Group 1: Company Performance - The company achieved a revenue of 4.773 billion CNY and a net profit of 87 million CNY for the first half of 2025 [2] - The digital operation platform has developed strong competitive advantages in multi-scenario digital procurement services [2] - The company launched the Qixin Zhipan AI model in early 2025, covering various digital procurement processes [2][11] Group 2: Industry Trends - Digital procurement is becoming the main form of public resource transactions, supported by government policies [3][4] - The penetration rate and growth of digital procurement are continuously increasing, leading to significant improvements in procurement efficiency [4] Group 3: Client Focus - The company targets high-quality clients such as central enterprises, financial institutions, and Fortune 500 companies [5] - Key clients include major players in energy, finance, aerospace, and telecommunications sectors [5] Group 4: Own Brand Strategy - The self-owned brand is a cornerstone of the company's long-term development, focusing on market segmentation and collaboration with quality IPs [6][9] - The company aims to enhance user experience and optimize product and profit structures through its self-owned brand products [6][9] Group 5: Profitability Improvement - The company plans to improve gross margins by increasing the sales proportion of self-owned brand products and optimizing supply chain management [7] - Measures include enhancing the efficiency of digital platforms and AI models to boost order acquisition rates [7] Group 6: MRO Market Insights - The focus on MRO procurement is increasing, with opportunities for larger centralized procurement projects [8][13] - The company primarily deals with general MRO materials, with plans to explore specialized equipment in the future [8][13] Group 7: Future Investments and Shareholder Returns - The company plans to distribute a cash dividend of 49.82 million CNY for the 2024 fiscal year and again in the first half of 2025 [15] - Future investments will focus on core business and industry chain opportunities, with a cautious decision-making approach [16] Group 8: IP Strategy in Cultural Products - The company has established partnerships with various IPs to enhance brand value and appeal to younger consumers [14][17] - Future plans include continuous investment in IP cultural products to create new growth points for the self-owned brand business [17]

Financial Performance - In 2024, the company achieved a revenue of 11.397 billion CNY, representing a year-on-year growth of 2.69% [2] - The net profit attributable to shareholders was 63 million CNY, a decrease of 18.32% compared to the previous year [2] - In Q1 2025, the revenue was 2.212 billion CNY, with a net profit of 49 million CNY [4] Digital Transformation and Technology - The company has launched over 50 application scenarios on its digital operation platform, with more than 70% focused on core business production [3] - The digital platform integrates cloud computing, big data analysis, and AI technologies to enhance operational efficiency and customer service [6] - Future plans include further improving the digital system architecture and functionality to provide a better one-stop procurement experience for enterprise customers [3][12] B2B Business and Market Strategy - The B2B business focuses on high-quality clients such as state-owned enterprises and Fortune 500 companies, with a steady growth in order reserves [4] - In 2024, the B2B office supplies and new brand stationery business generated a revenue of 11.352 billion CNY, with a net profit of 220 million CNY excluding goodwill impairment [4] - The company aims to enhance its product structure and customer base while increasing the sales proportion of its proprietary brand products [9] Brand and IP Collaboration - The company has established partnerships with various well-known IPs to enhance brand value and appeal to younger consumers [7] - It has created its own IPs and collaborated with domestic IPs to develop culturally relevant products [10] Social Responsibility and Shareholder Returns - In response to natural disasters, the company donated 200,000 CNY for flood relief and contributed 280,000 CNY in educational resources to rural schools [11] - The company distributed a total of 109.24 million CNY in cash dividends over two years and repurchased 9.6 million shares for 50.5 million CNY [11] Customer Service and Logistics - The company has built a nationwide fulfillment network to optimize logistics and delivery efficiency [7] - It utilizes a combination of localized service teams and digital systems to ensure rapid response and resource allocation [7] Future Outlook - The company plans to explore new business models and fields while focusing on digital transformation and enhancing service capabilities [12] - It aims to become a trusted enterprise-level full-scenario operation service provider by connecting business activities through digitalization [12]