Core Viewpoint - The company maintains a positive outlook on the photovoltaic industry despite facing challenges such as extended accounts receivable collection periods and increased impairment provisions due to market conditions [2]. Group 1: Company Overview - Liancheng CNC operates in the high-end equipment manufacturing sector for photovoltaic and semiconductor industries, providing integrated services that include crystal material growth and processing equipment, core process and technical support, and complete line solutions [1]. - The company is focused on meeting market demands for large-size silicon wafers and N-type battery technology while promoting the localization of semiconductor equipment to enhance the domestic industry's self-sufficiency [1]. Group 2: Market Position and Strategy - The company has a limited number of direct customers in the U.S., and the current U.S. tariff policies have minimal impact on its overall business [1]. - Liancheng CNC is actively expanding its overseas presence, having established a wholly-owned subsidiary in the U.S. for research and sales, as well as production and sales service centers in Southeast Asia [3]. Group 3: Financial Performance and Challenges - In 2024, the company faced negative impacts from supply-demand imbalances in the photovoltaic industry, price declines in the supply chain, and intensified market competition, leading to an increase in impairment provisions and a contraction in annual operating performance [2]. - The company is implementing measures such as organizational optimization, accelerated overseas expansion, and technological upgrades to address these challenges [2]. Group 4: Product Development and Future Outlook - The company is committed to continuous product and technology development, aiming to seize new opportunities following the industry's adjustment phase [2]. - Recent government support for equipment upgrades in the photovoltaic sector will enable the company to promote advanced products and provide services for the renovation of outdated production lines [2].