A：Zhongtian Technology is a company located in Yongkang County, Jinhua City, Zhejiang Province. Although Yongkang is not well-known, it is a world-famous hardware town. The company has a history of 30 years since its establishment. It is a company listed on the main board of the Shenzhen Stock Exchange and is actively impacting the H-share market. In Yongkang, a small county with rich people, the company has found a huge demand for overseas mowing market, especially in Europe, America and North America. Mowing has driven the upgrading of mowing machinery and market demand from a rigid demand behavior. It has gradually developed from the initial handheld to semi-automatic and fully automatic, and has transformed from burning oil to lithium in terms of energy. Intelligence is also a major development direction of the industry. With technological progress and market demand growth, Chinese enterprises have seized the opportunity of OEM and ODM, and achieved rapid growth by providing lawn mower products, especially after the epidemic, the compound growth rate of the whole industry is high, although the domestic market is growing rapidly, but compared with the scale of the global market, there is still a lot of room for growth.

A：In the early days, the company mainly focused on the European market, and gradually expanded to North America in recent years. Taking advantage of geopolitical changes, the company began to export products to North America after establishing a factory in the southeast. At present, the proportion of revenue in the European and American markets is increasing year by year, and it is expected to exceed 90% by 2025, and the overall revenue in overseas markets may exceed 95%. The company has carried out transformation and upgrading on the basis of the original industry, such as shifting from gasoline power to lithium electricity, and closely following the AI technology to improve the level of intelligence. At the same time, it realizes that mowing robots are not completely replacing traditional tools, but are incremental needs for labor saving. Therefore, the global mowing robot forecast shows that its compound growth rate is very fast in the next few years.

A：In addition to the basic market business, the company is looking for a second growth curve in the process of intelligence, and successfully invested in Norway's humanoid machinery company YX, becoming one of its important shareholders. This marks the company's further exploration and layout in the field of intelligent products, and is committed to bringing mowing robots to the market as service robots or two-dimensional robot products under specific scenarios.

A：The company has participated in technical attempts in many directions, including but not limited to: first, the development of intelligent mowing robots, the application of which can be extended to swimming pool cleaning robots, golf robots and other scenes at the two-dimensional level; The second is to cooperate with external technical teams to jointly develop the four-legged to B robot "big dog", and found application scenarios in the fields of fire fighting, power grid, large steel factories, football fields and exhibition hall inspection. Third, Zhike in the middle of the subsidiary is committed to the research and development and manufacturing of joint modules, and has established an advanced automatic assembly line, whose core technology is optimism to Tesla. Fourth, it has carried out in-depth cooperation with Huawei to jointly develop and build a fully intelligent product.

A：The research and development of joint modules has achieved certain results. The production line is at a very advanced level in China, and the production capacity can meet the future self-sufficiency and external supply market demand. Part of the production line already has a high technical content and is expected to expand to the market and become a core supplier.

A：There are two main reasons for choosing in-depth cooperation with Huawei: first, the company is rich in technical reserves and has a strong enough manufacturing base; second, the company has stable overseas sales channels to ensure product quality, stability and channel advantages. Through this cooperation, the company will further promote the development of giant body intelligence as a second curve.

A：In the financial statements of 2025, the company's revenue increased significantly compared to 2024, but the profit after deducting non-recurring gains and losses decreased, mainly due to increased investment in research and development, core research and development expenses are mainly used in the above several research and development projects, this year's research and development expenses consumption may be greater.

A：The company plans to launch three types of products: the first type of products are two-dimensional robots or intelligent lawn mowers, which are the upgrading, transformation and market expansion of the traditional main business, which will help to enhance the popularity and drive the sales growth of the original products; The second type of product is a high-priced, customized, stable and reliable large-scale robot "big dog" facing the to B to g market. The third type of product is a new product with confidential final form developed in cooperation with Huawei, it may be for the B2C market and is expected to be a key opportunity to open up the field of aggregation intelligence.

A：In 22 to 25 years, our R & D investment has grown at a compound rate of 62.9 percent, close to an annualized compound growth rate of 63 percent. We have been firmly committed to this area from the beginning and continue to increase our investment.

A：Since the beginning of 22 years, we have been in a period of sustained growth, and the traditional main business has maintained a strong momentum, especially after opening up the North American market, by establishing a factory in Thailand to deal with this market. The North American market has huge growth space for us. At the same time, R & D expenses are also growing rapidly. Although it will erode some profits, it provides significant support for the layout of the second curve and long-term expectations for future development.

A：We have successfully stuck in overseas markets. Under the background of poor domestic economic environment and serious internal volume, with good overseas market strategy, we have not only maintained relatively optimistic operating conditions and slightly increased gross profit margin, but also have good cash flow because we mainly do OEM and ODM business.

A：We have a clear target and mature products to enter the European market, has been verified by large orders. Compared with our peers, we are far ahead in the field of intelligent mowing machinery, especially in dealing with specific scenes such as edge mowing and other pain points have unique technical advantages.

A：There are indeed many competitors in the market, but we have a certain first-mover advantage, and we have a top-notch product and technical team, and we can work with talents from companies such as Huawei, which proves the strength of the team. In addition, we are committed to developing products for multiple application scenarios, not just for specific scenarios. In terms of sales channels, although we mainly rely on overseas markets and OEM models (OED), we are actively building our own brand and are confident that we will maintain the advantages of channels and sales capabilities in the future.

A：Mainly because if you build your own brand, you may lose the large order business with large OEMODM partners, which is a contradiction for the company's traditional machinery business. However, with the development of the market and the change of demand, the company decided to try to make its own brand in the field of mowing robots. Even if this means that there will be a period of pain in the short term, that is, the large order will be reduced, but the brand will be gradually established through the sales of products in European and American markets. The company is firmly committed to the construction of its own brand, especially the research and development and application of Jusheng intelligent technology. It has invested a lot of resources, including the establishment of a professional R & D team, and in-depth cooperation with Huawei and other partners to ensure that its own brand can be successfully launched And stand out in the market.

A：R & D investment includes not only the brain part of cooperation with Huawei, but also all aspects of the entire product, especially the R & D and quality improvement of key modules, with the goal of making it an important supplier in the industry. At the same time, we also pay attention to the investment of talents in the whole product research and development process, because talents are the biggest consumption cost in research and development.

A：The main purpose of the company's plan to list in H shares is to raise funds. As A shares have restrictions on the use of raised funds, H shares can provide more flexible ways to raise funds, especially at the time when the intelligent industry is developing rapidly and is concerned by the capital market, it is conducive to increasing investment and supporting overseas expansion, such as the realization of strategic goals such as overseas factory construction. At the same time, it is also considered to further sort out overseas channels and layout through H-share listing to meet the challenges and opportunities of existing investment projects.