Group 1: Product Differentiation - The company offers three types of carbon ribbons: wax-based, hybrid-based, and resin-based, each with distinct characteristics and applications [2][4] - Wax-based ribbons are suitable for various paper types and are known for high sensitivity and resolution [2] - Hybrid ribbons combine the advantages of wax and resin, providing solvent resistance and high clarity for diverse labels [2] - Resin-based ribbons excel in durability and are ideal for synthetic labels, outperforming wax and hybrid ribbons in scratch resistance and temperature tolerance [3] Group 2: Technical Barriers - The company's technical barriers are primarily in formulation and process, requiring extensive scientific experimentation and testing [4] - Innovations include multi-layer coating processes and the replacement of solvent-based methods with more sustainable alternatives [4] Group 3: R&D Focus and Business Growth - R&D efforts are centered on three core areas: talent acquisition, high-end product development, and customer-driven customization [4] - The goal is to enhance product quality and capture a larger share of the mid-to-high-end market [4] Group 4: Financial Performance - In Q1 2025, mid-to-high-end product sales showed stable growth, supported by technological advantages [5] - The company maintains a high gross margin for these products due to increased production scale and cost control [5] - A high proportion of cash dividends has been consistently distributed, reflecting stable operational performance and investor returns [6] Group 5: Capacity and Orders - The current capacity utilization rate is high, with stable order acquisition ensuring smooth production operations [6]