Core Insights - Sichuan Province's tax refund sales have increased by over 142% year-on-year from January to November, ranking fourth in the country behind Shanghai, Beijing, and Guangdong [1] - The number of outbound tourists applying for tax refunds has surged by 284% [1] Group 1: Sales Performance - The sales scale of tax refund goods in Sichuan is significant, with a notable increase in inbound tourism contributing to this growth [1] - Tourists from 122 countries and regions have participated in the tax refund program, an increase of 56 compared to last year [1] - Tourists from Hong Kong and Macau lead in consumption, accounting for 41% of total spending [1] Group 2: Consumer Trends - Southeast Asian and South Asian tourists represent the largest number of consumers, with their total participation increasing by nearly four times and spending rising by over 2.5 times [1] - Sales of international brands such as luxury bags and jewelry are prominent, while "Made in China" and "Sichuan-made" products have also shown remarkable performance [1] - Sales of Xiaomi phones, smartwatches, and DJI drones have increased by 728% in quantity and 176% in sales value, making up 62% of total sales in the 3C product category [1] Group 3: Retail Environment - Chengdu is the core consumption area, with over 99% of tax refund participants and sales coming from the city [2] - The adjustment of the tax refund threshold and the rapid expansion of tax refund stores have positively impacted small and medium-sized businesses [2] - There are currently 662 tax refund stores in Sichuan, doubling the number since the beginning of the year, with a significant increase in stores selling domestic brands [2] Group 4: Innovative Measures - Sichuan has introduced innovative measures such as "immediate refund" online services and cross-province recognition to enhance the tax refund process [2] - Two major tax refund points have been established in key shopping areas to facilitate the consumption of foreign tourists [2] - The number of stores offering "immediate refund" services has increased nearly threefold since the beginning of the year, with a 16-fold increase in the number of participants and a 19-fold increase in sales [2]

Core Viewpoint - The company, 万物新生, has ambitious goals for reducing emissions and expanding its recycling operations, positioning itself favorably in the ESG (Environmental, Social, and Governance) space, with a focus on sustainability and environmental protection [1][5][6]. Group 1: Business Performance and Strategy - In the previous year, the company processed and sold over 35.3 million second-hand smartphones and other second-hand goods, with sales volume projected at 32.3 million for 2023, driving a revenue growth of 26% to reach 16.3 billion yuan (approximately 2.3 billion USD) in 2024 [1]. - The company has implemented a "multi-category" strategy since 2022, significantly increasing the number of multi-category recycling stores, which have more than doubled [1]. - The company has expanded its trade-in services to align with national policies encouraging consumption through subsidies and incentives [2]. Group 2: Environmental Impact and ESG Goals - The company aims to reduce Scope 1 and Scope 2 emissions by 35% from 2024 levels by 2030, and to halve Scope 3 emissions during the same period [5][6]. - The company processed 137,000 electronic devices in an environmentally friendly manner last year, reducing e-waste pollution by 21.9 tons [5]. - The company is committed to achieving carbon peak by 2030 and carbon neutrality within the following thirty years, aligning with national planning [6]. Group 3: Technological Advancements - Technology plays a crucial role in the company's operations, utilizing artificial intelligence to detect second-hand products, thereby streamlining operations and ensuring consistent results [4]. - The company has successfully reduced Scope 2 emissions intensity from 0.30 to 0.28, although it increased to 0.31 last year, indicating the need for continued efforts to maintain a downward trajectory [6]. Group 4: Market Position and Investor Sentiment - The company's stock price has increased by nearly 70% over the past year, although its price-to-sales ratio remains below 1, suggesting potential for investor optimism if environmental initiatives yield financial benefits [7].