Group 1: Industry Overview - The domestic carbon fiber industry has experienced a phase adjustment since 2023, with a relative stabilization expected by the end of 2024 [5] - The carbon fiber market is developing positively, with the company focusing on cost reduction and quality improvement to enhance overall scale, production capacity, and technology level [5] Group 2: Product Applications - The company's carbon fiber products are primarily used in various sectors, including wind power, sports and leisure, low-altitude economy, construction materials, automotive, military, aerospace, high-end equipment, new energy, and hydrogen storage [6] Group 3: R&D Investment - In Q1 2025, the company's R&D expenses increased by 89.02% year-on-year, focusing on high-end carbon fiber development and quality enhancement for both civilian and industrial applications [7] - The company invested CNY 68.40 million in R&D in 2024, accounting for 4.27% of operating revenue, and filed 8 new patents while collaborating with several universities on key projects [7] Group 4: Financial Performance - The net cash flow from operating activities in 2024 was -CNY 318 million, a 46.63% change compared to the previous year, primarily due to increased sales receipts and the maturity of acceptance bills [9] - Despite the negative cash flow, the company reported improved cash collection methods, ensuring no adverse impact on production and operations [9] Group 5: Market Share - The market share of the company's carbon fiber raw silk products remains above 50%, supported by continuous product performance optimization and collaboration with downstream companies [10] - The company aims to position itself as a leading international supplier of carbon fiber raw silk, actively exploring new markets and customers [11]