Summary of Conference Call Industry or Company Involved - The discussion primarily revolves around the sportswear sector, particularly focusing on companies like Li Ning and manufacturers such as Shenzhou and Taobo. The context is set within the Hong Kong consumer market. Core Points and Arguments - The sportswear sector is showing signs of recovery, with a noticeable inflow of capital from both domestic and international investors, particularly from the U.S. consumer market after a volatile first quarter [1][2] - Taobo's early performance in this recovery phase is attributed to its offline retail business model, which suffered significant profit losses last year [2] - A neutral scenario suggests that if the consumption environment remains stable without substantial improvement, the profit for the next fiscal year could return to approximately 1.5 to 1.8 billion [3] - In a more optimistic scenario, the recovery of major brands like Adidas and Nike is expected to positively impact sales, with Nike likely to clear its inventory by the second half of the year [4][5] - The potential market capitalization could reach 30 billion under neutral assumptions, indicating a 20% upside from current levels [4] - If the profit margin improves, projections could rise to 40 billion, suggesting significant growth potential [6] - The decision to invest depends on the overall assessment of the consumption environment; if it is perceived as stabilizing, there may be room for growth [6] Other Important but Possibly Overlooked Content - Current inventory levels for Nike show significant improvement, with a notable reduction in discounts, indicating a positive trend in inventory management [8] - The call concluded with an invitation for further discussions on various companies, including Shenzhou and Taobo, and an announcement for a future session on the garment industry [9]

Summary of Key Points from the Conference Call Industry and Company Focus - **Industry**: Global Markets, Copper, ASEAN Banks, Japan Healthcare, EU Luxury - **Companies Mentioned**: Temu, DBS, UOB, OCBC, KBANK, SCBX, Takeda Pharmaceutical, Astellas Pharma, Laopu Gold Core Insights and Arguments 1. **Tariffs and Economic Outlook**: President Trump announced a 90-day pause on additional country-specific tariffs, maintaining prior tariffs and a 10% minimum portion of the "reciprocal" tariff. This is expected to lead to a total effective tariff rate increase of approximately 15 percentage points [1][4] 2. **Market Volatility**: Recent volatility in the Treasury market is attributed to cyclical risks and a shift in the supply/demand balance for Treasuries, with positioning and market liquidity exacerbating the situation [1][4] 3. **Copper Market Forecast**: A global copper surplus of 100,000 tons is projected for 2025, down from a previous deficit forecast. The copper price is expected to drop to an average low of $8,300 per ton in Q3 2025, with a recovery anticipated by late 2026 [4][11] 4. **Impact on Temu**: The US lifted China import tariffs to 104% and announced a tripling of de-minimis duties to 90%, which is expected to significantly impact Temu's US volumes and accelerate its shift to local warehouses and non-US markets [4] 5. **ASEAN Banks Earnings Projections**: EPS estimates for ASEAN banks have been cut by up to 9% due to higher macro risks from tariffs. Singapore banks are expected to see the largest net profit hit of 7%-9% from 2025 to 2027 [4][5] 6. **Japan Healthcare Sector**: The potential impact of additional tariffs on imported pharmaceuticals is being closely monitored, with companies like Takeda and Astellas expected to face higher costs of goods sold [5] 7. **EU Luxury Market**: The luxury goods sector may experience muted pricing impacts from US tariffs, but concerns remain regarding consumer confidence and wealth factors affecting global luxury growth [10] Additional Important Insights 1. **Laopu Gold's Expansion Plans**: Despite recent gold price volatility, Laopu Gold maintains robust consumer sentiment and plans to open new stores in key locations, aiming for a GMV of over RMB 1 billion per store [7][8] 2. **Bank of Ningbo Performance**: Bank of Ningbo reported a strong topline performance with improved net interest margin, but faced challenges with provisions and tax rates affecting net profit growth [6] 3. **Market Conditions for Stabilization**: Conditions for market stabilization include potential policy reversals, significant pricing discounts, or evidence that the economic impact of tariffs is less severe than anticipated [4] This summary encapsulates the critical insights and projections discussed in the conference call, providing a comprehensive overview of the current market landscape and future expectations across various sectors.

Summary of the Conference Call for 和黄医药 Company Overview - The conference call focuses on 和黄医药, a pharmaceutical company with a strong pipeline of innovative drugs and significant growth potential in the oncology sector [1][2]. Key Points and Arguments Financial Projections - 和黄医药 is expected to achieve revenues of $780 million, $930 million, and $1.09 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20%, 18%, and 17% [3][5]. - The net profit attributable to the parent company is projected to be $390 million, $130 million, and $190 million for the same years, with a significant contribution of approximately $477 million from the sale of a non-core subsidiary [5]. Product Pipeline and Clinical Research - The company has 7 innovative drugs undergoing about 15 key clinical studies, with multiple new indications or products expected to launch in the next three years [3][6]. - Key products include: - **呋喹替尼**: Approved for second-line treatment of endometrial cancer, with significant market potential. NDA submission for second-line treatment of renal cell carcinoma is anticipated this year [3][7]. - **赛沃替尼**: Involved in seven global registration clinical studies, with promising data for T790M mutation and MET amplification positive EGFR mutation lung cancer. NDA submission is expected by the end of the year [3][8]. Revenue and Cost Management - The oncology and immunology sector is projected to generate $363 million in revenue in 2024, with tumor product revenue reaching $272 million, reflecting an over 18-fold increase year-on-year, primarily driven by the rapid overseas uptake of 呋喹替尼 [3][9]. - R&D expenses are expected to decrease from $302 million in 2023 to $212 million, indicating effective cost management [3][9]. Market Potential - 呋喹替尼 has a significant market potential, being the third most common cancer after gastric and breast cancer, with approximately 1.92 million new cases and 900,000 deaths globally each year [10]. - The drug has been included in medical insurance and has received multiple guideline recommendations, maintaining a leading position in the third-line colorectal cancer market in China [10]. New Drug Developments - **培美曲塞**: Recent data shows an objective response rate (ORR) of 56% and a median progression-free survival (PFS) of 7.4 months for second-line treatment of MET amplified or overexpressed EGFR mutation non-small cell lung cancer [11]. - **索凡替尼**: Currently in global phase III clinical trials, with potential for accelerated market entry [12]. Innovative Platforms - The company is developing an Antibody-Drug Conjugate (ATTC) platform, which shows lower toxicity and better efficacy compared to traditional ADC therapies. The platform is expected to enter clinical stages in the second half of the year [14]. Financial Health and Future Plans - 和黄医药 has a strong cash reserve, bolstered by the $477 million from the sale of Shanghai 和黄, which will support further investment in new R&D platforms [15]. - The DCF valuation estimates the company's reasonable market value at approximately HKD 30.3 billion, corresponding to a target price of HKD 34.67 [5][15]. Additional Important Information - The company is positioned for significant growth with a robust pipeline and effective cost management strategies, making it an attractive investment opportunity compared to other innovative pharmaceutical companies [4].

Summary of the Conference Call for Lao Pu Gold Company Overview - **Company**: Lao Pu Gold - **Industry**: Jewelry, specifically focusing on gold and diamond-inlaid products Key Points and Arguments 1. **2024 Performance**: Lao Pu Gold's performance in 2024 exceeded expectations with rapid growth driven by brand influence, product optimization, and store expansion [3][4] 2. **International Expansion**: The company plans to open stores in Singapore in 2025 and gradually enter the Japanese market, leveraging successful experiences from the Hong Kong and Macau regions [4][5] 3. **Gold Price Trends**: Despite recent volatility, gold prices are expected to rise steadily, positively impacting sales, especially for products priced at fixed rates [4][6] 4. **Diamond-Inlaid Gold Products**: This category has become a significant innovation for Lao Pu Gold, accounting for over 60% of sales, driven by the hardness advantage of traditional gold craftsmanship [4][7] 5. **Future Growth Potential**: Key focus areas include rising gold prices, the penetration of diamond-inlaid products, and the internationalization of the brand, all of which are expected to sustain high business growth [4][8] 6. **Sales Channels**: The company primarily relies on offline stores for sales, with online penetration rates comparable to industry averages at 10%-15%, indicating room for growth [4][9] 7. **Membership Growth**: The number of consumer members is accelerating, but there is significant potential to increase coverage among high-net-worth individuals [4][10] 8. **Development Stages**: The company's history can be divided into three stages: brand establishment (2009-2019), product innovation (2019-2023/24), and accelerated international expansion (2023-present) [4][11] 9. **Global Market Plans**: Future store openings will focus on Asian markets initially, followed by Europe and the Middle East, adapting product designs to local preferences [4][12] 10. **Chinese Jewelry Market**: The overall market exceeds 800 billion yuan, with gold jewelry being a major contributor. The ancient gold market is rapidly expanding, accounting for about 40% of the market [4][13] 11. **Cultural Preferences**: Different countries have varying preferences for jewelry types, with Asian countries favoring gold due to its value retention, while Western countries prefer diamond-studded jewelry [4][14] 12. **Competitive Landscape**: The jewelry industry is shifting from a channel-driven model to one focused on brand building, with consumer preferences evolving towards product value and service experience [4][15] 13. **Channel and Brand Strategies**: Lao Pu Gold emphasizes high-end positioning, direct sales, and innovative product development to enhance brand perception [4][16] 14. **Employee Incentives**: The company has established employee stock ownership plans to align core staff with long-term business goals [4][17] 15. **Investment Barriers**: High initial investment levels create competitive barriers, with significant capital required for technology and product development [4][18] 16. **Cost Structure**: Lao Pu Gold operates on a direct sales model with a gross margin exceeding 40%, offering better value compared to traditional jewelry brands that use franchise models [4][19] 17. **Product Matrix**: The company has developed a product matrix across different price levels to enhance brand positioning and reduce sensitivity to gold price fluctuations [4][20] 18. **Pandemic Response**: During the pandemic, the company maintained profitability due to its direct sales model and high fixed salary ratio, with recovery following the return of foot traffic [4][21] 19. **Impact of Rising Gold Prices**: In 2024, gold prices rose approximately 30%, while the company only adjusted prices by about 20 points, enhancing product value and driving revenue growth [4][22] 20. **Market Expansion Potential**: There is significant potential for growth in both domestic and international markets, particularly among high-net-worth individuals and in culturally aligned regions [4][23] 21. **Future Outlook**: The company is expected to continue benefiting from rising gold prices and successful international expansion, leading to substantial growth opportunities [4][24]

Summary of Capital Information Conference Call Company Overview - **Company**: Capital Information - **Year**: 2024 - **Revenue**: 1.472 billion (14.72亿元), up 3.28% year-on-year - **Net Profit**: Loss of 13.78 million (1,378万元), reduced loss by 59.13 million (5,913万元) - **Debt Ratio**: Decreased to 49.49%, down 2.34 percentage points - **Gross Margin**: Decreased from 27.99% to 25.67% due to increased R&D investment in livelihood projects, expected recovery in 2025 [2][3][9] Revenue Composition - **Revenue Breakdown**: - Operation and Maintenance Services: 46.7% - Product Software Development and Services: 29.5% - Industry Solutions: 22.9% [2][4][5] Future Growth Areas - **Focus Areas**: Big data and artificial intelligence (AI) business, enhancing independent innovation capabilities [2][6] - **AI Initiatives**: Participation in Beijing's AI infrastructure development, collaboration with local and national vendors, focusing on industry application model development, particularly in government and data processing sectors [2][7][11] New Third Board Listing - **Progress**: Actively advancing the listing on the New Third Board, specific listing date to be determined, management is confident in the process [2][8][17] Dividend Policy - **Dividend Strategy**: Despite net losses, the company maintains a high dividend policy to boost investor confidence, proposing annual dividends [2][14] Market Value Management - **Management Measures**: - Deepening reforms to enhance core competitiveness and profitability - Continuing the New Third Board listing process - Ensuring stable dividend policies while considering long-term interests [2][15][16] Impact of Bankruptcy - **Xiamen Rongtong Bankruptcy**: Positive financial impact due to prior continuous losses, sufficient impairment provisions made [2][18] R&D and Product Development - **2025 Product Development Plans**: Focus on AI-related products for government applications, industry products in smart governance, health, and continuous R&D investment [2][13] Financial Performance and Future Outlook - **2025 Revenue Goals**: The company is optimistic about achieving its revenue targets based on project reserves and ongoing developments [2][12][21] Conclusion - **Overall Sentiment**: The management expresses confidence in the company's future growth, strategic initiatives in AI, and commitment to shareholder returns despite current financial challenges [2][14][15]

Summary of Yuan Zheng Technology Conference Call Company Overview - **Company**: Yuan Zheng Technology - **Year**: 2024 - **Main Revenue**: 1.82 billion RMB, up 21% from 1.5 billion RMB in the previous year [3] - **Net Profit**: 340 million RMB, doubled from 170 million RMB in the previous year [3] - **Device Shipment**: 300,000 units, a 50% increase from 200,000 units in the previous year [3] Key Financial Highlights - **Revenue Composition**: - Equipment Sales: 1.34 billion RMB (73% of total revenue), with a gross margin of 50% [5] - Software Revenue: 170 million RMB received, expected to exceed 200 million RMB in 2025 [5] - Data and Service Revenue: 24 million RMB [5] - **International Market Contribution**: 72% of total revenue from overseas, with the US accounting for 40% and growing by 35% [6] - **Profitability Goals for 2025**: Targeting over 500 million RMB in profit, with a 25% increase in per capita income [12] Strategic Initiatives - **Future Strategy**: - Stabilize equipment sales and expand into new energy devices and robotics [9] - Transition towards becoming a software company with increased focus on AI applications [10] - Maintain high dividend payout (approximately 80% in 2024) and stock buybacks [10] - **Response to Tariff Challenges**: - Establishing a large warehouse in the US and adjusting product pricing [7] - Implementing a dual-track sales system to mitigate tariff impacts [19] - Exploring assembly plants in Mexico or Canada [19] Data Asset Utilization - **Data Connectivity**: Over 370 million vehicles connected, with 3.3 million active devices weekly [8] - **Diagnostic Reports**: 1.7 billion cumulative reports generated, enhancing value-added services [8] Market Performance and Competition - **Global Market Position**: Strong presence in domestic markets, with significant growth in North America and Europe [31] - **Competitive Strategy**: Focus on product functionality and technological innovation rather than price competition [32] Software and Data Business Growth - **Projected Growth**: Software and data revenue expected to double to 50 million RMB in 2025 [26] - **Revenue Logic**: Software income driven by device sales and active usage, with significant overseas demand [29] Future Outlook - **Management Confidence**: Positive outlook for future financial performance despite market challenges [40] - **Long-term Strategy**: Continued focus on dividends and stock buybacks to enhance shareholder value [40]

Summary of Yuran Dairy's Conference Call Company Overview - **Company**: Yuran Dairy - **Year**: 2024 Key Financial Performance - **Total Revenue**: Increased by 7.5% to 21 billion CNY [3] - **Overall Gross Margin**: Improved by 4.9 percentage points to 28.8% [3] - **Raw Milk Revenue**: 15.1 billion CNY, up 17% year-on-year; gross profit of 4.914 billion CNY, up 33.8% [3] - **Solution Business Revenue**: 5 billion CNY with a gross margin of 16.8% [3] - **Average Annual Yield**: Increased by 5% to 12.6 tons per farm [3] Industry Insights - **Milk Production Capacity**: National milk production capacity is on a downward trend [5] - **Consumer Stimulus Policies**: Expected to improve supply-demand balance [5] - **Cost Structure**: Cost of milk sold per kilogram is 2.77 CNY, with feed costs accounting for 76% [6] - **Raw Material Prices**: Slight fluctuations expected in 2025 due to weak demand [6] Operational Efficiency - **Cost Control**: Yuran Dairy maintains cost targets through technical measures and operational optimization [7][8] - **Long-term Contracts**: Agreements with major clients ensure stable pricing and volume [3][18] Future Outlook - **Production Goals for 2025**: Targeting an average yield of 13 tons, with expected double-digit growth in production [5][11] - **Capital Expenditure**: Expected to decrease to under 600 million CNY in 2025 [22] - **Cow Herd Growth**: Anticipated to reach over 650,000 by the end of 2025 [12] Market Dynamics - **Milk Price Trends**: Prices are expected to stabilize above 2 CNY per kilogram in 2025, reflecting improved supply-demand dynamics [13] - **Impact of Tariffs**: Tariffs have limited impact on soybean meal prices; corn is primarily sourced domestically [6][10] - **Industry Consolidation**: Larger farms are better positioned to manage costs compared to smaller farms [9][16] Challenges and Risks - **Net Loss**: Company reported a net loss of 1.69 billion CNY, though this represents a 34% reduction in losses year-on-year [4] - **Cash Flow**: Cash flow improved significantly, with free cash flow turning positive [4] Strategic Initiatives - **Acquisition Strategy**: No major acquisitions planned; focus on organic growth and herd expansion [23] - **Dividend Policy**: Future dividends will depend on cash flow performance [25] Conclusion Yuran Dairy has demonstrated resilience in a challenging market, achieving growth in revenue and operational efficiency while navigating cost pressures and market dynamics. The company is well-positioned for future growth with strategic initiatives aimed at enhancing production and maintaining financial stability.

Summary of Haitai International Conference Call Company Overview - **Company**: Haitai International - **Industry**: Injection Molding Machinery Key Points and Arguments Business Performance - In Q1 2025, Haitai International showed strong overall business performance with a slight year-on-year decrease in March orders but a double-digit increase month-on-month, indicating good market demand [3][4] - Domestic trade saw a small double-digit year-on-year decline, while foreign trade experienced a double-digit increase, suggesting that the transfer of the industrial chain significantly boosted foreign trade revenues [4] Market Insights - North America accounted for 13.9% of sales, with a notable increase in the share from Mexico. However, order momentum from Mexican customers slowed down from late March due to tariff policy uncertainties [4][5][6] - The company does not plan to establish production capacity in the U.S. due to high labor and raw material costs and a complex policy environment [4][9] Production and Capacity Expansion - Haitai International is continuing the construction of factories in Japan and Serbia, expected to be completed in the second half of 2025, to mitigate domestic risks and diversify its layout [4][8] - Current capital expenditure plans will not be delayed by external factors, and the company aims to maintain its established pace of expansion [8] Order Outlook - The outlook for orders in the coming months (April and May) is uncertain, with a cautious stance due to potential impacts from tariff policies [7] - Current order levels are normal, with approximately three months of production capacity, indicating manageable pressure on performance for the first half of 2025 [16] Market Trends - In 2024, European companies faced a 30%-40% decline in order volume due to high inflation and economic downturns, while Japanese companies benefited from currency depreciation and recovering demand from China [12] - The main downstream sectors for Q1 2025 were consumer goods, automotive, and home appliances, with consumer goods expected to grow the fastest at 100% [14][15] Competitive Landscape - The injection molding industry is not currently facing significant risks from 3D printing technology, as both have distinct applications and advantages [19][20] - The competitive landscape remains stable, with high-end plastic manufacturing potentially returning to the U.S. but low-end products likely remaining in other regions due to cost considerations [18] Global Market Development - Haitai International has established a global presence with factories in Japan, Germany, and Serbia, focusing on developing countries where new capital expenditures are more prevalent [22] - Approximately 15% of overseas revenue comes from domestic companies that have relocated abroad, indicating a long-term partnership history [23] Tariff Policy Impact - Current tariff policies are not fully determined, and their impact on exports and investments will need further observation [25] - If tariffs are imposed on certain countries, it may lead to a cautious approach from export companies, affecting order volumes [25][26] Production Capacity and Future Plans - The company is currently building factories in Japan and Serbia, with plans to increase overseas production capacity from under 5% to around 20% in the next 3 to 5 years [27] - The Mexican factory has advantages in exporting to the U.S. due to tariff exemptions, making it a strategic asset [28] Stock Performance - The company has seen a 10% decline in stock price recently, and while there was a share buyback plan, management has not made a definitive decision on further purchases [30] Additional Important Insights - The company is closely monitoring the impact of tariff policies on its business and is prepared to adjust strategies accordingly [7][25] - The overall sentiment in the market remains cautious, with a focus on maintaining operational stability amid external uncertainties [7][16]

Summary of the Conference Call Company Overview - The company operates in the high-end recruitment market and faced pressure in 2024, with total revenue of 2.08 billion yuan, a year-on-year decline of 8.8%, slightly better than the initial forecast of a 10% decline [3][4] - B-end revenue was 1.761 billion yuan, down 12.9%, impacted by decreased collections in 2023 and limited recovery in demand for high-end talent recruitment in 2024 [3][4] - C-end revenue grew by 23.1% to 318 million yuan, driven by online vocational qualification training, increasing its share to 15.3% [3][4] Financial Performance - Adjusted operating profit for the year was 229 million yuan, a year-on-year increase of 64.9%, with an operating profit margin improvement of 5 percentage points [3][4] - Net profit increased 8.6 times to 175 million yuan, while adjusted net profit attributable to shareholders grew by 61.1% to 170 million yuan [3][4] - Total expenses decreased by 16.1% to 1.53 billion yuan, with significant reductions in sales and marketing expenses, R&D expenses, and management expenses [3][4] User Growth and Engagement - By the end of 2024, personal user count reached 106 million, up 11%, with average monthly active users increasing by 5% [3][5] - The number of enterprise users reached 1.43 million, a 10% year-on-year growth, despite a weak overall recruitment demand [5] Product Innovation and AI Application - The company upgraded its B-end enterprise version to an AI version, introducing features like AI intelligent dispatch and interviewers [3][6] - The AI intelligent interviewer product has been iterated to the fifth version, improving interview pass rates by 40% and achieving a 95% consistency rate with expert evaluations [7][6] - The company is focusing on AI technology applications in recruitment, enhancing efficiency and matching accuracy [6][16] Market Outlook and Future Projections - For 2025, cash collections are expected to remain stable, with a slight decline in revenue anticipated, although better than 2024 [9][11] - The company plans to introduce a stable and sustainable shareholder return scheme, potentially including dividends and stock buybacks [13][14] - The demand for high-end talent is expected to grow in specific sectors like AI, autonomous driving, and semiconductors, while larger industries like internet and real estate show no significant increase in recruitment [10][11] Strategic Focus - The company aims to leverage AI applications in human resource management and enhance its position in the recruitment industry [20] - Future strategies will focus on shareholder returns and exploring new revenue growth opportunities through AI and technology integration [20]

Summary of the Conference Call for Miniso Company Overview - The conference call discusses Miniso, a retail company known for its affordable products and strong presence in both domestic and international markets, particularly in the United States and Europe. Key Points and Arguments Response to Tariffs - Miniso has implemented various strategies to mitigate the risks associated with increased tariffs in the U.S. as of early 2024. This includes enhancing its overseas supply chain, particularly increasing local sourcing in the U.S. to reduce reliance on Chinese suppliers. [3][4] - The company has managed to maintain a gross margin of approximately 70% in the U.S. market, even after two rounds of tariff adjustments from 10% to 20%. [3][4] Supply Chain and Procurement - As of early 2025, 30%-40% of Miniso's products are sourced through local supply chains in the U.S., although the company still relies on Chinese and other overseas suppliers to maintain cost advantages. [4][5] - The company plans to focus on 20 states in the U.S. to enhance operational efficiency and optimize resource allocation. [6] Sales Growth and Store Expansion - Miniso anticipates a same-store sales growth rate of 15%-18% in Q1 2025, with domestic growth expected to be in the mid-single digits and overseas growth projected at 20%-25%. The company plans to open 900 new stores globally, including 800 Miniso stores and 100 TT stores. [4][8] - The average payback period for domestic franchisees has extended from 12 months in 2023 to 15 months in 2024, yet over 90% of franchisees remain profitable, indicating a healthy investment return. [4][14] IP Strategy and Product Innovation - Miniso is actively pursuing a refined IP operation strategy, focusing on product design innovation and diversifying IP selection. The company is exploring collaborations with emerging artists and brands to enhance its product offerings. [4][15][16] - The company has extended the lifecycle of its IP products through iterative upgrades, significantly enhancing its product design capabilities. [19] Market Potential and Strategy in the U.S. - The U.S. market is viewed as highly promising, with Miniso's strategy focusing on refined operations and cost control. The company plans to adjust its strategy if tariffs increase significantly, potentially shifting focus to the European market. [7][24] - Miniso has nearly 300 stores in the U.S. and aims to optimize inventory turnover and operational efficiency in 2025. [24] Challenges and Adjustments - The company faces challenges in both domestic and overseas markets, necessitating adjustments in its operational strategies. In the U.S., the focus is on refining store operations and enhancing supply chain efficiency. [23][24] - Miniso's overseas operations are adapting to macroeconomic changes, including tariff impacts, by dynamically adjusting the ratio of franchise to direct stores. [21] Financial Performance and Stock Response - Recent tariff impacts have pressured Miniso's stock price, prompting the company to engage in share buybacks to protect shareholder interests and signal confidence in future growth. [30] Additional Important Insights - Miniso's franchisee profitability remains robust despite extended payback periods, indicating resilience in its business model. [14][28] - The company is committed to expanding its IP offerings internationally, with plans to introduce 100 Chinese IPs to global markets over the next decade. [27] - The overall IP product share in overseas markets exceeds 40%, with the U.S. market showing a higher proportion of around 60%. [29]