EA(SZ:002183)2022-12-06 01:38Group 1: Company Strategy and Business Model - The company aims to integrate traditional and new economic models, transitioning from offline to online to create the largest circulation industry ecosystem in China, focusing on five interactive platforms [1] - The strategy includes achieving "business globalization, platform internetization, operational big data, intelligent services, and refined management" to build a collaborative supply chain ecosystem [1] - The company emphasizes a consumer-centric approach, utilizing a comprehensive supply chain service platform to cover various market segments [1] Group 2: Financial Performance and Cash Flow - The company has experienced negative cash flow for several consecutive years due to rapid business growth leading to increased operational capital and inventory [2] - The operational cash flow is affected by the need to provide financial settlement services and maintain safety stock for downstream distribution [2] - The company is actively working on improving cash flow through external financing and capital injection, with ongoing plans for a capital increase [2] Group 3: Market Position and Competitive Advantage - The company has established a nationwide distribution network covering 30 provinces and nearly 270 cities, recognized as the leader in service network and terminal coverage [2] - In 2015, the company achieved over 25 billion in business revenue, serving over 100 Fortune 500 companies and 2,000 well-known domestic and international brands [2] - The company plans to enhance its breadth supply chain strategy by optimizing teams and expanding into new industries and large clients [2] Group 4: E-commerce and Future Outlook - The company views "supply chain + internet" as a driving force for a new O2O ecosystem, leveraging offline strengths while supplementing with online capabilities [2] - The company believes that a purely internet-based model is not sustainable for profitability, positioning itself as a provider of a comprehensive supply chain ecosystem rather than a traditional e-commerce platform [2]