双塔食品：5月9日召开业绩说明会，投资者参与

Core Viewpoint - The company is facing significant asset impairment due to market conditions affecting pea starch, leading to a substantial decrease in profits despite an increase in revenue for the first quarter of 2025 [2][5][26]. Group 1: Financial Performance - In Q1 2025, the company reported a revenue of 500 million yuan, a year-on-year increase of 14.88% [26]. - The net profit attributable to shareholders was 8.93 million yuan, a year-on-year decrease of 78.54% [26]. - The net profit after deducting non-recurring items was 5.21 million yuan, a year-on-year decrease of 87.08% [26]. - The company's debt ratio stood at 42.63% [26]. - The gross profit margin was reported at 16.73% [26]. Group 2: Asset Impairment and Market Conditions - The company has recognized an impairment of over 50 million yuan for 2024 and nearly 30 million yuan for Q1 2025, primarily related to the inventory write-down of pea starch due to market fluctuations [2][5]. - The sales revenue of pea starch has increased significantly, impacting the overall income structure [17]. Group 3: Stock Buyback and Corporate Governance - The company has not yet initiated its stock buyback program as the loan funds for the buyback have not been received [6][14][21]. - The purpose of the stock buyback is to support employee stock ownership plans and equity incentives [2]. - The actual controller of the company is the People's Government of Jinling Town, Zhaoyuan City [4]. Group 4: Future Development Plans - The company aims to become a leader in the pea industry chain, focusing on products such as pea protein, vermicelli, and dietary fiber while continuously extending its product line [8]. - The company is investing in research and development, collaborating with universities to enhance the value of its products [8]. - A new factory in Thailand is expected to be completed in the second half of 2025, which will add approximately 10,000 tons of protein production capacity [15][23].