Core Viewpoint - The company has received an inquiry letter regarding its 2024 annual report disclosure, prompting a thorough review of its overseas business performance and customer relationships, particularly in Europe, the Americas, and Asia [1][2][3] Overseas Business Performance - The company's overseas component shipment accounted for approximately 57.8% of total sales in 2024, with overseas sales revenue making up 68.6% of total revenue [1] - Sales revenue from different regions includes: Europe (¥137.02 billion), Americas (¥224.32 billion), Asia-Pacific (¥136.54 billion), and others (¥113.60 billion) [1] - The gross profit margins in various regions showed significant fluctuations, with Europe experiencing a decrease of 13.19 percentage points, the Americas an increase of 9.10 percentage points, and Asia-Pacific a decrease of 15.64 percentage points [1][2] Customer Analysis - The company is required to disclose detailed information about its top five customers in each region, including customer names, main businesses, countries, cooperation duration, and sales specifics [1][2] - The top customers in Europe include major photovoltaic distributors, while in the Americas, leading renewable energy developers are highlighted [2][3] Cost Structure and Pricing Trends - The overall cost structure has shown a downward trend due to significant price reductions in raw materials such as silicon, photovoltaic glass, and encapsulation films [5][6] - The average procurement price of silicon materials dropped by 50.37% from 2023 to 2024, reflecting a broader market trend [10] - The company’s gross profit margin is primarily influenced by the photovoltaic component business, with significant price declines observed in Europe and Asia [8][9] Market Demand and Trade Policies - The global demand for photovoltaic components is expected to grow slightly, with emerging markets in Asia and the Middle East showing positive trends, while European demand is weakening [14] - Trade policies in different regions are affecting market dynamics, with the Americas facing significant impacts from tariffs, while Asia remains relatively stable [13][14] Financial Verification - The company has established overseas production bases and sales subsidiaries to support its global operations, ensuring the authenticity of its overseas revenue through various verification methods [15][16] - The export tax refund verification indicates a significant difference between reported export income and actual overseas revenue due to the global operational strategy [16]