Core Viewpoint - Company demonstrated strong operational resilience and steady development in a complex market environment, with a slight decline in revenue but growth in gross margin and net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 985 million yuan, a slight year-on-year decrease; however, the comprehensive gross margin increased to 37.20% and the net profit attributable to shareholders after deducting non-recurring gains and losses rose to 43 million yuan [1]. - The company's equity balance reached a historical high of 1.628 billion yuan by the end of 2024, and it plans to distribute a cash dividend of 0.58 yuan per 10 shares [2]. Revenue Structure - The smart training product segment performed exceptionally well, generating revenue of 354 million yuan, accounting for 35.96% of total operating revenue, with a growth rate of 39.61% [1]. - The intelligent operation and maintenance business saw a year-on-year revenue increase of 11.13%, reaching 230 million yuan, with significant market expansion and new product development [2]. R&D Investment - In 2024, the company invested 78.856 million yuan in R&D, with the average proportion of R&D investment to operating revenue exceeding 10% over the past three years [2]. - Significant progress was made in R&D projects across various fields, including smart training systems and intelligent operation and maintenance equipment training systems, laying a solid technical foundation for future business growth [2]. Market Opportunities - The rail transit sector is experiencing a new round of development opportunities due to national policies promoting digital transformation and equipment upgrades [3]. - The company's technological advantages and market breakthroughs in intelligent operation and maintenance and smart training will provide a strong growth foundation and development momentum on the international stage [3].