Group 1: Financial Performance - The company achieved a revenue of 6.51 billion yuan in the first three quarters, representing a year-on-year growth of 22.01% [2] - The total operating income for the first three quarters was 67.07 billion yuan, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the increase in vehicle sales, with a total of 21.24 million passenger cars sold, a 13.7% increase year-on-year [3] Group 2: Business Segments - The company’s military explosives business generated revenue of 673.38 million yuan in the first half of 2025, marking a 6.96% increase compared to the same period last year [4] - The oil and gas equipment business maintained stable sales revenue, while the high-performance functional materials segment experienced a decline due to the impact of electronic ticketing in the railway sector [3] - The company is focusing on upgrading its military explosives automation project, with an expected annual revenue of 150.03 million yuan upon reaching full production by September 30, 2026 [3] Group 3: Strategic Initiatives - The company has proposed a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturing enterprise [5] - The company plans to enhance its market development, technological innovation, and integrated development to improve operational quality and core competitiveness [7] - The company is exploring opportunities in low-altitude economy and robotics, leveraging its existing relationships with major automotive clients [9] Group 4: Market Position and Technology - The company has established strong partnerships with leading domestic automotive manufacturers and emerging players in the new energy vehicle sector [3] - The company’s subsidiary has developed advanced technologies in high-temperature and high-pressure perforation, achieving a record for the deepest perforation in the world [6] - The company is positioned as a leader in the domestic oil and gas industry, with significant advancements in key technologies that have broken international monopolies [7] Group 5: Investor Relations and Value Management - The company emphasizes enhancing long-term investment value and core competitiveness as part of its market value management strategy [8] - The company is committed to increasing cash dividends and improving investor relations through various communication channels [8]

Financial Performance - The company achieved a revenue of CNY 6.707 billion in the first three quarters of 2025, representing a year-on-year growth of 22.01% [2] - The net profit attributable to shareholders reached CNY 651 million, with a year-on-year increase of 21.43% [2] - The automotive parts business saw a sales revenue growth of 25% due to the overall growth in the automotive industry, with passenger car sales reaching 21.246 million units, up 13.7% year-on-year [3] Business Segments - The oil and gas equipment segment maintained stable sales, with revenue remaining flat compared to the previous year, supported by advancements in key technologies [3] - The high-performance functional materials segment experienced a decline in performance due to the full electronicization of train tickets, but the company is accelerating market transformation [3] Technological Advancements - The company’s subsidiary, Aerospace Energy, has maintained over 30 years of collaboration with major domestic oil companies, supplying key products for deep-sea oil and gas extraction [4] - Breakthroughs in non-elastic sealing and high-temperature high-pressure perforation technologies have positioned the company as a leader in the domestic market, contributing to the development of deep-sea oil and gas resources [4][5] Military Products - The military explosives automation upgrade project is being adjusted due to evolving warfare and technology, with an expected annual revenue of CNY 150 million upon completion by September 30, 2026 [5][6] - Military product revenue for the first half of 2025 was CNY 6.734 million, reflecting a growth of 6.96% year-on-year [6] Future Strategies - The company is considering implementing an employee stock ownership plan to align interests and risks between employees and the company, aiming for rapid and high-quality development [6] - The company has proposed a "1334" development strategy to become a world-class aerospace intelligent equipment manufacturing enterprise [6]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The company has proposed a "1334" development strategy with the goal of building a world - class aerospace intelligent equipment manufacturing enterprise. It will drive development through "dual - wheel" of capital operation and industrial development, aiming to achieve the goal of becoming stronger, better, and larger in stages [27][30][33] - The company will focus on its main business, strengthen technological innovation, increase product added value, implement cost reduction and efficiency improvement, and ensure the achievement of annual business goals in 2025 [31][42] - In terms of market value management, the company will use various legal methods, including strengthening cash dividends, information disclosure, and investor relationship management, to stabilize the stock price and enhance market recognition of the company's value [24][25][38] 3. Summary by Relevant Catalogs 3.1 Research Basic Situation - Research object: Lecai New Materials; Industry: Electronic chemicals; Reception time: September 2, 2025; Reception personnel: Chairman Luo Chuanguang, General Manager Peng Jianqing, Deputy General Manager and Board Secretary Xu Wanbin, Independent Director Zou Huawei [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Research Institution Proportion - No information provided in the report 3.4 Main Content Materials - **Stock price and market value**: The stock price is affected by macro - economic environment, industry policies, market sentiment, and the company's fundamentals. The company will strengthen market value management through various means such as cash dividends, share repurchases, and investor relationship management [23][24][25] - **Business and performance**: In the first half of 2025, military product revenue was 673,380 yuan, accounting for 0.16% of total revenue, with a year - on - year increase of 6.96%. The company's main businesses are automotive parts and oil and gas equipment, with stable customer groups. The Nanjing project of automotive interior and exterior parts is expected to have an annual average income of 380 million yuan after reaching full production [25][31][37] - **Development strategy**: Pursue the "1334" development strategy, adhere to three principles of professional, integrated, and digital development, build three core capabilities, implement a diversified business system, and create four models [27] - **New business exploration**: The company is closely monitoring the development of the low - altitude economy and humanoid robot industries, and will participate according to the industry's development [27][34] - **Response to policies**: The 60 - day payment period policy of major automotive manufacturers has a positive impact on the company's cash flow. The company will inherit the aerospace spirit and strive for new development [35] - **Product R & D**: The developed photosensitive dry film products for PCB have not yet generated revenue. The company is also developing products such as pressure test films and conductive adhesive films [42]

Group 1: Company Performance and Market Perception - The company's stock price is influenced by macroeconomic conditions, industry policies, market sentiment, and its own fundamentals, leading to a stagnant price around 3000 points despite a 25% increase in the overall market index [3][9]. - In the first half of 2025, the company reported military product revenue of 673.38 million yuan, accounting for 0.16% of total revenue, with a year-on-year growth of 6.96% [4][9]. - The company’s net profit for the first half of 2025 was 3.91 billion yuan, with a market capitalization of 15.49 billion yuan [17]. Group 2: Strategic Initiatives and Future Plans - The company has proposed a "1334" development strategy aimed at becoming a world-class aerospace intelligent equipment manufacturing enterprise, focusing on professional, integrated, and digital development [7][19]. - Plans to enhance capital efficiency and protect investor interests include potential asset injections from the parent company, the Aerospace Science and Technology Corporation [6][19]. - The company is actively monitoring the low-altitude economy and may participate in related developments based on market trends [7][13]. Group 3: Investor Relations and Value Management - The company emphasizes the importance of cash dividends and has committed to increasing dividend payouts in accordance with national policies [4][8]. - Various measures for market value management include share buybacks and major shareholder increases to stabilize stock prices [4][8]. - The company aims to improve investor relations through regular communication channels, including performance briefings and investor surveys [17][18]. Group 4: Operational Challenges and Responses - The company faces challenges such as declining profit margins and extended payment cycles, which it plans to address through technological innovation and cost reduction [18][29]. - The management acknowledges the need for improved communication with institutional investors to enhance market recognition and address perceived governance issues [17].