Group 1: Company Overview and Market Position - The company has seen significant growth in overseas orders, primarily driven by demand from South Asia, Southeast Asia, the Americas, the Middle East, and Africa [2][3] - The overall demand for beverage packaging machinery in overseas markets remains in a long-term upward trend, with Southeast Asia and South Asia experiencing rapid market expansion [3] - The company’s overseas customer credit risk is manageable, and the quality of receivables is good, indicating effective accounts receivable management [3] Group 2: Competitive Landscape - Major competitors in the export business include international benchmark companies such as KRONES and SIDEL, as well as some domestic firms, with the competitive environment being more favorable internationally [3] - The company has enhanced brand recognition and increased overseas revenue through advantages in product cost-performance, quality, service, and performance [3] Group 3: Financial and Operational Insights - The company’s factory expansion project was capped in July 2025 and is progressing as planned, with fixed asset conversion to follow regulatory standards [3] - The gross margin in overseas markets is higher than in domestic markets due to product cost-performance advantages and differences in market competition [3] - The typical cycle for converting orders into revenue is approximately 3-6 months for production and an additional 2-4 months for transportation and installation, influenced by external factors [4] Group 4: Strategic Plans and Challenges - The company plans to continue expanding into the African market, facing challenges related to economic and political uncertainties [5] - Trade with Indian clients is primarily settled in USD, despite fluctuations in the INR to RMB exchange rate [5] - The company aims to strengthen shareholder returns and has a three-year shareholder return plan for 2024-2026, focusing on governance, core competitiveness, and profitability [5]

Group 1: Company Performance and Revenue - In 2023, the company's overseas revenue reached 440 million RMB, accounting for 34.28% of total revenue, with a year-on-year growth of 51.81% [2] - In 2024, the overseas revenue is projected to be 659 million RMB, representing 43.33% of total revenue, with a year-on-year growth of 49.62% [2] - The growth in overseas orders is primarily driven by demand from South Asia, Southeast Asia, the Americas, the Middle East, and Africa [2] Group 2: Market Trends and Sustainability - The beverage market in Southeast Asia and South Asia is currently in a rapid expansion phase, with significant growth expected due to urbanization and rising incomes [3] - The overall demand for beverage packaging machinery in overseas markets is anticipated to remain on a long-term upward trend despite potential impacts from global economic slowdowns and trade barriers [4] Group 3: Cost Management and Profitability - The company maintains a sales expense ratio, management expense ratio, and financial expense ratio below the industry average, indicating effective cost control [3] - The higher gross margin in overseas markets compared to domestic markets is attributed to product cost-performance advantages and differences in market competition [3] Group 4: Production Capacity and Order Fulfillment - The company currently has a sufficient order backlog, with short-term capacity constraints expected to be addressed through facility expansion and improved production efficiency [4] - The typical production cycle for orders is approximately 3-6 months, followed by a 2-4 month period for transportation and installation before revenue recognition [3] Group 5: Competitive Landscape and Future Strategies - Major competitors in the export business include international benchmark companies such as KRONES, SIDEL, and KHS, as well as some domestic firms [5] - The company aims to enhance product competitiveness and service quality while actively expanding its international market share [5] - There are currently no plans for share buybacks or stock incentive programs, but any future arrangements will comply with regulatory procedures [5]