Group 1: Company Overview and Operations - The company specializes in the research, production, and sales of anti-corrosion and wear-resistant welding equipment, non-welded boiler components, pressure vessels, and high-end steel structures, primarily serving the energy sector [2] - Current applications of the company's products include waste-to-energy, coal-fired power, gas boilers, nuclear power, and biomass energy generation [2][3] Group 2: Market Trends and Future Prospects - Coal-fired power remains a crucial electricity source in China, with increasing demand driven by factors such as global warming and the rise of AI data centers, leading to a stable growth outlook for the coal power sector [3] - The oil and gas pipeline market is expected to grow due to increasing demand for bimetallic composite pipes, particularly in corrosive environments, with welding technology becoming more efficient and cost-effective [7] Group 3: Production and Delivery - The delivery cycle for products from the Vietnam base is approximately 6 months, focusing on gas turbine waste heat recovery devices [4] - The company employs a "make-to-order" production model, confirming revenue upon completion of production and shipping under the FOB trade model [6] Group 4: Infrastructure Development - The Vietnam production base covers an area of approximately 150,000 square meters, with phase one completed and operational, while phase two is expected to commence production in Q2 of the following year [8] Group 5: Industry Growth and Demand - The global gas turbine market is projected to grow, driven by demand from North America, the Middle East, and Europe, with gas turbines being key to meeting electricity needs and facilitating energy transitions [10]