本次电话会议仅服务于星业证券客户会议音频及文字记录的内容版权为星业证券所有内容必须经星业证券审核后方可留存未经允许和授权转载转发此次会议内容均属侵权 星夜证券将保留追究其法律责任的权利电话会议所有参会人员不得泄露内幕信息以及未公开重要信息涉及外部嘉宾发言的星夜证券不保证其发言内容的准确性与完整性 商业证券不承担外部嘉宾发言内容所引起的任何损失及责任不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提醒投资者注意投资风险审慎参考会议内容 好的各位投资人大家上午好欢迎今天七点半继续收听我们的新生海外100奖系列那今天我们跟大家分享的是性价比消费的第一篇明创优品的深度我还记得 Q1的时候跟大家把民生有品的模式又做了一个梳理包括跟海外的对标那么经过了一年其实短短一年的变化其实我们看到民生有品在海外的市场扩张已经迈向一个新的阶段包括最近的美国市场其实取得了比我预期而言更快的进展那么 我们从对标的角度来讲其实看民生有品这样一个折扣零售商的发展模式 美国在中部和东部发源的包括沃尔玛包括Costco以及后面的一些专营的零售商是比较类似的他们的发展其实是先找到一个定位一个非常好的在大众心中有清晰印象的这么一个定位然后去扩 ...

大家早上好欢迎参加和黄医药2024年中期业绩发布会我是和黄医药投资关系部的主管吴嘉俊我们公司的详细的业绩和演示稿PPT已经在昨天晚上上载于我们的官网大家也可以在香港交易所网页上面下载在开始之前先要举个温馨提示 所有听众现在是在静音模式今天的内容我们首先会由管理层做一个业绩的这个讲解之后会有一个答问的环节麻烦大家将你的名字和你公司的名称都填好让我们之后在发问的时候可以正确的读出你的名字最后请大家留意一下我们演示稿PPT的第二页里面有我们的免责声明 本公告所在自本集团表现和经营业织都属于历史的信息过往的表现并不保证本集团之未来业织谢谢大家的留意好那现在我们正式开始首先请我们和黄医药执行董事首席执行官兼首席科学官苏卫国博士开始今天我们中期业绩发布会苏总请 谢谢David各位投资界的朋友大家上午好欢迎大家参加和皇一样2024上半年的半年报发布会那么像David刚才说的我们详细的业绩报告已经在昨天晚上公布那么今天跟我一起参加这个发布会了 我先简单介绍一下江丽成是我们的CFO那么原则志George Yuan商业化部门的负责人那么简单介绍一下George可能意内的朋友对George也非常了解George可以说是总流产品业务 ...

所以在配饰应该会成为一个新的产品线然后第二个的话就是服饰我们今天看到一些公司官方账号其实也发了一些图头未来可能会demo相关可能会出一些服饰的产品线我觉得也可以期待一下所以从产品的角度来讲我觉得核心是 探索出适合这个IP特性的一个新的品类比如说我们拿这个拉布布举例现在大家都知道拉布布了其实之前他也一直出盲盒然后包括可能会有的时候会出一些符合设计师审美但是不一定这个大众会很喜欢的这种系列 然后但是其实之前拉布这个IP一直都是相对就我们也看他收入大概是排第四嘛其实还可以但是也没有爆但是今年其实这个糖浆去年这个糖浆马卡龙其实在国内就是一个爆品然后今年四月份Lisa Bella之后其实现在不管是在泰国我觉得是在全球吧其实都是一个非常爆的品位 也让拉布布这个IP其实整体的渗透的人群其实是有了一个比较大的变化所以我们也看好公司积极的去通过品类的拓展产品线的拓展去增强这个IP的一个触达的人群这个我觉得是核心的要点并不是说它真的有什么新的 产品出来这个产品我喜不喜欢我觉得这个倒不是要点啊第三个是渠道呃渠道的话那我们也看到了就是公司年初的时候后现给的这个海外海外的渠道拓展的指引现在应该是远超了当时给的那个指引 然后去年其实就是 ...

Summary of Conference Call Transcript Company/Industry Involved - The discussion pertains to the overall market conditions and trends observed from mid-2022 to the end of 2023, indicating a focus on the broader economic environment rather than a specific company or industry. Core Points and Arguments - The period from mid-2022 to the end of 2023 has been characterized as an upward trend despite various challenges encountered along the way, suggesting resilience in the market conditions [1]. - The statement implies that the market was in a relatively good state during this timeframe, indicating potential opportunities for investment [1]. - It is noted that certain events occurred during this period that contributed to developments by the end of 2023, hinting at underlying factors that may have influenced market dynamics [1]. Other Important but Possibly Overlooked Content - The mention of "磕磕绊绊的事情" (challenges) suggests that while the overall trend was positive, there were significant hurdles that could have impacted investor sentiment and market performance [1]. - The reference to events leading to the end of 2023 indicates that there may be critical insights or lessons learned that could inform future investment strategies [1].

Summary of the Conference Call Industry Involved - The discussion focuses on the dairy industry, specifically the upstream (farms) and downstream (dairy enterprises) sectors of dairy products [1]. Core Points and Arguments - The team has been researching the dairy sector for a considerable time, indicating a long-term interest and expertise in this area [1]. - There is a noted correlation between the profitability cycles of dairy farms and dairy companies with the price cycles of dairy products [1]. - In the second quarter, there has been a year-on-year decline in dairy product production, suggesting potential challenges in the industry [1]. Other Important but Possibly Overlooked Content - The mention of the profitability cycle and price cycle correlation implies that market conditions may significantly impact future earnings for companies in the dairy sector [1].

Summary of Conference Call Company/Industry Involved - The conference call pertains to the Washington Securities and the Chinese Saint Mother Gold Mine industry Core Points and Arguments - The meeting is exclusively for professional investment institutions or invited clients of Washington Securities, indicating a focus on institutional investors [1] - All participants are currently muted, suggesting a controlled environment for information dissemination [1] - A disclaimer is read at the beginning, emphasizing that the opinions expressed are personal and do not constitute investment advice [1] - The meeting is regulated to avoid the exchange of sensitive insider information, highlighting compliance with regulatory standards [1] Other Important but Possibly Overlooked Content - The structure of the meeting indicates a formal approach to investor relations, which may reflect the company's commitment to transparency and regulatory adherence [1] - The mention of third-party experts suggests that external insights may be provided, which could add value to the discussion [1]

Company Overview and Key Points Company Introduction - The management team provided a brief overview of the company's current situation, indicating a focus on engaging with new stakeholders and investors who may be unfamiliar with the company [1] Core Insights - The company emphasized the importance of the upcoming Q&A session, suggesting a commitment to transparency and open communication with investors [1] Additional Important Content - The introduction highlighted the company's affiliation with the technology sector, indicating potential growth opportunities and relevance in a rapidly evolving industry [1]

Summary of the Conference Call on Xindong Company Company and Industry - **Company**: Xindong Company (心动公司) - **Industry**: Gaming and Media Key Points and Arguments 1. **Core Recommendation Logic**: The conference focused on the core recommendation logic for Xindong Company, emphasizing the significant changes in the company's self-developed games and their performance in various markets [2][3][4]. 2. **Game Launches**: The self-developed game "Chufa Maifen" launched in late January in Hong Kong and Macau has shown strong performance, exceeding market expectations. The game was later launched in mainland China on May 16, achieving over 300 million RMB in revenue in its first month [3][11][13]. 3. **User Growth**: The newly launched game "Xindong Xiaozhen" has also performed well, reaching 3.9 million downloads shortly after its launch on July 17, with rankings in the iPhone free game charts climbing to first place [5][6][25]. 4. **Sustained Performance**: Both "Chufa Maifen" and "Xindong Xiaozhen" are expected to drive continuous revenue growth, with "Xindong Xiaozhen" being positioned as a long-lifecycle product due to its gameplay mechanics [6][7][30]. 5. **Market Strategy**: The company plans to expand "Chufa Maifen" into the Korean and Japanese markets, which are expected to provide significant revenue potential based on previous performance metrics from similar games [23][40]. 6. **User Engagement**: The games are designed to enhance user engagement through innovative gameplay and social features, which are crucial for retaining players over the long term [18][21][31]. 7. **Platform Growth**: The Tap Tap platform is benefiting from the launch of new games, with an expected increase in monthly active users (MAU) surpassing 5 million during the summer [34][37]. 8. **Advertising Revenue**: The growth in user base is anticipated to lead to increased advertising revenue for the Tap Tap platform, as more users engage with the games [39][40]. Other Important but Possibly Overlooked Content 1. **Marketing Strategies**: The return of Huang Xiwei, the original founder of Tap Tap, has positively impacted the company's marketing strategies, particularly for "Chufa Maifen" [22]. 2. **Social Media Impact**: The game's success has been amplified by social media discussions, with significant user-generated content contributing to its visibility and user acquisition [26][27]. 3. **Long-term Potential**: The long-term potential of "Xindong Xiaozhen" is highlighted, with expectations of stable revenue contributions through low-cost in-game purchases and subscriptions [31][32]. 4. **Competitive Landscape**: The competitive landscape is noted, with Xindong's games positioned against major titles like "Honor of Kings" and "Peacekeeper Elite," indicating a strong market presence [13][29]. This summary encapsulates the key insights from the conference call regarding Xindong Company's strategic direction, game performance, and market positioning.

Summary of Conference Call Transcript Industry or Company Involved - The discussion pertains to the impact of quantitative easing (QE) on various brands within the industry Core Points and Arguments - There has been a noticeable decline in daily sales statistics across various brands, which can be attributed to the effects of QE [1] - The decline in sales has been felt since the beginning of the year, indicating a longer-term trend rather than a short-term fluctuation [1] Other Important but Possibly Overlooked Content - The mention of QE suggests a broader economic context that may influence consumer behavior and spending patterns, which could have implications for future sales and market strategies [1]

Summary of Conference Call Company and Industry - The conference call involves a gaming company, specifically focusing on its recent performance in the gaming sector [1]. Core Points and Arguments - The company is represented by General Manager Shen, who is expected to provide insights into the performance of its active games, including current revenue levels for the month [1]. Other Important Content - The call indicates an intention to engage with online investors for further questions, suggesting a focus on transparency and investor relations [1].