Group 1 - The company operates in the industrial anti-corrosion and wear-resistant industry, with applications in energy-saving and environmental protection, electricity, energy, chemicals, metallurgy, and papermaking sectors [1] - As of September 30, 2025, approximately 58.99% of the company's products are applied in the waste incineration power generation industry, with significant revenue contributions also from the chemical, papermaking, and coal-fired power generation sectors [1] - The company's overseas revenue accounts for about 54.28% of total revenue, with products primarily exported to Asia, North America, South America, and Europe [1]

Group 1 - The company operates in the industrial anti-corrosion and wear-resistant industry, with applications in various sectors including energy conservation, environmental protection, electricity, energy, chemicals, metallurgy, and papermaking [1] - As of September 30, 2025, the company's products are primarily used in the waste incineration power generation industry, accounting for 58.99% of its application [1] - Other significant sectors contributing to the company's revenue include chemicals, papermaking, coal-fired power generation, and gas turbines [1]

Group 1: Company Overview and Core Competencies - The company focuses on anti-corrosion and wear-resistant welding equipment, specializing in the manufacturing of special equipment for various industrial sectors, including energy, chemical, metallurgy, and papermaking [1] - Key competitive advantages include mastery of critical technologies across materials, processes, and equipment, as well as comprehensive production qualifications such as national special equipment production licenses and international certifications [1] - The management team has extensive industry experience and stability, contributing to strong R&D capabilities and practical experience [1] Group 2: Market Opportunities and Strategic Expansion - The company is actively expanding into international markets while maintaining its leading position in the domestic market, with a focus on global strategic layout [2] - The garbage incineration market shows significant demand, with a projected increase in penetration rates due to downstream industry upgrades [2] - The company has strategically positioned itself in the HRSG and composite pipe businesses, with HRSG already achieving a certain scale of production [2] Group 3: Revenue Breakdown and Industry Applications - As of September 30, 2025, 58.99% of the company's revenue comes from the waste incineration power generation sector, with significant contributions also from the chemical, papermaking, and coal-fired power sectors [3] - The domestic coal-fired boiler market remains crucial, driven by increasing electricity demand and the need for upgrades in response to environmental policies [6] Group 4: International Market Dynamics - The domestic market for garbage incineration has slowed, but overseas markets, particularly in Southeast Asia and Latin America, present substantial growth opportunities due to rapid urbanization and increasing waste management pressures [5] - Developed regions like Europe and North America have mature waste incineration industries, creating demand for upgrades and renovations of existing facilities [5] Group 5: Future Production and Strategic Initiatives - The company has laid out plans for two HRSG production lines in the Dayaow base, expected to be operational by 2026, primarily serving non-North American markets [7] - The company is expanding its overseas presence with a production base in Vietnam, which has already commenced operations, and plans for further development to capture North American market opportunities [8]