Mei Ri Jing Ji Xin Wen·2025-08-18 12:09Group 1 - The core viewpoint of the report is that Dongwu Securities has given Tianan New Materials (603725.SH) an "Accumulate" rating based on its performance and growth prospects [2] - The company reported a year-on-year improvement in overall gross margin, although the period expense ratio has increased [2] - The sales volume of building ceramics has shown growth against the trend, indicating stable progress in differentiated competition [2] Group 2 - The automotive interior business is experiencing rapid growth, with improvements in both quantity and quality in the polymer composite surface materials segment [2] - The report highlights potential risks including fluctuations in raw material and energy prices, intensified market competition, and accounts receivable collection risks [2]