Financial Data and Key Metrics Changes - Sales surpassed the USD 100 million milestone for the first time, reaching USD 116.8 million, an increase of 24% year on year [3][4] - Gross profit increased to RMB 64.1 billion, up 26%, with a gross margin of 54.9%, improving by 0.9 percentage points compared to the previous year [3][4] - Net profit rose to USD 38 million, growing 35% year on year, with a net margin of 32.6%, an improvement of 2.8 percentage points [4] - Diluted EPS reached USD 0.35 per share, and a special dividend of USD 19.0201 per share was declared [4][5] Business Line Data and Key Metrics Changes - Fixed First Connectivity segment sales increased by 18% to USD 17.1 million, while Mobile First Connectivity segment sales grew by 34% to USD 66.2 million [5] - Warranty and Support Services segment increased by 6% year on year to RMB 25.3 million, and Software Licenses segment grew by 26% year on year to RMB 8.2 million [5] - Recurring revenue reached USD 32.2 million, up 12% year on year, but slightly decreased to 27.6% of total sales [6] Market Data and Key Metrics Changes - Sales to North America increased by 38% to USD 7.8 million, while sales to EMEA rose by 6% to USD 29.1 million [7] - Sales to Australia and New Zealand jumped 78% year on year to USD 4.2 million, while sales to Asia decreased by 12% to approximately USD 8.8 million [7][8] Company Strategy and Development Direction - The company aims to enhance connectivity solutions across various sectors, focusing on collaboration with partners like Starlink to expand its reseller network [13][14] - Plans to launch new products with edge computing capabilities and deepen collaboration with Starlink were highlighted [18][19] - The company is committed to maintaining a product-led approach, focusing on innovation and customer needs rather than setting specific growth targets [45][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, citing strong fundamentals and the potential for multi-year projects [40][41] - The company views global changes as opportunities, emphasizing a positive attitude towards challenges [22][25] - Management noted that the recurring revenue model is expected to grow as the ecosystem becomes easier to use [66] Other Important Information - Operating cash flows were strong at USD 55.2 million, with a cash position of nearly USD 66 million at year-end [11][12] - Inventory turnover improved significantly, now at 115 days [12] Q&A Session Summary Question: Will enterprise switches and antennas contribute meaningfully to revenue? - Management indicated that while growth is occurring, it is not substantial yet, but the antenna business is growing well [27][28][30] Question: How is the long-duration data plan performing? - The data plan is generating meaningful revenue, and there is potential for further value propositions [32][33] Question: What is the outlook for 2025? - Management remains optimistic, noting that both project and run rate businesses are performing well [39][40] Question: How does the company plan to utilize its cash reserves? - The company is open to share buybacks but remains focused on product development and competitive offerings [43][44] Question: What is the takeout rate and reasons for non-subscription? - The takeout rate is 34%, with reasons for non-subscription including lack of need for cloud management for smaller users [85][86] Question: Are there plans to penetrate the consumer market? - Management expressed interest in experimenting with new ideas and potentially accessing the consumer market in the future [68][69] Question: What is the contribution of Starlink to revenue? - Starlink has helped with brand awareness but does not contribute significantly to revenue [72][74][80]