Group 1: Company Overview and Market Position - The beverage industry in China is currently experiencing moderate overall prosperity, but the company has performed well in recent years due to its competitive advantages [2][3] - The company has identified a growing consumer demand for healthy, natural, low-sugar, and low-calorie beverages, which has driven market growth [2][3] - As of the first half of 2025, the company's overseas revenue was approximately CNY 441 million, accounting for 46.02% of total operating income [3] Group 2: Financial Performance and Orders - The significant increase in liabilities during the third quarter of 2025 is attributed to a rise in orders on hand and an increase in advance payments [3] - The company has a sufficient backlog of orders, indicating strong future revenue potential [4] - The growth rate of contract liabilities has outpaced revenue growth due to factors such as a substantial increase in orders and longer fulfillment cycles for non-standard manufacturing [4] Group 3: International Market Strategy - The company primarily exports to Southeast Asia, India, Africa, the Americas, and Europe [4] - The international sales model mainly relies on agency sales, supplemented by direct sales in certain regions [4] - The company aims to enhance its market presence by optimizing product and customer structures and improving brand image [3][4] Group 4: Production and Automation - The company's factory expansion project is progressing steadily, with plans to gradually introduce automation while maintaining skilled labor for complex production processes [4][5] - The typical production cycle after a contract is signed is approximately 3-6 months, followed by a 2-4 month period for transportation and installation [4] Group 5: Profitability and Cost Structure - The gross margin in international markets is higher than in domestic markets due to product cost advantages and differences in market competition [5] - The company’s packaging machinery typically has an economic lifespan of around 10 years, influenced by various factors including technological advancements and market demand [5]