Group 1: Financial Performance and Challenges - The company reported a significant shift from a net profit of 300 million to a loss of 470 million, indicating a change of 770 million [4] - The continuous losses in 2024 are primarily attributed to the cyclical adjustment in the photovoltaic industry, leading to a substantial decline in sales revenue [4] - High financial expenses in the first three quarters of 2025 were due to unconverted convertible bonds, necessitating monthly accruals of high financial costs [3] Group 2: Inventory and Custom Products - The inventory impairment provision mainly involves customized products for clients in the new energy vehicle and photovoltaic sectors, with some products unable to be resold due to their customized nature [2] - The company maintains a safety stock of 0.5 to 3 months based on customer demand forecasts, but adjustments in customer needs can lead to potential inventory write-offs [5][6] - The company is enhancing its demand forecasting and inventory management to minimize losses from changes in customer demand [6] Group 3: Market Dynamics and Future Outlook - The company anticipates a steady recovery in overall profitability as the photovoltaic industry gradually rebounds and the new energy vehicle sector expands [4] - The growth in revenue from the energy storage sector is driven by rapid demand in overseas markets and the expansion of key new customers in the second half of 2024 [2]
铭利达(301268) - 2025年11月20日投资者关系活动记录表