Core Viewpoint - Midea Group's subsidiary, Ande Intelligent Logistics, is expanding its overseas supply chain solutions, aiming for comprehensive logistics coverage in six countries by 2025 [2][3]. Group 1: Overseas Solutions - Ande Intelligent Logistics has developed five key overseas solutions: "Cross-border Logistics," "Domestic Distribution," "Overseas Collection and Distribution," "Intelligent Equipment," and "Supply Chain Digitalization" [2]. - The "Cross-border Logistics" service includes factory logistics and packaging integration, providing standardized and comprehensive supply chain services [2]. - "Domestic Distribution" focuses on establishing distribution centers in key domestic port areas to streamline resource integration and standardize operations [2]. - "Overseas Collection and Distribution" offers a one-stop service for overseas factories, covering warehousing, delivery, and management [2]. - "Intelligent Equipment" addresses challenges in packaging and management, supporting green and low-carbon transitions in overseas logistics [2]. - "Supply Chain Digitalization" serves as the foundational layer for these solutions, enhancing end-to-end logistics services [2]. Group 2: Strategic Partnerships - Ande Intelligent Logistics has signed strategic cooperation agreements with companies like Sinotrans, Ocean Logistics, and YTO International to enhance international logistics and digital capabilities [4]. - The collaboration aims to create an integrated model of "Logistics + Technology," focusing on deep integration in cross-border logistics and digital supply chains [4]. - The company emphasizes the importance of ecological collaboration in manufacturing, aiming to build a comprehensive platform for quality supply chain services [4]. Group 3: Company Background - Ande Intelligent Logistics has 25 years of experience in smart logistics and possesses strong manufacturing and supply chain service capabilities [4]. - Midea Group's experience with six global lighthouse factories has contributed to Ande's mature production logistics solutions, collaborating with over 1,500 manufacturing enterprises [4].

Core Viewpoint - Baoxin Technology reported a significant decline in financial performance for 2024, with total revenue of 336 million yuan, a year-on-year decrease of 42.16%, and a net profit attributable to shareholders of -767 million yuan, a decline of 297.90% [1] Group 1: Smart Manufacturing Business - The smart manufacturing segment generated revenue of 253 million yuan, accounting for 75.42% of total revenue, reflecting a substantial year-on-year decline [4] - Despite investments in capacity expansion and technology upgrades, the segment's performance was hindered by weak market demand and intensified industry competition [4] - The company needs to optimize its production processes and sales channels to meet the growing demand for high-end manufacturing products [4] Group 2: New Energy Business - The new energy segment, which includes photovoltaic cells and components, faced challenges due to an imbalance in supply and demand within the industry, leading to a failure to achieve expected growth [5] - The company explored advanced technologies such as heterojunction (HJT) and perovskite tandem technology but did not see significant revenue improvement [5] - The divestiture of Baoxin Smart Energy for 8.9 million yuan was aimed at optimizing assets, but its short-term impact on overall performance was limited [5] Group 3: Operational Model and Performance Drivers - The company employs a strategic control model to ensure stable operations across subsidiaries, utilizing a "sales-driven production" and "production-driven procurement" approach [6] - Despite operational optimizations, the financial results showed a significant decline in profitability, with a weighted average return on net assets of -14.30%, down 10.17 percentage points year-on-year [6] - The return on invested capital was -1.93%, a decrease of 0.51 percentage points compared to the previous year, indicating that strategic adjustments did not effectively counteract the adverse economic conditions [6] Group 4: Overall Business Outlook - Baoxin Technology faces considerable operational pressure in 2024, with unmet performance expectations despite strategic initiatives in smart manufacturing and new energy [6] - The company must further optimize its industrial structure and enhance core competitiveness to adapt to market changes and industry challenges [6]