Financial Data and Key Metrics Changes - Q1 sales were $191 million, slightly lower sequentially, primarily due to foreign exchange rate changes and seasonality in the portable electronics market [9][24] - Gross margin for Q1 was 29.9%, a decrease of 220 basis points from the previous quarter, attributed to utilization headwinds and unfavorable product mix [26] - Adjusted EPS decreased to $0.27 from $0.46 in Q4, reflecting lower gross margin [25] Business Line Data and Key Metrics Changes - Advanced Electronic Solutions (AES) revenue increased by 2% to $104 million, driven by higher ADAS and aerospace and defense sales, partially offset by lower EVHEV revenue [25] - Elastomeric Materials Solutions (EMS) revenue decreased by approximately 4% to $83 million due to lower portable electronics, EVHEV, and aerospace and defense sales [25] - Sales in the ADAS and industrial markets increased, while EVHEV sales declined in both AES and EMS business units [13][14] Market Data and Key Metrics Changes - The company noted a meaningful increase in opportunities with Chinese OEMs in the ceramic opportunity pipeline [11] - Portable electronics sales declined sequentially due to normal seasonality [16] - The company expects Q2 sales to range between $190 million and $205 million, indicating a 4% increase from Q1 [31] Company Strategy and Development Direction - The company is focused on executing commercial and operational objectives, securing new design wins, and improving operational efficiency [33] - A local for local strategy is being implemented to mitigate tariff impacts, with plans to manage inventories and source materials from other countries [18][19] - The company is targeting synergistic bolt-on M&A opportunities that are EPS accretive and exceed return thresholds [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating current market challenges due to a strong balance sheet and global manufacturing footprint [8] - There is uncertainty regarding the impact of tariffs on sales in the second half of the year, but management is pursuing mitigation strategies [20][19] - Customer conversations have been constructive, with a focus on collaboration to address tariff-related challenges [47][48] Other Important Information - The company expects to achieve net savings of $25 million in 2025, with a run rate savings of $32 million [22] - Cash at the end of Q1 was $176 million, an increase of $16 million from Q4 [28] - The company plans to reduce CapEx intensity, expecting to spend between $30 million to $40 million for the full year [29][82] Q&A Session Summary Question: How much of the $25 million cost savings is in the Q2 guidance? - Most of the savings in Q2 are associated with the reduction force and will see benefits of about $3 million in the second half [38][39] Question: Do you expect Q3 to be your strongest quarter again this year? - Expectations for Q3 depend on the ramp-up of portable electronics and inventory issues in the power module market [40][41] Question: What is the tone of customer conversations regarding tariffs? - Customers are feeling resilient and are open to working together to mitigate potential tariff impacts [46][47] Question: Can you provide more details on the ceramic opportunity pipeline in China? - The company is making good progress with its facility in China and has several design wins in the pipeline [52][53] Question: What are your expectations for free cash flow this year? - The company expanded its cash balance in Q1, indicating resilience in liquidity and a strong balance sheet [78][79] Question: How is the capital intensity of the two main segments characterized? - Investments have been balanced between both segments, with ongoing maintenance and optimization efforts [88][89]

Market Overview - The market experienced narrow fluctuations with the three major indices slightly declining, with the Shanghai Composite Index down by 0.05%, the Shenzhen Component Index down by 0.05%, and the ChiNext Index down by 0.13% [1] - Despite the overall index performance, over 3,500 stocks rose, indicating a better performance for individual stocks, particularly small-cap stocks [1] Earnings Reports Impact - A significant number of stocks faced declines due to poor earnings reports, with 57 stocks hitting the daily limit down, primarily citing reasons such as "declining performance," "substantial losses," and "inability to disclose financial reports on time" [2] - ST Saiwei (300044) reported a net loss of 507 million yuan for 2024 and has been in a continuous loss state for six years, leading to a cumulative decline of over 48% in its stock price [4] Market Sentiment and Future Outlook - The current wave of stock declines is viewed as a "risk clearance" and "negative news landing," which may have a limited impact on overall market sentiment and could redirect funds towards high-performing stocks [6] - Historical trends suggest that after periods of low volatility, the market may experience increased fluctuations, indicating potential opportunities for recovery [6] Sector Performance - The PEEK materials sector, particularly related to humanoid robots, has seen significant gains, with the sector reaching historical highs and boosting market sentiment [8][10] - The lightweight trend in industries is driving interest in PEEK materials, which are being developed for various applications, including electronics, transportation, and aerospace [12] Investment Opportunities - Companies like Tianci Materials and Wanrun Co. are actively developing PEEK materials, with ongoing research and small batch orders indicating a positive trajectory for these products [12] - The humanoid robot sector is expected to enter a phase of mass production by 2026, which will likely benefit upstream chemical new materials, including high-end engineering plastics [12]

Core Insights - ST New Asia (002388.SZ) reported a revenue of 2.196 billion yuan for 2024, marking a year-on-year increase of 2.3% [2] - The company experienced a net profit loss of 215 million yuan, but this loss narrowed by 12.25% compared to 2023, indicating positive signs of performance recovery [2] - The adhesive products segment achieved record-high revenue and gross margin, becoming the highlight of the annual report [2] Financial Performance - The adhesive products segment saw a revenue increase of 8.55% year-on-year, with gross margin rising by 10.17% to 48.32% [3] - The company reported a loss in the electrolyte segment and recognized impairment losses of 134 million yuan for goodwill and 72.01 million yuan for the lithium salt second-phase production line [2] - The total impairment for the electrolyte asset goodwill has been fully recognized [2] Business Development - ST New Asia focuses on chemical products and electronic device solutions, with a complete industrial chain centered around advanced electronic devices, electronic adhesives, and lithium-ion battery materials [2] - The company has established strong relationships with major clients such as Huawei, BYD, and Foxconn, with Huawei contributing 819 million yuan, accounting for 37.3% of total annual sales [2] - The company is enhancing production line automation, expecting an increase in annual capacity by 5,000 tons post-upgrade [3] R&D and Innovation - The company plans to invest over 31 million yuan in R&D for 2024, focusing on high-performance, high-energy density, and fast-charging materials for lithium-ion batteries [3] - A specialized team in polymer materials and electrochemistry has been formed to support the development of new technologies [3] - ST New Asia aims to provide comprehensive technical support for the new energy vehicle supply chain through projects like smart ESD systems and precision dispensing welding equipment [3] Risk Management - The company has completed rectifications related to risk warnings implemented in November 2024 and plans to apply for the removal of risk warnings after twelve months following an administrative penalty received on December 31, 2024 [3] - Future efforts will focus on strengthening audit supervision and improving information disclosure mechanisms to ensure compliance [3]

Group 1: Yuma Technology - The net profit of Yuma Technology decreased significantly in Q1, primarily due to holiday effects and tariff policies, along with increased stock incentive and R&D expenses [1] - Export revenue to the US accounts for 10%, with plans to establish a production base in Vietnam, but decisions are cautious due to tariff policy changes [1] - The overall gross margin remains stable, with slight fluctuations influenced by product sales structure and pricing strategy [1] - Major raw material prices are at historical lows and are expected to remain stable [1] - The company is focusing on expanding its presence in the European market and is gradually replacing imported products, which is a growth driver [1] - The production capacity utilization rate is at 80%, with a project to produce 13 million square meters annually currently under construction [1] Group 2: Rongzhi Rixin - Rongzhi Rixin's service revenue for 2024 is projected to be approximately 23 million, representing a 73% year-on-year increase [2] - The company is focusing on sectors such as electricity, metallurgy, petrochemicals, coal, cement, non-ferrous metals, rail transit, water services, thermal power, and ports [2] - Cash flow is expected to improve from a negative 70 million to a positive 70 million in 2024, maintaining a good status into 2025 [2] - The company has integrated DeepSeek and may connect with more advanced models in the future [2] Group 3: Jingrui Electric Materials - Jingrui Electric Materials expects an increase in gross margin in Q1 2025 due to expanded sales of key products and cost reduction efforts [3] - Revenue from photoresist is projected to be 198 million in 2024, a 27.61% increase year-on-year, benefiting from downstream recovery and domestic substitution [3] - Sales of high-purity sulfuric acid are expected to grow nearly twofold, with volume increasing nearly threefold [3] - The company plans to acquire 76.0951% of Hubei Jingrui's shares, which has been approved by the board and supervisory committee [3]

证券代码：603120 证券简称：肯特催化 公告编号：2025-011 肯特催化材料股份有限公司 2025年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 肯特催化材料股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十三号——化工》 有关规定和披露要求，现将 2025 年一季度主要经营数据披露如下： 三、主要原材料价格变动情况 注：上表中，水溶液产品的产量和销量全部折百计算；产量含自用量，销量 系对外销售量。 1 主要产品 2025 年 1-3 月产量 （吨） 2025年1-3月销 量（吨） 2025年1-3月销售金 额（万元） 季铵盐 3,788.66 3,116.59 7,123.06 季铵碱 670.74 636.48 4,282.48 季鏻盐 278.68 298.10 2,056.00 冠醚 23.77 7.99 276.43 其他 345.33 345.06 649.73 一、主要产品的产量、销量及收入实现情况 二、主要产品 ...

（一）主要产品价格变动情况 2024 年第四季度，公司主要产品的价格（不含税）详见下表： | 证券代码：603051 | 证券简称：鹿山新材 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：113668 | 债券简称：鹿山转债 | | 广州鹿山新材料股份有限公司 关于 2024 年第四季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将广州鹿山新材料股份有限公司（以下 简称"公司"）2024 年第四季度主要经营数据披露如下： 二、2024 年第四季度公司主要产品和原材料的价格变动情况 三、其他说明 （一）报告期内无其他对公司生产经营具有重大影响的事项。 （二）以上经营数据未经审计，为投资者及时了解公司生产经营情况之用， 也并未对公司未来经营情况作出任何明示或默示的预测或保证，敬请投资者审慎 使用。 特此公告。 广州鹿山新材料股份有限公司董事会 2025 年 ...

| 证券代码：603051 | 证券简称：鹿山新材 | 公告编号：2025-023 | | --- | --- | --- | | 债券代码：113668 | 债券简称：鹿山转债 | | 广州鹿山新材料股份有限公司 关于 2025 年第一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将广州鹿山新材料股份有限公司（以下 简称"公司"）2025 年第一季度主要经营数据披露如下： 二、2025 年第一季度公司主要产品和原材料的价格变动情况 | | 2024 年第一 | 2024 年第四 | 2025 年第一 | | | | --- | --- | --- | --- | --- | --- | | | 季度平均售 | 季度平均售 | 季度平均售 | 同比变动 | 环比变动比 | | 主要产品 | 价 | 价 | 价 | 比率（%） | 率（%） | | | （元/吨）/ | （元/吨）/ | （元/吨 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十三 号——化工》的相关要求，江阴江化微电子材料股份有限公司（以下简称"公司"） 现将 2025 年第一季度主要经营数据披露如下： 一、主要产品的产量、销量及收入实现情况（不含税）： 证券代码：603078 证券简称：江化微 公告编号：2025-020 江阴江化微电子材料股份有限公司 关于 2025 年第一季度主要经营数据的公告 | 主要产品 | 2025 1-3 | 年 | 月 | 年 月 2024 | 1-3 | 变动比例 | | --- | --- | --- | --- | --- | --- | --- | | | 平均售价（元/吨） | | | 平均售价（元/吨） | | （%） | | 超净高纯试剂 | | | 6,760.74 | | 6,401.21 | 5.62 | | 光刻胶配套试剂 | | | 10,544.84 | | 10,840.87 | -2.73 | 2、主要原材料的价格变动情况（ ...

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

证券代码：603725 证券简称：天安新材 公告编号：2025-020 广东天安新材料股份有限公司 2024 年度高分子复合饰面材料业务主要经营数据公告 本公告涉及的经营数据已经立信会计师事务所（特殊普通合伙）审计，并为 本公司出具了标准无保留意见的审计报告，详见公司 2025 年 4 月 17 日在上海证 券交易所网站（www.sse.com.cn）披露的公告。有关公司信息均以在指定信息披 露媒体披露的为准，提请广大投资者认真阅读并注意投资风险。 特此公告。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露第十 三号化工》、《关于做好主板上市公司 2024 年年度报告披露工作的通知》的要 求，广东天安新材料股份有限公司（以下简称"公司"）现将 2024 年度高分子 复合饰面材料业务的主要经营数据披露如下： 二、高分子复合饰面材料主要产品的价格变动情况（不含税） | 主要产品 | 2024 | 年平均售价 | 2023 年平均售价 | | 变动比率（%） | | ...