Summary of Conference Call for Minshida Company Overview - **Company**: Minshida - **Industry**: Advanced materials, specifically focusing on aramid paper and honeycomb core materials Key Points Production and Capacity - New aramid paper production line commenced operations in Q3, achieving a 50% utilization rate by September 30 [2][4] - RO membrane substrate and wet non-woven fabric lines expected to start production in Q1 next year, with ample capacity across product lines [2][4] - The company plans to release remaining capacity based on market expansion [2] Market and Pricing - Aramid paper procurement prices remained stable with a slight decrease in Q3; prices are expected to stabilize in Q4 and next year [2][11] - The design annual production capacity for RO membrane substrate is 1,500 tons, primarily used in water purification equipment [2][12] - The company is focusing on the honeycomb core material market, particularly in the aviation sector, where it has begun bulk supply [2][15] Strategic Focus - Minshida aims to strengthen its technical and application advantages in aramid paper, particularly in high-end markets to replace foreign competitors [2][6] - The company is also exploring emerging fields such as computing power development and renewable energy, providing customized solutions [2][6] Financial Performance - Q3 financial indicators showed a decline due to delays in product delivery in the wind and solar new materials sector, which has higher average selling prices and gross margins [2][16] - The company has not received any plans for shareholding reductions from executives or major shareholders, and accounts receivable risks are considered manageable [2][9] Competitive Landscape - The primary competitors in the honeycomb core material market are foreign companies, with most market share held by them [2][5] - The company is working on aviation sector certifications and customized product development to quickly replace foreign competitors [2][5] Applications and Innovations - Aramid paper honeycomb materials are being tested for applications in new energy vehicles, with some validation already completed [2][10] - The company is also involved in the production of high-end pickleball paddles using aramid paper honeycomb materials, currently in the promotion stage [2][3][18] Future Outlook - The company is optimistic about the impact of national support for seawater desalination on performance, although the RO membrane substrate line will only be operational in Q1 next year [2][12] - Overall goal is to become a globally competitive player in the new materials sector [2][6]

Core Viewpoint - A new company, Woyang County Wengxing New Material Technology Co., Ltd., has been established with a registered capital of 2 million RMB, focusing on various manufacturing and sales activities in the materials sector [1] Company Summary - The company is legally represented by Ma Xinjie [1] - The registered capital of the company is 2 million RMB [1] - The business scope includes furniture sales, manufacturing of daily glass products, and production of plastic processing equipment [1] Industry Summary - The company operates in multiple sectors including: - Manufacturing and sales of coatings (excluding hazardous chemicals) [1] - Sales and production of refractory materials [1] - Sales of various materials such as ecological environment materials, engineering plastics, synthetic resins, and rubber products [1] - The company also engages in the sales of insulation and soundproofing materials, artificial boards, and wood products [1]

Core Insights - A new company, Jizhou County Hengnai New Materials Co., Ltd., has been established with a registered capital of 100,000 RMB [1] Company Overview - The legal representative of the company is Gao Xiaoyu [1] - The company operates in various sectors including sales of construction decoration materials, refractory materials, thermal and sound insulation materials, and non-metallic mineral products [1] - The company is also involved in the manufacturing and sales of metal tools, high-performance fibers, and composite materials [1] Business Activities - The company’s business scope includes general projects such as sales of colored metal alloys, doors and windows, and ecological environment materials [1] - It provides technical services, development, consulting, and project management services [1] - The company is engaged in internet sales and industrial internet data services [1] Licensing and Regulatory Compliance - The company has specific licensed projects including construction engineering and design, which require approval from relevant authorities before operation [1]

Core Insights - A new company, Zhoukou Deming New Materials Technology Co., Ltd., has been established with a registered capital of 1 million RMB [1] Company Overview - The legal representative of the company is Li Bowen [1] - The company operates in various sectors including furniture sales, daily glass products sales, plastic processing equipment sales, and manufacturing of coatings (excluding hazardous chemicals) [1] - The company also engages in the production and sales of refractory materials, building materials, asbestos products, surface functional materials, ecological environment materials, engineering plastics, synthetic resins, synthetic materials, rubber products, and specialized chemical products (excluding hazardous chemicals) [1] - Additional activities include the sales of chemical products (excluding licensed chemical products), plastic products, new membrane materials, thermal insulation and soundproofing materials, artificial boards, insulation materials, and timber sales (excluding projects that require approval) [1]

Core Viewpoint - Hebei Suoyi New Materials Co., Ltd. has been established with a registered capital of 5 million RMB, indicating a focus on various new material sales and services in multiple sectors [1] Company Overview - The company is legally represented by Guo Qian and has a registered capital of 5 million RMB [1] - The business scope includes sales of new ceramic materials, chemical products (excluding licensed chemical products), medical devices, daily ceramic products, metal materials, photovoltaic equipment, optical instruments, and more [1] Business Activities - The company engages in a wide range of sales activities, including but not limited to: - New ceramic materials - Chemical products - Medical devices (both first and second categories) - Optical glass and instruments - Graphene materials - 3D printing materials - Rare earth functional materials [1] Services Offered - In addition to product sales, the company provides various services such as: - Technical services, development, consulting, and transfer - Enterprise management consulting - Human resources services (excluding labor dispatch) - Translation services - Digital technology services [1] Regulatory Compliance - The company is involved in several licensed activities, including the operation of third-class medical devices, internet information services, pesticide retail, and medical services, which require approval from relevant authorities [1]

Core Viewpoint - Ankang City is implementing a "shared recruitment" model to attract high-level talent from universities and promote collaboration between academia and industry, aiming to enhance the quality of key industrial chains such as selenium-rich food, new materials, and ecological tourism [1][2] Group 1: Talent Recruitment and Collaboration - Ankang City has introduced the "Shared Recruitment Implementation Measures (Trial)" to facilitate the integration of talent from universities and enterprises [1] - The city has established 8 new provincial-level "Scientist + Engineer" teams and dispatched 1,184 technology special commissioners and 80 enterprise technology vice presidents this year [1] - A total of 259 talent service platforms, including expert workstations and technology innovation teams, have been built in the city [1] Group 2: Industry Focus and Innovation - The city is actively promoting talent recruitment policies to encourage experts to collaborate with key industries and enterprises, focusing on technological breakthroughs and the application of scientific achievements [1] - Ankang City is collaborating with universities such as Northwest A&F University and China Pharmaceutical University to build clusters of technology service centers [1] - The local silk industry is seeking to innovate through research partnerships with universities to develop selenium-rich artificial feed for silkworms, aiming for large-scale and intensive operations [2]

Core Points - A new company, Yuanjiang Xuyu New Materials Co., Ltd., has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Li Jing [1] - The company's business scope includes construction engineering contracting, cement product manufacturing, cement product sales, building materials sales, and labor services (excluding labor dispatch) [1] Business Scope - The company is authorized to engage in construction engineering projects, subject to approval from relevant authorities [1] - It can independently conduct business activities based on its business license, except for projects that require approval [1] - The general projects include manufacturing and selling cement products and selling building materials [1]

Core Viewpoint - Nantong Xunyi New Materials Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various construction and material-related services [1] Company Summary - The legal representative of Nantong Xunyi New Materials Co., Ltd. is Gu Ping [1] - The company has a registered capital of 5 million RMB [1] - The business scope includes construction engineering, residential interior decoration, power generation, transmission, and supply [1] - The company is involved in various general projects such as new materials technology research and development, sales of construction materials, and property management [1] Industry Summary - The company operates in the new materials and construction industry, which includes a wide range of services from construction to property management [1] - The establishment of the company indicates potential growth in the new materials sector and related construction services [1]

Group 1 - A new company, Hebei Xiong'an Yimeijia New Material Technology Co., Ltd., has been established with a registered capital of 200,000 RMB [1] - The legal representative of the company is Li Jiangtao [1] - The company's business scope includes the sales and manufacturing of synthetic materials, new material technology research, and various technical services [1] Group 2 - The company is involved in the sales and manufacturing of high-performance fibers and composite materials [1] - It also engages in the sales of plastic products, textiles, and leather products, among other general merchandise [1] - The company is permitted to conduct business activities independently based on its business license, except for projects that require approval [1]

Core Viewpoint - Ningxia's industrial output is set to exceed 700 billion yuan in 2024, reflecting strong development momentum and high-quality growth since the start of the 14th Five-Year Plan [1][2] Group 1: Industrial Development - Ningxia has implemented 210 major industrial projects, fostering a matrix of leading enterprises, including 2 with outputs of 50 billion yuan, 9 with 10 billion yuan, and 7 with 5 billion yuan [1] - The modern coal chemical industry in Ningxia is nationally leading, with coal-to-oil production capacity ranking first in the country and coal-to-olefin capacity ranking third [1] - The Ningdong base has been recognized as a national advanced manufacturing cluster for modern coal chemical industries, while the Zhongwei fine chemical industry cluster has entered the national characteristic industry cluster for small and medium-sized enterprises [1] Group 2: Innovation and Technology - In 2024, 39.3% of large-scale industrial enterprises in Ningxia engaged in R&D activities, ranking first in the Northwest region [2] - The National Science and Technology Progress Award was granted to the 4 million-ton coal-to-oil project by Guoneng Ningmei, and the world's largest 20 million-ton intelligent coal mining equipment was developed by Tiandi Benniu [2] - Ningxia's industrial-grade 3D printing technology for casting sand molds is globally leading [2] Group 3: Digital Transformation and Green Development - The digital transformation rate of large-scale enterprises in Ningxia has reached 55%, maintaining the highest level in the Northwest [2] - Ningxia has established 57 national-level green factories and 11 green parks, with industrial water reuse rates exceeding 95% [2] - Since the start of the 14th Five-Year Plan, energy consumption per unit of industrial added value has decreased by 27.8%, and water consumption per ten thousand yuan of industrial added value has decreased by 10.1% [2] Group 4: Development Zone Optimization - Ningxia has restructured 33 development zones into 24, investing 4.1 billion yuan to support low-cost transformations [2]