Summary of Key Points from the Conference Call Company Overview - The company is a leading B2B office supplies procurement platform, focusing on digital procurement services for office supplies and expanding into MRO industrial products, employee benefits, and marketing materials, creating a comprehensive digital procurement service platform [1] Core Insights and Arguments - **AI Integration**: The company utilizes AI large models to replace complex workflows, leveraging vast industry data for deep mining and precise matching capabilities. This approach enables the rapid formation of integrated solutions, optimizing supply chain efficiency and achieving systematic cost reduction and efficiency improvement [1][2] - **Efficiency Improvements**: The "Qixin Zhipan AI Model" enhances product circulation with intelligent reporting, increasing product listing efficiency by 80%. The "Smart Eye Acceptance System" improves acceptance accuracy to 98% through multi-modal information fusion processing [2] - **International Expansion**: The company is transitioning from product export to brand and service export, utilizing Amazon Business to enhance its B2B supply chain services abroad, thereby increasing the influence of the COMIX brand. The cross-border e-commerce business is experiencing rapid growth, optimizing profitability [2] - **IP Cultural and Creative Development**: The company is positioning its IP cultural and creative initiatives as an important supplement to its proprietary brand business, engaging in comprehensive product licensing and brand collaboration [2] - **Employee Stock Ownership Plan**: An employee stock ownership plan will be launched in September 2025, covering up to 180 middle and senior management personnel. The performance indicators include a revenue growth rate of no less than 3% and 8% for 2025 and 2026 compared to 2024, and net profits of no less than 1.4 billion and 1.8 billion yuan respectively [2] Additional Important Content - The focus on AI and digital solutions indicates a strategic shift towards technology-driven efficiency, which may present significant competitive advantages in the procurement industry [1][2] - The emphasis on international expansion and brand development suggests a long-term growth strategy that could enhance market presence and profitability [2]

【申万轻工】齐心集团：办公物资集采龙头，AI+出海打开成长空间 公司是B2B办公物资集采龙头，围绕办公物资数字化采购服务，拓展MRO工业品、员工福利、营销物资等全场 景，形成综合性数字化采购服务平台。 #AI大模型替代复杂工作流。 积累海量产业数据，利用AI大模型的深度挖掘和精准匹配能力，快速形成一体化解决方案，优化供应链效率，实 现系统性降本增效。 如"齐 【申万轻工】齐心集团：办公物资集采龙头，AI+出海打开成长空间 公司是B2B办公物资集采龙头，围绕办公物资数字化采购服务，拓展MRO工业品、员工福利、营销物资等全场 景，形成综合性数字化采购服务平台。 #AI大模型替代复杂工作流。 如"齐心智磐AI大模型"实现商品全流通智能提报，#提升商品上架效率80%，智眼验收系统通过多模态信息融合处 理，#验收准确率提高到98%。 #从产品出海走向品牌和服务出海。 通过亚马逊企业购实现2B供应链服务出海，提升COMIX品牌影响力，跨境电商业务高速增长，优化盈利能力。 #IP文创打造新的增长点。 IP文创定位自有品牌业务重要补充，全品类产品授权及品牌联动合作同步进行。 #2025年9月发布员工持股计划，覆盖中高层管理人 ...

Market Overview - The entertainment products sector increased by 0.43% on January 23, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Qixin Group (002301) closed at 8.38, up 3.08%, with a trading volume of 368,300 shares and a transaction value of 306 million yuan [1] - Tongda Chuangzhi (001368) closed at 28.90, up 2.30%, with a trading volume of 35,300 shares and a transaction value of 101 million yuan [1] - Huali Technology (301011) closed at 28.15, up 1.88%, with a trading volume of 28,800 shares and a transaction value of 80.81 million yuan [1] - Mingyue Optical (301101) closed at 44.80, up 1.86%, with a trading volume of 39,400 shares and a transaction value of 176 million yuan [1] - Zhejiang Zhengte (001238) closed at 57.41, up 1.79%, with a trading volume of 6,672 shares and a transaction value of 38.09 million yuan [1] Capital Flow - The entertainment products sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 145 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Qixin Group had a net inflow of 26.39 million yuan from institutional investors, but a net outflow of 2.38 million yuan from speculative funds [3] - Yingpais (002899) saw a net inflow of 12.42 million yuan from institutional investors, while retail investors had a net outflow of 16.35 million yuan [3] - Guangbo Co. (002103) had a net inflow of 5.94 million yuan from institutional investors, with a net outflow of 11.49 million yuan from retail investors [3]

Market Performance - The entertainment products sector increased by 0.36% on January 22, with Yingpais leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Yingpais (002899) closed at 34.19, up 4.30%, with a trading volume of 51,600 shares and a transaction value of 173 million yuan [1] - Other notable performers included Guangyuanqufen (300220) at 15.88, up 1.73%, and Chenguang Co. (6688809) at 28.32, up 1.51% [1] Capital Flow Analysis - The entertainment products sector experienced a net outflow of 4.3585 million yuan from institutional investors, while retail investors saw a net outflow of 31.0272 million yuan [2] - Conversely, speculative funds recorded a net inflow of 35.3857 million yuan [2] Detailed Capital Flow for Selected Stocks - Guangbo Co. (002103) had a net inflow of 26.7538 million yuan from institutional investors, while retail investors faced a net outflow of 23.8108 million yuan [3] - Yingpais (002899) saw a net inflow of 13.7134 million yuan from institutional investors, with retail investors experiencing a net outflow of 9.2404 million yuan [3]

Market Overview - The entertainment products sector increased by 0.01% on January 20, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down by 0.01%, while the Shenzhen Component Index closed at 14155.63, down by 0.97% [1] Top Performers - Qixin Group (002301) closed at 8.19, up by 3.02%, with a trading volume of 407,800 shares and a transaction value of 330 million yuan [1] - Chenguang Group (6688809) closed at 28.25, up by 1.99%, with a trading volume of 79,000 shares and a transaction value of 221 million yuan [1] - Source Medical (001222) closed at 23.92, up by 1.57%, with a trading volume of 29,400 shares and a transaction value of 70.11 million yuan [1] Underperformers - Hailun Piano (300329) closed at 15.20, down by 5.00%, with a trading volume of 86,000 shares and a transaction value of 132 million yuan [2] - Zhejiang Natural (605080) closed at 25.80, down by 4.83%, with a trading volume of 77,600 shares and a transaction value of 202 million yuan [2] - Gaole Shares (002348) closed at 6.02, down by 3.22%, with a trading volume of 314,400 shares and a transaction value of 192 million yuan [2] Capital Flow - The entertainment products sector saw a net inflow of 3.75 million yuan from institutional investors, while retail investors experienced a net outflow of 101 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying and retail selling [2] Individual Stock Capital Flow - Mingyue Lens (301101) had a net inflow of 27.42 million yuan from institutional investors, while retail investors saw a net outflow of 26.08 million yuan [3] - Qixin Group (002301) experienced a net inflow of 25.44 million yuan from institutional investors, with retail investors facing a net outflow of 44.78 million yuan [3] - Guangbo Shares (002103) had a net inflow of 17.20 million yuan from institutional investors, while retail investors saw a net outflow of 31.73 million yuan [3]

Core Viewpoint - Qixin Group has won a bid to provide digital procurement services for China Minsheng Bank, indicating a significant partnership in the financial services sector [1] Group 1: Company Overview - Qixin Group (002301) has been awarded a procurement project by China Minsheng Bank [1] - The project involves providing a one-stop digital procurement service for general materials [1] Group 2: Industry Implications - The partnership highlights the growing trend of digitalization in procurement processes within the banking industry [1] - This move may enhance operational efficiency and cost-effectiveness for China Minsheng Bank [1]

Market Overview - The entertainment products sector experienced a decline of 1.04% on January 15, with Sanbaisuo leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Tongda Chuangzhi (001368) with a closing price of 26.19, up 2.46% [1] - Zhejiang Zhengte (001238) at 52.75, up 2.19% [1] - Chenguang Co. (6688809) at 27.96, up 1.30% [1] - Significant decliners included: - Sanbaisuo (001300) at 17.00, down 4.97% [2] - Chuangyuan Co. (300703) at 26.98, down 4.66% [2] - Qunxing Toys (002575) at 6.41, down 3.75% [2] Capital Flow - The entertainment products sector saw a net outflow of 208 million yuan from institutional investors, while retail investors had a net inflow of 161 million yuan [2] - The sector's capital flow details indicate: - Yingpais (002899) had a net inflow of 19.16 million yuan from institutional investors [3] - Shuhua Sports (605299) saw a net inflow of 18.11 million yuan from institutional investors [3] - Morning Light Co. (603899) had a net inflow of 5.89 million yuan from institutional investors [3]

Core Viewpoint - Qixin Group's stock price has shown fluctuations with a recent increase of 2.03%, reflecting a total market value of 5.814 billion yuan and a year-to-date increase of 4.95% [1] Financial Performance - For the period from January to September 2025, Qixin Group reported a revenue of 7.729 billion yuan, representing a year-on-year decrease of 7.94%. The net profit attributable to shareholders was 140 million yuan, down 11.45% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 614 million yuan, with 159 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Qixin Group was 36,500, a decrease of 9.03% from the previous period. The average circulating shares per person increased by 9.93% to 19,650 shares [2] Stock Market Activity - On January 9, Qixin Group's stock traded at 8.06 yuan per share with a trading volume of 61.37 million yuan and a turnover rate of 1.07%. The main capital inflow was 2.2082 million yuan, with significant buying and selling activities recorded [1]

Group 1: Industry Overview - The light industry and beauty sector is expected to stabilize and improve due to the dual drivers of domestic demand policies and steady export growth [3] - The "14th Five-Year Plan" marks a year of enhanced domestic demand policies, coupled with consumers' increasing pursuit of high-quality living, creating significant growth opportunities for the industry [3] - The penetration rate of cross-border e-commerce has ample room for improvement, and the recovery of international relations and demand from emerging markets will further drive market expansion [3] Group 2: Beauty Sector - The cosmetics market is projected to grow steadily, with the skincare segment being the largest, reaching a market size of 4,619 billion yuan in 2024, and expected to grow at a CAGR of 8.6% from 2024 to 2029 [19] - The high-end cosmetics market is rapidly expanding, with the market size for high-end skincare products increasing from 749 billion yuan in 2019 to 1,144 billion yuan in 2024, reflecting a CAGR of 8.84% [19] - Key companies in the beauty sector include: - **Mao Geping**: Revenue reached 25.88 billion yuan in H1 2025, with a growth rate of 31.28% [23] - **Lin Qingxuan**: Revenue grew to 10.52 billion yuan in H1 2025, marking a 98.28% increase [27] - **Marubi**: Revenue is expected to reach 29.70 billion yuan in 2024, recovering from previous declines [32] Group 3: Medical Aesthetics - The medical aesthetics sector is facing short-term pressure due to cautious consumer spending, but the long-term growth potential remains strong, with a projected CAGR of 10%-15% from 2024 to 2027 [36] - The market penetration rate for medical aesthetics in China is currently at 4-5%, indicating a growth potential of 2-5 times compared to countries like the US and South Korea [36] - Key companies in the medical aesthetics sector include: - **Jinbo Biological**: Achieved revenue of 12.96 billion yuan in Q1-Q3 2025, with a year-on-year growth of 31.10% [45] Group 4: Daily Chemicals - The daily chemical industry is benefiting from domestic demand policies, with local brands poised to capture market share [49] - Companies such as **Dengkang Oral Care** and **Runben** are highlighted for their strong market positions and growth potential [51][55] - **Shanghai Jahwa** has shown significant growth, with revenue reaching 49.61 billion yuan in Q1-Q3 2025, reflecting a 10.83% increase [59] Group 5: Home Furnishing - The home furnishing sector is under pressure due to weak real estate sales, with a 15% decline in residential investment in 2025 [65] - National subsidies for home appliances and furnishings have provided some support, but the long-term effects are limited [65] - Leading companies such as **Oppein Home** and **Kuka Home** are noted for their strong channel capabilities and multi-category layouts [65]

Core Viewpoint - Qixin Group's stock price has shown a modest increase of 2.21% year-to-date, with fluctuations in recent trading days indicating mixed performance in the market [2]. Group 1: Stock Performance - As of January 5, Qixin Group's stock price reached 7.85 CNY per share, with a trading volume of 69.19 million CNY and a turnover rate of 1.25%, resulting in a total market capitalization of 5.662 billion CNY [1]. - The stock has increased by 2.21% since the beginning of the year, with a 0.64% rise over the last five trading days, a 1.26% decline over the last 20 days, and a significant 23.80% increase over the last 60 days [2]. Group 2: Company Overview - Qixin Group, established on January 12, 2000, and listed on October 21, 2009, is located in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of office supplies, including document management products and office equipment [2]. - The company's revenue composition is primarily from office supplies (99.18%), with minor contributions from other segments (0.46%) and enterprise-level SaaS software and services (0.36%) [2]. - Qixin Group is classified under the light industry manufacturing sector, specifically in cultural products, and is associated with concepts such as artificial intelligence, cloud computing, digital economy, Tencent concepts, and online office solutions [2]. Group 3: Financial Performance - For the period from January to September 2025, Qixin Group reported a revenue of 7.729 billion CNY, reflecting a year-on-year decrease of 7.94%, while the net profit attributable to shareholders was 140 million CNY, down 11.45% year-on-year [2]. - The company has distributed a total of 614 million CNY in dividends since its A-share listing, with 159 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, Qixin Group had 36,500 shareholders, a decrease of 9.03% from the previous period, with an average of 19,650 circulating shares per shareholder, which is an increase of 9.93% [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].