HAERS(SZ:002615)2025-11-28 11:32Group 1: Strategic Partnerships and Market Positioning - The collaboration with Tencent focuses on brand strategy, content co-creation, member service upgrades, and business growth, leveraging Tencent's digital resources to enhance brand exposure and consumer engagement [2] - The domestic cup and kettle market shows low brand concentration (CR4 below 20%), indicating significant growth potential for leading brands through improved design and channel strategies [3] Group 2: Cost Management and Production Capacity - The Thai production base is currently in a ramp-up phase, impacting short-term costs; however, local supply chain development and automation are expected to improve cost efficiency over time [4] - The company is confident in reducing costs as the local supply chain matures and production capacity increases, with expectations of gradual cost pressure improvement [4] Group 3: OEM Business and Market Expansion - The OEM business is performing well, with an increase in orders from leading clients and expansion into new regions, including North America, Europe, and Southeast Asia [6] - The company is establishing localized supply chains overseas to strengthen partnerships and enhance order stability, aiming to capture a larger market share in the global cup and kettle manufacturing sector [6] Group 4: Future Growth and Market Trends - The company remains optimistic about the overseas insulated cup market, driven by outdoor activities and social media, which are diversifying consumption scenarios and increasing purchase frequency [7] - The industry is experiencing structural growth, with traditional brands maintaining steady growth while new brands are emerging rapidly, particularly in markets like Canada, Australia, and Europe [7] Group 5: Corporate Governance and Financial Planning - The company has established a clear and effective corporate governance structure, ensuring transparency and stability within the management team [9] - Following the approval for a specific A-share issuance, the company plans to proceed with the issuance based on market conditions and funding needs, aiming to maximize shareholder value [8]