Core Viewpoint - The company, Tai Rui Machinery Co., Ltd., is issuing convertible bonds to unspecified objects, with a focus on enhancing its financial stability and expanding its production capacity in the injection molding equipment sector [5][6][7]. Company Overview - Tai Rui Machinery specializes in the research, production, and sales of injection molding equipment, holding a significant market share in the domestic mid-to-high-end market [2][17]. - The company has established a strong presence in overseas markets, with sales in countries such as Portugal, South Korea, Brazil, and Mexico, contributing to 44.84% of its total revenue in 2024 [24][25]. Financial Performance - The company reported a revenue of 11.48 billion yuan in 2024, reflecting a year-on-year increase of 14.59% [18]. - The net profit for 2024 was approximately 3.53 billion yuan, indicating stable profitability despite slight fluctuations in profit margins [8][18]. Production Capacity and Projects - The company is developing a large-scale integrated intelligent manufacturing base, which is expected to enhance its production capacity significantly, with an annual output of 5,000 injection molding machines and 29 die-casting machines [6][20]. - As of March 2025, the project has seen an investment of 3.85 billion yuan, with a total investment of 7.98 billion yuan planned [6][7]. Market Environment - The injection molding equipment industry is experiencing robust growth, driven by demand from sectors such as automotive and home appliances, with the automotive sector alone accounting for over 50% of the demand [11][12]. - The global injection molding machine market is projected to reach approximately 15.86 billion USD by 2030, with a compound annual growth rate of 5.63% [12]. Risks and Challenges - The company faces significant competition in the injection molding market, primarily from international firms that dominate the high-end segment [17][16]. - Cost control remains a challenge due to fluctuating raw material prices, which constitute about 87% of the company's operating costs [25][26]. Future Outlook - The company is expected to maintain stable credit quality in the coming months, with ongoing projects and market demand supporting its financial health [2][3]. - The injection molding equipment sector is anticipated to benefit from government policies aimed at promoting high-quality development and technological innovation [14][15].