Financial Performance - In 2024, the company achieved operating revenue of 1,606.32 million yuan, a year-on-year increase of 1.45% [2] - The net profit attributable to the parent company was 349.68 million yuan, a decrease of 29.07% compared to the previous year [2] - Earnings per share were 0.73 yuan, down 30.48% year-on-year, primarily due to a decline in gross profit from high polymer products [3] - In Q1 2025, operating revenue was 324.86 million yuan, a decrease of 17.69% year-on-year [3] - The net profit attributable to the parent company for Q1 2025 was 80.42 million yuan, down 33.75% year-on-year, with earnings per share at 0.17 yuan, a decrease of 32.00% [3] Product Applications - PVP is used in the new energy sector as a dispersant for carbon nanotubes and in solid-state batteries for material dispersion and interface optimization [3] - In 2024, the expected shipment volume for new energy applications is over 3,000 tons, with a projected increase in 2025 [3] - PVP's application in electronic skin focuses on material modification and conductive network construction, with no large-scale shipments currently [4] Pricing and Market Impact - PVP prices have significantly decreased compared to the previous two years and are currently stabilizing [4] - The company anticipates an increase in average product prices as the proportion of high-end products rises [4] - Approximately 50% of PVP exports are to Europe, the Middle East, Southeast Asia, and India, with exports to the U.S. accounting for only 3%-5% [5] Product Overview - Euriz is a copolymer of vinyl ether/maleic anhydride, known for its linear molecular structure and good chemical stability [5] - In 2024, Euriz sales are expected to reach about 1,500 tons, with approximately 90% for export and a high unit price [5] - The estimated shipment volume for Euriz in 2025 is over 2,000 tons, with a gross profit margin of 60-70% [5]

Core Viewpoint - The company has reported its annual financial results, highlighting its main business areas in fine chemicals and precision medicine, along with a proposed cash dividend distribution to shareholders [1][25]. Company Overview - The company specializes in fine chemicals and precision medicine, being the first in China to focus on the production, research, and sales of PVP series products and PVME/MA series products [5][25]. - The main products include PVP, which is widely used in pharmaceuticals, food processing, cosmetics, new energy, environmental water treatment, and other industrial fields [6][20]. Financial Highlights - The company has proposed a cash dividend of 2.5 yuan per 10 shares (including tax) based on a total of 484,700,005 shares, with no stock bonus [4][31]. - The company has undergone a change in its auditing firm to Zhongqin Wanxin Certified Public Accountants [3]. Business Applications - PVP products are utilized in various sectors: - **Pharmaceuticals**: Used as binders, stabilizers, and release agents in drug formulations [6][7]. - **Food Processing**: Acts as a clarifying agent and stabilizer [8][9]. - **Cosmetics**: Functions as a thickening agent and moisture-retaining agent [10][11]. - **New Energy**: Serves as a dispersant in lithium batteries and enhances photovoltaic cell efficiency [12][13]. - **Environmental Treatment**: Used in membrane materials and as inhibitors in gas transportation [14][15]. - **Other Industries**: Improves the performance of coatings, inks, textiles, and paper [16][18][19]. Strategic Developments - The company has approved investments in two entities, increasing its stake in Huadao Biological and Zhongqi Huiyun Technology [29]. - The company is focusing on expanding its precision medicine services, leveraging its technology in equipment, reagents, and medical services [24].

Group 1: Company Overview - The company primarily operates in fine chemicals and precision medical businesses, with fine chemicals accounting for approximately 90% of its operations, while precision medical business remains relatively small [2]. - The 2024 performance data is still under audit, with the official report expected in April 2025 [2]. Group 2: PVP Production and Pricing - PVP production capacity is limited to 20,000 tons per year due to constraints from downstream polymerization capabilities [3]. - The average price of PVP products has adjusted year-on-year due to market conditions, with industrial-grade PVP experiencing significant price fluctuations, stabilizing before the third quarter [3]. Group 3: PVP in New Energy Sector - In 2024, the company sold over 3,000 tons of PVP in the new energy sector, with expectations for growth in 2025 based on future orders [3]. Group 4: Eurysia Product Insights - Eurysia, a copolymer of vinyl ether/maleic anhydride, is expected to see sales of approximately 1,500 tons in 2024, with a high unit price and a gross margin of 60-70% [3]. - An increase in shipment volume is anticipated for 2025 [3]. Group 5: Export and Market Distribution - Approximately 50% of PVP products are exported, with Europe, the Middle East, and South Asia as primary markets; the U.S. market accounts for only 3-5% [3]. Group 6: Future Development Plans - The chemical sector aims to optimize product structure and increase the proportion of high-end products, with new PVP polymerization capacity being developed to match upstream NVP capacity [4]. - The medical sector will focus on enhancing existing product technology and deepening collaborations with innovative drug companies to tap into the potential of precision medical business [4].