Group 1: Company Performance and Sales - In 2024, the company's sales volume of performance equipment decreased from 93,400 units in 2023 to 89,800 units, with a sales rate dropping below 90% [1] - The company's revenue for 2024 was approximately RMB 1.212 billion, with a net profit of about RMB 302 million, reflecting a year-on-year revenue decline of 7.12% [9] - The first quarter of 2025 saw a significant decline in both revenue and net profit due to the ongoing investment in the newly acquired Danish company SGM, which has led to increased costs [2] Group 2: Market Strategy and Customer Concentration - The top five customers accounted for 56.28% of the total annual sales, raising concerns about the stability of the company's operations [2] - The company plans to enhance its domestic market presence, which currently only accounts for 11.21% of sales in 2024, by integrating technology and market resources [6] Group 3: Research and Development - In 2024, the company's R&D investment reached RMB 85.85 million, representing a year-on-year increase of 51.05% [8] - The company aims to maintain or improve its gross margin and operational quality through continuous product innovation and development [4] Group 4: Competitive Advantages and Future Plans - The company holds significant competitive advantages, including product and brand recognition, with 119 new patents granted in 2024, including 33 domestic and foreign invention patents [5] - Future growth strategies include expanding product lines and enhancing market penetration through continuous innovation and deeper collaboration with existing customers [5]