Summary of Key Points from the Conference Call Company Overview - **Company**: 海天瑞声 (Haitian Ruisheng) - **Industry**: Data Annotation and AI Training Data Services Core Insights and Arguments - **2022 Performance**: Benefited from a surge in demand for autonomous driving visual data, leading to rapid growth [2][4] - **2023 Performance**: Revenue declined due to the impact of outbound data regulations, but net profit turned positive, and gross margin improved due to increased demand for multimodal data and unique datasets [2][6] - **Market Growth**: The data annotation industry is expected to have a compound annual growth rate (CAGR) exceeding 20% by 2027, with policy support increasing [2][7] - **Market Size Forecast**: The data annotation market is projected to exceed 10 billion yuan by 2025, with a growth rate of over 30% [2][8] - **Competitive Landscape**: 60% of demand comes from in-house teams, 35% from brand data service providers like Haitian Ruisheng, and the remaining from small data service providers, indicating increased market concentration [8] Important Developments - **Global Expansion**: The company is actively expanding its global AI client base, with expected overseas revenue growth of nearly 90% in 2024, surpassing 100 million yuan [5][14] - **Government Collaboration**: Partnered with China Mobile to launch the DeepThink industry intelligence solution, focusing on government clients and contributing to the construction of the ASEAN corpus and trusted data space [5][16] - **Future Revenue Growth**: Anticipates overall revenue growth exceeding 40% this year, with specific segments like computer vision and natural language processing expected to grow over 50% [18] Additional Insights - **Business Model**: The company’s business model includes customized services, standardized products, and application services related to training data [3] - **Scale AI Comparison**: The company’s future direction may align with Scale AI, which has seen significant growth and investment, indicating a potential roadmap for Haitian Ruisheng [14] - **Data Demand Shift**: The demand for data is shifting from general knowledge to specialized knowledge, driven by the development of large models [7] - **Scale AI Overview**: Scale AI, a competitor, provides data annotation and management services, with expected revenue growth from nearly 900 million USD in 2023 to over 2 billion USD in 2024 [11] Conclusion - The data annotation industry is poised for significant growth, driven by regulatory support and increasing demand for specialized data. Haitian Ruisheng is strategically positioning itself for future expansion, particularly in overseas markets and through government collaborations, while also navigating challenges posed by regulatory changes.

Summary of the Conference Call Company and Industry Overview - The company is involved in the drone industry, with a diverse product line including Rainbow 3D, Rainbow 9, Rainbow 7, and Rainbow 10 models. The company has also expanded into the loitering munition sector, which has shown good results. However, the branch logistics system is still in the technical development phase, and market deployment is in the early research stage [2][3][4]. Key Points and Arguments - **Performance Expectations**: The company's performance in Q1 2025 was average, but it anticipates a peak delivery season in Q3 and Q4. Overall revenue recognition may be affected by customer schedules, leading to uncertainty in annual revenue confirmation. The company remains optimistic about future demand [2][6]. - **Military Trade Business**: Regional conflicts have stimulated the company's military trade business, and it holds an optimistic view on this sector. The company plans to enhance its defense and military share through technological upgrades, expecting an increase in overseas demand in the next one to two years [2][7]. - **Optical Film and Solar Film Business**: The optical film business has performed well and remains profitable. However, the solar film sector is facing oversupply issues. The company is working on new products to increase added value and is developing new materials compatible with drones, such as carbon fiber prepreg [2][8]. - **Carbon Fiber Business**: The company has invested in carbon fiber to transition into new materials. Currently, the products are primarily for internal use, but there is potential for external sales if development proceeds smoothly. Carbon fiber materials can be applied across a wide range of drones, from low-end to high-end [2][9][12]. - **Ammunition Sales**: The company's ammunition is primarily used with its own drone platforms, with sales growth closely tied to drone sales. Domestic military demand is expected to persist at least until 2027, with optimistic trends for drone replacement of manned aircraft [5][18]. - **Logistics System Development**: The company is developing a logistics system aimed at dual-use for military and civilian applications, currently in the technical research phase [4][20]. - **Market Dynamics**: The domestic drone market is expected to grow, particularly for specific products like loitering munitions and suicide drones, which have advantages in reconnaissance and attack roles. However, the demand for small reconnaissance drones may not be a primary focus [22]. - **Competitive Landscape**: The company has a competitive edge in the military drone sector due to its comprehensive product range and rapid response to market needs. The entry of private companies into this field is challenging due to complex identity issues [25][26]. Additional Important Insights - **Production Capacity**: Current production capacity is not saturated, and the company can flexibly respond to market demands. New capacity in Taizhou, Zhejiang, is supported by local government [15]. - **Executive Incentives**: The company is exploring flexible compensation methods to motivate core executives, including project incentives and technology transfer, while considering future stock incentive plans [24]. - **Future of Low-Cost Drones**: There is a significant trend towards increased usage of low-cost drones in high-consumption scenarios, with the company developing corresponding products [17]. - **Near-Space Drone Assets**: The company plans to incorporate near-space drone assets into its operations once market conditions are favorable [16]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market expectations, and competitive advantages in the drone industry.

Summary of Yitian Intelligent Conference Call Company Overview - **Company**: Yitian Intelligent - **Industry**: AI and Smart Home Appliances Key Points and Arguments Strategic Partnerships and Collaborations - Yitian Intelligent is collaborating with Yuanxu Technology to expand its industrial chain and promote the development of domestic computing power, particularly through a strategic partnership with the government of Qingyang to build a 100,000-card computing power cluster and a new productivity ecosystem [2][3] Product Development and Market Expansion - The company plans to launch a smart wristband chip by 2028, with a framework agreement valued at 5.5 billion yuan, contingent on the progress of Huiyuan Technology [2][5] - Yitian Intelligent is focusing on integrating kitchen appliances into the smart home ecosystem through AI voice control and smart home system integration, while also expanding its market in the split kitchen appliance sector [4][9] Financial Developments - The company has increased its comprehensive credit line by 4 billion yuan, bringing the total to 6 billion yuan to meet operational and financing needs [2][7] AI Solutions and Revenue Growth - Yitian Intelligent's wholly-owned subsidiary, Shuyun Zhili, specializes in AI solutions across various sectors, with Q1 2025 revenue exceeding the total for 2024, indicating strong market opportunities and improved operational capabilities [2][8] Domestic vs. Overseas Chip Comparison - Domestic computing power chips have advantages in cost control, customization, and autonomy, particularly in edge computing and intelligent cockpit applications. In contrast, overseas chips lead in performance, ecosystem maturity, and established technology [2][6] Market Dynamics and Future Outlook - The company is actively seeking international market opportunities while considering cultural differences and policy dynamics. It aims to optimize its operational strategies to ensure sustainable growth amid market fluctuations [4][11][12] - Despite pressures in the integrated stove industry, Yitian Intelligent remains committed to its traditional business while exploring new business avenues [16][17] Business Segmentation and Future Plans - The company has segmented its business into traditional integrated stoves, main feeders, computing hardware, and AI applications, with a focus on long-term growth despite current uncertainties [13][16] Considerations for Convertible Bonds - Yitian Intelligent is monitoring the potential for strong redemption conditions for its convertible bonds, with future decisions to be based on board resolutions and investor feedback [10] Additional Important Information - The company is committed to maintaining its traditional business while adapting to new market demands and technological advancements, ensuring a balanced approach to growth and stability [12][17]

Summary of China Chemical's Conference Call Company Overview - **Company**: China Chemical - **Industry**: Chemical Engineering Key Points Contract and Revenue Goals - The company aims to sign new contracts worth **370 billion** yuan in 2025, with a revenue target of **196 billion** yuan and a profit target of **7.5 billion** or **7.6 billion** yuan, all showing growth compared to the previous year [2][3][4] Current Performance and Market Outlook - As of May 2025, the new contract amount reached **150.8 billion** yuan, a nearly **10%** decrease year-on-year, falling short of the **185 billion** yuan target for the first half of the year [3][4] - The company expects a rebound in the second half, driven by the release of contracts related to the Xinjiang coal chemical project and growth in overseas orders [2][3] Xinjiang Coal Chemical Project - The Xinjiang coal chemical project is projected to have a contract value of approximately **40 billion** yuan in 2025, significantly higher than the **22 billion** yuan in 2024 [2][19] - The overall investment in Xinjiang's coal chemical sector is expected to reach around **500 billion** yuan over the next **5-6 years** [19] Production and Technology Updates - The Jiuri New Materials project has upgraded to a second-generation catalyst, achieving a load of **80%-85%** as of mid-June 2025, with plans to reach full production in Q2 [2][5][6] - The company has no immediate plans for third or fourth-generation technology upgrades for adiponitrile but is exploring better processes [8] Product Focus and Market Strategy - The company is actively promoting the domestic substitution of nylon 66 and strengthening partnerships with leading industry clients such as Shenyang Chemical and Wanhua Chemical [10][12] - Current product offerings include adiponitrile, hexamethylenediamine, and nylon 66, with a focus on maintaining competitive pricing strategies [11][15] Overseas Market Expansion - The company is deepening its presence in the "Belt and Road" markets, particularly in South Asia and ASEAN, with an expected overseas market expansion scale of **140 billion** yuan in 2025, up from over **120 billion** yuan last year [2][4][16] - Key target regions include Indonesia, Vietnam, Malaysia, and the Middle East, with a focus on oil and gas and chemical market collaborations [17][18] Strategic Initiatives - The company has adopted a "135" strategy aimed at high-quality development through technological innovation and internal management improvements [3][25] - There are no current plans for a second phase of the equity incentive program due to regulatory constraints and high performance expectations [24] Financial Management and Future Outlook - The company is facing increased pressure on cash flow and project returns but is implementing measures to enhance contract selection and collection efforts [25][26] - Future dividend policies are under consideration, with potential improvements suggested based on recent trends among state-owned enterprises [26] Conclusion - China Chemical is navigating a challenging market environment with strategic initiatives aimed at growth in both domestic and international markets, while focusing on technological advancements and operational efficiency to meet its ambitious targets for 2025 [2][3][4][25]

Summary of China State Construction Engineering Corporation Conference Call Company Overview - **Company**: China State Construction Engineering Corporation (CSCEC) - **Period**: January to May 2025 Key Points Industry Performance - **Construction Business**: Contract value reached nearly 1.7 trillion yuan, a year-on-year increase of 2.2% [2] - **Infrastructure Business**: Contract value close to 600 billion yuan, growing by 16%, driven by energy engineering, water conservancy, and municipal projects [2][5] - **Real Estate Sales**: Approximately 130 billion yuan, showing a slight decline, but sales in April and May showed a narrowing year-on-year drop, indicating an overall positive trend [2][5] Core Insights - **Energy Engineering Growth**: Significant growth in energy engineering, particularly in renewable energy projects like solar and wind, with a near doubling in growth rate [3][7] - **Municipal Engineering Recovery**: Municipal engineering projects rebounded with growth rates exceeding 20%, following a decline in the previous year [3][8] - **Debt Policy Impact**: The national debt policy is expected to improve cash flow and receivables recovery, with a projected issuance of long-term bonds and special bonds [7][14] Financial Metrics - **Dividend Policy**: The company maintains a stable dividend policy with a per-share dividend of 0.271 yuan, yielding over 4.5% [2][6] - **Accounts Receivable Structure**: Government projects account for 10%, state-owned enterprises and local government financing platforms 40%, central enterprises 10%, foreign capital 5%, and private enterprises 35% [7] Strategic Initiatives - **Market Positioning**: Focus on first-tier and strong second-tier cities to optimize inventory structure, leading to improved sales performance [9][10] - **Value Management**: Implementation of a comprehensive value management system to enhance company valuation through investor communication and capital market engagement [11][12][13] Future Outlook - **Sustainable Growth**: The company anticipates continued growth in infrastructure as a key area for transformation and upgrading, with a focus on high-quality projects [4][17] - **Real Estate Market Trends**: The real estate market is expected to stabilize, with a focus on high-quality developments in core urban areas [16][17] - **Urban Renewal Projects**: Significant growth in urban renewal projects, with a focus on affordable housing and city transformation initiatives [15] Risks and Challenges - **Receivables Pressure**: Increased accounts receivable is a common challenge in the construction industry, particularly during economic downturns [7] - **Market Volatility**: The company faces potential risks from market fluctuations and geopolitical factors affecting overseas projects [10] Conclusion - **Overall Performance**: CSCEC demonstrates resilience in its construction and real estate segments, with strategic initiatives aimed at enhancing operational efficiency and market positioning, while navigating challenges in the current economic landscape [2][16]

Summary of Changan Automobile Conference Call Industry and Company Overview - The conference call focuses on Changan Automobile, a key player in the automotive industry, particularly in the electric vehicle (EV) sector. The company aims to expand its market presence both domestically and internationally, with specific targets for its various brands and segments [2][6]. Core Points and Arguments - **Sales Targets**: Changan Automobile has set a target of 1 million units for its new energy vehicle (NEV) segment and a minimum target of 700,000 units for its overseas sales due to international market conditions [2][7]. - **Product Launches**: The company plans to launch over 19 new products across five major regions, aiming to expand its market capacity to 30 million channels and sales opportunities [2][8]. - **International Expansion**: Changan is focusing on markets in Europe, Southeast Asia, and South America, with specific plans to enter Brazil and other new markets [2][7][8]. - **Brand Performance**: The Deep Blue and Avita brands are performing well, with Deep Blue targeting a price range above 300,000 yuan and aiming for profitability by 2025 [2][11]. - **Production Capacity**: By the end of the year, Changan's overseas production capacity is expected to reach 460,000 units, including contributions from its Thailand factory and KD projects in Kazakhstan [2][8]. Additional Important Content - **Response to Tariff Risks**: Changan is actively addressing potential tariff risks by optimizing its global supply chain and enhancing communication with local governments [2][9]. - **Market Competition**: The company is responding to price wars in the mid-to-low-end NEV market by improving product competitiveness and accelerating model updates, with plans to release at least two updated versions annually [2][12]. - **Inventory Management**: Domestic inventory levels are stable and low, typically not exceeding two months, while overseas inventory is less significant due to longer logistics times [2][13]. - **Corporate Restructuring**: The restructuring of Changan's parent company into a new central enterprise group aims to improve operational efficiency and support the company's market-oriented transformation and international expansion strategy [2][14]. - **Joint Ventures**: Changan Ford aims to maintain a production and sales scale of 200,000 units while adapting to changes in the Chinese market. Changan Mazda is also transitioning to align with market demands, supported by Changan's technology and product offerings [2][15]. This summary encapsulates the key insights from the conference call, highlighting Changan Automobile's strategic direction, market challenges, and growth opportunities.

Summary of the Conference Call for Xinquan Co., Ltd. Company Overview - **Company**: Xinquan Co., Ltd. - **Industry**: Automotive components manufacturing Key Points and Arguments Financial Performance - Q1 net profit was 210 million yuan, influenced by one-time factors, but the full-year revenue guidance remains above 17 billion yuan, with an expected net profit of at least 1.4 billion yuan for the year [2][4] - The company anticipates a recovery in net profit margin to over 8% in subsequent quarters [2][4] Growth Drivers - Long-term growth is driven by a "dual helix" strategy: stable domestic core business growth and expansion into overseas markets, particularly with clients like Tesla [2][5] - New business segments such as seating and exterior parts are expected to provide additional growth opportunities [2][6] Impact of Tesla Models - The introduction of Tesla's revised models (Model Y and Model 3) is projected to significantly boost overseas revenue and market share, with the per-vehicle value expected to double [2][7] - The Model 3's reduced version is expected to reach a per-vehicle value of 1,500 USD, with approximately half attributed to seating [7] Operational Performance - The Mexico plant has achieved a monthly output nearing 35 million USD, maintaining a net profit margin of 10% [2][8] - The Slovakia plant is generating monthly output of 8-9 million euros, with expectations to exceed the Mexico plant's net profit margin by Q3 2025 [8] Client Expansion - Besides Tesla, Xinquan is planning a second-phase factory in Slovakia targeting clients like Volkswagen and Volvo, which will contribute to revenue and profit elasticity [9][10] Domestic Market Strategy - Xinquan has acquired a stake in Anhui Ruichi to establish a foothold in the domestic seating market, aiming for a market share of at least one-third with Chery, potentially generating around 4 billion yuan in revenue [12] - The domestic seating business is expected to be consolidated in Q2 2025, with Chery projects ramping up in Q3 [12] Strategic Goals - The "dual hundred" strategy aims for both overseas and seating business revenues to reach 10 billion yuan each, effectively creating at least two new Xinquan entities [3][13] - Profit expectations are set at 1.4 billion yuan for 2025, 1.8 billion yuan for 2026, and potentially over 2.25 billion yuan for 2027 [3][15] Market Challenges - Short-term pressure on Tesla's global sales may impact Xinquan's overseas business, but the overall effect is expected to be limited due to the company's growth strategy [14] Additional Important Information - The company is actively pursuing orders for seating components for the Cybertruck, indicating a broadening of its product offerings in the overseas market [11]

Summary of Key Points from the Conference Call of 嘉元科技 Industry and Company Overview - The conference call pertains to 嘉元科技, a company specializing in the production of copper foil for solid-state batteries and other applications in the lithium battery sector [2][3]. Core Insights and Arguments - 嘉元科技 has begun small-scale supply of porous copper foil, nickel-plated copper foil, and high specific surface area copper foil, aimed at enhancing adhesion, addressing corrosion issues, and suppressing lithium dendrite growth [2][5]. - The nickel-plated copper foil is primarily produced using electrochemical technology, with two process routes being explored: "nickel plating first" and "one-step forming" [2][6]. - The company is positioned as a leader in the all-solid-state battery cell field, having supplied copper foil to a well-known solid-state battery manufacturer whose products are used in drones [2][11]. - The expected shipment volume of nickel-plated copper foil in 2025 is projected to reach at least 100 tons, contingent on customer production line construction progress [12]. - The company has developed a production capacity of nearly 120,000 tons of copper foil, with flexible production capabilities to switch between lithium battery copper foil and electronic copper foil [4][23]. Product Development and Market Demand - The porous copper foil is designed to enhance the bonding strength between lithium metal and copper foil, while the nickel-plated copper foil addresses corrosion issues suitable for semi-solid and solid-state batteries [5]. - Current customer demand for composite current collectors is low due to a lack of cost advantage and no significant differences in safety and energy density compared to existing copper foil products [16]. - The company has not seen significant progress in the production capacity of composite current collectors, and customer demand remains unclear [15][16]. Financial and Production Insights - The average processing fee for copper foil is expected to slightly increase due to optimization in product and customer structure [27]. - 宁德时代 accounts for a significant portion of 嘉元科技's customer structure, representing approximately 60% to 70% [29]. - The company anticipates that overseas customer sales will not be high in 2025, with an estimated total shipment volume of around 2,000 to 3,000 tons [31]. Future Outlook and Expansion Plans - 嘉元科技 has limited expansion plans, with an expected increase in production capacity of 10,000 to 20,000 tons, primarily for previously ordered equipment [32]. - The company has a high-end customized copper foil production line in Jiangxi with a capacity of 15,000 tons, which may produce RTF copper foil and is currently in the planning stages for HVLP copper foil [37][38]. - The expected profit margin for RTF and HVLP copper foil is projected to be between 10,000 to 20,000 yuan per ton [48]. Technical Challenges and Innovations - The transition from nickel plating to other metal plating processes presents technical challenges, particularly in achieving effective bonding between different metals and copper [9]. - The company is one of the few suppliers offering at least two different types of alloy copper foil, which may provide a competitive edge in the market [8]. Conclusion - 嘉元科技 is actively developing innovative copper foil products for solid-state batteries, with a focus on addressing specific technical challenges and optimizing production processes. The company is well-positioned in the market, with significant production capacity and a strong customer base, particularly with 宁德时代. Future growth will depend on successful product validation and customer demand in the evolving battery technology landscape.

Summary of Conference Call Records Company and Industry Overview - **Company**: 信科移动 (Xinke Mobile) - **Industry**: 5G Telecommunications Key Points and Arguments Industry Trends - The construction of 5G networks in China is slowing down, with operators' wireless capital expenditures expected to decline by approximately 25% in 2024 and 15% in 2025, putting pressure on Xinke Mobile's domestic operator business revenue [2][5] - International 5G construction is lagging behind China, but there is significant future growth potential, particularly in regions along the "Belt and Road" initiative [2][6] Company Performance and Strategy - Xinke Mobile is focusing on expanding its international market presence, particularly in Southeast Asia, Latin America, the Middle East, and Africa, where RAN-related capital expenditures are expected to grow rapidly [2][6] - The company has made progress in 5G applications in sectors such as mining energy and transportation, with industry application revenue projected to grow over 80% in 2024 [2][7] - Xinke Mobile ranks among the top ten globally in 5G standards and patent contributions, holding over 16,000 invention patents, which provide significant and relatively stable profit through patent licensing [2][8] Operational Reforms - The company is implementing management reforms, including the establishment of an Integrated Product Development (IPD) and marketing service system, as well as refined operations to enhance value creation and operational efficiency [2][9] - Xinke Mobile's business structure has been adjusted to four main units to adapt to the integrated development of air, space, and ground communication [4] Financial Outlook - Revenue is expected to decline by 5% to 10% in 2025, primarily due to decreased income from domestic operators, but the company aims to implement quality improvement measures to strive for profitability [2][11] 5G-A Investment - Despite a slowdown in domestic operators' 5G investments, there is a notable increase in 5G-A investments, with China Mobile's target investment nearing 10 billion RMB in 2024. However, the actual share of 5G-A in operators' wireless spending remains low [12] International Market Strategy - Xinke Mobile's international strategy includes a "721" model, with 70% of products being key items like base station antennas, 20% main equipment, and 10% future products. The company is also establishing localized teams in various regions to directly engage with operators [13][14] National Rail Group 5G-R Network - The National Rail Group's 5G-R network construction is expected to start in the second half of 2026 or 2027, with a market size of approximately 30 billion RMB for the first phase, aiming to cover 100,000 kilometers of lines by 2029 [3][15] Satellite Internet Developments - Xinke Mobile is focusing on satellite communication, leading in the establishment of 5G NTN standards and developing core technologies for 6G. The company has a competitive edge in the experimental satellite market [18][19] Financial Management Improvements - The company has established a special task force for long-term accounts receivable and inventory management, achieving significant improvements in cash flow, which turned positive for the first time, exceeding 700 million RMB [20]

Summary of Hisense Home Appliances Conference Call Company Overview - **Company**: Hisense Home Appliances - **Industry**: Home Appliances Key Points and Arguments Sales Performance - During the 618 shopping festival, retail sales of home air conditioners, refrigerators, and washing machines increased by over 10% year-on-year, with washing machines experiencing a growth rate of 40%-50% [2][3] - Central air conditioning revenue returned to positive in Q1 2025, but is expected to decline in Q2 2025, with an annual target maintained at a slight increase [2][3] - The company anticipates a rapid growth in exports from 2024 to Q1 2025, although Q2 may see a decline due to tariffs [2][3] Profitability - The profit margin for white goods is expected to remain stable despite intense competition, as last year's domestic profit margins were relatively low [5][3] - The external sales profit margin is expected to recover, but the Japanese three-electric business may face pressure due to yen appreciation and exchange rate impacts [5][3] Market Trends - In Q2 2025, the central air conditioning market is under pressure, particularly in the refined decoration market, with inventory digestion slowing in the consumer market [6][3] - Hisense brand growth is faster than the Rongsheng brand, while the decline of the Japanese brand is minimal [6][3] - The overseas market share of Hisense central air conditioning is expected to reach around 10% in Q2 2025, up from 8% last year, indicating an expansion in overseas market share [7][3] Competitive Landscape - Hisense faces strong competition from Midea in the white goods sector but can improve efficiency through resource sharing [3][10] - The company has implemented various efficiency measures, including reducing the number of suppliers and streamlining product SKUs, which have started to show results [11][3] Tariff Impact - The impact of U.S. tariffs on sales is limited, as the U.S. market accounts for only about 2%-3% of total revenue, with some products being rerouted through Mexico [9][3] - The overall demand in mature markets is more significantly affected by tariff policies compared to emerging markets [9][3] Strategic Initiatives - Hisense and Midea have signed a strategic cooperation agreement to share resources and improve operational efficiency [10][3] - The company is exploring direct-to-consumer (DTC) models to optimize channel structures and enhance profitability [10][3] Future Outlook - The company expects a stable domestic sales trend in Q2 2025, with no significant changes compared to Q1 [8][3] - The overall market competition is expected to intensify, leading to slight price declines in Q2 2025 [14][3] Cash Flow and Financial Health - Operating cash flow has improved in the first half of 2025 compared to last year, with a stable dividend payout ratio [23][3] - Capital expenditures are expected to increase this year, with a preliminary estimate of around 2 billion RMB for next year [23][3] Other Notable Information - The company is observing a gradual increase in the contribution of emerging markets to its revenue, particularly in regions like the Middle East and Africa, and ASEAN [21][3] - The integration of overseas channels into the listed company platform does not have a clear timeline yet [20][3]