到全产业的投资。"林梓建介绍道。 从财务投资到产业赋能，中信聚信正在积极提供"耐心资本 ...

Core Points - The second batch of Sci-Tech bonds supported by risk-sharing tools will be issued from November 26 to 28, following a successful roadshow on November 24 [1] - Four private equity investment institutions are set to issue a total of 930 million yuan in Sci-Tech bonds, aimed at financing technology innovation activities [1] - The issuance of these bonds marks an increase in participation from private equity firms in the interbank bond market under policy support [1] Group 1 - The four private equity institutions involved are: Basis Asset Management Co., Ltd., Shenzhen Tongchuang Weiye Asset Management Co., Ltd., Shengjing Jiacheng Investment Management Co., Ltd., and Shanghai Daohua Long-term Investment Management Co., Ltd. [1] - Basis Capital, one of the earliest venture capital and private equity firms in China, plans to issue 400 million yuan in bonds, with a total registered quota of 1.5 billion yuan over two years [1][2] - The bonds have a term of up to 10 years, aligning with the investment horizon of the managed Sci-Tech funds, providing stable long-term funding [2] Group 2 - The risk-sharing tools have significantly enhanced the issuance capacity of Basis Capital's Sci-Tech bonds, ensuring basic funding for their planned funds over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement [2] - The "Technology Board" in the bond market has seen positive progress, with 276 companies issuing a total of 534.6 billion yuan in Sci-Tech bonds, representing over 10% of the total bond issuance in the interbank market [3] Group 3 - The participation of private enterprises in the bond market has notably increased, with 55 private companies issuing 107.4 billion yuan in Sci-Tech bonds, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the "debt-to-investment" effect [3] - The trading association plans to continue utilizing risk-sharing tools to develop the "Technology Board" and attract more financial resources for early-stage, small-scale, long-term investments in hard technology [3]

（央视财经《第一时间》）第二批获得中国人民银行科技创新债券风险分担工具支持的四家民营股权投资机 构发行的债券，将于明天到28日在银行间市场发行，预计将为科技创新企业注入更多长期发展资金。四家民 营股权投资机构拟发行科创债合计9.3亿元。 中国银行间市场交易商协会表示，下一步还将提高注册发行效率，用好风险分担工具，大力发展债券市场"科 技板"，引导更多金融资源投早、投小、投长期、投硬科技，助力我国实现高水平科技自立自强。 转载请注明央视财经 编辑：王一帆 基石资本执行总裁兼合伙人 王启文：这期投资方向都是科技方向，特别是半导体、人工智能、机器人、合成 生物、脑科学这些方向。给我们管的创投基金、股权投资基金带来了稳定、长期、低成本的资金。 股权投资机构是投早、投小、投硬科技的重要力量，此前他们很少进行债券融资。为支持这些机构发债，中 国人民银行专门创设了科创债风险分担工具，提供低成本再贷款资金，与地方政府等一起为股权融资机构发 债提供担保等支持。今年6月，首批获得央行分担工具增信的科创债发行。目前，13.5亿元的募集资金已有将 近50%投入实际使用，并撬动上百亿元资金支持科技创新。 盛景嘉成总裁 联合创始人 刘昊 ...

Group 1 - The core viewpoint of the article emphasizes the increasing support and encouragement for the equity investment industry in 2025, positioning it as a strategic force in developing new productive capacities [2] - The government work report highlights the need to improve the differentiated regulatory system for venture capital funds and to enhance policy financial support, accelerating the development of venture capital and angel investment [2] - The State Council's guidance document reiterates support for the development of private equity and venture capital, addressing industry pain points and optimizing the fundraising, investment, management, and exit system [2] - The current trend in the equity investment industry is to focus on early-stage, small, long-term investments, and hard technology, fostering technological innovation through patient capital [2] - Local governments are continuously developing distinctive mother fund models, leading to further industrialization and matrix development of mother funds [2] Group 2 - The upcoming 2025 China Mother Fund 50 Forum will take place on December 27-28, 2025, in Beijing, inviting over 300 representatives from mainstream mother funds and top investment institutions to discuss industry development [3] - This year's forum marks the seventh edition of the China Mother Fund 50 Forum, with over 90% of mainstream mother fund leaders and national-level mother funds expected to attend [3] - Previous forums have seen participation from high-level officials from various government departments, including the State Council, Ministry of Science and Technology, and the China Securities Regulatory Commission, indicating the forum's significance in the industry [3] Group 3 - The 2025 China Mother Fund 50 Forum will focus on the development of the equity investment industry, particularly the mother fund sector, featuring multiple keynote speeches and roundtable discussions to explore opportunities and challenges [4] - The forum aims to provide a comprehensive analysis of industry trends and LP investment strategies, facilitating collaboration in innovation and emerging industry development [4]

参与路演的深圳同创伟业资产管理股份有限公司合伙人唐忠诚认为，在风险分担工具的支持下，民 营股权投资机构开辟了债券融资的新路径。"民营股权投资机构往往面临募资难题。科技创新债券期限 普遍较长，能更好和硬科技企业的研发周期匹配，是非常好的融资工具。" 记者了解到，风险分担工具已为首批中科创星、金雨茂物等5家民营股权投资机构引入担保增信， 助力其成功发行13.5亿元科技创新债券。目前，这批募集资金已有近50%投入使用，撬动资金规模上百 亿元，投向集成电路、人工智能、生物医药、新材料、低空经济等领域。 今年6月，中科创星在银行间债券市场成功发行4亿元科技创新债券，成为全国首批发行科技创新债 券的民营股权投资机构之一。 "这只债券发行5个月以来，显著提升了企业出资实力，加快了旗下中科创星先导创业投资基金的设 立和出资节奏。截至目前，该基金已完成对36家硬科技企业的投资。"中科创星总经理助理、财务部负 责人郭一凤说，"首期我们成功发行了4亿元科技创新债券，有望撬动数倍的投资额。后续公司还将继续 发行科技创新债券，让金融活水浇灌更多科创高地。" 随着债券市场与企业需求的适配性提高，民营企业发行科技创新债券迎来热潮。中国银行 ...

Group 1 - The second batch of technology innovation bonds supported by risk-sharing tools will be issued from November 26 to 28, with a total of 930 million yuan from four private equity investment institutions [1] - The first batch of five private equity investment institutions successfully issued technology innovation bonds with risk-sharing tools on June 18, indicating a growing trend of private equity financing through the interbank bond market [1] - The risk-sharing tools significantly enhance the credit level of the bonds, with three institutions providing collateral through equity stakes, while one institution utilizes market-based guarantees [1] Group 2 - Nearly 50% of the funds raised by five companies from the first batch have been utilized, leveraging over 10 billion yuan into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials [2] - The trading association plans to continue utilizing risk-sharing tools to develop a "technology board" in the bond market, aiming to attract more financial resources for early-stage, small, long-term, and hard technology investments [2]

Core Viewpoint - The article discusses the promotion of "Science and Technology Innovation Bonds" (科创债) and the associated risk-sharing tools by the People's Bank of China and the China Interbank Market Dealers Association, highlighting their role in supporting private equity investment institutions in financing through the interbank bond market. Group 1: Overview of Science and Technology Innovation Bonds - The issuance of Science and Technology Innovation Bonds (科创债) has reached a total of 9.3 billion yuan, marking the second batch of projects supported by risk-sharing tools this year [1] - As of November 21, the Dealers Association has supported 276 enterprises in issuing over 530 billion yuan in 科创债, with the issuance scale exceeding 10% of the total debt financing tools in the interbank market for the first time [1][2] Group 2: Risk-Sharing Tools and Their Impact - The risk-sharing tools were created to support private equity institutions in issuing long-term bonds, significantly lowering their financing costs and allowing for longer maturities, such as 8 to 10 years [2] - The risk-sharing tools have improved the credit ratings and funding costs for the participating enterprises, enhancing the attractiveness of the bonds [3] - The first batch of projects utilizing these tools successfully issued 1.35 billion yuan in 科创债, with nearly 50% of the raised funds already utilized, leveraging over 10 billion yuan in total funding for key sectors like integrated circuits and artificial intelligence [3] Group 3: Regional and Sectoral Distribution - The issuance of 科创债 has expanded to cover 29 provinces, autonomous regions, and municipalities, with significant issuance from regions like Beijing, Guangdong, and Zhejiang [4] - The three major innovation clusters—Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei—account for over 60% of the total issuance, indicating a targeted approach to support innovation [4] Group 4: Future Directions and Enhancements - The Dealers Association plans to continuously improve the supporting mechanisms for 科创债, enhance registration efficiency, and increase promotional efforts to strengthen financial support for technological innovation [5]

Core Viewpoint - The second batch of technology innovation bonds (科创债) supported by risk-sharing tools is set to be issued in the interbank market from November 26 to 28, following a successful roadshow on November 24, aimed at providing financial support for technology innovation activities [1] Group 1: Issuance and Participants - Four private equity investment institutions are participating in the second batch of technology innovation bonds, aiming to raise a total of 930 million yuan [1] - The institutions involved include 基石资产管理股份有限公司 (基石资本), 深圳同创伟业资产管理股份有限公司, 盛景嘉成投资管理有限公司, and 上海道禾长期投资管理有限公司 [1] - 基石资本 plans to issue 400 million yuan of bonds as part of a larger 1.5 billion yuan issuance over two years, with most funds directed towards future investments in technology innovation [1] Group 2: Funding and Support Mechanisms - The technology innovation bonds have a term of up to 10 years, aligning with the investment horizon of the managed innovation funds [2] - The risk-sharing tools have significantly enhanced the issuance capacity of the bonds, providing a basic funding guarantee for the innovation funds established over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement from 中债信用增进投资股份公司 [2] Group 3: Market Impact and Future Outlook - As of November 21, the interbank market has supported 276 companies in issuing technology innovation bonds totaling 534.6 billion yuan, with the issuance scale exceeding 10% of the total debt financing tools in the market for the first time [3] - The participation of private enterprises in the technology bond market has increased, with 55 private companies issuing 107.4 billion yuan, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the ongoing support for technology innovation [3]

Core Viewpoint - The second batch of technology innovation bonds supported by risk-sharing tools will be issued from November 26 to 28, aiming to expand long-term capital sources for private equity investment institutions and support the development of hard technology enterprises [1] Group 1: Issuance and Support - Four private equity investment institutions plan to issue a total of 930 million yuan in technology innovation bonds, indicating a broader application of risk-sharing tools in financing [2] - The risk-sharing tools will provide credit enhancement for three institutions, while one will receive market-based credit enhancement from China Bond Credit Enhancement Investment Co., showcasing a collaborative effect of policy and market-driven support [2] - The issuance of these bonds is expected to further broaden the long-term capital sources for private equity investment institutions, aiding the development of hard technology enterprises [2] Group 2: Fund Utilization and Impact - Since the issuance of 1.35 billion yuan in technology innovation bonds by five private equity institutions in June, nearly 50% of the raised funds have been utilized, leveraging over 10 billion yuan in total funding for key sectors such as integrated circuits, artificial intelligence, and biomedicine [3] - The issuance of technology innovation bonds has significantly accelerated the establishment and funding pace of venture capital funds, ensuring rapid capital allocation to specific technology enterprises [3] - The funds raised will continue to flow into the technology innovation sector, providing financial support for various innovative activities [3] Group 3: Market Activity and Participation - Since the launch of technology innovation bonds in May, market activity has been continuously stimulated, with over 530 billion yuan supported for 276 enterprises, including 230 technology companies and 46 equity investment institutions [4] - The participation of private enterprises has notably increased, with 55 private companies issuing 107.4 billion yuan in technology innovation bonds, representing 20% of the total issuance in the interbank market [4] - The bond issuance structure is primarily medium to long-term, aligning with research and investment cycles, thereby effectively supporting "patient capital" for long-term investments in hard technology [4] Group 4: Future Development - The trading association will continue to leverage risk-sharing tools and develop the bond market's "technology board," guiding more financial resources towards early, small, long-term investments in hard technology [5]