Dividend Policy - The company plans to distribute a cash dividend of 1.8 CNY per 10 shares (including tax) and issue 3 bonus shares for every 10 shares held, resulting in a total cash dividend of 59,904,000 CNY and 99,840,000 bonus shares, increasing the total share capital to 432,640,000 shares [2][3]. Financial Performance - In 2024, the company achieved a revenue of 2.593 billion CNY, an increase of 8.37% compared to the previous year [3]. - The net profit attributable to shareholders was 131 million CNY, a decrease of 3.62% year-on-year [3]. Factors Affecting Profit - The decline in net profit was primarily due to a slight decrease in the electrification railway business [3]. - The company aims to enhance management efficiency and market competitiveness through cost reduction and innovation [3][4]. Raw Material Price Risk Management - The company employs a pricing model based on "raw material prices + processing fees" and uses copper futures to hedge against price fluctuations [3]. Future Growth Drivers - Future growth will focus on core business areas, driven by customer demand and technological innovation, while extending the industrial chain [4][5]. New Energy Vehicle Sector - The company is adopting a cautious market expansion strategy in the competitive new energy vehicle parts sector, collaborating with quality clients [4]. Stock Buyback and Shareholder Value - The company is considering stock buybacks to enhance investment value and improve governance, with plans to disclose any related actions in accordance with legal requirements [4][5]. Impact of Tariffs - In 2024, overseas revenue accounted for 5.24% of total revenue, with exports to the U.S. making up about 2%, indicating limited impact from recent tariff increases [9]. Industry Outlook - The copper processing industry is expected to maintain steady growth, driven by demand from new energy and data center sectors [8][9].

Market Overview - The three major indices experienced slight declines, with the Shanghai Composite Index down by 0.25%, the Shenzhen Component down by 0.38%, and the ChiNext Index down by 0.4% [1] - The total trading volume in the Shanghai and Shenzhen markets was 873.1 billion, a decrease of 87.5 billion compared to the previous trading day [1] Sector Performance - The tourism sector showed resilience, with stocks like Emei Mountain A and Zhangjiajie hitting the daily limit [1][2] - The cyclical sectors, particularly non-ferrous metals, were active, with Electric Alloy reaching the daily limit [1][4] - The robotics and computing power sectors continued to adjust, with several stocks hitting the daily limit down [1][9] Individual Stock Highlights - Emei Mountain A rose by 10.01%, Zhangjiajie increased by 10.04%, and Dalian Shengya gained 9.99% [2][16] - Electric Alloy surged by 20.00%, while North Copper and New Weiling also saw significant gains [4][19] - The number of stocks hitting the daily limit was 32, with a 44% limit-up rate [1] Travel Trends - Recent reports from online travel platforms indicate a rise in travel enthusiasm for the Qingming holiday, with short-distance trips being the primary focus [3] - Major cities like Beijing, Shanghai, and Guangzhou are seeing increased travel activity, particularly in the surrounding areas [3] Commodity Prices - International copper prices have been rising, with COMEX copper futures reaching a new high of $5.1490 per pound and LME copper prices exceeding $10,000 per ton [5][19] - The closure of a major production facility in Rotterdam by global chemical giants is expected to impact the chemical sector significantly [7][14]