Financial Performance - In 2024, the company achieved an operating income of 124,182.22 million yuan, a year-on-year increase of 22.89%. However, net profit decreased by 18.72% to 12,252.67 million yuan, and non-recurring net profit fell by 17.62% [2] - In Q1 2025, the company reported an operating income of 33,946.01 million yuan, a year-on-year growth of 47.22%. Net profit reached 3,351.22 million yuan, up 3.08%, while non-recurring net profit increased by 5.69% to 3,268.69 million yuan [2] Challenges and Strategies - The primary reason for the increase in revenue without a corresponding increase in profit is the decline in gross margin due to reduced demand from major clients [2][3] - To improve profitability, the company plans to restructure its organization, implement flat management, and enhance resource allocation to regional subsidiaries for new product development and market expansion [2][3] R&D and Talent Development - The company is focusing on enhancing its R&D capabilities and talent acquisition to maintain competitiveness, including optimizing product structures and improving quality control [3][4] - A dedicated technical team has been established to engage in strategic projects and core product development, reducing the risk of project failures [4] Market Expansion - In 2024, the company successfully expanded its client base by adding notable EVTOL and civil aircraft manufacturers, and initiated business in the aviation sector [5] - The company has also made progress in energy storage and battery integration businesses, collaborating with major clients [5][6] Technological Advancements - The company has accumulated significant core technologies in liquid cooling management products, with several patents filed [6] - A new subsidiary, Sulian Zhikong, was established to independently develop energy storage and thermal management products, aiming to create a second growth curve [6] Future Goals and Growth Drivers - The main operational goals for 2025 include maintaining and expanding existing markets while continuously developing new products and markets [7] - Future profit growth will be driven by market expansion, cost reduction, and increased R&D investment [7][8] Stock Performance and Market Perception - The fluctuation in stock price is influenced by macroeconomic policies, industry regulations, and investor sentiment. The company aims to enhance its market image and brand value through improved management and communication with investors [8]

Financial Performance - In 2024, the company achieved operating revenue of 124,182.22 million yuan, a year-on-year increase of 22.89% [2] - Net profit for 2024 was 12,252.67 million yuan, a decrease of 18.72% year-on-year; non-recurring net profit was 10,814.89 million yuan, down 17.62% [2] - Cash flow from operating activities was -9,869.81 million yuan, a decline of 211.95% year-on-year, primarily due to increased accounts receivable and higher operational cash payments [2] Business Growth and Strategy - The company's revenue from the new energy vehicle sector reached approximately 761 million yuan in 2024, representing a growth of about 75% and accounting for approximately 61% of total revenue [2] - The company plans to explore new growth avenues by leveraging government initiatives in artificial intelligence and smart manufacturing [4] - New clients in the aviation sector and partnerships in energy storage and battery management have been established, indicating diversification in business operations [5] Production and Capacity - In 2024, the company increased its production capacity by approximately 40% and production volume by 51% [6] - The company is investing in automation and digital upgrades to enhance production efficiency and reduce costs [6] - Expansion of manufacturing facilities is underway to meet the growing demand, with a new intelligent manufacturing base planned in Chongqing [7] Research and Development - The company will maintain high R&D investment levels in 2025, focusing on liquid cooling products and new material applications [8] - Efforts will be made to enhance testing capabilities and obtain certifications for international automotive brands [8] - The company aims to innovate continuously and adapt to new technologies to expand its market presence [8] Organizational Goals - The company has set a target of maintaining a 20% annual growth rate in net profit over the next three years as part of its equity incentive plan [6] - A flat organizational structure will be implemented to improve resource allocation and operational efficiency [6]