Summary of Conference Call Records Company Overview - **Company**: 尚伟新材 (Shangwei New Materials) - **Industry**: Circular Economy Materials, Renewable Energy, and Environmental Protection Key Points and Arguments Financial Performance - In Q1 2025, 尚伟新材 reported revenue and profit growth, continuing a trend of financial improvement [2][3] - For the fiscal year 2024, the company achieved approximately 1.5 billion yuan in revenue, with a gross margin of 15.87% and a net profit of 88.68 million yuan, driven by revenue increase, improved gross margin, and gains from foreign exchange and financial investments [4][14] Innovation and R&D - The company has made significant advancements in the field of circular economy materials, including the development of high-performance, corrosion-resistant materials and recyclable thermosetting resins [3][4] - The recyclable thermosetting epoxy resin reduces carbon footprint by approximately 42% compared to traditional resins, with each blade of a 10 MW wind turbine reducing CO2 emissions by about 200 tons [4][10] Strategic Goals - 尚伟新材 aims to become a leader in circular economy materials and a pioneer in recyclable wind power materials, targeting a revenue share of over 10% from circular economy materials by 2025 [6][16] - The company plans to establish a recyclable strategy alliance and optimize the circular economy ecosystem [6][16] Market Expansion - 3D 新材 (3D New Materials) is focusing on solidifying its domestic market while actively expanding into overseas markets, utilizing factories in Malaysia and Taiwan to penetrate Southeast Asia and establishing production capacity in Europe [7] - The company is implementing differentiated strategies based on regional characteristics and customer needs to enhance collaboration with existing clients and explore potential demand [7] Environmental and Governance Initiatives - The establishment of a Strategic and Sustainable Development Committee integrates ESG principles into decision-making processes, ensuring a comprehensive management system for sustainable development [4][5][19] - The company emphasizes pollution control, achieving a 100% compliance rate in hazardous waste disposal and wastewater emissions [18][19] Shareholder Engagement - 尚伟新材 prioritizes shareholder rights protection, with a cash dividend total of 28.24 million yuan for 2024, representing 31.84% of the net profit attributable to shareholders [17] - The company enhances information disclosure and investor communication to ensure transparency and equal access to information for all investors [17] Technological Applications - The company has successfully applied its recyclable resin technology in various sectors, including wind power, RVs, and new energy vehicles [11] - In the low-altitude economy sector, 3D 新材's composite materials are extensively used in aircraft structures, showcasing their lightweight and high-strength properties [12][13] Additional Important Content - The company is committed to optimizing product structure and operational efficiency to drive continuous profit growth [16] - The recyclable thermosetting resin technology has a recovery rate exceeding 95%, contributing to significant reductions in carbon footprint and validating its commercial and environmental value [10][19]

宁夏英力特化工股份有限公司投资者关系活动记录表 | □特定对象调研□分析师会议 | | 投资者关系活动 | | --- | --- | --- | | □媒体采访√业绩说明会 | | 类别 | | □新闻发布会□路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） | | | | 投资者网上提问 | | 参与单位名称及 | | | | 人员姓名 | | 2025 年 5 月 | 28 日 (周三) 下午 14:00~17:00 | 时间 | | | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | 地点 | | 采用网络远程的方式召开业绩说明会 | | | | 1、董事长田少平 | | 上市公司接待人 | | 2、董事会秘书刘雨 | | 员姓名 | | 3、财务总监涂华东 | | | | | 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | | 1、董事长您好，请问新一届董事会什么时候能成立？ | | | | 投资者您好！公司第九届董事会于 2025 年 4 月 17 日到 | | | ...

Project Overview - The project is the Nanyang Green New Building Materials Circular Economy Industrial Park supporting infrastructure labor and window manufacturing and installation procurement project [1] - The budget for the project is approximately 13,029,636.53 yuan, with a maximum limit set at the same amount [5] - The project is divided into two bidding sections: Section 1 for window supply and Section 2 for labor services [5] Procurement Details - The procurement method is open bidding, and the project does not specifically target small and medium-sized enterprises [2][5] - The project supports the Henan provincial government procurement contract financing policy [3] - The project does not accept imported products and is not classified as government service procurement [4] Bidder Qualifications - Bidders must meet the requirements outlined in the Government Procurement Law of the People's Republic of China [6] - Specific qualifications include having independent legal status, good commercial reputation, and necessary equipment and technical capabilities [6] - Bidders must also have a good record of tax payments and social security contributions, and must not be listed as untrustworthy or involved in major tax violations [7] Timeline and Submission - Bidders can obtain the tender documents from May 28, 2025, to June 16, 2025 [8] - The deadline for bid submission is June 17, 2025, at 15:00 Beijing time [8] - The bid document prices are set at 500 yuan for Section 1 and 1,000 yuan for Section 2 [8]

Group 1: Market Overview and Challenges - The domestic fresh milk price has recently decreased slightly due to increased supply during the spring peak season, while demand, especially for yogurt and dairy beverages, remains weak [4] - Feed costs, particularly for corn and soybeans, have decreased from 2024 highs but are still above historical averages, impacting breeding profits [4] - Global dairy product prices are experiencing fluctuations due to production changes in major regions like New Zealand and the EU, with New Zealand facing supply tightening due to drought [4] Group 2: Digital Farming and Efficiency - Digital farming investments enhance cow welfare and health through real-time monitoring, reducing stress and the risk of infections [5] - Improved milking efficiency and quality are achieved through precise milking processes, ensuring consistency and hygiene, maximizing milk yield [5] - Digital operations reduce reliance on labor, addressing labor shortages and lowering costs [5] - Integrated systems enable comprehensive management of individual cows, ensuring compliance with food safety regulations and traceability [6] Group 3: Agricultural and Economic Synergy - The company practices a full industry chain development model, where agriculture provides quality feed, and manure is recycled to improve soil quality, promoting sustainable development [6] - The sugar production by-products serve as high-quality feed for livestock, enhancing profitability in the breeding sector [6] Group 4: Future Development Plans - In 2025, the company will prioritize refined management and quality improvement in the agricultural sector [7] - The dairy sector aims to diversify products and enhance R&D efforts to increase market competitiveness [7] - The sugar sector will focus on quality control to reduce production costs and prepare for the 2025-2026 sugar season [7] Group 5: Investment in Dairy Processing - The company is constructing a smart manufacturing project for liquid milk processing with a capacity of 500 tons [8]

Core Viewpoint - Inner Mongolia Autonomous Region is implementing a comprehensive conservation strategy to promote resource-saving and circular economy development, with an emphasis on optimizing resource utilization efficiency and establishing a waste recycling system [1]. Group 1: Waste Utilization and Circular Economy Initiatives - Inner Mongolia Xinlianxin Biotechnology Co., Ltd. processes corn cobs into main product furfural, used in resin manufacturing and food additives, achieving zero waste emissions and reducing CO2 emissions by 180,000 tons annually [2][3]. - The Baotou-based project utilizes aerospace pyrolysis technology to treat agricultural waste and urban garbage, achieving a resource recovery rate of over 85% and reducing CO2 emissions by more than 50,000 tons annually [3]. - The region has a straw collection capacity of approximately 43.63 million tons, with a utilization rate of 91.8%, surpassing the national average, contributing to alleviating feed shortages [4]. Group 2: Industrial Waste Recycling - Inner Mongolia Yuhua New Technology Materials Co., Ltd. transforms industrial waste like fly ash and coal gangue into valuable products, with an annual output of about 15,000 tons and an expected revenue exceeding 50 million yuan [5]. - The company is collaborating with experts to develop technology for recycling waste ceramics, currently in the pilot testing phase [6]. - The Inner Mongolia Jinghui New Materials Co., Ltd. project aims to process 130,000 tons of silicon-containing waste annually, achieving a resource utilization rate of 90% [6]. Group 3: Policy and System Improvements - Inner Mongolia has established a comprehensive policy framework, including the "14th Five-Year" energy-saving plan, to ensure energy consumption intensity meets standards and promote green transformation in high-energy-consuming industries [7]. - The region has approved 36 park circular transformation projects, significantly enhancing resource utilization efficiency, with comprehensive utilization rates for agricultural waste reaching 91.8% and 82.5% for livestock manure [7]. - The agricultural sector aims to maintain a straw utilization rate of over 90% and promote the recycling of agricultural films, targeting an 85% recovery rate in key areas [8].

Group 1 - Xianyu, Alibaba's third major trillion-level platform, has over 500 million registered users and an average daily transaction volume exceeding 1 billion yuan, making it the world's largest C2C second-hand trading platform with over 80% market share [1] - The first Xianyu recycling store in Jiangsu is located in Qinhuai District, Nanjing, aiming to promote green consumption and resource recycling, and has achieved the highest transaction volume and value nationwide within its first month of operation [1] - Nanjing's strong cultural heritage, economic prosperity, and large young population align well with Xianyu's youthful characteristics, making it an ideal location for exploring new recycling store models [1][2] Group 2 - The success of the Nanjing Xianyu recycling store is attributed to strong government-enterprise collaboration, deep integration of commerce, culture, sports, and tourism, innovative operational models, and enhanced social attributes [2] - The store features a collaboration with local popular attractions and artists, creating a unique artistic and trendy space that enhances consumer engagement and loyalty [2] - The store combines second-hand trading with local cultural elements, providing a comprehensive consumer experience and fostering a sense of cultural identity and belonging among consumers [2][3]

Group 1: Company Overview and Strategy - The company positions itself as a full-industry chain platform for the utilization of agricultural and forestry biomass resources in the A-share market [3] - Development strategy focuses on high-efficiency, low-emission thermal power projects primarily based on non-subsidy income, while also transitioning towards energy and material utilization [3] - In 2024, the company achieved its second-highest revenue since listing, with operating cash flow reaching a five-year high, and a 15% year-on-year increase in non-subsidy income [3] Group 2: Business Goals and Innovations - For 2025, the company aims for significant breakthroughs in non-electric business scale and revenue, targeting double-digit annual growth in non-subsidy income [3] - Plans to enhance operational quality through market-oriented circular economy initiatives and innovative financial tools to optimize asset structure [3] - The company is exploring artificial intelligence applications in thermal power control and carbon emission data verification to accelerate technological innovation and commercialization [3] Group 3: Investor Relations and Risk Management - The company acknowledges uncertainties in future operational environments and capital markets, emphasizing that these do not constitute performance commitments to investors [4] - In response to investor inquiries, the company is increasing investments in heating infrastructure for biomass projects and testing new heating models to expand service reach [4] - The company has completed a 49% equity change in Beijing Zhongke Xinkong Big Data Co., Ltd., aiming to collaborate on smart upgrades and deepening circular economy initiatives [5] Group 4: Financial Management and Debt Strategy - The company is preparing sufficient funding strategies to address the upcoming maturity of the "Changji Convertible Bond" within a year, including cash recovery from project sales [6] - The company plans to transition older projects towards combined heat and power generation models to maintain profitability after subsidy expiration [6]

Group 1 - The core viewpoint of the articles emphasizes that the "old-for-new" policy is significantly boosting China's consumer market, with over 100 million appliances purchased under this initiative since its implementation in August 2024 [1][2] - The policy is contributing to a 5.8% year-on-year growth in the wholesale and retail sector, with a value added of 3.3 trillion yuan in the first quarter, highlighting its role as a key driver of GDP growth [1] - The "old-for-new" policy not only expands market size but also optimizes the consumption structure, leading to qualitative upgrades in the consumer market [1][3] Group 2 - The digital and intelligent transformation in the home appliance market is being accelerated by the "old-for-new" policy, with retail sales of communication equipment rising by 26.9% year-on-year and smart home product penetration exceeding 60% [2] - The integration of AI technologies into home appliances marks a shift from "pseudo-intelligence" to genuine functional enhancement, driving growth in the industry [2] - The policy is fostering a complete recycling and utilization system for home appliances, establishing a recovery network covering 2,800 counties and creating 100,000 jobs in the reverse logistics sector [3] Group 3 - The "old-for-new" policy is crucial for promoting sustainable economic and ecological development, addressing challenges in the circular economy, and enhancing resource recycling systems [3] - In 2024, the recovery of waste home appliances is expected to exceed 630,000 tons, with a projected total recovery of 200 million units this year, significantly reducing carbon emissions [3] - The policy is transforming China from a "world factory" to a "global resource recycling center," improving the self-sufficiency of critical mineral resources [3] Group 4 - The "old-for-new" policy transcends short-term economic stimulus, serving as a new driving force for China's economic transformation and a window into the quality of economic development [4] - It showcases the unique advantages of China's large-scale market and reflects the foresight of policy design, stabilizing economic growth while injecting new momentum into industrial transformation [4] - This practice of reform based on public demand, driven by technological innovation and guided by green transformation, provides a vivid example for Chinese modernization and offers valuable insights for sustainable development in other developing countries [4]

Group 1: Report General Information - The research object is Chenguang New Materials, and the industry is chemical products [17] - The reception time is May 22, 2025, and the listed company's reception personnel include the director and general manager Ding Bing, the director, board secretary and deputy general manager Liang Qiuhong, the financial director Lu Jianping, the independent director Yang Pinghua, and the securities affairs representative Feng Yifan [17] Group 2: Core Views - In the long - term, technological iteration and downstream demand growth drive the industry to expand, and strict environmental and energy policies accelerate industrial upgrading and integration. Currently, the industry faces structural over - supply, and the survival space of small and medium - sized enterprises is narrowing, while leading enterprises will dominate globally [25] - The company is transforming from a single silane supplier to a silicon - based new material solution service provider, and expects to form a gradient development pattern with the full production of three bases [26][27] - The company's future profit growth is mainly driven by four modules: market development, project construction, technology R & D, and human resources development [29] Group 3: Industry and Company Performance - In 2024, the organic silicon market was relatively sluggish, and the price of functional silanes decreased year - on - year due to weak demand and domestic capacity release [28] - In 2024, the company achieved an operating income of 115,965.35 million yuan, a net profit attributable to shareholders of listed companies of 4,136.01 million yuan, a net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses of 895.06 million yuan, and an earnings per share of 0.13 yuan [31] Group 4: Company Business - The company is mainly engaged in the R & D, production and sales of functional silane basic raw materials, intermediates and finished products, with a complete product matrix and a wide range of downstream application fields [25][26] - The company's main products are divided into amino silane, epoxy silane, chloropropyl silane, sulfur - containing silane, orthosilicate, methacryloxy silane, vinyl silane, alkyl silane, hydrogen - containing silane, etc., covering fields such as automobiles, wind power, photovoltaics, tires, and construction [26]

Core Viewpoint - The article emphasizes that new consumption, particularly in the second-hand market, is becoming a significant trend in 2025, driven by policy support, changing consumer behavior, and the growth of second-hand e-commerce platforms like Wanwu Xingsheng (Ai Huishou) [1][3][16]. Group 1: Market Trends - The new consumption wave is characterized by the rise of "self-indulgent consumption" and circular economy practices among Generation Z [1][4]. - Wanwu Xingsheng reported a total revenue of 4.65 billion yuan in Q1 2025, a year-on-year increase of 27.5%, surpassing revenue guidance [1][3]. - The overall retail sales in China grew by 4.6% year-on-year, while Wanwu Xingsheng outperformed this with a consistent growth rate of over 20% for eleven consecutive quarters [3][5]. Group 2: Consumer Behavior - Young consumers are increasingly embracing second-hand products, reflecting a shift towards a "refined self-indulgence" consumption logic [4][5]. - The demand for high-quality living at affordable prices is driving consumers to engage in second-hand transactions, balancing quality and economic pressures [5][15]. - The second-hand market is expected to grow significantly, with estimates suggesting that the domestic idle trading market will exceed 3 trillion yuan by 2025 [3][4]. Group 3: Industry Infrastructure - The second-hand e-commerce sector is evolving into a key infrastructure for new consumption, with platforms like Wanwu Xingsheng expanding their service offerings and enhancing consumer trust through offline stores [7][13]. - Wanwu Xingsheng's offline store count reached 1,886 by the end of Q1, covering 283 cities, indicating a robust expansion of its delivery capabilities [13][15]. - The integration of online and offline services is enhancing consumer experience and trust in second-hand products, leading to increased sales and profitability [15][19]. Group 4: Future Outlook - The circular economy is positioned as a new growth engine, with government policies increasingly supporting recycling and second-hand markets [16][18]. - The collaboration between circular economy enterprises and traditional retail is expected to drive further innovation and consumer engagement [16][19]. - The article predicts that the circular economy will continue to grow, driven by changing consumer preferences and the need for sustainable practices [19][21].