Core Viewpoint - Company has decided to terminate a planned 10 billion yuan new energy project after two years of planning and will instead invest 1 billion yuan to enhance its new materials business [1][6]. Group 1: New Materials Investment - Company announced the establishment of a wholly-owned subsidiary, Guangdong Plit New Materials Co., Ltd., with a total investment of 1 billion yuan for the construction of a plastic modification materials headquarters and R&D manufacturing base in South China, expected to have an annual production capacity of 400,000 tons [1][3]. - The project will be developed in two phases, with the first phase focusing on automotive-grade modified plastics and the second phase targeting low-altitude economy and humanoid robot applications [3][4]. - Current production capacity is at full utilization, with a design capacity of 480,000 tons per year and a utilization rate of 99.89% [5]. Group 2: Termination of New Energy Project - Company has decided to terminate the planned 30GWh sodium-ion and lithium-ion battery production base project in Liuyang, Hunan, due to changes in the macro environment of the new energy industry [6][8]. - The project was initially announced with a total investment of 10.2 billion yuan, but no substantial construction had commenced as of the announcement date [6][7]. - The company's new energy business has faced challenges, with a significant drop in gross margin from 18.24% in 2023 to 2.69% in 2024, while the gross margin for modified plastics was 18.64% [6][7]. Group 3: Financial Overview - As of the end of the first quarter, the company's cash balance was only 778 million yuan, raising concerns about funding for new investments [1][8]. - Despite a decline in revenue by 4.54% to 8.314 billion yuan in 2024 and a nearly 70% drop in net profit to 141 million yuan, the company anticipates a recovery in its new energy business by 2025 [7][8]. - The company has raised 1.079 billion yuan through a private placement in 2023, increasing its cash balance from 379 million yuan at the end of 2022 to 1.437 billion yuan at the end of 2023 [8].

Core Viewpoint - The article highlights the opening ceremony of Jiangxi Juzhen Technology Development Co., Ltd., a leading company in the modified polyphenylene sulfide (PPS) sector, showcasing its expansion and growth plans in response to increasing global demand in various industries, particularly in new energy vehicles and electronics. Group 1: Company Expansion and Production Capacity - Juzhen Technology's new factory in the Chating Economic Development Zone has increased its modified PPS annual production capacity from 10,000 tons to 50,000 tons, aiming for an export revenue target of $5 million by 2025 [1][4] - The company achieved nearly 100 million yuan in revenue in 2024, with an average growth rate of 86.35% over the past three years, successfully covering markets in Europe and Southeast Asia [1] Group 2: Strategic Partnerships and Collaborations - The company established a partnership with East China University of Science and Technology and North University to create a collaborative platform for industry and academia [4][6][8] - A job and off-campus internship base was set up in collaboration with North University, enhancing the company's talent acquisition and training capabilities [6] - A forum themed "Technology Drives Innovation" was held, featuring discussions on equipment and process advancements, industry-academia cooperation, and patent strategies, with participation from over 200 representatives from various enterprises and research institutions [9][11]