Group 1: Company Performance and Market Dynamics - The company's revenue from functional shoe materials and sofa home products accounted for nearly 70% of total revenue by the end of Q3 2025, while automotive interiors and electronics contributed about 30% [3] - The automotive interior segment has shown significant growth due to increased collaborations with automotive brands and specific projects, leading to a rise in revenue share [3] - The company operates in a highly customized industry where order visibility is relatively low due to various market dynamics and customer strategies [2] Group 2: Industry Insights and Competitive Landscape - The synthetic leather market in China is approximately ¥90 billion, with PU synthetic leather representing about 40% of this market [4] - The industry is characterized by low concentration, with many players, but the company has a market share exceeding 20% in certain mid-to-high-end segments [5] - Stricter environmental regulations are leading to the elimination of non-compliant companies, resulting in a clearer industry differentiation [5] Group 3: Product Development and Innovation - The company is actively developing bio-based and recycled materials, although their current revenue contribution is small [8] - The core competitive advantage lies in over 30 years of expertise in polyurethane composite materials, focusing on high-performance and eco-friendly solutions [9] - The company has established strong customer relationships, which are difficult for competitors to replicate due to long certification processes and ongoing evaluations [9] Group 4: Future Growth Strategies - The company plans to expand its market share in the automotive interior segment while balancing resources across various product categories [3] - Future growth in the consumer electronics segment will focus on acquiring new clients and exploring new application scenarios [7] - The company is considering mergers and acquisitions as part of its strategy to deepen its core business and expand related applications, with plans to disclose any developments in accordance with regulations [10]