Core Viewpoint - Mingxin Xuteng achieved significant revenue growth in 2024, driven by product innovation and market expansion in the automotive materials sector [1][2][3] Financial Performance - The company reported a revenue of 1.179 billion yuan in 2024, marking a year-on-year increase of 30.21% [1] - Quarterly revenues showed a consistent upward trend, with Q4 reaching a record high of 402 million yuan [1] - For Q1 2025, the company continued its growth trajectory with a revenue of 282 million yuan, up 25.60% year-on-year [3] Product Development and Innovation - Mingxin Xuteng made breakthroughs in product capacity and process upgrades, including the first mass production of water-based PU leather for automotive applications [1] - The company introduced low-carbon and eco-friendly tanning processes in the leather materials sector, maintaining quality while reducing carbon emissions and heavy metal residues [1] - The introduction of high-end Nappa leather for steering wheels significantly improved durability and market share in the domestic market [2] Market Strategy and Expansion - The company is actively expanding its customer base among new energy vehicle manufacturers, focusing on lightweight and low VOC emission products [2] - 2024 marked a key year for the company's globalization strategy, with new factories in Jiangsu and the operational launch of a facility in Mexico [2] Research and Development - Research and development investment reached 103 million yuan in 2024, a 16.5% increase, representing 8.72% of total revenue [3] - The company has established 33 national and industry standards and holds 285 valid patents, including 16 invention patents [3] Future Outlook - 2025 is designated as a "market expansion year," with plans to transition from an automotive materials expert to a provider of intelligent surface system solutions [3]