Group 1: Company Overview and Business Structure - In 2024, the company's main business revenue was 950.51 million yuan, with cleaning services accounting for 46.3% and motor business for 45.6% of total revenue, while other businesses contributed 8.1% [2] - The company aims to expand into automotive safety and comfort motor products, industrial automation, humanoid robot applications, intelligent driving cleaning systems, and new energy vehicle thermal management systems [3] Group 2: Market Trends and Product Demand - Unique exterior designs and practical functions in electric vehicles attract potential buyers, with products like hidden door handles and electric tailgates expected to maintain stable or growing market demand [3] - The average sales price of motors has remained stable in the first half of the year, as prices are already at relatively low levels, preventing severe price competition in the industry [3] Group 3: Business Strategy and Risk Management - The company emphasizes prudent management of accounts receivable risks, focusing on careful project and client selection to control the scale of long-term accounts [4] - Plans to expand the customer base while maintaining stable relationships with emerging clients to enhance market share [4] Group 4: Production Capacity and Technological Development - The company plans to produce 250,000 sets of gas-liquid mixed cleaning systems annually, with some capacity allocated to production in Thailand, adjusting based on customer demand [5] - The company is developing harmonic magnetic field motors, which offer advantages such as high power density, compact size, and reduced material costs, positioning them well for future customized solutions in the robotics sector [5] Group 5: Competitive Landscape and Pricing Strategy - The company collaborates with leading clients, maintaining a stable pricing system, with annual price reductions being reasonable and normal [5] - To mitigate the impact of price adjustments from automotive manufacturers, the company will focus on technological innovation, cost reduction, and improved internal management [5]

Group 1: Financial Performance - The company's Q1 2025 revenue was 24,158.93 million CNY, a decrease of 16.04% compared to 20,283.21 million CNY in the previous year [2] - The net profit attributable to shareholders for Q1 2025 was 4,180.08 million CNY, down 35.48% from 6,478.89 million CNY in the previous year [2] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024, indicating a relatively stable performance despite the decrease [3] Group 2: Business Segments and Growth Potential - The traditional cleaning business remains under pressure, with no significant recovery observed in Q1 2025 [2] - The company is focusing on expanding its cleaning system business, particularly in overseas markets, which present significant growth opportunities [4] - The ADAS active perception cleaning system is expected to provide substantial market value growth compared to traditional cleaning systems [4] Group 3: Robotics and Motor Products - The company is actively engaging with overseas clients in the humanoid robot sector and plans to accelerate domestic customer expansion [5] - The development of seat motors, including adjustment and massage functions, is progressing well, driven by consumer demand for comfort and quality [6] - The tailgate motor segment has seen rapid growth, with revenue primarily driven by increased penetration among major clients and the acquisition of new customers [6] Group 4: Future Development Plans - The company aims to deepen its focus on vehicle motors and cleaning systems, with plans to expand into new motor categories and fluid products [6] - There is a strategic emphasis on developing high-torque brushless motors and various electric motors for automotive applications, laying a solid technical foundation for future growth [6]

Financial Performance - The company's Q1 2025 revenue was 202.83 million yuan, a decrease of 16.04% from 241.59 million yuan in Q1 2024 [3] - Net profit attributable to shareholders was 41.80 million yuan, down 35.48% from 64.79 million yuan in the previous year [3] - The gross margin for Q1 2025 was 32.22%, showing a decline from 36.79% in Q1 2024 and 32.5% in Q4 2024 [3] Business Challenges - The traditional cleaning business segment continues to face pressure, with no signs of relief in Q1 2025 [3] - The electric motor business also experienced a short-term decline due to overdue accounts from some clients, leading to a temporary halt in supply to those clients [3] Strategic Initiatives - The company is focused on risk management of accounts receivable, maintaining a cautious approach in project and client selection [4] - Plans to expand the customer base and maintain stable relationships with emerging clients to enhance market share [4] Production and Growth Prospects - The Thai factory is progressing well with equipment debugging and is entering a ramp-up production phase [5] - The factory is expected to provide new growth momentum due to sufficient order demand and low initial depreciation burden [5] Technology Development - The company has secured mass production projects for the ADAS active perception cleaning system with clients like Waymo and Meituan, targeting an annual capacity of 250,000 sets [6] - Development of harmonic magnetic field motor technology is underway, with successful applications in logistics systems and positive feedback from clients in humanoid robotics [6] Market Impact - Direct sales to the U.S. market accounted for only 2.7% of total business in 2024, minimizing the impact of U.S. tariffs [7] - The company plans to optimize production capacity and strategies in response to external environmental changes [7]