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Executive Director and CFO Tao Xu reiterated a clear strategic direction: Beihaojia will not become a developer and is committed to an asset-light, C2M (Customer-to-Manufacturer) model. He confirmed that beyond the two existing projects, the company will not independently operate others. Crucially, he stated that a strict limit will be placed on investment, with no more than an additional RMB 1 billion in self-owned funds to be invested in the business.

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CFO Tao Xu explained that the company will continue to grow its agency network with a greater emphasis on cost-effectiveness and efficiency. He highlighted that in Q1, active stores and agents grew by nearly 30% and 23% YoY respectively, outperforming the market. The strategy involves refining internal management with digital tools, using incentive programs to develop more high-performing stores, and leveraging AI to drive transformative productivity gains over the next 2-3 years.

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Tao Xu, Executive Director and CFO, reported 36.1% YoY revenue growth, driven by strong synergies with the core housing transaction business and enhanced delivery capabilities, which reduced average construction time by over 10 days. For 2025, the strategy is to improve product strength and delivery quality. Key initiatives include upgrading showrooms, professionalizing project managers, and creating a clear end-to-end management loop to enhance operational efficiency and customer experience.

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CFO Tao Xu expressed cautious optimism for the existing home market, citing stable volumes and supportive policies, while noting the new home market remains sluggish but should improve. Xu detailed that a key online strategy is shifting to a service-provider-centric model, leveraging new media like short videos. He highlighted the 'Galaxy' initiative, which has cultivated over 12,000 influencers, driving over 2,000 transactions in Q1, a 103% year-over-year increase.

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CFO Yi Li confirmed the full-year capital expenditure plan remains around RMB 10 billion, with approximately RMB 5 billion spent in the first half. CEO Zhou Tao added that the enterprise cloud growth was driven by increased AI interest from traditional industries like public services and healthcare. He noted the company is focusing on select verticals to achieve breakthroughs before scaling. He expects enterprise cloud revenue growth to be significantly higher in H2 2025 than in H1, following typical seasonality.

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CFO Yi Li reiterated the full-year capital expenditure plan of approximately RMB 10 billion, with about half spent in the first half. She noted the company's strong cash position allows flexibility in using its three procurement models based on customer demand. CEO Zhou Tao attributed the enterprise cloud growth to increased demand from traditional industries following the 'advent of deep seq'. He stated the company is focusing on key verticals like public services, healthcare, and finance to achieve breakthroughs before scaling. Due to seasonality, he expects enterprise cloud revenue growth in the second half of the year to be significantly higher than the first half.

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CFO Yi Li reiterated the full-year capital expenditure plan of approximately RMB 10 billion, with about half spent in H1. She noted the company's strong cash position allows for flexible procurement models based on customer demand. CEO Zhou Tao, via a translator, attributed the industry cloud growth to strong demand from traditional sectors like public services and healthcare. He explained the strategy is to focus on key verticals for initial breakthroughs before scaling. He expects H2 growth to be significantly higher than H1 due to typical delivery seasonality.

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CFO Yi Li confirmed the full-year capital expenditure plan remains around RMB 10 billion, with about RMB 5 billion spent in the first half. CEO Zhou Tao, via a translator, attributed the enterprise cloud growth to increased AI demand from traditional industries like public services and healthcare, spurred by advancements like 'DeepSeq'. He noted the company is focusing on select verticals to achieve breakthroughs before scaling. He also expects H2 growth to be significantly higher than H1, consistent with historical seasonality.

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CFO Yi Li reiterated the full-year capital expenditure plan of approximately RMB 10 billion, with about RMB 5 billion spent in the first half, noting the procurement model will be adjusted based on customer demand. CEO Zhou Tao attributed the enterprise cloud growth to strong demand from traditional industries like public services, healthcare, and finance, spurred by AI advancements. He stated the company is focusing on select verticals for initial breakthroughs and expects significantly higher enterprise cloud revenue growth in H2 2025 due to typical seasonality.

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CFO Yi Li confirmed the full-year CapEx plan remains around RMB 10 billion, with approximately RMB 5 billion spent in the first half. She noted the company's strong cash position allows for flexibility across its three procurement models. CEO Zhou Cao, via a translator, attributed the enterprise cloud growth to strong demand from traditional industries like public services, healthcare, and finance, spurred by advancements like DeepSeek. He stated the company is focusing on select verticals to achieve breakthroughs before scaling more broadly and expects H2 enterprise cloud revenue growth to be significantly higher than H1 due to seasonality.

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CEO Zhou Tao, via a translator, confirmed the government AI market is developing rapidly and the all-in-one machine is an integrated software-hardware solution with pricing that varies based on hardware configuration. CFO Haijian He addressed the margin question, attributing the Q1 operating loss to seasonally lower revenue against fixed costs like employee bonuses. He expressed confidence that margins will improve in the following quarters, particularly in the second half of the year, driven by top-line growth from AI projects. He also noted that EBITDA margin may recover faster than OP margin.

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CEO Tao Zou, via an interpreter, explained that advancements like DeepSeek accelerate large language model adoption, creating a significant opportunity for Kingsoft Cloud. CFO Haijian He detailed the CapEx strategy, highlighting an asset-light model for data centers and significant server investments. He noted that the planned RMB 10 billion total AI investment for 2025 is a starting point, supported by off-balance-sheet arrangements with shareholders like Xiaomi and Kingsoft.

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CEO Mr. Zou Tao explained that strong performance in the Xiaomi and Kingsoft ecosystem, particularly from Xiaomi's EV business and WPS AI, provides a solid foundation for Kingsoft Cloud's revenue growth. CFO Mr. Henry He added that margin expansion is accelerating, with AI business contributing higher margins than peers. He anticipates significant improvement in operating profit in the near term, following the positive trend from gross margin to EBITDA.

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Management responded that the auto market is seeing price stabilization due to government intervention, intensifying differentiation among automakers, and strong export performance. Autohome's strategy focuses on leveraging AI, expanding its O2O ecosystem, and capitalizing on the 'going global' trend of Chinese brands. Regarding shareholder returns, management confirmed the plan for a full-year 2025 cash dividend payout of no less than 1.5 billion RMB remains unchanged.

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CFO Yan Zeng detailed the evolution of the new retail strategy to version 3.0, which enhances the car-buying experience with technology like VR and an AI smart purchase assistant. She reiterated the expansion goal of over 500 total stores by year-end 2025 and 1,000 satellite stores in the next three years. On shareholder returns, she confirmed the dividend payout will be no less than RMB 1.5 billion and that the company has executed approximately $128 million of its $200 million share repurchase program, delivering an annual return rate exceeding 10%.

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CEO Song Yang emphasized that the NEV new retail business is a key strategic priority focused on an online-to-offline (O2O) model. He highlighted its rapid expansion from one store in 2022 to over 150 franchised space and satellite stores, with a continued focus on penetrating lower-tier cities. Mr. Yang stated that the business is not a 'cash burning' venture and that the company expects its franchisees to achieve financial balance in the short term, projecting continued business growth in 2025.

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CEO Tao Wu reported that the combined Autohome Space and Satellite stores now exceed 50, utilizing a '1+N' model to penetrate lower-tier cities and support OEMs. He noted the model is cost-effective for OEMs and generates new revenue for Autohome, with plans to grow the store count and enhance business models with services like in-store financing. Regarding Ping An synergy, Mr. Wu detailed collaborations across traditional business (offline auto shows), new retail (in-store financial services), data products (outbound call platforms), and the used car business (vehicle sourcing for TTP), aiming to leverage Ping An's online and offline strengths.

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Founder, Chairman, and CEO Long Chen explained that ZKH will focus on its 32 existing product lines, particularly industrial-grade MRO items like spare parts, chemicals, and manufacturing components. He highlighted a significant push for private labels, involving direct R&D and design to enhance competitiveness in China and support overseas expansion. For 2025, the company will specifically concentrate on strengthening its chemicals and processing/manufacturing categories.

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Executive Long Chen described the partnership as highly complementary. He noted that Taobao Tmall has a massive base of SME customers who prefer e-commerce, while ZKH possesses the essential warehousing and delivery capabilities that a platform model lacks. The collaboration enables suppliers to cost-effectively reach long-tail SME customers, helps combat counterfeit products, and creates a significant win-win growth opportunity for both ZKH and Taobao Tmall.

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Long Chen, Founder, Chairman, and CEO, stated that the company will focus on its 32 existing product lines, with an emphasis on industrial-grade MRO products like spare parts, chemicals, and manufacturing components. He highlighted a strategic push to strengthen private labels, including direct involvement in R&D, to enhance competitiveness in China and support overseas expansion. Mr. Chen also noted a particular focus on developing the chemicals and processing/manufacturing categories in 2025.

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Founder, Chairman, and CEO Long Chen stated that the company will focus on its 32 existing product lines while expanding SKUs, with a particular emphasis on industrial-grade MRO products like spare parts and chemicals. He highlighted a significant focus on strengthening private label brands, where ZKH is involved in R&D and design to enhance competitiveness and support overseas expansion. Mr. Chen also noted that chemicals, a traditional strength, will see further development.

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