国联股份20241030

Summary of Conference Call Company and Industry Overview - The company has maintained stable business development and effective strategy implementation in the first half of the year, with a successful hosting of the ninth Chain Business Festival in early September, which contributed to performance growth and increased industry influence [1][2] - The company operates in multiple vertical industries and is currently facing significant operational pressures, similar to other enterprises in the industry [1][3] Financial Performance - In Q3, the company achieved revenue of 17.26 billion, a year-on-year increase of 26.62%, and a profit of 4.07 billion, up 12.38% year-on-year. The adjusted profit was approximately 4 billion, reflecting an 8.35% increase [1] - The overall performance in the first three quarters is considered satisfactory despite external pressures [3][4] Growth Strategies - The company is focused on three growth curves: 1. Transaction Platform Services: Continued stable growth without significant changes [4] 2. Digitalization: Collaborated with 170 cloud factories, including about 70 digital factories, showing steady progress [5] 3. Cross-Border Business: Achieved 7.464 billion in transaction revenue in the first three quarters, with a shift from 90% import to 70% export in cross-border e-commerce revenue structure [5][6] Challenges and Responses - The company is actively addressing operational challenges and has implemented various strategies to support upstream and downstream enterprises, including flexible payment terms [12][13] - Cash flow has been under pressure due to external uncertainties and operational challenges, but the company is optimistic about future improvements as the macroeconomic environment stabilizes [10][19] Research and Development - R&D expenses have decreased, but the company maintains that this does not indicate a reduction in digitalization efforts. Instead, it reflects a shift towards a more mature phase of product development [9][11] - The company is committed to ongoing development in digitalization and data asset management, with plans to enhance data services and products [7][26] Market Outlook - The company remains confident in the long-term growth potential of the Chinese economy and the digital transformation of traditional industries [17][18] - Future improvements in cash flow and profitability are expected as the economic environment improves and operational strategies are refined [19][22] Customer Dynamics - The company reported stable repurchase rates from existing customers and a significant increase in new customer acquisition, indicating a positive trend in customer engagement [30] Conclusion - The company emphasizes its commitment to proactive management and strategic growth despite external pressures, urging investors to remain patient as it navigates current challenges [36]