文章来源：神经未来 转载要求：可以直接转载，请在文首注明来源 在神经系统疾病负担持续上升、脑科学研究快速突破、工程技术与计算能力深度融合的背景下，神经科技正逐步从基础研 究走向临床转化与 产业化应用的新阶段。 从神经调控、脑机接口到神经影像与智能算法，神经科技正在成为下一代医疗科技与生命科学的重要交汇点。 2026年， 思宇MedTech 和 神经未来 将举办 第一届全球神经科技大会（Global NeuroTech Conference 2026） ，以跨学科、系统化 的产业视角，连接脑科学研究、工程技术、临床应用、企业创新、资本与监管，打造一个面向未来的神经科技高价值交流平台。 本届大会将于 2026年6月12日 举办，地点在 中关村会议中心 。大会将通过 白皮书发布、奖项评选与多主题论坛 三大板块，系统呈现全球 神经科技创新生态与发展趋势。 会场同期将设置 品牌展位展示区 ，为创新技术、产品与解决方案提供集中呈现与对接空间，现已开放预订，欢迎联系~ 联系方式：可直接联系主编赵清（微信号qingzhao2017），或其他思宇商务 Ziana（微信号suribot22）、Alice（微信号suribot21 ...

Core Insights - Best Group's subsidiary, Best Software, has officially entered the Latin American market, starting with Mexico in December 2025, and plans to expand into Brazil and Argentina [1] - The rapid growth of the Latin American e-commerce market and the digital transformation gap are key drivers for Best Software's expansion [2] Market Opportunity - The Latin American e-commerce market is expected to grow at a rate of 12.2% by 2025, which is 1.5 times the global average, with a current e-commerce penetration rate of only 12%-15% [2] - Brazil and Mexico account for nearly two-thirds of the region's e-commerce market share, making them prime targets for Chinese companies looking to expand [2] Customer Demand - There is a strong push for digital services due to increasing collaboration needs among clients, with Best Software having served over 100,000 active stores in Southeast Asia since 2023 [2] - The company aims to leverage its logistics supply chain experience from China to meet the specific needs of cross-border e-commerce businesses in Latin America [2] Localization Strategy - Best Software's core products, such as Qianyi ERP, WMS, and TMS, support multi-language configurations to facilitate integrated management of orders, warehousing, and transportation [3] - The company has dispatched experienced management personnel to oversee operations and build local teams familiar with regional market rules and e-commerce ecosystems [3] Technological Edge - Best Software has integrated with over 100 major global e-commerce platforms, including Mercado Libre, Amazon, TikTok, and Shein, to quickly adapt to local needs [3] - The use of AI technology enhances operational efficiency by automating repetitive tasks and enabling smart product management [3] Future Development - Best Software has outlined a tiered development blueprint focusing on deepening relationships with outbound clients and expanding local customer bases [4] - The company plans to integrate local logistics, warehousing networks, and compliance services to create a comprehensive digital supply chain ecosystem [4] Commitment to Local Growth - Best Software aims to combine its advanced logistics technology with local market demands, positioning itself as a technical partner for merchants and contributing to the digital upgrade of regional logistics supply chains [5]

Company Overview - Expeditors International of Washington, Inc. (EXPD) is a global third-party logistics and freight forwarding company with operations in 340 locations across more than 100 countries [2] - The company employs an asset-light model, purchasing cargo space from carriers and reselling it, which allows for agility and high returns on capital [2] Service Mix and Market Position - EXPD's balanced service mix includes airfreight (34%), ocean (30%), and customs brokerage (36%), making it a critical partner for various industries such as electronics, healthcare, automotive, and retail [3] - The shifting tariff landscape presents both challenges and opportunities, with lower global trade volumes impacting routes while increasing supply chain complexity boosts demand for EXPD's expertise [3] Technology and Culture - The company's proprietary technology ecosystem, including tools like EXP.O NOW, Tradeflow, and Cargo Signal, enhances visibility and compliance, integrating seamlessly with global carriers and customers [3] - EXPD's culture, focused on empowerment and long-term retention, fosters strong customer relationships and high switching costs, differentiating it from competitors [4] Financial Performance - EXPD's asset-light model results in exceptional returns, with a return on invested capital (ROIC) exceeding 40%, negative net debt, and strong cash generation [6] - The company maintains a compelling 7.3% EBITDA/EV yield and consistently returns capital to shareholders through buybacks and dividends [6] Growth Catalysts - Key growth catalysts for EXPD include increasing supply chain complexity, expanding adoption of its technology platform EXP.O NOW, and ongoing share repurchases [6]

Core Insights - Shenzhou Holdings' subsidiary KJ signed a strategic cooperation agreement with the new stationery brand Kasimir to enhance supply chain management and e-commerce operations [1][3] Group 1: Strategic Cooperation - The partnership aims to leverage KJ's supply chain services, including warehouse management and digital system support, to drive growth and innovation for the Kasimir brand in the stationery market [1][3] - KJ will utilize its proprietary supply chain control tower system and data platforms to improve operational efficiency for Kasimir [3][4] Group 2: Technological Integration - KJ's AI-driven solutions, including the Yanyun Infinity platform, will enable the development of a specialized supply chain model to enhance digital collaboration across inventory management, order processing, and delivery [3][4] - The collaboration will also utilize KJ's extensive logistics network, covering over 300 cities domestically and 40+ international e-commerce platforms, to support Kasimir's market expansion [3][4] Group 3: Performance Metrics - Since the initial contact in March 2025, KJ has demonstrated efficient execution, achieving a 228% increase in order volume from May to October [4] - KJ maintained a 99.99% timely outbound rate during this period, ensuring successful promotional activities for Kasimir [4] Group 4: Brand Overview - Kasimir, a stationery brand under Hangzhou Aini Cultural Technology Co., has experienced consistent growth since its establishment in 2021 and aims to enhance user experience through innovative product design [5] - The brand focuses on merging aesthetics with functionality to become a preferred choice for consumers in the stationery market [5] Group 5: KJ's Industry Position - KJ has over 20 years of experience in the supply chain sector, establishing expertise across various industries, including fast-moving consumer goods [6] - The company is committed to developing customized solutions that meet client needs while enhancing supply chain service capabilities [6]

Group 1 - The core viewpoint of the article highlights the performance and market position of Jiacheng International, noting its recent stock price increase and current valuation metrics [1][2] - As of August 7, Jiacheng International's stock closed at 11.84 yuan, with a rolling PE ratio of 29.99, marking a new low in 11 days, and a total market capitalization of 6.049 billion yuan [1] - The logistics industry average PE ratio is 25.71, with a median of 29.76, placing Jiacheng International at the 33rd position within the industry [1][2] Group 2 - For the first quarter of 2025, Jiacheng International reported revenue of 284 million yuan, a year-on-year decrease of 2.44%, and a net profit of 62.4691 million yuan, down 4.47% year-on-year, with a gross profit margin of 38.76% [2] - The company is primarily engaged in providing customized logistics solutions and integrated supply chain services for manufacturing clients, utilizing automated logistics equipment and advanced information management systems [1] - Jiacheng International has developed numerous logistics equipment and technology patents, successfully applying intelligent systems such as TMS, WMS, and RFID [1]

Financial Data and Key Metrics Changes - The company reported revenue of $333 million, representing an 11% year-over-year growth driven by better-than-expected clinician productivity and total revenue per visit [18][21] - Adjusted EBITDA was $35 million, increasing 25% year-over-year, with adjusted EBITDA margins at 10.4%, marking the second consecutive quarter of double-digit margins [21][22] - The company achieved positive net income of $700,000 for the first quarter, the first positive net income in its history as a public company [22] Business Line Data and Key Metrics Changes - The clinician base grew by 152 clinicians or 10% year-over-year, totaling 7,535 clinicians [18][21] - Total revenue per visit increased by 1% year-over-year to $159, primarily due to modest payer rate increases [20] - Center margin increased by 16% year-over-year to $110 million, representing 33% of revenue [21] Market Data and Key Metrics Changes - The company noted that 71% of visits were virtual, stable from the previous quarter but lower than the same quarter last year [63] - The company has contracts with nearly all major payers in the country, with limited exposure to exchange and managed Medicaid, accounting for about 5% to 10% of total revenue [57] Company Strategy and Development Direction - The company aims to enhance its position in outpatient mental healthcare, focusing on increasing demand for mental health services and transitioning from cash pay to insurance [9][10] - The company is implementing a cash bonus incentive program for clinicians based on quality and productivity, replacing the previous stock-based incentive program [12][26] - The company is expanding specialty services, particularly in neuropsych testing and treatment-resistant depression, expecting this segment to grow at a higher rate than the core business [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience to economic cycles, suggesting that economic uncertainty could increase demand for mental healthcare services [8][9] - The company maintains its full-year guidance for revenue between $1.4 billion and $1.44 billion, with expectations for continued growth in visit volumes [24][25] - Management acknowledged the potential impact of a recession but emphasized the flexibility of their insurance-based model to navigate economic challenges [40] Other Important Information - The company has made progress in operational execution, including the rollout of a digital patient check-in tool that has improved patient satisfaction and collections [13][51] - The company is evaluating options for enhancing its electronic health record (EHR) capabilities, with a focus on improving clinician and patient experiences [48] Q&A Session Summary Question: Can you discuss clinician recruitment and retention? - Management noted that the environment remains competitive for attracting and retaining clinicians, but the company's value proposition continues to resonate, leading to stable turnover and retention rates [31][32] Question: What are the expectations for total revenue per visit? - Management expects total revenue per visit to be sequentially lower in Q2 due to a rate decrease from a single outlier payer, but anticipates growth in the back half of the year driven by rate increases from other payers [34][35] Question: How does the company plan to navigate a potential recession? - Management indicated that the company's hybrid model allows for flexibility in responding to economic changes, potentially increasing demand for services during economic downturns [40] Question: What are the drivers behind the center cost leverage? - Management explained that while center costs are expected to increase due to clinician compensation timing, they anticipate continued operating leverage and improvements in center margins in the future [42][44] Question: Can you provide an update on the EHR rollout? - Management stated that it is early in the EHR discovery process, focusing on improving clinician and patient experiences, but specific costs and timelines are not yet available [48] Question: How will changes in stock compensation affect retention and recruitment? - Management emphasized that the shift to a cash-based incentive program was driven by clinician feedback, aiming to better align with their preferences for quality and access [54] Question: What is the company's exposure to exchange plans? - Management confirmed that they have contracts with major payers, including exchange plans, but currently have limited exposure to them, accounting for about 5% to 10% of total revenue [57] Question: How is the company rolling out specialty services? - Management expressed excitement about expanding specialty services, particularly in neuropsych testing and treatment-resistant depression, expecting this segment to grow significantly [60]