Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core View of the Report No information provided. 3. Summary by Relevant Catalogs 3.1 Research Basic Information - The research object is Zhenyang Development, belonging to the chemical raw materials industry. The reception time was on October 10, 2025. The listed company's reception staff included the chairman and general manager Shen Shuguang, executive deputy general manager and financial controller Zhang Yuan, deputy general manager and board secretary Shi Yanchun, and independent director Zheng Lixin [16]. 3.2 Detailed Research Institutions - The reception objects were investors who participated in the company's 2025 semi - annual performance briefing online [19]. 3.3 Research Institution Proportion No information provided. 3.4 Main Content Materials - **Market Competition Advantage and Strategy**: The company has a unique location advantage, being located in the Ningbo Petrochemical Economic and Technological Development Zone, one of the top three national - level petrochemical parks in China. It has convenient logistics conditions, which helps to extend the sales network and has advantages in supply stability and transportation costs. The company has established long - term cooperation with nearly 500 customers [23]. - **Profit Improvement Measures**: Facing a complex market situation, the company will expand the market externally and tap potential internally, strengthen internal management, adjust procurement and sales strategies in a timely manner, increase the direct sales rate of products, and reduce procurement costs. It will also implement refined production management to reduce the unit consumption of each product [23]. - **100,000 - Ton Regenerated Salt - to - Caustic Soda Project**: The project is under construction and the subsequent progress can be referred to in the relevant chapters of the company's regular reports [24][25]. - **PVC Production Increase Plan**: If the company has a PVC production increase plan in the future, it will disclose the information in a timely manner. It is expected that domestic peers will have PVC production increase plans [25]. - **Reorganization Cash Option Price**: The company will comprehensively consider factors such as the historical stock price and the company's intrinsic value to set a reasonable cash option price. Specific details should be followed in the company's subsequent announcements [25].