Group 1: Sales Performance - In 2024, the company's HIPS product sales reached 93,190.28 tons, a 48.45% increase from 2023, driven by government policies stimulating demand in the home appliance and electronics sectors [1] - Factory customers generated revenue of 89,502.44 million yuan in 2024, accounting for 40.51% of total revenue, with a growth of 5.44% compared to 2023 [1] Group 2: Product Applications - The company produces GPPS and HIPS, with GPPS focusing on traditional markets and high-end applications like optical displays and lighting [2] - In 2024, HIPS was primarily used in home appliances, medical supplies, and daily necessities, with new high-gloss HIPS products being validated by major appliance manufacturers [2] Group 3: Financial Performance - In 2024, the company reported an operating income of 2.209 billion yuan and a net profit of 53.24 million yuan [3] - In Q1 2025, the company achieved an operating income of 538 million yuan, a 20.46% year-on-year increase, with net profit reaching 21.61 million yuan, a 532.49% increase after excluding non-recurring items [3] Group 4: Inventory Strategy - The company follows a "high turnover, low inventory, production-sales linkage" strategy, leading to increased inventory in Q1 2025 due to fluctuating order demands and supply chain management needs [4] Group 5: Project Development - In early 2025, the company successfully acquired 20.24 million square meters of industrial land for its integrated polystyrene new materials project, aiming to enhance supply chain stability and expand product offerings [5]