证券代码：002315 证券简称：焦点科技 公告编号：2025-014 焦点科技股份有限公司 关于 2024 年度业绩激励基金计提和分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 根据焦点科技股份有限公司（以下简称"公司"）经2022年第一次临时股东 大会决议审议通过的《焦点科技股份有限公司业绩激励基金管理办法》（以下简 称"《激励基金管理办法》"）规定，结合公司2024年经营情况，2024年度公司 业绩激励基金的获授条件已经成就。 公司于2025年3月19日召开第六届董事会第十五次会议，审议通过了《关于 2024年度业绩激励基金计提和分配方案的议案》（以下简称"《激励基金计提和 分配方案》"），董事会同意按照公司《激励基金管理办法》计提2,141.14万元 激励基金，并向291名符合规定条件的激励对象分配3,581.08万元业绩激励基金 （包含过往年度预留部分）。现将相关具体情况公告如下： 一、 公司年度业绩激励基金管理办法的决策程序及历次审议情形 1、2022年7月29日公司召开了第五届董事会第二十四次会议,以6票同意，0 票反对，0票弃权 ...

Group 1: AI Business Development - The company plans to enhance AI business revenue by promoting AI products through the sales team and optimizing product performance to attract more paying sellers [1][2] - AI Makao generated over 20 million CNY in cash revenue in 2023, with a projected increase to over 45 million CNY in 2024, representing a growth of approximately 125% [8] - The company aims to explore more applications of AI in foreign trade to foster new growth points [1][4] Group 2: Impact of External Factors - The export growth rate for 2024 is expected to be only 3%, but the company believes its operations will remain stable due to its focus on small and medium-sized foreign trade enterprises [3] - In 2024, China's export scale reached 25.45 trillion CNY, with a year-on-year growth of 7.1%, indicating a resilient economic foundation despite external challenges [3] Group 3: Cross-Border Business Performance - The cross-border business revenue for 2024 was 92,215,424.62 CNY, showing a year-on-year increase of 6.7% [6] - The company has made significant progress in the Southeast Asian market, establishing a buyer service center in the Philippines to enhance user engagement [6] Group 4: AI Product Offerings - Current AI products include AI Makao, Mentarc, and Sourcing AI, which provide various functionalities to enhance foreign trade processes [3][4] - The company is committed to continuous improvement of AI products based on user needs and market demands [4][7] Group 5: Future Growth Drivers - Future growth will be driven by stable core business development, rapid AI business expansion, effective cost reduction measures, and structural opportunities in the foreign trade market [9]

| [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,527 | 1,669 | 1,939 | 2,194 | 2,461 | | (+/-)% | 3.5% | 9.3% | 16.2% | 13.1% | 12.2% | | 净利润（归母） | 379 | 451 | 545 | 640 | 733 | | (+/-)% | 26.1% | 19.1% | 20.8% | 17.5% | 14.5% | | 每股净收益（元） | 1.19 | 1.42 | 1.72 | 2.02 | 2.31 | | 净资产收益率(%) | 15.4% | 18.0% | 20.6% | 23.0% | 24.8% | | 市盈率(现价&最新股本摊薄） | 34.33 | 28.83 | 23.87 | 20.31 | 17.74 | 本报告导读： Q4 营收净利增速回升，随会员稳步增长、AI 产品迭代创新、深化一站式外贸服务 能力，看好 ...

Group 1: Financial Performance - In 2024, the company's operating revenue reached 1.661 billion CNY, an increase of 9.31% compared to the previous year [1] - The net profit attributable to shareholders was 451 million CNY, reflecting a 19.09% increase year-on-year, including 21.41 million CNY for performance incentive funds [1] - The net profit after deducting non-recurring items was 438 million CNY, also up by 19.08% from the previous year [1] Group 2: Business Operations - The revenue from Made-in-China.com accounted for 84.24% of total revenue, amounting to 1.399 billion CNY in 2024 [1] - Cash collections from Made-in-China.com grew by over 10% year-on-year, with the platform's paid member count increasing by 2,829 to 27,415 [1] - The company implemented a "dual-line advancement" strategy in 2024 to enhance service capabilities and global layout [2] Group 3: Market Expansion - The company achieved significant growth in emerging markets: Southeast Asia (traffic +58.5%, opportunities +33%), Middle East (traffic +38%, opportunities +24%), and Latin America (traffic +32.8%, opportunities +32.8%) [2] - The total registered buyers on the platform increased by 28% year-on-year [2] Group 4: AI Development - The company launched the AI assistant "AI Mai Ke" in 2023, with over 9,000 members purchasing it by the end of 2024, generating cash income exceeding 45 million CNY [3][4] - The AI product has undergone multiple iterations, with the latest version (4.0) capable of automating the entire foreign trade workflow [4] Group 5: Revenue Recognition - The AI business reported revenue of 24.48 million CNY, attributed to the prepayment model where revenue is recognized based on actual usage time by suppliers [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in buyer traffic, leading to an acceleration in seller payment collection. The total revenue for Q4 2024 was 457 million yuan, a year-on-year increase of 13.63%, while the net profit attributable to the parent company was 93 million yuan, up 15.12% year-on-year [8] - The company has implemented operational reforms that have resulted in improved efficiency and cash collection. In H1 2024 and H2 2024, cash received from sales of goods and services increased by 6.43% and 17.76% year-on-year, respectively [8] - The AI platform business is expected to generate substantial cash flow, with the Mentarc platform anticipated to connect with major e-commerce platforms and attract more external merchants [8] Financial Projections - Total revenue is projected to grow from 1,527 million yuan in 2023 to 2,545 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.61% [1] - Net profit attributable to the parent company is expected to rise from 378.87 million yuan in 2023 to 784.92 million yuan in 2027, with a CAGR of 15.56% [1] - The earnings per share (EPS) is forecasted to increase from 1.19 yuan in 2023 to 2.47 yuan in 2027 [1] Market Data - The closing price of the company's stock is 41.00 yuan, with a market capitalization of approximately 13,006.67 million yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 34.33 in 2023 to 16.57 in 2027, indicating potential undervaluation [1] Operational Highlights - The company has seen a 28% year-on-year increase in total buyer registrations, with significant growth in various regions, including Southeast Asia (58.50% increase) and the Middle East (38% increase) [8] - The number of paid members on the platform reached 27,415 by the end of 2024, an increase of 11.5% year-on-year [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [1]. Core Insights - The company has experienced accelerated seller cash collection, driven by increased buyer traffic and operational improvements. The total revenue for Q4 2024 reached 457 million yuan, a year-on-year increase of 13.63%, while the net profit attributable to the parent company was 93 million yuan, up 15.12% year-on-year [8]. - The company has implemented significant operational reforms, resulting in improved efficiency and cash collection. The cash received from sales and services increased by 6.43% in H1 2024 and 17.76% in H2 2024, with expectations for seller cash collection to reach 20% growth in 2025 [8]. - The AI platform business is anticipated to generate substantial cash flow, with the Mentarc platform expected to connect with major e-commerce platforms and attract more external merchants [8]. Financial Projections - The company's total revenue is projected to grow from 1,527 million yuan in 2023 to 2,545 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of 16.61% [1]. - The net profit attributable to the parent company is expected to increase from 378.87 million yuan in 2023 to 784.92 million yuan in 2027, with a CAGR of 15.56% [1]. - The earnings per share (EPS) is forecasted to rise from 1.19 yuan in 2023 to 2.47 yuan in 2027, indicating a strong growth trajectory [1]. Market Data - The closing price of the company's stock is 41.00 yuan, with a market capitalization of approximately 13,006.67 million yuan [5]. - The company has a price-to-earnings (P/E) ratio of 34.33 for the current year, which is expected to decrease to 16.57 by 2027, suggesting potential undervaluation [1][5]. Operational Highlights - The company has seen a significant increase in buyer registrations, with a 28% year-on-year growth in 2024. Notably, regions such as Southeast Asia and the Middle East experienced buyer traffic growth of 58.50% and 38%, respectively [8]. - The number of paid members on the platform reached 27,415 by the end of 2024, marking an 11.5% increase year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company demonstrated stable performance with a revenue increase of 9% year-on-year, reaching 1.67 billion yuan, and a net profit increase of 19%, amounting to 450 million yuan [2][5] - The AI-driven initiatives and scale effects contributed to an improvement in gross margin, with the gross margin for the core business, China Manufacturing Network, reaching 80% [3][5] - The number of members for the China Manufacturing Network and AI Makai has significantly increased, with AI Makai reaching nearly 9,000 users by the end of 2024 [4][5] - Buyer traffic has surged, particularly in Southeast Asia, with a 59% increase in traffic and a 33% increase in business opportunities [5] Financial Summary - For 2024, the company expects revenue of 1.67 billion yuan, with projections for 2025, 2026, and 2027 being 1.88 billion yuan, 2.08 billion yuan, and 2.25 billion yuan respectively, reflecting growth rates of 13%, 10%, and 8% [5][12] - The forecasted net profit for 2024 is 450 million yuan, with expected increases to 536 million yuan in 2025, 621 million yuan in 2026, and 714 million yuan in 2027, indicating growth rates of 19%, 16%, and 15% respectively [5][12] - The company maintains a projected P/E ratio of 24, 21, and 18 for the years 2025, 2026, and 2027 [5][12]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company has shown steady growth in its main business of cross-border e-commerce, with significant innovation and upgrades in AI applications [5] - In 2024, the company achieved operating revenue of 1.661 billion yuan, a year-on-year increase of 9.31%, and a net profit attributable to shareholders of 451 million yuan, up 19.09% year-on-year [3][5] - The AI business has demonstrated remarkable growth, with a revenue increase of 287.20% year-on-year [5] Financial Performance Summary - For 2024, the company reported revenues from various segments: - China Manufacturing Network: 1.356 billion yuan (up 8.78%) - New Insurance Business: 116 million yuan (up 2.12%) - Cross-border Business: 92 million yuan (up 6.70%) - Agency Business: 43 million yuan (down 4.87%) - AI Business: 24 million yuan (up 287.20%) - Other: 29 million yuan (up 36.32%) [5] - The company’s gross margin and net margin improved, with gross margin at 80.29% and net margin at 27.38%, reflecting an increase of 0.84 percentage points and 2.21 percentage points year-on-year, respectively [5] - The company’s operating income for Q4 2024 was 455 million yuan, a year-on-year increase of 13.62%, with a net profit of 93 million yuan, up 15.12% [3][5] Future Earnings Forecast - The company is expected to achieve operating revenues of 1.928 billion yuan, 2.170 billion yuan, and 2.431 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 16.08%, 12.54%, and 12.05% [6] - The net profit attributable to shareholders is projected to be 548 million yuan, 652 million yuan, and 753 million yuan for the same years, with growth rates of 21.43%, 18.91%, and 15.57% [6][7] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26.4X, 22.2X, and 19.2X, respectively [6][7] - The company’s return on equity (ROE) is forecasted to be 18.96% in 2025, increasing to 19.34% in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 2024 revenue of 1.661 billion yuan, representing a year-on-year increase of 9.31%. The net profit attributable to the parent company reached 451 million yuan, up 19.09% year-on-year. The AI business revenue surged to 24.48 million yuan, marking a significant growth of 287.20% [4][5] - The company has seen stable growth in its MIC membership, with the number of annual members increasing to 27,415, an increase of 2,829 members compared to the previous year. The AI product, AI Mai Ke, has accumulated over 9,000 paying users, generating cash income exceeding 45 million yuan [5] - The AI Mai Ke product has evolved to handle complete foreign trade workflows, significantly enhancing operational efficiency and customer service capabilities. The company anticipates further growth in its AI product offerings, particularly in the sourcing AI sector [6] Financial Performance Summary - For 2024, the company reported a revenue of 1.661 billion yuan, with a year-on-year growth of 9.3%. The net profit attributable to the parent company was 451 million yuan, reflecting a 19.1% increase. The projected revenues for 2025, 2026, and 2027 are 1.935 billion yuan, 2.227 billion yuan, and 2.509 billion yuan, respectively, with expected year-on-year growth rates of 16.5%, 15.1%, and 12.6% [7][9] - The projected net profit for the same years is 555 million yuan, 667 million yuan, and 778 million yuan, with anticipated growth rates of 23.0%, 20.2%, and 16.5% [7][9] - The earnings per share (EPS) are expected to increase from 1.42 yuan in 2024 to 2.45 yuan by 2027 [9][12]

Summary of Conference Call Company and Industry - The conference call pertains to a company involved in e-commerce and AI technology, specifically focusing on the "Made in China" platform and its related services. Key Points and Arguments Buyer Traffic and Growth - The company has seen a significant increase in buyer traffic, with a reported growth rate exceeding 28% year-over-year since implementing internal adjustments in April of the previous year [4][6][3]. - The focus on enhancing buyer traffic began in April of last year, with substantial efforts made to improve performance and operational quality, particularly through AI technology [2][3]. AI Integration and Product Development - The company is prioritizing the integration of AI into its core business operations, particularly in sourcing and information retrieval, to enhance user experience and operational efficiency [12][24]. - There is a strategic emphasis on developing AI products that align with existing business models, ensuring that the company remains competitive and innovative in the market [12][26]. Customer Retention and Revenue Generation - The company is focusing on improving customer retention rates, with a strategy to enhance the renewal intentions of existing clients through better service and performance [6][7]. - The management is considering increasing investments in marketing directed at suppliers to attract new vendors to the platform, which is expected to support revenue growth [7][22]. Marketing and Advertising Strategy - The company is shifting its advertising strategy towards more precise targeting, allowing suppliers to purchase traffic based on specific needs rather than relying on fixed ad placements [32][34]. - This approach aims to improve the overall user experience by reducing clutter and enhancing the relevance of advertisements shown to buyers [33]. Future Projections and Goals - The company aims for a 20% annual growth in cash collections for 2025, indicating a strong focus on financial performance and operational efficiency [22]. - There is an expectation that AI applications will significantly transform the way business opportunities are discovered and information is searched, positioning the company for future growth [24]. Internal Changes and Management Structure - The management structure has undergone changes, with a focus on aligning executive incentives with business performance across various departments [8]. - The company is committed to investing significantly in AI capabilities, with plans to increase R&D spending in this area substantially over the coming years [26]. Other Important but Possibly Overlooked Content - The company is exploring the potential of integrating third-party AI models to enhance its product offerings, indicating a willingness to adapt and innovate based on market trends [27][28]. - There is a recognition that while AI can enhance operational efficiency, it cannot fully replace specialized human talent in certain business areas, highlighting the importance of a balanced approach to technology integration [16][17].