Core Viewpoint - South Mining Group is focusing on high-margin equipment sales and aftermarket services, leading to recent fluctuations in revenue and profit due to the abandonment of large integrated equipment business [1][2] Revenue and Profit - Recent revenue and profit fluctuations are attributed to the strategic decision to abandon large integrated equipment business in favor of high-margin equipment sales and aftermarket services [1] - Despite short-term financial impacts, the company has a robust order reserve with significant year-on-year growth expected in future revenues [1] Order Structure - The order structure has shifted significantly, with metal mining equipment orders now exceeding non-metal mining orders, indicating a business structure optimization [1] - Orders for black metal mining equipment dominate, while orders for non-ferrous metal mining equipment are gradually increasing, with the company entering the supply chains of several large steel groups [1] Aftermarket Business - The company has established Jiangxi Xinkuang Zhiwei Engineering Technology Co., Ltd. to enhance its aftermarket services, which boasts a gross margin exceeding 40% and strong cash flow [2] - A dedicated team, R&D department, and comprehensive service system have been set up to drive rapid growth in this business segment [1][2] Resource Layout - The resource layout focuses on precious metals (gold, copper) using a "co-investment + operation + equipment" model, with the Brownhill gold mine project in Zimbabwe already implemented [2] Accounts Receivable Management - To address the large scale of accounts receivable, the company is enhancing customer credit management, optimizing contract payment terms, and promoting aftermarket business to improve cash flow [2] Market Capitalization Management - The company is committed to enhancing profitability and asset quality through business structure optimization, aiming for long-term value enhancement [2] Overseas Business Growth - The overseas business is experiencing strong growth, with significant increases in new orders for metal mining and overseas markets expected in the first half of 2025 [2] - The overseas revenue share is reasonable, with growth concentrated in Africa, North America, and the CIS regions, alongside the establishment of subsidiaries and a research center in Sweden [2]