Core Viewpoint - The company, Jia Yi Co., Ltd. (301004), is actively responding to changes in trade policies and is focused on maintaining stable operations amid fluctuating tariffs and market conditions [1][2]. Group 1: Trade Policy Impact - The recent reduction of tariffs from 145% to 30% by the U.S. on Chinese goods is being closely monitored by the company to adapt its business strategies accordingly [1]. - The company is evaluating the potential for importing U.S. steel into Vietnam for production, which could help mitigate tariff impacts [1]. Group 2: Financial Performance and Share Buyback - The company announced a share buyback plan with a total amount ranging from 80 million to 600 million yuan, which is not expected to significantly impact its financial operations [2]. - As of December 31, 2024, the company's total assets were 2.84 billion yuan, with a net asset value of 1.96 billion yuan, indicating a healthy financial position [1]. Group 3: Production Capacity and Expansion - The company is in the planning phase for its second factory in Vietnam, with an investment of 28 million USD, but specific capacity details are yet to be finalized [3]. - Current production operations are reported to be normal, with no disruptions noted in April [7]. Group 4: Market Trends and Product Development - The company is experiencing a positive outlook in the insulated cup market, driven by evolving consumer preferences and increased marketing efforts by leading brands [8]. - In 2024, the company invested 92.36 million yuan in R&D, reflecting a year-on-year increase of 37.85%, indicating a commitment to innovation [6]. Group 5: Financial Metrics and Projections - For Q1 2025, the company reported a revenue of 720 million yuan, a year-on-year increase of 66.52%, and a net profit of 152 million yuan, up 41.26% [9]. - The company’s debt ratio stands at 27.86%, with a gross profit margin of 33.89% [9].

Group 1: Company Financials and Shareholder Returns - The company plans to repurchase shares with a total amount ranging from 80 million to 160 million CNY, which would represent 5.64% of total assets, 8.14% of net assets, and 8.77% of current assets as of December 31, 2024 [3][4]. - The company has distributed a total of 673.6 million CNY in dividends and has conducted a 10-for-4 stock bonus, raising concerns about the impact on financial operations under full production [6][8]. Group 2: Market and Production Insights - The company is closely monitoring the impact of the U.S. tariffs, which have been reduced from 145% to 30%, and is prepared to adjust strategies accordingly to ensure stable business operations [3][10]. - The company is investing 28 million USD in its second factory in Vietnam, with production capacity still under planning [5]. Group 3: Research and Development - In 2024, the company invested 92.36 million CNY in R&D, marking a year-on-year increase of 37.85%, focusing on new products and processes [8]. Group 4: International Market Strategy - The company is enhancing its strategic collaboration with key customers and is expanding its market presence to mitigate potential trade risks, including establishing a production base in Vietnam to diversify supply chains [10].