Jiayu (SZ:300117)2022-12-07 09:32Group 1: Company Structure and Market Overview - The company's product structure consists of approximately 60% windows, 30% curtain walls, and about 10% other products [2] - Currently, no retail company in China has achieved sales exceeding 200 million [3] - The construction of a production base takes about 1 year, with an investment of around 50 million per base, and an annual output of 400,000 to 500,000 square meters [3] Group 2: Business Strategy and Intellectual Property - The company plans to build its e-commerce platform either through self-construction or acquisition of related enterprises, with announcements to be made upon substantial progress [3] - The company believes that while concepts can be imitated, its product quality, cost control, and brand advantages are difficult to replicate, especially with increasing national protection of intellectual property [3] - There are many potential acquisition targets in the capital and talent-intensive industry, and the company is progressing with its capital increase according to procedures [4] Group 3: Financial Performance and Future Outlook - The company has experienced rapid order growth, but profit growth has lagged due to high initial investments in research, production bases, and subsidiaries, leading to increased costs during the expansion phase [4] - The company anticipates that profit growth will gradually improve in the coming years as it transitions its business model and expands into retail, smart products, and overseas markets [4] - The funds from the planned capital increase of 860 million will primarily be used to supplement working capital, with confidence expressed in the selected shareholders and the company's future development [4]