Financial Performance - In 2024, the company achieved operating revenue of 8.172 billion CNY, a year-on-year increase of 21.00% [4] - Operating profit for 2024 was 456.35 million CNY, a decrease of 27.87% compared to the previous year [4] - Net profit attributable to shareholders was 436.12 million CNY, down 30.70% year-on-year [4] - For Q1 2025, operating revenue reached 2.316 billion CNY, up 26.51% year-on-year [4] - Net profit attributable to shareholders in Q1 2025 was 107.26 million CNY, a decrease of 22.57% compared to the same period last year [4] Profitability Analysis - The decline in net profit is attributed to rising expenses, asset impairment, increased tax expenses, and a decrease in non-recurring gains [4] - The company's gross margin has been pressured due to the rapid growth of its new energy vehicle (NEV) business, which has lower margins [4][5] - Non-recurring gains were significantly lower in 2024 compared to 2023, impacting net profit figures [4] Business Development - The company has transitioned from a single product focus to a comprehensive supplier of electrical components for NEVs, collaborating with major automotive manufacturers [5] - The server power supply business is progressing well, with several products launched and positive engagement with clients [7] - The company anticipates significant sales growth in the NEV sector starting in 2025 [5][6] Market Strategy - The company plans to expand its manufacturing capacity in Thailand to mitigate the impact of U.S. tariffs, as most exports are directed to non-U.S. markets [8] - The company maintains a positive outlook for its server power supply business despite fluctuating U.S. trade policies [9] - The company aims to achieve a revenue target of over 10 billion CNY by 2025, supported by strong growth in various business segments [11] Product Innovation - The company is focusing on developing smart home appliances and has invested in a comprehensive R&D platform to support the industry's transition to smart technology [12] - The company is committed to continuous technological innovation to maintain a competitive edge in the market [9][12] Taxation and Compliance - The company will adhere to local tax regulations in overseas markets, with tax rates varying by country (e.g., zero tax rate in Thailand, approximately 25% in India) [13]