Core Viewpoint - The company is focusing on the development of hydrogen energy and multi-functional alcohol projects despite current challenges in profitability and market conditions [2][4]. Group 1: Hydrogen Energy Development - The company has invested in hydrogen energy as a future industry, supported by government policies, and aims to transition from demonstration applications to commercial promotion in 2025 [2]. - As of the 2024 annual report, the company has completed the deployment of 103 hydrogen-powered vehicles, including 38 buses and 60 heavy trucks [2]. - The company has established a hydrogen refueling station with a capacity of 500 kg/d and is working on a green zero-carbon terminal in collaboration with the port group [2][4]. Group 2: Multi-functional Alcohol Project - The multi-functional alcohol project is currently under construction and is expected to reach operational status by the third quarter of 2025 [2]. - The project is reported to be progressing smoothly and is anticipated to meet design capacity requirements [2]. Group 3: Financial Performance and Market Conditions - The company's first-quarter performance in 2025 showed a significant decline compared to the previous year, primarily due to a substantial drop in product prices within the industry [2][4]. - The company has been actively managing its debt levels, resulting in a decreasing trend in the debt-to-asset ratio over the past five years [2]. - The company plans to conduct periodic maintenance in May 2025, which may impact second-quarter performance but is necessary for future project readiness [4]. Group 4: Shareholder Engagement and Market Strategy - The company acknowledges shareholder concerns regarding stock performance and is open to suggestions for improving market value management [3][4]. - The management emphasizes the importance of transparent communication regarding operational status and financial performance to maintain investor confidence [4].

Group 1: Project Updates - The 300,000 tons polyol project is currently under construction and is expected to reach operational status by Q3 2025 [1] - The company has completed the demonstration application of 103 hydrogen transport vehicles, including 38 buses, 60 heavy trucks, and 5 tractors [1] Group 2: Hydrogen Energy Investment - Hydrogen energy is considered a future industry supported by government policies; the company is cautiously investing in this sector [1] - Initial registered capital for the subsidiary Huachang Energy was 30 million yuan, with the company holding a 70% stake; a capital financing round in 2022 raised approximately 105 million yuan [2] Group 3: Hydrogen Station Operations - A hydrogen refueling station with a capacity of 500 kg/d has been built and is operational, supplying hydrogen at 25 yuan/kg [2] - The company is collaborating with the port group to establish a green zero-carbon hydrogen refueling station [2] Group 4: Financial Management - The company's asset-liability ratio has decreased due to improved management of receivables and inventory, alongside strong operating cash flow [2] - The company maintains a dividend policy of 3 yuan for every 10 shares, with future dividends dependent on operational performance [2] Group 5: Operational Challenges - Scheduled maintenance in Q2 is expected to impact performance, as it is part of annual cyclical maintenance and preparation for future projects [2] - The company is closely monitoring external factors, including tariff impacts, which complicate performance predictions for the year [2]