Group 1: Business Overview - The company's downstream customer industry distribution shows that consumer electronics account for approximately 40%, while furniture and home appliances together account for about 30% [3] - The overseas revenue accounted for about 30% of the total revenue in the first half of the year, marking it as an important growth point for the company [4] Group 2: Profitability and Margin - The overall profit margin fluctuation for domestic and overseas operations is currently small [3] - The decline in gross margin for export sales in the second quarter is primarily due to a reduction in high-value-added orders and price adjustments for certain orders [4] - The company has adjusted its customer structure to reduce the proportion of low-value-added clients, which has led to an increase in gross margin [9] Group 3: Overseas Operations - The company has factories in Vietnam, Thailand, Malaysia, and Mexico, with plans for a new factory in Mexico to be operational within the year [4] - The overseas business customer structure mainly consists of industries such as consumer electronics, furniture, and home appliances [4] - The company adopts a cautious approach to overseas capital expenditure, primarily through leasing and reallocating existing equipment to control investment risks [6] Group 4: Supply Chain and Competition - The company's supply share in major clients' supply chains is not high due to the multi-supplier strategy adopted by large and medium-sized clients [4] - The competitive landscape for overseas packaging is expected to become increasingly intense, but significant changes in competition may take time [5] - Localized production offers advantages over domestic production for export, including lower logistics costs and improved delivery timeliness [5] Group 5: Financial Health and Future Plans - The company has a solid cash flow, which supports its ability to continue dividends, although the amount and ratio will depend on operational and capital expenditure conditions [7] - The major shareholder's debt issue is being resolved, with all amounts due in 2025 already paid and 2026 payments proceeding as scheduled [8] - The company does not currently have plans for equity incentives or financing [9]