Group 1 - The company held a specific investor survey on September 2, 2025, with participation from institutions such as Zhongchuang Shujin, Zhongyan Investment, and Huafu Securities, discussing strategic planning, investment arrangements, and industry profitability methods [1] - The company is planning a transformation due to the welding steel pipe industry's shift from growth to competition, with a focus on developing a second main business after board approval [1] - Future investment arrangements will be based on order volume, emphasizing technological upgrades and resource efficiency rather than large-scale expansion [1] Group 2 - As a high-tech enterprise in the welding steel pipe sector, the company's products are widely used, including heavy-duty rigid steel conduits for nuclear power applications [2] - The steel pipe industry has seen mergers and acquisitions for resource integration, with acquisition prices influenced by the scale of target assets [2] - The cost structure of steel pipe companies shows that raw material costs are a significant portion, with product gross margins being small, but the industry maintains stable gross margins due to high price transparency [2]