Core Viewpoint - The company, Haoyang Co., experienced a significant decline in both revenue and net profit in 2024, indicating challenges in adapting to changing market conditions amid global economic uncertainties [1][4]. Revenue and Profit Decline - In 2024, Haoyang Co. reported revenue of approximately 1.212 billion yuan, a decrease of 7.12% from 1.305 billion yuan in 2023 [4]. - The net profit attributable to shareholders fell to 302 million yuan, down 17.61% from 366 million yuan in the previous year [4]. - This marks the first instance of simultaneous revenue and profit decline since 2020, highlighting the company's insufficient response to market changes [4]. R&D Investment and Short-term Impact - Despite the decline in performance, Haoyang Co. maintained its investment in research and development, totaling approximately 85.85 million yuan in 2024 [5]. - The company holds 765 domestic patents, 194 international patents, and 429 software copyrights, indicating a strong focus on innovation [5]. - However, the short-term economic benefits from these R&D efforts have not materialized, as evidenced by the continued decline in revenue and profit [5]. Brand Expansion and Overseas Market Risks - Haoyang Co. made significant strides in brand expansion, particularly in overseas markets, including the acquisition of Danish SGM company assets and the establishment of wholly-owned subsidiaries in Denmark and the U.S. [6]. - Participation in international trade shows, such as the Barcelona ISE and Frankfurt PROLIGHT+SOUND, has been part of the company's strategy to enhance its global presence [6]. - Nonetheless, the expansion into overseas markets introduces new risks, including economic slowdown and geopolitical tensions, which could impact stable performance growth [6].