Group 1: Financial Performance - In Q1 2025, the company achieved a net profit of 14.39 million CNY, a decrease of 16.19% year-on-year [2] - For the fiscal year 2024, the net profit attributable to shareholders was 63.87 million CNY, an increase of 27.40% year-on-year [2] - The operating revenue for 2024 was 1.15 billion CNY, a decrease of 18.72% year-on-year [5] - The net cash flow from operating activities decreased by 40.80% year-on-year [2] Group 2: Business Operations and Strategy - The company focuses on e-commerce packaging solutions, including electronic labels, plastic packaging, and cushioning packaging [3][4] - The company is expanding its market share and enhancing profitability through cost control and management improvements [2][5] - The company has established partnerships with notable clients such as Yunda Express, China Post, JD.com, and FedEx [5] Group 3: Investment and Future Plans - The company is investing in a production base in Cambodia, with plans for it to commence operations in the first half of 2025 [1] - The company is committed to green packaging development, with R&D expenses reaching 51.95 million CNY in 2024 [6] - The company is exploring potential mergers and acquisitions based on market conditions and its development needs [7] Group 4: Market Environment and Challenges - The company's foreign sales accounted for 17.29% of total revenue, with limited impact from the US-China trade war [7] - The company is adapting to industry competition and potential price wars by focusing on core business areas [1][2] - The company is actively monitoring international trade policies to mitigate risks associated with market fluctuations [7]

Core Viewpoint - The cross-border e-commerce sector is gaining attention due to fluctuating international tariffs and inflation pressures, with recent government approvals for comprehensive pilot zones in various cities boosting the market [3][4]. Investment Opportunities - The cross-border e-commerce industry is experiencing volatility due to U.S. tariff policies, prompting institutional investors to focus on overseas warehouse operations, which offer logistical and tax advantages [5]. - Companies like Lege Co., Ltd. are increasingly investing in overseas warehouse operations, with projected revenue from this segment reaching 2.423 billion yuan in 2024, accounting for 42.73% of total revenue [5]. - China National Freight Forwarding has established approximately 400,000 square meters of self-owned warehouses in Southeast Asia and the Middle East, enhancing its global logistics services [5]. - The global B2C e-commerce market is expected to see significant growth in categories such as furniture, clothing, and consumer electronics, driven by rising disposable incomes and online shopping convenience [6]. Stock Movements - The cross-border e-commerce sector includes 139 constituent stocks, with notable volatility observed in companies like Tianyuan Co., Ltd., which experienced a six-day price surge followed by a three-day decline [7]. - Tianyuan Co., Ltd. reported foreign sales of 199 million yuan in 2024, representing 17.29% of total revenue, focusing on enhancing its international marketing through social media [7]. - Xunxing Co., Ltd. achieved a 60.19% year-on-year increase in online sales through third-party platforms, contributing 96.81% to its total e-commerce revenue [8]. - Ningbo United's revenue remained stable at 1.787 billion yuan in 2024, but its net profit decreased by 23.56%, indicating challenges in its business segments [9]. - Dongbei Group reported a 5.74% increase in total revenue to 6.243 billion yuan in 2024, with foreign sales accounting for 29.98% of its main business revenue [10]. - Sanmu Group's revenue fell by 24.66% to 10.481 billion yuan in 2024, with a net loss of 531 million yuan, reflecting a significant decline in performance [10].