（编辑 任世碧） 证券日报网讯 1月8日，华正新材在互动平台回答投资者提问时表示，公司注重新产品研发，以研发能 力打造作为公司发展的核心推动力，积极布局技术前沿领域，公司拥有可在服务器、数据中心、交换 机、光模块等领域应用的全系列高速覆铜板产品。公司开发的半导体封装材料可应用于Memory、 MEMS、CPU/GPU芯片等领域。 ...

证券日报网讯 1月7日，常宝股份在互动平台回答投资者提问时表示，航天液压控制管路及油路用管、 核电用管是公司新产品研发的方向。公司特材项目已竣工，当前正在开展工艺调试、客户认证、挂样测 试、市场拓展等，正有计划进行市场的开发。目前，公司HRSG产品在手订单充足，公司将加大HRSG 产品的产能挖潜和结构升级，以灵活应对国内外市场需求变化，提升产品的价值率。 （文章来源：证券日报） ...

Core Viewpoint - The company, Jin Chun Co., Ltd. (300877.SZ), confirmed that it has not invested in Beijing Aerospace Yuxing Technology Co., Ltd., a leading global aerospace infrastructure construction and operation service provider in China [1] Group 1 - The company is focusing on increasing its technological investments and the research and development of new products according to its strategic development direction [1] - The company is actively allocating resources to explore new product application areas [1]

Core Viewpoint - The company is actively developing new products and expanding into new application areas and customer resources, particularly in the cosmetics sector, although it has not yet established direct partnerships with cosmetic brand clients [2] Group 1 - The company is currently engaged in the research and development of new products [2] - The company is exploring new application fields and customer resources [2] - The company has reserves of new technologies and products aimed at the cosmetics industry [2] Group 2 - The company has not yet formed direct collaborations with cosmetic brand clients [2]

Core Viewpoint - Lier Chemical is focusing on product optimization and cost reduction to enhance competitiveness in the current market environment [2] Group 1: Product Strategy - The company is continuously optimizing existing products through technological improvements [2] - There is an emphasis on reducing costs and increasing efficiency to boost product competitiveness [2] Group 2: Market Expansion - Lier Chemical is strengthening its marketing efforts to explore new market opportunities [2] - The company is enhancing product registration to expand market demand [2] Group 3: Innovation and Development - Accelerating the research and development of new products is a priority for the company [2] - The aim is to create additional sources of profit through new product launches [2]

Core Viewpoint - The company is currently producing sugar-free yogurt using natural sweeteners and is committed to aligning its product development with consumer health and nutritional needs [1] Group 1 - The company has introduced a sugar-free yogurt product that utilizes natural sweeteners [1] - The company emphasizes its respect for consumer health and nutritional requirements [1] - Future product development and process upgrades will be closely aligned with consumer demands [1]

Summary of the Conference Call for Sanren Biological Industry and Company Overview - The conference call discusses Sanren Biological, a company involved in the production of erythritol and other sugar substitutes, particularly in the context of international trade challenges and product development strategies. Key Points and Arguments Impact of U.S. Tariffs - The U.S. imposed a preliminary anti-dumping duty of 462% on erythritol, severely hindering direct exports. Despite this, the company managed to maintain some sales through transshipment trade due to strong demand and brand recognition in the U.S. market, although sales volume decreased by 25% year-on-year from January to September [2][3][5]. Legal Actions and Market Adaptation - Some customers have filed lawsuits regarding the anti-dumping duties, which could potentially allow for legal exports if the court rules that certain blended products are exempt. The U.S. government shutdown has delayed these rulings, but a resolution is expected within the next year [2][5]. European Market Challenges - The European Union has also imposed high anti-dumping duties, leading to a halt in direct exports. The company has adjusted its product formulations to produce erythritol blends with less than 90% altritol to circumvent these tariffs, which has been gradually accepted by customers, resulting in increased demand [2][6]. Domestic Market Conditions - Domestic erythritol prices have stabilized at around $1.2 to $1.3 per kilogram, with low inventory levels across the industry. Companies are primarily producing based on sales demand, and despite price reductions for promotions, Sanren Biological has managed to maintain operational effectiveness [2][7][8]. Cost Management Strategies - The company has implemented various measures to reduce production costs, including technological improvements, energy-saving modifications, and automation. These strategies have helped mitigate the impact of anti-dumping measures from the U.S. and Europe while expanding into emerging markets in Southeast Asia, the Middle East, and South America [2][9]. New Product Development - Sanren Biological is actively developing new products such as altritol, tagatose, and cosmetic ingredients, with increasing domestic and international demand for altritol. The company has begun small-scale supply of these products and is exploring market opportunities [2][4][10][11]. Financial Considerations - The decline in bank interest rates has negatively impacted the company's financial income. However, the company plans to manage funds flexibly and explore horizontal mergers and acquisitions to enhance performance and profitability [2][14]. Future Outlook for Altritol - There is significant interest in altritol, with several companies planning large-scale production. However, the company remains cautious about large investments due to potential market oversupply and competition risks [2][15]. Resource Allocation for New Products - The company prioritizes the development of new products based on market acceptance and potential, focusing on altritol, tagatose, and various cosmetic ingredients, while ensuring efficient resource allocation [2][16]. Long-term Development Goals - Sanren Biological aims to expand its product range and contribute to the health industry through technological innovation and resource integration, striving for sustainable development and shareholder returns [2][17].

Group 1: Production Capacity and Products - The company has a total polyether production capacity of 19,000 tons, with the Baoying production base contributing 9,500 tons per year. The main raw materials include ethylene oxide, propylene oxide, and propylene alcohol, while the primary products are allyl polyether, polyether polyols, fatty alcohol polyethers, and end-capped polyethers, which are widely used in textiles, coatings, polyurethane, pesticides, biochemistry, and pharmaceuticals [2]. Group 2: Facility Upgrades and Safety - The Baoying production base has been operational since 1986, and significant upgrades costing nearly 50 million yuan were made starting in 2020 to comply with safety and environmental regulations. The newly constructed overhead pipe corridor is a comprehensive infrastructure that enhances safety, efficiency, economy, and environmental protection [2][3]. Group 3: Production and Market Demand - The alkyl glycoside production line is currently shipping products, indicating strong demand. The production capacity utilization rate for alkyl glycosides reached 100% last year, and production from January to September this year has slightly increased compared to the previous year [3]. Group 4: Future Projects and R&D - The Baoying production base is a key monitoring point for chemicals in Yangzhou and is not located in a chemical park. New projects must adhere to safety and environmental regulations. The R&D department is increasing investment and focusing on market changes to develop new products based on market and customer needs, with timely disclosures planned if standards are met [3].

Core Viewpoint - The company reported its Q3 2025 results, showing a significant increase in revenue and profit in Q3, while facing challenges in the first three quarters of the year, leading to a decline in net profit year-over-year. Revenue Summary - For the first three quarters of 2025, the company achieved revenue of 3.024 billion yuan, a year-over-year increase of 12.7% [1] - In Q3 2025, revenue reached 1.186 billion yuan, representing a year-over-year growth of 33.3% and a quarter-over-quarter increase of 24.7% [3] - Revenue breakdown for Q3 includes: - Security and identification chips: 239 million yuan, up 16.0% YoY, up 25.8% QoQ - Non-volatile memory: 343 million yuan, up 44.1% YoY, up 69.0% QoQ - Smart meter chips: 139 million yuan, up 41.8% YoY, down 4.1% QoQ - FPGA and other products: 433 million yuan, up 34.5% YoY, up 17.7% QoQ - Testing services: 32 million yuan, up 23.1% YoY, down 30.4% QoQ [3] Profit Summary - The gross profit margin for the first three quarters was 58.47%, an increase of 3.42 percentage points year-over-year [2] - Net profit attributable to shareholders for the first three quarters was 330 million yuan, a decline of 22.69% YoY, while the non-GAAP net profit was 303 million yuan, down 21.21% YoY [2] - In Q3, net profit attributable to shareholders was 137 million yuan, a significant increase of 73.4% YoY and 140.4% QoQ, driven by revenue and gross profit growth [3] Product Development and Market Expansion - The company is actively expanding new products, with notable growth in FPGA and other product lines [1] - Key developments include: - Security and identification chips: Gaining market share through deep cooperation with Alipay - Non-volatile memory: Launching NOR Flash series for AMOLED modules and IoT modules - Smart meter chips: Inclusion of automotive-grade MCU products in customer platforms - FPGA and others: Advancements in large-scale FPGA and RF-FPGA production [4] Profit Forecast Adjustment - Due to impairment impacts, the company has adjusted its net profit forecasts for 2025-2027 to 645 million, 1.009 billion, and 1.285 billion yuan, respectively, down from previous estimates [4]

Core Viewpoint - The company has announced changes regarding its financial reporting and the use of raised funds, including the appointment of new auditors and the reallocation of surplus funds to enhance operational efficiency [6][34][46]. Financial Reporting - The board and management have confirmed the accuracy and completeness of the quarterly report, which has not been audited [2][3]. - The company has not made any retrospective adjustments or restatements to previous accounting data [3]. Auditor Changes - The company has appointed new signing auditors from KPMG Huazhen due to internal adjustments, with the new auditors being Wang Pu and Li Bingman [6][7]. Shareholder Meeting - The company will hold its third extraordinary general meeting on November 13, 2025, to discuss various proposals, including the reallocation of surplus funds [12][13][14]. Fund Utilization - The company plans to permanently supplement its working capital with surplus funds from completed projects, totaling approximately 27.62 million yuan [34][39]. - The surplus funds are primarily due to lower-than-expected transaction costs and effective cash management [37][38]. Project Changes - The company has revised the use of raised funds for new product development, shifting focus from the development of prothrombin complex to factor IX, while maintaining the overall budget for the project at 340.5 million yuan [46][47].