Summary of Action Education Conference Call Company Overview - **Company**: Action Education - **Fiscal Year**: 2024 - **Revenue**: 241 million CNY, up 12.15% year-over-year [2][4] - **Net Profit**: 278 million CNY, up 22.39% year-over-year [4] - **Basic Earnings Per Share**: 2.25 CNY, up 20.97% year-over-year [4] Financial Highlights - **Total Assets**: 2.232 billion CNY, with nearly 90% in cash, financial assets, and receivables [2][5] - **Contract Liabilities**: Increased to 1.08 billion CNY, indicating a higher order volume than revenue recognition [2][5] - **Cash Flow from Operations**: 399 million CNY, down 12% year-over-year [2][4] Revenue Composition and Profitability - **Concentrated EMBA and Principal EMBA**: Combined revenue share of 67.8%, with gross margins exceeding 86% [2][6] - **Principal Program Class**: Revenue share of 12%, gross margin of 66.11% [2][6] - **Consulting Business**: Revenue share of 18.62%, gross margin of 44.19% [2][6] - **Digital Business School**: Revenue of 9.67 million CNY, gross margin of 96.04% [6] - **Book Business**: Revenue of 3.05 million CNY, gross margin of 26.57% [6] Course and Attendance Metrics - **Concentrated EMBA**: Average attendance of 10,577 per session, ticket price of 232-239 CNY, attendance rate of approximately 95% [2][7] - **Principal Class**: Average attendance of 11,388 per session, ticket price of 24,300 CNY, attendance rate of 101% [2][7] - **Future Course Plans**: Anticipated 10% increase in course offerings for 2025 [2][8] Client Acquisition and Strategy - **Golden Brick Plan**: New client acquisition of 295, with total orders of 604.45 million CNY, representing 65% of total orders [2][11] - **Top Clients**: Top 20 clients contributed approximately 170 million CNY [2][11] - **Dual Nine Goals**: Focus on referral and repurchase rates, with ongoing efforts to enhance course value and customer satisfaction [2][12][13] Expansion Plans - **Hundred Schools Plan**: Aiming for large-scale expansion with internal and external recruitment of city managers [2][14] - **Current Progress**: Targeting 10 city manager appointments, with 4 already in place [2][14] Systematic Improvements - **Internal Management System**: Enhanced customer management and client acquisition processes to avoid internal competition [2][15] - **AR Sales Master**: AI-driven training tool for new employees, with nearly 1,000 sales personnel using it [2][15] Market and Economic Context - **Impact of Global Trade Policies**: Adjustments to training programs to help clients adapt to changes in trade policies [2][16][18] - **Competitive Strategies**: Initiatives to enhance brand visibility and customer engagement through various marketing strategies [2][17] Future Outlook - **Q1 2025 Expectations**: Anticipated lower performance due to seasonal factors, with detailed reports pending [2][19] - **AI Technology Applications**: Ongoing development of AI tools for employee training and customer assessment, with expected releases in late May or early June [2][20] Conclusion - **Overall Performance**: Action Education shows strong growth in revenue and profitability, with strategic plans for expansion and technological advancements to enhance training and client engagement.

新途径技术方法（NAMs）具体包括哪些内容？ 美迪西 20250415 摘要 • 传统动物毒理学评价面临挑战，高剂量短期测试难以准确外推至人体长期 低剂量使用，导致临床试验高失败率和假阳性/阴性结果，促使新途径技术 方法（NAMs）发展。 • 新途径技术方法（NAMs）包括器官芯片和类器官等基于人体细胞的测试 手段，通过分子生物学、纳米技术等现代科技手段，从细胞水平进行毒性 测试，替代传统动物实验。 • 美国 FDA 于 2022 年发布现代化法案，逐步取消动物实验要求，对抗体药 类药物领域产生重要影响，并重新定义非临床试验，强调体外计算、化学 方法和非人体内实验等。 • 美国 FDA 提出 21 世纪毒性测试策略，将动物毒性观察转为细胞生物标志 物变化，通过 PPI 模型将体外数据转化为人体数据，并使用计算机模型模 拟未观察到的毒性。 • 美国 FDA 发布最新路线图，深化 2017 年路径图，强调形成案例示范并写 入 ICH 指导原则，计划修改 S6 指南，将替代方法纳入重组蛋白药物临床 前评价指南。 Q&A 美国 FDA 最近发布的通知对动物实验替代技术的发展有何影响？ 美国 FDA 在 2024 年 ...

2024 年，公司面对外部压力加大、困难增多的复杂严峻经济形势，实施了数 字化产品创新、业务智能赋能和行业场景突破，业务绩效持续稳步提升。公司 收入和利润实现双增长，营业收入达到 107.06 亿元，同比增长 7.05%；归母 净利润为 5.51 亿元，同比增长 10.77%。在数字化产品方面，实现收入 7.9 亿元，同比增长 10.98%，占总收入的 7%，但毛利占比进一步提升至 20%。 公司的智能计算系列产品围绕关键行业和高端电子装备领域需求，实现了多场 景突破，例如低空雷达信号处理机已实现批产；国产 AI 芯片为核心的边端智能 推理平台也已研制成功。在电子装备领域，产品能力从高端工控主控模块向运 动控制、环境控制、图形采集等应用场景拓展，并与多家生产商达成合作意向。 此外，公司在轨道交通、商业航空、卫星通信领域实现了产品能力的拓展和市 场布局。数字应用软件方面，公司构建了包括物联网平台、数据引擎在内的产 • 公司重视并购资源整合，并认为当前宏观经济环境对并购活动有利。未来 将继续发力，与集团合作推进资产注入及资本运作，同时寻求内部外部资 源整合，以实现进一步发展壮大。 • 预计 2025 年信创服务器 ...

Summary of the Conference Call for Yinlun Co., Ltd. Company Overview - **Company**: Yinlun Co., Ltd. - **Industry**: Manufacturing, specifically in cooling systems and components for vehicles and data centers Key Points and Arguments Global Expansion and Production Capacity - Yinlun has established a significant global presence with production bases in the US, Mexico, Southeast Asia, and Europe to adapt to international trade changes and ensure supply chain stability [2][4] - The company anticipates a production value of **$30 million** in North America by 2025, with the Mexican factory expected to generate **900 million RMB** and the new Polish factory projected to earn **160 million RMB** [2][3] Impact of Tariffs - The impact of US tariffs is manageable for Yinlun, as the company is expanding production capabilities in the US and Mexico to mitigate tariff challenges while maintaining market share [2][6] - Despite potential tariff increases in Mexico, the company is prepared to ensure order acquisition and enhance competitiveness through its overseas layout [4][12] Robotics and Data Center Business - Yinlun has begun mass supplying small modules in the humanoid robot sector and aims to become a supplier of rotary actuator assemblies, targeting core customers in North America and domestically, including TAPSI, DPIH, PCI, and Amazon [2][17] - In the data center business, the focus is on large server clients, with developments in cooling towers and diesel generators, expecting revenue realization this year [2][30] Revenue and Market Share - In 2024, overseas revenue reached over **800 million RMB**, accounting for **44%** of total revenue, with a target of increasing this to **60-78 billion RMB** by 2028 [4][34] - The company’s Mexican factories primarily supply the US market, with expected revenues of **600 million RMB** for both 2024 and 2025 [20] Future Plans and Market Adaptation - Plans include expanding production capacity in the Houston area and further developing facilities in Mexico and Southeast Asia, with a new research center in Frankfurt to support European market growth [7][32] - The company is adapting to potential tariff changes by ensuring flexibility in production capacity and optimizing the supply chain to meet market demands [12][22] Additional Important Insights - The company has a cautious outlook on the potential for further tariff increases from Mexico, noting that some products may be exempt due to local production limitations [8][21] - Yinlun's global layout allows it to respond effectively to political and tariff disruptions, maintaining competitiveness despite potential challenges [32] - The company is optimistic about the growth of its overseas business, which is seen as a significant opportunity for domestic enterprises to expand internationally [34][37] Conclusion Yinlun Co., Ltd. is strategically positioned to navigate the complexities of international trade and tariffs through its global manufacturing footprint. The company is focused on expanding its market share in robotics and data centers while ensuring adaptability to changing market conditions. The outlook for overseas revenue growth remains strong, providing a solid foundation for future investments and business development.

长虹美菱 20250415 摘要 • 长虹美菱高管层调整，杨金、张英分别担任四川长虹总经理和副总经理， 汤永道任长虹美菱总裁，显示公司治理结构的新变化，预示着管理层对公 司未来发展战略的调整。 • 公司深化渠道改革，以长虹美菱为平台，统筹中国区营销渠道转型，包括 直达终端用户、渠道扁平化和链路数字化提效，同时在国际区依托电商转 型和 ODM 代工扩大规模，实现超预期增长。 • 尽管资本市场受关税冲击波动，但长虹美菱出口比例仅 35%，且几乎没有 美国收入敞口，主要出口目的地集中在新兴市场，因此受影响较小，目前 股价回调更多是风险偏好下降和流动性收缩导致的误伤。 • 公司账面净现金 81 亿元，当前市值低于净现金价值，股息率超过 5%，短 期经营数据良好，一季度中山长虹空调出口产量同比增长 54%，冰箱冷柜 生产订单增长 10%，洗衣机增长 25%，抄底性价比高。 • 受益于国家补贴政策，公司有望提升产品结构并提高整体利润率，美菱冰 洗及空调内销净利率有很大的改善空间，同时推动 C2M 客户订单制模式， 提高下线客户订单比例，并进行电商业务转型。 Q&A 长虹美菱在公司治理方面有哪些重要变化？ 长虹美菱作为四川 ...

• 中国人口结构变化推动宠物饲养需求增加，95 后、00 后及老龄人口成为 养宠主力军，多宠家庭数量呈现增长趋势，中老年宠物比例预计未来五年 提升 20%，宠物主粮市场呈现多元化购买行为，成分和功效是消费者首要 关注因素。 • 中宠股份海外子公司 2023 年合计收入约 33 亿元，占整体外销收入 50%，美国子公司盈利能力保持较高增长，美国第一工厂净利率达 21%。公司积极搭建资源 IP，通过联名 IP 实现品牌破圈，不断提升自身 影响力与市场份额。 中宠股份在国内市场和海外市场的发展情况如何？ 长江农业研究员光前如何评价中宠股份的产品矩阵和自主品牌发展？ 中宠股份在产品矩阵和自主品牌发展方面表现出色。公司加快了产品推陈出新 的速度，自主品牌进入明显的加速成长期，建议投资者重点关注。中宠股份从 1998 年成立以来，一直专注于零食主粮领域的研发、生产和销售，竞争力强 劲。自 2017 年上市后，公司进入快速发展阶段，收购领先品牌并与京东等进 行战略合作，同时在全球布局产能，包括加拿大、新西兰和洛杉矶工厂。这些 举措提升了公司的抗风险能力。 中宠股份 20250415 摘要 • 中宠股份自 2017 年上市后 ...

Q&A 在当前中美贸易摩擦背景下，中国自主可控趋势如何影响国产算力产业链的发 展？ 中美贸易摩擦加剧使得中国自主可控的趋势愈发明显，特别是在高端处理器领 域。美国对中国加征关税，中国也采取了相应的反制措施，这种情况下，国产 算力产业链的重要性显著提升。以海光信息为例，其在 AI 算力和 CPU 领域都 有显著进展。海光信息的深算三号 GPU 系列等 AI 芯片产品需求增长明显，同 时其 CPU 产品凭借 x86 架构的兼容性，在市场份额和短期 EPS 方面表现出色。 在进口英特尔和 AMD CPU 受限后，国内市场空缺将由海光等国产 CPU 填补。 • 中美贸易摩擦加剧，国内自主可控成为趋势。相关政策推动产业向自主可 控领域发力，从信息安全扩展到高精尖技术和供应链安全，海光信息作为 国产高端处理器企业将受益。 • 海光信息 CPU 采用 x86 指令集架构，在国产生态适配 AMD 和英特尔 CPU 方面具备明显优势。截至 2024 年，公司拥有超过 5,000 家合作伙伴， 实现 8,000 多个软硬件优化协同技术发展，有望受益于云端或公有云调用 扩容期。 • DEXCO 公司的 AI 芯片化为了海光 8,0 ...

Summary of the Conference Call for Hongsoft Technology Company Overview - **Company**: Hongsoft Technology - **Industry**: AI and Smart Technology, focusing on mobile smart terminals and intelligent driving solutions Key Financial Highlights - **2024 Revenue**: 813 million CNY, a year-on-year increase of 128.93% [2] - **Mobile Smart Terminal Revenue**: 675 million CNY, a year-on-year increase of 16.17%, marking a historical high [2] - **Intelligent Driving Revenue**: 127 million CNY, a year-on-year increase of 71.2% [2] - **Q1 2025 Revenue**: 1.209 billion CNY, a year-on-year increase of 13.77% [2] - **Net Profit**: 49.63 million CNY in Q1 2025, a year-on-year increase of 45.36% [2] Dividend and Share Buyback - **Dividend Distribution**: 2.5 CNY per ten shares, totaling approximately 160 million CNY, which is 90.72% of the net profit for 2024 [2][6] - **Total Cash Distribution**: Approximately 170 million CNY, accounting for 98% of the net profit for 2024 [6] Research and Development - **R&D Investment**: 390 million CNY, representing 48% of total revenue [2][7] - **Patents**: 264 invention patents and 154 software copyrights [7] - **R&D Personnel**: 586 employees, making up 62% of the total workforce [7] Business Segments AI Glasses - **Focus**: AI glasses are a key development area, with successful launch of the first domestic AI glasses, Thunderbird V3 [2][10] - **Market Growth**: The global AI glasses market is expected to grow significantly in the next five years [10][13] Intelligent Driving - **Product Development**: Multiple mass production projects in cabin products (DMS, OMS) and vehicle cabin products [2][11] - **Market Position**: Positive outlook on the intelligent driving industry, with progress in overseas markets and commercial vehicles [3][14] Mobile Smart Terminals - **Market Penetration**: Comprehensive penetration from flagship to mid-range models, with significant commercial success in static and video solutions [8][20] - **Future Growth**: Expected double-digit growth in mobile business from 2025 to 2026, focusing on software solutions to replace optical zoom [20][21] Commercial Photography - **Business Development**: Significant progress since the launch in 2023, with expectations for substantial growth in 2025 [12][18] - **Market Size**: The commercial photography market is projected to be worth hundreds of billions, with a focus on AI-generated images [19][24] Strategic Insights - **AI Integration**: The integration of AI in commercial photography is seen as a natural evolution, with a focus on building AI capabilities that can benefit other sectors [19][23] - **Competitive Landscape**: Hongsoft maintains a competitive edge in the AR glasses market, with many clients preferring their solutions over competitors [31] Challenges and Opportunities - **Market Education**: The commercial photography sector requires time for market education regarding AI applications [24] - **Technological Barriers**: Challenges include low chip computing power and battery capacity in AI glasses, but Hongsoft's experience in mobile technology provides a strong foundation [13] Conclusion Hongsoft Technology is positioned for significant growth across its various business segments, with strong financial performance, a commitment to R&D, and a strategic focus on emerging technologies such as AI glasses and intelligent driving solutions. The company is optimistic about future market opportunities and continues to adapt to industry changes.

登康口腔 20250415 摘要 • 登康口腔凭借抗敏优势和产品升级，在牙膏市场中实现快速增长，尤其是 在消费者对细分化、精益求精的需求日益增长的背景下，通过电商渠道转 型抓住市场机遇。 • 牙膏市场竞争激烈，外资品牌面临渠道和产品老化问题，登康口腔通过线 上渠道扩张，特别是抖音平台的品牌推广，显著提升了线上收入占比，从 2019 年的 6%增长到 2024 年上半年的 23%。 • 登康口腔盈利水平持续提升，毛利率和净利率均有所增长，主要得益于产 品升级和线上渠道占比提升带来的费用率下降，增强了公司的盈利能力。 • 牙膏市场整体持平，但销售单价不断提升，反映了消费者对功效性产品的 需求增加，登康口腔通过不断叠加抗敏感、护龈、美白等功能，拓宽产品 矩阵，满足多元化需求。 • 登康口腔通过严格管控经销商网络，采取县域级一线一策开发政策，线下 市场份额从 2021 年的第七至八名上升至 2024 年上半年的第三名，实现 逆势增长。 • 登康口腔在成人牙膏基础上，积极拓展儿童口腔护理和口腔大健康业务， 虽目前收入占比不高，但增速显著，未来不排除通过外延并购强化该领域。 • 预计登康口腔 2024-2026 年净利润 ...