Group 1: Financial Performance - In Q1 2025, the company achieved a total revenue of 33,908.49 million CNY, with total operating costs of 31,071.54 million CNY, resulting in an operating profit of 4,012.08 million CNY and a net profit attributable to shareholders of 3,344.91 million CNY [3] - The proposed cash dividend for the 2024 fiscal year is 0.8 CNY per 10 shares, totaling 49,626,566.80 CNY, pending approval at the annual shareholders' meeting [6] Group 2: Strategic Focus and R&D - The company will focus on R&D in the field of power transmission and transformation equipment, with key projects including the development of 1000kV GIS and 35kV transformers [4] - Future R&D efforts will also include expanding the product line to cover various voltage levels and applications, emphasizing ultra-high voltage, green technology, and smart solutions [4] Group 3: Market Strategy and Customer Base - The company aims to diversify its customer base to mitigate risks associated with high concentration, currently serving major clients like State Grid and Southern Power Grid [2] - Plans to strengthen market presence in provincial and municipal power grid markets while expanding into external markets are in place [2] Group 4: Production and Expansion Plans - The company has three major production expansion projects scheduled, including a 1000kV GIS facility expected to start construction in June 2025 and be operational by the following year [8] - The company plans to optimize its business structure by consolidating underperforming subsidiaries and focusing on core competencies [5] Group 5: Market Position and Value Management - The company is committed to enhancing its market value through solid operational performance and effective investor relations management [8] - The company has received approval for a convertible bond issuance, with due diligence currently underway [8]

Group 1: Financial Performance - In 2024, the company achieved revenue of 1.76 billion CNY, a year-on-year increase of 17.86% [3] - The net profit attributable to the parent company for 2024 was 252 million CNY, up 45.66% year-on-year [3] - In Q1 2025, the company reported revenue of 339 million CNY, a growth of 33.57% compared to the same period last year [3] Group 2: R&D and Product Development - The company invested 94 million CNY in R&D in 2024, accounting for 5.34% of total revenue, marking the highest investment in history [3] - New products, including 363kV and 800kV combination electrical devices, received full type test reports by the end of the reporting period [3] - In 2025, the company plans to focus on the R&D of 1000kV combination electrical products [3] Group 3: Operational Strategy - The company aims to fully initiate three major production base construction projects in 2025 [3] - The strategy includes focusing on core business and gradually exiting loss-making segments [3] - The company plans to enhance production capacity and efficiency at its three production bases [3] Group 4: Subsidiary Performance - Subsidiary Longgao Electric achieved revenue of 880 million CNY in 2024, with a net profit of 158 million CNY, reflecting a year-on-year revenue growth of 21.46% [3] - Longgao Switch reported revenue of 460 million CNY, with a net profit of 110 million CNY, marking a 30.37% increase in revenue [3] - The engineering and design segment generated over 90 million CNY in revenue, while Huawang Electric Power reported a loss of over 25 million CNY [3][4] Group 5: Market and Competitive Landscape - The company secured approximately 50 million CNY in high-voltage orders in 2024, contributing significantly to profits [4] - The competitive landscape in the power distribution market is expected to benefit from centralized procurement strategies by the State Grid [5] - Despite price reductions in bids, the overall tender volume growth may offset the impact on profits [5]