Core Viewpoint - The company has successfully completed the conditions for the third unlock period of its 2020 restricted stock incentive plan, allowing 64 participants to unlock a total of 2,598,420 shares, which represents 0.5038% of the company's total share capital of 515,814,420 shares [2][16]. Summary by Sections Incentive Plan Overview - The 2020 restricted stock incentive plan was approved on November 29, 2020, with a total of 936,400 shares granted to 78 participants [3][5]. - The plan includes three unlock periods, with the third period set to expire on May 11, 2025, allowing for a 33% unlock of the granted shares [14][16]. Unlock Conditions - The conditions for the third unlock period have been met, and the shares will be available for trading starting May 30, 2025 [3][16]. - The total number of shares eligible for unlocking is 2,598,420, which will be distributed among 64 participants [2][16]. Share Repurchase and Cancellation - The company has previously repurchased and canceled shares from participants who did not meet performance criteria, including 327,436 shares in 2022 and 288,222 shares in 2023 [8][10][12]. - The repurchase price for these shares was adjusted multiple times, with the latest being 3.222 yuan per share [10][12]. Changes in Share Capital - Following the unlock and repurchase activities, the company's total share capital has been adjusted, with the latest total being 51,588,702 shares after the cancellation of 33,000 shares [12][20]. - The structure of the share capital will be confirmed by the Shenzhen branch of China Securities Depository and Clearing Co., Ltd. after the unlock is completed [20].

Summary of Nanwang Technology Conference Call Company Overview - **Company**: Nanwang Technology - **Date**: Q1 2025 Key Points Industry and Company Performance - In Q1 2025, Nanwang Technology's total revenue was 510 million yuan, showing a year-on-year stability. The net profit attributable to shareholders was 56.93 million yuan, a year-on-year increase of 35.66% due to favorable accounts receivable recovery and a reversal of impairment provisions contributing approximately 10 million yuan to profit growth [3][4][6]. Revenue Breakdown - **Technical Services**: Revenue share decreased to 64%, down 8 percentage points year-on-year, primarily due to a reduction in project delivery conditions for energy storage business [2][3]. - **Smart Devices**: Revenue share increased to 32.2%, up nearly 10 percentage points year-on-year, with both smart distribution and monitoring equipment revenues growing over 90% [2][3]. - **Energy Storage Services**: Revenue decreased by 37.5% year-on-year to 110 million yuan, but the backlog of orders reached 950 million yuan [2][6]. - **Experimental Testing Services**: Revenue grew by 14.3% year-on-year to 215 million yuan, with a backlog exceeding 500 million yuan [2][6]. Business Segment Highlights - **Smart Distribution Equipment**: Revenue increased by 72.5% year-on-year to 72.89 million yuan, with a backlog close to 800 million yuan [2][6]. - **Smart Monitoring Equipment**: Revenue grew by 74% year-on-year to 47.43 million yuan, with a backlog of approximately 300 million yuan [2][6]. - **Robotics and Drones**: Revenue remained stable at 43.66 million yuan, with a backlog of about 100 million yuan [2][6]. Future Outlook - **Smart Distribution Equipment**: Expected to continue its growth trend, but specific order and revenue scales will depend on market demand [4][8]. - **Experimental Testing**: Anticipated growth of 20% to 30% driven by new thermal power unit commissioning projects [4][12]. - **Robotics and Drones**: Transitioning to a comprehensive service provider, aiming to establish a drone operation platform for grid inspection and maintenance, with plans to expand into municipal and other sectors [7][13]. Market Conditions and Trends - **Energy Storage**: The industry is expected to grow significantly, with the Guangdong Energy Bureau's subsidy policy potentially accelerating project implementation [23][16]. - **Electric Meter Procurement**: The procurement scale is expected to remain stable compared to the previous year, with significant orders anticipated [19][10]. Additional Insights - **Order Delivery Cycle**: Energy storage services have a delivery cycle of 6 to 9 months, while smart devices typically complete delivery within three months [18]. - **Market Penetration**: High market penetration for communication modules, with new generation smart meters yet to see widespread adoption [9][10]. - **Technological Development**: Nanwang Technology is focusing on creating a unified digital platform for smart distribution equipment, enhancing compatibility and standardization across various devices [26]. Conclusion Nanwang Technology is navigating a mixed performance landscape with strong growth in smart devices and experimental testing, while facing challenges in energy storage services. The company is strategically positioning itself for future growth through technological advancements and market expansion initiatives.