Group 1: Company Overview and Competitiveness - The company has nearly 15 years of experience in LED driver power supply technology and manufacturing, holding multiple LED driver, dimming, and lighting control technologies [2] - The maximum power of plant lighting LED driver power supply can reach 1500W, with a wide voltage input range of 180-528Vac and a conversion efficiency of up to 97% [2] - The company’s products have obtained global safety certifications and are compatible with global power grid applications [2] Group 2: Storage Inverter Positioning and Competitiveness - The company positions its storage subsidiary as a technology-driven enterprise, with over 60% of its employees in R&D roles as of the end of 2024 [3] - 15% of the R&D personnel hold master's degrees, and approximately 40% have over 5 years of experience in the energy storage industry [3] - The storage subsidiary focuses on core components for commercial energy storage systems and household energy storage systems, emphasizing flexibility in product design and strong market competitiveness [3] Group 3: Production Capacity and Financial Considerations - The storage subsidiary is performing well, with high capacity utilization for the photovoltaic + energy storage hybrid inverter [3] - The current balance of the "Sonseng Convertible Bond" is approximately 294 million yuan, with ongoing management based on stock price trends and operational conditions [3] - The direct export tariff for LED driver power supply products to the U.S. is approximately 58%, with expected direct sales to the U.S. in 2024 amounting to 140 million yuan, representing 16% of total revenue [3]