Core Viewpoint - The company announced a delay in the construction period for its "R&D Center Project," "Design Center Project," and "Project Management Information System Platform Construction Project" until December 2026, due to changes in market conditions, policy adjustments, and technological upgrades [1] Group 1: Project Details - The planned investment amounts for the projects are 282.72 million yuan for the R&D Center, 88.94 million yuan for the Design Center, and 49.38 million yuan for the Project Management Information System [1] - The funding source for these projects is the net proceeds of 587.77 million yuan from the convertible bonds issued in 2019, after deducting issuance costs [1] Group 2: Reasons for Delay - The delay is attributed to the need for the metal roofing system to integrate AI algorithms and achieve domestic substitution of sensors, as well as the soil remediation R&D needing to comply with new national source prevention policies [1] - The BIM talent cultivation did not meet expectations, and the information system platform requires integration of new functions related to photovoltaic power station operations and maintenance [1] Group 3: Impact of Delay - The delay does not change the project content, total investment, or implementing entity, and is not expected to have a significant adverse impact on the company's normal operations [1] - The postponement does not involve changes in the use of raised funds and is seen as beneficial for ensuring high-quality project implementation and enhancing the company's core competitiveness [1]

Financial Performance - In 2024, the company achieved a revenue of 1.67 billion CNY, representing a growth of 48.87% compared to 2023 [7] - The net profit attributable to shareholders was 138 million CNY, an increase of 11.31% year-on-year [7] - The significant revenue growth was partly due to the consolidation of the subsidiary Boinel's financial results [7] Sales Composition - Domestic sales accounted for 95.39% of total revenue, while international sales made up 4.61% [2][3] Accounts Receivable Management - The increase in accounts receivable was primarily due to the consolidation of Boinel, prompting the company to implement measures to mitigate collection risks, including credit assessment optimization and dynamic monitoring [3] Cost Structure Optimization - The company plans to enhance profit margins through various strategies, including: - Cost breakdown analysis and price auditing [3] - Supply chain optimization and production efficiency improvements [3] - Product structure optimization by phasing out low-margin products [3] - Digital cost monitoring and intelligent decision support [3] Industry Context - In 2024, China's automotive production and sales reached 31.28 million and 31.44 million units, respectively, with year-on-year growth of 3.7% and 4.5% [12] - The rapid growth of the new energy vehicle sector, with sales increasing by 34.4%, is a key driver of industry transformation [14] R&D and Innovation - The company holds 192 patents, with 25 being invention patents, and invested approximately 60.64 million CNY in R&D, accounting for 3.63% of revenue [12] - The company is recognized as a national high-tech enterprise and is focused on enhancing its R&D capabilities [12] Future Outlook - The company aims to strengthen its core business and improve profitability while adapting to new industry dynamics [5] - Plans to expand into intelligent driving and battery management sectors related to new energy vehicles are underway [5]