Company Overview - Yunhan Chip City operates a self-built B2B online marketplace, providing one-stop supply chain services for the electronic manufacturing industry [2][3] - The company has shifted from a "sell first, buy later" model to a "buy first, sell later" inventory model, enhancing order delivery speed and customer experience [3][4] Market Dynamics - The electronic components market is large and continues to grow, with "small, scattered, urgent" demands forming a significant long-tail market [3][4] - Online distribution channels are expected to efficiently serve small-batch demands, leveraging accumulated data and efficiency advantages [3][4] Financial Performance - In 2023, the company's revenue experienced a decline due to industry cyclicality and restrictions on overseas suppliers, but has begun to recover [4][5] - The gross margin has shown noticeable improvement as operational strategies were adjusted [4][5] Business Model and Strategy - The "buy first, sell later" model is crucial for enhancing customer experience and supply chain reliability, allowing for two-hour shipping on stocked items [5][6] - The company plans to maintain a mix of "sell first, buy later" and "buy first, sell later" strategies to improve service capabilities [5][6] Revenue Composition - The company’s product categories include active components, passive components, discrete components, connectors, and modules, with a stable revenue structure expected [6][7] - The revenue distribution across categories is consistent with typical cost structures in printed circuit boards [6][7] Growth Drivers - Future growth will stem from expanding the customer base, increasing existing customer purchase volumes, developing authorized agency businesses, and utilizing digital products to serve larger clients [8][9] Profitability and Efficiency - The company aims to maintain its current gross margin level, with fixed costs expected to decrease as operational scale increases [9][10] - Inventory turnover may slow due to increased stock levels from the inventory model, but data-driven inventory management will help maintain healthy levels [10][11]
云汉芯城(301563) - 2025年12月3日投资者关系活动记录表