SNS(SZ:300470)2026-03-12 14:30Group 1: International Business Development - The company has achieved steady growth in international business, with significant market expansion and increasing brand influence [2] - Internationalization is a key strategic pillar for the company, essential for exploring new markets and achieving sustainable growth [2] - The company plans to enhance support for international business through team building and resource optimization [2] Group 2: Business Structure and Market Analysis - The ratio of incremental to stock business in the mechanical seal sector has remained approximately 1:1 over the past two years [3] - In mature companies within the mechanical seal industry, incremental business typically accounts for 30% to 35% of total business [3] - The estimated market capacity for the mechanical seal international market is around 40 billion RMB, with "Belt and Road" countries representing about one-third of this market [3] Group 3: Order Composition - Currently, approximately 75% to 80% of international business orders are incremental, while stock business accounts for about 20% to 25% [3]