Financial Performance - In 2024, the company achieved a revenue of 6.744 billion CNY, representing a year-on-year growth of 18.25%, marking the fourth consecutive year of double-digit growth [1] - The net profit attributable to shareholders was 359 million CNY, with a net profit margin of 5.34% [1] - Revenue from the automotive parts segment was 5.002 billion CNY, accounting for 74.18% of total revenue, with a year-on-year increase of 12.86% [1] - Revenue from energy storage equipment reached 1.217 billion CNY, making up 18.04% of total revenue, with a significant year-on-year growth of 123% [1] - The company reported a revenue of 1.636 billion CNY in Q1 2025, with a net profit of 82.79 million CNY and a net profit margin of 5.06% [1] Strategic Development - The company aims to accelerate global expansion, targeting increased overseas revenue share [2] - Plans are in place to expedite the construction of a factory in Thailand to cover the Southeast Asian market for new energy vehicles and energy storage [2] - The company intends to establish a factory in Europe or North Africa to serve the European new energy vehicle market, with initial projects already received from international automakers [2] - The company is focusing on three key areas for high-quality development: smart robotics, low-altitude economy, and liquid cooling solutions [2] Product and Market Outlook - The company anticipates further revenue growth in automotive seating and energy storage products [4] - There is an ongoing effort to expand the customer base and increase market penetration, particularly among small and medium-sized clients [5] - The company is addressing potential revenue declines by actively seeking high-quality domestic and international business opportunities and optimizing product structure [5] Customer Base and Partnerships - Major automotive clients include mainstream manufacturers such as GAC Group, Geely, BYD, and NIO [3] - The company has established strategic partnerships in the low-altitude economy sector and is developing solutions for humanoid robots [6][7] - The company is in communication with various clients in the robotics sector, focusing on tailored solutions [9] Technological Innovations - The company is advancing its liquid cooling technology, which significantly enhances safety in electric vehicles [12] - The new cooling technology is expected to be applied across various sectors, including new energy vehicles, energy storage, and computing servers [12]

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Summary of Tongrun Equipment Conference Call Company Overview - **Company**: Tongrun Equipment - **Industry**: Renewable Energy, specifically focusing on photovoltaic (PV) and energy storage solutions Key Financial Performance - **2024 Revenue**: 18 billion CNY, a year-on-year increase of 80.07% - **2024 Net Profit**: 2.17 billion CNY, a year-on-year increase of 237.28%, primarily driven by growth in photovoltaic energy storage business [1][2] - **Q1 2025 Revenue**: 8.08 billion CNY, a year-on-year increase of 18.01% - **Q1 2025 Net Profit**: 18.31 million CNY, a year-on-year increase of 19.7% [1][2] Business Segments Renewable Energy - Focus on North America and South Korea markets, with leading positions in commercial PV inverters [1][4] - Expansion into emerging markets such as Europe, Latin America, and Pakistan, with full-scenario PV solutions launched in Europe [1][4] - In 2024, inverter shipments increased by approximately 20%, with significant growth in the US (20%-28%), Europe (over 20%), and South Korea (over 40%) [1][6] Metal Products - Revenue from metal products reached 1.334 billion CNY, a year-on-year increase of 10.14% [2] - Focus on expanding production capacity and developing new product lines such as workbenches and tool cabinets [1][4] Market Dynamics - **Supply Chain Management**: The company has optimized its supply chain and strengthened partnerships to mitigate the impact of US-China tariff disputes [3][7] - **Profit Margins**: North America maintains a gross margin of 40%-50%, while Europe exceeds 30%. The Chinese market is more competitive, with margins between 15%-25% [3][26] Product Development - Successful development of high-power string inverter products (330 kW and 350 kW) for European and North American markets [5] - New generation home and commercial energy storage solutions launched, aimed at global commercial energy storage systems [5] Future Outlook - **2025 Goals**: Anticipated growth in inverter-based energy storage, with significant projects in Japan and Australia [15][16] - **Market Expansion**: Expected overseas shipment growth of 20%-30% compared to the previous year, with a focus on high-margin markets [26] - **Challenges**: Anticipated decline in large-scale energy storage demand in the US due to high tariffs and supply chain issues [24] Additional Insights - **European Market**: Strong growth in commercial energy storage, with a focus on centralized grid-side storage projects [30][33] - **Order Backlog**: Approximately 160 million USD in orders in North America, with expectations for double-digit growth in revenue [34] - **Gross Margin Trends**: Margins are expected to stabilize in the US market due to sufficient inventory and potential price adjustments to counter tariff impacts [36] Conclusion Tongrun Equipment is positioned for significant growth in the renewable energy sector, particularly in photovoltaic and energy storage solutions, with a strong focus on international markets and product innovation. The company is actively managing challenges related to tariffs and competition while aiming to enhance its market share and profitability.

Group 1 - The company, Invt (002334), will hold its 2024 online performance briefing on April 17, 2025, from 15:00 to 17:00, featuring key executives for real-time communication with investors [1] - Invt reported a total operating revenue of 4.322 billion yuan and a net profit attributable to shareholders of 287 million yuan for the year 2024 [1] - The company focuses on providing specialized solutions in industrial automation and energy power sectors, emphasizing energy conservation, intelligent manufacturing, artificial intelligence, and digitalization [1] Group 2 - Invt is a leading enterprise in the industrial automation field, possessing advanced R&D capabilities and comprehensive technical levels among domestic brands, with significant technical barriers [2] - The R&D team has mastered core technologies for products such as frequency converters, PLCs, servo systems, electric vehicle control systems, and inverters, undertaking multiple national and local technology projects [2] - All products are independently developed, with the company holding all intellectual property rights [2]

早在1 9世纪中期，法国经济学家巴斯夏提出了著名的"无效铁轨理论"：在法国和西班牙之间 课征关税，将抵消法国和西班牙之间修建铁路而降低贸易成本的利益，在本质上是毫无意义 的。 同样在1 9世纪的1 8 4 1年，德国著名思想家弗里德里希·李斯特，这位保守的德国民族主义经济 学家也认识到，无论要征收何种关税，都应当适度，不要使进口和消费因此而受限制，否 则，不但国内的生产能力将受到削弱，而且增加税收的目的也将受挫。 近两百年来，从亚当·斯密到李嘉图，从弗里德曼到克鲁格曼，几乎每一代的经济学家，无不 强调自由贸易对世界经济发展的重要性，作为经济史教授的美国财政部长斯科特·贝森特对此 自然非常清楚，然而现在世界看到的是，政治立场表态已经超越了专业与科学精神。 然而这种关税讹诈，会得逞吗？会让美国实现制造业回流吗？一国的经济发展，本质上来 说，主要依靠全要素生产率的提升。那么滥施关税，对提升全要素生产率有帮助吗？ 作 者丨 黄智文（资深财税研究学者） 编 辑丨洪晓文 今年4月份以来，美国对各国使出了极限的关税讹诈大棒。这种极限的关税讹诈必将损人害 己，这早已被理论和实证所证明。 2 0 1 6年，法国著名经济学家、哈 ...

Core Viewpoint - In 2024, Yingweitong (002334) reported a total revenue of 4.322 billion yuan, a year-on-year decrease of 5.84%, and a net profit of 287 million yuan, down 22.81%, primarily due to significant declines in the new energy vehicle and photovoltaic energy storage sectors [1] Group 1: Industrial Automation Business - The industrial automation segment achieved revenue of 2.673 billion yuan, a year-on-year increase of 5.15%, making it the only business unit with positive growth [4] - Despite a weak global economic environment and low demand in the industrial control sector, the company successfully identified structural growth opportunities in downstream industries, particularly in steel, mining, non-ferrous metals, and chemicals, with sales exceeding 100 million yuan in these sectors [4] - Yingweitong's market share in the low-voltage frequency converter market increased to 6%, ranking fourth overall and second among domestic brands [4] Group 2: New Energy Vehicle Business - The new energy vehicle segment reported revenue of 585 million yuan, a year-on-year decline of 16.59%, making it the worst-performing segment for the company [5] - Despite achieving a total sales volume of 72,000 units in the new energy commercial vehicle market, intense market competition and price wars significantly compressed profit margins [5] - The company focused on hybrid electric control products in the passenger vehicle market, achieving sales of 50,000 units, but was unable to reverse the losses despite advancements in technology and product iteration [5][6] Group 3: Photovoltaic Energy Storage Business - The photovoltaic energy storage segment generated revenue of 222 million yuan, a year-on-year decrease of 27.03%, reflecting poor performance despite being a growth-oriented business [7] - The global photovoltaic inverter industry is characterized by increased installation demand and technological iterations, leading to a "volume increase and price drop" scenario, intensifying market competition [7] - Yingweitong's sales in overseas markets increased to 51.10%, but partnerships in countries like India, South Korea, and Pakistan have not significantly improved business performance [7]