Core Viewpoint - The company reported a revenue of approximately 45.22 million Malaysian Ringgit for the six months ending June 30, 2025, representing a year-on-year decrease of about 2.71% [1] - The net profit for the same period was approximately 4.6 million Malaysian Ringgit, a decrease of about 235,000 Malaysian Ringgit compared to approximately 6.95 million Malaysian Ringgit in the same period of 2024 [1] - Earnings per share stood at 1.15 sen [1] Company Operations - The company primarily engages in providing outbound telemarketing services and customer contact center facilities to promote financial products and related activities issued by authorized financial institutions, card companies, or global organizations [1] - As of June 30, 2025, the company operates eight customer contact centers in the central business district of Kuala Lumpur, Malaysia, and one branch contact center in Malacca, Malaysia [1]

Core Insights - The call center industry has seen significant investment activity from 2014 to 2023, with a total of 20 financing events amounting to over 1.3 billion yuan, with notable peaks in 2021 and 2023 [1][14] - The focus of investments has shifted towards call center outsourcing and AI-driven solutions, indicating a trend towards automation and efficiency in customer service [4][12] Investment Trends - The years 2021 and 2023 recorded the highest investment amounts of 310 million yuan and 410 million yuan respectively, driven by significant investments in value-added services and AI technologies [1][2] - In 2024, only two investment events were recorded, indicating a potential slowdown in investment activity [1] Investment Amounts - Single investment amounts in the call center sector were generally in the millions from 2014 to 2020, with notable increases to 160 million yuan in 2021 and 140 million yuan in 2023, largely due to major investments in companies like StarNet Communication and Voice Technology [2][7] - The average single investment amount is expected to drop back to the million level in 2024, reflecting a cautious market sentiment [2] Geographic Focus - Investment is primarily concentrated in Beijing (45%) and Shanghai (22%), highlighting the urban concentration of call center operations and technology [9] - Other active provinces include Jiangsu, Hubei, Zhejiang, Guangdong, and Henan, benefiting from strong industrial foundations and supportive policies [9] Fund Activity - Several funds are actively investing in the call center industry, including the Double Hundred Fund, Shenzhen Investment Control Park Fund, and SoftBank Vision Fund, each with distinct investment strategies [12][13] - The Double Hundred Fund focuses on digital transformation projects for state-owned enterprises, while the SoftBank Vision Fund targets AI customer service solutions [12] Mergers and Acquisitions - The call center industry has seen limited M&A activity, with notable events including the acquisition of Huijie Technology by JD Technology Group in 2021, aimed at enhancing digital service capabilities [14] - A planned acquisition by Bangyan Technology of StarNet Communication was announced to be terminated in 2025 due to competitive pressures [14]

Industry Overview - The call center industry can be divided into three segments: upstream equipment and system suppliers, midstream call center operators, and downstream demand sectors [1][3] - Upstream suppliers include telecom operators, cloud vendors, switch manufacturers, and database providers, while midstream consists of domestic and overseas call center operators [1][3] - Downstream demand industries include telecommunications, finance, e-commerce, government enterprises, and manufacturing, with an expected expansion in application sectors due to their growth [1] Regional Distribution - Call center enterprises are primarily located in regions such as Beijing, Jiangsu, Shanghai, Zhejiang, and Guangdong, with diverse downstream applications across finance, government, telecommunications, retail, and tourism [6] - Beijing benefits from policy resources and financial headquarters, leading to significant demand for government and banking customer service [6] - The Yangtze River Delta, with Shanghai as an international hub, Jiangsu for hardware manufacturing, and Zhejiang for e-commerce, has a rich variety of call center services [6] - Guangdong, leveraging Shenzhen's tech development and Dongguan's manufacturing, has a large foreign trade service market, making it a key area for communication data generation [6] Cost Structure - The cost structure of call center companies is heavily centered on labor, with personnel costs accounting for up to 60%, while some companies manage to keep it around 50% [9] - Costs include salaries and training for staff, with external software and services covering cloud platform rentals, AI modules, and system maintenance [9] - Depreciation accounts for about 5% of costs, primarily from hardware equipment, while intelligent companies can reduce labor costs to 50% but see software procurement rise to over 40% [9] Company Performance - In 2024, call center-related listed companies generally experienced a decline in performance, with notable growth from companies like Haoshanghao Electronics, which saw a 25.24% increase to 7.23 billion yuan [12] - Companies such as Beijing North and Caixun Co. achieved stable growth rates of 9.29% and 10.41% respectively, driven by intelligent customer service technology [12] - CITIC Guoan maintained a good growth rate with revenue of 3.4 billion yuan in 2024, while traditional firms like Deep Konka and Aerospace Information faced revenue drops exceeding 30% [12] - Some companies, such as Kaiyuan and Yilianzhong, which rely heavily on government contracts, saw significant revenue declines [12] - The industry is undergoing a transformation towards outsourcing and intelligent solutions, with technology-driven companies showing stronger resilience to risks [12]