Group 1: Financial Performance and Revenue Streams - The maintenance revenue from rail transit platform screen doors reached a historical high, accounting for 10.56% of the business revenue, indicating a new growth area in the aftermarket [1] - The company's BIPV component conversion efficiency has surpassed 22.8%, with an annual production capacity of 1.2 million square meters at the Ganzhou base [2] - The company reported a significant overseas revenue share of 43%, with a 60.98% year-on-year increase in overseas curtain wall orders for 2024 [2] Group 2: Strategic Initiatives and Market Expansion - The company is actively expanding its maintenance service radius and has established a digital intelligent operation and maintenance system for platform screen doors, utilizing AI and big data [1] - The company is focusing on the development of BIPV and distributed photovoltaic power station businesses under the national "dual carbon" strategy, with new projects signed in Shenzhen and Guangzhou [2] - The company has established branches in over 120 countries, promoting a "technology + service" dual output model in the Belt and Road markets [2] Group 3: Challenges and Risk Management - The company is facing challenges in converting orders to revenue, with a need for improved contract performance management to ensure timely revenue recognition [6] - The increase in bad debt provisions is attributed to extended collection cycles influenced by the broader economic environment, prompting the company to enhance receivables management [5] - The company is monitoring potential merger and acquisition opportunities that align with its strategic development direction [3][4] Group 4: Corporate Governance and Investor Relations - The company has maintained a high level of information disclosure quality, receiving an A-level rating from the Shenzhen Stock Exchange for four consecutive years [7] - The major shareholder has consistently increased their stake in the company over the past decade, reflecting confidence in the company's sustainable development [7] - The company aims to enhance long-term value creation and investor returns by considering various factors such as strategic direction and market conditions [7]

Core Viewpoint - The company has announced its 2024 Annual General Meeting (AGM) and outlined its valuation enhancement plan due to its stock being undervalued for over a year, with specific strategies to improve operational efficiency and investor returns [50][51]. Group 1: AGM Details - The 2024 AGM is scheduled for May 12, 2025, and will be conducted through a combination of on-site and online voting [6][10]. - The meeting will address several proposals, including the 2024 annual report, profit distribution plan, and the appointment of the 2025 audit firm [39][41]. - The company will propose a cash dividend of 0.50 RMB per 10 shares, totaling approximately 53.69 million RMB, which represents 37.08% of the net profit attributable to shareholders [55][39]. Group 2: Valuation Enhancement Plan - The company has been classified as a "long-term undervalued company" as its stock price has consistently been below its audited net asset value per share for over a year [51]. - The plan includes enhancing operational efficiency, focusing on core business growth, and increasing market competitiveness [52][53]. - The company aims to maintain a balance between business development and shareholder returns, with a commitment to continuous cash dividends [55]. Group 3: Financial Performance - In 2024, the company achieved a revenue of approximately 4.42 billion RMB, reflecting a year-on-year increase of 3.08% [52][37]. - The company has a strong order reserve of approximately 828.74 million RMB, which is 1.87 times its annual revenue, indicating a solid foundation for future growth [52]. Group 4: Investor Relations and Communication - The company emphasizes the importance of investor relations, aiming to establish effective communication channels and enhance transparency [56]. - It has received an A-level rating for information disclosure for three consecutive years, demonstrating its commitment to providing accurate and timely information to shareholders [57].