Core Insights - The company is focusing on developing its own brands, which include TivoliAudio, Primare, and Platin, although the revenue contribution from these brands is currently low [1] - The company has established a mature overseas team and is simultaneously building domestic operational capabilities to enhance brand development [1] - The collaboration with JD.com has expanded from online sales to offline experiences through JD Mall, aiming to provide high-quality audio solutions and retail services [1]

Company Overview - The company focuses on ODM (Original Design Manufacturer) in high-performance audio and innovative audio fields, leveraging its full-chain capabilities from technology R&D to manufacturing [3][5]. - The company has a diverse customer base and aims to develop its own brand business while continuing to support brand clients [3][4]. Financial Performance - In 2023, the company experienced a significant decline in revenue and profit due to reduced consumer demand and inventory destocking, particularly in Europe and North America [5]. - The company anticipates a strong rebound in 2024 as market conditions stabilize and customer purchasing patterns normalize [5]. Revenue Structure - Revenue is split approximately 50% between personal and non-personal scenarios, with home scenarios accounting for about 80% and commercial scenarios for about 20% [5]. - The company expects the share of commercial scenarios to increase in the future [5]. Profitability - The company maintains a high gross margin due to its strong reputation and ability to provide high-value ODM solutions, allowing clients to focus on branding and marketing [6][7]. AI Integration - The company is integrating AI technology into its new product development, enhancing the compatibility of audio products with AI models [8]. - AI applications are being explored to create commercially viable functionalities [8]. Brand Development - The company's own brands include Tivoli Audio, Primare, and Platin, with ongoing collaborations with JD.com for both online and offline retail experiences [9]. Production and Pricing Strategy - The company is expanding production in Vietnam to mitigate tariff impacts and has adjusted pricing strategies in response to changing tariff policies [10]. - Recent tariff adjustments are expected to create a favorable environment for business expansion in the U.S. market [10]. Governance and Management - The company emphasizes professional governance with an international management team and robust internal controls to minimize personal influence on decision-making [12]. Strategic Direction - The company is positioning itself as an AIoT (Artificial Intelligence of Things) company, integrating audio, video, and IoT technologies to provide comprehensive solutions [13]. - Future growth is expected to come from both internal development in AIoT and potential acquisitions to enhance the supply chain [12][14]. Market Collaboration - The company is open to collaborating with major domestic firms on AIoT projects, focusing on high-quality growth rather than just revenue expansion [15][16].