Core Insights - The company reported a total operating revenue of 2.427 billion yuan for 2025, marking a year-on-year increase of 4.5% [1] - The net profit attributable to shareholders reached 710 million yuan, reflecting a growth of 15.54% year-on-year [1] - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares to all shareholders [1] Segment Analysis - The power equipment segment generated an operating revenue of 2.102 billion yuan, up 16.05% year-on-year, benefiting from strong partnerships with major domestic transformer manufacturers and a global market expansion strategy [1] - The company established a regional headquarters in Singapore, launched a factory in Indonesia, and stabilized operations in Turkey, enhancing its overseas network and market responsiveness [1] - Direct and indirect exports in the power equipment sector achieved 714 million yuan in revenue, a significant increase of 47.37% [1] CNC Equipment Business - The CNC equipment segment reported an operating revenue of 244 million yuan, a year-on-year growth of 39.86%, with exports reaching 112 million yuan, up 229.8% [2] - The company is strategically reducing its low-margin power engineering business, which saw a revenue decline of 89.93% to 29 million yuan, to focus on core competencies and long-term growth potential [2] Market Position and Future Plans - As a leading player in the domestic tap changer market, the company is working to increase its market share in the 500kV ultra-high voltage and extra-high voltage sectors, which are currently dominated by imported products [2] - The company is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to further its international strategy and enhance its capital operations [3] - Future efforts will focus on high-end market breakthroughs, deepening global layout, and expanding service offerings to strengthen its competitive edge [3]