Core Insights - The company, Huitian New Materials, reported a steady growth in its main adhesive products, with sales reaching approximately 160,000 tons, a year-on-year increase of 25.56% [1] - For the first half of 2025, the company achieved operating revenue of 2.168 billion yuan, a year-on-year growth of 7.72%, and a net profit attributable to shareholders of 143 million yuan, up 4.18% year-on-year [1] Group 1: Business Performance - The company has successfully increased its market share and customer base in key business areas despite challenging external conditions [1] - Revenue from lithium battery adhesives doubled year-on-year, with sales in the transportation sector reaching approximately 650 million yuan, a growth of about 34% [1] - The electronic and electrical business saw a sales volume increase of approximately 29%, while packaging adhesives revenue grew by 15% with improved gross margins [1] Group 2: Product Development and Innovation - The company is focusing on new product development in high-growth areas, including automotive electronics and lithium battery adhesives, with significant collaborations established with leading global automotive parts manufacturers [1][2] - Research and development expenses amounted to approximately 85.22 million yuan, a year-on-year increase of 17.39%, with 22 new key R&D projects initiated [2] - The company has obtained 6 new invention patents and filed 11 new applications, indicating a continuous increase in new product sales revenue [2] Group 3: Financial Stability - As of June 30, 2025, the company's debt-to-asset ratio was 54.19%, a decrease of 1.97 percentage points from the end of 2024 [3] - The EBITDA interest coverage ratio improved to 6.55 times, up from 5.72 times at the end of 2024, reflecting a solid financial foundation [3]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company faced a loss in Q4 2024 due to the involution in the photovoltaic industry, price declines in the industrial chain, and the impact of foreign trade on the photovoltaic business's gross profit margin, along with an impairment provision of about 39.92 million yuan for photovoltaic backsheet assets [24]. - The company is working on improving its market - value management, including promoting its business highlights and investment value, interacting with institutional investors, and optimizing its internal control system [25]. - The company is seeking new performance breakthroughs by stabilizing and increasing market share in major business areas and exploring new products in high - growth tracks such as automotive electronics, lithium - battery negative electrode glue, and consumer electronics [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huitian New Materials [17]. - Industry: Chemical products [17]. - Reception time: June 12, 2025 [17]. - Company reception staff: Board Secretary Zhang Hongjian, Financial Controller Shi Changyin, and Securities Affairs Representative Zhang Yan [17]. 3.2. Detailed Research Institutions - Reception object type: Investor online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Financial and Stock - related Questions** - The company clarified that the description of annual Q4 losses was inaccurate, and the 2024 Q4 loss was due to the photovoltaic industry situation [24]. - The company emphasized that it values the capital - market performance and is taking measures to improve market - value management [25]. - Stock price fluctuations are affected by multiple external factors, and the company is working to reflect its enterprise value through compliance means [26]. - **Business Goal and Performance Questions** - The company stated that its business goals and performance should be based on official announcements [26]. - The company is aiming to break through in performance by expanding market share in major fields and exploring new products in high - growth tracks [27]. - **New Business and Product Questions** - The company is making new product layouts in automotive electronics, lithium - battery negative electrode glue, consumer electronics, and photovoltaic fields [27]. - In emerging technology fields like low - altitude economy and AI, the company's products are in the initial layout stage and have not achieved stable mass supply [28]. - **Other Questions** - Regarding the fifth - phase equity incentive, the company asked investors to follow its information disclosure [29]. - The company's photovoltaic business maintained growth during the industry involution, with measures to enhance product competitiveness [29]. - For the 2025 semi - annual report performance, the company asked investors to follow the subsequent disclosure [29]. - The Jun'an Huitian Fund has completed filing and is promoting relevant projects related to the Huitian industry [29].