Core Insights - The company reported a revenue of 1.356 billion yuan for the fiscal year 2024, representing a year-on-year growth of 6.8% [2] - Adjusted net profit reached 80.169 million yuan, showing a significant increase of 427% year-on-year [2] - Adjusted EBITDA was 676 million yuan, reflecting a growth of 19.4% compared to the previous year [2] Business Model and Services - The company provides a subscription-based, one-stop IT equipment management service for enterprises, addressing issues related to high upfront costs and maintenance complexities [2] - The service model includes features such as "one device to start, return anytime, no deposit, monthly payment, pay after use, and full warranty" [2] Customer Metrics - As of the end of the reporting period, the number of active enterprise customers reached 51,000, a year-on-year increase of 9.1% [2] - The number of serviced devices grew from 1.204 million in 2023 to 1.374 million in 2024, marking a 14.1% increase [2] - The number of "core customers" increased by 15.8% year-on-year [2] Product Development and Innovation - In 2024, the company launched AI PCs from brands like HP, Lenovo, and Apple, expanding its IT product offerings [2] - The company has developed its own business-specific all-in-one machines, monitors, and hosts to provide cost-effective services for enterprise clients [2] After-Sales Service - The company offers a longer warranty period and faster service response times compared to direct purchases, which is crucial for small and medium-sized enterprises lacking IT support [3] - The self-developed engineer scheduling system "Xuanji" allows real-time dispatch of over 6,000 engineers, enabling on-site service within 2 to 4 hours [3] - The core customer retention rate for 2024 is nearly 90% [3] Manufacturing Capabilities - The company independently developed DefectGPT, an industrial-grade model for remanufacturing applications, which supports its leading position in the industry [3] - The annual remanufacturing capacity for 2024 is reported to be 856,000 units [3]