Group 1: Company Performance - In 2024, FUSAI Technology achieved a revenue of 1.332 billion CNY, a significant increase of 40.17% year-on-year, with a net profit of 97.65 million CNY, up 16.05% [2][3] - In Q1 2025, the company reported a revenue of 418.1 million CNY, representing a year-on-year growth of 60.59%, and a net profit of 27.97 million CNY, up 17.45% [3][9] Group 2: Key Growth Drivers - Revenue growth is attributed to three main factors: deepening core customer strategies, successful global expansion, and operational efficiency improvements [2][3] - The utilization rate of the Mexican factory reached 85% in 2024, supporting demand growth in the North American market [5][6] Group 3: Global Expansion Strategy - The third factory in Mexico is set to commence production in the second half of 2025, adding 500,000 sets of interior parts capacity [5][6] - The company is actively engaging with international clients, including Ford, General Motors, and Stellantis, aiming to enter their supply chains by 2025 [3][11] Group 4: Domestic Market Strategy - FUSAI Technology plans to strengthen collaborations with leading domestic automakers like BYD, Chery, and Great Wall, focusing on customized solutions [3][10] - The company is enhancing supply chain collaboration with Tier 2 suppliers to optimize resource integration and improve competitiveness [3][10] Group 5: Research and Development Focus - The company prioritizes technological innovation, particularly in lightweight and eco-friendly materials, to meet global automotive sustainability demands [3][4] - FUSAI is developing smart interior solutions and optimizing interior structures for electric vehicle platforms to enhance user experience [3][4] Group 6: Financial Management and Risk Mitigation - Asset impairment provisions were made in Q4 2024 due to increased bad debt and inventory write-downs, reflecting the company's proactive financial management [8] - The company is monitoring international trade policies, particularly U.S. tariffs, but currently faces no direct impact on its operations [6][7]