在采购领域，公司以销定产，建立了完善的采购管理制度，根据销售计划、生产计划等下单采购；同 时，公司投资参股核心原材料的上游企业，形成稳固的产业链，以打造总成本领先优势。在生产领域， 公司在智能制造方面加大投入，实现工厂数字化、信息化、智能化。在公司自有品牌的销售上，公司实 现了线上线下（300959）全渠道覆盖，线上公司在天猫、京东、拼多多等电商平台上开设官方旗舰店或 专营店，同时积极拓展直播带货、社区团购、抖音、快手以及其他垂直平台等新兴渠道；线下在传统经 销商、直营KA之外，大力拓展长护险和养老机构、医院周边店等新渠道。 公司表示，以"做世界级健康护理行业领导者"为企业愿景，自2001年成立之初，公司通过与全球头部品 牌合作，从婴儿纸尿裤、成人纸尿裤的ODM业务起步，锻造了高效、高质的失禁护理产品研发、制造 能力。通过对国内外人口结构、经济发展、用户习惯、品牌竞争等发展趋势的充分研判，结合日本成人 纸尿裤成熟市场与国内渗透率几乎为零的状况进行对标分析，2008年公司正式进行战略转型，确立了打 造成人失禁护理产品自主品牌的战略定位。 公司指出，采取"研、产、供、销"一体化的经营模式，覆盖从产品研发设计、原材 ...

Core Viewpoint - China's goods trade import and export value reached 17.94 trillion yuan in the first five months of this year, showing a year-on-year growth of 2.5%, with exports in May alone amounting to 2.28 trillion yuan, an increase of 6.3% [1] Group 1: Expansion and Diversification - Companies are broadening their horizons and shifting from single market reliance to diversified layouts, enhancing competitiveness through innovation [1][3] - Tongda Chuangzhi has established its first overseas base in Malaysia, with over 75% of its market share coming from overseas, and is focusing on expanding its customer base in Europe and Belt and Road countries [2] - Guangdong Vanward New Electric Co. is accelerating its overseas factory layout to meet international project demands, establishing its first overseas production base in Thailand [3] Group 2: Transformation and Upgrading - The "outbound" products are increasingly incorporating higher technological content as companies transition from traditional manufacturing to smart and green manufacturing [4][5] - CATL has successfully launched its first overseas factory in Germany and is expanding its presence in the European battery market, increasing its market share from 17% in 2021 to 38% in 2024 [5] Group 3: Localization and Integration - Companies are facing challenges in understanding local cultures and regulations while striving for high-quality outbound operations [6][7] - Zijin Mining has implemented a unique management model to enhance operational efficiency and local employment, achieving a local employment rate of 95.98% by the end of 2024 [8] - Tongda Chuangzhi's Malaysian factory achieved profitability within five months of operation, attributed to effective localization strategies and close cooperation between headquarters and local teams [8]

Core Viewpoint - The report highlights the positive momentum in China's key engineering projects and overall economic performance in the first quarter of 2025, driven by increased investment and innovation in various sectors [1][2][3]. Investment and Project Development - In the first quarter, the number of engineering projects reported for work injury insurance reached 39,000, a year-on-year increase of 9.4%, with a total project cost of 1.9 trillion yuan, up 4.8% year-on-year [1]. - March saw a significant acceleration in project construction, with 18,000 projects reported, accounting for 46.5% of the quarterly total, and a total cost of 800 billion yuan, representing 43.9% of the quarterly total [3]. Innovation and High-Technology Growth - High-tech industry sales revenue grew by 13.4% year-on-year in the first quarter, with digital product manufacturing and digital technology application sectors seeing increases of 12% and 11.6%, respectively [1]. - The report emphasizes the role of tax incentives in supporting technological innovation and the development of new productive forces [2]. Consumer Market Dynamics - The health consumption sector experienced significant growth, with sales revenue from elderly care services increasing by 65.5% and nursing institution services by 23.9% year-on-year [3]. - The "May Day" holiday period saw a 15.2% year-on-year increase in sales revenue across consumer-related industries, driven by policies promoting the replacement of old consumer goods [3]. Manufacturing Sector Performance - Manufacturing sales revenue rose by 4.8% year-on-year, accounting for 29.1% of total national sales, with equipment manufacturing growing by 9.7% [4]. - High-tech manufacturing and equipment manufacturing sales increased by 12.1% and 9.7%, respectively, indicating a shift towards high-end and digital transformation in the manufacturing sector [4][5]. Tax Policy and Support Measures - The tax authorities are committed to implementing tax and fee support policies to enhance service levels and promote high-quality economic development [4][5]. - The report indicates that the tax department will continue to optimize tax payment services and respond to the needs of manufacturing enterprises, facilitating their transition to high-end, intelligent, and green development [5].