Industry Outlook - The offshore wind power industry is expected to accelerate development due to the resolution of issues such as navigation and sea use conflicts, contributing significant capacity from 2025 to 2026 [2] - Future industry growth will focus on three main directions: large-scale turbine development for cost reduction, deep-sea development as a new growth area, and the integration of "offshore wind power +" models [2] Company Performance - The company has established multiple production bases across key offshore wind power regions, including Zhejiang, Guangdong, and Jiangsu, effectively meeting production capacity needs [4] - The offshore wind power industry has faced a downturn from 2021 to 2023 due to project delays caused by sea use approvals and navigation coordination, but these issues are gradually being resolved, leading to potential growth [5] Financial Projections - The company anticipates a growth in main business revenue and profitability by 2025, with a projected increase in revenue compared to 2024 [6] - As of the end of 2024, the company has approximately CNY 4.88 billion in unfulfilled revenue obligations expected to be recognized in 2025 [6] Cash Flow and Management - The company has seen a significant increase in cash inflows from operating activities in 2024 and Q1 2025, attributed to improved sales collection management and increased contract liabilities from new projects [7] Strategic Development - The company is expanding its production capacity with the construction of the second phase of the Qidong project, which aligns with its "Two Seas Strategy" and supports national deep-sea technology initiatives [8] - The company is committed to its "offshore + overseas" strategy, focusing on deep-sea market product development and expanding both domestic and international market presence [8]