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    Kelvin Wong • Mica Capital

    Kelvin Wong's questions to Aurora Mobile Ltd (JG) leadership

    Kelvin Wong's questions to Aurora Mobile Ltd (JG) leadership • Q1 2025

    Question

    Kelvin Wong from Spicer Capital asked for the forward-looking guidance and outlook for the EngageLab business, after noting its impressive Q1 performance where newly signed contract value exceeded RMB 60 million, bringing the cumulative total to over RMB 110 million.

    Answer

    CFO Shan-Nen Bong confirmed the figures and explained that the Q1 success, driven by multiple international customers signing multi-year deals, proves EngageLab's ability to win large global contracts. While he stated that repeating a RMB 60 million quarter in Q2 is unlikely, he emphasized that the experience provides the technical capability and know-how to secure similar large-scale wins in the future as the company's global presence expands.

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    Kelvin Wong's questions to GreenTree Hospitality Group Ltd (GHG) leadership

    Kelvin Wong's questions to GreenTree Hospitality Group Ltd (GHG) leadership • Q2 2024

    Question

    Kelvin Wong of Mica Capital asked a series of questions covering the broader hotel industry trend, company-specific difficulties, hotel opening cadence, M&A strategy, and future plans for the now-profitable restaurant business, including a potential sale or spin-off.

    Answer

    Executive Alex Xu addressed the questions, stating that while official industry data is pending, GreenTree appears to be outperforming peers. The company's strategy focuses on franchisee profitability and upgrading older properties. The low Q2 hotel openings were due to licensing delays, but the full-year target of ~480 remains on track with a strong pipeline. Xu confirmed a cautious approach to M&A due to past experiences, prioritizing organic growth. For the restaurant business, the plan is conservative growth (~60 new stores) while solidifying the new model, with a long-term possibility of a sale or IPO but no immediate plans.

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