Core Viewpoint - The company reported significant declines in revenue and profit for the year 2024, indicating challenges in the external market environment and a need for strategic adjustments to improve competitiveness and capitalize on market opportunities [1][2][3]. Financial Performance - For the year 2024, the company achieved a revenue of 567 million yuan, a decrease of 39.71% year-on-year [1]. - The net profit was -42.19 million yuan, down 128.90% compared to the previous year [1]. - The non-recurring net profit was -56.74 million yuan, reflecting a decline of 144.42% year-on-year [1]. - The gross margin for the main business was 19.31%, a decrease of 15.10 percentage points year-on-year [1]. - The net cash flow from operating activities was 124 million yuan, down 16.32% from the previous year [1]. Business Model Analysis - The bulk business model generated revenue of 277 million yuan, a decline of 47.08%, with a gross margin decrease of 14.95% [1]. - The distributor business model brought in 275 million yuan, down 31.45%, with a gross margin decrease of 15.09% [1]. - Revenue from energy-efficient aluminum-clad wooden windows was 383 million yuan, a decrease of 51.53%, with a gross margin decline of 14.32% [1]. - Revenue from aluminum alloy windows increased by 27.17% to 146 million yuan, but the gross margin decreased by 8.12% [1]. - Curtain wall and sunroom products saw a revenue increase of 7.27%, although the gross margin declined by 10.96% [1]. Market Environment and Opportunities - The external market environment has significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [2]. - The window industry faces challenges but also opportunities due to the dual carbon strategy, which promotes green, low-carbon, and energy-efficient building practices [2]. - The demand for home improvement is becoming a key support for the new housing market, with potential in the renovation market [2]. - There is still significant room for improvement in industry concentration, with leading companies expected to capture more market share [2]. Future Outlook and Strategy - The company anticipates a gradual recovery in the real estate market, supported by policy initiatives that restore market confidence [3]. - The company plans to enhance its core competitiveness through R&D, design innovation, and improved service levels [3][4]. - Strategies include increasing product awareness, implementing a multi-category sales strategy, and expanding into international markets [4]. - The company aims to improve supply chain capabilities and production efficiency while reducing costs through technological upgrades and increased R&D investment [4]. - The company has revised its fundraising projects to focus on enhancing production capacity for energy-efficient window components [5].

Group 1: Company Performance and Financials - In 2024, the company's revenue from bulk business decreased by 47.08% to CNY 277 million, with a gross margin decline of 14.95% [4] - Revenue from the dealer business model fell by 31.45% to CNY 275 million, with a gross margin decrease of 15.09% [4] - Revenue from energy-saving aluminum-clad wooden windows dropped by 51.53% to CNY 383 million, with a gross margin decline of 14.32% [5] - Revenue from aluminum alloy windows increased by 27.17% to CNY 146 million, but gross margin decreased by 8.12% [5] - Overall, the external market environment significantly impacted the company's bulk business, particularly in aluminum-clad wooden window sales [5] Group 2: Market Trends and Opportunities - The energy-saving window industry is undergoing transformation due to the dual carbon strategy, promoting green, low-carbon, and energy-efficient buildings [4][5] - The demand for improvement housing is becoming a key support for the new housing market, with the "old-for-new" renovation market gaining momentum [4] - The market penetration and popularity of high-performance window products remain low, indicating a significant opportunity for growth [4][5] - The industry still has substantial room for improvement in concentration, with leading companies expected to capture more market share [4][5] Group 3: Strategic Initiatives - The company plans to enhance product recognition and brand awareness through a multi-category, large single product, and full-channel sales strategy [3] - There is a focus on channel transformation, expanding the distribution network, and flagship operations in key cities [3] - The company aims to improve supply chain capacity and efficiency through investment in projects related to insulating glass and integrated materials [3] - Continuous innovation and increased R&D investment are prioritized to develop cost-effective products that meet market demands [3] Group 4: Future Outlook - The real estate market is showing signs of gradual recovery after adjustments, with improved market confidence and expectations for demand and supply [5] - The company will leverage industry trends such as increased energy efficiency requirements and accelerated demand for renovation to enhance its competitive edge [5] - The focus will be on providing comprehensive solutions for building openings, improving product diversity, and enhancing management efficiency [5]