Core Insights - The company, Altec Automotive Technology Co., Ltd., is the largest independent automotive design firm in Asia and the only one listed in A-shares, highlighting its uniqueness in the market [1] - The company is advancing its "technology + supply chain" strategy globally, having established seven R&D centers in regions such as Japan, Southeast Asia, and the Middle East [1] Group 1: Business Overview - Altec provides comprehensive "turnkey" services across the entire vehicle and component development process, focusing on core component R&D and manufacturing [1] - The company has initiated mass production of its power system components and is collaborating with Yazaki's subsidiary in China for high-voltage electrical systems [1] Group 2: Strategic Developments - Altec has partnered with the Japanese listed company YAMATO to provide technical solutions and electric powertrain kits for the oil-to-electric conversion of commercial vehicles, with significant market potential supported by local government subsidies [2] - The company has secured an order of approximately 337 million yuan for heavy-duty truck oil-to-electric conversion, with production expected to start in April 2025 [2] Group 3: Market Position and Competition - Altec is positioned uniquely in the automotive design industry, with competitors categorized into three types: independent design firms like Altec, overseas firms such as AIDAC, and domestic firms like Longchuang Design [2] - The company currently faces minimal competition in the early stages of its oil-to-electric business, benefiting from supply chain cost advantages compared to overseas firms and first-mover advantages in client development and supply chain access compared to domestic firms [2] Group 4: Financial Performance and Future Outlook - The company has experienced losses due to price competition in the domestic automotive market, lack of profitability in overseas markets, and accounting provisions for impairment [2] - Future business outlook includes deepening design collaborations with existing clients, expanding new client acquisition, and increasing revenue from mass production of core components like electromagnetic clutches [2]