Financial Performance - The company achieved a net profit of 39.12 million yuan in the first half of 2025, representing a year-on-year growth of 25.25% [2] - The net cash flow from operating activities reached 157 million yuan, indicating a healthy cash flow position [2] - As of June 2025, the company reported a cash balance of approximately 400 million yuan and held financial products worth about 310 million yuan [2] Product Development and Competitive Advantage - The company has developed a lightweight and high-rebound TPU foam product, which is primarily used in sports shoe midsoles, showing promising market prospects [3] - The core raw material for the TPU foam is HDI, which will enhance the competitive advantage of the product once the Henan project is operational [3] Specialty Amines Production - The company produces specialty amines including PNA, PPDA, and CHDA, which are essential for various chemical applications [4] - The production process utilizes a continuous chemical method, significantly reducing production costs due to stable raw material supply [4] - The high-end application fields for these products show broad development prospects due to their superior performance [4] Investment Projects - The projected after-tax internal rate of return for the 10,000-ton expandable thermoplastic polyurethane elastomer project is 39.68%, with a payback period of approximately 4.01 years [4] - The 30,000-ton water-based polyurethane project has an expected after-tax internal rate of return of 38.05% and a payback period of about 4.21 years [4] - Both projects commenced construction in December 2024 and are expected to be completed by the end of June 2026 [4] Future Capital Expenditure Plans - The company will consider its strategic planning, market conditions, industry trends, and actual funding needs for future capital expenditure [5]