Group 1: Research Basic Information - The research object is Haixiang New Materials, belonging to the plastics products industry, and the reception time is February 4, 2026. The listed company's reception personnel are the securities affairs representative and the manager of the securities legal department, Ma Huanjun [16] Group 2: Detailed Research Institutions - The research institutions include BOC International Securities (securities company, represented by Wei Wei), Shangzheng Fund (fund management company, represented by Zhang Xianglin), China Life Asset Management (insurance asset management company, represented by Gong Cheng), Green Fund (fund management company, represented by Liu Zhe), Huafu Securities (securities company, represented by Wang Junzhe), and Shanghai Xueshi Asset (others, represented by Huang Xi) [17] Group 3: Core Views and Main Content - **2025 Performance**: According to the 2025 performance forecast, the net profit attributable to the parent is expected to be between 90 million yuan and 110 million yuan, a year - on - year increase of 79.64% to 119.56%, mainly due to a significant reduction in asset impairment provisions compared with the same period last year [22] - **Asset Impairment**: The company will determine whether to make asset impairment provisions based on specific circumstances and the principle of prudence, subject to subsequent announcements [22] - **Fund Arrangement**: The company's future fund arrangement focuses on optimizing the asset - liability ratio. With orders moving overseas, there are no plans to add new domestic production capacity [22] - **Product Structure**: The company's products are still mainly PVC floors such as SPC, WPC, and LVT. SPC floors still account for the main revenue, but the proportion has decreased relatively. The product structure will be further adjusted according to customer needs [22] - **Exchange Gains and Losses**: In 2025, the company's exchange gains and losses fluctuated greatly, but remained balanced throughout the year. The company will take various measures to reduce the impact of exchange rates [23] - **PVC Price Fluctuation**: The PVC price has been at a relatively low historical level in the past year. If the PVC price fluctuates significantly, the company will negotiate price transmission with downstream customers. The impact on the gross profit margin is controllable [23] - **US Tariff Policy**: The US tariff policy for domestic and Vietnamese products has been relatively stable, reducing policy uncertainty. In 2025, the company has negotiated a tariff sharing plan with customers [23]

Financial Performance - The company's net profit for 2025 is expected to be between 90 million and 110 million CNY, representing a growth of 79.64% to 119.56% compared to the previous year, primarily due to a significant reduction in asset impairment provisions [3] - The fourth quarter of 2025's net profit was mainly impacted by asset impairment provisions, with detailed financial metrics to be disclosed in the upcoming annual report [3] Asset Impairment - The company will determine future asset impairment provisions based on specific circumstances and a principle of prudence, with announcements to follow [4] Financial Planning - Future financial arrangements will focus on optimizing the asset-liability ratio, with no plans for new production capacity domestically as orders shift overseas [5] Product Structure - The company's product lineup remains centered on SPC, WPC, and LVT PVC flooring, with SPC flooring still generating the majority of revenue, although its proportion is decreasing. Adjustments to the product structure will be made based on customer demand [6] Exchange Rate Impact - In 2025, the company experienced significant fluctuations in exchange gains and losses, but overall, it maintained balance. Future strategies will be implemented to mitigate the impact of exchange rates [7] PVC Price Fluctuations - PVC prices have been at historically low levels over the past year. Significant price fluctuations may affect the company's gross margin, but the overall risk is considered manageable [8] Tariff Policies - The U.S. tariff policies on domestic and Vietnamese products have stabilized, reducing uncertainty. In 2025, the company negotiated a tariff-sharing plan with customers [8]