会议请服务于长江证券研究所买名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布复制开载转载转发引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 那么我们接下来讨论一些关于美国军事部门的新闻报道首先呢 美军的总领导人说明了就是美军是要在一步步把这些特种军事部门团成而中国的军事部门呢它是以这个全体升级和自治国家作为一个准备进行的方向而在今年呢 美国的一个时间训练室是有一个非常快速的通过于二月才能够实际上提升二月份这个 按照您说的这个形式上进去之后的话我用这个单词来对比大家表达一下这个方案上面是相对正式程度的那么就是九个字上面正式的形式出现的话它是一个有更加快速的一个参数那么像今年的九个字的话就是能够把系列的动作加在下面去参数了未来要再做这个一万字的方案上的参数 这五个大小五的朋友分别和乡村委员长安和一群乡村的乡亲的队伍表示愿意做乘游车、摩托车、公交车和火车这五个乡村的队伍 因为本身就是新闻的讯息的话它的整个传播功能之后呢其实就是它的实际上已经发生一些所谓的有这个异常状态的这个情况出现那么现在这样的扩充法基本我们就在以后我们就在组织组织多组组组 ...

各位尊敬的投资者大家好,我是真爱宏远通信组的分析师郝之宇。那我们今天分享的重点是物联网行业近期的更新,主要是三方面多重的一个催化。主要最重要的是这个最近AI面,然后以及机器人,还有车联网。那标记前面的话主要是乐清科技,医院,然后美格,还有广通等等。 特别是AI玩具它其实拥有非常强的教育加上陪伴的价值那也预计会是落地比较快的AI硬件那预计会成为AIQC端的非常重要的一条赛道那AI玩具的话本质上现在其实就是把大模型的这个功能去嵌入了网络玩具的一个载体中那它去为传统的这个玩具去注入灵魂之所以它可以去快速的落地其实主要有几大原因第一大原因从这个用户需求来去看的话它其实是可以去满足教育以及陪伴的一个价值 包括像之前除了字节以外其实像这个玉岚超星他之前也推出过一些玩具挂件比如说他的这个包包票这个是面向真的是二嘴儿童的 其实目前还不是一个商业化的产品其实之前是作为一个发放给客户的中秋礼品去出现的但是已经是非常火爆了就它其实作为一个非售卖的礼品 那其实最近还有一个非常重要的催化就是字节跳动会在12月的18到19号也就是每两天去在上海举行它的这个Force2024的原动力大会那我们其实也可以去重点关注明天这个字节的这个会议上面 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Points and Arguments Financial Performance - For the period from January to November, the company's performance showed a year-on-year decline, but month-on-month stability was observed, with confidence in achieving slightly above the annual guidance target [2][3] - The decline in coal prices was primarily due to demand issues and high inventory levels, but a recovery in energy demand is expected to support coal prices [2][4] Sales and Pricing Structure - Approximately 75-80% of sales are derived from long-term contracts, resulting in minimal price fluctuations [2][4] - The current coal price environment is characterized by a lack of seasonal demand, but colder weather and economic stimulus policies are anticipated to support coal prices moving forward [2][4] Inventory Levels - The company's inventory is below the industry average, with a stable supply due to coal-electricity integration and a high proportion of long-term contracts [2][5] - Current supply and demand conditions are not particularly tight, although uncertainties regarding demand persist [5] Market Dynamics - The coal supply-demand situation is slightly loose, with increased supply expected from Shanxi's production recovery and the impact of hydropower and economic recovery on coal prices [2][9] - The long-term price fluctuation range is expected to be small, with potential pressure in the first half of the year but support anticipated in the second half if economic conditions improve [9] Cost Management - The company anticipates a slight increase in costs in the fourth quarter due to higher labor and depreciation costs associated with increased self-operated business [2][13] - Overall, the company aims to maintain a low-cost advantage while achieving moderate growth through effective cost control measures [13] Long-term Contracts and Pricing Mechanism - The signing ratio for long-term contracts is expected to be slightly relaxed in 2025, with stable production levels anticipated [2][7] - The introduction of the CPI index is intended to balance the coal-electricity relationship and provide coal companies with greater pricing power [2][8] Future Outlook - The economic outlook for China presents significant uncertainties, particularly regarding demand, but a moderate increase in energy demand is expected [2][15] - The company is committed to maintaining a dividend policy of at least 60% of annual profits while ensuring sufficient cash flow for market opportunities [2][28] Strategic Initiatives - The company is actively pursuing the construction of new coal mines, with the New Street Mine expected to start production by 2028 [2][14] - Ongoing asset acquisition projects, such as those involving Hangjin and Dayan mining, are in progress, with updates to be provided as developments occur [2][17] Challenges and Responses - The company is focused on controlling costs and optimizing management to navigate market challenges and safeguard shareholder interests [2][29] - The coal industry is expected to face price competition pressures, particularly in coastal regions, due to rapid growth in power generation capacity [2][22] Conclusion - China Shenhua is positioned to maintain profitability through strategic management of costs, long-term contracts, and market adaptability, while also preparing for potential economic fluctuations and industry challenges [2][30]

各位分析师及投资者朋友大家下午好我是海南匡列IIR杨峰元首先感谢大家参加今天公司关于发行股份及支付现金购买资产并募集配套资金事项的交流那昨天公司召开的董事会不仅审议了通过了本次的这个交易的预案还审议通过了新一期股权激励事项的草案彰显了公司对未来持续成长的信心 那基于以上事项的这个具体的情况我们将首先有请公司副董事长总裁彭磊先生副总裁董事会秘书何静女士及投资高级总编胡定庭先生为大家进行介绍后续我们进入交流问答的环节那首先我们有请何总介绍本次交易的交易方案及进程有请何总 好的 谢谢各位及时的关注那我先简单把我们整个交易方案给大家介绍一下因为披露的整个预案内容也比较长那我们先讲一下这个交易的这个标底那么这次交易的标底呢这个直接的交易标底是两家EY公司的股权控股权 一家是AT&MA,一个是Dell Stone,那么它这两家都是交易对方,就是我们的交易交给的控股方,为了本期交易专门设置的新设成立的BVI的一个控股公司。那么穿透交易的核心资产呢? 是两家DI公司分别所持有的在莫桑比克的两家持有矿权的公司一家是非洲长城一家是克罗诺斯APV mining是控股非洲长城 Celso是控股科鲁诺斯同时再往下穿核心资产非洲长城它主 ...

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses the furniture industry and a specific company within that sector, focusing on its strategies and outlook for the upcoming year [1][2][12]. Key Points and Arguments 1. **Policy Impact on Furniture Sector**: Recent political meetings have indicated strong support for the real estate market and measures to boost domestic demand, suggesting a clear direction for operational improvement in the furniture sector next year [1]. 2. **Sales Strategy Adjustments**: The company has made changes to its marketing strategies and organizational structure since September, aiming to adapt to new policies and improve sales performance [2]. 3. **Revenue Growth Expectations**: The company anticipates maintaining double-digit growth in revenue for the fourth quarter, with a focus on increasing domestic sales while also being optimistic about foreign trade growth [3]. 4. **Foreign Trade and Tariff Concerns**: The company is closely monitoring the impact of tariffs, particularly with the inauguration of a new administration in January. They are assessing their production capacity and export strategies in response to potential trade tensions [3][4]. 5. **Production Capacity in Southeast Asia**: The company plans to establish a second base in Southeast Asia, which is expected to enable 80-90% of exports to the U.S. to be supplied from overseas facilities, reducing reliance on domestic production [5]. 6. **Response to Tariff Increases**: The company has evaluated the potential impact of increased tariffs on exports, particularly from Mexico, and believes it can manage these challenges effectively [4][5]. 7. **Domestic Market Dynamics**: The company acknowledges the challenges posed by the real estate market but sees opportunities in the growing second-hand housing market and believes there is still room for growth despite competitive pressures [14][15]. 8. **Organizational Restructuring**: The company has restructured its internal organization to enhance flexibility and responsiveness to market changes, creating dedicated divisions for different product categories [12][13]. 9. **E-commerce and New Channels**: The company is expanding its sales channels, including e-commerce and community-based sales, to capture new customer segments and drive growth [15][26]. 10. **Product Pricing Strategy**: The company is adjusting its pricing strategy across different product lines to remain competitive while ensuring brand integrity as the market recovers [22][23]. 11. **Focus on Customization**: The company is emphasizing its customization capabilities in response to market demands, integrating soft furnishings with customized solutions [27][28]. 12. **Growth in Southeast Asia**: The company is optimistic about its expansion in Southeast Asia, viewing it as a high-potential market for its products, particularly with a focus on high-end branding [30][31]. Other Important Insights - **Tariff Strategy**: The company has developed strategies to mitigate the impact of tariffs, including relocating production to Southeast Asia [4][31]. - **Market Trends**: There is a noted shift in the real estate market dynamics, with a focus on existing homes rather than new builds, which may influence future sales strategies [14][15]. - **Sales Performance Metrics**: The company is tracking sales performance closely, particularly in relation to new policies and market conditions, to ensure effective responses to changing consumer behavior [33]. This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic focus and market outlook in the furniture industry.

Key Points Company and Industry Overview - **Industry**: Mechanical transmission, specifically synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. - **Company Status**: Leading global position in synchronizers, transitioning from capital expenditure peak, and improving profitability. - **Core Business**: Mechanical transmission, particularly synchronizers, with expansion into planetary gearboxes and active布局 in new energy vehicles and humanoid robots. Core Views and Arguments - **Global Leadership in Synchronizers**: Company has achieved global leadership in synchronizers, providing a strong foundation for expansion. - **Profitability Growth**: Exceeded capital expenditure peak, leading to increased capacity utilization and profitability. Gross margin has turned positive in the first half of 2024. - **Competitive Strength**: Strong competitiveness, starting from the automotive industry and expanding into aerospace, with a focus on intelligent manufacturing and humanoid robots. - **Product Advantages**: Cost and shock resistance advantages in planetary gearboxes for humanoid robot applications. - **Growth Drivers**: Category expansion (synchronizers to planetary gearboxes) and application space expansion (from fuel vehicles to new energy vehicles and humanoid robots). - **New Energy Vehicle Growth**: Differentiator business has driven the company into the new energy vehicle customer system, achieving rapid growth in the short term. - **Market Potential**: Planetary gearboxes have broad application prospects in performance vehicles and robots, making it an important growth path for the company. Other Important Points - **Capital Expansion Stage**: Currently in a strong capital expansion phase, with a high proportion of fixed asset depreciation to revenue, which will gradually decline as capacity is released. - **Operational Efficiency**: Fixed asset turnover rate is an important indicator of operational efficiency, reflecting improved operations after capacity expansion. - **Future Gross Margin and Profitability**: With increased fixed assets and capacity release, revenue is expected to grow rapidly, leading to an increase in gross margin. - **Valuation**: The current valuation of approximately 18 times is considered low relative to the 33% profit growth expected. The company's solid fundamentals and clear growth logic make it a positive outlook and a key recommendation for the research department.

Summary of Yonyou Network Q3 2024 Earnings Call Company Overview - **Company**: Yonyou Network - **Reporting Period**: Q3 2024 Key Financial Metrics - **Total Revenue**: 5.74 billion CNY, a year-on-year increase of 0.5%, with revenue growth slowing primarily due to delayed signing rhythms [2][3] - **Cloud Services Revenue**: 4.29 billion CNY, a year-on-year increase of 8.6% [2][3] - **Subscription Revenue**: Year-on-year growth of 27.8% [2][3] - **Net Loss**: 1.46 billion CNY, an increase of 420 million CNY year-on-year, attributed to slowing revenue growth, increased amortization of capitalized intangible assets, and higher severance payments [2][3] - **Contract Liabilities**: 2 billion CNY, a year-on-year increase of 31.7%, accounting for 70.8% of total contract liabilities [2][3] Customer Segments Large Enterprises - **Strategy**: Continued focus on industry-specific operations, with the launch of the VIP Super Edition to accelerate subscription growth among large enterprise clients [4] - **New Contracts**: Signed contracts with a new first-tier central enterprise, totaling 41 first-tier central enterprises [4] Medium Enterprises - **Performance**: Subscription revenue grew by 61.8%, with a core product renewal rate exceeding 90% [5] - **Client Acquisition**: Successfully signed contracts with notable companies such as Beijing Hekang Technology and Dongyuan Pharmaceutical [5] Small and Micro Enterprises - **Revenue**: Achieved 670 million CNY, a year-on-year increase of 23.8%, with cloud subscription revenue growing by 38% [6] - **Net Loss Reduction**: Net loss decreased by 80% year-on-year after excluding the impact of previous year’s asset sales [6] Government and Public Organizations - **Revenue**: Generated 500 million CNY, a year-on-year increase of 14% [7] - **Subsidiary Performance**: Beijing Yonyou Government Software Co., Ltd. achieved a 15% year-on-year growth and reduced net loss by 40 million CNY [7] Product Development - **New Releases**: Launched the bIP3r6 version, enhancing system architecture and deployment flexibility, achieving a 50% reduction in resource consumption and a 30% decrease in operational costs [8] - **Intelligent Accounting**: Supports accounting for transactions in the tens of billions, with multi-dimensional databases capable of rapid data consolidation [8] - **AI Integration**: Released a large model for enterprise services, incorporating intelligent assistants and over 100 scenario-based intelligent services [8] Global Expansion - **New Subsidiaries**: Established a subsidiary in Japan and expanded market coverage in the Americas, Europe, and the Middle East [9] - **Developer Ecosystem**: Registered developers reached 1.15 million, with 38 new product iterations based on the low-code platform [9]

我这个税率的影响我们规模是增长了17.8然后后费是14整体的一个经营情况应该还是非常正面的一个积极的然后我们现在因为已经到第四季度了就公司的这一个教材教辅的这一个主业呢还是保持着一个稳中有增这样的一个情况那秋季我们的教材我们无论是市占率还是我们的一个马阳其实还是在提升啊我们整体的一个 尤其是市场化教育也是目前是已经马阳已经3.7亿然后增长了17%然后今年因为还有一些新的一些科目比如是国防教育等等的一些读本我们整体的销量也非常好像我们秋季的国防教育的一些读本已经销售了将近40多万快50万册了然后我们其实从去年 开始公司也在布局这一个职业教育职业教育其实也是公司未来在主业里面一个新的一个增长点就是在一些技校院校里面和大中专等等给他们去提供一些教材那今年我们现在有今年秋季的话是心理学的一个教材以及体育和 体育和健康教育这两个职业教材在秋季也是在广东的这些职工院校里面去已经在发行 这是我们整体的主页因为主页的逻辑可能大家都已经很熟了就是这个人口的逻辑就广东这个人口无论是我们的在校的义务教育也好高中生包括这个技校其实还是在稳步的增长其实我们这个红利还没到见底所以这也其实会拉动整体主页的一个提升然后第二个就介绍一下我们这 ...

Summary of Conference Call Company and Industry Overview - The conference call discusses a company in the hydraulic components industry, focusing on sales performance, market share, and product segments. The company has seen significant growth in both domestic and export markets, particularly in hydraulic components and related products. Key Points and Arguments Financial Performance - The company expects to maintain a profit margin of around 30% for the year, with sales revenue growth projected at approximately 20% [1] - Export growth for the first half of the year was reported at 54%, with expectations to sustain similar growth rates throughout the year [1] Sales Structure - Hydraulic components account for 50% of total sales revenue, with hydraulic data contributing 35% and new segments (industrial robots, 2D point machines, and hard alloy tools) making up the remaining 15% [2] - The company’s motor products represent about 60% of the hydraulic components sales, while pumps account for 40% [2] Market Dynamics - Domestic sales dominate, accounting for 85-90% of total sales, with major clients including XCMG, LiuGong, SANY, and Zoomlion [3] - The company has seen a rapid increase in domestic market share, with motor products holding approximately 40% market share and pumps around 15% [5] Competitive Landscape - The company competes primarily with Hengli, with advantages in product quality and cost control due to high self-manufacturing rates [6] - The company anticipates reaching a market share of 60% for motor products and 35% for pumps in the next two years [7] Product Development and Strategy - The company is expanding into non-engineering machinery sectors, including agricultural machinery and road construction equipment, to diversify revenue sources [8] - The company has begun mass production of new products in agricultural machinery, indicating progress in product development [8] Export Markets - The primary export markets include the USA (Caterpillar being the largest client), Saudi Arabia, and Russia, with expectations for continued growth in these regions [11][12] - The company projects overall export growth of at least 20% for the upcoming year [13] Profit Margins - Export profit margins are higher than domestic margins, with overseas margins around 34-35% compared to 30% domestically [15] Future Outlook - The company plans to establish a factory in Thailand, aiming for a sales target of 1 billion in three years, focusing on the European and Indian markets [20][21] - The industrial robot segment is projected to generate around 150 million in sales next year, indicating a strategic focus on this growing market [22] Additional Important Insights - The company has a clear strategy to maintain competitive advantages despite potential threats from OEMs (Original Equipment Manufacturers) moving towards in-house production of hydraulic components [9][10] - The collaboration with Kawasaki is expected to enhance market presence, although it may introduce some competition [19] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market strategies, and future growth prospects in the hydraulic components industry.

Key Points Company and Industry Overview 1. **Company Overview**: Keli Sensing is a leading domestic force sensor company with a market share of 1st place. It has a high, medium, and low-end brand combination, achieving differentiated competition. The company's revenue and profit have steadily grown, with a compound annual growth rate (CAGR) of 6.55% in revenue and 15% in net profit from 2014 to 2023. The gross margin and net profit margin have continued to improve. Keli Sensing is actively diversifying its business, transforming from a single-force sensor to a multi-physical quantity sensor, and providing industrial internet solutions to enhance profitability. The company has a global layout, with overseas sales accounting for 30% and has completed quality system certifications in various countries, continuously expanding the international market. Keli Sensing is actively researching and developing new products such as six-axis force sensors and has sent samples for testing with customers such as Huawei, exploring new growth points. The company has expanded its business through mergers and acquisitions, but needs to pay attention to the performance guarantee and goodwill risk of subsidiaries. Keli Sensing has a wide layout of the Internet of Things ecosystem, establishing ten IoT business units to provide a comprehensive solution and enhance customer stickiness [2]. 2. **Industry Overview**: The company's main business is force sensors and related instruments, accounting for more than 60% of total revenue; followed by industrial internet and system integration, accounting for 30%; and other physical quantity sensors and miscellaneous businesses accounting for about 10% [3]. The company has maintained the first market share in the domestic force sensor market since 2001 and has continuously launched multi-physical quantity sensors such as tensile and tilt, weight and tilt, etc. In addition, the company has also invested in and participated in the fields of light curtain sensors, pressure sensors, Zhongshan food automation production lines, and coal mine Internet of Things through mergers and acquisitions to achieve transformation [3]. 3. **Market Size and Growth**: The market size of the industry is large, with a compound annual growth rate of about 10%, and the total market size is about 50 billion yuan. There are many types of sensors, including force sensors, temperature sensors, acoustic sensors, optical sensors, inertial sensors, and position sensors, with wide downstream application fields. With the development of cutting-edge technologies such as artificial intelligence, the Internet of Things, and 5G, the market size remains stable and continues to grow [9]. Core Views and Arguments 1. **Market Position and Core Competitiveness**: Keli Sensing maintains the first market share in the domestic force sensor market and has high-end, medium-end, and high-cost performance brands to open up the market and achieve differentiated competition. The company has a sound overseas sales network, including Asia, Europe, America, Oceania, and Africa, and has completed quality system certifications in various countries, which helps to open up the overseas market. Currently, overseas sales account for 30%. In addition, the company actively transforms through mergers and acquisitions, from a single physical quantity to a multi-physical quantity layout, providing industrial internet solutions, improving customer stickiness, and enhancing profitability [4]. 2. **Future Growth Points**: The main growth points come from the following aspects: first, the continuous launch of new multi-physical quantity products such as six-axis force sensors, and the testing of samples with customers such as Huawei; second, expanding the business scope through mergers and acquisitions to increase the contribution of subsidiaries' performance; and third, increasing the proportion of overseas sales to further expand in the global market. In addition, the company's traditional business such as force sensors will still maintain stable growth, providing support for overall performance [5]. 3. **Response to Macroeconomic Environment Changes**: As a general product, the demand for force sensors is greatly affected by macroeconomic fluctuations. For example, in 2023, due to economic downturn, the shipment volume decreased by 15%, and related instruments decreased by 31%. To respond to this situation, the company actively expands diversified businesses, expands new fields through mergers and acquisitions, and increases the proportion of overseas sales to diversify risks. In addition, the company relies on its many years of accumulated market network and brand advantages, as well as high gross margin and net profit margin levels, to maintain strong profitability in the face of short-term economic fluctuations [6]. Other Important Content 1. **Recent Important Measures or Plans**: The company has actively transformed through mergers and acquisitions, from a single physical quantity to a multi-physical quantity layout, including the development of new products such as six-axis force sensors. At the same time, it has conducted sample testing with customers such as Huawei to open up new growth space. In addition, the company continuously improves its global sales network and increases the proportion of overseas income. Currently, it has completed quality system certifications in various countries, which helps to further open up the international market. These measures will help the company enhance its overall competitiveness and achieve long-term stable growth [7]. 2. **Development Trends and Potential Risks of Subsidiaries**: With the advancement of strategic layout, the number of subsidiaries may increase, but there are also certain risks. Many companies will involve performance guarantee in the process of acquisition or participation, and some companies may not be able to complete the expected performance. In addition, goodwill may also be relatively high. However, at present, most subsidiaries have completed the performance guarantee, indicating that the company has strong strategic investment vision and external investment capabilities. This strong strategic investment capability can ensure the growth of the company and make business expansion and transformation more smooth [8]. 3. **Application of Flow and Pressure Sensors**: Flow sensors and pressure sensors have a high proportion in downstream applications. Flow sensors account for about 21% of downstream applications, while pressure sensors account for 15%. With a total market size of 500 billion yuan, the market space for industrial pressure and force sensors is at least 70-80 billion yuan. Therefore, the company's industry track has the space to support rapid growth. Currently, the company's revenue is about 1 billion yuan, and its market share is the first in the country, but there is still room for improvement [10]. 4. **Advantages and Development Potential of Keli Sensing in the Sensor Field**: Keli Sensing has significant competitive advantages in the sensor field. First, the company has strong financial strength, as a listed company, its cash flow and revenue performance are excellent, which provides strong guarantees for its scaled production. Compared with many first-tier companies, due to difficulties in financing, production capacity expansion is limited, while Keli Sensing can continuously support the improvement of research and development and production capabilities. Second, the company actively lays out multi-physical quantity sensors, transforming from a single-force sensor company to a platform-type company, continuously enhancing product categories. This not only helps to expand industrial Internet and other businesses but also provides integrated solutions for downstream customers to improve customer stickiness. In addition, the company has established multiple industrial parks, such as Ningbo, Shenzhen, and Zhengzhou, and has centralized the subsidiaries acquired through mergers and acquisitions in industrial parks to strengthen internal collaboration. At the same time, it is convenient for customers to enter, further understand customer needs, and provide customized solutions. This three-dimensional strategic layout helps to increase customer stickiness and improve solution capabilities. Finally, the company has laid out 6 "1" sensors in the field of humanoid robots, which will greatly expand the company's future development space. According to the forecast, the company's net profit in 2024, 2025, and 2026 will be 300 million yuan, 360 million yuan, and 450 million yuan respectively. Currently, the valuation level is high, but if there is a correction, it will be an opportunity for investors to intervene. With the development of related events in the field of humanoid robots, it is expected to further promote the growth of the company [22]. 5. **Specific Layout of Keli Sensing in the Internet of Things Ecosystem**: Keli Sensing has made a wide layout in the Internet of Things ecosystem. The company has established ten IoT business units, entering multiple fields through investment and mergers and acquisitions, including non-stop detection, lithium battery crane unmanned operation, logistics warehousing, and industrial robots. These layouts enable the company to provide comprehensive one-stop solutions for customers and enhance customer stickiness. In addition, the company has strengthened internal collaboration and external cooperation through the construction of industrial parks. Industrial parks have been established in Ningbo, Shenzhen, Zhengzhou, and other places, and the subsidiaries acquired through mergers and acquisitions are centralized for management. At the same time, customers are attracted to enter, which not only improves internal efficiency but also shortens the distance with customers, enabling the company to better understand and meet customer needs, and provide more customized, efficient solutions. This vertical integration and horizontal expansion development strategy enables Keli Sensing to continuously promote the construction of its Internet of Things ecosystem, laying a solid foundation for future development [23].