星辉环保材料股份有限公司 答：您好，感谢您的关注！公司在生产经营中，坚持"既 要金山银山，又要绿水青山"的绿色发展理念，高度重视环 境保护，积极履行企业社会责任，着力发展战略性新兴产业， 带动地方经济发展，在抓好企业自身建设的同时，支持地方 慈善公益事业，捐资捐物用于开展扶贫济困、乡村振兴项目。 谢谢！ 星辉环保材料股份有限公司 证券代码：300834 证券简称：星辉环材 星辉环保材料股份有限公司 2023 年 4 月 14 日投资者关系活动记录表 编号：20230414 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 ☑业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（ ） | | 参与单位名称及 | 线上投资者 | | 人员姓名 | | | 时间 | 2023 年 4 月 14 日 | | 地点 | 全景网路演平台（http://rs.p5w.net） | | | 董事长：陈粤平先生 | | | 独立董事：纪传盛先生 | | 上市公司接待人 | 保荐代表人：潘杨阳先生 | | 员姓名 | 副总经理、 ...

Financial Performance - The company's operating revenue for 2022 was ¥1,869,874,575.30, a decrease of 5.36% compared to ¥1,975,789,804.57 in 2021[22]. - The net profit attributable to shareholders for 2022 was ¥140,023,617.84, down 52.06% from ¥292,064,396.41 in 2021[22]. - The net profit after deducting non-recurring gains and losses was ¥112,760,997.01, a decline of 60.54% from ¥285,775,582.70 in 2021[22]. - The net cash flow from operating activities increased by 62.83% to ¥393,362,886.33 from ¥241,577,359.26 in 2021[22]. - Total assets at the end of 2022 reached ¥3,396,143,582.14, a significant increase of 282.46% compared to ¥887,969,616.44 at the end of 2021[22]. - The net assets attributable to shareholders rose to ¥2,991,303,793.66, up 289.33% from ¥768,317,779.15 in 2021[22]. - The company reported a basic earnings per share of ¥0.74, a decrease of 63.18% from ¥2.01 in 2021[22]. - The weighted average return on equity for 2022 was 4.97%, down 41.93% from 46.90% in 2021[22]. Dividend Distribution - The company plans to distribute a cash dividend of 3.50 RMB per 10 shares to all shareholders, based on a total of 193,712,353 shares[6]. - The profit available for distribution to shareholders was ¥136,886,934.34, with a proposed cash dividend of ¥3.50 per 10 shares, totaling ¥67,799,323.55[173]. - The cash dividend distribution plan was approved by the board and is in compliance with relevant laws and regulations, ensuring the protection of minority shareholders' rights[173]. Market Position and Strategy - The company is focusing on expanding its market presence in the high-end new materials sector, particularly in polystyrene applications[34]. - The demand for polystyrene is expected to grow due to advancements in modification technology and increasing applications in various industries[35]. - The company has established a dedicated business unit for import and export operations to enhance sales scale and expand into Southeast Asia and Africa[60]. - The company aims to expand its product structure into other synthetic resin fields, focusing on high-value, high-tech barrier polymer materials[111]. - In 2023, the company plans to enhance product diversity and specialization, emphasizing new technology and product launches to strengthen market position[112]. Research and Development - The company has established a comprehensive R&D system and has formed strong partnerships with research institutions like the Chinese Academy of Sciences[44]. - Research and development investment for the year was 67.84 million yuan, with the company obtaining 23 patents, including 6 invention patents and 17 utility model patents[54]. - The company completed several key R&D projects, including high-efficiency circulating condensation technology and flexible storage technology, aimed at enhancing product competitiveness[79]. - The number of R&D personnel increased by 7.50% to 43, with a notable rise in the number of bachelor's degree holders to 27[81]. Environmental and Safety Compliance - The company has implemented strict environmental protection measures in compliance with national laws and regulations[184]. - The company has no significant environmental issues reported by the environmental protection department[184]. - The company has established a comprehensive safety production management system, with no major safety accidents reported during the year[193]. - The company has developed an emergency response plan for environmental incidents, which has been filed with the local environmental protection bureau[187]. Corporate Governance - The company has complied with corporate governance standards, ensuring that its governance structure meets the requirements of relevant laws and regulations[130]. - The board of directors has held 8 meetings in 2022, ensuring compliance with legal and procedural requirements[132]. - The supervisory board has conducted 7 meetings in 2022, effectively overseeing major matters and ensuring compliance with laws and regulations[133]. - The company has committed to timely and accurate information disclosure, ensuring equal access to information for all shareholders[136]. Shareholder Relations - The company has committed to not transferring or entrusting the management of its shares for 36 months post-IPO, ensuring stability in shareholding[197]. - Shareholders are restricted from reducing their holdings below the issue price for two years after the lock-up period ends, maintaining investor confidence[198]. - The company has outlined a cautious approach to share reduction, considering market conditions and regulatory changes[198]. - The commitments made by the company's major shareholders are aimed at maintaining a stable share price and investor confidence in the long term[198]. Operational Efficiency - The company has strengthened its market position through strategic measures, including optimizing customer and product structures to mitigate the impact of economic fluctuations[51]. - The company has continuously improved its production processes and increased investment in environmental protection, effectively controlling and managing pollutants generated during production[123]. - The company has implemented effective pollution control measures, ensuring that emissions meet the standards set by the "Synthetic Resin Industry Pollutant Emission Standards" (GB31572-2015)[186].

Group 1: Company Overview and Product Applications - The main application areas for the company's products include home appliances, toys, packaging containers, medical devices, daily necessities, and building materials [2] - The company's products consist of HIPS and GPPS series, with HIPS used in high-end toys, electronic appliances, and food packaging materials [2][3] - The application of polystyrene is expanding due to policies promoting "plastic instead of wood" and "plastic instead of steel," as well as trends in appliance upgrades and automotive lightweighting [3] Group 2: Production Technology and Efficiency - The company utilizes a one-step in-situ polymerization process for modifying polystyrene, which is more efficient and environmentally friendly compared to traditional two-step methods [3] - This new technology allows for the production of various modified polystyrene and the development of new functional polystyrene materials [3][4] Group 3: Market Strategy and Financial Management - The company monitors styrene prices through a tracking system to manage raw material inventory and mitigate cost fluctuations [3] - The pricing model is based on daily market conditions, with a policy of payment in advance for all customers, resulting in no accounts receivable [3][4] - Future plans include expanding overseas sales while meeting domestic market demands [3][4] Group 4: Downstream Expansion Opportunities - The company is considering downstream expansion into producing extruded plastic sheets and boards, which offer higher profit margins compared to standard polystyrene [4] - Potential new materials include flame-retardant, anti-static, conductive, and high-performance modified polystyrene [4]

Group 1: Company Overview and Market Position - Xinghui Environmental Materials Co., Ltd. is one of the earliest companies engaged in polystyrene production in China, currently ranking second in production capacity in South China, with a projected capacity of 300,000 tons [2] - In 2021, the company's production reached 196,700 tons, indicating a significant market share and scale advantage in the domestic polystyrene industry [2] - The company aims to become the leading producer in South China as it implements its fundraising investment projects [2] Group 2: Product Applications and Market Demand - Polystyrene has a wide range of applications, including plastic packaging, construction materials, and medical devices, and is essential in various sectors of the national economy [3] - The demand for polystyrene in China has shown an overall growth trend, driven by economic development and advancements in modification technologies [3] Group 3: Technological Advantages and Product Differentiation - The company employs a proprietary "nano-in-situ polymerization modification one-step method" for producing HIPS, which presents significant improvements over traditional methods, creating a technical barrier [3] - HIPS products have higher added value and customer loyalty compared to GPPS products, resulting in higher sales prices and profit contributions [3] Group 4: Raw Material Procurement and Cost Management - The company adopts a procurement model that combines long-term contracts and spot purchases for styrene, monitoring price changes to manage inventory and mitigate cost fluctuations [4] - The rising prices of raw materials have been addressed through careful market strategies to minimize impacts on production costs [4] Group 5: Future Growth and Market Strategy - The company plans to introduce multiple new product models based on market demand and production capacity, enhancing customer satisfaction and market penetration [4] - Future strategies include strengthening the marketing team, expanding trade networks, and enhancing cooperation with traders to increase market share [4] - The company is focused on high-value, high-tech barrier polymer materials, aiming to diversify its product structure and solidify its market position [5]

星辉环保材料股份有限公司 2022 年第三季度报告 证券代码：300834 证券简称：星辉环材 公告编号：2022-049 星辉环保材料股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 同期增减 | | 增减 | | 营业收入（元） | 501,889,161.28 | -12.37% | 1,387,293,373.33 | -5.05% ...

Financial Performance - The company's operating revenue for the reporting period was ¥885,404,212.05, a decrease of 0.33% compared to the same period last year [31]. - The net profit attributable to shareholders was ¥86,197,282.65, reflecting a significant decline of 48.50% year-over-year [31]. - The net profit after deducting non-recurring gains and losses was ¥69,464,750.91, down 57.09% from the previous year [31]. - The net cash flow from operating activities was ¥144,706,207.69, a decrease of 11.68% compared to the same period last year [31]. - The total assets at the end of the reporting period reached ¥3,219,410,297.51, an increase of 262.56% from the end of the previous year [31]. - The net assets attributable to shareholders increased to ¥2,936,969,712.24, up 282.26% from the previous year [31]. - The company's revenue for the reporting period was approximately ¥885.40 million, a slight decrease of 0.33% compared to the previous year [64]. - Operating costs increased by 18.24% to approximately ¥778.46 million, primarily due to no significant changes in operations [64]. - Management expenses rose significantly by 78.36% to approximately ¥12.10 million, attributed to increased listing and intermediary service fees [64]. - Financial expenses decreased dramatically by 2,167.02% to approximately -¥19.30 million, mainly due to increased interest income [64]. - The company's cash and cash equivalents increased by 219.31% to approximately ¥390.05 million, driven by fundraising activities and operating cash flow [66]. - The company's production capacity exceeds 180,000 tons per year, with a production volume of 196,700 tons in 2021, maintaining a leading position in the domestic polystyrene industry [62]. - The company reported a significant increase in cash flow from financing activities, amounting to approximately ¥2.08 billion, primarily due to the initial public offering [64]. - Total revenue for the first half of 2022 was CNY 885,404,212.05, a slight decrease of 0.1% compared to CNY 888,343,556.48 in the first half of 2021 [191]. - Total operating costs increased to CNY 805,285,842.15, up 15.2% from CNY 699,369,254.25 in the previous year [192]. - Net profit for the first half of 2022 was CNY 86,197,282.65, down 48.6% from CNY 167,361,847.62 in the same period last year [193]. Corporate Governance - The financial report ensures the accuracy and completeness of the data presented, with all board members present for the meeting [6]. - The company has committed to maintaining transparency in its financial disclosures and has provided contact information for investor relations [25]. - The company has a robust internal management system to protect shareholder rights and has revised its investor relations management policy [122]. - The company has established long-term partnerships with suppliers and customers, emphasizing mutual benefits and quality control [124]. - The company has implemented various safety production systems to ensure operational safety and compliance with regulations [125]. - The company has taken measures to enhance employee welfare and rights protection, fostering a supportive work environment [124]. - There were no overdue commitments from actual controllers, shareholders, or related parties during the reporting period [130]. - The company reported no non-operating fund occupation by controlling shareholders or related parties [131]. - There were no significant litigation or arbitration matters during the reporting period [135]. Business Operations - The company operates in the polystyrene industry, which is experiencing growth due to increasing demand driven by national policies and consumer trends [40]. - The company specializes in high molecular new materials, specifically high-impact polystyrene (HIPS) and general-purpose polystyrene (GPPS), which are widely used across various sectors [44]. - The company has established a stable sales model with a direct sales approach and no accounts receivable, ensuring financial stability [44]. - The procurement strategy primarily relies on long-term contracts and spot purchases for styrene, which constitutes approximately 90% of total procurement costs, mitigating price volatility risks [44]. - The company has implemented lean production and cost control measures, enhancing product quality and achieving stable production while reducing costs [52]. - The company has established a dedicated team for import and export business, aiming to expand sales in Southeast Asia and Africa, thereby enhancing profitability [53]. - The company has developed a unique core technology for producing HIPS, achieving energy savings and cost reductions, which has been recognized with a national patent and an award for excellence [57]. - The company benefits from its location in South China, a hub for the plastic industry, allowing for efficient logistics and strong supplier relationships, ensuring stable raw material supply [58]. - The company has implemented measures to enhance its product structure and profitability by expanding production capacity and introducing new product grades [98]. - The company relies on proprietary core technologies for polystyrene production, which are crucial for maintaining product compatibility with downstream customer needs [99]. - Continuous innovation in technology is essential for the company to meet evolving customer demands and avoid sales disruptions [99]. Environmental and Safety Compliance - The company has increased its environmental protection investments and improved production processes to control pollution effectively [102]. - The company has implemented self-monitoring and information disclosure for pollutants, with all testing results meeting standards [120]. - The company has developed and utilized technologies for the recycling of styrene and condensation liquid, significantly reducing emissions [120]. - The company has received no environmental penalties during the reporting period, indicating compliance with environmental regulations [118]. - The company has established a comprehensive energy management system, focusing on energy efficiency and reduction of carbon emissions [120]. - The company has implemented effective safety measures for hazardous chemicals, resulting in no safety incidents or regulatory penalties during the reporting period [126]. Investment and Fundraising - The company is actively advancing its fundraising projects, with equipment installation completed and preparations for trial production underway, aiming for rapid project launch [51]. - The total amount of raised funds is CNY 250,861.79 million, with CNY 81,211.83 million utilized during the reporting period [83]. - The company has a remaining balance of CNY 170,603.87 million in unutilized raised funds at the end of the reporting period [87]. - The company has committed to invest CNY 56,357.3 million in a new material production project, with 41.19% of the investment completed [85]. - The company has utilized CNY 58,000 million of the raised funds to permanently supplement working capital [88]. - The company has invested a total of CNY 144,490 million in entrusted financial management, with no overdue amounts reported [95]. - The cumulative investment return from other assets is CNY 6,429.12 million, with a fair value change of CNY 11,132.0 million during the reporting period [81]. - The company has not reported any changes in the use of raised funds or any major asset sales during the reporting period [89][92]. - The company has not engaged in derivative investments or entrusted loans during the reporting period [90][91]. Shareholder Information - The total number of shares increased from 145,284,253 to 193,712,353 due to the issuance of 48,428,100 new shares [157]. - The proportion of limited sale shares decreased from 100% to 76.29% after the issuance of new shares [157]. - The total number of common stock shareholders at the end of the reporting period was 44,804 [167]. - Guangdong Xinghui Holdings Co., Ltd. holds 39.28% of the shares, totaling 76,094,255 shares [167]. - The second largest shareholder, Xinghui Composite Materials (Hong Kong) Limited, holds 19.25% of the shares, totaling 37,281,674 shares [167]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [172]. - The company’s financial report for the first half of the year was not audited [184]. - The total number of restricted shares held by shareholders is 147,780,865 [162]. - The company has not issued any preferred shares during the reporting period [176]. - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period [168]. - The company has a total of 2,496,612 shares under lock-up conditions set to expire on July 13, 2022 [162].

Financial Performance - The company's revenue for Q1 2022 was CNY 446,748,878.97, representing a 5.55% increase compared to CNY 423,257,599.28 in the same period last year[3] - Net profit attributable to shareholders decreased by 41.39% to CNY 51,213,276.95 from CNY 87,377,148.73 year-on-year[3] - The net profit after deducting non-recurring gains and losses fell by 46.00% to CNY 47,085,348.96 compared to CNY 87,199,168.69 in the previous year[3] - The basic earnings per share decreased by 51.67% to CNY 0.290 from CNY 0.600 in the same period last year[3] - In Q1 2022, the company reported a net profit of CNY 51,213,276.95, a decrease of 41.3% compared to CNY 87,377,148.73 in the same period last year[27] - The company's operating profit for Q1 2022 was CNY 59,460,827.20, down 41.8% from CNY 102,289,691.98 in Q1 2021[27] - The company reported a total comprehensive income of CNY 51,213,276.95 for Q1 2022, compared to CNY 87,377,148.73 in Q1 2021[28] Assets and Equity - The company's total assets increased by 304.29% to CNY 3,589,986,340.02 from CNY 887,969,616.44 at the end of the previous year[3] - Shareholders' equity rose by 277.74% to CNY 2,902,273,042.58 from CNY 768,317,779.15 at the end of the last year[3] - The equity attributable to the parent company increased to CNY 2,902,273,042.58 from CNY 768,317,779.15, marking a growth of 277.5%[24] Cash Flow - The net cash flow from operating activities was CNY 134,949,982.84, a slight decrease of 0.53% compared to CNY 135,665,650.49 in the previous year[3] - The total cash inflow from operating activities was CNY 513,415,374.43, compared to CNY 479,225,163.15 in the previous year, reflecting a growth of 7.1%[31] - The net cash flow from financing activities increased by 2,477.27 million yuan, an increase of 32,603.19%, primarily due to funds raised from the initial public offering of common stock[14] - The net cash flow from financing activities was CNY 2,469,675,931.43, compared to a net outflow of CNY 7,598,257.74 in the previous year[32] Investment Activities - The company’s investment activities generated a net cash outflow of CNY 2,052,944,807.76, a decrease of 14,561.98% compared to the previous year[9] - The net cash flow from investing activities decreased by 2,038.94 million yuan, a decline of 14,561.98%, mainly due to the acquisition of fixed assets and cash management activities[14] - The company experienced a significant cash outflow in investment activities, totaling CNY 2,413,861,145.17, compared to CNY 73,068,481.21 in the previous year[32] Costs and Expenses - The total operating costs amounted to CNY 392,289,669.15, up 22.1% from CNY 321,227,728.65 in the previous period[26] - The company's gross profit margin decreased due to the inability to fully pass on the rising raw material costs to downstream customers[14] - Research and development expenses increased to CNY 16,589,281.92, up 17.2% from CNY 14,152,650.99 in the previous year[27] - Financial expenses decreased by 9.21 million yuan, a decrease of 5,808.68%, mainly due to increased interest income during the reporting period[13] Cash and Cash Equivalents - The company reported a significant increase in cash and cash equivalents, with a net increase of CNY 551,681,080.82, up 383.65% from CNY 114,065,608.01 in the previous year[9] - The company's cash and cash equivalents increased significantly to CNY 740,809,117.09 from CNY 136,947,490.68 at the beginning of the year, representing a growth of 442.5%[22] - Cash and cash equivalents at the end of Q1 2022 amounted to CNY 679,666,006.88, an increase from CNY 156,335,622.36 at the end of Q1 2021[32] Shareholder Information - The number of common shareholders at the end of the reporting period was 50,878[16] - The company plans to release 147,780,865 restricted shares, with a significant portion set to be released on January 13, 2023, and July 13, 2025[19] - The company successfully completed its initial public offering (IPO) of 48,428,100 shares at a price of CNY 55.57 per share on January 13, 2022[20] Inventory and Future Plans - The company reported a significant increase in inventory, which rose to CNY 155,367,722.61 from CNY 88,447,480.79, an increase of 75.5%[22] - The company has plans for future expansion and product development, although specific details were not disclosed in the provided documents[19]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2021 [17]. - The company's operating revenue for 2021 was ¥1,975,789,804.57, representing a 50.69% increase compared to ¥1,311,148,565.48 in 2020 [21]. - The net profit attributable to shareholders for 2021 was ¥292,064,396.41, a 32.08% increase from ¥221,119,443.73 in 2020 [21]. - The net profit after deducting non-recurring gains and losses was ¥285,775,582.70, up 31.37% from ¥217,533,090.28 in 2020 [21]. - The total assets at the end of 2021 were ¥887,969,616.44, a 41.93% increase from ¥625,629,360.20 at the end of 2020 [21]. - The net assets attributable to shareholders at the end of 2021 were ¥768,317,779.15, reflecting a 60.93% increase from ¥477,430,402.37 at the end of 2020 [21]. - The basic earnings per share for 2021 was ¥2.010, a 32.24% increase from ¥1.52 in 2020 [21]. - The weighted average return on equity for 2021 was 46.90%, down from 57.10% in 2020, indicating a decrease of 10.20% [21]. - The net cash flow from operating activities for 2021 was ¥241,577,359.26, a slight increase of 1.85% from ¥237,180,524.60 in 2020 [21]. - The company reported a net profit of 292,064,396.41 yuan for the year 2021, with a proposed cash dividend of 22 yuan per 10 shares, totaling 426,167,176.60 yuan [183]. Market Expansion and Strategy - The company is focusing on expanding its market presence, particularly in the Asia-Pacific region, aiming for a 20% increase in market share over the next two years [17]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach, targeting a 30% increase in overall capacity [17]. - The company anticipates a revenue growth forecast of 18% for the upcoming fiscal year, driven by new product launches and market expansion [17]. - The company is expanding its product applications into the electronics and electrical sectors, leveraging the growing demand in these markets [40]. - The company aims to capture market share from imported products by enhancing product cost-performance ratios and addressing domestic consumption upgrades [45]. - The company plans to expand its production capacity to over 300,000 tons per year for polystyrene materials, enhancing its market share and competitive strength [118]. Research and Development - The company has invested in new product development, with a budget allocation of 10 million RMB for R&D in eco-friendly materials [17]. - The company has established a strong R&D system, recognized as a provincial engineering center, and collaborates with institutions like the Chinese Academy of Sciences [62]. - The company holds 21 patents related to polystyrene production, including 4 invention patents and 17 utility model patents [63]. - Research and development expenses increased by 50.88% to ¥68,515,932.59, reflecting the company's commitment to enhancing R&D investments [91]. - The company has completed several key R&D projects, including the development of new high-performance polystyrene resins, which are expected to enhance market competitiveness [92]. - The company aims to introduce new products and technologies to meet market demands, focusing on high-value and high-tech barrier polymer materials [118]. - The company will enhance its R&D capabilities by establishing a multi-departmental R&D center to accelerate product development and improve efficiency [120]. Sustainability and Environmental Commitment - The company is committed to sustainability, with plans to reduce carbon emissions by 15% over the next three years [17]. - The company has implemented self-developed technologies for recycling and reducing emissions, including styrene refining and condensation recovery [196]. - The company has conducted self-monitoring of pollutants in accordance with national regulations, with all results meeting standards [199]. - The company has adopted energy-saving measures, including innovative process flows and the use of energy-efficient equipment [199]. - The company has improved its internal energy management and efficiency assessment systems to reduce carbon emissions [199]. - The company is committed to environmental protection and has invested in improving production processes to control pollution, while also developing technologies for recycling and reducing emissions [130]. Operational Efficiency - The company has successfully increased its user base by 25% in the last year, reaching a total of 500,000 active users [17]. - The company has established strategic partnerships with key suppliers to ensure a stable supply chain, aiming for a 10% reduction in material costs [17]. - The company has implemented various measures to enhance safety production and reduce costs, focusing on process optimization and energy conservation [72]. - The company has made significant advancements in production technology, including improvements in feed preheating and evaporation systems, aimed at enhancing capacity and product quality [93]. - The company has established a clear organizational structure that aligns with its business, ensuring effective separation of incompatible duties and a system of checks and balances [187]. Governance and Management - The company has a governance structure that includes a board of directors and supervisory board, ensuring effective oversight and management [147]. - The current chairman, Chen Yansheng, has held the position since March 2017, indicating stability in leadership [151]. - The company has independent directors, including Han Ran and Deng Di, ensuring diverse perspectives in governance [151]. - The company has established a compensation and assessment committee to oversee the remuneration process [163]. - The company has not faced any penalties from regulatory authorities for its directors, supervisors, or senior management in the past three years [162]. - The company has a total of 13 individuals in the board of directors, supervisors, and senior management [163]. Risks and Challenges - The company acknowledges risks related to macroeconomic policies and raw material price fluctuations, particularly concerning styrene prices linked to oil prices [124][125]. - The company faces risks of declining gross margins due to stricter environmental policies and potential oversupply in the polystyrene market, which could compress the price differential between product sales and raw material costs [133]. - The company has implemented a styrene price tracking system to monitor price changes in real-time, aiming to manage inventory levels effectively and mitigate the impact of raw material price fluctuations on production costs [127]. - The company has conducted a comprehensive risk assessment based on strategic goals and industry characteristics, ensuring that risks are manageable and aligned with potential returns [187].