Core Viewpoint - The company reported a revenue of 92.75 billion yuan for 2024, reflecting a year-on-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion yuan, up 18% year-on-year [3] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 22.17 billion yuan, a year-on-year increase of 7.1%, with a net profit of 550 million yuan, up 34.9% year-on-year [3] - The profit distribution plan for 2024 includes a cash dividend of 12.30 yuan per 10 shares (including tax), totaling 1.7 billion yuan, with a cash dividend ratio of 51% [3] Group 2: Sales Performance - Domestic sales revenue for 2024 was 48 billion yuan, down 2.1% year-on-year, while foreign sales revenue reached 35.6 billion yuan, up 27.6% year-on-year [4] - The HVAC business generated 40.3 billion yuan in revenue, a year-on-year increase of 4.2%, with significant growth in foreign sales, particularly in the Middle East and ASEAN markets [4] - The home appliance segment achieved a revenue of 19.5 billion yuan, up 18.5% year-on-year, driven by national subsidies and a recovery in domestic sales [4] - The ice washing business reported a revenue of 30.8 billion yuan, an increase of 18.3% year-on-year, benefiting from national subsidy policies [4] Group 3: Profitability and Margins - The overall gross margin for 2024 was 20.8%, a decrease of 1.3 percentage points year-on-year, with domestic gross margin at 30.7% and foreign gross margin at 11.4% [5] - The gross margin for the HVAC business was 28.5%, down 2.1 percentage points year-on-year, while the ice washing business gross margin was 17.6%, down 1.5 percentage points [5] - The net profit margin for 2024 was 3.6%, an increase of 0.3 percentage points year-on-year, with expectations for gradual improvement driven by equity incentives [5] Group 4: Research and Development - The company increased its R&D investment, with R&D expense ratio rising by 0.5 percentage points, indicating a focus on innovation and enhancing competitiveness [5] - The company is transitioning from being a compressor supplier to a comprehensive thermal management system supplier for electric vehicles, indicating a strategic shift in business focus [4]