Core Viewpoint - Jiangsu Hengxing New Materials Technology Co., Ltd. held an earnings briefing on May 13, 2025, to discuss its performance for the fiscal year 2024 and the first quarter of 2025, engaging with investors on various operational and financial aspects [1][2]. Earnings Briefing Overview - The earnings briefing was conducted via the Shanghai Stock Exchange's online platform, allowing for interactive communication between the company's management and investors [1][2]. - Key executives present included Chairman Zhang Qian, General Manager Wang Hengxiu, and Financial Director Zhou Hongyun, who addressed investor inquiries within the scope of information disclosure [2]. Key Investor Questions and Responses - **Strategic Layout in Synthetic Biology**: The company has made strategic investments in the synthetic biology sector, collaborating with Yinuo Technology to enhance its competitive edge in green biological manufacturing and expand its product lines [2][3]. - **Agricultural Sector Operations**: The company is focused on optimizing its pesticide intermediates and exploring new business models in the agricultural supply chain to promote green agricultural development [2][3]. - **Dividend Distribution**: The company plans to distribute a cash dividend of 0.125 yuan per share, with a payout ratio of 73.69%, reaffirming its commitment to returning value to shareholders [2][3]. - **First Quarter Performance Growth**: The significant growth in the first quarter of 2025 is attributed to increased sales efforts, market expansion, and stable supply chain management, leading to a rapid increase in product sales [3][4]. - **Future Dividend Plans**: The company aims to maintain a cash dividend ratio of 73.69% of the annual net profit attributable to shareholders, adhering to relevant regulations and its dividend policy [3][4]. - **Technological Advantages and Market Performance**: The company emphasizes innovation and has strengthened its R&D capabilities, focusing on developing new products and processes to enhance production efficiency and sustainability [4][5]. Industry Policy Environment - The company operates in the fine chemicals and new materials sector, benefiting from favorable government policies aimed at promoting high-end, green, and digital transformation within the industry [5][6]. - The industry is moving towards high-end, green, intelligent, differentiated, and safe production, with a focus on enhancing competitiveness and achieving sustainable growth [6].

设备发出"嗡嗡嗡"的声响，经过科学配比的水肥经由滴灌带输送到田间。参观的人群顺着滴灌带的走向散开，有人俯身查看滴孔滴液是否均匀，有人感 叹科技给农业带来的改变。 无膜浅埋滴灌、北斗导航精量播种、智能水肥一体化灌溉、玉米密植精准调控……4月25日，一场春播现场会在内蒙古呼和浩特市土默特左旗的田间地 头开展。这场现场会上，节水、环保、智能等特色突出，为当地农民带来了增产"绿科技"。 "去年我们种玉米使用无膜浅埋滴灌技术，节省了地膜成本，残膜污染土地的问题也解决了。"土默特左旗飞岳种养殖农民专业合作社经理陈志鹏站在铺 设好的滴灌带旁给大家讲解。 在他脚下，滴灌带埋入耕地表面以下约5厘米，地上不再像往年一样铺地膜。陈志鹏蹲下身子，伸手抓起一把潮乎乎的泥土，"浅埋滴灌照样保墒，粮食 产量、生态效益双提升。" "滴灌带能回收，比地膜省钱""再也不用为地里的残膜发愁了，今年我也试试"……陈志鹏的介绍引起大家讨论，有人蹲下身子丈量滴灌带间距，有人掏 出手机拍摄滴灌带铺设细节。绿色的增产技术，让很多人跃跃欲试。 "选用耐密植、抗倒伏的种子，分次精量进行水肥一体化滴灌……"活动现场，中国农业科学院作物科学研究所研究员王克如向大家 ...

Core Viewpoint - Sichuan province is making significant strides in transforming from an agricultural powerhouse to an agricultural stronghold, focusing on enhancing rural industries to reduce urban-rural disparities and promote common prosperity [1][2]. Agricultural Production - In 2022, Sichuan's total grain output reached 726.8 billion jin, with an average yield of 378.2 kg per mu, both setting historical records [1]. - The province maintained its position as the top producer of live pigs, with an output of 61.496 million heads [1]. Rural Industry Development - Sichuan is actively promoting rural industries to increase farmers' income, achieving a 6.6% growth in per capita disposable income for rural residents, surpassing the 1.9% increase for urban residents [1]. - In 2024, the total planting area for citrus in Pujiang County is expected to reach 445,000 mu, with an estimated output of 1.03 million tons and a production value of 7.282 billion yuan [2]. Innovative Agricultural Practices - The "Two Replacements" initiative in Pujiang County, which promotes organic fertilizers over chemical fertilizers and green pest control over chemical methods, has led to over 75% coverage of organic fertilizer use and over 70% for green pest control, resulting in a market price increase of over 30% for the produced goods [3]. - The county has also developed sustainable agricultural practices, such as rice-vegetable rotation and intercropping, achieving high yields and profitability [4]. Industry Clusters and Value Chains - Sichuan is focusing on building agricultural industry clusters, with a goal to create a comprehensive agricultural industry system that includes livestock, grain, and various specialty crops [6][7]. - The "1+1+8" strategy aims to enhance the agricultural value chain by integrating upstream production, midstream processing, and downstream marketing [7]. Farmer Benefit Mechanisms - The province is establishing mechanisms to ensure that farmers benefit from industrial growth, promoting models that connect small farmers with larger markets through cooperatives and direct purchasing agreements [9]. - In 2024, the East Slope District's pickled vegetable industry is projected to generate a comprehensive output value of 22.5 billion yuan, showcasing the economic impact of local agricultural enterprises [6]. Employment and Income Generation - The establishment of agricultural industry strong towns and clusters has created over 603,000 jobs, with participating farmers earning an average disposable income of 26,500 yuan, higher than the local average [12]. - Successful models of income generation include direct procurement agreements between processing companies and farmers, which have significantly increased farmers' incomes [10][11].

Report Summary 1. Industry Investment Rating - No information about the industry investment rating is provided in the given reports. 2. Core Viewpoints - The fundamentals of industrial silicon remain weak, while polysilicon shows short - term wide - range fluctuations, and attention should be paid to the registration of warehouse receipts [1]. - The company has significant competitive advantages in the photovoltaic and feed business fields. Since increasing its layout in the photovoltaic module business in the second half of 2022, the module business has developed rapidly. In 2024, the module shipment reached 45.71GW, a year - on - year increase of 46.91% [4]. - The trend strength of industrial silicon is - 1, indicating a bearish outlook, and the trend strength of polysilicon is 1, indicating a bullish outlook [4]. 3. Summary by Related Catalogs 3.1 Macro and Industry News - On April 8, Tongwei Co., Ltd. (SH:600438) announced the signing of large - scale sales agreements and the winning and short - listing of major projects for its module business. The total signed sales agreements were 1036MW, and the total project winning/short - listing was 23.286GW, with a total of 24.322GW [1]. 3.2 Industrial Silicon and Polysilicon Futures Market - **Prices**: The closing price of Si2505 was 9,455 yuan/ton, down 100 yuan from T - 1, 365 yuan from T - 5, and 530 yuan from T - 22. The closing price of PS2506 was 41,835 yuan/ton, down 355 yuan from T - 1 and 1,815 yuan from T - 5 [2]. - **Volumes and Positions**: The trading volume of Si2505 was 110,698 lots, down 46,093 lots from T - 1, 26,002 lots from T - 5, and 96,854 lots from T - 22. The trading volume of PS2506 was 27,028 lots, up 5,413 lots from T - 1 and 12,713 lots from T - 5 [2]. - **Spreads and Costs**: The spread between the near - month contract and the continuous first contract for industrial silicon was 20 yuan/ton, and the cost of the spread trading strategy of buying the near - month contract and selling the continuous first contract was 46.3 yuan/ton. The spread between the near - month contract and the continuous first contract for polysilicon was 815.0 yuan/ton [2]. 3.3 Basis - **Industrial Silicon**: The spot premium of industrial silicon (compared to East China Si5530) was +625 yuan/ton, up 45 yuan from T - 1, 205 yuan from T - 5, and down 25 yuan from T - 22 [2]. - **Polysilicon**: The spot premium of polysilicon (compared to N - type re - investment) was +1665 yuan/ton, up 355 yuan from T - 1, 1,815 yuan from T - 5, and 2,285 yuan from T - 22 [2]. 3.4 Prices - **Industrial Silicon**: The price of oxygen - passing Si5530 in the East China region was 10,100 yuan/ton, down 50 yuan from T - 1, 100 yuan from T - 5, and 500 yuan from T - 22. The price of Si4210 in the Yunnan region was 11,200 yuan/ton, unchanged from T - 1, down 150 yuan from T - 5, and 300 yuan from T - 22 [2]. - **Polysilicon**: The price of polysilicon - N - type re - investment material was 42,000 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2]. 3.5 Profits - **Industrial Silicon**: The profit of silicon plants (Xinjiang new standard 553) was - 2,697 yuan/ton, down 100 yuan from T - 1, 1,045 yuan from T - 5, and 1,071 yuan from T - 22. The profit of silicon plants (Yunnan new standard 553) was - 5,418 yuan/ton, down 100 yuan from T - 1, 1,045 yuan from T - 5, and 1,176 yuan from T - 22 [2]. - **Polysilicon**: The profit of polysilicon enterprises was - 3.3 yuan/kg, up 0.1 yuan from T - 1, 0.2 yuan from T - 5, and 0.6 yuan from T - 22 [2]. 3.6 Inventories - **Industrial Silicon**: The social inventory of industrial silicon (including warehouse receipt inventory) was 61.2 million tons, with an increase of 0.4 million tons from T - 5 and 1.8 million tons from T - 22. The enterprise inventory of industrial silicon (sample enterprises) was 27.3 million tons, with an increase of 0.65 million tons from T - 5 and a decrease of 1.6 million tons from T - 22 [2]. - **Polysilicon**: The factory inventory of polysilicon was 23.6 million tons, with a decrease of 1.1 million tons from T - 5 and 2.5 million tons from T - 22 [2]. 3.7 Raw Material Costs - **Silicon Ore**: The price of silicon ore in Xinjiang was 440 yuan/ton, unchanged from T - 1, T - 5, and T - 22. The price of silicon ore in Yunnan was 410 yuan/ton, unchanged from T - 1, T - 5, and T - 22 [2]. - **Washed Coking Coal**: The price of washed coking coal in Xinjiang was 1,620 yuan/ton, down 5 yuan from T - 5 and 40 yuan from T - 22. The price of washed coking coal in Ningxia was 1,040 yuan/ton, unchanged from T - 1, down 35 yuan from T - 22 [2]. - **Petroleum Coke**: The price of Maoming coke was 1,400 yuan/ton, unchanged from T - 1, T - 5, and T - 22. The price of Yangzi coke was 1,790 yuan/ton, down 70 yuan from T - 5 and T - 22 [2]. - **Electrodes**: The price of graphite electrodes was 12,700 yuan/ton, unchanged from T - 1 and T - 5, up 450 yuan from T - 22. The price of carbon electrodes was 8,000 yuan/ton, unchanged from T - 1, T - 5, and down 100 yuan from T - 22 [2]. 3.8 Other Related Industries - **Photovoltaic**: The price of silicon wafers (N - type - 182mm) was 1.25 yuan/piece, down 0.03 yuan from T - 1 and T - 5, up 0.06 yuan from T - 22. The price of battery cells (TOPCon - M10) was 0.303 yuan/watt, unchanged from T - 1 and T - 5, down 0.60 yuan from T - 22 [2]. - **Organic Silicon**: The price of DMC was 13,750 yuan/ton, unchanged from T - 1, down 400 yuan from T - 5, and 350 yuan from T - 22. The profit of DMC enterprises was 884 yuan/ton, up 33 yuan from T - 1, down 381 yuan from T - 5, and up 116 yuan from T - 22 [2]. - **Aluminum Alloy**: The price of ADC12 was 20,600 yuan/ton, down 100 yuan from T - 1, 400 yuan from T - 5, and 700 yuan from T - 22. The profit of recycled aluminum enterprises was 1,020 yuan/ton, up 200 yuan from T - 1, 580 yuan from T - 5, and 430 yuan from T - 22 [2].

Group 1 - The first Shandong Green Vegetable Industry Expo was held in Lanling, showcasing over a hundred companies and thousands of products from sixteen cities in Shandong [1][3] - The expo featured a variety of local specialties, including sweet cherries, organic vegetables, and unique snacks, attracting significant consumer interest [1][3] - The event aimed to promote the green development of agriculture in Shandong and enhance traditional agricultural products through experiential marketing [6][8] Group 2 - The expo served as a platform for exhibitors to expand their market reach, with participants expressing surprise at the positive reception of their products [8] - Innovative products, such as a combination of tea and beer, were highlighted as examples of diversification in the agricultural sector [8] - The event emphasized the potential for high-quality agricultural development in Shandong, aiming to make "Good Products from Shandong" a staple on dining tables nationwide [8]