Core Insights - The company reported a revenue of 1.61 billion yuan for 2024, a decrease of 3.94%, and a net profit of 129 million yuan, down 2.31% [1] - In Q4 2024, the company achieved a revenue of 692 million yuan, a decline of 2.41%, with a net profit of 113 million yuan, down 5.47% [1] - For Q1 2025, the company reported a revenue of 109 million yuan, a significant drop of 55.53%, and a net loss of 15 million yuan, although the loss narrowed year-on-year [1] Financial Performance - The company's performance was temporarily pressured due to a decrease in urban governance business and an increase in bad debt provisions [2] - By segment, air traffic management in civil aviation generated 626 million yuan (+13.68%), urban road traffic management generated 671 million yuan (+33.47%), while urban governance saw a revenue drop to 269 million yuan (-47.31%) [2] - R&D expenses for 2024 and Q1 2025 were 146 million yuan and 40 million yuan, respectively, reflecting increases of 12.31% and 18.99% [2] Low-altitude Economy - The company established the first provincial-level low-altitude service management platform in Jiangsu, setting a benchmark for future market expansion [3] - The company is accelerating market development with its "Tianmu" series products, planning low-altitude development strategies in over 20 provinces and cities [3] - Future plans include integrating management platforms and developing operational service platforms to enhance the low-altitude flight service support system [3] Civil Aviation Management - The company captured early opportunities in civil aviation construction, winning key projects in Hohhot and Harbin [4] - It achieved comprehensive coverage of automated products in seven major regions and is actively developing new products [4] - The demand for air traffic management systems is expected to grow, with a projected market size of 6.912 billion yuan by 2025 due to increased domestic production rates [4] Urban Traffic Management - The company is advancing the integration of vehicle-road-cloud systems, successfully developing core signal control products [5] - It has expanded its market presence in over 10 previously untapped areas, completing the development of an open signal control system [5] - The company anticipates significant revenue growth in the low-altitude sector and civil aviation, with projected revenues of 1.739 billion yuan in 2025 [5]