Group 1: Company Overview and Strategy - As of May 9, 2025, the number of shareholders is 16,944 [2] - The company aims to become a global leader in chemical manufacturing services by focusing on surfactants, fatty chemicals, and personal care OEM/ODM [2][3] - Future development plans include enhancing technological innovation and extending the industrial chain, particularly in Indonesia and Malaysia [3] Group 2: Financial Performance and Projections - In 2024, exports accounted for 36.55% of total sales, targeting markets such as the Belt and Road Initiative, RCEP, and Africa Free Trade Area [3] - Non-operating income from government subsidies in 2024 is projected to be CNY 3,500 million [3] - The company anticipates a significant increase in net profit for 2024, despite a decline in cash flow due to rising raw material prices [3][4] Group 3: Market Trends and Challenges - The domestic market for anionic surfactants is expected to grow by 10.5% and 14.0% in 2024, with an annual growth rate of over 8% for the surfactant market [4] - The company faces challenges from intensified competition and economic pressures, impacting profit margins compared to 2021 [7][10] - The palm oil market is currently at a reasonable level, with future price movements driven by supply and demand fundamentals [8] Group 4: Operational Efficiency and Cost Management - The company is enhancing supply chain efficiency and inventory management to reduce costs [6][10] - Automation initiatives are in place to improve production efficiency and reduce operational costs [10] - The company is committed to maintaining a minimum cash dividend of 10% of distributable profits annually [5][6] Group 5: Shareholder Engagement and Market Position - The company is considering increasing its dividend payout to enhance shareholder value [6] - As a leading player in the surfactant and fatty chemical sectors, the company holds over 30% market share in both categories [10][11] - The company is focused on maintaining independence and compliance with regulatory standards amid concerns about major shareholders [11]

风险提示：政策风险，棕榈油价格大幅波动风险，汇率大幅波动风险，新产能爬坡低于预期风险等。 公司是国内表面活性剂、油脂化工领先企业，OEM/ODM 项目稳步推进。目前公司表面活性剂产能达 120 万吨/年（在建产能22 万吨/年），油脂化学品产能达108 万吨/年（在建产能21 万吨/年），洗护用 品OEM/ODM 加工服务能力达到110 万吨。目前公司在江苏镇江建有年产能10 万吨液体洗涤剂 OEM/ODM 生产线，河南鹤壁年产能50 万吨洗护用品OEM/ODM 项目、四川眉山年产能50 万吨洗护用 品OEM/ODM 项目已陆续投产。公司依托表活技术优势、规模布局优势、物流包装配套优势，开展 OEM/ODM 加工业务，在生产工艺、技术、设备上能为下游客户提供更有针对性的服务，进一步提升 公司表面活性剂的市场份额。 主要原材料价格上涨带动公司利润同比增长。2025 年4 月21 日晚，公司发布2024 年年报及2025 年一季 报。根据公司公告，2024 年度，公司实现营业收入107.92 亿元，同比增长12.27%；实现归母净利润 1.35 亿元，同比增长53.99%。截止至2024 年底，公司资产总额79. ...