Core Viewpoint - The company acknowledges fluctuations in operating cash flow for 2024, attributing it to macro industry policies and strategic investments while maintaining a healthy overall financial status [1] Financial Performance - Operating cash flow has shown volatility due to external policy changes affecting market volume and revenue recognition timing [1] - The company reported a research and development expenditure of 2.261 billion yuan, accounting for 21.95% of revenue, an increase of 5.14 percentage points year-on-year [1] Industry Context - The ongoing industry restructuring since 2023 is pushing the medical equipment sector towards a more regulated and market-oriented direction, which, while beneficial long-term, has caused delays in procurement processes and order releases in the short term [1] - A large-scale medical equipment renewal policy initiated in the first half of 2024 presents structural opportunities for the industry, but its broad coverage and lengthy cycle have led to temporary market demand backlog [1] Strategic Initiatives - The company is committed to an "innovation-driven development" strategy, increasing investments in R&D and global expansion, which impacts short-term cash flow [1] - The company has established an overseas marketing team of over 700 and more than 1,000 service engineers, with a network covering over 200 cities in more than 85 countries [1] Future Outlook - The company anticipates that as innovation results accelerate and industry policies are implemented, cash flow, revenue, and profit will improve in tandem, enhancing its core competitiveness in the global high-end medical equipment market [1]