爱施德20250627

Summary of Conference Call for Aishide Company and Industry Overview - Aishide is one of the two authorized agents for Honor in China, with an expanded cooperation scope that includes exclusive agency rights in Hong Kong and parts of Southeast Asia, benefiting from Honor's overseas market expansion and high-end globalization strategy [2][3] Core Points and Arguments - Honor signed a listing guidance agreement on June 24, 2024, with expectations to complete the listing guidance by March 2025, drawing insights from the listing speed of SMIC on the STAR Market [2][6] - In Q2 2025, Aishide's performance benefited from the 618 e-commerce event and the back-to-school phone replacement period, with the Honor 40 series pre-sale achieving over 2.5 million units in three days, setting a record for new product sales in three years [2][7] - The national subsidy policy has a "pulse-like" effect on mobile phone sales, leading to short-term increases followed by declines, indicating a need for substantial innovations like AI technology to drive the overall mobile industry [2][8] - Aishide established a joint investment fund with Shenzhen Smart City Investment, focusing on AI and smart technology investments, leveraging state-owned background to select quality investment targets and mitigate direct investment risks [2][9][10] Additional Important Content - Aishide's collaboration with Honor began when Honor was part of Huawei, and after Honor's separation, Aishide became its independent agent, covering both online and offline channels [3] - The company is implementing a "reduce burden and increase efficiency" strategy in 2024, aiming to divest certain business units and seek new growth avenues through capital operations [4][13] - Aishide's overseas operations are supported by established local teams and relationships, facilitating market entry without starting from scratch [5] - The collaboration with the Shanghai Stock Exchange in the computing power sector involves resource sharing, with Aishide responsible for hardware assembly, deployment, and maintenance, presenting a lower-risk investment model [4][10] - Aishide's cautious investment strategy focuses on projects that positively impact valuation, with a successful investment in Honor and an unsuccessful one in a renewable energy factory due to commercial impairment [11][12]