Core Viewpoint - The global chemical industry is undergoing profound changes, with anxiety, confusion, and hope characterizing the current state of many companies. The rise of emerging industries in China is expected to lead the next decade in high polymers [1]. Group 1: Conference Overview - The 2025 Polymer Industry Conference, hosted by Ningbo Detaizhong Research Information Technology Co., Ltd., will take place from September 10-12, 2025, in Hefei, focusing on new opportunities in materials, technology, and equipment across various emerging industries [1]. - The conference will feature 55 speakers from international leading companies, industry experts, government, and associations, discussing topics such as AI, low-altitude economy, aerospace, and new energy vehicles [1]. Group 2: Low-altitude Economy and Aerospace Materials - The low-altitude economy is identified as a strategic emerging industry, with 2024 being termed the "Year of China's Low-altitude Economy." Electric Vertical Takeoff and Landing (eVTOL) aircraft are highlighted as key players requiring advanced materials for performance enhancement [7]. - Research on hybrid power systems for low-altitude unmanned aerial vehicles is being conducted, focusing on materials that can withstand marine environments [4]. - The demand for lightweight, high-performance materials in eVTOL applications is emphasized, with specific attention to polyaryletherketone (PAEK) composites and their manufacturing methods [7][16]. Group 3: New Energy Vehicles and Material Innovations - The conference includes discussions on the integration of high-performance polymers in new energy vehicles, with a focus on lightweight materials and thermal management solutions [25][29]. - The importance of polyimide (PI) materials in electric motor insulation is highlighted, showcasing their thermal stability and cost-effectiveness in battery applications [26]. - Innovations in non-metal materials for automotive interiors are explored, emphasizing user-oriented design and comfort [27][31]. Group 4: Electromagnetic Shielding and Communication Materials - The need for advanced electromagnetic shielding materials in communication technologies is addressed, with a focus on carbon nanotube structures and their performance under extreme conditions [50][59]. - The development of thermoplastic electromagnetic shielding materials is discussed, highlighting their applications in various sectors [53]. - The conference also covers the advancements in high-frequency PCB materials for communication devices, emphasizing the evolving requirements in the industry [48][57].

Core Viewpoint - The report indicates that despite signs of recovery in downstream application areas, the company's revenue has slightly declined compared to the same period last year due to fluctuations in demand from certain end-user industries. The company continues to invest heavily in R&D and team building to strengthen its core competitiveness, resulting in a negative net profit for the reporting period [1][3]. Financial Performance - The company reported a revenue of approximately 223.34 million yuan, a decrease of 29.64% year-on-year [3]. - The total profit for the period was -142.39 million yuan, with a net profit attributable to shareholders of -142.39 million yuan [3]. - The net cash flow from operating activities was -62.83 million yuan, indicating a decrease compared to the previous year [3]. - The company's net assets attributable to shareholders decreased by 11.69% to approximately 1.07 billion yuan [3]. Industry Overview - The integrated circuit industry, particularly the FPGA market, is experiencing dynamic adjustments due to emerging technology applications and economic uncertainties. However, the long-term demand for FPGA remains strong due to the increasing need for efficient data processing and computing capabilities [4][5]. - The global semiconductor market is projected to reach $728 billion in 2025, with a year-on-year growth of 15.4% [4]. Business Operations - The company specializes in the R&D, design, and sales of FPGA and FPSoC chips, positioning itself as a leading supplier in the domestic market. Its products are widely used across various sectors, including communication, industrial, medical, and consumer electronics [4][5]. - The company employs a Fabless business model, outsourcing manufacturing and testing to third-party firms while focusing on chip design and development [8]. Product Development - The company has launched over 200 application IPs and reference designs across 12 application categories, enhancing its product offerings and market competitiveness [7][11]. - The company continues to innovate with its FPGA and FPSoC product lines, including the SALPHOENIX, SALEAGLE, and SALSWIFT series, which cater to various market needs [6][7]. R&D Investment - R&D expenses reached approximately 17.38 million yuan, accounting for 77.84% of the company's revenue, reflecting a commitment to innovation and product development [9]. - The company has applied for 482 intellectual property rights, including 280 invention patents, demonstrating its focus on protecting its technological advancements [11][12]. Market Strategy - The company is actively expanding its market presence in emerging sectors such as smart grids, AI servers, and electric vehicles, aiming to capture new growth opportunities [9][10]. - The company has established strategic partnerships with key clients in various industries, enhancing its market penetration and brand recognition [11].

Financial Performance - The net profit for 2024 is -1.673 billion CNY, a reduction in loss by 0.251 billion CNY compared to the previous year [3] - Total revenue for 2024 is 1.869 billion CNY, a year-on-year increase of 0.34% [5] - Revenue from blue army equipment and related products is 0.785 billion CNY, up 0.91% year-on-year [3] - Revenue from communication and control products is 0.478 billion CNY, showing a significant increase of 66.28% [3] - Revenue from space information application products is 5.82 million CNY, down 38.30% year-on-year [4] - Revenue from data security application products is 0.186 billion CNY, up 12.95% year-on-year [4] - Revenue from marine equipment and power equipment is 0.414 billion CNY, down 33.57% year-on-year [4] Cost and Expense Management - Sales expenses for 2024 are 0.140 billion CNY, a decrease of 14.59% year-on-year [4] - Management expenses are 0.419 billion CNY, an increase of 2.37% year-on-year [4] - Financial expenses are 13.19 million CNY, a significant increase of 224.44% year-on-year [4] - R&D expenses are 0.471 billion CNY, down 10.88% year-on-year [4] Cash Flow and Financial Ratios - Net cash flow from investment activities is 0.392 billion CNY, an increase of 615.85% year-on-year [4] - Net cash flow from financing activities is -0.334 billion CNY, a decrease of 293.57% year-on-year [4] - The asset-liability ratio at the end of 2024 is 46.81%, an increase of 8.04 percentage points from the previous year [4] - Accounts receivable at the end of 2024 amount to 2.196 billion CNY, and inventory is 2.159 billion CNY [5] R&D and Strategic Focus - R&D investment for 2024 is 26.40% of revenue, focusing on integrated environment verification systems and next-generation communication systems [2] - The company aims to enhance its core competitiveness and achieve high-quality rapid development by optimizing key industry structures [2] Future Outlook - The company is actively pursuing new business layouts to boost future performance, particularly in the commercial space sector [5] - The company plans to maintain its focus on core industries and leverage its strengths to expand both domestic and international markets [4]