Core Viewpoint - In 2024, the new energy industry faces challenges due to global economic downturn and supply-demand imbalances, leading to profit contraction for many companies, including HaiMuxing, which reported a significant decline in net profit but showed resilience through improved cash flow and strong order growth [1][2]. Financial Performance - HaiMuxing achieved a total revenue of 4.525 billion yuan in 2024 and 539 million yuan in Q1 2025, with a notable decline in net profit year-on-year [1]. - The company's operating cash flow turned positive in Q1 2025, amounting to 84.26 million yuan, a significant improvement from a negative 880 million yuan in the same period last year [3]. Order Growth - By the end of Q1 2025, HaiMuxing had an order backlog of 9.2 billion yuan, reflecting a year-on-year increase of approximately 30% [5]. - In 2024, the company signed new lithium battery orders totaling 3.462 billion yuan, a 51.5% increase year-on-year, with overseas orders reaching 2.28 billion yuan, accounting for 65.85% of new orders and marking a 590% increase [4]. Market Expansion - HaiMuxing established four new overseas subsidiaries in Switzerland, Germany, Canada, and Hungary in 2024, aiming to penetrate European, Asia-Pacific, and North American markets [4]. - The company is focusing on high-end clients to mitigate operational risks while maintaining R&D investments to strengthen its core technology in "laser + automation" [2]. Industry Outlook - The new energy sector is showing signs of recovery in 2025, driven by supportive policies and technological advancements, particularly in lithium battery and photovoltaic fields [5][6]. - The integration of AI technology is expected to stimulate new equipment upgrade demands in various sectors, including 3C and medical devices [5].