Group 1 - The risk of delisting for Shanxi Jiwei New Materials Co., Ltd. has been completely lifted as of January 20, 2026, after the stock price closed at 1.00 yuan per share for 30 consecutive trading days [2][3] - On January 22, 2026, the stock price surged by 79.09%, closing at 1.97 yuan per share, indicating a positive market response [2] - The company has been listed on the New Third Board's innovation layer since May 31, 2017, and aims to list on the Beijing Stock Exchange (BSE) [4][6] Group 2 - The company reported a revenue of 68.48 million yuan in the first half of 2025, representing a year-on-year growth of 9.79%, with a net profit of 1.616 million yuan, up 8.28% [6] - The total market value of Jiwei Co. was 240 million yuan as of January 22, 2026, which is below the required thresholds for re-entering the innovation layer if delisted [3] - The company is currently in the listing counseling phase for the BSE, which requires continuous listing on the innovation layer for at least 12 months [4] Group 3 - The concrete admixture industry is experiencing structural growth in demand, intensified competition, and policy-driven transformation, with opportunities arising from infrastructure projects in central and western China and the Belt and Road Initiative [7][8] - The company is focusing on technological upgrades, cost optimization, and risk hedging to enhance its resilience against market cycles while exploring new product developments [8] - The potential introduction of a share buyback plan is under consideration to stabilize the stock price [8]

Summary of Conference Call Notes Company Overview - **Company**: 苏博特 (Subote) - **Industry**: Construction materials, specifically functional materials for infrastructure projects Key Points Industry and Market Trends - **Infrastructure Demand**: The demand for functional materials in the infrastructure sector remains robust, with products like accelerators, crack-resistant agents, and cement-based materials achieving approximately 20% growth in the first three quarters. The growth rate in Q4 is expected to remain consistent with Q3 due to positive infrastructure growth [2][5] - **Real Estate Market Outlook**: The outlook for real estate demand is pessimistic, with new construction and land acquisition indicators showing a double-digit decline. Without new policies to stimulate the market, uncertainty in the real estate sector is expected to persist into next year [2][10] - **Infrastructure Investment**: Overall infrastructure investment is not expected to see significant improvement next year, but major projects like the Yunnan-Tibet Railway are anticipated to provide substantial growth opportunities for the company [2][11] Financial Performance - **Gross Margin**: The gross margin decreased in Q3 due to a decline in sales influenced by the real estate market, fixed cost dilution, and tight profit margins for civilian customers. Future gross margins are expected to recover if pricing and costs remain stable and collections improve [2][6][7] - **Operating Cash Flow**: The company expects to maintain positive operating cash flow for the year, potentially slightly better than last year, benefiting from improved cash flow from state-owned enterprises. However, the final outcome will depend on year-end collection performance [2][8] - **Credit Impairment**: Credit impairment is expected to be better than last year due to the peak accumulation of accounts receivable having passed, with an increase in large infrastructure projects leading to better collection situations [2][9] Product and Project Insights - **Functional Materials Growth**: The growth in functional materials is primarily driven by accelerators, crack-resistant agents, and cement-based materials, which are essential for infrastructure projects [2][5] - **Major Projects**: The company is involved in significant projects like the Yunnan-Tibet Railway, which is expected to contribute to revenue growth. Other projects such as the Lalin and Qinghai-Tibet Railways are also anticipated to provide incremental revenue [2][11][12] - **New Projects**: Potential projects for 2026 include large-scale transportation infrastructure in Tibet and Xinjiang, with significant investments expected in energy and transportation sectors [2][13] International Expansion - **Overseas Business Growth**: The company anticipates a 25%-30% growth in overseas business, focusing on markets in the Middle East and Southeast Asia, with Southeast Asia being the largest market. The company is actively expanding into Singapore, the Philippines, and Saudi Arabia [2][3][15] - **Challenges in Overseas Investment**: While there are plans for overseas expansion, strict approval processes for foreign investments pose challenges. However, the company remains optimistic about its international market prospects [2][15][16] Research and Development - **PEKK Patent**: The company has applied for a PEKK patent, currently in the public notice stage, with plans to explore market applications in sectors like healthcare, robotics, and drones [2][17] - **PEEK Material Development**: The decision to develop PEEK materials is based on the chemical similarity to existing products, with cautious investment planned to avoid excess capacity [2][18] - **Aerated Cement Project**: The company is collaborating on an aerated cement project, which shows promise in modern green building applications, although market launch will depend on demand recovery [2][19][20] Financial Instruments and Borrowing - **Convertible Bonds**: The company has announced that it will not revise the terms of its convertible bonds in the near term, with sufficient funds available for repayment if necessary [2][21] - **Increased Borrowing**: The increase in borrowing is attributed to proactive lending from banks and the utilization of low-interest loans for investment purposes [2][22]

Group 1: Core Competitiveness - The company has a strong R&D capability in polyether polyol products, with an annual production capacity of 20,000 tons, ensuring stable quality and consistency [1] - The company has established a five-year customized supply agreement with China National Offshore Oil Corporation (CNOOC) and a three-year cooperation framework agreement with Huizhou Yuananda, positioning itself as a core supplier for polyether polyol products [1] Group 2: International Market Expansion - The company is closely monitoring overseas market opportunities, particularly in Europe, where high energy costs have diminished local chemical production capabilities [2] - There is significant interest from international clients in the company's products, and the company is prepared to expand its overseas market presence when conditions are favorable [2] Group 3: Industry Leadership and Applications - The company specializes in the concrete admixture industry, focusing on polycarboxylate superplasticizers and offering customized products based on client needs [3] - The company's products have been successfully applied in major projects such as the Hong Kong-Zhuhai-Macao Bridge and the Guinea Amari Hydropower Station, demonstrating high customer recognition and extensive engineering service experience [3]

Core Viewpoint - Jiangsu Subote New Materials Co., Ltd. has released a valuation enhancement plan aimed at improving company quality and shareholder returns, reporting significant growth in revenue and net profit for the first half of 2025 [1] Group 1: Business Performance - The company focused on its main business of additives, achieving a revenue growth of 7.03% year-on-year and a net profit growth of 18.68% in the first half of 2025 [1] - The company has increased efforts in major projects in the western region, achieving significant results in sectors such as hydropower, nuclear power, and railways, with a growth in engineering orders and profit levels [2] - Functional products such as crack-resistant materials and rapid-setting agents have shown significant growth, reflecting the market potential of the company's innovative products [2] Group 2: Technological Innovation - The company has intensified R&D efforts focusing on "green and low-carbon" technologies, developing energy-saving and environmentally friendly products to enhance its technological barriers [2] - The company aims to support major infrastructure projects with customized green materials and technologies, continuously developing high-value-added products [2][3] Group 3: Shareholder Returns - The company has implemented a cash dividend policy, distributing 43,261,411.9 yuan, which accounts for 45.12% of the annual net profit attributable to shareholders, ensuring good shareholder returns [3] Group 4: Investor Relations Management - The company has established an investor relations management plan, enhancing communication with investors through various activities to foster positive corporate value recognition [3] Group 5: Governance and Disclosure - The company is committed to improving its governance mechanisms and enhancing the quality of information disclosure, ensuring timely and accurate reporting of financial and operational results [4][5]

Core Viewpoint - The company, Jiangsu Subote New Materials Co., Ltd., reported significant improvements in its financial performance for the first half of 2025, with a revenue increase of 7.03% and a net profit increase of 18.68% compared to the previous year [9][10]. Company Overview - Jiangsu Subote focuses on the production of concrete additives and has expanded its market presence both domestically and internationally, including new subsidiaries in the Philippines, Singapore, and Thailand [10]. - The company emphasizes technological innovation and has developed eco-friendly products to enhance its competitive edge [11]. Financial Performance - The company achieved a revenue of approximately 43.26 million yuan in cash dividends, representing 45.12% of the net profit attributable to shareholders for the year [12]. - The average selling prices of key products, such as high-performance water reducers, decreased by 4.40%, while the prices of functional products fell by 7.05% [23][24]. Business Development - The company has actively pursued major engineering projects in sectors like hydropower and nuclear power, contributing to a steady growth in business profits [10]. - The company has also focused on expanding its product range, particularly in functional materials, which have shown significant market potential [10]. Research and Development - The company has increased its R&D efforts, particularly in developing energy-saving and environmentally friendly products, to support large-scale national infrastructure projects [11]. Shareholder Returns - The company has committed to maintaining a reasonable and healthy dividend level to enhance shareholder returns and investor confidence [12]. Investor Relations - The company has implemented a comprehensive investor relations management plan to improve communication and transparency with investors [13][14]. Governance and Compliance - The company continues to enhance its governance mechanisms and improve the quality of information disclosure to ensure compliance with regulatory requirements [14]. Guarantee for Subsidiaries - The company has approved a guarantee of 31 million yuan for its subsidiaries to support their operational financing needs [38][50].