Jiangxi Hungpai New Material (SH:605366) Dong Jian Yan Bao·2025-06-04 15:22Group 1: Report Basic Information - The research object is Hongbai New Materials, belonging to the chemical products industry, and the reception time was on June 4, 2025. The listed company's reception staff included the chairman, board secretary, financial director, and independent director [17] - The participating institutions in the research were mainly investors [2] Group 2: Core Views - The company will further enhance its global industrial layout, strengthen and optimize the silicone industrial chain. With the release of new production capacity and the implementation of the global layout, the scale - effect advantage will be further reflected. The joint venture with Momentive will form a new profit - growth point [25] - In 2024, the company had "increased revenue but no increase in profit" and suffered losses. The main reasons were the decline in product prices, increased depreciation and amortization, and convertible bond interest. The negative investment cash flow was due to cash management [27] - For the convertible bond conversion issue, the company will improve its operating performance, strengthen communication with investors, and manage its market value to promote conversion [27] - Regarding the US tariff and trade war, the proportion of US customer revenue is not high, and the company will consider tariff factors in business negotiations [27] - The Thai joint - venture company's project is progressing as planned, and its future market will focus on Southeast Asia and radiate to other parts of the world [29]