Group 1: Company Overview and Market Position - The company operates in the polyurethane composite materials industry, characterized by personalized, multi-variety, small-batch, and quick delivery requirements, necessitating strong R&D and production capabilities [2][3] - The domestic synthetic leather market is approximately ¥90 billion, with PU synthetic leather accounting for about 40% of this market [5] - The company has a market share exceeding 20% in certain high-end segments, indicating strong competitiveness, but overall market share has room for improvement [5][9] Group 2: Key Partnerships and Revenue Contributions - Nike is the only Chinese supplier of polyurethane synthetic leather and composite materials, contributing to a "low base, high growth" revenue trend since becoming a strategic partner in January 2025 [3] - Adidas has begun to contribute to revenue, currently in a foundational phase with some orders in mass production [3] Group 3: Revenue Composition and Trends - In the first half of 2025, functional shoe materials and sofa home furnishings accounted for nearly 70% of total revenue, with functional shoe materials remaining stable and sofa home furnishings declining [3][4] - The automotive interior segment is experiencing rapid growth, with new projects expected to enter mass production in late 2025 or 2026 [6] Group 4: Pricing Strategy and Competitive Advantages - The company employs a flexible pricing strategy based on customer needs, competitive landscape, application fields, and target profit margins, rather than a simple cost-plus model [4] - The company has established strong relationships with upstream suppliers, ensuring stable raw material supply and cost control [8] Group 5: Technological and Environmental Leadership - The company is recognized as a "National Green Factory" and has received multiple environmental certifications, emphasizing its commitment to sustainable practices [9] - It holds numerous patents and is a "National Key High-tech Enterprise," showcasing its technological leadership and ability to rapidly develop customized products [8][9]