Group 1 - The company faced skepticism regarding its claim of "rapid development in downstream markets" amidst a projected steel production growth rate of only 1% in 2024 and a decline in crude steel production and sales [1] - The company acknowledged the lack of rigor in its previous statement and revised it to "sustained stable development," while emphasizing that steel production reflects raw material supply rather than direct demand for tools [1] - Despite presenting growth data for downstream industries, the company's global market share for its core product, steel plate drills, is only 13.09%, and a significant drop in sales to a major Indian client raises concerns about market dependency risks [1] Group 2 - The company reported that 70% of its R&D investment, approximately 0.2 billion, was allocated to the solid drilling series, which only accounts for about 5% of its revenue [2] - The company attributed this discrepancy to capacity constraints rather than R&D failures, with an overall capacity utilization rate of 94.81% [2] - The revenue compound annual growth rate (CAGR) for the solid drilling series is 19.76%, but the limited production increase despite a doubling of product specifications indicates challenges in market conversion [2] Group 3 - The company clarified that the higher gross margin of the trading model compared to the direct sales model is due to product structure differences, particularly the higher margin from its largest trading customer [3] Group 4 - Concerns were raised about the company's inventory impairment policy, which uses a "5-7 year sales forecast" for raw materials and inventory over 2 years old, questioning its adherence to industry norms [4] - The company defended its approach by stating that the raw materials used in the tool industry are special steels with stable physical properties, allowing for long-term storage [4] Group 5 - The company reported a significant increase in pending installation equipment, which rose by 63% to 46.99 million by June 2025, prompting questions about potential profit manipulation through delayed asset capitalization [5] - The company provided a list of major equipment and clarified that the eight unverified units are still being adjusted due to "parameter non-compliance," with expectations for completion in Q1 2026 [5]