Company Overview - The company, established in 2002, focuses on fine chemical products, primarily carbonate-based products, and has developed a leading position in the domestic electrolyte solvent market for lithium-ion batteries [1][2] - The company is transitioning towards a comprehensive service platform provider for "electrolyte + materials," expanding its product offerings to include lithium hexafluorophosphate, electrolyte additives, and silicon-based anode materials [1][2] Business Operations - The main products include carbonate series electrolyte solvents, methyl tert-butyl ether (MTBE), and propylene glycol, with applications in lithium-ion batteries, paints, coatings, and pharmaceuticals [2] - The company has established a global presence with R&D and production bases in China and sales networks in East Asia and Europe, leveraging its technological and quality advantages [2] Financial Performance - As of March 31, 2025, the company reported total assets of 1,022,020.22 million yuan, with current assets of 454,226.33 million yuan and non-current assets of 567,793.89 million yuan [4] - The company experienced a decline in revenue, reporting 158,813.01 million yuan for Q1 2025, down from 554,672.97 million yuan in 2024, and a net loss of 5,430.02 million yuan for the same period [4][9] - The operating cash flow for Q1 2025 was 4,183.47 million yuan, indicating a significant decrease compared to previous years [4][9] Market Position and Risks - The company is positioned as a leading supplier of high-quality solvent materials for lithium-ion battery manufacturers, but faces risks from macroeconomic fluctuations, competition, and changes in government policies regarding the new energy vehicle industry [5][6] - The competitive landscape is intensifying due to rapid market growth and increased production capacity among domestic carbonate manufacturers, which may lead to oversupply and price pressures [5][6] Fundraising and Stock Issuance - The company plans to issue A-shares to specific investors, with a total fundraising target adjusted to 100,000.00 million yuan, issuing 30,021,014 shares at a price of 33.31 yuan per share [12][13] - The issuance is subject to a six-month lock-up period for investors, and the shares will be listed on the Shanghai Stock Exchange after this period [14][15]