扬帆新材：4月28日召开业绩说明会，投资者参与

Core Viewpoint - The company is optimistic about the future of the radiation curing industry, driven by technological advancements, policy support, and market expansion opportunities [3][4]. Industry Outlook - Technological advancements in radiation curing, particularly in light curing technology, are expected to drive industry innovation, offering efficiency, cost-effectiveness, and environmental benefits [3]. - The market share of light curing technology in inks and coatings remains low, indicating significant future growth potential [3]. - National policies are supporting the upgrade of the industry by including high-end light initiators and new light curing materials in relevant guidance directories [3]. - The application of light initiators is expanding from traditional printing to high-tech industries such as optoelectronics, information and communication, and 3D printing [3]. Market Competition - The radiation curing industry is experiencing increased production capacity, leading to fierce competition and a supply-demand imbalance, particularly in 2024 [4]. - Major competitors in the light initiator sector include the company, IGM, Jiu Ri New Materials, Qiangli New Materials, and Gurin Technology, with expectations for increased industry concentration [4]. - The company maintains a stable market share due to its comprehensive product series and advanced production technology, despite short-term competition in the dye industry [4]. Company Strategies - The company is optimizing its organizational structure and governance to enhance operational efficiency and integrate its resources effectively [5]. - It is implementing an incentive mechanism linking employee income to production base revenue and profits, aiming to improve profitability [5]. - The company is adjusting its production lines to focus on high-demand products and increasing R&D investment in new products and technologies [5][6]. - It plans to enhance brand recognition and expand into overseas markets to increase its international presence [7]. Financial Performance - In Q1 2025, the company reported a main revenue of 232 million yuan, a year-on-year increase of 74.6%, and a net profit attributable to shareholders of 10.05 million yuan, up 174.81% [9]. - The company's gross profit margin stands at 17.96%, with a debt ratio of 46.42% [9].