Group 1: Company Strategy and Operations - The company is actively expanding its raw material import channels to mitigate procurement risks due to international environmental changes [2] - The Thai factory is part of the company's overseas strategy, expected to be completed in the second half of the year, with an anticipated production capacity of 10,000 tons of pea protein [3] - The company is focusing on new applications for pea protein, particularly in high-end pet food and emerging markets in Asia [2] Group 2: Financial and Investment Insights - The company has not yet initiated its share repurchase plan as the loan funds for the buyback have not been received [3] - In 2024, the company's R&D expenses amounted to 65.67 million yuan, with multiple patents granted and participation in key provincial R&D projects [4] - The company expresses confidence in its 2025 share repurchase plan based on optimistic future development prospects [3] Group 3: Market and Clientele - Major clients for the company's pea protein include international giants such as Nestlé, Mars, and DuPont [3] - The company is monitoring trends in the plant-based meat sector, which is expected to have growth potential [3] Group 4: Shareholder Engagement - The company is considering suggestions for online product discount activities for shareholders and evaluating the feasibility of a shareholder ordering program [4] - The company acknowledges the importance of different product development for various demographics and application scenarios [4]