Core Viewpoint - The health and wellness therapy industry is transitioning from niche demand to a mainstream lifestyle choice, driven by increasing awareness of health and wellness among urban populations [1] Industry Development - The wellness therapy industry has evolved from small street shops to standardized institutions, reflecting a significant change in consumer awareness and spending habits [1] - There is a growing recognition of the importance of preventive care over treatment, leading consumers to invest more time and money in high-quality services [1] Company Initiatives - The "Health Massage Therapy" public platform was established to leverage technology for scalable health service delivery, aiming to provide scientific, safe, and efficient therapy experiences [1] - The platform has created an open ecosystem that promotes transparency, resource sharing, and mutual benefits, gathering certified therapists and professional institutions from various regions [4] - It offers a one-stop content support system, including educational articles, health course promotions, and user interaction, enhancing the online experience for consumers [4] User Engagement and Community Building - The platform emphasizes content-driven and community interaction, allowing users to participate in discussions, share experiences, and provide feedback, fostering a trustworthy and warm community atmosphere [5] - This user-centric approach has quickly attracted a loyal user base, laying a solid foundation for future business expansion [5] Future Outlook - The platform aims to break geographical barriers using technology to deliver quality resources to a broader audience, addressing the diverse health needs of both young professionals and the elderly [6] - With responsible and innovative leadership, the industry is expected to unlock significant potential, providing warmth and reassurance to countless families [6]

Core Viewpoint - The company, Aojiahua Intelligent Health Technology Group, is focusing on long-term strategic planning in the health industry, emphasizing core business areas and innovation in technology [3][4]. Group 1: Future Development Strategy - The company aims to deepen its presence in the health industry, focusing on three main directions: enhancing its own brand business in key markets like East Asia, Southeast Asia, and North America, while also exploring emerging markets [3] - The company will prioritize technological innovation, particularly in "AI+" technology, to upgrade product intelligence and maintain a competitive edge [3] - The company plans to improve operational efficiency and expand international production layouts to enhance business resilience [3] Group 2: Health Environment Business - The health environment business will adapt to market changes by accelerating product innovation and quality improvement, with a focus on deepening cooperation with key North American clients and expanding into Japan, South Korea, and Taiwan [3] - The company's factory in Vietnam has commenced operations, which will significantly enhance its ability to respond to global supply chain risks [3] Group 3: Shared Massage Chair Business - The company will maintain a light asset model for its "Moxiang Time" shared massage chair brand, upgrading its product and service systems [3] - In the domestic market, the company will expand its presence in high-end shopping malls and focus on first and second-tier cities while also penetrating third and fourth-tier markets [3] - Internationally, the company will target potential regions in Southeast Asia and the Middle East to increase its quality network [3] Group 4: Convertible Bonds - As of September 30, 2025, the remaining balance of the "Aojia Convertible Bonds" is approximately 458.25 million yuan [3] - The company has decided not to lower the conversion price of the convertible bonds for the next six months, maintaining the current terms [3] Group 5: Sales Expenses and Revenue - There is a correlation between sales expenses and revenue, with sales expenses linked to the expansion of the company's own brand business [3]

Group 1: Company Strategy and Development - The company focuses on the health industry, emphasizing its core business in health massage products while expanding into emerging markets in East Asia, Southeast Asia, and North America [2] - The company is committed to technological innovation, particularly in "AI+", with significant R&D investments to enhance product intelligence and maintain a competitive edge [2] - The company aims to improve operational resilience through new business development, manufacturing efficiency, and international production layout [2] Group 2: Health Environment Business - The health environment business unit is adapting to market changes by accelerating product innovation and quality improvement, while deepening partnerships with key North American clients and exploring new markets in Japan, South Korea, and Taiwan [3] - The operational launch of the Vietnam factory has significantly strengthened the company's ability to respond to global supply chain risks [3] Group 3: Shared Massage Chair Business - The "Mo Enjoy Time" shared massage chair brand is adopting a light asset business model, enhancing its product and service system, and expanding into high-end shopping centers in first and second-tier cities [4] - The company is also targeting the development potential in Southeast Asia and the Middle East for its overseas market expansion [4] Group 4: Convertible Bonds - As of September 30, 2025, the remaining balance of "Ojia Convertible Bonds" is ¥458,257,200 (4,582,572 bonds) [4] - The board decided not to adjust the conversion price of the "Ojia Convertible Bonds" for the next six months, with future adjustments contingent on triggering conditions [4] Group 5: Sales Expenses and Revenue - There is a correlation between sales expenses and sales revenue, as the company maintains a strong marketing investment to support its core brand business in key markets [4]

Core Viewpoint - OGAWA Intelligent Health Technology Group has showcased its strategic positioning and development in the health industry through recent investor meetings, highlighting its focus on health products and market potential [1] Group 1: Business Overview - The company primarily operates in health massage products, including massage chairs and small massage appliances, as well as health environment products like fresh air systems and air purifiers. In the first half of 2025, the revenue contribution from massage chairs, small massage appliances, health environment, and other categories was 44.23%, 30.64%, 15.30%, and 9.83% respectively [2] - The market potential is significant, particularly in East Asia and Southeast Asia, where traditional massage practices are prevalent. Developed regions like North America and Europe have also begun to recognize the health benefits of these products. The domestic market for massage health products has low penetration and concentration, indicating substantial growth potential as health demands rise and the population ages [2] Group 2: Financial Performance and Strategy - The company has experienced a decline in revenue and net profit due to global economic slowdown and weak consumer demand. However, it has implemented several strategies to enhance performance, including focusing on the health industry, increasing the share of its own brand revenue to over 50%, and achieving significant growth in the "OGAWA" brand [3] - The company is investing in technological innovation, particularly in AI technology and product development, with the introduction of a globally pioneering 5D core technology in high-end massage chairs. It is also expanding its marketing efforts and enhancing online competitiveness through targeted advertising and influencer collaborations [3] Group 3: Production and Innovation - The company’s factory in Vietnam has a production capacity of 5.4 million units per year for small massage appliances and health environment products, catering to overseas ODM clients. The company plans to adjust production based on market conditions [4] - In the AI sector, the company is developing a matrix of innovative technologies and smart products, including precise detection of massage intensity and adaptive control. It is also working on health service robots and new massage chair designs that feature advanced movement capabilities [4] Group 4: Financial Instruments - As of June 30, 2025, the remaining balance of the convertible bonds "OGAWA Convertible Bonds" was 458 million yuan, which is classified as a current liability due to its maturity in February 2026. The company has decided not to adjust the conversion price for the next six months [4]

Market Overview - The domestic massage and health product market has low penetration and concentration, with significant growth potential driven by increasing health demands and an aging population [2] - The "old-for-new" subsidy policy has supported a recovery in the domestic massage chair market in the first half of the year [2] Product Development - The company launched the flagship massage chair OG-9598 in April, featuring the world's first "5D" mechanism, which has seen continuous sales growth [3] - New products are being introduced to diversify the price range of massage chairs, including a collaboration with "LINE FRIENDS" for small massage appliances [3] Marketing Strategy - The company focuses on promoting flagship products through advertising in major urban areas and airports, and has engaged Chinese Olympic champions as product ambassadors [3] - Online sales are boosted by the "old-for-new" subsidy policy, while offline efforts target growth in key channels like Sam's Club and JD [3] Financial Insights - Sales from the U.S. accounted for less than 22% of total revenue, indicating a dominant non-U.S. business [4] - The company has a production capacity of 5.4 million units annually at its Vietnam factory, which is gradually being put into operation [4] Cost Management - High sales expenses are attributed to significant investments in brand recognition and market share across various regions [5] - The company aims to enhance profitability by optimizing product quality and cost through innovative design and material application [5] R&D Investment - R&D investment has consistently exceeded 4% of total revenue, focusing on advanced technologies in health and wellness [6] - The company is the only one in the industry with seven national-level innovation platforms, emphasizing its commitment to R&D [6] Technological Advancements - The company is advancing its AI and IoT capabilities to enhance product innovation, particularly in the massage chair sector [7] - A new massage chair prototype with innovative movement capabilities was introduced at the Canton Fair, showcasing the company's commitment to breaking traditional product boundaries [7]