Market Position and Strategy - The company has improved the quality and lifespan of its giant tire products in the Russian market, leading to increased customer recognition and trust, with ongoing growth in the number of new customers [2][4]. - As of July 31, 2025, the company has approximately ¥1.424 billion in orders for tire sales within one year [2]. - The company has signed new orders and framework agreements for 4,790 giant tires, amounting to approximately ¥337 million, including 17 new customers [3]. Global Expansion Efforts - The company has successfully developed over 30 customers in more than 15 countries outside of Russia, including Australia, Indonesia, Chile, Ecuador, and Thailand, with potential for increased procurement [4]. - New customers have been developed in countries such as Peru, the Democratic Republic of the Congo, Kazakhstan, Uzbekistan, Guinea, Ghana, Indonesia, and South Africa since 2025 [4]. Investment and Production Strategy - The decision to invest in a joint venture factory in Russia is based on the country's significant market opportunities and aims to enhance local production capabilities, thereby strengthening market share [4][5]. - The company aims to transition from "product export" to "localized production," which will improve supply chain resilience and customer responsiveness [4]. Financial Operations - The company utilizes cross-border trade in RMB for settlements with Russian customers, ensuring stable and smooth transaction processes [6]. - The company is a pioneer in the mining tire operation management business, which, despite lower initial profit margins, fosters strong customer loyalty and addresses critical customer pain points [6]. Business Model and Profitability - The mining tire operation management service, while having lower gross margins compared to direct sales, is expected to improve profitability over time as the company gains familiarity with operational environments [6]. - The synergy between mining tire operation management and direct sales creates a unique competitive advantage for the company [6].

Core Viewpoint - The company, Junda Co., Ltd. (stock code: 02865), expects a net loss attributable to shareholders of 1.2 billion to 1.5 billion yuan for the fiscal year 2025, compared to a loss of 591 million yuan in the previous year [1] Industry Overview - The global photovoltaic (PV) installed capacity continues to grow significantly, with particularly strong demand for PV cells in overseas markets [1] - Despite the high growth in demand, the industry is experiencing an imbalance in supply and demand, remaining at the bottom of the cycle [1] Company Performance - The company is facing operational pressure due to multiple factors, including poor price transmission along the main industry chain, leading to a phase of loss [1] - The company plans to make asset impairment provisions based on a cautious principle, which will impact current performance [1] Strategic Initiatives - In response to the challenges of the industry adjustment cycle, the company is committed to advancing its globalization strategy, with overseas sales accounting for over 50% of total sales [1] - The company has become a core supplier of PV cells in overseas markets and is simultaneously promoting local capacity layout in these regions [1] Capital Market Developments - The company successfully listed on the main board of the Hong Kong Stock Exchange in May 2025, becoming the first in the PV industry to achieve dual-platform listing (A+H shares), providing strong capital support for long-term sustainable business development [1] Future Outlook - The company will continue to strengthen its core competitiveness in the PV cell business, deepen its global strategic layout, and actively explore new business growth points to drive operational performance recovery and long-term sustainable growth [1]