Core Viewpoint - The company, engaged in the research, design, production, and sales of new energy garden machinery, reported a significant decline in operating performance, transitioning from profit to loss due to strategic investments and external factors such as export tariffs and currency fluctuations [6][8]. Financial Performance - The company achieved operating revenue of approximately 5 billion yuan, a year-on-year decrease of about 7% compared to 2024, primarily due to adjustments in sales strategies by major ODM clients [6]. - The company's net profit and non-recurring net profit growth rates have shown a downward trend, with total revenue and net profit figures indicating a challenging financial environment [9]. Expense Growth - There was a notable increase in period expenses, with sales expenses, management expenses, and R&D expenses rising by approximately 220 million yuan, 50 million yuan, and 60 million yuan respectively compared to 2024 [7]. - The increase in expenses is attributed to brand building, market promotion, sales and after-sales team expansion, local delivery assurance, and management costs associated with the establishment of a smart manufacturing system [7]. Currency Impact - The overall trend of the RMB against the USD showed a decline followed by a rise, with the depreciation of the USD impacting the company's operating profit by approximately 90 million yuan [8]. Future Outlook - In 2026, the company plans to enhance quality and efficiency measures, optimize marketing strategies, and expand strategic cooperation with major clients to improve global market sales [8].