Core Viewpoint - The company is optimistic about the future of the radiation curing industry, driven by technological advancements, policy support, and market expansion opportunities [3][4]. Industry Outlook - Technological advancements in radiation curing, particularly in light curing technology, are expected to drive industry innovation, offering efficiency, cost-effectiveness, and environmental benefits [3]. - The market share of light curing technology in inks and coatings remains low, indicating significant future growth potential [3]. - National policies are supporting the upgrade of the industry by including high-end light initiators and new light curing materials in relevant guidance directories [3]. - The application of light initiators is expanding from traditional printing to high-tech industries such as optoelectronics, information and communication, and 3D printing [3]. Market Competition - The radiation curing industry is experiencing increased production capacity, leading to fierce competition and a supply-demand imbalance, particularly in 2024 [4]. - Major competitors in the light initiator sector include the company, IGM, Jiu Ri New Materials, Qiangli New Materials, and Gurin Technology, with expectations for increased industry concentration [4]. - The company maintains a stable market share due to its comprehensive product series and advanced production technology, despite short-term competition in the dye industry [4]. Company Strategies - The company is optimizing its organizational structure and governance to enhance operational efficiency and integrate its resources effectively [5]. - It is implementing an incentive mechanism linking employee income to production base revenue and profits, aiming to improve profitability [5]. - The company is adjusting its production lines to focus on high-demand products and increasing R&D investment in new products and technologies [5][6]. - It plans to enhance brand recognition and expand into overseas markets to increase its international presence [7]. Financial Performance - In Q1 2025, the company reported a main revenue of 232 million yuan, a year-on-year increase of 74.6%, and a net profit attributable to shareholders of 10.05 million yuan, up 174.81% [9]. - The company's gross profit margin stands at 17.96%, with a debt ratio of 46.42% [9].

Group 1: Industry Outlook - The radiation curing industry is experiencing technological advancements that enhance efficiency, cost-effectiveness, and environmental friendliness, with significant potential for growth in the UV LED light source market [2][3] - National policies are supporting industry upgrades by including high-end photoinitiators and new photopolymer materials in relevant guidance directories, which is expected to drive continuous transformation [3] - The application of photoinitiators is expanding from traditional printing to high-tech industries such as optoelectronics, information and communication, and 3D printing [3] Group 2: Market Competition - The photoinitiator market is currently facing oversupply and intense competition, with the overall market expected to be in a cyclical low in 2024, leading to a gradual balance between supply and demand for certain products [4] - Major competitors in the radiation curing industry include the company, IGM, Jiu Ri New Materials, Qiangli New Materials, and Gurin Technology, with an anticipated increase in industry concentration [4] - The company maintains a stable market share due to advanced production technology and high environmental standards, despite short-term disruptions in the pharmaceutical, pesticide, and dye industries [4] Group 3: Company Strategies - The company is optimizing its organizational structure to enhance governance and integrate resources across seven functional centers, aiming to create a capable team [5] - An incentive mechanism is being implemented to link employee income with revenue and profit from production bases, promoting efficiency and project management [5] - The company is adjusting production lines and focusing on new product development to capture advantageous market segments [5][6] Group 4: Research and Development - The company has invested in R&D, with expenses of 37.6 million, 40.8 million, and 40.4 million over the past three years, maintaining around 5% of revenue [6] - Future R&D efforts will focus on phosphorus-containing flame retardants, new photopolymer products, and pesticide intermediates, with plans to increase production capacity in 2025 [6] Group 5: International Market Expansion - The company's export revenue has been less than 20% of total revenue, with a slight increase expected in 2024 due to global economic conditions [6][7] - The company is actively expanding its overseas market presence through participation in international trade shows and strengthening relationships with distributors and end-users [7] Group 6: Future Development Goals - The company aims to solidify its market position while actively developing in the phosphorus fine chemicals sector, with a strategic goal of becoming a leading supplier of sulfur-phosphorus chemical new materials [7] - The 2025 operational plan includes enhancing strategic decision-making capabilities and focusing on key technological breakthroughs and resource integration [7]