Core Viewpoint - The commercial aerospace sector presents significant opportunities, with the company focusing on manufacturing structural components for commercial rockets, including major segments like shells, fairings, fuel tanks, and engine valves [1] Group 1: Business Overview - The company has completed production line construction in 2024 and serves several leading private rocket companies in China [1] - The supply of rocket structural components is identified as a bottleneck in the commercial aerospace industry, with a favorable competitive landscape [1] Group 2: Market Dynamics - If the commercial aerospace sector develops smoothly next year, capacity bottlenecks are expected to become more pronounced [1] - The company is currently progressing well in the commercial aerospace field, producing and delivering products according to orders, having achieved bulk deliveries of shells and fairings [1] - There is a sufficient order backlog for rocket structural components, indicating strong demand [1]

Group 1: Automotive Business Overview - The company focuses on the development, production, and sales of high-strength precision fasteners and special connectors, primarily used in automotive engine turbocharging systems, transmission control systems, exhaust systems, and key components of vehicles [2][3] - In the new energy vehicle sector, products are applied in battery trays, chassis, body, electronic control inverters, and battery swapping systems [3] Group 2: Commercial Aerospace Business Overview - The commercial aerospace sector includes manufacturing rocket structural components, such as body segments, fairings, fuel tanks, and engine valves, with production lines completed in 2024 [3] - The company has established a strong customer base among leading private rocket companies in China [3] Group 3: Competitive Landscape and Capacity Planning - The supply of rocket structural components is a bottleneck in the commercial aerospace sector, with a favorable competitive landscape [3] - The company has a production capacity of 10 rockets per year, with the ability to increase capacity based on order demand, requiring approximately four months for expansion [3] Group 4: Revenue Growth Drivers in Automotive Business - Key drivers for revenue growth include expansion in automotive parts exports, with a focus on overseas markets and strong relationships with major international suppliers [4] - Domestic growth is supported by new customer development, product category expansion, industry consolidation, and localization [4] Group 5: Profitability and Margin Trends - The automotive business has experienced a decline in gross margin due to factors such as a slowdown in industry growth, rising material costs since late 2021, and increased depreciation from new projects [4] - The company anticipates a recovery in profitability as new factory capacities are released, with expectations for improved margins in the future [4] Group 6: Information Disclosure and Communication - The company adheres to strict information disclosure management practices, ensuring transparency and accuracy in communications with investors [5]