Group 1: Company Performance and Market Dynamics - The company currently relies heavily on a single customer, which raises concerns about order volume fluctuations if competitors engage with the same clients [1] - The price of low-cost carbon fiber has significantly decreased from a state of supply shortage in 2022 to oversupply in 2023, leading to a stable but declining price trend [1] - The company has a production capacity of 120 tons for the hundred-ton line and 300 tons for the thousand-ton line, with plans for three additional lines of 200 tons each [2] Group 2: Research and Development Strategy - R&D remains a core focus for the company, with a commitment to increasing investment and innovation despite a reported decrease in R&D expenses for 2024 compared to 2023 [4] - The establishment of a new subsidiary, Changhong Functional Materials, aims to develop new materials with special functional characteristics beyond traditional carbon fiber applications [4] - The company is actively pursuing the development of new product models, including low-cost variants suitable for the low-altitude economy [2] Group 3: Financial Management and Accounts Receivable - Fluctuations in accounts receivable are primarily due to the industry's long payment cycles, which can range from six months to a year [3] - The company anticipates that the 2024 accounts receivable will reflect sales from 2023, leading to potential discrepancies in reported values [3] Group 4: Market Trends and Future Outlook - The eVTOL industry is expected to face a complex commercial landscape over the next five to ten years, with varying opinions on the timeline for commercialization [6] - The company is committed to adapting its product strategy based on market demands and customer feedback, ensuring alignment with quality standards while exploring cost reduction opportunities [6]