Core Viewpoint - The company reported a significant increase in "other main revenue" for the first half of 2025, indicating strong growth in new product categories and market segments [1] Group 1 - The "other main revenue" for the first half of 2025 reached 1.138 billion, representing a year-on-year growth of 46.97% [1] - The revenue growth is attributed to new product lines including non-woven fabrics, Hongshi emulsion, silk nanomembrane, pipe industry products, and adhesives [1] - The company emphasized the resilience of growth in new categories and market segments, supported by brand and channel synergies [1]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 13.569 billion CNY, with a net profit attributable to shareholders of 564 million CNY, showing a decline compared to the same period last year [2] - The second quarter showed significant improvement, with a notable reduction in the year-on-year decline in revenue compared to the first quarter [2][3] - Overseas revenue grew by over 40% in the first half of 2025, alleviating some pressure on overall revenue [2] Profitability Metrics - The gross margin for the second quarter was 26.71%, reflecting a 3% increase from the first quarter, driven by improved revenue scale and stable pricing [3] - The company’s retail business segment experienced growth, positively impacting the overall gross margin [3] Cash Flow and Operational Quality - The net cash flow from operating activities increased by 70.18% year-on-year in the first half of 2025, with the second quarter's cash flow exceeding the net profit for the period [4] - The company has successfully transitioned from a direct sales model to a retail and engineering channel model, with revenue from these channels reaching 11.406 billion CNY, accounting for 84.06% of total revenue [4] Cost Management - The company has implemented cost control measures, resulting in a decrease in sales and management expenses compared to the previous year [8] - Organizational restructuring and optimization have led to improved management efficiency and reduced personnel costs [8] New Revenue Streams - Other main revenue, including non-woven fabrics and new product categories, reached 1.138 billion CNY, a year-on-year increase of 46.97% [9] - The sand powder business achieved sales of 5.57 million tons, with revenue of 1.996 billion CNY, despite a slight decline in average price due to product mix changes [10] Strategic Acquisitions and International Expansion - The acquisition of Construmart in Chile is underway, aimed at leveraging local market channels to enhance competitiveness and profitability [11] - The company’s overseas business generated 576 million CNY in revenue, a year-on-year increase of 42.16%, indicating the effectiveness of its overseas strategy [12] Dividend Policy - The company plans to implement a mid-term cash dividend, reflecting confidence in its operational performance and commitment to shareholder returns [13][14] - The cash dividend will not impact the company’s operational funding needs, as the business model has shifted to reduce working capital requirements [14][15]

客服产品系列•日评 国新国证期货早报 2025 年 6 月 4 日 星期三 品种观点： 【股指期货】 周二（6 月 3 日）A 股三大指数集体小幅上扬，截止收盘，沪指涨 0.43%，收报 3361.98 点； 深证成指涨 0.16%，收报 10057.17 点；创业板指涨 0.48%，收报 2002.70 点。沪深两市成交额达到 11414 亿，较 上周五放量 22 亿。 沪深 300 指数 6 月 3 日震荡趋强，收盘 3852.01，环比上涨 11.78。 【焦炭 焦煤】6 月 3 日焦炭加权指数弱势依旧，收盘价 1300.3 元，环比下跌 14.3。 6 月 3 日，焦煤加权指数弱势，收盘价 721.3 元，环比下跌 22.1。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：焦企亏损幅度略有扩大，高频数据显示焦炭日均产量环比小幅下滑，焦化产能宽松，焦炭供应弹性较 大。需求，钢联数据显示上周铁水产量周环比持续下降 1.69 万吨，焦炭供需双降，需求端边际转弱。钢厂对后 市需求信心不足，现货端二轮提降落地。 焦煤：近期主产地部分煤矿因井下因素限产，煤矿开工率环比小幅回落，但整体供应保持平稳宽松。进口， 蒙煤 ...