Huaming Equipment: The company's faster growth in overseas markets primarily comes from indirect exports and also benefits from Chinese transformer manufacturing plants venturing abroad.

Huaming Equipment released an announcement on the disclosure of the Investor Relations Activity Record, stating that in the field of electric equipment or transformers, the company's products may be the weakest link in terms of elasticity. The products are mainly used in transformers of 35kV and above, and demand for the products is mostly generated during large-scale infrastructure projects and industrial development cycles. For a long time, global demand growth has mainly relied on the Chinese market. Since last year, the Chinese market has remained relatively stable, and the growth in overseas markets is not likely to bring revolutionary changes to the industry in the short term. The company's overseas growth rate has been relatively high in the past two years, mainly due to the low initial base. The industry landscape has not fundamentally changed, and although competitors' growth rates may be lower, their absolute revenue growth is higher than that of the company. Additionally, the company's market share has slightly increased. Starting from last year, the company's larger overseas growth has come from indirect exports, benefiting from Chinese transformer companies going overseas. Direct export growth is limited. The growth level of overseas revenue at present is influenced by factors such as demand changes, base size, and market share, and does not necessarily represent the level of industry development. This growth rate is not a given and may not be sustainable in the long term due to changes in base size. However, as the proportion of overseas revenue increases, a slowdown in growth rate can still provide support for the company's overall performance.