Group 1: Financial Performance and Challenges - In 2023, the company successfully issued 400 million yuan in convertible bonds, leading to a significant increase in financial expenses for 2024 [1] - The company's 2024 losses were primarily due to changes in the renewable energy industry policies, which affected electricity construction revenue [2] - The asset-liability ratio as of December 31, 2024, was 57.27%, with cash flow from operations at 93 million yuan [3] Group 2: Business Strategy and Adjustments - The company has adopted a cautious strategy in the renewable energy EPC sector, focusing on low-risk projects and halting high-risk operations [2][4] - To optimize its asset structure, the company sold its stake in Shanghai Yiguan New Energy Co., which resulted in a decrease in high-margin revenue [2] - The company aims to become a leading provider of "energy internet system solutions" in China, focusing on smart manufacturing and seizing opportunities in the renewable energy sector and the "Belt and Road" initiative [4] Group 3: Market Conditions and Competitive Landscape - The domestic market for power distribution and control equipment is highly competitive, leading to pressure on profit margins due to rising production costs and aggressive pricing strategies [2] - The company is investing in new business areas such as portable energy storage and mobile charging, which are currently in the market expansion phase and have not yet fully contributed to profits [3]