Group 1 - The core business of the company includes power station equipment and supporting infrastructure [1] - The company currently does not have any ultra-high voltage transmission and transformation projects [1]

Group 1 - The company, ST Huaxi, confirmed that its main business includes power station equipment and supporting infrastructure [2] - Currently, the company does not have any ultra-high voltage transmission and transformation projects [2]

Core Viewpoint - Hongyuan Co., Ltd. has established a significant competitive advantage in the ultra-high voltage power transmission sector, focusing on the research and development of electromagnetic wire products for high voltage and large capacity transformers, aligning with international standards and advanced technologies [1][2][3] Group 1: Competitive Advantages - The company has a strong foundation in the electromagnetic wire sector, with a focus on innovation and meeting the evolving demands of the ultra-high voltage power grid [2][3] - Hongyuan's products are widely used in China's leading ultra/high voltage direct current projects, showcasing the company's technological leadership and comprehensive strength [4][5] - The company benefits from a mature industrial chain in Shenyang, which enhances supply chain efficiency and reduces procurement and logistics costs [2][4] Group 2: Market Position and Expansion - Hongyuan's electromagnetic wire products cover all major domestic ultra-high voltage equipment manufacturers and have a presence in overseas markets such as the Middle East, North America, and Southeast Asia [4][6] - The company is actively expanding into the new energy vehicle sector, recognizing the increasing demands for high-performance electromagnetic wire in electric motors [6][7] - The successful IPO on the Beijing Stock Exchange marks a new phase for the company, providing capital to strengthen its core business and expand its industrial layout [6][7] Group 3: Innovation and R&D - The company emphasizes a systematic approach to innovation, focusing on high-tech and high-value-added product development, and has established a dedicated R&D center for electromagnetic wire [5][6] - Hongyuan has accumulated 80 patents and has participated in drafting several national and industry standards, which supports its innovation efforts [5][6] - The company aims to enhance its digital and intelligent manufacturing capabilities to improve product quality and operational efficiency [5][6]