Group 1 - The company's photovoltaic POE film masterbatch revenue is expected to increase by 446% year-on-year in Q3 2025, with a gross margin of 42% [2] - The new Chuzhou project, with a capacity of 50,000 tons, is anticipated to commence production in Q1 2026, which will enhance the proportion of the photovoltaic business in total revenue [2] - The company's main products include color masterbatches, white masterbatches, black masterbatches, and functional masterbatches, which are widely used in various plastic products across multiple industries [2] Group 2 - The company is currently in the construction phase of the Chuzhou subsidiary investment project, which will adopt a customized order production model upon completion [2] - The company acknowledges potential risks such as intensified industry competition, fluctuations in raw material prices, and lower-than-expected market demand [2]

Core Viewpoint - The company held its annual performance briefing for 2024, showcasing strong investor engagement with a 100% response rate to questions raised during the event [1] Group 1: Financial Performance - The company reported a 9.28% increase in revenue for 2024, while profit decreased by 1.41% due to increased investments in market expansion and product development [6] - In Q1 2025, the company recorded revenue of 10,695.11 million, a decrease of 6.46% year-on-year, but net profit increased by 26.81% [8][13] Group 2: Production and Capacity Expansion - The construction of the Chuzhou subsidiary factory began in November 2023, with completion expected by the end of December 2024 and production to start by June 2026 [2] - The company aims to establish a production model centered around its Ningbo headquarters, with multiple production bases in Ningbo, Zhongshan, and Chuzhou [2] Group 3: Research and Development - The company invested 1,978.03 million in R&D in 2024, accounting for 4.01% of revenue, and has 16 ongoing R&D projects [6] - The company has launched new products, including carbon-neutral masterbatches, and is focusing on innovative and differentiated products to capture market opportunities [6][9] Group 4: Market Position and Strategy - The company is recognized as a leading supplier in the plastic masterbatch industry, with its brand "Mingzhou" acknowledged as a famous trademark in Zhejiang province [7] - The company emphasizes quality management, technological innovation, and talent development to maintain its competitive edge and achieve sustainable growth [6][9] Group 5: Industry Outlook - The plastic masterbatch industry is expected to grow alongside the plastic processing industry in China, with significant development potential driven by trends towards functionalization, lightweighting, and sustainability [9]