Core Viewpoint - The company is leveraging AI to enhance the entire cross-border e-commerce chain, improve efficiency, and strengthen brand building, having successfully passed the Hong Kong Stock Exchange hearing, indicating a positive outlook for future growth [1]. Investment Highlights - Maintain "Buy" rating; adjusted 2025-26 EPS forecast to 0.71/0.98 CNY (previously 0.8/1.05 CNY), with growth rates of 51%/38%; 2027 EPS forecast at 1.28 CNY with a growth rate of 30%; target price adjusted to 17.04 CNY based on a 24x PE for 2025 [2]. - 2024 financial summary: Revenue of 5.53 billion CNY (-17.4%), net profit of 182 million CNY (-47.3%), and non-recurring profit of 160 million CNY (-50.8%); significant increase in cross-border e-commerce orders in H2, driving gradual revenue and profit recovery [2]. - Segment breakdown: Cross-border e-commerce revenue of 3.37 billion CNY (-20.9%), accounting for 60.9%; packaging revenue of 2.1 billion CNY (+0.14%), accounting for 38% [2]. - Gross margin at 43.9% (-2.73 percentage points), with cross-border e-commerce at 60.8% (-2.51 percentage points) and packaging at 17.9% (-1.35 percentage points); net margin at 3.34% (-1.63 percentage points) [2]. - Operating cash flow of 387 million CNY (-46.7%) [2]. AI-Driven Optimization and Brand Building - The company integrates mainstream domestic and international models such as ChatGPT and LlamaAI, continuously upgrading its e-commerce text models and intelligent design tools, creating a unique competitive barrier based on "data + intelligent algorithms" [3]. - Continued investment in AI to integrate supply chain, content production, advertising, payment, and logistics systems, aiming for a fully digital and intelligent management model [3]. - Established brands including SENADA BIKES, Veimia, Konciwa, and PETTENA, covering electric bicycles, underwear, sunshades, and pet products [3]. - Strategic cooperation with BMJ Industries in the UAE to invest in a packaging production base and trade platform [3]. Q1 2025 Summary - Revenue of 1.48 billion CNY (+11.6%), net profit of 59 million CNY (+38.2%), and non-recurring profit of 58 million CNY (+51%) [4]. - Gross margin at 45.6% (+5 percentage points), net margin at 4.23% (+1.24 percentage points) [4]. - Operating cash flow of 68 million CNY (+143%) [4]. - Successfully passed the Hong Kong Stock Exchange hearing on May 8, preparing for A+H listing [4].