Key Points Industry and Company * **Company**: 361° * **Industry**: Sports apparel and footwear Core Views and Arguments * **Expansion Plans**: 361° is focusing on expanding in Southeast Asia, particularly in countries like the Philippines, Vietnam, and Thailand. They have opened a large, 300-square-meter flagship store in Malaysia to test the market and assess its impact. The company will continue to expand through a combination of direct sales and dealer partnerships [1]. * **Online Channel Growth**: The company's online channel is experiencing strong growth. The discount rate for the fourth quarter was maintained between 4.5 and 5.5, similar to previous trends. New product sales accounted for approximately 76% to 78% of total sales [2]. * **Brand Category Matrix**: 361° will continue to focus on running as the core category, leveraging the increasing number of runners and their diverse needs. They will enhance product competitiveness through core technology advantages and increase brand exposure through sponsorships of large events like the Asian Winter Games [3]. * **Domestic Channel Expansion**: The company plans to continue opening large stores and upgrading store images. They have introduced the 10th generation store image, which has significantly improved brand image and sales performance. They also plan to open more super stores to meet consumers' one-stop shopping needs [4]. * **Future Growth Expectations**: The company is optimistic about future growth despite intense competition. They have launched new product lines that have performed well in the market. Basketball will continue to be a key area for young consumer engagement. They plan to sponsor NBA stars to visit China in 2025 to enhance brand influence and sales [5]. * **E-commerce Performance**: The company's e-commerce channel performed well in the fourth quarter, particularly during the Double 11 shopping festival. They launched many hot-selling products and achieved good results. They plan to continue promoting new products during the Spring Festival [6]. * **E-commerce Profitability**: The e-commerce channel has a higher gross margin than the average level due to the direct sales model. However, the net profit margin is relatively low due to the need to amortize a large amount of fixed costs. The company expects the profit margin to gradually improve as the e-commerce business volume increases [7]. * **Children's Wear Business**: The children's wear business performed well in 2024, ranking second in the children's sports brand market. The company plans to continue investing in brand endorsement and product innovation in 2025. They also plan to strengthen store layout in first-tier and second-tier cities and large shopping centers [8]. * **Competition in Low- and Medium-Tier Cities**: The company's competitiveness in low- and medium-tier cities is reflected in several aspects. They have a large number of stores in first-tier and second-tier cities, accounting for about 25% of the total. The remaining 70% of stores are distributed in third-tier and lower cities. They encourage the opening of large stores, especially in shopping centers and trade centers, to better adapt to consumers' changing consumption habits [9]. * **Outdoor Products**: Outdoor products currently account for about 3% of the company's overall revenue and are growing well. They sponsored the 9th Asian Winter Games, which brought more exposure opportunities for outdoor products. They plan to continue to strengthen new product launches, such as waterproof and moisture-proof functional products, to meet consumer needs and promote the growth of the outdoor product line [10]. * **Running Shoes**: The company's running shoes, especially the knitted shoe series, performed well in 2024. The sales volume of top-end running shoes like Lifeng and Feiran reached about 500,000 pairs in the first half of the year. The sales volume of Feiran 33.5, a carbon plate racing shoe, reached 300,000 pairs in the fourth quarter, far exceeding expectations [12]. * **Price Strategy**: From the perspective of footwear, 70% of the products are priced between 350 and 500 yuan. The products priced above 500 yuan and below 350 yuan account for 15% each. According to the order data of the first three quarters of 2025, the average selling price (ASP) of the company has basically remained stable, and some categories may remain flat or have a slight unit increase. The company has done a lot of work in price control, setting the price within the comfort range of consumers, and will continue to maintain the quality-price advantage in 2025 [13]. * **Urban and Rural Market Strategy**: The company's urban and rural market strategy is mainly carried out by first-tier distributors and their authorized retailers. They have a 25% market share in first-tier and second-tier cities. Due to the company's price positioning and product positioning, which rely more on the mass market, there is still a lot of room for growth in third-tier and lower cities. These areas have a significant increase in demand for basic sports equipment such as running and basketball. The company hopes to seize the demand of consumers who have not yet formed fitness habits for equipment [14]. * **Cash Utilization**: The company has a substantial cash balance and is considering dividend payments or share buybacks to maximize shareholder returns. They plan to announce specific plans in the future [15]. * **Store Innovation**: The company has introduced many innovative store types in the past year. The efficiency of different store types is as follows: the 10th generation store has significantly improved brand image and sales performance. The 8th generation store has been upgraded to the 10th generation. Children's wear stores have also been upgraded to the 5th generation. The new stores are also the 5th generation. From the perspective of business format, they are mainly concentrated in landmark locations and shopping centers, rather than incremental business formats such as outlet stores. The terminal sales discount is between 7 and 7.3, and the sales turnover growth is good, but the price growth is low, and the profit margin is 8% to 12% on average, compared with the original 15% to 25% of the commission [16]. * **Industry Competition Outlook**: The company expects the market competition in 2025 to remain intense, with significant competition pressure in both offline channels and product categories and prices. However, they are optimistic about the future. The order meetings for the first three quarters of 2025 have ended, and the results are good. They will continue to increase investment in e-commerce business, and currently 80% of online sales come from new products. They will also strengthen the development of independent operation teams to maintain growth momentum. In the children's wear category, they will also continue to improve, and the 5th generation children's wear store image and new layout in shopping centers will further promote the development of this field [18]. * **Cash Utilization Plan**: The company plans to maintain a dividend payment guidance of not less than 40% and hopes to steadily increase the dividend yield. Currently, the dividend yield is about 8%, which is at a high level in the industry. For cash utilization, the company is very cautious and conservative and will carefully study various options, including increasing the dividend payment ratio, DTC model, and acquisitions. They may consider these options at the right time, but the focus is still on doing a good job with existing products and brand operations [19]. * **Overall Valuation and Growth Logic**: The company's current valuation is relatively low, but the dividend yield is about 8%, which is very attractive. From an investment perspective, the company's future growth logic is clear and supported by data, including new market online sales, new product ratio, independent operation team development of e-commerce business, and continuous improvement of sports children's wear. These factors have provided a solid foundation for the company's future development [20]. Other Important Content * **Overall Operating Data**: The overall operating data for the fourth quarter of 2024 was good. The main brand's growth rate was about 10%, and the children's wear growth rate was 10% to 12%. The online growth rate was 30% to 35%, which met the company's expectations [24]. * **Order Meeting**: The order meetings for the spring, summer, and autumn quarters of 2025 have ended, and the results were good, mainly reflected in the increase in order volume and a slight increase in price. The company is optimistic about the market outlook for 2025 [32]. * **Social Responsibility**: The company quickly responded to the 6.8 magnitude earthquake in Shigatse, Tibet on January 7, 2024, and donated 8 million yuan of warm materials to help the affected people. This reflects the company's concern for the affected people and its sense of social responsibility [31].

Summary of Conference Call Company and Industry Involved - **Company**: Longpan Technology (龙盘科技) - **Industry**: Battery manufacturing, specifically for electric vehicles (EVs) - **Partner**: Blue Over, a battery factory invested by Ford Key Points and Arguments 1. **Collaboration Announcement**: Longpan Technology announced a collaboration with Blue Over, a Ford-invested battery factory, utilizing technology licensed from Mindtech to produce batteries, with shipments expected to start in 2026 [1][2] 2. **Production Capacity**: The total volume of the contract is approximately 200,000 tons over five years, starting with a ramp-up in 2026 and reaching full production by 2027, with an annual purchase of over 40,000 tons [3][4] 3. **Direct Client Relationship**: Longpan Technology's direct client is Ford, with Mindtech playing a verification role in the partnership. The decision-making process involves regular meetings among the three parties [4][5] 4. **Cost Competitiveness**: The processing fees for the project are significantly lower compared to domestic prices and even more favorable than previous agreements with LG, indicating a scarcity of overseas products [3][4] 5. **Market Position**: Longpan Technology is positioned uniquely in the market, with no direct competitors in terms of production capacity and overseas client reserves, leading to a competitive advantage of at least three years over peers [19] 6. **Contract Duration**: The contract with Blue Over is valid for five years, with annual renewal options, but does not specify exclusivity [5] 7. **Export Regulations**: The company is prepared to navigate export restrictions on high-pressure products, leveraging its overseas factory and existing patents transferred to its Singapore subsidiary [6][18] 8. **Production Plans**: The Indonesian factory is expected to increase its capacity by 90,000 tons, with operations commencing in the first quarter of the year [8] 9. **Pricing Strategy**: The pricing for processing fees is expected to be significantly higher than LG's, with estimates suggesting an increase of over 50% compared to previous contracts [9][10] 10. **Future Expansion**: Longpan Technology is considering establishing a second overseas factory, contingent on client demand and local partnerships [12][20] Other Important but Possibly Overlooked Content 1. **Market Dynamics**: The North American market is not solely dependent on Ford, as multiple automakers are transitioning to electric vehicles, indicating a broader market opportunity [12] 2. **Product Development**: The company is focusing on conventional products for the next two years before potentially introducing high-pressure products, which are currently not widely adopted in the domestic market [5][21] 3. **Financial Performance**: The revenue from cooling liquids is projected to grow significantly, especially in the data center sector, with expectations of reaching full production capacity of 180,000 tons [30] 4. **Investment and Financing**: The company is exploring additional financing options to support the construction of overseas facilities, which may affect its ownership structure [19][20] This summary encapsulates the critical insights from the conference call, highlighting Longpan Technology's strategic partnerships, market positioning, and future growth plans in the battery manufacturing industry.

Key Points Industry and Company * **Industry**: Jewelry, specifically high-end Chinese gold jewelry * **Company**: Lao Pu Gold, a leading brand in the high-end Chinese gold jewelry market Core Views and Arguments * **Lao Pu Gold's Growth**: The company's high growth rate is attributed to its strong brand, product, and channel capabilities, positioning it as the sole supplier meeting the needs of the high-end consumer group. * **Beta and Alpha**: The high-end gold jewelry industry has a beta component due to market trends, while Lao Pu Gold has a strong alpha due to its unique value proposition. * **Competitive Advantage**: Lao Pu Gold's competitive advantage lies in its product design, brand positioning, and exclusive channel strategy, making it difficult for competitors to imitate. * **Market Potential**: The high-end Chinese gold jewelry market has significant growth potential, driven by factors such as cultural trends, consumer preferences, and the rise of domestic brands. * **Brand Positioning**: Lao Pu Gold aims to become a globally competitive Chinese gold jewelry brand, combining traditional craftsmanship with modern aesthetics. Other Important Points * **Product Portfolio**: Lao Pu Gold offers a diverse product range, including daily accessories, jewelry, and decorative items, with a focus on Chinese cultural elements and craftsmanship. * **Channel Strategy**: The company follows a selective channel strategy, focusing on high-end shopping malls and luxury brands, ensuring a high-quality customer base. * **Brand Building**: Lao Pu Gold has successfully established a strong brand image through targeted marketing and collaborations with key opinion leaders. * **Financial Performance**: The company has achieved strong financial performance, with high gross margins and significant growth in sales. * **Future Outlook**: Lao Pu Gold is expected to continue its growth trajectory, driven by factors such as market expansion, product innovation, and brand building. References * [doc id='2'] * [doc id='3'] * [doc id='4'] * [doc id='6'] * [doc id='8'] * [doc id='9'] * [doc id='11'] * [doc id='12'] * [doc id='13'] * [doc id='14'] * [doc id='15'] * [doc id='16'] * [doc id='17'] * [doc id='18'] * [doc id='19'] * [doc id='20'] * [doc id='21'] * [doc id='22'] * [doc id='23'] * [doc id='24'] * [doc id='25'] * [doc id='26'] * [doc id='27'] * [doc id='28'] * [doc id='29'] * [doc id='30'] * [doc id='31'] * [doc id='32'] * [doc id='33'] * [doc id='34'] * [doc id='35'] * [doc id='36'] * [doc id='37'] * [doc id='38'] * [doc id='39'] * [doc id='40'] * [doc id='41'] * [doc id='42'] * [doc id='43'] * [doc id='44'] * [doc id='45'] * [doc id='46'] * [doc id='47'] * [doc id='48']

Key Points Industry and Company 1. **Industry Focus**: The discussion centers around the humanoid robot industry, specifically focusing on the market outlook and production plans of Tesla's humanoid robots. 2. **Company in Focus**: The analysis primarily revolves around Ubiquity Robotics, a key player in the humanoid robot market. Core Views and Arguments 1. **Tesla's Market Outlook**: Tesla's CEO, Elon Musk, has expressed optimism about the humanoid robot market, predicting a 10x increase in annual shipments. This suggests progress in internal validation and solution design for Tesla's humanoid robots. 2. **Investment Opportunities**: 2025 is expected to be a pivotal year for the initial mass production and validation of humanoid robots, presenting significant investment opportunities. 3. **Investment Focus**: Key areas of investment include core component manufacturers (e.g., screws, sensors, motors, and reducers), body manufacturers, and integrated application solution providers. 4. **Ubiquity Robotics' Progress**: Ubiquity Robotics' humanoid robots have been tested at BYD's factory and are expected to receive small batch orders in the first half of 2025. The company aims to expand into the automotive, logistics, and 3C sectors. 5. **Cost Reduction**: The cost of Ubiquity Robotics' humanoid robots is primarily concentrated in the joints, with the potential for significant cost reductions through economies of scale. 6. **Application Scenarios**: Currently focused on material handling, Ubiquity Robotics plans to expand into more refined operations such as end-of-line sorting and air conditioning safety inspections. 7. **Education and Moulding Machine Businesses**: The education and moulding machine businesses are performing well, offering significant revenue elasticity for the company. Other Important Content 1. **Hardware Companies to Watch**: Priority is given to core component manufacturing companies and those involved in body manufacturing, integrated application solutions, and collaboration with first-tier companies. 2. **Ubiquity Robotics' Recent Developments**: The company has released the No-Core S and is undergoing testing at BYD's factory. A small batch order of 30 to 50 units is expected in the first half of 2025. 3. **Cost Reduction Strategies**: The cost of Ubiquity Robotics' humanoid robots is primarily concentrated in the joints, with the potential for significant cost reductions through economies of scale. 4. **Application Scenarios**: Currently focused on material handling, Ubiquity Robotics plans to expand into more refined operations such as end-of-line sorting and air conditioning safety inspections. 5. **Education and Moulding Machine Businesses**: The education and moulding machine businesses are performing well, offering significant revenue elasticity for the company. 6. **Financial Status and Future Prospects**: The company is currently in a loss-making state but is expected to shorten the loss period as revenue scales up. The PS valuation method is suitable for the company.

Key Points Industry and Company Involved - **Industry**: Robotics, specifically humanoid robots - **Company**: UBTech Robotics Core Views and Arguments - **UBTech Robotics' Production Plan**: UBTech Robotics has announced a production plan for its humanoid robots, which is expected to be optimistic and could lead to small-scale mass production or a phased verification by 2025 [2]. - **Investment Opportunities**: The industry is expected to see a surge in investment opportunities, with many companies entering the market for humanoid robot bodies and core components [3]. - **UBTech Robotics' Stock Performance**: UBTech Robotics experienced a significant price adjustment due to the termination of a consensus action agreement, but the impact on the stock price is expected to be relatively mild [4]. - **Valuation**: UBTech Robotics is currently valued at around 10x PS, which is considered relatively reasonable [5]. - **Revenue Growth**: UBTech Robotics is expected to see revenue growth driven by the expansion of its humanoid robot business and other business segments [5]. - **Cost Reduction**: UBTech Robotics aims to reduce costs through mass production and scale effects, particularly in hardware [10]. Other Important Points - **UBTech Robotics' Business Segments**: - **Humanoid Robots**: UBTech Robotics has been working on humanoid robots since the second half of 2023 and has completed a trial run at BYD's factory. The company expects to receive orders for 30 to 50 humanoid robots from BYD, with an expected delivery schedule [6]. - **AI Education**: UBTech Robotics has been promoting AI projects in approximately 100 schools, which could bring in several billion yuan in revenue and a gross margin of over 50% [13]. - **Mower**: UBTech Robotics' mower segment achieved a significant sales growth of over 20,000 units in 2023, compared to 70,000 units in 2022 [13]. - **Application Scenarios**: UBTech Robotics is expanding its application scenarios beyond material handling to include tasks such as component sorting, air conditioning leakage detection, and safety inspections [12]. - **Collaborations**: UBTech Robotics is collaborating with companies such as BYD, Audi, and Volkswagen for various application scenarios [11]. - **Technology**: UBTech Robotics is currently using NVIDIA chips for its humanoid robots but plans to explore domestic alternatives [11].

Key Points Industry or Company Involved - **Company**: Energy Equipment Division of a listed company - **Industry**: Energy equipment, gaming equipment, real estate development Core Views and Arguments - **2024 Annual Report Impact**: The company announced a video editing project valued at 4.7 billion yuan, which is expected to reduce the 2024 annual operating income by 25% to 45% compared to the 18.4 billion yuan in 2023 [1]. - **Business Impairment**: The company incurred a business impairment due to the underperformance of the gaming equipment business acquired in the second quarter of 2023. The main reasons include increased trade terms to control accounts receivable risks, industry-wide decline, and increased competition [2]. - **Strategies for Gaming Equipment**: The company will continue to invest in the gaming equipment business and has implemented measures to improve future performance, including setting performance targets for 2025 and 2027, and matching incentives [3]. - **Real Estate Development**: The company developed a residential project for employees of the Zhuhai Industrial Park, with most of the residential units sold to employees [4]. - **Operational Performance**: The mining equipment business maintained good performance in the face of the overall downward trend in the domestic media industry. The overseas business of mining equipment grew rapidly, and the logistics equipment business maintained a growth rate of more than 20% [5]. - **Financial Performance**: The company suggested increasing the dividend payout ratio for 2024 based on the 0.19 USD/HKD dividend paid in 2023 [6]. - **Apology for Performance**: The company expressed regret for the performance and promised to take action to maintain its image and market trust [6]. - **2025 Outlook**: The company is optimistic about the future and has implemented measures to improve performance, including price changes, cost control, new product development, and international expansion [8]. - **Business Impairment for Oil Equipment**: The company believes that the business impairment for oil equipment is reasonable and that there is a low probability of further impairment [9]. - **2025 Revenue and Profit Estimate**: The company is unable to provide specific data due to compliance reasons, but expects stable growth in key business segments such as mining equipment and logistics equipment [11]. - **Photovoltaic Industry**: The company believes that the photovoltaic industry will achieve break-even in 2025 [12]. - **Business Impairment for Photovoltaic Industry**: The company does not expect any business impairment for the photovoltaic industry and believes it will perform well under the leadership of the industry team [14]. - **Domestic Market Trends**: The domestic market for engineering equipment and logistics is expected to remain stable, with overseas markets contributing significantly to growth [20]. - **Port Equipment**: The overseas market for port equipment is expected to grow in 2025, with a focus on overseas operations [21]. - **Mining Equipment**: The domestic sales structure of mining equipment may change, with increased demand for wide-body trucks in Xinjiang and Inner Mongolia [23]. - **Capital Expenditure**: The company's capital expenditure for 2024 is expected to decline by 10% compared to 2023, mainly due to reduced capital expenditure by domestic oil and gas companies [28]. Other Important Points - **Dividend Payout Ratio**: The company suggested increasing the dividend payout ratio for 2024 based on the 0.19 USD/HKD dividend paid in 2023 [6]. - **Management Incentive Plan**: The management incentive plan includes 50% cash and 50% stock, with the final form subject to approval [27]. - **Capital Expenditure for 2025**: The company will provide detailed information on capital expenditure for 2025 after obtaining data from domestic oil and gas companies [28]. - **Communication with Investors**: The company plans to hold a large-scale communication and exchange meeting after the disclosure of the 2024 annual report, inviting investors to participate [31].

Summary of Conference Call Company and Industry Overview - The company operates primarily in two segments: traditional automotive business and automotive electronics business, with the latter experiencing rapid growth [1][2] - The goal is to become a leading automotive electronics solution provider in China, focusing on research and development [1] Key Points and Arguments - The automotive electronics segment includes various fields such as electrification, airbag systems, and digitalization, with a focus on expanding into markets like Australia and Chongqing [2] - The company has made significant progress with key clients such as Geely and BYD, particularly in providing electric drive modules [3] - A standout product is the integrated industrial module, which aligns with industry trends towards modularization [4] - The company emphasizes cross-system product integration, leveraging its historical expertise in wire bonding technology [5][6] - The automotive electronics business is projected to grow significantly, with expectations of revenue reaching over 2 billion yuan next year [13] - The company is adapting to the trend of domestic chip production, with a focus on MCU design and collaboration with local suppliers [14][15] Financial Performance - The automotive electronics segment currently accounts for approximately 30% of total revenue, with expectations for this to increase to around 40% in the near future [11][35] - The gross margin for automotive electronics is higher than the overall average, estimated at around 17% [27] - The company has maintained a consistent dividend payout ratio of 30% over the past two years [25] Market Dynamics - The company faces pricing pressures from clients due to competitive market conditions, particularly from companies like BYD [28][30] - The overall market is seeing a shift as some competitors struggle, leading to a more favorable competitive landscape for the company [30] Strategic Initiatives - The company is pursuing a light-asset model, focusing on design and outsourcing production to enhance efficiency and reduce capital expenditure [20][21] - There are ongoing discussions with overseas companies to provide technical solutions while localizing PCB production [22] - The company is also exploring talent acquisition over mergers and acquisitions to strengthen its workforce [26] Additional Insights - The company is actively managing its cash flow and working capital, with a focus on controlling the scale of its distribution business to mitigate risks [36][37] - The development cycle for new projects can take between six months to two years, depending on the complexity of the technology involved [23] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the automotive electronics industry.

Summary of Conference Call Company and Industry Overview - The conference call focused on a medical technology company specializing in innovative vascular products, particularly in the field of stents and related devices. The company is optimistic about its product pipeline and market potential in both domestic and international markets [1][3][9]. Key Points and Arguments 1. **Product Launches and Innovations** - The company is set to launch three major innovative product combinations, including the "Lung Stent," "Open Stent," and "Chest Combination Stent," expected to receive regulatory approval in 2020 [2]. - The "Iron Horse" revolutionary absorbable stent has shown promising results in clinical trials, enhancing its safety and efficacy profile [2][23]. 2. **International Expansion** - The company has established a strong international presence, particularly in Europe, the United States, and Asia-Pacific regions, with international revenue growth projected to accelerate in 2023 and 2024 [3][9]. - The international business is expected to contribute significantly to overall revenue growth, with a diverse product portfolio tailored to different regional needs [9][30]. 3. **Market Dynamics and Growth Potential** - The domestic market for vascular devices is characterized by a high patient volume but low treatment survival rates, indicating substantial growth potential [5]. - The company anticipates that the overall industry will maintain a high growth rate driven by increasing incidence rates of vascular diseases and advancements in minimally invasive technologies [5]. 4. **Competitive Landscape** - The company faces competition from foreign brands, which currently hold a significant market share. However, there is considerable room for domestic products to gain traction [6]. - The company aims to outperform industry growth rates through innovative product offerings and strategic pricing adjustments [6][17]. 5. **Financial Performance and Projections** - The company expects to recover its gross margin quickly following the launch of new products, which are anticipated to have higher utilization rates compared to traditional offerings [8]. - The financial outlook for 2025 is optimistic, with expectations of significant contributions from new product launches and a comprehensive treatment approach for aortic diseases [41][42]. Additional Important Insights - **Regulatory and Market Challenges** - The company is navigating regulatory challenges, particularly in obtaining CE marking for its products in the European market, which is crucial for international sales [21][35]. - Pricing strategies for new products will be carefully considered to mitigate risks associated with potential price reductions in existing product lines [20][21]. - **Research and Development Focus** - The company is committed to continuous innovation, with a strong emphasis on R&D to develop next-generation products that meet evolving market needs [28][41]. - Collaboration with healthcare professionals and institutions is a key strategy for product adoption and market penetration [30][33]. - **Future Outlook** - The company is positioned to be a leader in the vascular device market, with a unique product offering that addresses a wide range of patient needs [42]. - The upcoming years, particularly 2025, are seen as pivotal for the company, with multiple product launches expected to solidify its market position [41][42].

Key Points Industry and Company * **Industry**: Jewelry and luxury goods * **Company**: Old Patch Gold (Old Patch) * **Focus**: Analysis of Old Patch's business performance, valuation, and future prospects Core Views and Arguments * **Stock Valuation**: The stock price of Old Patch may be comparable to Pop Mart's growth trajectory, but the business models differ significantly. Old Patch operates in a high-price, low-repurchase rate market, unlike Pop Mart's high stickiness and high-repurchase rate. * **Industry Beta**: Old Patch benefits from the industry's beta, particularly from the growth of ancient gold compared to regular gold and hard gold, which has seen a growth rate of over 50% in the past few years and is expected to exceed 20% in the future. * **Gold Price Fluctuations**: The company's sales performance is somewhat decoupled from gold price fluctuations, as evidenced by the data in November and December. * **Valuation**: The valuation of Old Patch before and after the lock-up period is around 18-20 times earnings. The company was included in some clients' quarterly gold stocks at the end of December. * **Growth Expectations**: The market has a high expectation for Old Patch's growth in 2025 and 2026, with a potential EPS growth rate of 40-50%. * **Brand Strength**: Old Patch has a strong brand and is in a "cross-border" state, with significant growth potential. * **Store Expansion**: The company is cautious about store expansion, with a target of 60 stores in the future. * **Distribution Channels**: The company's sales are mainly through high-end shopping malls such as SKP and Wanda Plaza, with SKP and Wanda Plaza accounting for over 50% of the revenue. * **Dai gou**: The sales of Old Patch through dai gou are relatively high, with the top ten dai gou accounting for about 2 billion yuan in 2023. * **Competitive Landscape**: Old Patch faces competition from international jewelry brands and domestic high-end jewelry brands, but its competitive advantage lies in its brand strength and product innovation. Other Important Points * **Store Optimization**: The company actively optimizes and maintains its stores, improving their size and location. * **Marketing Activities**: The company actively participates in marketing activities and has increased its marketing efforts in recent years. * **Employee Stock Ownership Plan**: The company's employee stock ownership plan may be subject to delisting and reduction in the future. * **Upcoming Events**: The company will provide a pre-earnings guidance in March or April, and there will be a delisting event in June.

Summary of Conference Call Notes Industry Overview - The conference discusses the home appliance industry, specifically focusing on the television sector and its competitive landscape [1][2][7]. Key Points and Arguments 1. **Market Segmentation**: The home appliance industry can be divided into three cycles: large, medium, and small cycles, with technology iteration being a significant factor. The transition from CRT to LCD and potential future developments in backlight technology are highlighted [1]. 2. **Competitive Landscape**: The television industry has a fragmented supply chain, with upstream panel manufacturers, midstream assembly, and downstream distribution channels. This fragmentation leads to a more dispersed competitive environment compared to the white goods sector [2]. 3. **Profit Margin Insights**: The discussion includes insights on profit margins, indicating that lower profit margins can lead to significant capital price differences, affecting stock performance. The example of a specific company's PB ratio during a downturn illustrates this point [3]. 4. **Panel Price Volatility**: The volatility in panel prices is emphasized, with a significant portion of costs being derived from panel manufacturing. This volatility impacts the overall value of the home appliance sector [4][5]. 5. **Long-term Trends**: The long-term upward trend in profit margins for televisions is noted, suggesting that as margins increase, stock prices are likely to rise due to improved valuation metrics [6]. 6. **Market Dynamics**: The report discusses the impact of domestic and international market dynamics, including the shift towards high-end products and the competitive advantages of Chinese panel manufacturers over their Korean counterparts [9][10]. 7. **Sales Performance**: The sales performance of mini LED products is highlighted, with specific data on sales growth and product launches from companies like Xiaomi [13]. 8. **Regional Market Characteristics**: The North American and European markets are discussed, with a focus on the challenges and opportunities for Chinese brands in these regions. The importance of establishing distribution channels is emphasized [14][15][16]. 9. **Technological Advancements**: The role of technology in maintaining profit margins and driving product iterations is discussed, with a focus on the competitive edge that innovation provides [20]. Additional Important Content - The discussion touches on the strategic importance of channel access in the U.S. market, indicating that without proper distribution, even innovative products may struggle to gain traction [15]. - The potential for growth in emerging markets and the need for effective brand marketing strategies are also mentioned, highlighting the importance of adapting to local market conditions [18]. - The impact of economic conditions on consumer behavior and purchasing decisions is briefly noted, suggesting that economic factors will continue to influence market dynamics [12]. This summary encapsulates the key insights and arguments presented during the conference call, providing a comprehensive overview of the current state and future outlook of the home appliance industry, particularly in the television segment.