"科创尖端、硬客前瞻"！《沪市汇·硬科硬客》是由上海证券交易所、中国经营报社和央广资本眼共同 打造的、高度融媒体的高端访谈栏目。 中经记者 孙汝祥 夏欣 北京报道 何谓供应链"再出海"，全球化2.0相比1.0究竟哪儿不一样？选择去哪儿或不去哪儿，背后有哪些考量？ 风险如何评估，如何应对？怎样才能赢得韧性供应链"持久战"？"内卷"是否会变"外卷"？…… 《沪市汇・硬科硬客》第二季第6期邀请3家科创板出海龙头，共同探讨"供应链'再出海'"话题。在全球 化1.0时代，中国制造"出海"打造了全球供应链的超级节点。而在全球化2.0时代，中国企业"再出海"将 升级为在全球范围内构建一个高效、敏捷、抗风险的价值创造网络。这不再是一个"要不要做"的选答 题，而是一道"如何做好"的必答题。 本期做客嘉宾包括中信博（688408.SH）董事长兼总经理蔡浩，福昕软件（688095.SH）董事长兼总裁 熊雨前，宣泰医药（688247.SH）创始人、董事方云。申万宏源研究所总经理、首席策略分析师王胜担 任主导嘉宾。 《沪市汇·硬科硬客》录制现场 中国企业为什么要"再出海"？ 中信博董事长兼总经理 蔡浩 "我们原来是把中国的产品卖到国外 ...

Core Viewpoint - The software industry is undergoing a transformation from "cost-driven outsourcing" to "technology-driven value output," emphasizing the importance of supply chain capabilities for global competitiveness [5][10]. Group 1: Company Strategy - Foxit Software has transitioned from a follower to a technology leader in the PDF software industry, investing heavily in international standard development [2]. - The company emphasizes the importance of building localized organizations to strengthen its global presence and adapt to regional market needs [6][10]. - Foxit Software adopts a "domestic core R&D + overseas regional branches" structure to balance compliance with local regulations and long-term growth [4][6]. Group 2: Supply Chain Capabilities - The company identifies three core capabilities for supply chain success: connectivity, control, and design [3]. - Foxit Software collaborates with upstream technology providers and downstream local partners to create a closed-loop system of "technology supply - market feedback - product iteration" [3][4]. - The company focuses on mastering key value nodes, such as format parsing and encryption, to avoid dependency on foreign technologies [3][4]. Group 3: Global Market Expansion - Foxit Software plans to expand its market reach beyond traditional regions like Europe and the U.S., targeting emerging markets with high digital transformation needs [5][10]. - The company employs a strategy of "precise selection of regions + layered advancement" to adapt its approach based on market characteristics [5][10]. - The firm aims to build a collaborative ecosystem with local partners to enhance its service network in new markets, particularly along the Belt and Road Initiative [5][10]. Group 4: Collaborative Ecosystem - The company believes in the importance of "collective overseas expansion" to mitigate risks, where leading firms set direction and platforms while supporting enterprises fill in the supply chain [8]. - Foxit Software has established a collaborative network with various partners, enhancing its software capabilities within local digital ecosystems [7][8]. Group 5: Compliance and Resilience - The company stresses the need for compliance as a prerequisite, localization as a key factor, and resilience as a guarantee for successful overseas operations [11]. - Foxit Software aims to build a technology supply chain system that avoids reliance on a single region, thereby reducing geopolitical risks [10].

Group 1: Company Performance Highlights - Jiangfeng Electronics (300666.SZ) achieved a revenue of 3.605 billion CNY in 2024, a year-on-year increase of 38.57%[9] - Lianhua Holdings (600186.SH) is expected to see a revenue growth of 35.09% from 2025 to 2027, with net profits projected at 335 million CNY in 2025[19] - Meige Intelligent (002881.SZ) forecasts revenues of 3.786 billion CNY in 2025, with net profits of 229 million CNY[22] - Foxit Software (688095.SH) anticipates a net profit of 33 million CNY in 2025, with a significant increase in subscription revenue[25] - Lanjian Intelligent (688557.SH) expects net profits of 162 million CNY in 2025, with a projected EPS of 1.59 CNY[34] - Western Mining (601168.SH) reported a revenue of 31.619 billion CNY in H1 2025, a year-on-year increase of 26.59%[36] Group 2: Market Trends and Opportunities - The global market for semiconductor precision components is projected to reach approximately 428.8 billion CNY by 2025, with China's market growing faster than the global average[12] - The AI and big data sectors are driving rapid growth in computing power demand, with the Chinese intelligent computing market expected to reach 1,037.3 EFLOPS by 2025[17] - The smart connected vehicle market is projected to grow from 2.3 billion CNY in 2020 to 5 billion CNY by 2024, with a compound annual growth rate of 21%[21] - The Chinese seasoning market is expected to continue expanding due to the rise of pre-packaged meals and digital marketing strategies[15]

Group 1: Real Estate Industry Analysis - In April 2025, the top 100 real estate companies in China experienced a 9.1% year-on-year decline in sales, indicating ongoing market pressure [2][20] - From January to April 2025, the top 100 real estate companies achieved a total sales amount of 1,018.16 billion yuan, with a year-on-year growth rate of -6.8% [3][21] - The sales performance of the top 10 companies showed a year-on-year decline of 11.1%, while the sales of companies ranked 21-30 increased by 3.5% [3][21] Group 2: Key Companies in Real Estate - The five largest real estate companies by sales from January to April 2025 were Poly, China Resources, China Overseas, China Merchants, and Greentown, with sales amounts of 87.61 billion, 68.5 billion, 66.52 billion, 49.78 billion, and 47.72 billion yuan respectively [4][22] - The highest average sales prices per square meter were recorded by Binjiang, Yuexiu, Greentown, Jinyu, and Poly Real Estate, with prices of 39,800, 39,400, 34,100, 30,500, and 27,300 yuan respectively [4][22] - The companies with the highest year-on-year sales growth were China Railway, Huafa, Electric Construction, Yuexiu, and Tie Jian, with growth rates of 55.4%, 49.1%, 49.1%, 37.1%, and 22.7% respectively [4][22] Group 3: Investment Recommendations - The report suggests focusing on short-term valuation recovery opportunities due to policy implementation and long-term investments in leading companies with quality product resources and real estate operation capabilities [5][23] - Recommended companies include Poly Development, New Town Holdings, China Resources Land, and Longfor Group, which are expected to benefit from market conditions [5][23] Group 4: Communication Industry Analysis - The report highlights the significant commercial success of Yiyuan Communication in the communication module sector, marking progress in China's communication module industry [9][25] - From 2015 to 2024, Yiyuan Communication's revenue grew from 303 million yuan to 18.594 billion yuan, with net profit increasing from 26 million yuan to 588 million yuan [9][25] - The company has expanded its workforce from under 200 to approximately 6,000 employees during the same period [9][25] Group 5: Market Trends and Opportunities - The global edge AI market is expected to grow explosively, with projections indicating a rise from 321.9 billion yuan in 2025 to 1,223 billion yuan by 2029, reflecting a compound annual growth rate of 39.6% [13][29] - The integration of AI and IoT is anticipated to provide new growth opportunities and innovation potential, transitioning from a connected world to an intelligent world [13][29] - Yiyuan Communication is well-positioned to capitalize on the development opportunities in the edge AI market [13][30]