Gelonghui November 19th: Shanghai Liangxin Electrical (002706.SZ) stated at the investor relations event that the current import substitution of low-voltage electrical appliances has gradually entered a deep water zone, transitioning from the past pure component substitution to overall solution substitution. With the improvement of customer recognition of domestic brands and the guidance of localization policies, domestic brands have certain advantages. The company's newly launched asia vets distribution business aims to further meet customer needs from the perspective of overall solutions. The company has long served new energy and electrical utilities customers, with a deep understanding of power system application scenarios and customer pain points, in order to introduce more targeted product features and solutions. For example, in load management, it is possible to achieve energy savings and peak shaving by metering and statistics, monitoring, and optimizing through circuit breaker ends, rational grid connection, and comprehensive import substitution through perfect solutions to tap into new markets. However, in some scenarios, such as data centers, there is still a certain gap in the completeness of our product offerings. The current difficulty in smart energy management lies in algorithms, specifically in how to schedule under complex power usage scenarios, which requires massive operational data and an understanding of operational scenarios to develop algorithms. Currently, the company's Xi'an Research Institute has over 80 personnel, focusing on front-end R&D in software, electrical utilities electronics, algorithms, and operation simulation.