Core Viewpoint - The company is focusing on expanding its overseas business while optimizing resource allocation and enhancing core competitiveness to drive sustainable growth in the architectural decoration industry [2][5][6]. Industry Overview - The architectural decoration industry is experiencing increased market concentration and significant differentiation in competition due to macroeconomic factors and heightened client risk awareness [1]. - The domestic curtain wall industry is facing downward pressure and intensified competition, prompting the company to deepen its market penetration and stabilize its domestic base [2]. Domestic Market Strategy - The company is enhancing its internal decoration platform to improve profitability and promote sustainable development in the domestic interior decoration market [2]. - The focus is on creating an ecological development framework for interior decoration to ensure long-term growth [2]. Overseas Market Strategy - The company is prioritizing overseas markets, particularly in the Middle East, Southeast Asia, and developed regions like Australia and Europe, to support its growth strategy [2][3]. - The company aims to leverage its brand advantages to penetrate high-end markets in Singapore, the Philippines, and the Middle East [2]. Order Performance - The company has seen a significant increase in overseas curtain wall project orders, with a total of approximately RMB 10.69 billion in new orders for Q1 2025, including RMB 6.3 billion from the Middle East [5][6]. - The gross margin for overseas curtain wall projects exceeds 25%, compared to 15%-16% for domestic projects, indicating a positive impact on overall profitability as overseas revenue grows [5]. Future Outlook - The company plans to establish a dual-track development model combining project contracting and product sales to enhance its market position and drive high-quality growth [2][6]. - The company has set a target of RMB 20 billion in new orders for the Middle East in 2025, with a strong performance in the first half of the year already exceeding initial targets [6]. Financial Health - The company maintains a robust cash flow management strategy, achieving an average operating cash flow of RMB 11.19 billion over the past five years [9][10]. - The company has a history of stable cash dividends, with a total cash dividend payout of RMB 623 million for 2024, reflecting a high dividend yield of 9.7% [10].