Core Insights - The company has experienced continuous revenue growth from 2022 to 2024, with a 24.9% increase in revenue from 2022's 365 million to 2024's 621 million, while facing net losses for three consecutive years, with a net loss of 13 million in 2024 [2][3] - The gross profit margin has improved significantly, reaching 38.28% in 2024, an increase of 8.41 percentage points from 2022 [2] - The company attributes its losses to high stock-based compensation from equity incentives and increased R&D investments [2] Revenue and Profitability - The company’s revenue has consistently increased, with a notable rise in electronic chemical products due to acquisitions of two subsidiaries, which contributed to higher gross margins [2][3] - The surface engineering equipment business has shown significant growth, generating revenues of 140 million and 181 million in 2023 and 2024, respectively, accounting for 28% and 29% of total revenue [4] Customer Concentration - The company has a high customer concentration in its equipment and components business, with two related parties contributing 68% of the revenue in 2023 and 46.59% in 2024 [5] - A new non-related customer, established in April 2023, quickly became a significant client, indicating strong market interest in the company's technology [5] Asset Sale and Financial Impact - The company sold 100% of Guangzhou Zhilan New Materials Co., Ltd. for 25.8 million, generating an investment income of 15.24 million, which positively impacted its net profit [3] - The high appraisal value of the sold asset was attributed to significant property value appreciation [3]