Group 1: Company Overview - The company primarily focuses on planetary gear reducers and screw-type reducers, with plans to expand based on future customer and market demands [1] - The core equipment is mainly imported, and the overall capacity utilization rate is over 60% [1] Group 2: Business Performance - The differential assembly business is expected to see stable growth in 2025, with new project confirmations from clients [1] - Revenue for 2025 is anticipated to maintain stable growth according to current customer and market expectations [1] Group 3: Financial and Investment Insights - The company has over 100 million remaining from fundraising, which is still being invested [2] - There are no current plans for forced redemption of convertible bonds; future decisions will depend on conversion ratios and other factors [1] Group 4: International Expansion - The Thailand factory has completed the first phase of construction and equipment installation, with plans to begin small-scale production in June 2025 [2] - An investment intention has been signed with the Moroccan local government, with plans to acquire land within the year [2] Group 5: Customer Impact - The impact of annual customer declines is relatively smaller due to a high proportion of foreign, joint venture, and export businesses [2]