Group 1: Company Performance Overview - In 2024, the company achieved an operating revenue of CNY 158,776.95 million, a year-on-year increase of 4.63% [3] - The net cash flow from operating activities was CNY 15,083.75 million, representing a year-on-year growth of 26.80% [3] - The company reported a decrease in the sales, management, and financial expense ratio by 2.42 percentage points compared to the previous year [3] Group 2: Market Expansion - The company secured new orders worth CNY 18.36 billion in 2024, with a total order backlog of CNY 25.68 billion by the end of the year [4][12] - In the first quarter of 2025, the company achieved new orders of CNY 4.75 billion, a growth of 28.38% compared to the same period last year [12] - The company maintains a leading market share in the signal power supply system, with applications across major railway and subway systems in cities like Beijing, Shanghai, and Guangzhou [4] Group 3: Research and Development - The company invested CNY 11,630.51 million in R&D in 2024, focusing on upgrading existing products towards smart, green, lightweight, and modular designs [6] - New products include the PV2RAIL solar inverter and CR450 project auxiliary converters, which utilize advanced technologies for improved efficiency and reliability [6] Group 4: Internal Management and Governance - The company received the "2024 Annual Financial Association Governance Pioneer Award" and achieved an A-level rating for information disclosure from the Shenzhen Stock Exchange [7] - The company is implementing a cost control strategy, resulting in a decrease in the sales, management, and financial expense ratio [7] Group 5: Future Strategies and Policies - The company is considering mergers and acquisitions to enhance market competitiveness and innovation capabilities, supported by new policies from Guangzhou [9] - The company is actively pursuing opportunities in AI and robotics, aligning with provincial policies to foster innovation in these sectors [10][11] Group 6: Industry Trends - In 2024, national railway fixed asset investment reached CNY 850.6 billion, an increase of 11.3% from 2023, indicating a robust growth environment for the industry [19] - The urban rail transit sector is expected to grow steadily, with projected operational line lengths nearing 13,000 kilometers by the end of the "14th Five-Year Plan" [19]