内容概况：随着经济快速发展和产业升级加速，消泡剂作为提升生产效率的关键助剂，凭借其显著的效 果、经济的使用成本和良好的原料相容性，正日益成为工业生产中不可或缺的组成部分。在石油天然气 开采、汽车制造、环保工程及新型合成材料等快速发展的领域，消泡剂的应用呈现爆发式增长。同时， 在城市化进程持续推进和基础设施不断完善的大背景下，涂料、造纸、建筑材料等传统工业领域对消泡 剂的需求也保持稳定增长。近年来，随着社会经济的发展和工业生产效率的提升，消泡剂的市场规模不 断扩大。据统计，中国消泡剂行业市场规模从2018年的47.5亿元增长至2024年的58.7亿元，年复合增长 率为3.59%。未来，消泡剂企业将加强研发，提高消泡剂产品质量，并积极适应消费者需求的变化，推 动消泡剂产业的持续健康发展。 相关上市企业：东岳硅材（300821）、合盛硅业（603260）、兴发集团（600141）、新化股份 （603867）、建业股份（603948）、安井食品（603345）、亚邦股份（603188）、三棵树（603737）、 东方雨虹（002271）、丽臣实业（001218）等。 相关企业：江苏四新科技应用研究所股份有限公司、深圳 ...

Financial Data and Key Metrics Changes - The company reported a 125% year-over-year increase in adjusted EBITDA, reaching $19.9 million, while gross profit increased by 1,349% to $20.5 million despite a top-line compression of $15.3 million or 7.9% [14][36] - For the fourth quarter, net sales from continuing operations were $40.7 million, slightly down from $41.2 million in the same quarter of 2023, with gross profit increasing to $7.3 million from a loss of $2.1 million [32][33] - The full-year net sales decreased to $177.9 million from $193.2 million in 2023, but gross profit rose significantly to $22.1 million from $1.5 million [36][37] Business Segment Data and Key Metrics Changes - In the tubular products segment, there was a year-over-year sales decline of $12.4 million, but segment-level gross profit increased by approximately $15 million due to cost management and product line optimization [16] - The specialty chemicals segment achieved its highest quarterly adjusted EBITDA since Q2 2022, driven by a 14% increase in gross margin despite moderate top-line compression [19][20] - Branded product sales in the specialty chemicals segment recorded a double-digit year-over-year increase, primarily driven by efforts in the oil and gas market [22] Market Data and Key Metrics Changes - The total addressable market for the specialty chemicals segment is over $9 billion, with a specific focus on branded products that offer faster cycle times and predictable demand [20] - The company noted a stronger order backlog in the tubular segment than it has seen in four years, indicating improving market dynamics [17] Company Strategy and Development Direction - The company plans to maximize the value of its assets in the tubular product segment while investing in profitable growth in the specialty chemicals segment [7][8] - There is a focus on organic growth within existing product portfolios and underutilized capabilities, with a commitment to high-potential strategic initiatives [25][24] - The company has expanded its stock repurchase program, allowing for the acquisition of up to an additional one million shares over the next 24 months [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's foundation and its ability to drive growth while maintaining operational excellence [8][10] - The outlook for top-line growth is more optimistic for the second half of 2025, with expectations of market share gains rather than market-driven growth [44] - Management highlighted the importance of domestic sourcing and supply chain optimization as a competitive advantage [57][58] Other Important Information - The company remains debt-free with $16 million in cash and $47 million available on its revolving credit facility, positioning it well for future investments [39] - A total of 101,263 shares were repurchased for approximately $1 million during the year [40] Q&A Session Summary Question: Where do you see top-line growth starting? - Management indicated that top-line growth is expected more in the second half of 2025, with any uptick likely due to market share gains rather than market recovery [44] Question: What contributed to the growth in cash from Q3 to Q4? - The increase in cash was primarily driven by optimizing idle inventory and improved cash conversion cycles [48][49] Question: Any updates on underutilized assets? - Management confirmed the sale of a smaller warehouse and mentioned ongoing efforts to find a permanent solution for other underutilized assets [52] Question: How is the new cleaning portfolio being accepted? - The reception was positive, with new opportunities being pursued following the launch at a cleaning conference [55] Question: Is there potential for further margin improvement in chemicals? - Management believes there is potential for ongoing margin improvement as branded product sales increase, although significant price increases are not anticipated for 2025 [61] Question: Is the share repurchase plan feasible? - Management stated that the plan provides optionality and is contingent on market conditions and share price [64] Question: Where do you see the company a year from now? - Management emphasized a pivot to growth, focusing on filling underutilized assets with high-value applications [68]