Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The global market for precision rubber components has been growing steadily. The company's transmission business faces a polarized competition pattern, with international giants leading in the high - end and domestic enterprises competing in the mid - low end and gradually expanding to the high - end [18]. - The company's overseas business is accelerating its layout, relying on the "Michelin" brand authorization and expanding cooperation with international customers [19]. - The company is exploring product applications in the robot field, and its robot transmission and sealing system components have started sales [19]. 3. Summary by Related Catalogs 3.1. Basic Information of the Research - Research object: Fengmao Co., Ltd., belonging to the rubber products industry [8]. - Reception time: July 28, 2025. The listed company's reception staff is Wu Xunmiao, the board secretary [8]. - Participating research institutions include securities companies, asset management companies, investment companies, fund management companies, and other financial institutions [9][10][11]. 3.2. Company Business and Industry Overview - Transmission business competition pattern: International companies like Gates and ContiTech dominate the international market with technological and brand advantages. Domestic enterprises, with cost - effectiveness and market - proximity, hold shares in the mid - low end and are moving towards the high - end [18]. - Overseas business: Relying on the "Michelin" brand, the company has expanded cooperation with international customers and exported products to Europe, Southeast Asia, South America, etc. It will continue to expand overseas business in other regions [19]. - Robot business: The company is exploring the application of its core rubber products in robots. The robot transmission and sealing system components have been sold, and the company will strengthen cooperation with relevant customers in the robot industry [19]. 3.3. Company Project Progress - The production and construction projects of the company's fund - raising projects are progressing normally. The transmission belt intelligent factory construction project and the tensioner expansion project are still under construction, with some production lines already in operation, which is expected to optimize production capacity and boost performance [18].

Group 1: Basic Information - The research object is Huasheng Lithium, belonging to the chemical products industry, and the reception time was on July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Huang Zhendong, Deputy General Manager Zhang Xianlin, and Securities Affairs Representative Lu Haiyuan [17] - The detailed research institutions are Guohai Securities, Yongxing Securities, and CITIC Construction Investment Securities, all of which are securities companies [18] Group 2: Core Views - The company has complete supporting three - waste treatment devices and can recycle by - products to reduce costs. It strictly follows environmental protection policies, has independent waste treatment capabilities, and has developed industrial production technology for recycling triethylamine from triethylamine hydrochloride, reducing triethylamine consumption by over 85% and solvent consumption by over 75% [21] - The mass ratio of the company's additive products in the electrolyte is generally between 2% - 10%, and the demand from electrolyte manufacturers is determined by the formula of different types of electrolytes designed by battery manufacturers or themselves [21] - Since 2021, the additive products were in short supply with high prices, but with the release of new production capacity in the industry, the market became oversupplied, and the sales prices of VC and FEC dropped significantly. The company's product prices are affected by supply - demand relationships, raw material prices, and the macro - economy, and are adjusted dynamically according to market conditions [21] - The company has been focusing on the R & D of solid - state battery materials in recent years and has completed laboratory trials of multiple materials suitable for solid/semi - solid batteries, such as bis(trifluoromethanesulfonyl)imide lithium, high - purity lithium sulfide, new silicon - carbon anodes, and single - walled carbon nanotube conductive agents. The company will disclose R & D progress and mass - production plans in accordance with relevant regulations [23]

1. Report Core View - The company, Weili Transmission, has achieved accelerated development after its listing in 2023, making significant progress towards becoming a global leading transmission equipment manufacturer through strategic layouts and initiatives [24][25]. - The company has established a clear and systematic strategic plan for overseas market expansion, with service points in multiple key markets and has entered the qualified supplier lists of several international well - known wind power companies [28]. - The company's wholly - owned subsidiaries have received project approvals for the "Thousands of Townships and Villages Wind - Powered Action", which will promote the coordinated development of its new energy power generation and wind power transmission businesses [28]. 2. Summary by Directory 01. Research Basic Situation - The research object is Weili Transmission, and the reception time was on July 25, 2025. The company's vice - president and board secretary, Zhou Jianlin, received the investors [17]. 02. Detailed Research Institutions - The research institutions include Haitong Securities (a securities company), Qianhai Life Insurance (a life insurance company), and Boshi Fund (a fund management company) [18]. 04. Main Content Data Company Overview - Investors visited the company's exhibition hall, precision reducer factory, and speed - increaser intelligent factory. Zhou Jianlin introduced the company's growth history, main business, core products, and the latest progress of the speed - increaser intelligent factory [24]. Strategic Layout After Listing - In 2023, the company was listed on the ChiNext of the Shenzhen Stock Exchange. It increased investment in R & D and production capacity expansion. The first wind power speed - increaser was successfully assembled and tested in 2023, and the Z5503A wind power speed - increasing gearbox passed the certification. In 2024, the wind power speed - increaser business had small - batch shipments [24]. - In October 2024, the company signed cooperation agreements with Goldwind Technology to enhance R & D, production, and market capabilities [25]. Industry Barriers of Wind Power Speed - increasers - There are technical barriers (complex design, high precision requirements, and strict tests), capital barriers (large capital demand), customer and certification barriers (strict supplier access and long verification periods), and brand and talent barriers (difficult for new brands to gain trust and hard to form a team) [26]. R & D Investment - In 2023, the R & D expenses were 4,255.96 million yuan, and in 2024, they were 5,134.78 million yuan, a 20.65% increase from the previous year. The cumulative R & D investment in the past three fiscal years was 12,611.41 million yuan [26]. - As of March 31, 2025, the company had 203 authorized patents, including 31 invention patents [27]. Advantages of Speed - increaser Products - The company's wind power speed - increasers have advantages such as smooth meshing, low noise, good sealing, high efficiency, light weight, and low cost, due to advanced technology and processes [27]. Overseas Market Expansion - The company has set up global service points in key markets like Hamburg, Chennai, and Tokyo. It has entered the qualified supplier lists of international wind power companies such as Siemens - Gamesa, Enercon, and Adani [28]. Participation in "Thousands of Townships and Villages Wind - Powered Action" - The company's wholly - owned subsidiaries have received project approvals for a total installed capacity of 65MW of wind power generators, which will promote business synergy and market competitiveness [28].

1. Reported Industry Investment Rating - No information provided 2. Core View of the Report - The company's performance in the first half of 2025 increased year - on - year due to the rise in sales volume and price of some products and the effectiveness of cost - reduction and efficiency - improvement measures. The supply - demand situation of some products in the pesticide industry has improved, but the competition for many pesticide products remains fierce and prices are still low, so the industry development trend needs close observation [20] - The company is optimistic about the future development of glufosinate - ammonium and refined glufosinate - ammonium. The market demand for refined glufosinate - ammonium will continue to grow, and the company will expand its market share [22] - The company is positive about the market prospects of chlorantraniliprole and is building production facilities [23] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is Lier Chemical, belonging to the pesticide and veterinary medicine industry. The reception time was July 25, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Liu Jun, and Director of the Board Office and Securities Affairs Representative Jin Yongheng [16] 3.2 Detailed Research Institutions - The research institutions include securities companies such as Changjiang Securities, CITIC Securities, and Industrial Securities, and fund management companies such as Huatai - PineBridge Fund, China Europe Fund, and Shibei Investment, along with their relevant personnel [17] 3.3 Main Content Data - **Measures to improve performance**: Ensure the completion of key projects on schedule, optimize existing process technologies, strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the formulation business, increase R & D investment, and ensure safety production [21] - **Glufosinate - ammonium price trend**: The company is optimistic about the future of glufosinate - ammonium and refined glufosinate - ammonium. Although the price is falling, the market demand is growing, and the company will expand its market share [22] - **Refined glufosinate - ammonium project**: The 20,000 - ton/year enzymatic refined glufosinate - ammonium project in Hunan Jinshi has been put into production and is operating normally. The company is accelerating the registration and market layout of refined glufosinate - ammonium overseas [22] - **International market plan**: Strengthen cooperation with strategic customers, establish international trade subsidiaries, develop the international formulation business, and build a market intelligence network in core global markets [22] - **Cyanide project in Jingzhou Base**: The project is in the preliminary stage, and the specific situation is subject to the approval of the company's board of directors [22] - **Chlorantraniliprole project**: The company is optimistic about its market prospects. The production facilities (including key intermediates) are under construction [23] - **Change of controlling shareholder and actual controller**: The company is notified by the controlling shareholder, and the matter needs to go through a series of operations and state - owned asset approval processes. The company will disclose information as required [24]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Report Core View - The plant growth regulator industry has a large market capacity and its growth rate is higher than the average growth rate of the pesticide industry. The industry structure with small and scattered enterprises is beneficial to leading companies. Guoguang Co., Ltd. is taking various measures to increase its market share and actively return to shareholders [22][23]. 3. Section Summaries 3.1. Research Basic Information - The research object is Guoguang Co., Ltd., belonging to the pesticide and veterinary medicine industry. The reception time was on July 25, 2025. The listed company's reception staff included Li Chao, the representative of the securities affairs of Guoguang Co., Ltd., and Xiang Yang, the deputy minister of the securities investment department of Guoguang Co., Ltd. [16] 3.2. Detailed Research Institutions - The research institutions included securities companies such as Industrial Securities Co., Ltd., Changjiang Securities Co., Ltd., and Citic Securities Co., Ltd.; fund management companies such as China - Europe and Huatai - PineBridge Fund Management Co., Ltd.; and other institutions like Shanghai Shibei Nengxin Private Fund Management Partnership (Limited Partnership) [17]. 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Marketing Staff**: In 2025, the company recruited more than 300 fresh university graduates, and the scale of the technical marketing and technical service team exceeded 1,000 [21]. - **Industry Pattern**: There are about 450 enterprises in the plant growth regulator industry (including about 110 original drug registration enterprises). As of the end of 2024, there were 1,734 registration certificates in China, with 33 enterprises having 10 or more registration certificates, totaling 632 registration certificates. The industry is fragmented, which is beneficial to leading enterprises [22]. - **Shareholder Return**: The company's 2024 annual general meeting approved the 2025 interim dividend plan, and it will actively return to shareholders in 2025 according to the "Three - Year (2024 - 2026) Shareholder Return Plan" [23]. - **Industry Growth Rate**: The growth rate of the plant growth regulator industry is higher than the average growth rate of the pesticide industry due to its short application time in China and large market capacity [23]. - **Raw Material Price**: The prices of pesticide raw materials required for the company's main plant growth regulator preparation products have been relatively stable this year [24]. - **Market Share Increase**: The company's measures to increase market share include product - side actions (new product development, product optimization, increasing registration certificates, and field efficacy tests), production - side actions (strengthening quality management and improving supply capacity), and marketing - service - side actions (matching technical service personnel, enhancing service capabilities, optimizing the dealer system, and increasing the number of core channel partners) [25]. - **Gross Margin of Full - Process Solutions**: The gross margin of products in the full - process solutions has hardly changed. The company promotes full - process solutions to provide one - stop solutions and professional services, achieving a win - win situation for the company, channels, and growers [26]. - **Gross Margin Increase in Q1 2025**: The reasons for the increase in gross margin in the first quarter of 2025 were the change in product sales structure (increased sales of high - gross - margin products) and lower prices of some raw materials compared to the same period last year [27].

Group 1: Research Basics - The research object is Gangyan Nake, belonging to the professional services industry, and the reception time was July 25, 2025. The listed company's reception staff included General Manager Zhang Xiuxin, Board Secretary Xiao Ping, and Investment and Securities Department staff Qu Huayang and Guo Xiaochen [16] Group 2: Detailed Research Institutions - The research institutions include Huachuang Securities, Huaxi Securities, Tianfeng Securities, Cinda Asset, and China Asset Management. The relevant personnel from these institutions are Huo Penghao, Xie Fengyuan, Mo Ran, Wu Sinan, and Hu Bin respectively [17] Group 3: Company Introduction - The company is an innovative enterprise specializing in the research, development, and application of metal material testing technology. Its main services or products include testing services, testing and analysis instruments, reference materials/samples, proficiency testing services, corrosion protection engineering and products, and other extended testing services, which are mainly applied in industries such as steel, metallurgy, non - ferrous metals, machinery, aerospace, high - speed rail, nuclear power, automobiles, new materials, environment, food, and petrochemicals [22] - The company is well - known and credible in the domestic metal material testing field. It is an authoritative testing institution in the domestic steel industry and one of the testing and research institutions with the most comprehensive business categories and the strongest comprehensive strength in the domestic metal material testing field. The National Advanced Steel Materials Industry Measurement and Testing Center approved and established by the company is under construction [23] - As of 2024, the company's operating income was 1,097,674,200 yuan, a year - on - year increase of 15.60%; the net profit attributable to shareholders of the listed company was 145,022,300 yuan, a year - on - year increase of 15.37%; the basic earnings per share was 0.3861 yuan, a year - on - year increase of 15.25%. As of March 31, 2025, the company's operating income was 219,064,000 yuan, a year - on - year increase of 7.18%; the net profit attributable to shareholders of the listed company was 16,081,100 yuan, a year - on - year increase of 33.28%; the basic earnings per share was 0.0428 yuan, a year - on - year increase of 32.10% [23] Group 4: Specific Questions and Answers 1. Company's testing industry layout and future development direction - The company has established testing bases in Beijing, Kunshan, Chengdu, Shenyang, Qingdao, Xi'an, Zhuozhou, and Zhuzhou, covering North, East, Central, Northwest, and Southwest China, mainly for metal material testing. In the future, it will expand testing service categories, build laboratories in key un - covered areas, and extend the testing industry chain [25] 2. Application scenarios in the nuclear power industry - The company's projects in the nuclear power field involve metal material testing in nuclear power construction projects, online metallography and material performance analysis of nuclear power equipment, failure cause analysis of nuclear power turbines, and equivalence evaluation of whether domestic nuclear power materials meet international nuclear power standards [25] 3. Industry distribution of major customers - In the testing business, high - temperature alloy material testing accounts for a relatively high proportion, with customers mainly being COMAC, AECC, and AECC Commercial Aircraft Engine Co., Ltd. In the instrument business, the company's 8 categories and over 60 types of testing instruments serve customers in various industries such as steel, metallurgy, non - ferrous metals, machinery, aerospace, nuclear power, high - speed rail, automobiles, new materials, environment, food, and petrochemicals [25] 4. Instrument products with industry advantages and key development products - The company's instrument products cover 8 categories and over 60 types of scientific instruments. The spark direct - reading spectrometer has won the single - champion product of the Ministry of Industry and Information Technology, and products such as gas analyzers and ICP spectrometers have won the BCEIA Gold Award of the China Association for Analytical Instrumentation, with leading sales in the industry. The company also focuses on the R & D of high - end testing instruments such as non - destructive testing instruments, mass spectrometers, and X - ray fluorescence spectrometers [25][26] 5. Reasons for the rapid growth of the testing business in the past few years - In the past few years, the company's testing business volume has increased due to the rapid development of the new materials industry. The expansion of service categories also contributed significantly to the growth of the testing business [27]

Group 1: Research Overview - The research object is Nanwang Energy, belonging to the professional services industry, and the reception time was on July 25, 2025. The listed company's reception staff included Cheng Guohui and Ren Yanran from the Board of Directors' Work Department [17] - The institution involved in the research is Western Securities, and the reception object is Liu Ronghui [20] Group 2: Core Views - The company's overall business performance in 2025 is expected to be positive. The core industrial and building energy - saving businesses are expected to continue to grow steadily, the impact of biomass business on performance has significantly decreased, and the implementation of various plans and organizational adjustments will support the transformation and improve the company's operation level [33] Group 3: Company Business Details Business Transformation - The company released the 2025 annual key implementation plan for its strategic plan at the beginning of the year, shifting the business structure from "investment holding" to "investment holding + high - end services" and expanding the business type from "comprehensive energy" to "comprehensive energy+energy conservation and carbon reduction" [24] - To promote transformation, the company has optimized business layout, established a digital service company, and adjusted the organizational structure [24] Biomass Power Plants - The company applied to the court for the bankruptcy of Yangshan and Changling biomass project companies in December 2024, and the court has accepted the applications. The Tengxian and Chishui projects are in normal operation, with the Tengxian project achieving profitability in the first quarter of this year [27] Distributed Photovoltaic Projects - The company's operating distributed photovoltaic projects are mainly concentrated in the five - province region of China Southern Power Grid, accounting for about 70% of the project installed capacity. The main customers are industrial and commercial users from multiple industries, including many large - scale enterprises [28] Building Energy - Saving Projects - The company provides comprehensive energy - saving services for existing buildings and one - stop comprehensive energy - saving services for new buildings. The income sources include energy trusteeship, energy - saving benefit sharing, and charging based on supply volume [30] - In 2024, the gross profit margin of the building energy - saving business decreased due to factors such as reduced power savings in individual projects and increased transformation costs. In the future, the company will focus on key directions, regions, and industries, and extend to carbon - related businesses [31][32] Renewable Energy Subsidies - The company attaches great importance to project compliance and actively cooperates with the renewable energy power generation subsidy verification work. There is uncertainty in the payment speed and proportion of receivable renewable energy subsidies, and there may be a risk of subsidy income reduction [34]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The company adopts a differentiated business strategy, dynamically matching technical, process, and production capacity structures to the medium - and long - term market demand structure. It focuses on long - term sustainable benefits and conducts business with major leading customers in the overall market. It also needs to enhance comprehensive competitiveness, increase resource investment in technology and innovation, and maintain resilience and competitive advantages in a complex market environment [22]. - With overseas customers emphasizing the dispersion of geopolitical supply chain risks, the company's Thai production base has started small - scale mass production. The company is working hard to improve production efficiency and yield, accelerate customer certification and product introduction, and control costs and risks to achieve the goal of operating profit [23]. - The company's planned investment of approximately 4.3 billion in a high - end printed circuit board expansion project for AI chips in Q4 2024 started construction in late June. The project is expected to expand high - end product capacity and meet market demand. In the long run, the development of AI and network infrastructure brings new opportunities and challenges to the PCB market, and the company needs to make strategic adjustments to enhance competitiveness [23][24]. 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - The research object is沪电股份, belonging to the electronic components industry. The reception time was July 23, 2025, and the listed company's reception staff were李明贵and钱元君[16]. 3.2 Detailed Research Institutions - The research institutions include证券公司such as华源证券and民生证券,寿险公司such as平安养老保险, and保险资产管理公司such as平安资管[17]. 3.3 Research Institution Proportion -证券公司account for 50%,寿险公司account for 25%, and保险资产管理公司account for 25% [18]. 3.4 Main Content Data - **Company's Overall Business Strategy**: The company conducts differentiated operations, focuses on long - term sustainable benefits, and does business with major leading customers in the overall market. It needs to improve comprehensive competitiveness and increase investment in technology and innovation [22]. - **Thai Factory**: The Thai production base has started small - scale mass production. The company is striving to improve production efficiency and yield, accelerate customer certification and product introduction, control costs, and manage risks to achieve operating profit [23]. - **Capital Expenditure and Market Situation**: The company's high - end printed circuit board expansion project for AI chips started construction in late June 2025. In the long run, the development of AI and network infrastructure brings opportunities and challenges to the PCB market, and the company needs to make strategic adjustments [23][24].

Group 1: General Information - The research was conducted on Valin Steel in the steel industry on July 16, 2025, with participation from institutions like Changjiang Securities and Southern Fund [1][2][9] - The listed company's reception staff included Yang Xianghong, Liu Xiaofei, and Wang Yin [9] - The detailed research institutions and their relevant personnel are listed, with Changjiang Securities sending Zhao Chao and Southern Fund sending multiple people such as Lei Jiayuan [10] Group 2: Industry Outlook - The steel industry is in the bottom - range of a 7 - 10 - year cycle since mid - 2022, but there are signs of stabilization. From January to May this year, the loss - making ratio of large and medium - sized steel enterprises was 26.14%, with the loss - making ratio narrowing year - on - year and a slight profit recovery [15] - Domestic steel demand will decline slowly in the long term without a cliff - like drop. There are still structural opportunities, with weak real - estate demand but relatively stable manufacturing demand and growth opportunities in sectors like shipbuilding, wind power, silicon steel, and new - energy vehicles [15] - The supply of raw materials such as iron ore and coking coal has increased, leading to a lower price center. For example, the purchase cost of coking coal for key steel enterprises decreased by 32% in the first half of this year [15] - The steel industry order is expected to improve. The industry has entered a stage of stock optimization and减量 development, and the government has emphasized the regulation of crude steel production. The "anti - involution" initiative is a long - term mechanism for the industry [15][16] - Ultra - low emission transformation is a short - term policy tool for industry clearance, and about 80% of the production capacity is expected to complete the transformation by the end of the year. The "Steel Industry Specification Conditions (2025 Edition)" will promote industry optimization [16] Group 3: Homogeneous Competition - Homogeneous competition in the steel industry has led to the industry's global competitiveness. However, the transformation from a general steel enterprise to a high - quality special steel producer faces systematic thresholds in technology, talent, management, and systems [17] - High - end competition is a long and difficult road, and the transformation cycle usually takes about 20 years. Companies should focus on building core products and technologies to maintain competitiveness [17][18] Group 4: VAMA Company - VAMA focuses on the high - end automotive steel market in China, with a rich product matrix including advanced high - strength steel and ultra - high - strength steel. It has established a competitive advantage in the automotive safety structural parts segment [18][19] - It has responded to industry requirements with multi - part integration solutions and has seen an increase in sales to new - energy vehicle manufacturers. Its Phase I and II projects are almost at full production, and sales are increasing year - on - year [19][20] - The "anti - involution" in the automotive industry is beneficial to VAMA's cash flow and capital turnover. Most of its transactions are on a prepaid basis [20] - In 2025, Ansteel Mittal plans to introduce 24 advanced steel grades to VAMA, with 6 making substantial progress. VAMA's Phase III project is in the feasibility study stage, planning to introduce JVD technology and a green development path [21] - Ansteel Mittal is considering setting up a global automotive steel R & D center in China to support VAMA's development [21][22] - VAMA's automotive plate patent products are priced semi - annually and negotiated one - on - one with customers, with a price adjustment mechanism in case of market changes. The hot - rolled substrate is priced monthly [25] - VAMA's Usibor 1500 is protected by many patents, and it is also protected by other patents from Ansteel Mittal in China [26][27] Group 5: Company Performance and Strategy - Valin Steel's profit in 2024 was affected by short - term factors such as the transition of the raw material policy, equipment maintenance, and short - term tax issues, which have now been resolved [25] - The company has not issued a semi - annual performance forecast because it did not meet the requirements. Since the second quarter, its downstream demand has been stable, and orders are sufficient [25] - The company's R & D investment includes various aspects such as daily R & D expenses, technology acquisition, and small - batch trial production costs. High R & D investment is necessary for the company's transformation and competitiveness [28][29] - Xintai Life Insurance's stake - holding in the company is due to its optimistic view of the company's long - term prospects and investment value. The company welcomes long - term capital [29] - In 2025, the company's new capital expenditure is expected to be 5.467 billion yuan, with 40% - 50% for ultra - low emission transformation. After 2026, the environmental protection capital expenditure is expected to decrease, and the dividend ratio may increase [30]

Group 1: Research Basic Information - The research object is Luxi Chemical, belonging to the chemical raw materials industry, and the reception time is July 17, 2025. The listed company's reception staff includes the board secretary Liu Yuegang and the securities affairs representative Liu Qing [17] Group 2: Detailed Research Institutions - The institutions participating in the research include Dajia Asset, BOC Asset Management, Qianhai Kaiyuan, Minsheng Securities, etc. The relevant personnel of these institutions are Liu Tengyao, Chen Guanxiong, Huang Aoxue, and Fei Chenhong respectively [2][18] Group 3: Main Content Information Company's Production and Operation - The overall production and operation of the park are normal. The company strengthens safety management and implements "Four Preventions in Summer" to ensure stable operation of production enterprises. It also coordinates production, sales, and procurement to adjust according to market changes, aiming to maximize economic benefits [22] Company's Performance in Q1 2025 and Product Market in Q2 - In Q1 2025, the company's operating income was about 7.29 billion yuan, a year-on-year increase of 7.96%. The net profit attributable to shareholders of the listed company was about 413 million yuan, a year-on-year decrease of 27.3%. The net profit attributable to shareholders of the listed company after deducting non - recurring gains and losses was about 384 million yuan, a year-on-year decrease of 33.81%. In Q2, chemical product prices fluctuated, and the company adjusted in a timely manner [22] Company's Dividend Policy - In 2024, the company distributed a cash dividend of 3.50 yuan per 10 shares (tax - included) based on the total share capital at the end of 2024, and the dividend has been implemented. In the future, the company will determine the dividend plan reasonably according to regulatory requirements [23] Solution to the Issue of Competing Business - In April this year, the company's subsidiary signed a "Fluorine Product Framework Cooperation Agreement" with Sinochem Lantian Group Trading Co., Ltd., a subsidiary of Haohua Technology, to solve the issue of competing business in difluoromethane [23] Forecast of Product Market Trends - The market prices of chemical products are affected by multiple factors and are difficult to predict. The company will follow market changes, adjust in a timely manner, and strive to achieve a balance between production and sales [24]