证券日报网讯1月8日，两面针（600249）在互动平台回答投资者提问时表示，目前公司进出口业务依托 阿里巴巴国际站、中国制造网以及Lazada、Shopee、Tiktok等跨境出海平台拓宽海外业务；在传统渠道 上通过存量市场维稳与价值深挖，巩固基本盘，激活市场潜能，并尝试以新品驱动利润提升。 ...

"中国企业的生命力与对新机会的渴望，始终是行业向好的根基。"李丽洁总结道。而这股生命力，正通 过多元化路径，转化为全球竞争中的新一轮动力。 "新航海时代" 过去三十年，中国外贸经历了从展会到B2B电商平台、再到跨境电商的演变，如今正迈向"新航海时 代"。中国企业不再仅仅是"卖全球"，而是深入区域市场，进行本土化、全渠道运营。 李丽洁向记者表示，这一阶段的典型特征是"供应链、工厂乃至渠道的本土化融合"，而新兴市场正成为 这一进程的新舞台。 过去一年里，全球政治经济格局加速演变，出口至传统市场美国面临更多挑战，新兴市场正日益成为外 贸增长的重要动力，多元市场格局正在加速形成。 当"出海"成为中国制造的关键词，它的内涵正经历一场深刻的迭代，中国出海企业积极在波动中寻找确 定性。 我们近期与焦点科技副总裁李丽洁进行了一次深度对话。这家成立于1996年、开发并运营"中国制造 网"的老牌外贸服务商，见证并参与了中国外贸从广交会时代到平台电商、再到跨境本土化的全过程。 面对地缘政治波动、关税政策调整等外部挑战，中国跨境电商企业展现出显著的适应性与韧性。"每一 次外部波动，我们平台的流量反而在增加。"李丽洁向记者表示。 她观 ...

焦点科技的主营业务是什么？其收入来源和商业模式是怎样的？ 焦点科技的主营业务是中国制造网（Made in China.com），这是一个 B2B 全链路外贸平台，主要帮助中国供应商将产品发布在平台上，供海外专业采购 商查看并达成国际贸易订单。公司 85%以上的营收来自于中国制造网业务。焦 点科技目前向国内供应商收取费用，而不向海外采购商收费。收费模式包括会 员费和增值服务费，会员费按年收取，分为金牌会员（31,100 元）和钻石会 员（59,800 元）两个档次。增值服务包括搜索排名、品牌展示等，大部分按 照时长收费。公司的收入确认方式与 SaaS 类产品一致，根据客户实际开通的 AI 采购助手通过对比供应商在价格、质量、交货时间等方面的优劣势， 整合信息生成详细报告供买家参考，买家可自行决策或提交报告，目前 未计划商业化，以保持中立性。 试用反馈显示，AI 采购助手需提升优劣势分析准确性和整体响应速度， 涉及全网数据和私有数据库打通，需进一步数据训练，买家普遍认为其 解决了采购痛点，可显著节约时间。 公司维持年初业绩指引，即净利润和现金收款保持 20%以上增速，净利 润未考虑股份支付费用，今年预计有 6,0 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.70 yuan [1]. Core Insights - The company's revenue for the first three quarters of 2025 reached 1.41 billion yuan, representing a year-on-year increase of 16.2%. The net profit attributable to the parent company was 420 million yuan, up 16.4% year-on-year. In Q3 2025 alone, revenue was 490 million yuan, with a year-on-year growth of 16.9% [1][9]. - The core business, particularly the China Manufacturing Network, shows strong growth momentum, with the number of paid members reaching 29,214, an increase of 2,546 from the previous year. The platform's traffic has also seen significant growth, especially in the Middle East, where traffic increased by 45% year-on-year [9]. - The slight decline in net profit for Q3 2025 is attributed to the recognition of stock incentive expenses, which impacted current profits. However, the company's core profitability remains robust [9]. - The company is actively expanding its AI product matrix, with a total of 15,687 members for AI products by the end of September 2025. The penetration rate continues to rise, and new AI applications are being developed for both buyers and internal operations [9]. - The report projects net profits for 2025-2027 to be 505 million, 601 million, and 692 million yuan, respectively, with corresponding year-on-year growth rates of 12.0%, 18.9%, and 15.3% [9]. Financial Summary - For 2024A, total revenue is projected at 1,669 million yuan, with a year-on-year growth rate of 9.3%. The net profit attributable to the parent company is expected to be 451 million yuan, reflecting a growth rate of 19.1% [4][10]. - The company's earnings per share (EPS) for 2024A is estimated at 1.42 yuan, with a price-to-earnings (P/E) ratio of 33 [4][10]. - The total market capitalization of the company is approximately 15.02 billion yuan, with a circulating market value of 9.58 billion yuan [5].

Core Viewpoint - Guohai Securities report indicates that Jiaozi Technology achieved a net profit attributable to shareholders of 122 million yuan in Q3 2025, a year-on-year decrease of 2% [1] Group 1: Financial Performance - Q3 net profit attributable to shareholders was 122 million yuan, which aligns with expectations [1] - Year-on-year profit decrease of 2% [1] Group 2: Business Operations - Membership numbers continue to grow healthily [1] - Incentive expenses have put pressure on apparent growth rates, but operating profit shows healthy growth [1] Group 3: Market Position and Services - The company is one of the leading players in the B2B foreign trade industry [1] - Relying on China Manufacturing Network to provide full-chain foreign trade services [1] - Rapid increase in penetration and revenue from the foreign trade AI assistant "AI Mai Ke" [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown robust performance in its core business, with significant growth in revenue and net profit. The revenue for the first three quarters of 2025 reached 1.403 billion yuan, a year-on-year increase of 16.29%, while the net profit attributable to shareholders was 416 million yuan, also up by 16.38% [1] - The company's AI initiatives are progressing well, with a notable increase in the number of members purchasing AI services, indicating a successful implementation of AI solutions to enhance buyer decision-making efficiency [1][2] Financial Performance Summary - For Q3 2025, the company reported revenue of 487 million yuan, a year-on-year increase of 17.01%, but a slight decline in net profit by 1.98% [1] - The gross margin for Q3 2025 was 78.52%, down by 1.40 percentage points year-on-year, attributed to increased spending on buyer-side traffic [2] - The company expects to achieve revenues of 1.911 billion yuan, 2.160 billion yuan, and 2.420 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits projected at 510 million yuan, 600 million yuan, and 734 million yuan for the same years [2][4] Membership and Market Expansion - As of Q3 2025, the number of paid members on the China Manufacturing Network platform reached 29,214, an increase of 2,546 members year-on-year [1] - The international market, particularly in the Middle East, Latin America, Africa, and Europe, has shown strong traffic growth, with the Middle East experiencing a 45% increase [1] AI Business Development - The cumulative number of members who have purchased AI services reached 15,687 by Q3 2025, reflecting a growth of 2,687 members from Q2 2025 [1] - The launch of the AI Global Procurement Assistant—SourcingAI 2.0 is expected to further enhance buyer decision-making efficiency [1]

Summary of Conference Call for Focus Technology Company Overview - Focus Technology operates the China Manufacturing Network, which has shown significant growth in cash collection and revenue, exceeding 20% in the first three quarters of 2025. However, net profit remained flat year-on-year due to stock incentive costs [2][3][4]. Key Financial Metrics - Revenue growth for Q3 2025 was reported at 17.01%, with a year-on-year increase of 16.29% for the first three quarters [3][4]. - Net profit for 2025 increased by 16.38%, but was impacted by stock incentive costs of 33.024 million yuan, resulting in net profit appearing stable compared to the previous year [3][4]. - The number of paid members reached 29,214, an increase of 2,546 members year-on-year [2][3]. Industry Dynamics - The company has implemented a marketing plan targeting ten major light industry sectors, aimed at lowering entry barriers and extending service times to assist small businesses in monetizing online [2][5][6]. - Focus Technology is enhancing its free traffic through refined SEO strategies in multilingual markets, leveraging AI technology for automated ad placements [2][7]. AI Technology Integration - The launch of Sogou AI 2.0 includes a smart demand clarification engine and a dynamic decision support system, aimed at helping buyers find suitable suppliers and reducing due diligence time [2][9]. - AI technology is expected to play a crucial role in cost savings and efficiency improvements, although it is not a low-cost solution [2][8]. Future Growth Projections - The company anticipates maintaining a revenue growth rate of over 20% annually for the next three years [4][15]. - Focus Technology expects cash income growth to remain strong, with a target of achieving over 20% apparent revenue growth in 2026 [16]. Market Expansion and Customer Insights - The company has seen significant growth in emerging markets, particularly in the Middle East (45% growth) and Africa/Latin America (over 40% growth) [14][15]. - Light industry customers show a stronger willingness to engage in online transactions compared to heavy industry customers, who tend to have longer supplier verification processes [12]. Competitive Landscape - Focus Technology views online and offline platforms as having distinct advantages, with online platforms offering more flexibility and continuous service compared to traditional offline trade shows [13]. Data Utilization and AI Development - The accumulation of user behavior data enhances the company's competitive edge by training AI to better understand buyer and seller needs [19]. - Future AI product development will focus on optimizing and expanding AI applications to improve overall platform intelligence and drive sustained growth [20]. Conclusion - Focus Technology is strategically positioned for growth through enhanced AI integration, targeted marketing efforts, and a focus on emerging markets, while navigating the challenges of cost management and competitive dynamics in the B2B landscape.

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company achieved a revenue growth of 17% year-on-year in Q3, with total revenue reaching 487 million yuan and a net profit of 122 million yuan, reflecting a slight decline of 1.98% year-on-year. The decline in net profit was primarily due to short-term impacts from stock incentive expenses [1][2] - The number of paid members on the China Manufacturing Network platform increased to 29,214, up by 2,546 from the previous year, indicating strong growth in membership and value contribution [1] - The company’s operating cash flow for the first three quarters was 417 million yuan, a significant increase of 52.52% year-on-year, supported by increased cash income from the China Manufacturing Network [2] Financial Forecast and Metrics - The company’s projected net profits for 2025-2027 have been adjusted to 517 million, 601 million, and 713 million yuan respectively, with corresponding price-to-earnings (PE) ratios of 28, 24.1, and 20.3 [3][11] - Revenue forecasts for the years 2023 to 2027 are as follows: 1,526.57 million yuan (2023), 1,668.82 million yuan (2024), 1,957.28 million yuan (2025), 2,234.91 million yuan (2026), and 2,540.99 million yuan (2027), reflecting a compound annual growth rate (CAGR) of approximately 13.70% [4][11] - The company’s gross margin for Q3 was 78.52%, a decrease of 1.4 percentage points year-on-year, attributed to increased investments in buyer-side promotions [2][9] Strategic Outlook - The company is expected to benefit from the growing demand in emerging overseas markets and the enhancement of its comprehensive trade service capabilities, which will likely lead to increased market share [2][11] - The leading position in AI tools is anticipated to further strengthen the company's competitive advantage and contribute to performance growth [2][11]

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has outlined a grand blueprint for China's development over the next five years, emphasizing the importance of transforming the spirit of the session into practical work and innovation [1] - The session encourages high-level openness and cooperation, which is seen as a significant opportunity for cross-border e-commerce to connect domestic and international markets [3] - The session highlights the need to accelerate the development of the cultural industry, enhancing the influence of Chinese civilization, which presents both opportunities and challenges for the film industry [3] Group 2 - The city of Nanjing aims to comprehensively summarize the achievements of the 14th Five-Year Plan and scientifically assess the tasks for the 15th Five-Year Plan, focusing on high-quality digital transformation and governance [2] - The education sector is prioritized, with plans to improve resource allocation and implement reforms to enhance educational quality, including a three-year action plan for high school construction [4][5] - The local government is committed to establishing a comprehensive and quality childcare service system, exploring mechanisms for vocational education integration, and enhancing educational outcomes through AI [5] Group 3 - The "15th Five-Year" period is identified as a critical time for achieving socialist modernization, with a focus on youth engagement in key areas such as technological innovation and rural revitalization [3] - The session emphasizes the importance of national security as a foundation for stable modernization, with specific plans for the development of the national defense mobilization system in Nanjing [7] - The local government is working on integrating national defense mobilization into the overall economic and social development planning, ensuring a coordinated approach between military and civilian sectors [7]

Core Viewpoint - The recent market rally has led to a surge in stock prices, yet major shareholders and executives are announcing plans to reduce their holdings, raising concerns for ordinary investors about the implications of these actions on future company performance and stock valuations [1][3]. Shareholder Actions - The controlling shareholder of Focus Technology plans to reduce their stake by up to 6,344,716 shares, representing no more than 2% of the total share capital, within a specified period [3]. - The controlling shareholder holds 46.42% of the company's total shares, indicating a highly concentrated ownership structure [3][4]. - The second-largest shareholder holds only 2.26% of the shares, further emphasizing the dominance of the controlling shareholder [3]. Financial Performance - In the first half of the year, Focus Technology reported a total revenue of 919.19 million yuan, a year-on-year increase of 15.83% [6][9]. - The net profit attributable to shareholders was 295 million yuan, reflecting a growth of 26.12% compared to the previous year [6]. - The company's earnings growth has been volatile, with previous years showing single-digit growth rates, raising questions about sustainability [6]. Business Structure - The primary revenue source for Focus Technology is the China Manufacturing Network, which accounts for over 80% of total revenue [8][9]. - The company has seen a 35% increase in overall traffic to its platform, with significant growth in emerging markets such as the Middle East and South America [8]. Dividend Policy - Historically, the company has maintained a high cash dividend payout ratio, with some years exceeding 200%, benefiting the controlling shareholder significantly [4][5]. - The cash dividend distribution has raised concerns about whether it is sustainable given the concentrated ownership structure [4]. Membership Growth - The growth in paid membership for the China Manufacturing Network has been sluggish, with only 581 new members added in the second quarter compared to 716 in the same period last year [9][10]. - The company has launched AI-driven products aimed at enhancing its service offerings, but revenue from these initiatives has not been disclosed in recent reports [10].