Group 1 - The core viewpoint of the article indicates that the lithium battery manufacturing industry is experiencing a slowdown in expansion speed in 2024, leading to performance pressure on upstream equipment manufacturers like Yinghe Technology [1][4] - Yinghe Technology's revenue from lithium battery production equipment in 2024 was 4.951 billion yuan, a decrease of 19.41% compared to the previous year, with equipment sales volume dropping to 1,178 units [5] - Despite the overall market demand for lithium battery equipment slowing down, Yinghe Technology reported a significant increase in contract liabilities and new orders in the first quarter of 2024, indicating a recovery in demand [5] Group 2 - Yinghe Technology's second-largest business segment is electronic cigarettes, with "other business income" reaching 3.572 billion yuan in 2024, accounting for about 40% of the company's total revenue [6] - The company is expanding its electronic cigarette business into the North American market, which is the largest electronic cigarette market globally, and has already obtained sales licenses for three products [6] - The company anticipates that the proportion of pod-based electronic cigarettes will increase in the future due to regulatory impacts on disposable e-cigarettes in certain regions, particularly in Europe [6]