Core Viewpoint - Guizhou Yanfeng Platinum Industry Co., Ltd. (贵研铂业) is enhancing its competitiveness through strategic investments and a focus on high-quality development in the precious metals sector, with a total investment of 384 million yuan in a new industrial catalyst project [1][2]. Investment and Expansion - The company plans to invest 384 million yuan in a precious metal industrial catalyst project in Anning, Yunnan, to increase production capacity and strengthen its competitive position in the market [2]. - Guizhou Yanfeng Platinum has been expanding its asset scale, with total assets reaching 16.942 billion yuan as of March 2025, a year-on-year increase of 19.48% [1][7]. Financial Performance - In 2024, the company achieved a revenue of 47.504 billion yuan, a year-on-year growth of 5.36%, and a net profit of 579 million yuan, up 23.74%, marking the ninth consecutive year of double growth in revenue and profit [4][5]. - The company aims to reach a revenue target of 50 billion yuan in 2025 [7]. Business Segments - The precious metal secondary resource recycling segment showed significant growth in 2024, with platinum group metal recovery increasing by over 20%, gold recovery by over 200%, and silver recovery by over 10% [5]. - The precious metal new materials manufacturing segment also saw breakthroughs, with production of precursor products increasing by over 20% and automotive exhaust purification catalysts by 22% [5]. Research and Development - The company has a strong focus on R&D, with 615 R&D personnel accounting for 30.80% of the total workforce, and R&D expenses exceeding 300 million yuan annually from 2022 to 2024 [6][7]. - In the first quarter of 2025, R&D expenses grew by 12.83% year-on-year to 64.84 million yuan [7]. Strategic Initiatives - Guizhou Yanfeng Platinum is committed to the development of high-end materials and the circular economy, while also deepening its international presence to address challenges from price fluctuations and increased competition in the precious metals industry [7].