SIEYUAN(SZ:002028)2026-01-21 07:52Group 1: Financial Performance - The net profit margin in Q4 increased year-on-year due to a significant rise in revenue, while the growth rate of expenses was lower than that of revenue [2] - In 2025, the company's operating cash flow decreased year-on-year, attributed to increased inventory levels to meet business growth demands, which temporarily pressured cash flow [4] Group 2: Business Operations - The gross margin of the energy storage business is lower compared to other products, indicating a need for improvement in product competitiveness through learning from peers and suppliers [2] - The company adopts a sales-driven production model due to the high degree of customization in its main products [3] Group 3: Market Engagement - In 2025, the company saw an increase in the bidding volume with the State Grid, reflecting customer trust and the company's commitment to fulfilling production and delivery requirements [5] - The company is actively launching new products in the medium and low voltage segment, although the overall scale remains small [8] Group 4: Risk Management - The company engages in foreign exchange hedging to mitigate risks associated with currency fluctuations, primarily involving USD, EUR, and GBP [8] - Copper price fluctuations impact the company, which has implemented copper futures hedging to manage raw material price volatility [8] Group 5: Shareholder Relations - The company plans to implement share buybacks in accordance with relevant regulations and market conditions, ensuring compliance with disclosure obligations [7]