Today, we conducted field research on the company. Company participants include general managers, directors, and chief engineers. I mainly learned about the overall situation of this increase, the progress of the superconducting current limiter project, and development space. Through research, we have always adhered to the view that the superconducting current limiter project has huge market space in the future, and through this additional distribution, it will bring a qualitative improvement to the company's performance. The actual controller of Bailey Electric is Tianjin Baili Electromechanical Holding Group, formerly known as the Tianjin Machinery Bureau, which actually holds 61.5% of the company's shares. Prior to this addition, after several years of continuous integration, the company's main business included the manufacture and sale of mechanical and electrical equipment such as tungsten and molybdenum materials, high and low voltage electrical appliances, hydraulic equipment, and elevator-related products. 1. The core of this addition is the superconducting current limiter project. In this plan, the superconducting current limiter (SFCL) project has invested 300 million yuan, but if the ideal production scale is fully achieved to meet market demand, the capital required is at the level of more than 1 billion yuan. The project had previously been continuously developed by the company's controlling shareholders for more than 3 years. Among them, the 220KV grade superconducting current limiter was included in the national 863 project in 2009. Currently, the successfully developed products include 35KV, 110KV, and 220KV SFCL, and are actively developing products with higher current levels. This additional project includes 35KV-220KV superconducting current limiters of all current levels. Participants in the entire project include Beijing Yundian and the State Grid Tianjin Branch, but Bailey Electric's interests are not less than 50%. In the tripartite cooperation, Beijing Yundian is responsible for providing technology, Bailey Electric is responsible for the design and manufacture of equipment, and the State Grid is responsible for the on-grid operation of superconducting current limiters, etc. 2. Superconducting current limiters will be essential equipment for smart grids. The 35KV superconducting current limiter manufactured by the company has achieved the expected results in 3 human faults since it was put on the grid at the Yunnan Phuket Power Station for more than 2 years. It is expected that the net-mounted operation test of the 220KV superconducting current limiter will be carried out in Tianjin within the year, and the test results will be obtained within half a year to a year. Currently, the State Grid supports 35KV and 220KV superconducting current limiters. Through some negotiations with the State Grid in the early stages, the company is confident that superconducting current limiters will become standard equipment in 220KV substations. At present, superconducting current limiters have entered Shanghai's smart grid planning, and the reason why superconducting current limiters will become essential equipment for smart grids in China is determined by their economic value. Take the 220KV substation as an example. If there is only one accident within 5 years, all SFCL costs will be recovered, because when a substation is out of power for more than 30 minutes, the direct economic losses will exceed 100 million yuan.