Group 1: Company Performance and Financials - The company has achieved continuous revenue and profit growth for 14 years, benefiting from diversified business operations and increased R&D investment [1] - The comprehensive gross margin for Q4 2024 and Q1 2025 has decreased, primarily due to a new accounting policy that shifted after-sales service costs to the cost side, impacting Q4 results [2] - The gross margin change for Q1 2025 is approximately -0.46% year-on-year, with normal fluctuations expected due to variations in product and customer mix [2] Group 2: Market and Business Environment - Trade tariffs between the US and China may raise costs for overseas customers, potentially suppressing demand for the company's energy storage business [1] - The high inventory levels at the end of 2024 and Q1 2025 are attributed to project-based sales with long confirmation cycles, expected to convert to revenue in the next 1-2 quarters [3] - The market for data center cooling in China is accelerating, driven by AI business demands, with further growth anticipated in 2025 [5] Group 3: Product and Technology Insights - Liquid cooling applications in computing equipment and data centers are driven by increased heat density and improved cooling system efficiency [6] - The procurement decision-makers for liquid cooling components vary, including chip manufacturers, server vendors, and cloud service providers [7] - The cold plate products for server liquid cooling present high barriers to entry due to design, manufacturing processes, and significant capital investment [8]

Group 1: Company Financials and Capital Management - The company plans to issue shares to its controlling shareholder at a price compliant with regulations, aimed at quickly enhancing capital for operations and R&D [2] - In 2024, the company expects an 18.78% revenue growth, primarily driven by the expansion of its automotive thermal management and energy storage liquid cooling markets [5] - The company is preparing to apply for a public offering of shares, with announcements to follow once materials are ready [1] Group 2: Stock Price and Market Management - The company acknowledges that stock price management is complex and influenced by various factors, and it aims to enhance investor relations and transparency [3] - The impact of shareholder Wang Jinfeng's judicial share reduction on stock price is being monitored, with expectations that its influence will diminish as his holdings decrease [7] Group 3: Technology and Product Development - The company has developed modular automotive air conditioning systems and is collaborating with suppliers to enhance control module adaptability for complex temperature management needs in electric vehicles [4] - The company is interested in expanding its thermal management technology into the rapidly growing liquid cooling market for computing servers, although detailed plans are not yet established [4] Group 4: Market Strategy and Customer Relations - The company aims to expand its customer base among domestic mainstream automotive brands while enhancing product coverage and increasing the share of new models [8] - The company maintains strong technical cooperation with both international and domestic electric vehicle brands to meet diverse technical requirements [8] Group 5: Future Outlook and Support - The company is a key player in the automotive parts sector of the Changjiang Industrial Group, which is expected to provide support for mergers and acquisitions to strengthen its market position [9] - The controlling shareholder is optimistic about the company's future and has provided significant assistance in reducing financing costs and expanding customer resources [9]