证券代码：301275 证券简称：汉朔科技 汉朔科技股份有限公司 投资者关系活动记录表 编号：2025-004 | | □√ 特定对象调研 | □√ 分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 中信证券 | □其他 韩林轩、王子昂 | | | 中信建投 | 刘乐文 | | | 中金公司 | 朱镜榆 | | | 中泰证券 | 王心悦 | | 参与单位名称及人 | 招商证券 | 谌薇、秦勉 | | 员姓名 | 民生证券 | 白青瑞、丁辰晖、谢致远 | | | 国元证券 | 李元晨 | | | 国信证券 | 库宏垚 | | | 华西证券 | 纪向阳、陈天然 | | | 华金证券 | 戴筝筝、李蕙 | | | 华福证券 | 王鑫旸、李昊臻 | | | 华创证券 | 张丽萍 | | 开源证券 刘逍遥 | | --- | | 张天 山西证券 | | 上海证券 李心语、颜枫 | | 西部证券 李想 | | 张丹彧 兴证证券 | | 麦高证券 高撷 | | 国泰海通证券 朱瑶、文灿 | | ...

Core Viewpoint - The company reported a revenue growth slowdown in H1 2025, focusing on high-quality growth and improving gross margins in AI value-added services [4][5]. Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 1.078 billion yuan, a year-on-year increase of 14.8%, which is a slowdown compared to 2024 [4]. - AI retail solutions generated revenue of 490 million yuan, up 16.2% year-on-year, while AI retail value-added services reached 590 million yuan, growing 15.0% year-on-year [4]. - The company turned a profit in H1 2025 with a net profit of 62.174 million yuan, marking a turnaround from losses [6]. Group 2: Cost Management and Efficiency - The gross margin for AI value-added services improved to 13.7% in H1 2025 from 9.0% in H1 2024, despite a significant drop in revenue growth due to reduced labor outsourcing income [5]. - The company reduced R&D and administrative expense ratios to 17.6% and 12.9%, respectively, contributing to the improved net profit margin [6]. Group 3: Strategic Partnerships and Growth Initiatives - The company has been expanding its domestic and international partnerships, signing contracts with benchmark clients such as Shanghai Sugar and Wine Group and Xinjiang Huijia Times [7]. - Collaborations with retailers like Pang Donglai and Lawson are expected to enhance operational efficiency and accelerate customer acquisition [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [5][23]. Core Insights - The company achieved a revenue of 1.078 billion CNY in H1 2025, reflecting a year-on-year growth of 14.8%, although the growth rate has slowed compared to 2024 [1]. - The revenue from AI retail solutions reached 490 million CNY, growing by 16.2%, while AI retail value-added services generated 590 million CNY, with a growth of 15.0% [1]. - The company focuses on high-quality growth, with an emphasis on cost reduction and efficiency improvement through AI productivity tools, leading to a significant decrease in expense ratios and a return to profitability [2][3]. Revenue and Profitability - The company reported a net profit of 62.17 million CNY in H1 2025, marking a turnaround from previous losses, with an adjusted profit of 77.01 million CNY, up 152.5% year-on-year [3]. - The gross margin for AI value-added services improved to 13.7% from 9.0% in H1 2024, while the gross margin for core AI retail solutions decreased to 68.3% from 76.8% due to increased costs associated with project deliveries [2]. Future Projections - Revenue forecasts for 2025-2027 are set at 2.169 billion CNY, 2.542 billion CNY, and 2.960 billion CNY, respectively, with corresponding growth rates of 16.7%, 17.2%, and 16.4% [4]. - The net profit projections for the same period have been revised upwards to 130 million CNY, 280 million CNY, and 419 million CNY, reflecting increases of 6.5%, 3.5%, and 2.7% respectively [4]. Market Position and Strategy - The company is actively expanding its domestic and international partnerships, including collaborations with notable clients such as Shanghai Sugar and Wine Group and expanding its cooperation with retailers like Pinduoduo and Lawson [3]. - The focus on digital transformation in the retail sector is expected to drive accelerated customer order growth, particularly through the implementation of successful pilot programs [4].

Core Insights - Multi-Point Intelligence Co., Ltd. (stock code: 02586.hk) reported strong business growth in its first interim results for the period ending June 30, 2025, showcasing its robust performance post-IPO [1] Group 1: AI Retail Solutions - The company focuses on AI technology as a core driver, investing CNY 190 million in R&D in the first half of the year, and is advancing its retail core service cloud to version 3.0 with ten innovative applications [2] - The launch of the AI-enabled TMS system in Hong Kong significantly improved efficiency and reduced operational costs, while the WMS system achieved high automation and real-time collaboration across warehouses and stores [2] - The Dmall fresh procurement system helped partners reduce fresh procurement costs by an average of 15% and improved operational efficiency by 40% [2] Group 2: AI Value-Added Services - The intelligent loss prevention solution recovered over CNY 3 million in losses for a major retailer, saving 30% in labor costs and increasing recovery efficiency by 60 times [3] - The remote monitoring system served over 400 stores, generating additional night sales of CNY 28.13 million and attracting 510,000 new customers [3] - AI inspection capabilities expanded product range while maintaining high accuracy, demonstrating the effectiveness of AI in enhancing quality and efficiency [3] Group 3: Customer Retention and Market Expansion - The company achieved a customer net revenue retention rate of 107%, with 438 cooperative clients, indicating strong customer loyalty and market penetration [4] - New significant clients include Shanghai Sugar and Wine Group and Xinjiang Huijia Times, while deepening relationships with existing clients like Pang Donglai and Lawson [4] - Internationally, the company accelerated its global expansion, fully deploying WMS systems in Singapore and enhancing supply chain efficiency with TMS systems in Hong Kong [4] Group 4: Future Innovations and Strategic Goals - The company is committed to deepening AI applications in retail and plans to iterate GenAI applications to enhance decision-making systems and expand solution boundaries [5] - Multi-Point Intelligence is optimistic about the potential of Web3 and digital assets, having initiated a strategic partnership with HashKey Group and started a stablecoin license application [5] - The company aims to integrate AI and Web3 technologies to drive digital transformation in the retail sector, ensuring a strong market position and creating social value [5]

Summary of Multi-Point Intelligence Conference Call Company Overview - **Company**: Multi-Point Intelligence - **Industry**: AI Retail Solutions Key Financial Performance - **Revenue**: RMB 1.08 billion in H1 2025, a year-on-year increase of 15% [2][3] - **Net Profit**: RMB 62.17 million, with a net profit margin of 5.8% [3] - **Adjusted Net Profit**: RMB 77.01 million, adjusted net profit margin of 7.1% [3] - **Operating Cash Flow**: Net inflow of RMB 53.47 million [2][3] - **Overseas Revenue**: RMB 76.25 million, accounting for 7.1% of total revenue, with a year-on-year growth of 120% [2][3] Business Development Highlights - **Client Base**: Served 438 clients with a net revenue retention rate of 107% [2][3] - **Product Innovation**: Continuous technological innovation with the application of AI to accelerate system iterations and launch new products [2][3] - **AI Retail Core Solutions**: Revenue of RMB 490 million, up 16.2% year-on-year [2][3] - **AI Retail Value-Added Services**: Revenue of RMB 590 million, up 13.7% year-on-year [2][3] - **Sales and Marketing Expenses**: Increased to RMB 63.44 million due to overseas market expansion [4] Strategic Partnerships and Innovations - **Collaboration with Major Tech Firms**: Established partnerships with Alibaba, Microsoft, and others to strengthen technological foundations [2][9] - **Web3 Exploration**: Engaged in strategic cooperation with Hashkey Hillstone to explore Web3 technology applications in retail [3][4] - **Stablecoin Initiatives**: Actively pursuing stablecoin licensing in Hong Kong, adopting an inclusive strategy for all retailers [4][19] Operational Efficiency Improvements - **Fresh Produce Procurement System**: Helped clients reduce average procurement costs by 15% and improve operational efficiency by 40% [11] - **AI Clearance Solutions**: Expanded to short shelf-life products with a refined clearance cycle down to hours [8] - **Transportation Management System**: Implemented in Hong Kong, reducing scheduling time by 80% and improving on-time delivery rates by 10% [5] Market Trends and Customer Insights - **Retail Industry Dynamics**: The domestic retail sector shows signs of fatigue, with a shift towards online channels, yet leading clients like 711 and others are showing strong growth through innovation [22] - **Customer Engagement**: Enhanced customer experiences through improved product offerings and operational adjustments, leading to significant sales increases in remodeled stores [20][22] Future Directions - **Continued Focus on AI**: Plans to further leverage AI technology for digital transformation in retail [21] - **Expansion of Web3 Initiatives**: Ongoing exploration of blockchain technology and digital asset integration in retail [18][21] - **Standardization of Solutions**: Aiming to standardize successful business models for broader market application [29] Additional Insights - **R&D Efficiency**: R&D expenses decreased to 17.7% of revenue due to AI tool utilization, enhancing productivity [4][25] - **International Market Outlook**: Anticipated growth in overseas business, particularly in Southeast Asia, with ongoing negotiations with potential clients [28][30] This summary encapsulates the key points from the conference call, highlighting the financial performance, business developments, strategic initiatives, and future directions of Multi-Point Intelligence in the AI retail solutions industry.

Core Viewpoint - The AI sector is experiencing significant breakthroughs, with 2023 being recognized as a pivotal year for AI applications, particularly in the AI Agent domain, creating new investment opportunities [1] Company Overview - Huitongda has entered a comprehensive collaboration with Alibaba Cloud to develop a new "AI + Industry" ecosystem targeting the lower-tier market [3] - The partnership will enable Huitongda to integrate Alibaba Cloud's Tongyi Qianwen model, creating specialized AI agents for retail stores, enhancing supply chain efficiency [3][4] - Huitongda's AI application strategy includes the launch of self-developed products and a shift from SaaS to AI+, indicating a robust foundation for rapid implementation [3][4] Market Potential - Huitongda's AI application scenarios show significant commercial potential, likely supporting continuous value release [4] - The lower-tier retail market still has a vast number of small businesses that require digital transformation, which Huitongda aims to facilitate [8] AI Application System - Huitongda's AI+ strategy encompasses three main projects: "AI + Industry Platform," "AI + SaaS," and "AI + Smart Terminals," designed to provide a low-threshold, high-efficiency AI application system for small and medium enterprises [6] - The "Qiancheng F2B2C All-Channel Business System" connects production, retail, and consumers, enhancing product circulation efficiency [6] - The "Qiancheng AI Super Store Manager" simplifies retail operations by employing AI for tasks such as product recommendations and promotional activities [6][7] Value Creation - Huitongda's AI application system integrates three layers of value, enhancing its ecosystem and creating a value loop that optimizes cost structures and boosts business efficiency [9] - The solutions provided by Huitongda address the digital capability gap in rural retail, facilitating the last-mile delivery of intelligent solutions [10] - The improvement in industry efficiency is expected to unlock consumer potential in the lower-tier market and contribute to rural revitalization [10] Market Trends - The current market context emphasizes the need to activate consumption potential in lower-tier markets, with a trend of consumers returning to offline shopping [12] - Huitongda is positioned as a key enabler in linking the lower-tier market with various industry chains, enhancing its role in the evolving retail landscape [13] Conclusion - Huitongda is rapidly advancing in the AI application field, with the potential to become an essential infrastructure for the digital transformation of the lower-tier retail market [14] - The company's evolving role is likely to lead to a revaluation and increase in its market valuation, warranting attention [15]

Core Viewpoint - Many exciting Chinese tech companies are choosing London as their gateway to expand into the European market [1] Group 1: London as a Tech Hub - London Tech Week has attracted over 30,000 participants from nearly 130 countries to discuss hot topics like generative AI and quantum computing [1] - London is positioned as a crucial part of the global tech ecosystem and acts as a bridge between major countries, particularly between China and the US [3] - The UK ranks third globally in tech strength, following the US and China, and has strong collaborations with nearby cities like Paris [3] Group 2: Innovation and Commercialization - The UK has top-tier scientific research capabilities, with prestigious universities like Oxford and Cambridge contributing to innovation [3] - There has been a slow pace in commercializing research into large enterprises over the past decade, but this is changing [4] - A wave of innovative companies from the UK is expected to emerge in the next three to five years due to increased focus from various stakeholders [5] Group 3: Globalization and Market Entry - UK companies must adopt a global mindset early on due to the smaller domestic market size compared to China and the US [5] - Localizing products and teams is crucial for international expansion, as success in one market does not guarantee success in another [6] - Building a unified corporate culture across different continents is one of the biggest challenges for international founders [6] Group 4: Support for Chinese Tech Companies - The London & Partners organization offers support to Chinese investors and entrepreneurs looking to establish tech companies in London [7] - Assistance includes simplifying processes related to immigration, taxation, and legal entity registration, as well as building key networks [7] - Recent examples of Chinese companies entering the London market include BIPO, HanShuo Technology, and Honor [7]

Core Viewpoint - The article highlights the importance of ESG governance frameworks for companies in promoting sustainable development, with HanShuo Technology achieving an A rating in the latest ESG assessment by Wind [1][3]. Group 1: ESG Rating and Achievements - HanShuo Technology, newly listed in March, released its first ESG report and received an A rating from Wind [1][3]. - The company is a member of the UN Global Compact and integrates sustainable development into its corporate strategy and operations [3]. - HanShuo Technology has also earned the EcoVadis Gold Medal, placing it in the top 5% of participating companies globally [3]. Group 2: Technological Innovations and Solutions - The company focuses on digital transformation in the retail sector, utilizing IoT wireless communication technology to develop a business system centered on electronic price tags and SaaS cloud platform services [3][4]. - HanShuo Technology's self-developed low-power, high-density wireless communication protocol supports the industrial application of IoT, cloud computing, big data, and AI in smart retail [3][4]. - The SaaS platform can reduce carbon emissions by up to 99.25%, demonstrating the company's commitment to combining business growth with environmental sustainability [4]. Group 3: Sustainable Development Strategy - HanShuo Technology has established a sustainable development strategy system called EPIIC, focusing on environmental friendliness, co-prosperity, digital innovation, integrity governance, and climate neutrality [6]. - The company integrates sustainable practices across its supply chain, R&D, production, marketing, and services, aiming for a comprehensive green transformation [6]. - A robust governance structure is in place, ensuring clear responsibilities and effective risk management [6]. Group 4: Environmental Initiatives - The company aims to incorporate green principles throughout the product lifecycle, reducing resource consumption and environmental pollution [7]. - HanShuo Technology's projects can reduce CO2 emissions by approximately 1,994 tons annually [7]. - The company has joined the Consumer Goods Forum to promote low-carbon transformation in the retail industry and has partnered with Too Good To Go to reduce food waste and carbon emissions [7].

Group 1: AI and Technology Integration - Hanshu Technology focuses on integrating AI technologies such as machine vision and big data analysis with digital retail scenarios to enhance operational efficiency and consumer experience [3] - The company is actively exploring AIoT applications and has partnered with Microsoft to leverage Azure Open AI for innovative retail solutions [3] - Hanshu Technology has established a competitive edge as the first partner in China to receive "Certified Software Designation for Retail AI" from Microsoft [3] Group 2: Electronic Price Tags Market - The global penetration rate of electronic price tags remains low, with France leading at over 40% [4] - Major markets like China, the USA, and Japan have significant growth potential due to their low penetration rates [4] - Future growth drivers include market penetration increases, replacement demand for existing electronic price tags, and the provision of SaaS and technical services [4] Group 3: Revenue and Market Strategy - Approximately 10% of the company's revenue comes from the US market, which has been minimally impacted by recent tariff increases [5] - The company is focusing on strategic expansion in Europe, Japan, Australia, Southeast Asia, and within China to mitigate tariff risks [6] - Hanshu Technology is committed to monitoring tariff policy changes and adjusting production and operational strategies accordingly [6] Group 4: Robotics and New Business Development - The company emphasizes research and application of AI technologies in robotics, having secured multiple patents for inspection robots [6] - Hanshu Technology is developing various solutions, including smart shopping carts and AI cameras, to support digital transformation in retail [6] - A commercial partnership has been established for smart shopping carts with a leading overseas client, enhancing operational efficiency and consumer experience [6]