Financial Performance - In 2024, the company achieved a revenue of 9.83 billion CNY and a net profit of 925 million CNY [2] - In Q1 2025, the company reported a revenue of 2.23 billion CNY and a net profit of 162 million CNY [2] Industry Impact - The photovoltaic industry has impacted the company's operations, leading to prudent impairment provisions based on customer aging and specific operational conditions [2] - The company is increasing R&D investments in next-generation photovoltaic technologies and expanding into the semiconductor business, which has temporarily raised costs [3] Semiconductor Business - Since 2019, the company has been investing in the semiconductor sector, with R&D expenditures in this area nearing 50% of total R&D [4] - The company expects rapid growth in non-photovoltaic orders, diversifying its revenue structure [4] Photovoltaic Technology - The HJT technology is a key focus for overseas expansion, offering advantages such as reduced labor and energy consumption [5] - The company is advancing the development of perovskite tandem cells, with pilot line efficiencies exceeding 29% and expected to surpass 30% soon [7] HJT Technology Developments - Upgrades to existing production lines include photon sintering and edge optimization, which can increase module power by 15-18W [9] - New production lines for HJT cells are projected to achieve power outputs of 775-780W through the integration of advanced equipment [10] Challenges and Future Outlook - The semiconductor and display business has slower revenue recognition due to longer validation cycles and the need for equipment integration [10] - The company is committed to balancing R&D investments with shareholder returns while sharing long-term value with investors [3]