Group 1: Financial Performance - The subsidiary Desay SiP has achieved profitability every year since 2022, focusing on lithium battery power management SIP business and planning to expand into wafer-level packaging in the future [2] - The net loss of the subsidiary Hunan Battery in the first half of 2025 was 177 million yuan, with significant improvement in capacity utilization in the second half, although still operating at a loss [3] - The positive minority shareholder profit in Q3 2025 was primarily due to the profitability of Desay SiP, while Hunan Battery remained in a loss position [3] Group 2: Market Strategy and Challenges - The company is actively developing solid-state battery products, currently in the R&D phase with no clear mass production plans yet [2] - In response to rising raw material costs for energy storage cells, the company follows market pricing principles and is expanding its overseas market for energy storage [3] - The management is committed to improving operational performance to enhance market value and investor communication [3] Group 3: Capital Management - The funds raised from the share placement at the end of 2023 were fully utilized to supplement liquidity and repay debts, optimizing the asset-liability structure [3] - The company has engaged in low-risk investment and financial management to enhance profitability without affecting core business operations [3]