Core Viewpoint - The overall revenue of the power grid equipment industry is expected to increase by 2025, yet the revenue of Aote Xun has declined, raising questions among investors [1] Company Summary - Aote Xun primarily operates on a direct sales model, with its industrial power supply customer base concentrated among large state-owned enterprises and local energy investment platforms, such as State Grid, Southern Power Grid, and major nuclear power groups [1] - The company enjoys high brand recognition and loyalty among its customers in the power automation supply segment, leading to a significantly higher repurchase rate compared to competitors [1] - Despite a stable customer base, the company faces challenges due to longer accounts receivable periods and limited incremental order space, as the industry has experienced years of rapid growth resulting in a finite number of existing orders [1]