Investor Day 2025 TM Transform. Innovate. Accelerate. 2025 INVESTOR DAY 1 Welcome and Opening Remarks Ann Giancristoforo Vice President, Investor Relations 2 2 2025 INVESTOR DAY 2025 INVESTOR DAY Forward looking statements On January 15, 2025, DuPont de Nemours, Inc. ("DuPont", or after the completion of the Intended Electronics Separation, "New DuPont") announced it is targeting November 1, 2025 to complete the intended separation of its Electronics business (the "Intended Electronics Separation") by way o ...

Core Viewpoint - The global chemical industry has not yet seen a recovery due to external environmental factors and industry cycle adjustments, as evidenced by Lanxess's disappointing Q2 2025 financial results [1][2]. Financial Performance - Lanxess reported Q2 sales of €1.47 billion (approximately ¥12.3 billion), a year-on-year decline of 12.6% [1]. - The company's EBITDA for the same period was €150 million, down 17.1% from €181 million in the previous year [1]. Business Segment Performance - The Consumer Protection segment's sales were €489 million, a decrease of 12.8% year-on-year [1]. - The Special Additives segment reported sales of €528 million, down 7.0% [1]. - The High-Quality Intermediates segment's sales fell to €446 million from €478 million in the same period last year [1]. Market Outlook - Lanxess's CEO highlighted the significant deterioration of the economic environment and ongoing tariff negotiations with the U.S., which have increased market uncertainty in the European chemical industry [2]. - Despite the current downturn, Lanxess views the Chinese market as a key driver for future growth, noting that China accounts for 40% of global chemical demand [2][4]. Strategic Adjustments - The company is restructuring its global production network, including the early closure of its hexane oxidation facility in Germany and plans to streamline its aromatic chemicals plant network [3]. - These measures are expected to yield annual permanent cost savings of €50 million starting from the end of 2027 [4]. Focus on China - Lanxess aims to expand its product offerings in China, despite existing supply-demand imbalances, due to the rapid development of the market [4]. - The company is optimistic about opportunities in sectors such as photovoltaic energy and automation, which are expected to drive growth [4][5].

Core Viewpoint - Zhangguang Co., Ltd. (301092.SZ) experienced a stock price decline of 5.45%, closing at 31.94 yuan, indicating that the stock is currently in a state of underperformance [1] Group 1: Company Overview - Zhangguang Co., Ltd. was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 2, 2021, with a total issuance of 33.33334 million shares, accounting for 25.00% of the post-issue total share capital [1] - The initial public offering (IPO) price was set at 36.31 yuan per share, with Guosen Securities Co., Ltd. serving as the sponsor [1] Group 2: Fundraising and Financials - The total amount raised from the IPO was 1.21 billion yuan, with a net amount of 1.10 billion yuan, exceeding the original fundraising plan by 723 million yuan [1] - The funds raised are intended for several projects, including a production line for 15,000 tons of food-grade resin, a technical upgrade for a 2,300-ton macroporous adsorption resin project, automation upgrades, and the establishment of a research center for ion exchange resin technology [1] - The total issuance costs for the IPO were 110 million yuan, with Guosen Securities receiving 86.723 million yuan as sponsorship and underwriting fees [1]

Core Viewpoint - The article highlights the historical significance and development of Yibin Tianyuan Group, emphasizing its role in China's chlor-alkali industry and its commitment to national industrialization and innovation [1][4][28]. Group 1: Historical Background - Yibin Tianyuan's origins trace back to the patriotic efforts of its founder, Wu Yunchu, who aimed to establish a self-sufficient chemical industry in China during the 1920s [4][7]. - The company was established as a response to the reliance on imported chemical products, particularly during the resistance against Japanese goods [4][7]. - The establishment of the first chlor-alkali plant in China marked a significant milestone in breaking foreign monopolies and fostering domestic industrial capabilities [7][8]. Group 2: Development and Achievements - Yibin Tianyuan successfully launched its "Tianchu" brand of MSG, which gained popularity due to its quality and affordability, competing directly with Japanese products [7][8]. - The company has achieved numerous technological milestones, including being the first in China to develop various chemical production methods and processes, contributing to its recognition as a national high-tech enterprise [12][21]. - The company has over 800 patents and has established a strategic focus on green and sustainable development, aligning with national goals for low-carbon growth [12][21][28]. Group 3: Resilience and Adaptation - During the Sino-Japanese War, Yibin Tianyuan demonstrated resilience by relocating its operations to ensure continuity and support for the war effort [15][24]. - The company has evolved from traditional chemical production to embracing new materials and renewable energy sectors, reflecting its adaptability to changing market demands [21][27]. - The spirit of innovation and self-reliance continues to drive the company's growth, as it aims to establish a comprehensive industrial chain that includes lithium and other advanced materials [27][28].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 2.554 billion yuan in 2024, a year-on-year increase of 2.6%, and a net profit attributable to the parent company of 787 million yuan, up 9.8% year-on-year [1]. - The revenue from the lithium extraction project significantly declined, impacting the overall performance of the system equipment segment, while the adsorption materials business showed robust growth [2][3]. - The life sciences segment is expected to continue its growth trajectory, driven by the demand for high-quality solid-phase synthesis carriers and the performance of GLP-1 peptide drugs [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 662 million yuan, down 27.4% year-on-year, but up 10.89% quarter-on-quarter, with a net profit of 191 million yuan, down 4.0% year-on-year [1]. - For Q1 2025, the company reported a revenue of 577 million yuan, a decrease of 8.6% year-on-year and 12.91% quarter-on-quarter, while the net profit was 193 million yuan, an increase of 14.2% year-on-year [1]. Business Segments - The adsorption materials business generated 1.986 billion yuan in revenue, up 27.61% year-on-year, while the system equipment segment saw a revenue decline of 43.13% to 469 million yuan [2]. - The revenue from the lithium extraction system equipment was only 99 million yuan in 2024, a dramatic drop of 80.96% compared to 520 million yuan in 2023 [2]. Growth Areas - The life sciences segment's revenue reached 568 million yuan in 2024, reflecting a growth of 28% [3]. - The ultra-pure water segment achieved significant breakthroughs, with substantial orders from key semiconductor companies, indicating a growing market presence [3]. Profitability Forecast - The net profit forecasts for 2025-2027 are adjusted to 1.127 billion yuan, 1.463 billion yuan, and 1.706 billion yuan, respectively, maintaining the "Buy" rating [3].

Fundraising Overview - Zhejiang Zhangguang Industrial Co., Ltd. successfully raised a total of RMB 121,033.34 million through its initial public offering, with a net amount of RMB 109,997.56 million after deducting issuance costs [1][3] - The company issued 33,333,334 shares at a price of RMB 36.31 per share, and the funds were fully received by October 25, 2021 [1][3] Investment Projects - The raised funds are allocated to two main projects: 1. A production line for 15,000 tons of food-grade resin and intelligent warehouse technology renovation, with a total investment of RMB 37,692 million [2][3] 2. The establishment of an ion exchange resin technology research and development center at Ningbo Zhangguang Resin Co., Ltd. [3] Management of Raised Funds - The company has established special accounts in various banks to manage the raised funds, ensuring compliance with regulatory requirements and protecting investor interests [4][5] - The funds are stored in dedicated accounts for specific projects, including the food-grade resin production line and the ion exchange resin R&D center [4][5] Use of Excess Funds - The company has excess raised funds amounting to RMB 72,305.56 million, which will be used to permanently supplement working capital and invest in functional high polymer new materials projects [3][4] Account Closure - The company has completed the closure of certain fundraising special accounts related to the factory automation upgrade project, as the funds have been fully utilized [5]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The company has traditional advantages in the nuclear power field and has launched import - substitution products in cooperation with relevant national nuclear technology authorities, which have entered into practical application. It is also carrying out R & D and promotion in the battery recycling and solar polysilicon fields [21]. - The company aims to gain more market share in the mid - high - end water treatment market, as there is a large space for import substitution in high - value - added products for condensate water treatment [21]. - The completion of the company's fundraising projects will enhance its core competitiveness, reduce labor costs, increase production efficiency, and meet market demand [22]. - The company's Jingmen production base focuses on new energy, environmental protection, and biomedicine fields, and is expected to start trial production by the end of 2025 and reach the intended use state by the end of April 2026 [22]. - According to the 2024 annual profit distribution plan, the company plans to distribute a cash dividend of 2.60 yuan per 10 shares (tax - included) to all shareholders, and future dividend plans will be determined based on specific circumstances [22][23]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhengguang Co., Ltd., belonging to the chemical products industry. The reception time was May 15, 2025. The listed company's reception personnel included the deputy general manager, board secretary, financial director Wu Yafei, and the securities affairs representative Che Cheng [16]. 3.2. Detailed Research Institutions - The research institutions include Huian Fund (represented by Wang Minglu), Huihong Asset (represented by Zhang Li), Nuoyan Fund (represented by Zhou Xiaoqi), CITIC Securities (represented by Sun Chenxing), PICC Asset (represented by Tian Lei), Guotai Haitong (represented by Wang Ruijian), and CICC (represented by Ye Endong) [17]. 3.3. Research Institutions Proportion There is no information about the research institutions proportion in the provided content. 3.4. Main Content Data - **Company Introduction**: The board secretary introduced the company's basic and operating conditions, as well as industry and product information [21]. - **New Energy Progress**: The company has advantages in the nuclear power field, and is also involved in battery recycling and solar polysilicon R & D [21]. - **Mid - High - End Water Treatment Market Goals**: The company aims to gain more share in this market, with large import substitution space for condensate water treatment resin [21]. - **Fundraising Project Completion**: As of the end of 2024, some projects have been completed, which will enhance the company's competitiveness [22]. - **Jingmen Production Base**: Focuses on new energy, environmental protection, and biomedicine, expected to start trial production by the end of 2025 and reach normal operation by April 2026 [22]. - **Dividend Situation**: Plans to distribute a cash dividend of 2.60 yuan per 10 shares in 2024, and future dividends will be determined according to circumstances [22][23].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear power, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor industry, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - In the biopharmaceutical sector, ion exchange resins are widely utilized for the separation and purification of various biological drugs, including antibiotics and traditional Chinese medicine components, due to their high efficiency and product purity [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for cleaning and processing electronic components, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are extensively applied in the extraction and purification of a wide range of biopharmaceuticals, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is also highlighted for its significant production capabilities in ion exchange and adsorption resins, with ongoing investments in new projects to enhance its production capacity [4].

Investment Rating - The report maintains a rating of "Increase" for the industry, indicating a positive outlook for investment opportunities in the sector [6]. Core Insights - The demand for ion exchange resins is expanding across various sectors, including semiconductors, nuclear industry, and pharmaceuticals, with a particular focus on leading companies like Bluestar Technology and ZG Co [4][5]. - In the semiconductor sector, ion exchange resins are crucial for producing ultra-pure water, which is essential for the manufacturing of electronic components. The production of a single integrated circuit requires approximately 3 to 5 liters of ultra-pure water, with a 6-inch wafer consuming about 1.2 tons [1]. - In the nuclear industry, ion exchange resins are used in the water treatment systems of reactors, ensuring the provision of high-quality ultra-pure water, which is vital for the stable operation of steam generators [2]. - The pharmaceutical sector utilizes ion exchange resins for the separation and purification of various biopharmaceuticals, including antibiotics and traditional Chinese medicine components, due to their high purity and operational efficiency [3]. Summary by Sections Semiconductor Industry - Ion exchange resins are primarily used in ultra-pure water production for semiconductor manufacturing, with stringent quality requirements as technology advances [1]. Nuclear Industry - The use of nuclear-grade ion exchange resins in reactor water treatment systems is critical for maintaining operational efficiency and reducing fouling in steam generators [2]. Pharmaceutical Industry - Ion exchange and adsorption resins are widely applied in the pharmaceutical industry for the extraction and purification of various drugs, benefiting from their simple operation and high product purity [3]. Company Focus - Bluestar Technology is recognized as a leading domestic player in the adsorption separation materials and technology sector, with a current production capacity of 50,000 tons per year and plans for expansion [4]. - ZG Co is actively investing in the ion exchange and adsorption resin field, with a designed production capacity of 19,750 tons and plans for a new project in Hubei with a total investment of 1 billion RMB [4].

Group 1: Company Overview - The company specializes in nuclear power applications and has established collaborations with national nuclear technology authorities to enhance product offerings [2][3] - The company is actively involved in battery recycling, extracting valuable metals such as manganese, cobalt, and nickel from production waste [3] Group 2: Market Goals - The company aims to capture a larger share of the mid-to-high-end water treatment market, focusing on high-parameter, high-capacity power plants [3] - Condensate water treatment accounts for over 90% of boiler feed water, making its quality critical for safe power plant operations [3] Group 3: Investment Projects - As of the end of 2024, several projects have been completed, including the ion exchange resin technology R&D center and automation upgrades [3] - The annual production line for food-grade resin, capable of processing 15,000 tons, was completed by the end of 2023 [3] - The large-pore adsorption resin technology upgrade project, with a capacity of 2,300 tons, was completed by the end of 2022 [3] Group 4: Production Base Development - The Jingmen production base will focus on applications in new energy, environmental protection, and biomedicine, complementing the Ningbo production capacity [4] - The Jingmen project is expected to begin trial production by the end of 2025 and reach operational status by April 2026 [4] Group 5: Dividend Policy - The company plans to distribute a cash dividend of 2.60 yuan (including tax) for every 10 shares based on the 2024 profit distribution plan, with no stock dividends or capital reserve conversions [4]