In recent years, our resin grinding wheel products have begun to enter the international market and have undergone significant changes in industry scale and management experience. Our comprehensive strength has been further improved, and our company has gradually developed into a strong resin grinding wheel manufacturing company. Our resin grinding wheel is gradually developing towards intensification and scale, showing a good development trend.
Due to various complex international factors and obstacles in the export of resin grinding wheel products, except for the slowdown in domestic economic development, which leads to market supply and demand contradictions and poor product sales, all others have experienced a decline. Therefore, many resin grinding wheel companies have started or plan to upgrade their production equipment and adjust their product structure. In addition, the integration of foreign-funded enterprises has also brought more difficult living conditions to domestic enterprises, which greatly limits the creation and promotion of our own brands. In order to surpass foreign brands, we must make breakthroughs in the application of new materials and technologies to adapt to the development trends of the industry. At the same time, in difficult situations such as labor difficulties, rising raw material prices, financing difficulties, and insufficient market demand, China's resin grinding wheel industry has to undergo differentiation, standardization, innovation, penetrate the market, grasp users and changes. In terms of demand and production and sales of marketable products.
The recovery and development of our resin grinding wheel industry is slow, but in the context of weak market demand and slow economic growth, the industry's sales and total profit have grown faster than the previous year.