Financial Performance - In 2024, the company achieved a revenue of CNY 2.376 billion, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of CNY 48.54 million, up 152% [5] - In Q1 2025, revenue reached CNY 496 million, growing by 21%, with a net profit of CNY 4.92 million, an increase of 127% [5] - The company expects continued growth in its new retail operations, logistics solutions, and smart self-service terminals in 2025 [5] New Retail Operations - The new retail comprehensive operation business generated approximately CNY 160 million in revenue by the end of 2024, with a growth rate exceeding 50% [7] - The business model integrates public and commercial points, allowing the company to enter areas typically inaccessible to commercial points [7] - The company has nearly 10,000 operational points, indicating a strong growth trajectory [7] Competitive Advantages - The company has a dedicated R&D team of over 1,200, with R&D investment averaging over 10% of revenue [9] - As of the end of 2024, the company holds 2,185 valid patents, including 661 invention patents [9] - New Beiyang has established a global marketing service network, selling products in over 40 countries and regions [11] International Expansion - In 2024, overseas revenue reached CNY 992 million, a 24% increase, accounting for over 40% of total revenue [12] - The company has pursued a dual-market strategy since its inception, expanding into international markets after establishing a foothold domestically [13] Future Growth Strategies - The company has transitioned from a focus on specialized printers to a diversified business model, enhancing growth potential [16] - Increased service operations and international revenue are expected to support sustainable growth [16] - The company emphasizes a value investment approach and warns investors to be mindful of risks [14]

Core Viewpoint - The self-service terminal industry in China is experiencing robust growth driven by policy support, technological innovation, and consumer upgrades, with market size projected to increase from 35 billion yuan in 2019 to 65 billion yuan by 2024 [2] Industry Definition and Classification - Self-service terminals are intelligent devices that integrate various technologies to provide users with self-service options such as inquiries, transactions, payments, and printing, enhancing service efficiency and user experience while reducing operational costs [3] Industry Chain Analysis - The self-service terminal industry chain includes upstream hardware and software suppliers, midstream equipment manufacturers and integrators, and downstream application and support services, with ongoing innovation and integration across all segments to support digital transformation in various industries [5] Development History - The self-service terminal industry in China has evolved from single-function devices in the 1990s to diverse applications across multiple sectors, with advancements in AI, IoT, and big data driving intelligent upgrades and improved user experiences [7] Related Companies - Key listed companies in the self-service terminal industry include Guangdian Yuntong (002152), ST Zhengtong (002197), Nantian Information (000948), Dongfang Communication (600776), Yuyin Technology (002177), and Hengyin Technology (603106) [2]

Industry Overview - The self-service vending machine is a type of machine that automatically dispenses goods based on the coins inserted, representing a new retail format known as a 24-hour micro supermarket [1][6] - The market size of self-service vending machines in China has grown from 1.725 billion yuan in 2017 to 2.486 billion yuan in 2024, with expectations to exceed 4 billion yuan by 2027 [1][10] Market Status - The number of self-service vending machines in China has increased from 246,200 units in 2016 to 1.89 million units in 2024, with projections to surpass 2 million units by 2025 [6][10] - The distribution of vending machines is concentrated in first-tier and new first-tier cities, with first-tier cities holding 22.72% and new first-tier cities holding 39.15% of the market share in 2024 [8][10] Industry Structure - The self-service vending machine industry has undergone significant changes in the past five years, transitioning from traditional models to smart vending solutions [12] - Key players in the industry include Youbao Online, Aucma, and New Beiyang, each focusing on different aspects of vending machine operations and technology [14][16] Development Trends - Technological innovation is driving industry upgrades, with a focus on smart payment methods and inventory management systems to enhance user experience [18] - The market is expected to diversify in application scenarios, expanding beyond traditional snacks and beverages to include fresh produce, daily necessities, and pharmaceuticals [19] - The industry is moving towards environmentally friendly practices, with manufacturers adopting eco-friendly materials and energy-saving technologies [20]