Group 1: Investor Relations Activities - The investor relations activity was an earnings briefing held on May 15, 2025, via an online platform [1] - Key participants included the CFO Liu Zengwei and Board Secretary Li Weigang [1] Group 2: Business Development and Strategic Initiatives - The company is actively pursuing strategic investments to enhance core competitiveness and product quality, with a focus on integrating resources for sustainable development [2] - Specific revenue growth measures include strengthening technological innovation, upgrading traditional products, and expanding into new markets such as energy storage and hydrogen energy [3] Group 3: Asset Restructuring and Financial Performance - The company is in the process of a significant asset restructuring involving the sale of 100% equity in Hangzhou Saishi Garden Group, which is complex and ongoing [4] - The company has not yet received a conclusive opinion from the China Securities Regulatory Commission regarding an ongoing investigation, and will disclose any significant developments as required [4] Group 4: Product and Market Insights - The company provides various products for military vehicles, but these account for a relatively low percentage of overall revenue, minimizing impact on financial performance [4] - The company has no current plans to further develop its wine business, which has not been industrialized [4]

Financial Performance - The company achieved a revenue of CNY 1.779 billion in 2024, representing a year-on-year growth of 5.64% [6] - The core non-tire rubber business generated a revenue of CNY 1.543 billion, with a growth rate of 16.28% compared to 2023 [6][10] - In Q1 2025, the non-tire rubber business reported a revenue of CNY 397 million, reflecting a year-on-year increase of 15.18% [10] Debt and Asset Management - The company has a total debt of CNY 2.271 billion owed by Sai Shi Garden, of which CNY 426 million will be offset through debt restructuring [3][4] - The remaining CNY 1.845 billion is to be repaid in cash by Sai Shi Garden before the completion of the equity registration [4] - The company is in the process of selling 100% of its stake in Hangzhou Sai Shi Garden Group to focus on its core non-tire rubber business [8][17] Strategic Focus and Future Plans - The company plans to continue divesting from loss-making assets and concentrate on its main business areas, particularly non-tire rubber products [8][12] - Future growth will be driven by technological innovation, product upgrades, and expansion into new markets such as energy storage and hydrogen energy [5][6] - The company aims to introduce strategic investors to enhance its competitive edge and resource allocation [11][12] Market Outlook - The automotive market in China is projected to grow, with an estimated total vehicle sales of 32.9 million units in 2025, a year-on-year increase of approximately 4.7% [7] - The demand for new energy vehicles is expected to rise significantly, with a forecasted growth of 24.4% in 2025 [7]