Summary of Conference Call Notes Company and Industry Involved - The focus is on **Jiaodian Technology** and the broader **AI application industry** Core Points and Arguments 1. **AI Application Growth**: Since early November, there has been a notable shift in AI applications, with many overseas companies transitioning from investment phases to generating revenue through AI products, enhancing customer acquisition and payment rates [1] 2. **Investment Transition**: The investment landscape is moving from speculative to practical, emphasizing companies with solid fundamentals rather than just product discussions [2] 3. **Company Fundamentals**: Jiaodian Technology's fundamentals are strong, with a significant increase in contract liabilities, which reached approximately 910 million, a 25% year-over-year growth [4] 4. **Valuation Insights**: The historical P/E ratio of Jiaodian Technology is around 20x, with projected profits from traditional business expected to be around 11 billion [5] 5. **AI Product Development**: The company is leveraging over 20 years of experience in digital foreign trade to develop AI products, with a focus on the **FocusM platform** [5] 6. **User Growth Projections**: By 2025, the company anticipates around 15,000 to 20,000 AI product paying users, potentially generating approximately 300 million in AI business revenue [7][8] 7. **Market Valuation Expectations**: Short-term market valuation could reach around 20 billion, with long-term projections suggesting a potential increase to 50-60 billion based on AI contributions [10][14] 8. **AI Market Trends**: The AI application sector is expected to grow significantly, with a focus on reliable companies, as market dynamics shift towards companies with solid fundamentals [11][12] 9. **Investment Recommendations**: Key companies recommended for investment include Jiaodian Technology, Dingji Data, Jingzhi Software, and Fanwei Network, with a strong emphasis on AI applications [12] 10. **Long-term Outlook**: The AI hardware market is anticipated to expand by 2025, with Jiaodian Technology positioned to benefit from this trend, suggesting a favorable investment environment [14] Other Important but Overlooked Content - The discussion highlighted the importance of cash flow and advance payments as a safeguard for future performance, indicating a robust operational structure [10] - The potential for AI applications to replace traditional labor in foreign trade roles, with significant cost savings projected for companies adopting these technologies [9] - The overall sentiment in the market is shifting towards valuing companies with strong fundamentals, especially in the AI sector, as speculative investments may decline [11][14]

证券代码：002315 证券简称：焦点科技 公告编号：2024-036 焦点科技股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 焦点科技股份有限公司（以下简称"公司"，证券简称：焦点科技，证券代 码：002315）股票交易价格连续三个交易日（2024年12月5日、2024年12月6日、 2024年12月9日）日收盘价格涨幅偏离值累计超过20%。根据深圳证券交易所相关 规则，公司股票交易属于异常波动情况。 二、公司关注、核实情况的说明 针对公司股票异常波动情况，经与公司经营层、控股股东、实际控制人就相 关问题进行了必要的核实，现将核实情况说明如下： 1、经核实，公司前期披露的信息不存在需要更正、补充之处。 2、公司查阅近期公共传媒报道未发现近期公共传媒报道了可能或已经对本 公司股票交易价格产生较大影响的未公开重大信息。 3、公司目前经营情况正常，内外部经营环境未发生重大变化。 4、经征询公司控股股东、实际控制人及公司管理层，确认公司未有应披露 而未披露的重大事项，也不存在处于筹划阶段的重大事项。 ...

Company Performance - Focus Technology's stock price hit a historical high, rising by 9.17% to 48.11 yuan with a trading volume of 2379.27 million shares and a turnover of 1.083 billion yuan [1] - The company's A-share total market capitalization reached 15.262 billion yuan, with a circulating market capitalization of 9.723 billion yuan [1] - The stock's turnover rate was 11.77% [1] Industry Performance - The overall increase in the commerce and retail industry was 0.55% [1] - Within the industry, 55 stocks experienced price increases, including Maoye Commercial and Wenfeng Shares, which hit the daily limit up [1] - 37 stocks saw price declines, with Guoguang Chain, Zhongbai Group, and Yonghui Supermarket leading the losses at 6.73%, 5.68%, and 4.98% respectively [1]

证券代码：002315 证券简称：焦点科技 公告编号：2024-035 焦点科技股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 焦点科技股份有限公司（以下简称"公司"，证券简称：焦点科技，证券代 码：002315）股票交易价格连续三个交易日（2024年11月13日、2024年11月14 日、2024年11月15日）日收盘价格涨幅偏离值累计超过20%。根据深圳证券交易 所相关规则，公司股票交易属于异常波动情况。 二、公司关注、核实情况的说明 针对公司股票异常波动情况，经与公司经营层、控股股东、实际控制人就相 关问题进行了必要的核实，现将核实情况说明如下： 1、经核实，公司前期披露的信息不存在需要更正、补充之处。 2、公司查阅近期公共传媒报道未发现近期公共传媒报道了可能或已经对本 公司股票交易价格产生较大影响的未公开重大信息。 3、公司目前经营情况正常，内外部经营环境未发生重大变化。 4、经征询公司控股股东、实际控制人及公司管理层，确认公司未有应披露 而未披露的重大事项，也不存在处于筹划阶段的重大 ...

证券代码：002315 证券简称：焦点科技 公告编号：2024-034 焦点科技股份有限公司 关于控股股东部分股份质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 1、本次股份质押基本情况 单位：股 | | | | | | | 是 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股 | 是否为控 | | 占其 | | 是否为 | 否 | | | | 质 | | 东 | 股股东或 | | 所持 | 占公司总 | 限售股 | 为 | 质押 | 质押 | | 押 | | | 第一大股 | 本次质押数量 | | | （如是， | 补 | 起始 | 到期 | 质权人 | | | 名 | | | 股份 | 股本比例 | | | | | | 用 | | 称 | 东及其一 | | 比例 | | 注明限 | 充 | 日 | 日 | | 途 | | | 致行动人 | | | | 售类型） | 质 | | | | | | | | | | | | 押 | | | | | | | | | | | | | ...

Group 1: AI Product Development and Strategy - Focus Technology is committed to AI application development, leveraging its influential B2B platform, Made-in-China.com, to enhance multi-language communication and automate repetitive tasks [3][4]. - In 2023, the company launched AI MaiKe, with version 1.0 debuting in April, followed by version 2.0 in July, and version 3.0 in September, which significantly improved operational efficiency for foreign trade [3]. - The latest upgrade to version 4.0 in November 2024 allows for comprehensive automation of foreign trade workflows, enhancing productivity and learning capabilities [3]. Group 2: Organizational Changes and New Initiatives - The establishment of an independent AI division in July 2024 aims to integrate the latest AI technologies with traditional foreign trade practices [4]. - New products like Sourcing AI and Mentarc have been introduced to assist global buyers and cross-border e-commerce businesses, addressing various operational challenges [4]. Group 3: Market Impact and Strategic Responses - The potential imposition of tariffs by certain countries is viewed as manageable, as the global buyer traffic on the Made-in-China.com platform remains stable despite localized impacts [4][5]. - The company’s AI products are positioned to help businesses cope with increased costs and profit pressures due to tariffs, thereby maintaining operational efficiency and fostering partnerships [4]. Group 4: Future Business Model Considerations - The company is exploring the possibility of transitioning from a subscription-based model to a commission-based model tied to transaction volumes, enhancing monetization opportunities [5]. - Current monetization strategies focus on providing value through improved customer engagement and operational efficiency, with ongoing exploration of AI's role in enhancing business outcomes [5].

Summary of Focus Technology Conference Call Company Overview - Focus Technology has positioned itself as an AI application enterprise since last year, focusing on practical applications to enhance supplier efficiency and create value [2][4]. Key Industry Insights - Overseas software companies have reported performance improvements due to AI in their Q3 financial results, with expectations that domestic AI application companies will reflect similar revenue growth and profit margin improvements in their upcoming financial reports [2][3]. - The current market trend is shifting focus from AI hardware to software applications, indicating a favorable environment for AI application companies [3]. Core Developments and Products - Focus Technology launched the Leanne Myco service for paid members and established an independent AI division, targeting global buyers and distributors [2][4]. - The AI Mike platform has reached version 4.0, featuring automated policy operations, enhanced customization capabilities, and a focus on increasing business opportunities and efficiency [2][7][11]. - AI Mike provides email management features, including translation and automatic reply generation, significantly improving communication efficiency [8]. - In product management, AI Mike utilizes AIGC technology to assist users in quickly creating product titles, keywords, and multimedia content, enhancing content production efficiency for e-commerce platforms [9]. Market Position and Strategy - Focus Technology aims to leverage its resources for practical application scenarios, particularly in the B2B foreign trade sector, without engaging in foundational model training [6][16]. - The company is exploring software export strategies, modularizing its capabilities for global markets, and enhancing team management and platform operation capabilities to increase growth potential [16][17]. Challenges and Market Expectations - The company has faced high market expectations regarding the penetration rate of its iMac product, which have not been fully realized due to the slow pace of AI application development in the industry [5]. - Despite economic uncertainties, the demand for AI products is expected to rise as businesses seek cost-effective solutions to enhance buyer traffic [18][19]. Future Directions - Focus Technology plans to continue enhancing its AI capabilities, focusing on customized services to meet diverse enterprise needs while optimizing machine learning capabilities for better support in e-commerce [12][22]. - The company is also looking to transition from a subscription model to a merchant service model, enhancing AI functionalities in e-commerce platform management and data analysis [21][22]. Conclusion - Focus Technology is committed to advancing its AI applications and expanding its market presence, with a clear focus on practical solutions that drive efficiency and productivity in the e-commerce sector [27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant profit optimization with a notable increase in AI product launches [1] - In Q3 2024, the company reported revenue of 416 million yuan, a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 124 million yuan, up 14.88% year-on-year [1] - The company has effectively reduced costs and improved efficiency, with a gross margin of 80.1% and a net profit margin of 29% in the first three quarters [1] - The number of paid members on the China Manufacturing Network (MIC) platform has reached 26,700, an increase of 934 members since mid-2024 [1] - The AI division has launched an open platform, Focus AIM, integrating four core AI products, enhancing its market offerings [1] Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 1.21 billion yuan, a year-on-year growth of 7.8%, and a net profit of 360 million yuan, up 20.2% year-on-year [1] - The company’s revenue projections for 2024, 2025, and 2026 are 1.711 billion yuan, 2.018 billion yuan, and 2.281 billion yuan respectively, with expected growth rates of 12.1%, 17.9%, and 13.1% [2][5] - The net profit attributable to shareholders is projected to be 457 million yuan, 565 million yuan, and 662 million yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.8%, 23.4%, and 17.2% [2][5] Cost Management - The company has successfully optimized its cost structure, with a sales expense ratio of 32.78%, a management expense ratio of 8.06%, and a research and development expense ratio of 7.93% [1] - The gross margin has improved by 1.6 percentage points year-on-year, indicating effective cost management strategies [1] Market Opportunities - The company has seen a 20.33% increase in business opportunities during the annual "Golden Autumn Fair" held in August, showcasing its strong market presence [1] - The AI product offerings are expanding, with the introduction of new tools aimed at enhancing operational efficiency for foreign trade enterprises [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company has shown steady growth in paid memberships on the China Manufacturing Network, with a total of 26,668 paid members as of Q3 2024, an increase of 934 members since the end of H1 2024 [4] - The AI product, Mentarc, was officially launched in Q3 2024, aimed at providing e-commerce tools for global distributors and cross-border merchants [4] - The company’s revenue for Q3 2024 reached 416 million yuan, representing a year-over-year increase of 8.50%, while the net profit attributable to shareholders was 124 million yuan, up 14.88% year-over-year [5][6] Financial Performance - The company’s overall revenue growth is driven by the stable performance of the China Manufacturing Network and the commercialization of AI products [6] - The gross margin improved by 1.31 percentage points year-over-year, while the sales expense ratio decreased by 0.66 percentage points [6] - The projected revenues for 2024, 2025, and 2026 are 1.713 billion yuan, 1.943 billion yuan, and 2.154 billion yuan, respectively, with net profits expected to be 472 million yuan, 554 million yuan, and 653 million yuan [6][9] Earnings Forecast - The diluted EPS for the years 2024, 2025, and 2026 are projected to be 1.49 yuan, 1.75 yuan, and 2.06 yuan, respectively [6][9] - The company is expected to maintain a P/E ratio of 21.36 for 2024, decreasing to 15.44 by 2026 [9][11]

关于公司部分董事、高级管理人员减持股份预披露公告 证券代码：002315 证券简称：焦点科技 公告编号：2024—033 焦点科技股份有限公司 公司董事兼财务总监顾军先生、董事兼董事会秘书迟梦洁女士、高级副 总裁成俊杰先生保证向本公司提供的信息内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息 一致。 特别提示：持有焦点科技股份有限公司（以下简称"公司"）股份 400,000 股（占 公司总股本比例 0.1261%）的董事兼财务总监顾军先生计划在本公告披露之日起十五个 交易日后的 3 个月内，以集中竞价方式/大宗交易方式减持本公司股份不超过 175,000 股（占公司总股本比例 0.0552%）。 持有公司股份 300,000 股（占公司总股本比例 0.0946%）的董事兼董事会秘书迟梦 洁女士计划在本公告披露之日起十五个交易日后的 3 个月内，以集中竞价方式/大宗交 易方式减持本公司股份不超过 131,250 股（占公司总股本比例 0.0414%）。 持有公司股份 297,500 股（占公司总股本比例 0.0938%）的高级副总裁成俊杰 ...