1. Report Industry Investment Rating - No information available 2. Core View of the Report - The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2025, it aims to "consolidate the domestic market foundation and explore the overseas market future", continue to improve the production capacity layout, and increase R & D efforts [21]. - Benefiting from various factors, the water - based acrylic emulsion industry chain will be more complete, the application scope will expand, and market demand will grow. The company will improve relevant layouts and expand new application channels [22]. - The domestic acrylic emulsion industry is highly market - oriented. Leading enterprises with core technologies can maintain their advantages, and market concentration will increase, which is beneficial for the company to improve its market share [23]. 3. Summary According to Relevant Catalogs 3.1 Research Basic Situation - Research object: Baolijia; Industry: Chemical products; Reception time: May 15, 2025; Reception personnel: Chairman and General Manager Yang Wenyu, Independent Director Liu Shuguo, Board Secretary Li Yanhao, and Financial Controller Li Wenqing [16]. 3.2 Detailed Research Institutions - The reception object is investors who participated in the 2025 annual report collective performance briefing of listed companies in Shanghai through the Shanghai Stock Exchange Roadshow Center (https://roadshow.sseinfo.com/), and the type is "other" [17]. 3.3 Research Institution Proportion - No information available 3.4 Main Content Data - **Question about market share and performance**: The company is a leading enterprise in the domestic water - based acrylic emulsion industry, with a market share of about 15%. In 2024, the company's operating income was 2.151 billion yuan, and the emulsion accounted for 93.16%. In 2025, it will focus on consolidating the domestic market and exploring overseas markets, and continue to improve production capacity and R & D [21]. - **Question about business strategy**: In 2024, the construction materials industry was in the repair period. The company's products include various functional acrylic emulsions and additives. The water - based acrylic emulsion industry chain will improve, and the company will improve relevant layouts and expand new application channels. For example, the demand for water - based coatings in the container field has increased greatly [22][23]. - **Question about company's competitiveness**: The company adheres to the "Technology Baolijia" strategy, has a "One Academy and Five Centers" R & D layout, and has core competitiveness in technology, R & D, production capacity, etc. [24]. - **Question about company's status and advantages**: The company is a leading enterprise in the acrylic emulsion industry and a core supplier to many well - known coating companies. It operates in accordance with regulations, has a complete business system, and will improve internal governance in the future [24].

Group 1: Company Overview - The company is a leading player in the domestic water-based acrylic emulsion industry, holding approximately 15% market share [2] - In 2024, the company achieved a revenue of CNY 2.151 billion, with emulsions accounting for 93.16% of this revenue [2] - The company aims to solidify its domestic market foundation while expanding into overseas markets [2] Group 2: Market Conditions and Strategies - The construction materials industry is experiencing a slowdown, with the company's main product, construction emulsion, having a gross margin of only 7% [2] - The company plans to focus on expanding the market for packaging and textile emulsions in response to market challenges [2] - The demand for water-based acrylic emulsions is expected to grow due to national policies, environmental considerations, and increasing application scenarios [4] Group 3: Industry Trends and Applications - The global container production is projected to double from 2023 to 2025, significantly increasing the demand for water-based coatings [3] - Water-based acrylic emulsions are becoming mainstream in the container coating market, accounting for about 90% of the total [4] - New application scenarios for water-based acrylic emulsions include biodegradable packaging materials and battery separator coatings in the renewable energy sector [4] Group 4: Competitive Advantages - The company has a strong market position and is a core supplier for many well-known domestic and international coating companies [6] - The company emphasizes technological innovation and has established a comprehensive R&D strategy, enhancing its competitive edge [4] - The company maintains a balanced approach to stakeholder interests, ensuring sustainable and steady development [6]