EASEPAL(SZ:002614)2025-05-29 13:10Group 1: Market Overview and Impact - In 2024, the domestic massage product market is expected to experience a rebound in the fourth quarter due to government consumption subsidy policies, following a weak demand in the first three quarters [2] - The company is actively conducting promotional activities, including a trade-in policy, which has positively impacted product sales [2] Group 2: Competitive Strategy - The company is committed to long-termism and focuses on the health industry, emphasizing innovation and technological advancement in its "AI + massage" product line [3] - The market penetration rate for health massage products is currently low, indicating potential for future growth [3] Group 3: Financial Performance - The company's gross margin is expected to decline in 2024 due to rigid operational costs and product structure adjustments, while continuing to invest in the health massage industry [4] Group 4: International Operations and Tariff Impact - Non-U.S. business dominates the company's global operations, with U.S. sales accounting for less than 25% of total revenue [5] - The company is gradually resuming shipments to the U.S. after a temporary halt due to a 30% tariff adjustment, with overseas ODM business primarily settled on a FOB basis [5] - The establishment of a factory in Vietnam is expected to enhance supply chain capabilities and improve operational resilience [5] Group 5: Convertible Bond Strategy - The company decided not to adjust the conversion price of its convertible bonds during the board meeting on December 13, 2024, and will not propose any downward adjustments for the next six months [6]