Group 1: Inflation Data Overview - In May, the CPI decreased by 0.1% year-on-year, matching the previous value and slightly better than the expected decrease of 0.2%[1] - The PPI fell by 3.3% year-on-year, a decline from the previous value of 2.7% and worse than the expected 3.2%[1] Group 2: Core CPI Stabilization Features - Core commodity PPI rebounded by 0.3 percentage points to -1.4%, driven by improved demand and a moderation in tariff impacts[2] - The core commodity CPI increased by 0.1 percentage points to 0.2%, supported by consumption policies and rising gold prices, which boosted jewelry prices by 40.1%[3] - Service CPI rose by 0.2 percentage points to 0.5%, aided by increased holiday days in May, enhancing service demand[4] Group 3: Future Outlook - Continued policy support and recovery in domestic demand are expected to alleviate inflationary pressures, but supply-side constraints remain a concern[5] - The ongoing "trade-in" policy may provide significant support to core commodity CPI and PPI, while abundant supply of bulk commodities and food could exert downward pressure on prices[5]

Group 1: CPI Analysis - In May, the Consumer Price Index (CPI) decreased by 0.2% month-on-month and by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.6%, with the growth rate expanding by 0.1 percentage points compared to the previous month [1][2][3] - The month-on-month decline in CPI was primarily driven by a 1.7% decrease in energy prices, which accounted for approximately 70% of the total decline in CPI [2] - Food prices fell by 0.2%, with seasonal vegetables seeing a 5.9% price drop, while prices for eggs, pork, and poultry slightly decreased by 0.3% to 1.0% [2][3] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and by 3.3% year-on-year, with the year-on-year decline expanding by 0.6 percentage points compared to the previous month [1][4][5] - The month-on-month PPI decline was influenced by international factors, including a 5.6% drop in oil and gas extraction prices and a 3.5% decrease in refined oil product manufacturing prices [4] - Some sectors showed marginal price improvements, with consumer demand policies positively impacting prices in certain industries, such as a 12.8% increase in the price of arts and crafts and a 0.8% rise in footwear manufacturing [5]

Meeting Overview - The company held an annual performance briefing for 2024 and the first quarter of 2025 on May 28, 2025, from 10:00 to 11:00 via the Shanghai Stock Exchange Roadshow Center [1][2] - Key executives, including the chairman and general manager, participated in the meeting to discuss the company's operational and financial status [2] Financial Performance - The company reported that the overall operating situation is positive, with the computing power business expected to continue rapid growth, while losses in the manufacturing sector are projected to narrow [2][3] - The management expressed confidence in this year's performance growth, anticipating a significant reduction in losses compared to the previous year [3] Growth Drivers - The computing power business is expected to grow through leasing and operational maintenance, with the company planning to enhance its computing resources beyond the existing 15,000P [2][4] - The manufacturing business is stabilizing with the global strategic configuration taking shape, although it may take time to achieve profitability [3][4] Industry Outlook - The computing power sector is anticipated to experience substantial growth, particularly with the rise of AI technology [3][4] - The manufacturing industry is maturing, with competition becoming increasingly important as the market stabilizes [4] Investor Engagement - The company actively engaged with investors during the meeting, addressing key concerns such as profitability, industry performance, and future growth prospects [2][3] - A cash dividend plan for the 2024 fiscal year has been approved and is expected to be distributed in June [4]

Core Viewpoint - The performance of major television manufacturers serves as a barometer for the television market trends, with significant declines in revenue and profit reported by companies like Konka, TCL, Hisense, and Skyworth in 2024 [2][3]. Financial Performance - Konka Group reported a revenue of approximately 11.1 billion yuan in 2024, a year-on-year decline of 37.73%, and a net profit attributable to shareholders of approximately -3.3 billion yuan, down 52.31% [2]. - Konka's television business generated revenue of 5.03 billion yuan, a year-on-year increase of 6.78%, accounting for about 45% of total revenue [3]. - TCL's large-size display business revenue increased by 23.6% to 60.11 billion HKD (approximately 56.64 billion yuan), while Skyworth's smart TV revenue was about 20.8 billion yuan, up nearly 10% [4]. Market Dynamics - The domestic television market is increasingly concentrated among leading brands, with TCL, Hisense, and Skyworth collectively holding a market share of 60.5%, up 3.9 percentage points year-on-year [4]. - Mini LED technology is becoming a key competitive area in the high-end television market, with sales of Mini LED TVs in China increasing by 520.4% year-on-year in Q1 2024 [5][6]. Export Challenges - The overseas market has become increasingly important for television manufacturers, with Konka expanding its overseas business by acquiring 23 new clients and establishing a presence in Sri Lanka [7]. - The overall export volume of televisions from mainland China is projected to reach 110.54 million units in 2024, a year-on-year increase of 11.4% [8]. - Tariffs are a significant concern for manufacturers, particularly in the North American market, with companies like Hisense and TCL establishing factories in Mexico to mitigate costs [8][9].