Financial Data and Key Metrics Changes - In Q4 2024, total sales volume reached 226,600 units, a significant 65% year-over-year growth, with total revenue of RMB819 million, reflecting a 71% increase compared to the same period last year [7][8][51]. - For the full year 2024, total sales volume was 924,000 units, representing a 30% year-over-year increase, and total revenue reached RMB3.29 billion, up 24% from 2023 [8][51]. Business Line Data and Key Metrics Changes - In Q4 2024, sales volume in China was 182,000 units, a 65% year-over-year increase, while overseas sales volume reached 44,000 units, marking a 64% growth [7][50]. - The N series accounted for 39% of total sales volume in China, a substantial increase from just 5% in 2023, demonstrating strong market demand [15]. - The ASP for China e-scooters reached RMB3,544, a 15% increase quarter-over-quarter and a 10% increase year-over-year [52]. Market Data and Key Metrics Changes - The overseas market saw a 54% growth in sales volume in Q4 2024 and a 52% growth for the full year [33]. - The overseas branded scooter ASP decreased to nearly RMB2,000, down around 10% year-over-year, primarily due to a higher sales contribution from kick-scooters [52]. Company Strategy and Development Direction - The company remains focused on expanding product offerings, strengthening sales channels, and broadening market reach, with a commitment to refining its strategy to achieve ambitious targets [9][23]. - In 2024, the company opened approximately 900 new stores, with plans to open another 1,000 to 1,500 stores in 2025 to strengthen market presence [26][27]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the China market and overseas market, highlighting strong foundations established in 2024 and expectations for continued growth in 2025 [39][44]. - The company anticipates a positive effect on ASP and gross margin in the domestic market in 2025, driven by increased sales volume and economies of scale [73]. Other Important Information - The gross margin for Q4 2024 was 12.4%, a decrease of 6.6 percentage points compared to the same period last year, primarily due to shifts in the overseas product mix and US tariffs [56]. - The company ended the year with RMB1.1 billion in cash and short-term investments, with operating cash flow showing an inflow of RMB55 million [62]. Q&A Session Summary Question: What is your sales target for kick-scooters in 2025? - The company expects a sales target of approximately 30% to 50% growth for kick-scooters in 2025, following a previous year of over 160,000 units sold [66][67]. Question: What is your outlook for average selling price and gross profit margin in the domestic market in 2025? - The company anticipates a slight increase in ASP in the domestic market, with expectations for improved gross margin due to economies of scale and increased sales volume [70][73]. Question: Can you provide guidance on expected net profit margin by 2025? - The company is not ready to share specific net profit margin guidance but expects to achieve overall profitability in 2025 [80][81]. Question: Which quarter in 2025 is expected to see the company's net profit turn from loss to profit? - The company expects to see quarterly profits in the second quarter of 2025, which is typically a peak quarter for revenue [84].