Summary of Conference Call for Co-Creation Turf Industry and Company Overview - The conference call pertains to the turf industry, specifically focusing on Co-Creation Turf, which has reported a significant increase in orders and stable pricing dynamics in the third quarter of 2025 [2][4]. Key Points and Arguments - **Order Growth**: Co-Creation Turf experienced a year-on-year order growth of approximately 30% in Q3 2025, with stable pricing and no significant fluctuations noted [2][5]. - **Regional Performance**: The Americas market showed outstanding performance, while Europe and other regions also experienced growth of 20%-30% [2][6]. - **Product Categories**: The leisure grass category outperformed expectations, and there was also growth in the sports grass segment [2][6]. - **Impact of Sports Policies**: The "Su Chao" phenomenon and related sports policies are expected to positively influence the demand for sports grass in the long term, although explosive growth in the short term is unlikely [7]. - **World Cup Influence**: The upcoming World Cup is anticipated to drive demand for sports grass [8]. - **Pricing Adjustments**: Due to a decrease in raw material prices, the company adjusted pricing for order-based clients, while annual pricing for other clients remained unchanged [9]. - **Production Capacity**: The Vietnam Phase III project is fully operational, and the Indonesian factory is delivering small batches to meet local demand [10]. - **Gross Margin Stability**: The gross margin for Q3 remained stable compared to the first half of the year, showing a significant increase compared to the same period last year [11]. - **Growth of Artificial Plant Business**: The artificial plant business has been growing rapidly, with expectations to reach 10% of total revenue within 3-5 years [12]. - **Raw Material Prices and Currency Fluctuations**: Raw material prices are expected to remain stable, and the company has a flexible pricing mechanism. Currency appreciation is projected to result in a loss of around 10 million RMB [13]. - **Tariff Impact**: Tariffs have minimal impact on the business model, as costs can be passed on to customers. The lower tariffs in Vietnam create competitive advantages [21]. - **Market Competition**: The domestic market remains competitive with many manufacturers, but leading companies benefit more than smaller ones [22]. Additional Important Insights - **Settlement Structure**: The settlement structure has not changed significantly, with DDP accounting for a controlled proportion and CNF at approximately 70% [3][18]. - **Future of Overseas OEM Business**: There is significant potential for overseas OEM business as local companies in Europe and the U.S. may increasingly rely on Chinese manufacturers due to higher costs [19]. - **Inventory Levels**: Downstream inventory levels are generally limited, with clients maintaining 3 to 6 months of stock due to the customized nature of products [24]. - **Sales and Profit Guidance**: The company maintains an optimistic outlook for profit, with a revenue growth target of 15%-20% for the year [20]. This summary encapsulates the key insights from the conference call, highlighting the performance, market dynamics, and strategic outlook of Co-Creation Turf in the turf industry.

Group 1 - The core viewpoint of the announcement is the successful convening of the first extraordinary general meeting of shareholders for Jiangsu Gongchuang Artificial Turf Co., Ltd. in 2025, with all resolutions passed without any objections [1][2]. - The meeting was held on September 19, 2025, at the Dadi Construction Building in Nanjing, and was presided over by the chairman Wang Qiangxiang, utilizing a combination of on-site and online voting methods [2][3]. - All current directors and supervisors attended the meeting, confirming the legitimacy of the meeting's proceedings and the qualifications of the attendees [2][4]. Group 2 - The following resolutions were passed during the meeting: 1. Cancellation of the Supervisory Board and amendment of the Articles of Association 2. Revision of the Rules of Procedure for Shareholders' Meetings 3. Revision of the Rules of Procedure for Board Meetings 4. Change of the company's registered capital and amendment of the Articles of Association [2][3]. - The voting results for the special resolutions required a two-thirds majority of the voting rights held by shareholders present at the meeting, which was achieved for resolutions 1 and 4 [3][4]. - The legal proceedings of the meeting were verified by Beijing Dacheng (Nanjing) Law Firm, confirming compliance with relevant laws and regulations [4][5].

Summary of Conference Call for Gongchuang Turf Company Overview - Gongchuang Turf has experienced significant order growth in Q3 2025, primarily due to improved international trade conditions and reduced impact from U.S. tariffs on Vietnam [2][5] - The company maintains a fixed dividend policy, distributing 50% of annual profits, which will not change in the future [9][31] Industry Insights - The overseas market accounts for nearly 90% of Gongchuang Turf's business, with domestic demand improving due to sports events and private capital entering the market [2][6] - The domestic artificial turf market is growing rapidly, driven by government encouragement for social football fields, although growth in sports turf demand is expected to be slower than that of leisure turf over the next five years [4][17] Financial Performance - In H1 2025, Gongchuang Turf achieved stable revenue and profit growth, with Q3 orders significantly better than Q2, indicating a positive outlook for Q4 [3][29] - The company’s gross margin remains above 30%, despite fluctuations in raw material prices [11][12] Market Dynamics - The U.S. tariffs on Vietnam primarily affected order timing rather than pricing, with customers bearing most of the tariff costs [7][38] - The South American market is emerging with rapid demand growth, although its scale is still much smaller than North America [13][14] Operational Efficiency - The Vietnam base has lower manufacturing costs compared to domestic production due to lower labor and energy costs, and improved operational efficiency [18][19] - The company is focused on continuous cost control through measures such as increasing labor efficiency and optimizing production processes [4][37] Future Outlook - The company plans to expand production capacity in Vietnam with the upcoming Phase III project, which will add 40 million square meters of new capacity [20] - The overall profit target for 2025 is expected to exceed revenue growth targets, reflecting strong operational performance [29][36] Competitive Landscape - The domestic market has numerous turf suppliers, with Gongchuang Turf being one of the top players alongside several other significant companies [16] - The competitive pressure in pricing has not significantly changed compared to 2023, with a slight decrease in competition intensity noted [26] Additional Considerations - The company is not strategically abandoning important markets like the Middle East and India, despite temporary demand declines in earlier quarters [24] - The demand for leisure turf is expected to grow due to increased penetration and expanded application scenarios [22]

Core Viewpoint - The article discusses the trend of Chinese companies expanding globally, highlighting the experiences of employees sent abroad and the challenges they face in adapting to different cultural and operational environments [5][6][30]. Group 1: Global Expansion of Chinese Companies - Chinese enterprises are increasingly seeking to expand their global footprint to break domestic competition and find new growth opportunities [5][6]. - The shift in employment demand has moved from traditional sectors like internet and real estate to advanced manufacturing fields such as renewable energy and semiconductors, which are naturally oriented towards global markets [6][7]. Group 2: Experiences of Expatriate Employees - Expatriate employees often experience rapid career acceleration due to the diverse responsibilities they undertake in foreign markets, which can include various roles beyond their initial job descriptions [10][14]. - The salary for expatriates is significantly higher than domestic counterparts, with figures like 25,000 RMB annually for entry-level positions in Africa, compared to 5,000-6,000 RMB for local roles [16][17]. - The harsh living conditions and cultural differences in places like Africa and the Middle East pose significant challenges, including extreme weather and limited entertainment options [18][22]. Group 3: Cultural Adaptation and Integration - Successful integration into local markets requires understanding and respecting cultural differences, as many Chinese companies struggle with adapting their management styles to local practices [30][32]. - Expatriates serve as crucial links between Chinese companies and local communities, helping to bridge cultural gaps and facilitate smoother operations [30][34]. - The lack of cultural sensitivity can lead to misunderstandings and conflicts, emphasizing the need for expatriates to be well-versed in local customs and practices [35][38]. Group 4: Supply Chain and Brand Development - Chinese companies are transitioning from merely exporting products to leveraging their complete supply chain capabilities, which allows them to offer comprehensive solutions tailored to local needs [39][40]. - Building a strong brand presence in international markets is a long-term endeavor, with companies recognizing the importance of brand differentiation in competitive landscapes [40][41]. - The article highlights the need for Chinese firms to enhance their marketing strategies to improve brand recognition and acceptance in foreign markets [41].

Core Viewpoint - The article discusses the trend of Chinese companies expanding globally, highlighting the experiences of individuals who have been sent abroad for work, particularly in Africa and the Middle East, and how these experiences shape their careers and perspectives on globalization [4][5][6]. Group 1: Individual Experiences and Career Growth - Cheevin's first overseas assignment in Africa was driven by a personal fascination with the continent, while her second assignment reflects the broader trend of Chinese companies going global [4][5]. - Herman's experience in a foreign trade company illustrates the challenges posed by changing international trade policies, prompting the company to establish a factory in the Middle East [5][6]. - The article emphasizes that working abroad serves as a career accelerator, with individuals gaining significant professional growth and skills that would be harder to achieve in domestic roles [13][14]. Group 2: Cultural and Operational Challenges - The article highlights the cultural differences and operational challenges faced by Chinese expatriates, such as adapting to local business practices and navigating complex relationships with local employees [28][34]. - It discusses the importance of understanding local customs and cultural sensitivities to avoid misunderstandings and conflicts in the workplace [34][35]. - The narrative also points out the stark contrast between the perceived wealth of expatriates and the realities of local living conditions, emphasizing the need for cultural adaptation [12][18]. Group 3: Economic Factors and Market Dynamics - The article notes that expatriates often receive significantly higher salaries compared to domestic positions, which serves as a strong incentive for young professionals to seek overseas assignments [16][18]. - It discusses the competitive landscape in markets like Dubai, where price sensitivity among local distributors can lead to intense competition, affecting profit margins for Chinese companies [38][39]. - The shift from merely exporting products to providing comprehensive supply chain solutions is highlighted as a strategic evolution for Chinese companies operating abroad [35][36]. Group 4: Future Directions and Brand Building - The article emphasizes the need for Chinese companies to focus on brand building and differentiation in international markets, as they face competition from established global brands [38][39]. - It suggests that the ultimate goal for Chinese enterprises should be to create global brands rather than just being seen as low-cost suppliers [38][39]. - The experiences of expatriates are framed as crucial for understanding and bridging the cultural gaps that exist in international business operations [28][29].

Group 1 - The article discusses the trend of Chinese companies expanding globally, with a focus on young professionals who are increasingly opting for overseas assignments as a response to domestic competition and the "Belt and Road" initiative [2][4][5] - The experiences of individuals like Cheevin, Herman, and Qi Chengwen illustrate the challenges and opportunities faced by expatriates in regions like Africa and the Middle East, highlighting the cultural and operational adjustments required [10][18][42] - The article emphasizes the importance of understanding local cultures and practices for successful integration and operation in foreign markets, as well as the need for patience and adaptability in cross-cultural environments [43][50][52] Group 2 - The shift in employment opportunities from traditional sectors like internet and real estate to advanced manufacturing fields such as renewable energy and semiconductors is noted, with these sectors being more globally oriented [5][6] - The article highlights the significant salary differences between domestic and overseas positions, with expatriates often earning substantially more than their counterparts in China, which serves as a strong incentive for young professionals [22][23][24] - The narrative also touches on the evolving nature of Chinese companies' global strategies, moving from merely exporting products to providing comprehensive solutions, leveraging China's robust supply chain capabilities [53][54][55] Group 3 - The article outlines the harsh realities faced by expatriates, including extreme weather conditions, cultural misunderstandings, and the need for personal resilience in challenging environments [24][30][38] - It discusses the dual nature of expatriate life, where individuals experience both professional growth and personal challenges, emphasizing the need for a strong sense of purpose and adaptability [60][62][63] - The narrative concludes with reflections on the broader implications of globalization, suggesting that the experiences of these expatriates contribute to a more interconnected world, where understanding and collaboration across cultures are essential [68][69]

Company Performance - In H1 2025, the company achieved revenue of 1.682 billion yuan (+11.43%) and a net profit of 345 million yuan (+21.69%) [2] - For Q2 2025, the company reported revenue of 889 million yuan (+8.21%) and a net profit of 189 million yuan (+16.43%) [2] - The revenue from simulation plants and other products saw significant growth, with a 46% increase [2] Business Segmentation - In H1 2025, revenue from leisure grass, sports grass, and simulation plants was 1.195 billion yuan (+11.79%), 289 million yuan (-4.18%), and 190 million yuan (+46.00%) respectively [2] - Domestic revenue was 83 million yuan (-10.72%), while overseas revenue was 1.599 billion yuan (+12.88%), driven mainly by leisure grass sales [2] Profitability Metrics - The gross margin for Q2 2025 was 33.85% (+2.55 percentage points), with leisure grass and sports grass gross margins at 32.77% and 39.99% respectively [3] - The net margin for Q2 2025 was 21.23% (+1.50 percentage points), attributed to market insights and cost optimization [3] Investment Outlook - The company is expected to benefit from increased investment in sports facilities in developing countries and upgrades in developed nations, driving growth in sports grass [4] - The company is expanding its production capacity, with a new facility in Indonesia expected to produce 4 million square meters annually [4] - Forecasted net profits for 2025, 2026, and 2027 are 645 million yuan, 749 million yuan, and 849 million yuan respectively, with corresponding EPS of 1.61, 1.86, and 2.11 yuan [4]

Group 1 - The company held its 10th meeting of the 3rd Supervisory Board on August 28, 2025, with all three supervisors present, and the meeting was deemed legal and effective [1][2] - The Supervisory Board approved the submission of the 2025 semi-annual report and its summary, which reflects the company's operational results and financial status for the first half of 2025 [2][3] - The Supervisory Board decided to abolish the Supervisory Board and amend the Articles of Association, transferring the powers of the Supervisory Board to the Audit Committee of the Board of Directors [2][3] Group 2 - The current supervisors will be relieved of their duties upon the approval of this proposal by the shareholders' meeting, while the Supervisory Board will continue to perform its supervisory functions until then [3] - The proposal to abolish the Supervisory Board and amend the Articles of Association was passed unanimously with three votes in favor and no opposition or abstentions [2][3]

Economic Growth and Structure - Jiangsu's economic total exceeded 6.69 trillion yuan in the first half of the year, with a year-on-year growth of 5.7%, contributing an economic increment of 254.38 billion yuan, ranking first among all provinces in China [1] - The added value of high-tech industries in Jiangsu grew by 9.2%, accounting for 51.8% of the industrial output, indicating that half of the industrial value comes from high-tech sectors [1] - Key high-tech industries such as electronics, aerospace, and computers saw growth rates surpassing 10%, outpacing the national average [1] Technological Innovation Platforms - Jiangsu is focusing on major technological innovation platforms to drive industrial development and technological breakthroughs [2] - The "Future" ship, a deep-sea green intelligent technology test vessel, is designed for modular assembly, allowing various new research equipment to be tested in real marine environments [2][4] - The ship serves multiple roles, including as a mobile laboratory for oceanographic research and a support vessel for deep-sea equipment testing [7] New Industrial Developments - Suqian in Northern Jiangsu has seen a 20% annual growth in high-tech enterprises, marking its emergence in the national innovation landscape [10] - The local laser equipment manufacturing company has reported a 50% increase in overseas clients, with international sales accounting for over 20% of its total revenue [13] - The laser industry in Suqian has developed a complete supply chain, enabling one-stop solutions for production and sales within the industrial park [15] Consumer Market Growth - Jiangsu's social retail sales reached 2.3949 trillion yuan in the first half of the year, with a year-on-year growth of 5%, supported by vibrant sports events and cultural activities [28] - The popularity of water sports in Suzhou has led to a 50% increase in the paddleboard market, indicating a growing trend in sports consumption [24] - The demand for artificial turf has surged, with orders increasing by 30% compared to previous years, driven by the rising popularity of football events [30] Conclusion - Jiangsu's economic growth is underpinned by new engines of innovation, new industrial pathways, and new consumer scenarios, positioning the province for continued high-quality development [31]

Group 1 - The core point of the article highlights that the number of shareholders for the company has decreased for the fourth consecutive period, with a total of 18,158 shareholders as of July 31, representing a decline of 1,331 shareholders or 6.83% compared to the previous period [2] - The company's stock price closed at 32.54 yuan, down 8.34%, with a cumulative decline of 3.61% since the concentration of shares began [2] - The company's Q1 report indicates that it achieved a revenue of 793 million yuan, a year-on-year increase of 15.27%, and a net profit of 156 million yuan, a year-on-year increase of 28.73%, with basic earnings per share of 0.3900 yuan and a weighted average return on equity of 5.50% [2]