Group 1 - AI technology has evolved from a supportive tool to a core cost-reduction engine in cross-border e-commerce, optimizing operations, supply chains, and customer service to drive systemic efficiency improvements [1] - The company has signed a comprehensive cooperation agreement with Huawei Cloud to develop an AI video generation model, leveraging Huawei's Pangu model and Ascend AI cloud services to create the "Yizhi Wanxiang" video model [1] - The collaboration aims to train a more targeted L1 model using vast data from the cross-border e-commerce industry, with plans to further develop industry-specific L2 models based on unique business scenarios [1] Group 2 - AI applications have enhanced operational efficiency by improving information transmission, reducing operational and management costs, and providing strong support for product selection decisions through precise market trend analysis [2] - Predictive models help anticipate sales peaks and inventory needs, preventing stockouts and excess inventory, while automated process management increases efficiency in order processing and shipping [2] - As of December 31, 2024, the company has 281 technical personnel, accounting for 8.08% of the total workforce [2] Group 3 - Revenue projections for the company are estimated at 9.88 billion, 10.67 billion, and 11.55 billion yuan for 2025-2027, with net profits of 100 million, 210 million, and 310 million yuan respectively [2] - Corresponding price-to-earnings ratios are expected to be 43.4, 21.3, and 14.3 times, maintaining a "buy" rating [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is leveraging AI technology to enhance operational efficiency and reduce costs in cross-border e-commerce, transitioning from point cost control to systematic efficiency improvement [9] - A partnership with Huawei Cloud has been established to develop an AI video generation model, which aims to create tailored models for the cross-border e-commerce sector [9] - The company anticipates revenue growth from 98.8 billion RMB in 2025 to 115.5 billion RMB in 2027, with net profit expected to rise from 1.0 billion RMB to 3.1 billion RMB during the same period [9] Financial Performance Summary - Revenue projections are as follows: 6,518 million RMB in 2023, 9,022 million RMB in 2024, 9,875 million RMB in 2025, 10,674 million RMB in 2026, and 11,545 million RMB in 2027, with growth rates of 47.6%, 38.4%, 9.4%, 8.1%, and 8.2% respectively [7][10] - Net profit is forecasted to decline from 332 million RMB in 2023 to 101 million RMB in 2025, before recovering to 205 million RMB in 2026 and 305 million RMB in 2027, reflecting growth rates of 53.1%, -48.8%, -40.9%, 103.7%, and 48.8% respectively [7][10] - Earnings per share (EPS) are projected to decrease from 0.88 RMB in 2023 to 0.25 RMB in 2025, then increase to 0.51 RMB in 2026 and 0.75 RMB in 2027 [7][10] Operational Efficiency - The company has a workforce of 281 technical personnel, accounting for 8.08% of total employees, focusing on enhancing digital and information management across operations [9] - AI applications are expected to improve information transmission efficiency and reduce operational and management costs, aiding in market trend analysis and inventory management [9]