Core Viewpoint - The speech by Nan Cunhui emphasizes the challenges faced by industries, particularly in the context of global trade disruptions and the need for innovation to sustain growth in a competitive environment [3][5]. Group 1: Industry Challenges - The global trade order is experiencing severe shocks, with increasing trade barriers and a restructuring of global supply chains amid intense geopolitical competition [3]. - The photovoltaic industry is undergoing deep adjustments, leading many companies to face transformation pains and survival crises [3][7]. Group 2: Company Performance - In 2024, the company achieved a revenue of 178 billion yuan, representing a 15% year-on-year growth, showcasing its ability to maintain a good growth level despite a challenging environment [3]. - The company has established a "3+2" development framework, focusing on three major industry sectors: green energy, smart electrical, and low-carbon intelligence, along with international and innovation incubation platforms [5]. Group 3: Innovation and Strategy - The company promotes an innovation culture that respects success and tolerates failure, driving growth through a focus on demand pain points and long-term strategies [5]. - The company has adopted a new operational model characterized by high technology, light assets, platformization, and service orientation to navigate industry challenges [7]. Group 4: Global Expansion - The company has implemented a localization strategy for over 20 years, establishing R&D centers, subsidiaries, distribution networks, logistics centers, and manufacturing bases in over 140 countries and regions [9]. - The company aims to align its management systems with international standards while adapting to local conditions to enhance its global business development [9].

Group 1: Cost Control and Financial Management - The company implements strict evaluation of raw material suppliers based on qualifications, supply capacity, and quality control measures to manage costs effectively [2] - Continuous cash flow management and optimization of fund allocation are prioritized to enhance capital efficiency and reduce overall costs [2] - The company aims for refined cost control to ensure stable and sustainable operations [2] Group 2: Opportunities and Challenges in Smart Distribution - The smart distribution business faces both opportunities and challenges under the "dual carbon" goals, with increasing state grid investments and growing electricity demand [3] - Competition is intensifying due to the rising number of new entrants and changes in bidding processes by the state grid, making it harder to win bids [3] - The company focuses on developing integrated products, environmentally friendly gas-based ring network cabinets, and digital equipment [3] Group 3: Future Development in Renewable Energy - The company plans to expand its photovoltaic business by maintaining project stability and actively seeking market opportunities through partnerships with local governments and commercial users [3] - In the marine engineering sector, the focus will be on deep-sea wind turbine installation and operation, exploring new business models for profit growth [3] - The company is committed to enhancing its comprehensive competitiveness in the renewable energy sector [3] Group 4: Response to Market Fluctuations - The company has strategies in place to mitigate the impact of raw material price fluctuations, including adjusting procurement plans and establishing price linkage mechanisms with suppliers [4] - Weather-related disruptions in marine construction are managed by maximizing operational windows while ensuring safety [4] Group 5: Strategic Growth Plans - The company has not disclosed any immediate plans for mergers or acquisitions but will comply with legal requirements for information disclosure if such plans arise [4] - The current market capitalization is below 2 billion, indicating potential for growth through strategic initiatives [4]