Group 1: Company Overview - The company operates in the fine chemical sector, focusing on the R&D, production, and sales of surfactants and cleaning products, with production bases in Changsha, Shanghai, and Dongguan [1][2] - Annual production capacity exceeds 600,000 tons for surfactants and approximately 250,000 tons for cleaning products [1][2] - In Q3 2025, the company achieved a revenue of 1.27 billion RMB, a year-on-year increase of 41.97%, and a net profit of 45.43 million RMB, up 90.85% [1] Group 2: Market Position - The company is a pioneer in the surfactant industry, being one of the first to collaborate with foreign chemical enterprises and to introduce advanced sulfonation equipment [2] - The proprietary surfactant brand "AW" is recognized as a famous trademark in China, with significant market share and sales volume [2] Group 3: Market Share Maintenance and Growth Strategies - The company aims to enhance its influence in Central, East, and South China while expanding its reach nationally and internationally [3] - Strategies include cost control, production efficiency improvements, and continuous technological innovation to maintain product competitiveness [3] Group 4: Future Strategic Development - The core business remains focused on surfactant R&D, production, and sales, with an emphasis on building a diverse product matrix and expanding application fields [4] - The company is also considering mergers and acquisitions to accelerate business layout and upgrades [4] Group 5: International Business Performance - In 2024, the company reported total revenue of 3.649 billion RMB, with export revenue of 600 million RMB, accounting for 16.45% of total revenue [5] - For the first half of 2025, total revenue was 2.210 billion RMB, with export revenue of 418 million RMB, representing 18.93% of total revenue, indicating strong growth in overseas sales [5]

Group 1: Research Overview - Research object: Licheng Industry [17] - Industry: Chemical products [2][17] - Reception time: October 10, 2025 [17] - Company reception staff: Board Secretary Zhong Cheng, Securities Affairs Representative Liu Zenghui [17] Group 2: Detailed Research Institutions - Institution: Taikang Asset [20] - Institution type: Insurance asset management company [20] - Related personnel: Wang Fenglin [20] Group 3: Main Content Company's main business - The company is based in the fine - chemical field, with R & D, production, and sales of surfactants and washing products as its main business. It has three production bases in Changsha, Shanghai, and Dongguan, with an annual surfactant production capacity of over 600,000 tons and an annual washing product production capacity of about 250,000 tons. The overall capacity utilization rate in 2024 was 86% [24] Pricing logic and procurement strategy - Surfactant product prices are generally set based on the model of "main material cost + other costs + reasonable profit". The company has a procurement department, adopts a "supply - sales linkage" model, monitors raw material price fluctuations, formulates annual procurement plans, and adjusts raw material inventory according to market conditions [24] Technological advantages - The company is equipped with international leading production and testing equipment, uses automation control and product blending technologies, and its dioxane control and color control technologies are at the domestic leading level, meeting high - quality and customized requirements [24][25] Strategic development - The core business is the R & D, production, and sales of surfactants. The company will build a multi - category product matrix, expand application fields, and conduct external investment and mergers and acquisitions [25][26] Foreign business - The company's foreign sales are growing strongly. The foreign sales revenue increased from 199 million yuan in 2021 to 600 million yuan in 2024, a cumulative increase of over 300%. The foreign sales revenue in the first half of 2025 was 418 million yuan, a year - on - year increase of 53.07% [26]

Group 1: Company Overview - The company operates in the fine chemical sector, focusing on the research, production, and sales of surfactants and cleaning products, with production bases in Changsha, Shanghai, and Dongguan. The annual production capacity for surfactants exceeds 600,000 tons, while cleaning products have a capacity of approximately 250,000 tons. The overall capacity utilization rate for 2024 is 86% [1] Group 2: Pricing and Procurement Strategy - The pricing logic for surfactant products is based on the model of "main material cost + other costs + reasonable profit." The company has established a procurement department to manage the purchasing of raw materials, auxiliary materials, and packaging materials [2] - The company implements a "supply and sales linkage" pricing strategy, where product sales prices are linked to raw material procurement prices. The procurement department monitors raw material price fluctuations and adjusts procurement plans accordingly [2] Group 3: Technological Advantages - The company is equipped with internationally advanced production and testing equipment for surfactant production, ensuring high product quality and stability through automated control and formulation technologies. It is also advancing the green and functional development of surfactants, with leading domestic technologies in dioxane control and color control [3] Group 4: Strategic Development Focus - The core business of the company is the research, production, and sales of surfactants. It emphasizes continuous technological research and innovation, aiming to build a diverse product matrix and expand into related application fields such as industrial and electronics sectors. The company is also open to external mergers and acquisitions to accelerate business layout and upgrades [4] Group 5: International Business Performance - The company has shown strong growth in foreign sales, with revenue increasing from 199 million RMB in 2021 to 600 million RMB in 2024, representing a cumulative growth of over 300% in three years. The latest foreign sales revenue for the first half of 2025 reached 418 million RMB, a year-on-year increase of 53.07% [5]

Core Viewpoint - Lichen Industrial (001218) emphasizes its core business in the production and sales of surfactants, highlighting its advantages in brand, customer base, production capacity, and industry chain [1] Group 1 - The company is committed to continuous technological research and innovation, aiming to build a diverse product matrix [1] - The company is actively expanding into related product application fields, with a focus on industrial and electronic sectors as key development directions [1] - In addition to organic growth, the company is closely monitoring high-quality resources in the industry and is prepared to engage in external mergers and acquisitions to accelerate business layout and upgrades [1]