美国关税影响有限，优美科一季度业绩稳健

Core Viewpoint - The company has demonstrated strong performance in Q1, driven by effective efficiency measures and solid business fundamentals, with positive contributions from various business segments [1][2]. Group 1: Q1 Performance - The Catalytic Business Group showed strong results, particularly in automotive catalysts, benefiting from its market position and customer coverage [1]. - The Recovery Business Group also performed well, with rising prices of precious metals enhancing the performance of precious metal refining and management businesses [1]. - Demand for gold and silver as safe-haven investments supported the jewelry and industrial metals sectors amid macroeconomic and geopolitical uncertainties [1]. Group 2: Special Materials and Battery Solutions - The Special Materials Business Group's overall performance met expectations, with the Battery Materials Solutions Group also aligning with forecasts [2]. Group 3: Impact of US Tariff Policy - The new US tariff policy, effective from April, is expected to have limited direct impact on the company's operations by 2025, thanks to customer contract structures and a flexible global supply chain [3]. Group 4: 2025 Outlook - The company confirmed its 2025 outlook, projecting adjusted EBITDA to be between €720 million and €780 million, assuming stable metal prices and no significant new developments [4].