Core Viewpoint - The governance of "involution" competition in China is deepening, with policies aimed at accelerating the elimination of outdated capacity in the chemical industry, promoting high-quality development by concentrating resources on leading companies with technological advantages and cost control [1] Industry Summary - The global surfactant market is expected to reach sales of $32.97 billion in 2025 and $39.36 billion in 2031, with a CAGR of 3.00% from 2025 to 2031 [2] - The market is witnessing a trend where downstream companies are increasingly selective in choosing suppliers, favoring larger, reputable companies with high-quality products, leading to a more optimized competitive landscape [2] Company Summary - Zanyu Technology (002637.SZ) operates a dual business model of surfactants and oil chemical products, with surfactants being the core business and oil chemical products serving as the growth driver [2] - The company has established a strong position in the domestic AES market, with a market share of 34.91% in 2024, producing 371,300 tons and achieving a sales volume of 372,700 tons [4] - Zanyu Technology has a palm oil production base in Indonesia, providing advantages in procurement costs, convenience, and production efficiency, enhancing its profitability [3][4] - The company is developing an integrated supply chain model that combines surfactant production with OEM/ODM services for daily chemical products, aiming to reduce costs and enhance market competitiveness [3]

Core Viewpoint - Zanyu Technology is focusing on creating an integrated industry chain model of "surfactant raw material production + personal care product OEM/ODM services" to enhance its market position and competitiveness [2] Group 1: Business Strategy - The company leverages its technological and scale advantages in the surfactant business to achieve a total OEM/ODM processing capacity of 1.1 million tons [2] - By integrating the upstream and downstream supply chain and introducing auxiliary materials, packaging materials, and smart warehousing logistics, the company aims to provide high-quality and efficient one-stop processing services for daily chemical products [2] Group 2: Market Positioning - The integrated supply chain model helps the company build a supply chain community of interests with clients, enhancing customer loyalty and expanding the breadth and depth of cooperation [2] - This strategy also aids in securing sales of surfactant products, further consolidating market share and strengthening the company's market competitiveness and risk resistance [2]