Group 1: Investor Relations Activities - The company held an earnings briefing on May 7, 2025, attended by investors via online participation [3] - Key personnel present included the Chairman, General Manager, Financial Officer, and Board Secretary [3] Group 2: Internal Control and Governance Improvements - In 2024, the company enhanced its internal control system and risk management to ensure operational transparency [4] - Training for directors and senior management was strengthened to improve their responsibilities [4] - A public opinion management system was established to protect investors' rights [4] Group 3: Sales Performance - In 2024, sales revenue from welding protective masks and accessories reached CNY 188.11 million, accounting for 84.19% of total revenue, with a year-on-year growth of 4.12% [5] - Sales revenue from powered air-purifying respirators and accessories was CNY 35.29 million, making up 15.81% of total revenue, with a year-on-year growth of 14.49% [5] Group 4: Risk Factors - The company faced several ongoing risk factors in 2024, including trade policy changes, market competition, and currency fluctuations [6] - These risks significantly impact the company's operations and future development [6] Group 5: Financial Growth - In 2024, the company reported total revenue of CNY 223.40 million, a year-on-year increase of 5.63%, and a net profit of CNY 59.39 million, up 6.23% [7] - Growth drivers included innovation in personal protective equipment and increased domestic market demand [7] Group 6: Future Plans - For 2025, the company aims to enhance R&D investment and product competitiveness while expanding market reach [9] - Plans include launching more intelligent and eco-friendly protective equipment and improving brand recognition [9] Group 7: Industry Trends - The personal protective equipment industry is evolving towards smart, green, and high-end products [10] - The company is committed to aligning with these trends through increased R&D efforts [10] Group 8: R&D Achievements - In 2024, the company was granted 88 patents, including 15 invention patents and 37 utility model patents [11] - Key R&D outcomes included the development of a wide-view welding mask and a lightweight, easy-to-clean respirator [11] Group 9: Investor Protection Efforts - The company prioritized investor protection in 2024 by enhancing communication and adhering to information disclosure regulations [12] - Measures included regular meetings and feedback collection from investors [12] Group 10: Cash Flow and Financial Health - The net cash flow from operating activities in 2024 was CNY 65.06 million, reflecting a 1.64% increase year-on-year [13] - This indicates stable cash inflow and effective cost control [13] Group 11: Domestic Market Expansion - In 2024, domestic sales revenue reached CNY 27.40 million, a year-on-year increase of 2.96% [14] - The company plans to further enhance its domestic market strategy and product offerings [14]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][2] Core Views - The company achieved a revenue of 223 million yuan in 2024, representing a year-on-year growth of 5.63%, and a net profit attributable to shareholders of 59 million yuan, up 6.02% year-on-year [2] - The company is expected to benefit from the completion of its fundraising projects, which will contribute to performance growth [2] - The company is expanding its overseas market presence, particularly in Thailand, with a joint venture aimed at enhancing its competitive position in the personal protective equipment sector [4] Financial Summary - Revenue is projected to grow from 223 million yuan in 2024 to 298 million yuan in 2026, with corresponding net profits increasing from 59 million yuan to 79 million yuan [5] - The company's gross margin is expected to remain stable around 40%, with net margins around 26% for the forecast period [5] - Earnings per share (EPS) are forecasted to rise from 0.97 yuan in 2024 to 1.30 yuan in 2026, indicating a positive growth trajectory [5] Market Position and Innovation - The company holds 89 valid patents, including 19 invention patents, which underscores its commitment to technological innovation and product development [4] - The company is focusing on the electric air-purifying respirator market, aiming to meet diverse customer needs through continuous product innovation [3]