Financial Data and Key Metrics - Revenue for Q1 2024 reached RMB 2,137 million, a YoY increase of 8.45% and a QoQ decrease of 7.50% [2] - Net profit attributable to shareholders was RMB 285 million, a YoY increase of 47.95% and a QoQ increase of 38.52% [2] - Adjusted net profit attributable to shareholders (excluding share-based compensation costs) was RMB 329 million, compared to RMB 236 million in the same period last year and RMB 257 million in Q4 2023 [2] - Monthly active devices for the company's office software products reached 602 million, a YoY increase of 2.21% and a QoQ increase of 0.67% [2] Business Line Data and Key Metrics - Online games and other revenue was RMB 912 million, a YoY decrease of 0.78% and a QoQ decrease of 11.02%, accounting for 42.66% of total revenue [3] - Office software and services revenue was RMB 1,225 million, a YoY increase of 16.52% and a QoQ decrease of 4.69%, accounting for 57.34% of total revenue [3] - The growth in office software revenue was driven by domestic personal and institutional subscription services, as well as institutional licensing, partially offset by a decline in advertising revenue [3] Market Data and Key Metrics - The company's flagship game "JX3" maintained steady growth, while the mobile version "JX3: Beyond Boundaries" is expected to launch in June 2024, offering a multi-platform gaming experience [7] - The sci-fi mecha game "Xianji" received a license in March 2024 and is undergoing testing and optimization in both domestic and overseas markets [7] Company Strategy and Industry Competition - The company is focusing on its "multi-screen, cloud, content, collaboration, AI" strategy, with continuous investment in AI and collaboration product development [7] - WPS AI began initial commercialization in March, and the upgraded WPS 365 platform was launched in April, providing a comprehensive AI office solution [7] - The company remains confident in its competitive position against Microsoft's Copilot, citing strong user loyalty and a solid foundation in the domestic market [9] Management Commentary on Operating Environment and Future Outlook - The company achieved steady financial performance in Q1 2024, with operating profit reaching RMB 601.6 million, a YoY increase of 31% [7] - Management emphasized the importance of user feedback and long-term operational strategies, particularly in the gaming segment [8] - The company is optimistic about the growth potential of its AI-driven office solutions and expects further advancements in both C-end and B-end markets [8] Other Important Information - The company's gross margin for Q1 2024 was 81.46%, a YoY decrease of 1.04 percentage points and a QoQ decrease of 0.62 percentage points [4] - R&D expenses increased by 7.83% YoY to RMB 713 million, driven by continued investment in AI and collaboration products [4] - Sales and marketing expenses decreased by 25.59% YoY to RMB 261 million, primarily due to reduced promotional spending in the gaming segment [4] Q&A Summary Q1: Sustainability of "Chen Bai" and WPS AI progress - The company is confident in the sustained growth of "Chen Bai" due to its deep expertise in the niche market and has raised its full-year revenue guidance for the game [8] - WPS AI's C-end testing met expectations, and the company is focusing on model optimization and B-end integration with existing clients [8] Q2: Breakdown of gaming growth and share repurchase plans - "Chen Bai" is expected to contribute significantly to gaming revenue growth, while "JX3: Beyond Boundaries" will drive user base expansion [8] - The company has a share repurchase plan of up to HKD 1 billion, with flexibility based on market conditions [8] Q3: AI competition and cost impact - The company views the reduction in AI model costs as beneficial and is considering lowering membership fees for WPS AI [9] - Management is not concerned about competition from Microsoft's Copilot, citing strong user loyalty and a solid domestic market presence [9]

金山云 年第一季度业绩交流 原文 24 240522_ 2024年05月23日09:51 发言人1 00:00 无效无效无效无效无效无效无效无效。 发言人1 00:22 无效。今天。 发言人2 00:26 今天。 发言人1 00:30 无效。 发言人1 00:40 哎呦。 发言人1 00:47 无效。 ...

Financial Data and Key Metrics Changes - In Q1 2024, Kingsoft Corporation achieved revenue of RMB 21.37 billion, representing a year-over-year increase of 8.45% but a quarter-over-quarter decrease of 7.50% [2] - The net profit attributable to shareholders for Q1 2024 was RMB 2.85 billion, showing a year-over-year increase of 47.95% and a quarter-over-quarter increase of 38.52% [4] - The adjusted net profit before share-based compensation for Q1 2024 was RMB 3.29 billion, compared to RMB 2.36 billion in the same period last year and RMB 2.57 billion in Q4 2023 [4] Business Line Data and Key Metrics Changes - Revenue from online games and other sources in Q1 2024 was RMB 9.12 billion, a slight year-over-year decrease of 0.78% and a quarter-over-quarter decrease of 11.02%, accounting for 42.66% of total revenue [2] - Revenue from office software and services in Q1 2024 was RMB 12.25 billion, reflecting a year-over-year increase of 16.52% but a quarter-over-quarter decrease of 4.69%, making up 57.34% of total revenue [2] Market Data and Key Metrics Changes - The number of monthly active devices for the main office software products reached 602 million in Q1 2024, representing a year-over-year growth of 2.21% and a quarter-over-quarter growth of 0.67% [5] Company Strategy and Development Direction - Kingsoft is focusing on a strategy centered around "multi-screen, cloud, content, collaboration, and AI," with ongoing investments in AI and collaborative product development [5] - The company aims to enhance product competitiveness through technological innovation and product iteration, while also exploring new game genres and maintaining a strong focus on user feedback [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainable growth of the gaming business, particularly with the success of the game "Dust White Zone," and has adjusted revenue expectations for the year [7] - The company is optimistic about the future of its office software business, driven by the launch of the upgraded WPS 365 platform, which integrates AI solutions for users [5] Other Important Information - The overall gross margin for Q1 2024 was 81.46%, a decrease of 1.04 percentage points year-over-year and 0.62 percentage points quarter-over-quarter [3] - Research and development expenses for Q1 2024 were RMB 7.13 billion, reflecting a year-over-year increase of 7.83% [3] Q&A Session Summary Question 1: What is the outlook for the game "Dust White Zone" and the strategy for future games? - The board believes in the sustainability of "Dust White Zone" growth, with an adjusted revenue forecast for the year indicating a 10% increase, supported by user feedback and operational adjustments [7] Question 2: Can you break down the 10% growth guidance for games and any considerations for stock buybacks? - "Dust White Zone" is expected to contribute significantly to growth, while "Sword Network 3 Unlimited" is anticipated to drive user engagement and growth [7] Question 3: How does management view the competitive landscape in the AI sector and its impact on WPS AI? - The decrease in model costs is seen as beneficial for WPS AI, and management is confident in their competitive position against major players like Microsoft [8]

Ladies and gentlemen, hello everyone. Welcome to the 1st quarter performance telephone conference of Kuaishou Technology in 2024. Please note that this conference will be held in English. You need to log in to the English channel to listen to the third part of the presentation. Please note that today's conference is being recorded. Now, let's welcome the vice president of the company's capital market and investor relations, Matthew Johnson. Thank you, Operator. Hello, everyone. Welcome to Kuaishou Technolog ...

医渡科技210521华安原文 2024年05月21日13:32 发言人100:00 各位投资人上午好啊，欢迎参加本次华安证券和路演中联合举办的这个夏季线上策略会。本次会议是上 市公司好，上市公司的各位投资人，上午也非常荣幸请到公司领导王总这边线上跟我们一起。本场交流 分为公司介绍，还有QQ两个部分。首先有请王总对整个公司的情况进行一个简单的介绍，有请王总。 发言人200:32 好的，感谢华安还有陆远中今天组织的这个交流会。然后也很荣幸跟大家今天百忙之中，来进行一个关 于一度科技的近期的介绍。因为我们其实在四月底，其实已经一度科技这边进入了静默期，所以今天的 话我们所有的交流的话，都是基于我们静默期之前的这个已有的公开信息。 发言人201:02 发言人2 02:17 可能各位投资人的话可能也关注到，我们在过去的从年初开始，过去几个月的话不管是公司的高层管理 的票。比如说像，我们的高管在一月份，也是，通过自己的资金，然后，工资来用来增持公司的这个股 票。然后根据公开的这个公告来看的话，就是我们的老股东文莱的主权基金BIA也是直接是增持公司的 这个股票，超过5%，也做了公开的披露。那另外的话，一度本身的话，我们也是 ...

Part 1 经营情况介绍 过去三年，营销环境经历了显著变化，包括中国房地产市场的调整、北美市场的订单 波动，以及软体市场的新格局形成。本财年集团实现营业收入 184 亿港元，同比增长 6.1%。归属于母公司的净利润为 23 亿港元，同比增长 20.2%。通过有效的内部费用 管理和原材料低位优势，集团毛利率提升 0.9 个百分点至 39.4%，净利率提升 1.5 个 百分点至 12.5%。公司调整销售策略，主动拥抱和引导消费者以适应市场变化。中国 区主营收入为 119.8 亿港元，同比增长 8.1%，以人民币计算同比增长 12.8%。与此同 时敏华科学化地进行门店布局，赋能经销商，财年对经销商返利激励近 1 亿港元，新 增门店 765 家。随着去库存周期结束，积极拓展新渠道和客户，加强人才建设，推动 出口业务恢复增长。北美市场收入为 42.8 亿港元，同比增长 2.3%；欧洲及其他海外 地区收入为 12 亿港元，同比增长 2.9%。软体市场作为地产和汽车行业之间的超大幅 度行业，功能性家居产品逐渐受到消费者青睐。敏华顺应智能家居消费大趋势，加强 产品研发、升级和品牌营销，推出促销活动以促进消费转化。强化品牌在 ...

Financial Data and Key Metrics Changes - The company achieved a revenue of HKD 18.4 billion, representing a year-on-year growth of 6.1% [1] - Net profit attributable to the parent company was HKD 2.3 billion, up 20.2% year-on-year [1] - Gross margin improved by 0.9 percentage points to 39.4%, while net margin increased by 1.5 percentage points to 12.5% [1] - EBITDA reached HKD 1.97 billion, growing by 1.2% [1] - Basic earnings per share were HKD 0.5909, a year-on-year increase of 21.1% [1] Business Line Data and Key Metrics Changes - Revenue from the China region was HKD 11.98 billion, up 8.1% year-on-year [1] - North America revenue was HKD 4.28 billion, growing by 2.3% [1] - Revenue from Europe and other overseas regions was HKD 1.2 billion, increasing by 2.9% [1] - Home Group revenue was HKD 674 million, up 10% [2] - Other revenue declined by 8.5% to HKD 70 million [2] Market Data and Key Metrics Changes - The Chinese market accounted for 65% of total revenue, while the local market contributed 23.3% [2] - The overall market business gross margin was 40.4%, with North America at 37.1% and Europe at 30.3% [2] - Sofa sales reached 1.12 million units, with a 25.7% growth in China and a 28% increase in export sales [3] Company Strategy and Development Direction - The company is focusing on brand marketing and enhancing product offerings to adapt to changing consumer preferences [4] - Plans to increase marketing efforts targeting younger consumers who prefer functional sofas [7] - The company aims to expand its market share in the functional sofa segment, which is currently underpenetrated [8] - Emphasis on maintaining a stable gross margin despite market pressures and competition [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in new housing completions has shifted consumer focus towards home improvement rather than real estate investment [7] - The company expects stable material prices despite geopolitical tensions [6] - Management is optimistic about the demand for functional sofas, anticipating significant growth potential in this segment [8] Other Important Information - The company maintains a dividend payout ratio of approximately 50%, with a total dividend expenditure of HKD 1.167 billion [3] - The company plans to open 700-800 new stores in the upcoming fiscal year [12][16] - The company is exploring new markets for brand expansion, particularly in developing countries [15] Q&A Session Summary Question: What new strategies are being implemented for inventory and sales recovery? - The company plans to enhance brand marketing and collaborate with major media to improve brand visibility [4] Question: What is the outlook for overseas market growth? - The company is optimistic about product innovation and collaboration with retailers to drive sales [5] Question: How will material prices be affected? - Material prices are expected to remain stable due to market conditions and geopolitical factors [6] Question: How does the company plan to support dealers? - The company will increase personnel and enhance e-commerce collaboration to improve customer acquisition [11] Question: What are the plans for new store openings? - The company plans to open approximately 700-800 stores, focusing on various city tiers [12][16] Question: How will average price declines affect gross margins? - The company aims to maintain gross margins by targeting different consumer segments with varied pricing strategies [12] Question: What is the strategy for functional sofas and market competition? - The company will invest in R&D and maintain cost advantages to stay competitive in the functional sofa market [13][14]

□微信月活（百万） yoy I 360 1340 1320 1300 1280 1 260 1240 1220 1200 1180 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% =微信月活 (百万) 收费增值服务注册用户 (百万) 1600 1400 1200 1000 800 600 400 200 0 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 资料来源：公司公告，东吴证券研究所 毛利率: ● 1Q24总体毛利率为 52.58% (YoY+16pct, qoq+5pct) , 毛利率正增长由于高毛利率收入来源的快速增长，包括 微信，视频号及搜一搜广告收入，小游戏平台服务费等。 ● 1Q24增值服务毛利率为57%（YoY+5pct, qoq-6pct），同比提升由于订阅收入增长，高毛利小游戏平台服务费增 长，以及分部内容成本与运营成本的下降。 联系人:张良卫/张家琦 腾讯(0700.hk): ...

业绩会时间：2024年5月14日 公司参会领导： Kyle Francis Gendreau，首席执行官 执行董事 Reza Taleghani，执行副总裁、首席财务官兼财务主管 William Yue，投资者关系高级总监 回放链接： http://webcast.live.wisdomir.com/samsonite_24q1/index_en.php 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产生误差，仅供参考，如有异议，请联系删 除。 联系人：韩亦佳 15901974050/马睿晴 13841319835 一、新秀丽 24Q1业绩简报 🔅23Q1高基数（旅游复苏&Tumi补库恢复正常销售），24Q1收入yoy+0.9%，货币中性yoy+4%;SSSG +2.2% 🔅新秀丽品牌/Tumi/美旅收入货币中性yoy+7%/+2%/+3% 🔅亚洲/北美洲/欧洲/拉丁美洲收入货币中性yoy+8%/+0.3%/-0.5%/+18%；拉丁美洲/欧洲/亚洲SSSG+7%/+4%/+3% 🍬中国大陆:Q1收入货币中性yoy+23% 🔅GPM+2.4ppt至60.4%，经调整EBITDA ...

Financial Data and Key Metrics - Revenue increased by 26% YoY to RMB 37.2 billion, driven by a 19% increase in average store count and a 9% YoY comparable same-store sales growth [9] - Adjusted net profit rose by 28% YoY to RMB 6.2 billion, with an adjusted net margin of 16.6%, up 0.2 percentage points YoY [16] - Gross margin reached a historical high of 43.4%, up 4.1 percentage points YoY, primarily due to increased overseas revenue contribution and TOP TOY's margin optimization [9][16] Business Line Performance - **MINISO Mainland China**: Revenue grew by 16% YoY to RMB 25.0 billion, with same-store sales recovering to 98% of 2023 levels [16][21] - **MINISO Overseas**: Revenue surged by 53% YoY to RMB 12.2 billion, with direct-operated markets contributing 58% of overseas revenue, up from 46% in 2023 [16][23] - **TOP TOY**: Revenue increased by 55% YoY to RMB 2.1 billion, with 160 stores operating across nearly 70 cities [12][18] Market Performance - **North America**: GMV grew by 108% YoY, contributing 13% to overseas GMV, up from 7% in 2021 [24] - **Latin America**: GMV increased by 40% YoY, remaining the largest contributor to overseas GMV at 38% [24] - **Asia (excluding China)**: GMV rose by 34% YoY, contributing 36% to overseas GMV [24] Company Strategy and Industry Competition - The company aims to achieve 50% IP product sales by 2028, leveraging its strong IP conversion capabilities and partnerships with brands like Disney and Chiikawa [9][12] - TOP TOY's profitability improved significantly, with gross margin increasing by 8 percentage points YoY, driven by optimized product mix and higher bargaining power with suppliers [8][12] - The company plans to open 900-1,100 new stores globally in 2024, with a focus on high-quality locations and direct-operated markets [9][12] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth potential in overseas markets, particularly in North America and Europe, where the company has seen rapid GMV growth [24] - The company remains confident in achieving its full-year growth targets, supported by its strategic focus on IP products and high-quality store expansion [6][9] Other Important Information - The company's IP product sales accounted for 26% of total sales, with overseas IP shipments growing by over 100% YoY [12] - TOP TOY's store count increased by 44 YoY to 160, with plans to expand to over 250 stores by the end of 2024 [12][18] Q&A Session Q: Domestic same-store performance by city tier and the impact of large stores on average transaction value? - The company is refining its large-store strategy, with successful openings in key locations like Guangzhou, Shanghai, and Beijing, aiming to optimize the store model [2] Q: Single-store performance and location selection in the US? - The US market continues to show strong growth, with same-store sales increasing by 30-40% YoY in Q1 2024 The company plans to add 80-100 new stores in the US in 2024 [3] Q: Domestic gross profit margin (GPM) decline and future trends? - Domestic GPM is lower than the group average, with tier-1 cities recovering to 98% of pre-pandemic levels, while lower-tier cities saw a low single-digit decline Future GPM improvement will be driven by product mix optimization, including increased sales of blind boxes and travel-related products [4] Q: Drivers behind the 21% YoY increase in overseas same-store sales? - The increase was primarily driven by higher brand awareness, new customer acquisition, and product mix optimization, with IP products now accounting for 40% of sales [5] Q: Plans for Chiikawa pop-up stores? - The company plans to open over 10 pop-up stores in cities with high youth populations, such as Wuhan, Chengdu, and Xi'an [6] Q: US market unit economics (UE) model? - The company did not provide detailed UE metrics but noted significant cost-saving opportunities in logistics and distribution [7] Q: Reasons for TOP TOY's target adjustment and same-store sales growth drivers? - TOP TOY's improved profitability is attributed to a healthier competitive landscape, increased bargaining power with suppliers, and optimized product mix, leading to an 8 percentage point increase in gross margin [8]