Core Viewpoint - Tungray Technologies Inc has appointed Mr. Qi (Henry) Guo as Chief Financial Officer, succeeding Ms. Nina Hangyu Qian, who will remain with the company as Senior Director of Finance [1] Company Overview - Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in various industries, including semiconductors, printers, electronics, and home appliances [4] - The company has over two decades of experience in delivering quality customized industrial solutions tailored to meet unique customer needs and specifications [4] Leadership Appointment - Mr. Guo brings over 20 years of experience in corporate finance, investment banking, equity research, and investment management, along with a decade of technical expertise in Silicon Valley's high-tech industry [2] - Prior to joining Tungray, Mr. Guo served as Head of Capital Markets at AIME Capital Markets, LLC, and held positions at US Tiger Securities, Inc. and M Science LLC [2] - Mr. Guo has a strong educational background, holding an M.B.A. from the University of California, Berkeley, an M.S. in Electrical Engineering from Santa Clara University, and a B.S. in Engineering from Harbin Institute of Technology, China [3] Executive Comments - The CEO of Tungray, Mr. Wanjun Yao, expressed excitement about Mr. Guo's appointment, highlighting his extensive experience in capital markets and technology-driven businesses as a strength for the company's financial management and long-term growth initiatives [4]

Core Insights - Tungray Technologies Inc reported a decrease in total revenues by 10.8% to $12.8 million for the year ended December 31, 2024, compared to $14.4 million in 2023 [4][7] - The company faced challenges in revenue and profitability due to lower revenue per customer and intense price competition in the manufacturing automation industry, particularly in China and Singapore [3][4] - Despite the revenue decline, the company increased its R&D investment by 34.3% year-over-year, supporting the launch of over a dozen new projects aimed at expanding its product portfolio [3][13] Financial Performance - Total revenues decreased by 10.8% to $12.8 million for the year ended December 31, 2024, compared to $14.4 million for 2023 [4][7] - Gross margin decreased to 43.7% in 2024 from 46.7% in 2023, with gross profit declining by 16.6% to $5.6 million [9][4] - Operating loss was $0.7 million for 2024, a significant decline from an operating income of $1.1 million in 2023 [14][4] - Net loss for 2024 was $0.6 million, compared to a net income of $0.8 million in 2023 [17][4] Cost Management and Strategic Initiatives - The company implemented targeted cost control measures to reduce expenses and enhance operational efficiency [3] - Efforts to enhance revenue include exploring horizontal strategic partnerships and introducing new lines of business [5][3] - Selling expenses increased by 41.3% to $0.6 million, primarily due to higher advertising and compensation expenses related to business expansion [11][10] Market Dynamics and Future Outlook - The company is adapting to evolving market conditions and is exploring 3D metal printing solutions for high-end sectors such as commercial aviation and oil & gas [6] - Management emphasized the importance of strengthening customer retention and enhancing service offerings to support sustainable revenue growth [3][6] - The focus remains on delivering long-term shareholder value while strategically positioning the company for sustainable growth [6]