Core Viewpoint - The company reported a significant reduction in net losses for 2024, demonstrating resilience despite challenges in the domestic diesel engine industry, which is facing overcapacity, insufficient demand, and intense competition [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 6.467 billion yuan and a net profit attributable to shareholders of -1.999 billion yuan, reducing losses by 464 million yuan compared to the previous year [1] - The company’s performance reflects a notable improvement in operational resilience amid a challenging industry landscape [1] Group 2: Market Development - The company actively expanded into diverse markets, achieving a 12.4% year-on-year growth in external supporting markets, with the external vehicle supporting market experiencing a remarkable 78% growth [1] - The marine and power generation supporting markets also saw a cumulative year-on-year growth of 20%, outperforming the industry average by approximately 7 percentage points [1] - The construction machinery supporting market successfully halted its decline, recording a 6% year-on-year growth, contributing to the stability of the company's performance [1] Group 3: Technological Development - The company has developed and launched the 12VK diesel engine, applicable in commercial real estate, communications, industrial power, and data centers, with initial applications in data centers already underway [2] - In 2024, the company increased investment in new product development, launching several new projects including the 16VK and 17J non-road products, enhancing product diversity and market competitiveness [2] - The company is also advancing its battery PACK project, achieving a comprehensive product layout for various vehicle types and successfully delivering batch orders to some clients [2] Group 4: Future Outlook - In the first quarter of 2025, the company sold 42,911 diesel engines, marking a 12.33% year-on-year increase, indicating strong growth momentum [3] - The company is committed to maintaining strategic focus, optimizing market layout, and expanding both domestic and international market shares while increasing innovation investment to enhance core competitiveness [3] - The recent board election introduced younger and more professional members, injecting new vitality into the company's governance while ensuring stability in the independent director and management team [3]