Summary of Conference Call Company Overview - The conference call involved Tianming Technology, which specializes in the design, research, production, and sales of automotive modification components, particularly for off-road vehicles like SUVs and pickups [2][3]. Key Financial Highlights - For the fiscal year 2024, Tianming Technology reported revenue of 250 million, representing a year-on-year growth of 12% [3]. - Net profit attributable to shareholders increased by 7%, while the net profit excluding non-recurring items grew by 15% [3]. - The company has maintained a steady growth trajectory since its listing nearly three years ago [3]. Market Dynamics - The company has shifted its market focus from primarily overseas to a more balanced approach, with overseas sales currently accounting for approximately 70% of total revenue [6]. - North America and Europe represent over 50% of the overseas market share [6]. - The company is expanding its customer base in the domestic market, establishing long-term partnerships with major automotive manufacturers like Great Wall Motors and Dongfeng Motors [2]. Product and Market Strategy - Tianming Technology is actively developing new products and increasing its investment in technology research and development [4]. - The company is the first supplier of electric footboards to domestic OEMs, with a significant market share in this segment [8][19]. - The electric footboard and electric pedal products are positioned as high-end offerings, with a focus on quality and performance [9][10]. Challenges and Risks - The company faces challenges related to increased tariffs, particularly in the North American market, which could impact pricing and customer relationships [5][7]. - The impact of tariffs has led to a period of adjustment for both the company and its customers, with ongoing discussions about how to manage these costs [5][6]. - The gross margin has seen a decline of approximately 8.75% due to pricing pressures in the domestic market [10]. Future Outlook - The company anticipates continued growth in 2025, primarily driven by the introduction of new products and expansion into new markets [27]. - There is a cautious optimism regarding the overall market environment, with expectations of stable demand despite external pressures [21][27]. - The company is also exploring opportunities related to the Belt and Road Initiative, although it acknowledges limited familiarity with this market [26]. Additional Insights - The company has experienced a shift in its customer base, with the largest customer now accounting for over 40% of revenue, indicating a successful transition to new partnerships [17]. - The automotive modification market is described as large but fragmented, with significant potential for growth in the off-road vehicle segment [18][20]. - The company is committed to maintaining a high level of product quality and competitive pricing, which is crucial for sustaining its market position [20]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market strategies, challenges, and future outlook.

Core Insights - The 2025 Suzhou GT Show marks a significant event in the automotive modification culture, highlighting the transformation of China's automotive service market driven by policy benefits and consumer upgrades [1] - Dongjian Technology, a leading company in the off-road modification sector, launched the WINBO brand and announced its entry into the C-end market, aiming to create a "WINBO co-win ecosystem" for partners [1][7] Group 1: Company Overview - Dongjian Technology has been deeply involved in the off-road modification field for 30 years, showcasing exceptional product manufacturing capabilities through flexible manufacturing and strict quality assurance systems [3] - The company has invested over 400 million yuan in R&D, established two major R&D centers in North America and China, and formed a team of over 500 elite researchers [3] - Dongjian has accumulated over 600 patents and has invested more than 50 million yuan in experimental equipment, with products exported to over 90 countries and regions, delivering over 1.5 million modification kits annually [3] Group 2: Market Trends - The camping economy in China is projected to reach a market size of 248.32 billion yuan by 2025, with related markets expected to reach 1.44028 trillion yuan, indicating a strong demand for vehicle modification solutions that cater to diverse outdoor activities [5] - The overlap between camping enthusiasts and off-road vehicle users is significant, driving a strong market demand for comprehensive modification solutions [5] Group 3: Product Launch and Features - The WINBO brand was officially launched at the GT Show, featuring two major product lines: complete vehicle modifications and platform products, which received significant attention for their versatility [1][9] - The "pan-off-road platform products" can support various vehicle models, including Haval, Tank, Land Rover, and others, highlighting their high adaptability [9] - The complete vehicle modifications offer flexible options for off-road enthusiasts, enhancing aesthetics, performance, and protection while maintaining original design principles [11] Group 4: Customer Engagement and Support - The WINBO brand introduced a new after-sales service standard, offering a three-year free warranty and a "WINBO CARE" membership program that includes upgrade options and extended warranty rights [13] - Dongjian aims to break business silos through the "WINBO co-win ecosystem," promoting a direct connection between factories and stores to ensure rapid market response [15] Group 5: Vision and Commitment - Dongjian Technology remains committed to technological innovation and aims to be a global leader in the automotive modification sector, continuously providing high-quality products and services to enhance the off-road modification industry [17]