Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The report focuses on the research of Shuanghuan Technology, covering basic research information, participating institutions, and responses to investors' questions about the company's projects, development plans, and performance [17][24] 3. Summary by Related Catalogs 3.1. Research Basic Situation - Research object: Shuanghuan Technology [17] - Industry: Chemical raw materials [17] - Reception time: June 12, 2025 [17] - Reception personnel: Deputy General Manager and Financial Controller Wu Furong, Board Secretary Zhang Lei [17] 3.2. Detailed Research Institutions - Reception object: Investor online questions and others [20] 3.3. Research Institution Proportion - Not provided in the report 3.4. Main Content Information - **Project progress**: The project of issuing shares to specific objects to acquire the equity of Yingcheng Hongyi Chemical Technology Co., Ltd. has been approved by the Shenzhen Stock Exchange and reported to the CSRC for registration. The project of upgrading and transforming the joint alkali production device is in trial - production, and the thermal system upgrading and transformation project is in trial - operation [24][25] - **New development directions**: The company plans to invest in multiple projects, including a 150 - million - ton vacuum salt - making project and a 400,000 - ton/year value - added nitrogen fertilizer project. It is also researching the decomposition of ammonium chloride to improve product added value [26] - **Research and development**: The company has built a 50,000 - ton battery - grade sodium carbonate production device, is conducting small - scale tests on sodium - ion battery cathode materials and is about to conduct pilot - scale tests [25][26] - **Performance and losses**: The company's losses in Q4 2024 and Q1 2025 were due to the significant decline in the market price of leading products, and the production and sales were normal during this period [27]