Core Viewpoint - The company held a performance briefing for Q3 2025 on November 6, 2025, to address investor inquiries and provide updates on various projects [2][8]. Group 1: Project Updates - The Thailand production base for the 32,000-ton per year phosphate ester flame retardant project is currently in the civil construction phase, with plans for trial production in the first half of 2026 [3]. - The Guangzhou Entropy Energy Phase II project, with an annual capacity of 25,000 tons of impact-modified agents, has entered the equipment installation stage, aiming for trial production in the first half of 2026 [4]. - The Shandong Weifang project, with an annual capacity of 44,200 tons, has seen the first phase products enter trial production, although product quality is still undergoing adjustments and optimization [5]. Group 2: Shareholder and Incentive Information - The company approved a share repurchase plan on November 30, 2023, to buy back 16,913,437 shares for the purpose of implementing equity incentives or employee stock ownership plans [6]. - As of October 31, 2025, the number of shareholders stood at 23,353 [7].