Group 1: Harmonic Magnetic Field Motor Technology - The company has developed harmonic magnetic field motor technology that utilizes harmonic magnetic fields, resulting in higher power density and significant material cost savings compared to traditional motors [2] - The technology has led to multiple patent applications, establishing a technological moat and competitive advantage [2] - Applications of this technology span both micro motors and large motors, with broad usage in industrial and automotive sectors [2] Group 2: Development and Application of Harmonic Magnetic Field Motor Technology - The harmonic magnetic field motor technology has been successfully applied in logistics systems and certain automotive motor products, gradually achieving mass production [3] - The technology shows competitive advantages in humanoid robots, with significant growth opportunities in this sector expected to become the company's third growth curve [3] Group 3: Future Growth Sources for Cleaning Business - The cleaning system business is primarily focused on the domestic market, with overseas markets showing substantial growth potential due to a solid customer base [4] - The company has a small market share in certain domestic automotive partnerships, indicating significant competitive space for future growth [4] - The cleaning system products are categorized into traditional cleaning systems and ADAS active perception cleaning systems, with the latter offering substantial market value increase [4] Group 4: Progress of ADAS Active Perception Cleaning System - The company has secured mass production projects for the ADAS active perception cleaning system with clients such as Waymo and Meituan [5] - Plans are in place to configure an annual production capacity of 250,000 sets of the cleaning system, with some production to be located in Thailand [5] Group 5: New Motor Development and Future Investment Plans - The company has a strong technical foundation in motor development and has achieved mass project designation in the EPB sector, marking a significant step in expanding its motor offerings [6] - Future plans include diversifying investment strategies through mergers, acquisitions, and strategic partnerships to enhance collaboration across the supply chain [6]

Group 1: Company Overview - The company primarily engages in the development, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor technology solutions [2][3] - The main production base is located in Ningbo, with additional production facilities in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve clients more effectively [3] - In 2024, the company's main business revenue reached 950.51 million CNY, with cleaning business revenue accounting for 46.3%, motor business revenue for 45.6%, and other business revenue for 8.1% [3] Group 2: Harmonic Field Motor Technology - The company has developed harmonic field motor technology, which reduces motor size while maintaining the same output power, leading to significant material cost savings [4][6] - Multiple invention patent applications have been submitted for this technology, establishing a technological moat and competitive advantage [4] - The technology has potential applications in both micro-special motors and large motors across industrial and automotive sectors [4] Group 3: Market Application and Cost Advantages - In the automotive sector, the adoption of new motor technologies is increasing, particularly in high-torque applications, although large-scale production is still limited [5] - The cost advantages of harmonic field motors include reduced size and material costs, but initial production batches may incur higher shared costs, which could affect overall cost structure [6] - As production scales up, economies of scale are expected to improve cost efficiency, supported by the company's capability to manufacture magnetic materials [7] Group 4: Competitive Strategy and Challenges - The company emphasizes innovation-driven development to enhance competitiveness and adapt to market changes [7] - In the robotics sector, the company faces challenges in motor development, including balancing performance, efficiency, reliability, stability, compatibility, and cost control [7] - Despite these challenges, there are significant market opportunities in the robotics field, which the company aims to leverage by addressing its technical shortcomings [7]

Financial Performance - The company's Q1 2025 revenue was 202.83 million yuan, a decrease of 16.04% from 241.59 million yuan in Q1 2024 [3] - Net profit attributable to shareholders was 41.80 million yuan, down 35.48% from 64.79 million yuan in the previous year [3] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024 [3] Business Challenges - The traditional cleaning business segment continues to face pressure, with no signs of relief in Q1 2025 [3] - The electric motor business also experienced a short-term decline due to overdue accounts from some clients, leading to a temporary halt in supply to those clients [3] Strategic Initiatives - The company is focused on risk management of accounts receivable, maintaining a cautious approach in project and client selection [4] - Plans to expand the customer base and maintain stable relationships with emerging clients to enhance market share [4] Production and Growth Prospects - The Thai factory is progressing well with equipment debugging and is entering a ramp-up production phase [5] - The factory is expected to provide new growth momentum due to sufficient order demand and low initial depreciation burden [5] Technology Development - The company has secured mass production projects for the ADAS active perception cleaning system with clients like Waymo and Meituan, targeting an annual capacity of 250,000 sets [6] - Development of harmonic magnetic field motor technology is underway, with successful applications in logistics systems and positive feedback from clients in humanoid robotics [6] Market Impact - Direct sales to the U.S. market accounted for only 2.7% of total business in 2024, minimizing the impact of U.S. tariffs [7] - The company plans to optimize production capacity and strategies in response to external environmental changes [7]