Group 1: Talent and Workforce - In 2024, the total number of employees increased by 14% year-on-year, but the proportion of technical personnel decreased to 27%. The company is focusing on optimizing talent structure and training systems to support technological innovation [2][3]. - The company has established a competitive compensation structure and incentive policies to enhance cohesion and market competitiveness [3]. Group 2: Revenue and Profitability - In 2024, revenue from military non-metal composite materials accounted for 89%, but the gross margin decreased by 3.5 percentage points. The company is exploring new resin formulations and automated processes to reduce manufacturing costs [3][4]. - The revenue from civilian products grew by 18% year-on-year, but accounts receivable turnover days extended to 120 days. The company plans to enhance cash flow through customer credit assessment models and supply chain financial platforms [5]. Group 3: Research and Development - R&D expenses increased by 29% year-on-year, but the R&D expense ratio was only 6.3%, lower than industry leaders. The company is balancing R&D investment with short-term delivery pressures [5][6]. - The company is actively participating in the R&D of new military equipment to ensure business continuity [6]. Group 4: Financial Health - The asset-liability ratio increased by 7 percentage points to 64% in 2024, but the interest-bearing debt ratio remains low. The company is evaluating its debt structure and financing channels to reduce financial costs [6][7]. - Government subsidies accounted for 22% of net profit in 2024, primarily due to military product research subsidies and tax incentives. The company is assessing the sustainability of these subsidies [7][8]. Group 5: Market Expansion and Competition - Overseas revenue accounted for less than 5% in 2024, but there is growing demand for military equipment upgrades in the Middle East and Southeast Asia. The company plans to upgrade military trade qualifications and establish strategic partnerships to break market barriers [4][8]. - The company is facing increased competition, with competitors reducing costs through scale production. It is focusing on technological upgrades and service model innovations to narrow the gap [8][9]. Group 6: Supply Chain and Inventory Management - Supply chain security has become a focus, with the company exploring diversified supplier strategies to mitigate supply risks [10][11]. - Inventory turnover rate decreased by 22% year-on-year due to military order fluctuations. The company is working on demand forecasting algorithms and smart warehousing systems to reduce inventory costs [12][13].