Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on May 9, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, General Manager, and Financial Secretary of the company [3] Group 2: Industry Challenges and Company Response - The photovoltaic industry is currently in an adjustment phase, but the company remains confident in long-term prospects and is focusing on product and technology development [5] - The company is promoting products like intelligent single crystal furnaces and high-speed slicing machines to meet industry demands [5] - To navigate industry fluctuations, the company is implementing a dual-drive strategy of "photovoltaics + semiconductors" and enhancing collaboration within the supply chain [6] Group 3: Financial Performance and Future Outlook - In 2024, the company faced challenges due to supply-demand imbalances and increased competition, leading to a significant rise in impairment provisions [7][8] - The company is actively optimizing its organizational structure and expanding overseas to improve performance [8] Group 4: Order Status and Market Position - The company has a diverse order book, including photovoltaic and semiconductor equipment, with a typical order-to-revenue recognition cycle of 6-9 months [9] - The company has successfully delivered over 10,000 units of its single crystal furnace, maintaining a strong customer relationship and quality management system [10] Group 5: Client Base and Workforce Adjustments - Major clients include leading companies in the photovoltaic and semiconductor sectors, with a growing international customer base [11] - Workforce reductions were made to optimize resource allocation and control labor costs in response to industry trends [12] Group 6: Product Development and Competitive Edge - The company has launched a new generation of N-type low-oxygen photovoltaic single crystal furnaces and is committed to ongoing R&D for product advancement [13] - Significant breakthroughs have been achieved in semiconductor manufacturing equipment, with new orders for 8-inch and 12-inch single crystal furnaces [15] Group 7: International Expansion Efforts - The company is expanding its overseas presence, establishing subsidiaries in the U.S. and Southeast Asia to enhance market reach [16] Group 8: Stock Performance Insights - Stock price fluctuations are influenced by macroeconomic conditions and industry policies, urging investors to remain cautious [17]

Core Viewpoint - The company maintains a positive outlook on the photovoltaic industry despite facing challenges such as extended accounts receivable collection periods and increased impairment provisions due to market conditions [2]. Group 1: Company Overview - Liancheng CNC operates in the high-end equipment manufacturing sector for photovoltaic and semiconductor industries, providing integrated services that include crystal material growth and processing equipment, core process and technical support, and complete line solutions [1]. - The company is focused on meeting market demands for large-size silicon wafers and N-type battery technology while promoting the localization of semiconductor equipment to enhance the domestic industry's self-sufficiency [1]. Group 2: Market Position and Strategy - The company has a limited number of direct customers in the U.S., and the current U.S. tariff policies have minimal impact on its overall business [1]. - Liancheng CNC is actively expanding its overseas presence, having established a wholly-owned subsidiary in the U.S. for research and sales, as well as production and sales service centers in Southeast Asia [3]. Group 3: Financial Performance and Challenges - In 2024, the company faced negative impacts from supply-demand imbalances in the photovoltaic industry, price declines in the supply chain, and intensified market competition, leading to an increase in impairment provisions and a contraction in annual operating performance [2]. - The company is implementing measures such as organizational optimization, accelerated overseas expansion, and technological upgrades to address these challenges [2]. Group 4: Product Development and Future Outlook - The company is committed to continuous product and technology development, aiming to seize new opportunities following the industry's adjustment phase [2]. - Recent government support for equipment upgrades in the photovoltaic sector will enable the company to promote advanced products and provide services for the renovation of outdated production lines [2].