调研速递|中欣氟材接受线上投资者调研，多维度业务要点披露

Core Viewpoint - The company held an online performance briefing on September 1, 2025, to discuss various business aspects with investors, highlighting both challenges and strategic initiatives for growth [1]. Group 1: Business Performance - The company's foreign sales revenue slightly declined in the first half of 2025, primarily due to decreased sales and prices of pharmaceutical intermediates exported to India, although overall foreign sales remained stable due to efforts in expanding high-end pesticide and refrigerant exports [2]. - Accounts receivable increased by 10.54%, attributed to a year-on-year revenue growth in Q2 2025, with plans to optimize customer structure and credit policies to enhance cash flow security [2]. - Sales expenses rose by 13.97%, mainly due to increased leasing and exhibition costs, as the company aims to expand market presence and enhance brand effect through a diversified product range [2]. Group 2: Strategic Initiatives - The company reported a doubling of R&D investment in the first half of 2025, driven by new subsidiary projects, with several projects progressing to pilot and small-scale verification stages [2]. - The company is focusing on developing fourth-generation refrigerants, having completed research on R1233zd, R1234ze, and R1233yf, with production lines established for R1233zd (10,000 tons) and R1234ze (5,000 tons) [2]. - The company is enhancing procurement cost control by establishing long-term relationships with core suppliers and dynamically adjusting raw material safety stock based on production plans and market conditions [2]. Group 3: Market Positioning - The company has established a comprehensive product chain in high-end product development and market expansion, maintaining a focus on improving profitability through product structure optimization and cost reduction [2]. - The company is implementing unified strategic management and digital platform construction to achieve efficient collaboration across regions, aiming to lower management costs and enhance operational efficiency [2].