Core Insights - The domestic digital leasing industry has reached a milestone with Qingyun Rental's merger and acquisition, officially integrating into the Hong Kong stock market, becoming the first mobile leasing platform with a Hong Kong-listed company background [1] - This breakthrough facilitates the integration of capital and industry, transitioning the digital leasing sector from a "business-driven" model to a "capital + technology dual-driven" model, laying a crucial foundation for global development [1] Company Overview - Qingyun Rental, developed by Wuhan Qingqing Times Network Technology Co., Ltd., is a leading platform in the credit-free digital leasing sector, characterized by a clear business model and comprehensive operational capabilities [1] - The platform covers two core operational models: self-operated and managed leasing, catering to diverse needs in office equipment and personal digital product leasing, with a service range extending from mainstream 3C products to second-hand digital goods [1] Operational Capabilities - Qingyun Rental has established a comprehensive supply chain system through deep collaboration with globally recognized digital brands, ensuring product quality and optimizing inventory turnover efficiency through meticulous management [5] - The company has integrated national credit big data and blockchain technology to develop an intelligent risk control system and post-rental management platform, achieving full digital operation of leasing orders, real-time asset tracking, and automatic rent settlement [5] - The application of AI risk control models has significantly improved transaction efficiency by 37%, reducing bad debt risks and shortening user rental wait times, thereby enhancing service experience [5] Market Impact - In the past year, Qingyun Rental's operational data reflects its industry influence, with monthly traffic exceeding 10 million and a cumulative GMV surpassing 2 billion yuan by August 2025 [5] - The platform has served over 1 million individual customers and more than 1,000 corporate leasing clients, successfully extending market coverage from individual consumers to corporate services [5] - The company has contributed to the circular economy by reducing carbon emissions by 120,000 tons through equipment rental cycles and has formed a "leasing + service" alliance with over 1,000 channel partners, promoting a synergistic growth of commercial and social value [5] Future Development - Post-merger, Qingyun Rental's development blueprint is more forward-looking, with a clear direction for technological innovation, planning to leverage blockchain technology for the digital upgrade of leasing assets [6] - The company aims to convert leasing order rights, receivables, and 3C digital assets into Real World Asset (RWA) tokens, facilitating global asset circulation and breaking traditional financing barriers in the leasing industry [6] - By integrating into the Hong Kong stock market, Qingyun Rental will utilize capital market advantages to diversify financing channels, accelerating national and international expansion of its digital leasing business [6]

Group 1: Company Overview - The company is Shandong Boyuan Pharmaceutical Chemical Co., Ltd., with stock code 301617 and abbreviation Boyuan Co. [1] - The company specializes in iodine and iodine derivatives, which are essential raw materials in various fields including medicine, agriculture, and industry [2][4]. Group 2: Iodine Market Insights - Iodine and its derivatives are widely used in X-ray contrast agents, disinfectants, and LCD screen polarizers, with the three core applications accounting for approximately 63% of global consumption [2][3]. - Major iodine production is concentrated in Chile, Japan, and the United States, which together account for 88% of global sales, with Chilean companies alone contributing about 60% [2][3]. Group 3: Product Portfolio - The company’s inorganic iodide products include potassium iodide, potassium iodate, sodium iodide, and hydrogen iodide, primarily used in pharmaceuticals, pesticides, and optical materials [4]. - The company also produces trimethyl iodide silane, used as a functional group protecting agent in organic synthesis, particularly in antibiotic production [4]. Group 4: Competitive Advantages - **Circular Development and Comprehensive Service**: The company integrates resource recycling with its main business, ensuring stable supply and low costs through waste material recovery [5]. - **Research and Development Strength**: The company has a professional R&D team with over 30 years of industry experience and has obtained 51 patents as of June 30, 2025 [5]. - **Industry Position**: The company maintains a leading market position in iodides and luminescent materials, with products recognized for their quality and performance [5][6]. - **Quality Control and Customer Relationships**: A comprehensive quality control system ensures high-quality products, fostering long-term partnerships with well-known clients [6]. - **Compliance and Safety**: The company adheres to strict compliance standards, holding all necessary safety and environmental permits, which enhances customer trust [6]. Group 5: Industry Standards and Influence - The company has participated in the formulation of 3 industry standards and 12 group standards, reflecting its influence and technical authority in the industry [6].

氯化铁，又称三氯化铁，是一种商品化学品，其天然形态很少见。氯化铁在全球范围内被广泛用作水处理中的絮凝剂。氯化铁的其他应用 包括用于印刷电路板的生产和作为有机合成的催化剂。在本报告中，我们主要基于液体进行计算， 1 吨固体氯化铁可以转化为约 2 吨液体 氯化铁。 工业氯化铁全球市场总体规模 据 QYResearch 调研团队最新报告"全球工业氯化铁市场报告 2025-2031 "显示，预计 2031 年全球工业氯化铁市场规模将达到 14.5 亿美元， 未来几年年复合增长率 CAGR 为 5.4% 。 根据 QYResearch 头部企业研究中心调研，全球范围内工业氯化铁生产商主要包括 Kemira 、 Tessenderlo Group 、 PVS Chemicals 、昌邑宏 达化工、 Feralco 、 SIDRA Wasserchemie 、坤彩科技、 BASF 、 Basic Chemical Industries 、 Chemifloc 等。 2024 年，全球前十强厂商占有 大约 52.0% 的市场份额。 就产品类型而言，目前液态氯化铁是最主要的细分产品，占据大约 75.8% 的份额。 就产品应用而 ...

Financial Data and Key Metrics Changes - The company reported a revenue driven by higher traded volumes and average selling prices, although offset by lower alloy volumes and weaker prices, particularly in ferrosilicon [7] - EBITDA for 2025 was approximately USD 19.1 million, a significant decrease from USD 46.6 million in 2024 [7][13] - The company recorded a loss per share of 1.25 US cents for 2025 [8] Business Line Data and Key Metrics Changes - Manganese ore remains a core product, with procurement for internal consumption and sales to third parties, primarily exporting to China [5] - The Sarawak plant produces manganese and silicon alloys, which are critical in steelmaking, with a focus on maintaining higher average selling prices for manganese alloys [12] - The Butu Creek manganese mine in Australia has ceased production since December 2021 and is currently under care and maintenance [4][11] Market Data and Key Metrics Changes - Ferrosilicon prices have decreased by approximately 10.4% year-on-year compared to 2024, with a downward trend observed since December 2024 [10] - Silicon manganese prices have remained stable, indicating strong support from stable manganese ore prices [10] - The company expects manganese alloy prices to remain firm throughout the rest of 2025 and into early 2026 [11] Company Strategy and Development Direction - The company focuses on sustainability initiatives, including repurposing byproducts to support a circular economy and maintaining ISO certifications [15][16] - The company aims to lower its debt profile, with a declining gearing ratio and successful refinancing of project finance loans [13][14] - The competitive edge is supported by access to affordable renewable energy and a strong customer base [17][18] Management Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in the ferrosilicon market due to increased competition and weaker downstream demand [9] - The company is actively monitoring the implementation of a carbon tax in Malaysia, which may impact production costs in the ferroalloy sector [20] - The operational stability and cash flow reflect the company's resilience during cyclical lows [14] Other Important Information - The company has repurposed silica manganese slag for road pavements and ground leveling work within the smelter complex [15] - The Sarawak operations remain strong, with two ferrosilicon furnaces completing major maintenance [12] Q&A Session Summary Question: Impact of carbon levy on ferroalloy sector - Management is awaiting further details on the carbon tax framework and its potential impact on operations in Sarawak [20] Question: Tariffs on export of ferrosilicon and manganese alloys - The US does not apply reciprocal tariffs on manganese alloys, while ferrosilicon is subject to tariffs, with Malaysia having a 19% rate compared to 50% for Brazil and India [21][22] Question: Hedging policy on ferroalloy prices - The company does not have any hedging policies on ferroalloy prices due to the lack of an international futures market [25] Question: Contribution of manganese supply from Chippy and Briar - Chippy's manganese ore supply is primarily traded to China, with limited logistical efficiency for Sarawak production, while Briar is still under exploration with no current production [27][28]

Group 1: Industry Development - The copper recycling industry has been identified as a new growth direction for the agricultural county of Lingying, Henan, leveraging the national push for a circular economy and the province's focus on advanced copper-based materials [4] - In 2022, the output value of the copper-based new materials industry in Lingying reached 19 billion yuan [4] - The local government is actively supporting enterprises by reducing costs, providing customized factory buildings, and collaborating with research institutions to address industry challenges [4] Group 2: Agricultural Innovation - The agricultural sector in Suiping County is focusing on improving grain production through soil remediation and efficient irrigation practices, with 810,000 acres of high-standard farmland completed [5] - The introduction of digital platforms for real-time agricultural management is enhancing productivity and efficiency for farmers [6] - The county's agricultural initiatives are aligned with the broader goal of ensuring food security in Henan Province [5][6] Group 3: Food Processing Industry - Suiping County has attracted several well-known food processing companies, enhancing the local food industry cluster and providing stable markets for agricultural products [8] - The establishment of a new production base by Zhengzhou Si Nian Food Co., covering 570 acres, exemplifies the county's commitment to modernizing its food processing capabilities [6][7] Group 4: Cultural and Tourism Development - The renovation of Longmen Ancient Street in Luoyang has led to a revenue increase of 36% year-on-year, driven by enhanced visitor experiences [11] - The local government is fostering collaboration between cultural and creative enterprises to produce innovative products that resonate with tourists [11][12] - The Hanfu industry in Luoyang has seen significant growth, with the number of shops increasing from 18 to 1,360, creating over 30,000 jobs [12] Group 5: Consumer Protection in Tourism - Kaifeng City has implemented a "safe consumption insurance" mechanism to protect tourists from disputes with businesses, enhancing the overall travel experience [13] - The local government's proactive approach to consumer protection reflects a commitment to creating a safe and satisfying environment for visitors [13]

Core Viewpoint - The company, Boyuan Co., Ltd. (301617), has successfully integrated resource recycling with its main business, establishing a circular economy model that enhances its market competitiveness and customer loyalty [1] Group 1: Business Model - The company is one of the few in the industry that achieves deep integration of resource utilization with its main business [1] - By recycling waste materials from clients and other enterprises, the company extracts key raw materials, assisting upstream waste disposal while ensuring a stable supply at low costs [1] Group 2: Services Offered - The company provides a full industry chain service, ranging from basic raw materials, pharmaceutical additives, catalysts, to hazardous waste resource utilization and processing [1] - Strategic cooperation with core clients is established to create a win-win situation, enhancing customer stickiness [1]

Core Insights - The report highlights the structural opportunities in the consumer sector driven by new demands, scenarios, and models, emphasizing emotional and personalized upgrades in consumer needs, particularly in high emotional value categories like trendy toys and beauty products [2][9] - The medical beauty industry is entering a new phase, with light medical beauty gaining traction due to its low risk and quick recovery, while domestic beauty brands are expected to accelerate their growth through innovative business models and enhanced channel efficiency [3][13] - The trend of emotional consumption is reshaping the market, with consumers increasingly motivated by personal connection and emotional resonance rather than mere necessity, leading to a shift in purchasing behavior [27] Consumer Sector Trends - The consumer market is experiencing a profound transformation, with service consumption becoming a primary growth engine, contributing significantly to overall consumption growth [4][28] - The service sector is evolving towards standardization and digitalization, with a focus on enhancing customer experience and operational efficiency, which is expected to drive industry consolidation [4][31] - The report anticipates three major trends in the consumer sector: simultaneous growth in high-end quality and cost-effective consumption, the rise of emotional value as a key decision factor, and the penetration of niche concepts like "green consumption" [10][28] Medical Beauty and Domestic Brands - The light medical beauty market is projected to grow at a CAGR of 10.9% from 2025 to 2028, driven by its appealing characteristics to price-sensitive consumers [13] - Domestic beauty brands are rapidly gaining market share, with a notable increase in the importance of content e-commerce channels, and are expected to leverage scientific narratives to strengthen consumer recognition [17][18] Trendy Toys and IP Economy - The trendy toy market is expanding across all age groups, with significant growth expected in the doll category, projected to increase from 26.8 billion in 2024 to 71.7 billion by 2029, reflecting a CAGR of 23.7% [22][23] - The industry is witnessing a shift towards immersive experiences and innovative marketing strategies, enhancing consumer engagement and loyalty [26][27] Service Consumption Evolution - Service consumption is transitioning from a supplementary role to a core driver of economic growth, with a significant increase in the proportion of service spending in total consumer expenditure [4][28] - The report identifies four key trends in the service sector: supply chain innovation, demand segmentation, ecological layout, and globalization, which are expected to reshape the competitive landscape [31][36]

Core Viewpoint - The recycled plastic market is expanding due to increasing consumer demand for sustainable products and government initiatives promoting environmental protection [6][13]. Group 1: Market Overview - Recycled plastic is produced from waste plastic through collection, sorting, cleaning, and reprocessing into new resin pellets, contributing to a circular economy [2][4]. - The market for recycled plastic in China is projected to reach approximately 19.2 million tons in actual consumption by 2024, reflecting a growth of 5.39% compared to 2023 [8]. - The largest application area for recycled plastic is packaging and consumer goods, expected to account for 37.46% of the market share in 2024 [8]. Group 2: Industry Chain - The recycled plastic industry chain consists of three main segments: front-end plastic recycling, mid-end plastic regeneration, and back-end utilization of recycled plastics [4]. - Key players in the Chinese recycled plastic market include companies like Veolia Huafei Group, Kingfa Technology, and Dongfang Shenghong, which together will hold a market share of 10.54% in 2024 [11]. Group 3: Challenges and Policies - The recycled plastic market faces challenges such as competition with virgin resin prices and rising recycling costs due to import bans on waste materials in countries like China and India [13]. - Governments worldwide are implementing policies to encourage the use of recycled plastics, including waste treatment cost reductions, tax incentives, and mandatory recycling standards [13][14]. - Significant policies affecting the recycled plastic industry include the revised Solid Waste Pollution Prevention and Control Law and the "14th Five-Year" Circular Economy Development Plan, which emphasize plastic waste recycling and resource utilization [14].

Core Insights - The Ministry of Commerce's Deputy Director Wu Fengwu visited Aibolue to understand the company's operations and development plans in the recycling industry [1][2] - Aibolue has established a nationwide reverse logistics network covering 32 provinces, 680 cities, and 2700 districts/counties, leveraging internet technology to enhance traditional recycling [1] - The company has successfully implemented initiatives for waste-free city construction and consumer product recycling, achieving significant results in various regions [1] Company Overview - Aibolue's CEO Tang Baitong presented the company's achievements in the circular economy supply chain during the visit, highlighting its innovative practices in resource recycling [1] - The company has completed the recycling of 3.9 million old appliances and has over 1 million end-users on its "Internet + Recycling" platform [1] Industry Contribution - Wu Fengwu acknowledged Aibolue's contributions to the circular economy and encouraged the company to continue its green development strategy while expanding its international business [2] - Aibolue is recognized as a key player in the recycling industry, actively aligning with policies to promote sustainable practices [1][2]

Core Insights - Cabot's Shanghai plant renovation project has officially commenced operations, expected to generate 120 million kWh of green electricity annually, reducing greenhouse gas emissions by approximately 119,700 tons [1] - The project has a total investment of about 70 million RMB, maintaining an annual output value of 1.4 billion RMB while providing stable steam supply to surrounding enterprises [1] - The project exemplifies resource reutilization and injects new vitality into the circular economy model of the Shanghai plant [1] Company Development - Cabot's Vice President and General Manager for China, Wang Weicheng, emphasized the company's growth in China is supported by a favorable business environment and policy backing in Minhang [1] - The company plans to continue its commitment to technological innovation and manufacturing upgrades in the region, contributing to local economic development [1] Regional Impact - Minhang District's Deputy Mayor, Zhang Xian, highlighted the significance of the renovation project in setting a benchmark for green and low-carbon development in Minhang [1] - Cabot has established multiple functional institutions in Minhang, including a regional headquarters and foreign-funded R&D center, making it a crucial operational base globally [1] - The transformation of manufacturing towards digitalization and greening is closely linked to the empowerment of new energy and new materials, with an invitation for Cabot to expand its operations in Minhang [1]