Group 1: Company Performance and Strategy - The company experienced a revenue decline in 2022 and has since focused on new products and channels, particularly cross-border e-commerce, to enter new growth paths [2] - The primary revenue source is the U.S. market, with online sales less affected by tariff policies compared to offline clients [2] - The new factory has a capacity of approximately 860,000 sets, with a current utilization rate of 30% to 40% [2] Group 2: Market and Competitive Position - The company's competitive advantages include rapid product iteration, an expanding product range, and deep market segmentation [2] - The core competitive point lies in product design and the ability to create products that align with U.S. and European market preferences [2] - The company has a significant advantage in mold inventory, allowing for cost-effective new product development [2] Group 3: E-commerce and Future Growth - Online sales accounted for 72.91% of revenue in the first half of 2025, primarily from self-owned brands [2] - The company aims to expand its e-commerce operations as a core strategic direction, with expectations for increased capacity utilization if sales succeed [7][18] - The anticipated profit growth from cross-border e-commerce is expected to materialize gradually, with price adjustments planned for 2025 [23] Group 4: Challenges and Responses - Tariff fluctuations have led to some clients considering moving orders abroad, but complex products are still likely to return to the company [6][12] - The company has opted against overseas factories due to variable tariff policies, long investment cycles, and complex operating environments [4][5] - The company plans to optimize advertising, warehousing, and logistics costs to improve profit margins [23] Group 5: Market Trends and Product Development - The market space is expanding beyond traditional products, with the company diversifying into various outdoor categories [24] - Year-on-year revenue growth of 32.28% was reported for the first half of the year, with expectations for continued growth in the second half [24] - The company’s product line includes outdoor heating solutions, barbecues, and furniture, catering to diverse consumer needs [24]

Group 1: Order Trends and Revenue - In the first half of 2025, online retail channel accounted for 72.91% of total orders, with 128,000 orders, representing a 171% year-on-year increase [2] - The company's revenue for the first half of 2025 reached 146 million yuan, a 32.28% increase year-on-year, with online business contributing 72.91% of total revenue [3] Group 2: Production and Market Strategy - The company's production capacity is primarily located domestically, with no plans for overseas production [2] - The management strategy includes upgrading from ODM to OBM, focusing on building its own brand sales channels and expanding online sales [3] Group 3: Customer Base and Market Share - The main offline customers are large supermarkets in North America, while online sales are primarily through Amazon [2] - The company is expanding its product applications to outdoor scenarios, including restaurants, hotels, and cafes, with a broader product range now including outdoor pavilions and heaters [2] Group 4: Future Outlook and Policies - The company does not currently have a stock incentive plan but has conducted four dividend distributions since its listing, with plans for future dividends as long as they do not impact operations [3] - There are no immediate capital expenditure plans [3]