合作内容：基于公司与伍尔沃斯建立的长期战略合作关系，双方将围绕新一代门店数字化基础设施持续 开展合作，将实现AI驱动的智能购物车与摄像头融合解决方案联合创新的持续推进与规模化落地，重 点打造以真实门店场景为核心的从数据到算法，从产品到运营的闭环，加速其AI能力在零售一线复杂 环境中的泛化与复制，推动门店效率与顾客体验的系统性升级。本次合作是双方在智能购物车领域的联 合创新项目，伍尔沃斯对现有扫码购体系的下一代升级，目标是通过智能购物车形态，进一步优化顾客 购物体验、结账效率与门店运营能力。公司作为核心技术与解决方案提供方，负责智能购物车硬件、操 作系统、云平台及持续迭代优化；双方通过多轮概念验证和迭代评估，为未来规模化部署奠定基础。根 据协议，预计公司将向客户首期约300家门店交付10,800套智能购物车系统，公司智能购物车系统将实 现批量出货。 格隆汇1月5日丨汉朔科技(301275.SZ)公布，近日，公司与伍尔沃斯经友好协商签署《智能购物车及摄 像头销售意向协议》，双方围绕新一代门店数字化基础设施持续开展合作，将实现AI驱动的智能购物 车与摄像头融合解决方案联合创新的持续推进与规模化落地。 ...

Core Insights - The increasing interest of Southeast Asian companies in China's AI applications and digital transformation experiences is evident, as demonstrated by a Singapore retail company's executive team visiting China to discuss retail digitalization solutions with Duodian Shuzhi [1][3] Group 1: International Expansion Strategy - Duodian Shuzhi, a leading provider of retail digitalization solutions in China, is focusing on international markets as a key strategic pivot, with overseas sales currently accounting for 8% and a target of over 30% in the next three years [3] - The company's international strategy is based on a deep understanding of overseas market demands and a precise match with its core capabilities, summarized in three dimensions: foundational services, AI capabilities, and ecosystem collaboration [4] Group 2: AI Capabilities and Market Demand - AI capabilities are becoming the core competitive advantage for Duodian Shuzhi in international markets, particularly in Southeast Asia, where there is a high recognition of China's advancements in AI applications [5] - The company is offering mature AI modules such as AI product selection, AI loss prevention, and AI pricing to address common industry challenges, with AI pricing improving decision-making efficiency by over 30% compared to traditional methods [5] Group 3: Local Adaptation and Trust Building - Duodian Shuzhi is building a competitive barrier in the overseas retail digitalization market through a combination of focus on the retail sector, benchmark experiences, and local adaptation [7] - The company emphasizes the importance of localizing its products to address market differences, particularly in payment methods, language support, and compliance with local regulations [8] - To overcome trust issues, Duodian Shuzhi employs a strategy of "on-site verification and local benchmarks," inviting overseas clients to visit successful domestic cases and establishing local success stories in Southeast Asia [9] Group 4: Future Outlook and Strategic Goals - The company aims to establish at least one benchmark client in each Southeast Asian country in the short term, with a long-term goal of promoting China's retail digitalization experience to more countries along the Belt and Road Initiative [9] - Duodian Shuzhi's "Retail Intelligent Body" strategy, which integrates cloud, SaaS, and AI solutions, is expected to address the pain points of overseas retail enterprises, enhancing decision-making efficiency and data utilization [9]

Group 1 - The company, Hanshu Technology, plans to increase its investment in research and development to enhance the integration of technology with retail scenarios [1] - The company aims to continuously provide digital comprehensive solutions for retail clients, thereby creating differentiated competitive advantages [1]

（文章来源：证券日报） 证券日报网讯 12月12日，汉朔科技在互动平台回答投资者提问时表示，未来，公司将持续加大研发投 入，推动技术与零售场景深度融合，持续为零售客户提供数字化综合解决方案，打造差异化竞争力。 ...

Core Viewpoint - The company believes its current market value is below its intrinsic value and proposes a share buyback to enhance shareholder value and demonstrate confidence in long-term growth [1][2] Group 1: Business Operations and Financial Performance - The company maintains a positive growth trajectory as a leading AI retail solution provider, focusing on technological innovation and retail process needs [1] - As of the first half of 2025, the company has established partnerships with 438 leading retail clients globally, enhancing its customer network's quality and coverage [1] - The company achieved a net revenue retention rate of 107% by the first half of 2025, solidifying its industry-leading position [2] - The company has a strong cash reserve, with cash and cash equivalents amounting to RMB 927 million as of October 31, 2025, ensuring the feasibility of the share buyback without impacting normal operations [2] Group 2: Strategic Initiatives - The company is committed to continuous product matrix improvement and has launched new AI features to address industry pain points [1] - The board believes that the share buyback reflects a strong recognition of the company's intrinsic value and confidence in its long-term business prospects [2] - The share buyback is expected to enhance value recognition and provide stable long-term returns for shareholders, aligning with the overall interests of the company and its shareholders [2]

Core Viewpoint - The company believes its current market value is below its intrinsic value and proposes a share buyback to protect shareholder interests and demonstrate confidence in long-term growth [1][2] Group 1: Business Performance - The company maintains a positive growth trajectory, focusing on AI-driven retail solutions and continuously optimizing its product matrix to address industry pain points [1] - As of the first half of 2025, the company has established partnerships with a total of 438 leading retail clients both domestically and internationally, enhancing its customer network's quality and coverage [1][2] - The company has achieved a net revenue retention rate of 107% by the first half of 2025, reinforcing its industry-leading position [2] Group 2: Financial Health - The company has a solid cash reserve, with cash and cash equivalents amounting to RMB 927 million as of October 31, 2025, ensuring that the share buyback will not impact normal operations or long-term development plans [2] - The board believes that the share buyback reflects a strong recognition of the company's intrinsic value and confidence in its long-term business prospects [2]

Group 1 - The company has approved a share buyback plan to repurchase shares using its own funds, with the buyback period extending until the conclusion of the annual general meeting in 2026 [1] - The board believes the current market value of the company's shares is below its intrinsic value, aiming to maintain company value and shareholder interests [1] - The repurchased shares will be treated as treasury stock and may be canceled, sold, or transferred in the future, including for equity incentive plans [1] Group 2 - The company is a leading AI retail solutions provider, maintaining positive growth and focusing on AI-driven innovations to address retail needs [2] - The company has expanded its customer base, partnering with 438 leading retail clients both domestically and internationally by the first half of 2025 [2] - The company achieved a net revenue retention rate of 107% by mid-2025, reinforcing its industry-leading position [2] Group 3 - The company's operating performance shows steady growth, with sufficient cash reserves and positive operating cash flow [3] - As of October 31, 2025, the company's cash and cash equivalents amounted to RMB 927 million, supporting the share buyback without affecting normal operations or long-term plans [3]

Core Viewpoint - The 8th China International Import Expo (CIIE) showcases cutting-edge technology and innovation, with Haiding presenting its AI solutions to drive intelligent transformation in the global retail industry [1][12]. Group 1: Haiding's AI Solutions - Haiding highlights three key solutions: Haiding Intelligent Platform (HAI), AI Inspection, and Smart Replenishment, demonstrating its strong innovation capabilities and forward-looking strategies in AI technology and retail applications [3][10]. - The Haiding Intelligent Platform serves as the core hub for smart operations, integrating various advanced functions such as intelligent querying, smart shopping guidance, and intelligent inspection, enabling effective data governance and deep integration of intelligent capabilities with business systems [5][9]. Group 2: Intelligent Querying - Intelligent querying is designed for common data inquiry scenarios in retail, allowing users to perform natural language queries without needing specialized data analysis knowledge, thus significantly improving work efficiency [6]. Group 3: Smart Shopping Guidance - Smart shopping guidance utilizes big data analysis and AI algorithms to understand consumer habits and preferences, providing personalized product recommendations and enhancing the shopping experience through interactive communication [6][7]. Group 4: Intelligent Inspection - Intelligent inspection automates and smartens the display management process in retail stores, allowing for efficient evaluation and feedback through AI, which reduces labor costs and improves the quality of display management [7][9]. Group 5: AI-Powered Inspection - The AI-powered inspection system enhances store management by automatically identifying various anomalies in daily operations, significantly improving inspection efficiency and reducing response time to issues [9]. Group 6: Smart Replenishment - Smart replenishment addresses inventory management challenges by leveraging AI algorithms to analyze historical sales data and market trends, leading to improved inventory turnover rates and reduced operational costs [10]. Group 7: Industry Impact - The CIIE serves as a platform for global retail innovation, with Haiding actively participating to expand its international presence and promote the deep application of AI technology in the retail sector [12].

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence focuses on AI retail core solutions and AI value-added services, with the former being a SaaS system covering the entire retail chain and the latter including smart loss prevention, cash register, and remote monitoring services. Since 2022, these two business segments have contributed equally to revenue [2][3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 1.08 billion RMB, a year-on-year increase of 15%, with a net profit of 62 million RMB. After excluding employee costs, the net profit was 77 million RMB [2][4]. - The revenue from Wumart and other related parties accounted for 73% of the company's income in the first half of 2025 [3][11]. Competitive Advantages - Multi-Point Intelligence's core competitive advantage lies in its focus on the retail industry, providing comprehensive solutions that break down data silos and achieve data integration, outperforming large foreign systems like SAP and Oracle, as well as regional domestic suppliers [2][5]. Future Growth Projections - The company anticipates a revenue growth rate of 15% to 20% over the next two to three years. It has signed a contract with Singapore's POST OFFICE, expected to generate annual revenue in the tens of millions RMB range. Ongoing negotiations with key domestic clients are also in progress [2][6]. Virtual Asset Trading Initiatives - Multi-Point Intelligence is actively expanding into virtual asset trading, applying for a stablecoin issuance license to better serve overseas clients like Dell and Samsung, enhancing payment convenience [7][8]. - Plans include acquiring a Hong Kong company with brokerage and asset management licenses, and collaborating with Circle to test the Arc public chain, which is faster and more secure than Ethereum. This will allow for more transactions using USDC [8][9]. AI Technology Applications - AI technology is applied in various areas to enhance retail service effectiveness, including rapid scanning and extraction of product information, precise marketing based on consumer behavior analysis, and improved logistics efficiency through transportation management systems [10]. - The company has launched an independent AI module, the remote monitoring system, which has been implemented in over 500 convenience stores, generating revenue through a 6% commission on nighttime sales [10]. Business Model Sustainability - The recent increase in the cooperation agreement limit with Wumart is due to the ability to charge for new retail services, ensuring the sustainability of the business model. The company plans to charge third parties for these services in the future [11].

Core Viewpoint - Youzan (08083) has seen a significant increase in stock price, rising over 10% in early trading, attributed to its announcement of a transfer application to the main board of the Hong Kong Stock Exchange, which is expected to enhance its valuation if successful [1] Group 1: Stock Performance - Youzan's stock price increased by 9.69%, reaching HKD 0.215, with a trading volume of HKD 15.1325 million [1] Group 2: Corporate Actions - Youzan submitted an application for a transfer to the main board on October 28, 2025, under the main board listing rules Chapter 9B, without issuing new shares [1] - According to Guozheng International's report, the current valuation of the company is negatively impacted by its listing on the Hong Kong Growth Enterprise Market, and a successful transfer to the main board could improve its valuation due to better operational performance [1] Group 3: Strategic Partnerships - Youzan announced a collaboration with TCL Industries to explore the application of AGI (Artificial General Intelligence) in retail scenarios, aiming to reshape the "people-goods-market" relationship [1] - Additionally, Youzan has formed a strategic partnership with BeBeBus, a leading brand in the maternal and infant sector, to explore the deep application of AGI in maternal and infant consumption scenarios [1]