Zhejiang Wanfeng Chemical (SH:603172) Dong Jian Yan Bao·2025-09-15 12:23Group 1: Report Basic Information - Report research object: Wanfeng Co., Ltd. [16] - Research date: September 15, 2025 [16] - Company reception personnel: Chairman and General Manager Yu Xingying, Independent Director Zhang Chunmei, Financial Controller Xu Wenzhi, and Board Secretary Lu Fengqing [16] - Participants: All investors who participated in the online performance briefing of Wanfeng Co., Ltd. (603172) for the first half of 2025 [19] Group 2: Core Views - In the first half of 2025, the company achieved good results in international market expansion, with significant growth in foreign market sales due to product - customer fit and tariff policies. Cost - reduction and efficiency - enhancement measures also led to an increase in overall gross margin [23] - The company is building a human resources management mechanism and talent echelon to enhance core competitiveness [23] - The company established a joint R & D center with Zhejiang University Shaoxing Research Institute and launched a project to develop high - performance polyimide materials and graphene - reinforced polyimide materials [23] - The company will focus on the mid - high - end disperse dye segment, increase R & D investment, and implement a differentiated competition strategy [25] - The company will look for investment opportunities in the upstream and downstream of the industrial chain to find a second growth curve [26] Group 3: Other Information - The company's R & D expenses in the first half of 2025 increased by 29.49% compared to the same period last year, mainly due to an increase in cooperative R & D projects. In the first half of 2025, it added 1 invention patent and 2 utility model patents [25] - The company has established Vietnam Wanfeng Co., Ltd. in Vietnam for product sales and pre - and post - sales services, aiming to expand overseas markets. Future plans for overseas production bases will be disclosed as required [25] - The company will comprehensively consider various factors for investment decisions such as mergers and acquisitions and will disclose relevant information in a timely manner [23][26]