SNS(SZ:300470)2025-05-26 10:32Group 1: International Business Strategy - The company's international business model has evolved from primarily supporting domestic manufacturers to engaging directly with foreign end-users, reducing reliance on domestic manufacturers for exports [2][3] - The company has established direct collaborations with renowned international manufacturers such as Siemens and Elliott, achieving notable performance [3] Group 2: Accounts Receivable Management - The company serves major state-owned enterprises and well-known private companies, maintaining a strong customer credit profile to mitigate bad debt risks [3] - A rigorous customer credit rating system is in place, along with enhanced collection efforts and regular reviews of aging accounts to improve cash flow [3] Group 3: Future Outlook on International Business - The company is optimistic about future international market growth, particularly along the "Belt and Road" initiative, despite potential slowdowns due to geopolitical factors [3][4] - The estimated size of the mechanical seal international market is approximately 40 billion RMB, with about one-third of that market space located in "Belt and Road" countries [4] Group 4: Impact of Tariffs - The company primarily exports to regions involved in the "Belt and Road" initiative and does not have direct exports to the U.S., thus minimizing tariff impacts [5] Group 5: Nuclear Power Business Progress - As a leading domestic mechanical seal enterprise, the company is the only one with performance in nuclear main pump mechanical seals, but it typically takes over three years from project approval to order generation [5]