Group 1: Market Outlook and Trends - The demand for high-performance computing and storage hardware is expected to grow due to continuous investments by cloud service providers in AI hardware, particularly in the server sector [3] - The storage market began to recover gradually from the end of March 2025, following a series of production cuts announced by major storage manufacturers [3] - The first quarter of 2025 saw a revenue of 319 million CNY for enterprise storage products, representing a year-on-year growth of over 200% [3] Group 2: Competitive Advantages - The company is one of the few in China capable of designing and supplying "eSSD + RDIMM" products, showcasing its comprehensive strength in technology, manufacturing, and market capabilities [5] - The customer base for the company's enterprise storage products is diverse, including large internet companies and telecom operators, indicating strong adaptability and recognition across various industries [5] Group 3: Product Development and Innovation - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [6] - The UFS products utilizing the self-developed main control chips are expected to maintain and expand the company's leading position in the embedded storage market [6] Group 4: Business Model and Inventory Strategy - The TCM model aims to establish a new type of supply-demand relationship, enhancing visibility and reducing price volatility impacts [7] - The company is transitioning towards a service and value-driven model, adjusting inventory strategies flexibly based on market conditions and business development needs [7]