GMT EIGHT - Company

Strong internal drive: RENRUI HR (06919) achieved a 22.4% year-on-year increase in performance in 2024.

On March 31, 2025, RENRUI HR Technology Holdings Co., Ltd. (Stock Code: 06919), a leading integrated human resources service and digital technology solutions provider in China, announced its 2024 annual performance report as of December 31, 2024. The report shows that RENRUI HR achieved a revenue of 5.473 billion yuan in 2024, an increase of approximately 22.4% year-on-year; a gross profit of approximately 0.499 billion yuan, an increase of approximately 18.1% year-on-year; and an adjusted net profit attributed to the parent company of approximately 0.088 billion yuan, an increase of approximately 28.8% year-on-year. The performance report shows that in 2024, RENRUI HR's income mainly came from general service outsourcing, digital technology and cloud services, digital operation and customer service, recruitment, etc., and the revenue of each business segment achieved steady growth. Among them, comprehensive flexible employment services including general service outsourcing and digital technology and cloud services achieved a revenue of approximately 5.43 billion yuan in 2024, an increase of approximately 22.5% year-on-year. The number of employees in comprehensive flexible employment increased from 35,908 at the end of 2023 to 41,868 at the end of 2024. The number of employees in general service outsourcing flexible employment increased by 14.8% year-on-year to 26,319, and the number of employees in information technology flexible employment increased by 25.0% to 11,834. The strong internal driving force was key to RENRUI HR's performance growth in 2024. The revenue of digital technology and cloud services reached approximately 2.14 billion yuan, a year-on-year increase of 22.4%. The gross profit of this business segment increased by 14.5% year-on-year to 0.275 billion yuan, accounting for approximately 55.2% of RENRUI HR's overall gross profit. It is worth noting that excluding the contribution from the sold Shanghai Sui Rui, the number of employees in information technology flexible employment at RENRUI HR still reached 6,899 (2023: 5,072), with a year-on-year increase of approximately 36.0%. The customers mainly come from the technology and internet, intelligent manufacturing and automotive, telecommunications, and automotive fields, and there are 27 customers with more than one hundred outsourced employees. In his book "Growth Structure," Wang Sai, Managing Partner of Cottrell Consulting Group in China, pointed out, "The internal growth capability of a company has become the watershed and fracture line between mediocre companies and great companies, which can deduce who is swimming naked after the tide." The essence of internal growth lies in the upgrading of the company's value creation capability, reflecting the sustainability and long-term competitiveness of the business. Internal growth depends on the enhancement of the company's own capabilities (such as technology research and development, process optimization, brand building), and once this capability is formed, it will become a structural advantage that is difficult for competitors to replicate quickly. The business development of RENRUI HR is a typical example of internal growth. Since first proposing "second entrepreneurship" in mid-2021, focusing on digital technology talent business to create a "second growth curve," RENRUI HR has achieved a leap from 0 to over 2 billion yuan in this business area in just under 3 years, with the internal part based on the number of on-site employees by the end of 2024 accounting for as much as 58.3%, becoming the biggest driving force for the continuous explosive performance of RENRUI HR.

01/04/2025

Alibaba's new model Qwen3 will be released next week, with no official response yet.

According to reports, Ali is set to release a new model, Qwen3, in the second week of April 2025. This will be Ali's most important model product in the first half of 2025. As of now, there has been no official response from Ali. On September 19th of last year, Aliyun CTO Zhou Jingren unveiled the next generation open source model, Qwen2.5, at the 2024 Yunqi Conference. It is reported that after the release of Qwen2.5, Aliyun's internal basic model team has already begun working on Qwen3 related projects. However, the success of DeepSeek at the beginning of 2025 has changed some of the team's thinking and focus. Insider sources say that after the release of DeepSeek-R1, Aliyun's basic model team further focused its strategic center on the reasoning abilities of the models. Since August 2023, Aliyun has successively open sourced Qwen, Qwen1.5, Qwen2, and Qwen2.5, including models of 0.5B, 1.5B, 3B, 7B, 14B, 32B, 72B, 110B, covering various sizes, large language, multimodal, mathematics, and code modalities. As of now, the number of derived models from Ali's Qwen open source large models has exceeded 100,000, consistently leading open source models like Llama in the U.S., and maintaining its position as the world's largest open source model.

01/04/2025

NIO (09866): Delivered 15,039 new cars in March, up 26.7% year-on-year.

In March 2025, Nio (09866) delivered 15,039 new vehicles, an increase of 26.7% year-on-year. Among them, Nio brand delivered 10,219 new vehicles; Levdeo brand delivered 4,820 new vehicles. In the first quarter of 2025, Nio delivered a total of 42,094 new vehicles, an increase of 40.1% year-on-year. Among them, Nio brand delivered 27,313 new vehicles and Levdeo brand delivered 14,781 new vehicles. As of now, Nio has delivered a total of 713,658 new vehicles, with Nio brand delivering 678,116 new vehicles and Levdeo brand delivering 35,542 new vehicles.

01/04/2025

Xiaopeng Motors (09868): Delivered a total of 33,205 new vehicles in March, a year-on-year increase of 268%.

On April 1st, Xiaopeng Motors (09868) announced its latest delivery performance. By March 2025, Xiaopeng Motors had delivered a total of 33,205 new cars, an increase of 268% year-on-year. For five consecutive months, the delivery volume exceeded 30,000 units, setting a new record. The Xiaopeng MONA M03 had delivered over 15,000 units for four consecutive months, breaking the record for new energy pure electric vehicle deliveries. The Xiaopeng P7+ had been on the market for four months, with a cumulative delivery of over 40,000 units. In the first quarter of 2025, Xiaopeng Motors delivered a total of 94,008 new cars, an increase of 331% year-on-year and 2.7% month-on-month, achieving a new historical high and exceeding the first-quarter delivery guidance limit, starting with high-quality performance. On March 18th, Xiaopeng Motors released its financial report for the fourth quarter and full year of 2024: Q4 revenue was 16.1 billion yuan, achieving the best performance for a single quarter; Q4 total delivery reached 91,507 units, setting a new historical high for quarterly delivery volume. Q4 automobile gross profit margin reached 10.0%, an increase of 5.9 percentage points year-on-year, achieving growth for six consecutive quarters. As of the end of the fourth quarter of 2024, Xiaopeng Motors had a cash reserve of 41.96 billion yuan, with a net increase of over 6 billion yuan.

01/04/2025

Tuhu Car (09690): Technological empowerment drives high-quality performance growth, "The First Brand After Auto" evolves again.

The performance announcement for 2024 was released by Tu Hu Yangche (09690), the "first brand in the automotive aftermarket" in China, on March 20th. According to the financial report, in 2024, Tu Hu Yangche achieved a revenue of 14.759 billion yuan, an increase of 8.5% compared to the previous year. Looking at the business segments, revenue from automotive products and services reached 13.802 billion yuan, an increase of 9.1%, with the revenue from tire and chassis components and automotive repair departments increasing by 10.2% to 11.6 billion yuan. In terms of profits, the company's gross profit reached 3.746 billion yuan, with a gross profit margin of 25.4%, an increase of 0.7 percentage points compared to the previous year. Adjusted net profit (non-International Financial Reporting Standards) reached 624 million yuan, a significant increase of 29.7% compared to 2023. This indicates that Tu Hu Yangche has achieved significant results in cost control, operational efficiency, and product profitability, strengthening its profit-making ability. It is worth noting that Tu Hu Yangche has achieved continuous growth in operating performance since 2023. At the same time, the company has firmly held the leading position in the independent automotive service market in China, with the gap between it and the second-ranked competitor widening further. By the end of 2024, the number of Tu Hu stores reached a milestone of 6,000, with a net increase of 965 stores to 6,874, covering a wide range across the country, with a coverage rate of 66% in counties with over 20,000 passenger cars. Compared to American automotive aftermarket chain brands, Tu Hu Yangche has significant advantages in scale and growth rate. The number of O'Reilly stores in the US is approximately 6,378, and Advance Auto Parts has around 4,788 stores, both lower than Tu Hu Yangche's store size. In terms of expansion speed, Tu Hu Yangche adds nearly a thousand stores each year, far exceeding the top competitors in the US. It is also noteworthy that the user base of Tu Hu Yangche has grown rapidly, with transaction users reaching 24.1 million, an increase of 24.8%, and registered users reaching 139 million, an increase of 20.4%. Platform order satisfaction rate exceeds 95%, user repurchase rate reaches 62.3%, consolidating the influence of the "first brand in the automotive aftermarket". Strengthening multiple core competencies, consolidating market leadership In the competitive automotive aftermarket, Tu Hu Yangche's achievements are attributed to its commitment to providing quality products and services, thus winning user recognition and accumulating a good market reputation. The commitment to users that "Tu Hu Yangche, authentic products can be traced, high quality is guaranteed" is not just a slogan, but a key cornerstone of the company's operations to build a competitive "moat". It is understood that on the product supply side, Tu Hu Yangche has established direct supply or authorized cooperation with many well-known brands, covering multiple categories such as tires, maintenance, batteries, and beauty to ensure product quality from the source. In the tire field, Tu Hu Yangche cooperates closely with brands such as Michelin and Bridgestone from Germany; maintenance products are endorsed by big brands such as Shell and Mobil. To achieve a fully traceable product chain, Tu Hu Yangche, in partnership with Tencent, Huawei Cloud, and other industry partners, uses blockchain technology to create a trusted source tracing system. In 2024, in cooperation with Huawei Cloud, the entire chain of information for automotive parts was written into the blockchain, launching a new platform for tracing genuine products, allowing consumers to clearly understand product origins and quality. In terms of quality assurance, Tu Hu Yangche has introduced "Gold Medal Quality Assurance" and lifetime tire quality assurance services. The "Gold Medal Quality Assurance" service provides consumers with a 3-year guarantee, with a maximum subsidy of 80% for damage resulting in bulging or tire burst caused by collisions; the lifetime tire quality assurance allows consumers to have peace of mind. In addition, Tu Hu Yangche launched the "Genuine Oil Guard Alliance", uniting six international lubricant brands to protect consumer rights through measures such as direct supply from manufacturers, "one fake ten compensation", and scrapping of old bottles. In addition to taking genuine products as the foundation, the company has also achieved remarkable results in product innovation and service innovation. The company has collaborated with well-known brands to launch exclusive products, as well as developing its own self-control brands. In the tire business, Tu Hu Yangche, in collaboration with Michelin, has exclusively launched high-end products; the cooperation with Michelin continues to deepen, with sales on the Tu Hu platform growing by more than 60%. In terms of self-owned brands, the company has introduced the Flying Strong tires as well as the high-end series of Dongfeng Victory and Leap at the Peak to meet the needs of different users. Tu Hu Yangche has also launched a variety of high-end self-controlled brand oils, with sales of hybrid-specific oils growing by over 270% in 2024. In terms of service innovation, Tu Hu Yangche is actively positioning itself around the development trend of new energy vehicles. By improving the maintenance technology and service capabilities of new energy vehicle batteries, motors, and electronic control systems, it collaborates with battery manufacturers to provide maintenance during the warranty period and address the end-user demands. With over 800 technicians certified as low-voltage electricians, the company is exploring the establishment of Wuxi Online Offline Communication Information Technology Co., Ltd. for battery testing services. Additionally, the new energy vehicle charging business has been launched, integrating with leading domestic electric pile suppliers, connecting to 70,000 charging stations, covering 342 cities nationwide, and providing a one-stop service for new energy vehicle users. In terms of optimizing and upgrading supply chain management, Tu Hu Yangche has increased the number of regional warehouses and front warehouses, expanded warehouse areas, optimized inventory models, and has 30 regional warehouses and 606 front warehouses, with a 31% increase in regional warehouse areas and approximately 100 net added front warehouses. Through 243 self-delivery routes and coordination with external carriers, the fulfillment cost rate has been reduced to 4.5%, and the same-day delivery rate has increased to 79%. The strong supply chain and logistics system ensure rapid product turnover and user fulfillment experience, providing solid support for the company's stable business development. Empowering with technology, expanding through diversified channels, ushering in a new era of intelligent development Outcome-oriented, Tu Hu Yangche has strengthened its core capabilities through multiple dimensions, achieving steady growth in performance, continuous expansion of market share, and increased user scale and loyalty. These achievements have also laid a solid foundation for further expanding channel scale and putting the company in a more advantageous position in market competition. In the future, Tu Hu Yangche is expected to leverage its existing advantages to achieve greater breakthroughs in channel expansion, further enhancing brand influence and market.Coverage rate of the venue.It has been understood that 2024 is the fourth year of its sinking strategy. As of now, the proportion of new sinking market stores has exceeded 60% of the total net increase in stores for four consecutive years. The "Ten Thousand Towns, Ten Thousand Stores" plan launched in August 2024 supports partners to enter underdeveloped towns in central and western regions by reducing franchise management fees. After the implementation of this plan, the number of TuHuYungChe stores in the northwest region increased by over 30% year-on-year in 2024, and the number of signed independent town stores in central and western regions increased by 48% year-on-year. At the same time, TuHuYungChe actively expands its online channels, increasing investment in popular platforms such as Douyin. Through a matrix of "content + live streaming + local life services," it attracts a large number of new users. In 2024, the number of new tire maintenance users on Douyin channel increased by over 100%, increasing brand awareness and market coverage. In the future, TuHuYungChe will deepen store and channel expansion. On the one hand, it will further increase investment in sinking markets, extending its store network to more towns and areas to increase market penetration in lower-tier cities, allowing more consumers to enjoy its quality services. On the other hand, it will continue to optimize the layout of stores in high-tier markets, providing differentiated products and services according to the consumption needs and characteristics of different regions, consolidating its competitive advantage in high-tier markets, and enhancing its influence among middle and high-end customer groups. Meanwhile, it will strengthen deep cooperation with various online platforms, explore emerging channel modes, such as leveraging the traffic advantages of social media platforms, conducting diversified marketing activities, attracting more young consumers, and expanding customer channels. In this process, technological innovation will become one of the core DRIVES driving the future development of TuHuYungChe. With the continuous development of AI technology, TuHuYungChe plans to further expand the application of the DeepSeek large model in various business processes. In terms of store operation management, AI will be used to achieve intelligent scheduling, intelligent inventory management, and improve store operation efficiency. In terms of customer service, AI intelligent customer service will provide users with faster and more accurate service answers to enhance user satisfaction. In terms of supply chain management, AI will be used to optimize logistics distribution routes, predict product demand, and reduce operational costs. By increasing investment in AI, it will drive the overall operational efficiency of the company and lead the automotive aftermarket into the era of intelligent services. In conclusion, TuHuYungChe achieved excellent results in 2024 with its multidimensional core competitive advantages. Faced with future market opportunities and challenges, its clear strategic planning and proactive innovation attitude are expected to continue to help it deeply cultivate the automotive aftermarket, lead the industry development trend, provide consumers with better and more convenient car service experiences, and create greater market value.

01/04/2025

The daily trading volume exceeded 1 billion, and the stock price surged by nearly 8%. Leading express company ANE (09956) is being favored by the capital market.

Today, the stock price of ANE (09956) soared by 7.93%, with a trading volume surpassing billions, closing at HKD 9.39. It has increased by nearly 20% since the beginning of the year, indicating strong confidence in its performance by the market. ANE performed well in 2024, achieving record high revenues, profit margins, and cash flows, demonstrating strong growth momentum. Financial reports show that in 2024, ANE achieved an operating income of 11.576 billion yuan, a year-on-year increase of 16.7%; adjusted net profit reached 837 million yuan, a significant increase of 64.2%; operating cash flow amounted to 2.131 billion yuan, an increase of 24.9% year-on-year. Core performance indicators have all shown improvement, marking ANE's transition from "expanding scale" to "leading value" and successfully navigating a path of high-quality growth amid heightened industry competition. According to ANE's updated 2025 performance guidance, the company expects revenue to grow by 10-15%, gross profit margin to rise steadily, and adjusted net profit to increase by no less than 20%. In addition, ANE's management has disclosed that the company plans to announce a dividend plan and details after the release of mid-year 2025 performance, as a way to give back to investors. ANE's strong performance and proactive market strategies have solidified its position as a leader in the express delivery sector. By continuing to focus on high-margin products, deepening network ecology, and leveraging automation technology, ANE is transitioning from a traditional freight "cyclical stock" to a "growth stock" with sustainable profitability, with great potential for medium to long-term development.

01/04/2025

Ideal Car (2015): 36,674 new cars delivered in March, an increase of 26.5% year-on-year.

On April 1st, Ideal Motors (02015) announced the delivery data for March 2025. In March 2025, Ideal Motors delivered 36,674 new cars, a year-on-year increase of 26.5%. In the first quarter of 2025, a total of 92,864 cars were delivered, an increase of 15.5% compared to the previous year. As of March 31, 2025, Ideal Motors has cumulatively delivered a total of 1,226,736 cars. Ideal Motors has 500 retail centers nationwide, covering 150 cities; 502 After-sales service and authorized body spray centers, covering 225 cities. Ideal Motors has already put into operation 2045 Ideal supercharging stations nationwide, with a total of 11,038 charging piles.

01/04/2025

GAC Aion: Global sales in March 2025 were 34,082 units, an increase of 4.8% compared to the same period last year.

In March 2025, GAC Aion sold 34,082 vehicles globally, a year-on-year increase of 4.8% and a month-on-month increase of 63.4%. GAC Aion officially released the Star Spirit Smart Mobility Action Plan, accelerating the process of technology accessibility.

01/04/2025

Ant Group and China Mobile Limited plan to invest in Yushu Technology? Founder of Yushu Technology: the news is not true.

According to reports, the unicorn company Siasun Robot&Automation plans to introduce new investors, including Ant Group and China Mobile Limited, and is currently in communication about specific investment shares. The report points out that this financing is not a complete new round of financing, but a small portion of shares open to specific investors. Ant Group and Siasun Robot&Automation have been negotiating on investment matters for a long time, and the valuation of this financing is below 10 billion yuan. In response to this, the founder of Siasun Robot&Automation, Wang Xingxing, told the media that the news is not true. The data shows that Siasun Robot&Automation was established in 2016, initially focusing on quadruped robots. In 2023, Siasun Robot&Automation launched human-like products. In May 2024, Siasun introduced the G1 model, with a height of about 127 cm, and a basic version priced at 99,000 yuan. Siasun's last round of financing was in September 2024, led by the Beijing Siasun Robot&Automation Industry Investment Fund, with participation from 14 well-known investment institutions such as Deep Creation Investment, Meituan Longzhu, Sequoia China, CITIC SEC, and Source Code Capital.

01/04/2025

HSBC (00005) opens its first flagship private wealth center in Central, with nearly 100 wealth management specialists stationed.

Before the informal shareholders' meeting, HSBC (00005) announced that the first HSBC Premier Wealth Center officially opened today (April 1) in Hong Kong. The center is located on the fifth floor of HSBC's Central Branch, occupying half of the floor with an area of 10,000 square feet. HSBC stated that the center has nearly 100 wealth service officers to meet customer needs, as well as about 40 fully equipped meeting rooms for in-depth discussions with clients on financial planning, investment portfolio optimization, and wealth inheritance issues. The opening ceremony was jointly hosted by group CEO Ai Qiaozhi, HSBC Hong Kong CEO Lin Huihong, and HSBC Hong Kong Wealth Management and Personal Banking General Manager Wu Yangyuru. The bank also pointed out that the Premier Wealth Center has specially allocated space to display precious artworks and showcase historical photos and important milestones of HSBC since its establishment in Hong Kong in 1865. At the same time, the remaining parts of the fifth floor of HSBC headquarters will be temporarily closed for renovation work, and are expected to resume receiving HSBC Premier Wealth clients in the third quarter of this year. HSBC announced that another HSBC Premier Wealth Center will be opened in the second half of 2025.

01/04/2025

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