Group 1: Business Overview - The industrial membrane currently accounts for approximately 70% of the company's membrane business revenue [1] - The company's membrane products are exported to over 130 countries and regions, projected to account for about 30% of total revenue in 2024 [2] Group 2: Product Applications - Household reverse osmosis membrane products are widely used in home health water applications, focusing on high-quality needs for sensitive users such as infants and the elderly [1] - The company is actively collaborating with application enterprises to accelerate the domestic substitution process of ultra-pure water key materials [2] Group 3: Financial Performance - In the first quarter, the company reported an operating income of 363 million yuan, an increase of 8.43% year-on-year [2] - The net profit attributable to the parent company was 44.45 million yuan, reflecting a year-on-year growth of 30.35% [2] - The average gross margin in the first quarter increased by 1.66% compared to previous periods, driven by the growth in membrane material sales [2] Group 4: Impact of Tariffs - The revenue from products directly exported to the United States is minimal, thus changes in China-U.S. tariff policies have a limited impact on the company's operations [1]

Group 1 - The core business of Walton Technology includes core membrane business, membrane separation engineering, and plant fiber business [1] - Membrane products are categorized into ultrafiltration membranes, nanofiltration membranes, and reverse osmosis membranes, with significant price differences between household and industrial membranes [1] - In 2024, the revenue share of household and industrial membranes is expected to be approximately 37% [1] - The growth in gross margin is attributed to increased production scale, production line upgrades, process improvements, and enhanced supply chain management [1] - The production base has reserved expansion space, enabling rapid initiation of new production line construction [1] - Nearly 30% of membrane product revenue comes from exports, with a small proportion of products exported to the United States, and overseas market growth is expected to exceed 20% in 2024 [1] - The membrane separation engineering business aims to explore broader application scenarios, transitioning the company into a comprehensive service provider [1] - The plant fiber business is developing steadily, consolidating its leading position in the palm fiber industry [1] Group 2 - Shanghai Dapu Asset Management Co., Ltd. was established in January 2012 and has a team with rich research and investment experience from well-known domestic securities research institutions and investment firms [2] - The investment team focuses on investment and research in the Chinese securities market, maintaining an active management and steady progress investment style [2] - The company adheres to the principles of standardized operation and professional investment, with a complete corporate governance structure that reflects sufficient incentives, investment independence, professional division of labor, and sustainable operation [2]