Core Insights - The silk industry in Hechi, Guangxi, is a significant contributor to rural revitalization, involving 220,000 households and nearly one million silkworm farmers, with a projected output value of 13.5 billion yuan in 2024 and an average income increase of over 50,000 yuan per household [1][2] - Hechi has established itself as a leading area for silk production, with a production scale that has ranked first among prefecture-level cities in China for 20 consecutive years, producing 218,500 tons of silkworm cocoons, which accounts for half of Guangxi's total output [2][3] Industry Development - The Hechi government has launched the "Silkworm Industry Development Index" to enhance the international branding of the silk industry, with a focus on high-quality development through a three-year action plan that includes 32 measures [2][4] - The total area of mulberry gardens has increased to 963,200 acres, with 261,400 acres of low-yield gardens being upgraded in 2024, providing strong momentum for industry upgrades [2] Technological Advancements - Technology plays a crucial role in the development of the silk industry in Hechi, with 126 patented technologies and a nationwide leading rate of technology promotion, enhancing productivity and efficiency [3] - The local government is promoting the intelligent transformation of traditional industries, leveraging artificial intelligence to create a comprehensive industrial chain from silkworm breeding to silk processing [3] Future Outlook - The silk industry is undergoing a full-chain upgrade, transitioning from traditional practices to modern automated processes, with plans to establish a digital innovation center for the silk industry to enhance data integration and smart upgrades [4] - Hechi aims to transform its silk industry from a source of silk to a high-end brand, integrating cultural elements and technological innovations to enhance its position in the global value chain [4]

（原标题：皇家内务府造就世界首富——兼谈粤海关与崇文门税关） 天子南库：为皇家理财 十八世纪，白银流入中国，中国出了世界首富。 就在白银时代即将落幕时，这位和大人，被他的朝廷剥光了身家，当作了那个时代的牺牲品，端上了新 帝的餐桌。若问他身家几何？据抄家估值，其财富峰值已达11亿两白银。 若问其财富来源，其一，便来自权力垄断，直接侵吞军费、治河款，截留地方贡品与关税，如粤海关年 截留超百万两，推行"议罪银"，官员以行贿换免罪；其二，为经营垄断，如控制人参、盐务等特许行 业，在全国开设当铺、钱庄300余家，以其特权，低息吸储，高息放贷；其三，为土地兼并，夺民田800 万亩，地租年入超百万两。其财富特征具有寄生性，靠国家机器吸血，与生产活动脱节；又有暴利性， 其在13年内敛财规模相当于15年财政收入；还有其隐蔽性，通过内务府、家奴代持来洗白赃款。 其中就有来自粤海关的税费截留，而粤海关则是维系白银时代的一个东方枢纽，握此枢纽者谁也？此中 大有讲究。 我们知道，宋朝市舶司收入要上交国家财政，康熙帝初设海关时，也设了四处，一如宋朝，也由所在巡 抚兼管。 雍正时，眼见白银如流，遂欲尽入宫中，故改设专职海关监督，以其直属皇 ...

Group 1: Investor Relations Activities - The company participated in an online investor meeting for the 2024 annual performance presentation [2] - The meeting was hosted by the Vice Chairman and General Manager, Mr. Xu Hong, along with other key executives [2] Group 2: Business Model and Market Strategy - The company emphasizes the "design-oriented foreign trade" model, increasing the proportion of ODM (Original Design Manufacturer) to enhance market understanding and expand market share [2][3] - The company has seen significant growth in orders due to design improvements, leading to increased customer satisfaction and loyalty [2] Group 3: Challenges and Responses - The company faces challenges such as insufficient consumer demand and intensified competition, requiring more effort to stand out [3] - Strategies include enhancing market development through visits and exhibitions, and focusing on product value [3] Group 4: Financial Performance - In 2024, the company reported a revenue of 4.56 billion, a 6.29% increase from the previous year, while the net profit after deducting non-recurring items decreased by 18.74% [4] - The company maintains a healthy development despite the decline in profitability, asserting that it has not incurred losses [3][4] Group 5: Future Growth Drivers - Future profit growth will be driven by building supply chain clusters, enhancing design and R&D capabilities, and strengthening team development [4] - The company is optimistic about the industry's future, viewing it as essential to daily life, despite current competitive pressures [4]