CAFX(SZ:002760)2025-05-21 10:48Meeting Overview - The investor meeting was held on May 21, 2025, from 15:30 to 17:00 [1] - The meeting took place on the "Panorama Roadshow" platform [1] - Attendees included the Chairman, independent directors, and key executives [1] Company Performance - In 2024, the company reported revenue of 588 million CNY, a decrease of 14.87% year-on-year [2] - The decline was primarily due to a drop in sales of wear-resistant products, particularly in the cement industry, which saw a revenue decrease of 36.19 million CNY (33.19%) [2] - In Q1 2025, revenue increased to 153 million CNY, up 8.74% from the previous year [9] Market Competition - The main competitors in the ship electric system market are large state-owned enterprises and listed companies [2] - The company aims to capture market share by leveraging its R&D capabilities and cost advantages [2] - The wear-resistant materials sector is highly competitive, with many domestic manufacturers and increasing foreign competition [3] Business Segmentation - In 2024, high-chromium wear-resistant products generated 428 million CNY, accounting for 72.85% of total revenue [5] - Ship electric system solutions and special motors contributed 143 million CNY, representing 24.31% of total revenue [5] Strategic Initiatives - The company plans to enhance its competitive edge by collaborating with universities and research institutions to develop high-value products [3] - Efforts will be made to optimize business structure and seek new profit growth points following changes in control [4][10] - The company is focusing on expanding its overseas market presence and improving production efficiency [8] Financial Health - As of Q1 2025, the company had approximately 280 million CNY in available funds, indicating a stable cash flow situation [17] - The net cash flow from operating activities increased by 307.74% in 2024, providing solid support for future operations and R&D [19] Future Outlook - The company is committed to improving performance and shareholder returns through market expansion and cost reduction strategies [4] - There are no current risks of being flagged for delisting under the Shenzhen Stock Exchange rules [4]