中新网广州10月1日电 题："优秀建设者"杨正高：科技创新是企业的生命力，不进则退 创业初期的聚石化学，是一间不起眼的科技小公司。杨正高回忆，为攻克首个阻燃体系，团队在简陋条 件下反复试验，甚至把实验室"搬"到客户工厂，历经57次失败才最终突破技术瓶颈，拿到国际安规UL 标准认证——这一突破不仅打破国际巨头垄断，更让国产阻燃材料在全球市场站稳脚跟。 如今，聚石化学已成长为以阻燃材料为核心的科创板上市企业，多年来持续加码投入研发，2023年研发 经费达1.28亿元，占营收3.5%；2024年研发经费增至1.39亿元，为企业构筑起技术壁垒。 为激发研发团队活力，杨正高主导推出股权激励计划，以聚石研究院为孵化平台，构建"自主研发+产 学研结合"的创新模式。截至今年6月，公司累计获得授权专利425项，其中发明及境外专利234项。 一系列核心技术突破填补内地空白：高性能防火涂料成功应用于石油钻井平台，打破国际巨头长期垄 断；当前正攻关的碳纤维增强轻量化材料、耐烧蚀高性能阻燃材料，更是瞄准新能源、低空经济等新兴 领域，为产业链升级提供创新方案。 "企业不是孤立的个体，它生长在社会土壤里，必须懂得反哺。"杨正高表示，站在新 ...

Group 1: Japanese Chemical Industry Investment in China - Japanese chemical companies have significantly increased their investments in China's chemical industry, with over 8 investments totaling more than 30 billion RMB in the past year [4][5] - Factors contributing to this investment surge include the structural adjustments of both countries' industries, long-term development benefits of the Chinese market, and strategic considerations of Japanese companies [4][5] - The rapid development of China's chemical industry, particularly in green technology and new materials, aligns with Japan's strengths, creating complementary opportunities [5] Group 2: Challenges and Strategic Shifts - A survey by the Japan Policy Investment Bank revealed that 42.6% of large Japanese manufacturing firms plan to reduce their operations in China, the highest level recorded [6] - The U.S.-China trade dispute is a primary driver for this strategic shift, with over 40% of firms citing "diversifying supply chain risks" as a key reason for scaling back [6] - Despite these challenges, many Japanese companies remain deeply embedded in China's local supply chains, making withdrawal impractical [6] Group 3: Toyota's Third-Country Supply Chain Strategy - Toyota has adopted a "third-country supply chain" model to mitigate geopolitical risks, exemplified by its partnership with Thailand's Summit Group to produce low-cost auto parts for electric vehicles [7] - This strategy aims to reduce electric vehicle production costs by 30% while leveraging the cost advantages of Southeast Asia and the quality of Chinese components [7] Group 4: Panasonic's Home Technology Business - Panasonic has established its first independent residential equipment company in China, despite the ongoing downturn in the real estate market [8] - The company is poised to capitalize on structural opportunities, as many older homes are undergoing renovations, driven by consumers seeking high-quality living environments [8] - Panasonic's home business is expected to reach a revenue scale of 10 billion RMB, with projections indicating a threefold increase by 2025 [9]

Financial Data and Key Metrics Changes - The company reported second quarter organic sales growth of 0.6% and adjusted EPS growth of 5% to $0.80, slightly ahead of guidance [6][11] - Adjusted EBITDA margin expanded by 30 basis points to 17.2%, driven by favorable mix and productivity initiatives [6][11] - For the first half of the year, organic sales grew about 1%, with expectations for a similar demand environment in the second half [7][11] Business Line Data and Key Metrics Changes - The Color Additives and Inks segment saw adjusted EBITDA grow 4% despite a 2% decline in organic sales, with weaker demand in consumer and transportation markets [16][17] - Specialty Engineered Materials segment grew organic sales by 6%, driven by strong growth in defense and healthcare, with healthcare growing double digits [18][19] - Packaging Materials segment's sales were muted, but EBITDA margins expanded by 100 basis points through cost improvement initiatives [16][17] Market Data and Key Metrics Changes - In the U.S. and Canada, sales increased by 1% year over year, led by healthcare and defense, offsetting weaker demand in other sectors [20] - EMEA sales were slightly down, with robust healthcare and defense sales but muted packaging sales [21] - Latin America grew 6%, marking its sixth consecutive quarter of growth, while Asia delivered 3% organic growth [21] Company Strategy and Development Direction - The company aims to evolve from a specialty formulator to an innovator of material solutions, with a focus on strategic structural changes in R&D to enhance product differentiation [10][12] - The operational playbook is designed to navigate low demand and high uncertainty, targeting approximately $40 million in benefits for 2025 [8][12] - Continued investment in growth vectors and strategic initiatives is prioritized, with a focus on healthcare, defense, and telecommunications as key growth drivers [12][19] Management's Comments on Operating Environment and Future Outlook - Management noted that market trends are not improving, with customers remaining in a wait-and-see mode, particularly in consumer markets [6][7] - The company expects Q3 to mirror Q2, with continued strength in defense and healthcare offsetting consumer weakness [7][22] - There is cautious optimism regarding the second half of the year, with expectations for adjusted EPS of $0.70, representing 8% growth year over year [22][23] Other Important Information - The company has a strong cash position, having paid down $50 million of debt during the quarter, and is on track to reduce total debt by $100 million to $200 million by year-end [12][23] - Patent filings increased by 50% in 2024 compared to 2023, indicating a focus on innovation [13] - The company expects CapEx for the year to be approximately $110 million and free cash flow to range from $190 million to $210 million [23] Q&A Session Summary Question: Is there any pre-buying activity affecting sales? - Management indicated no significant pre-buying activity has been observed, as customers are managing inventory tightly in uncertain demand environments [26][28] Question: What is the outlook for raw material inflation? - The company expects raw material inflation to remain at 1% to 2%, with some fluctuations in specific materials [30][31] Question: What is the outlook for volume in the second half? - Management expects a continuation of trends from the first half, with healthcare, defense, and telecommunications driving growth, while consumer and packaging markets may see slight declines [35][36] Question: How has consumer weakness evolved? - Consumer sales were flat in Q1 but down 8% in Q2, with significant weakness noted in the U.S. and Canada [45][46] Question: What is the impact of planned maintenance on EBITDA? - The planned maintenance impacted EBITDA by approximately $3 million in Q2, but margins are expected to expand in the second half [47][48] Question: Are customers pressuring to absorb tariff costs? - Management acknowledged pressure from customers regarding pricing due to increased tariffs, but they are working to manage costs and maintain pricing [51][52] Question: Can you provide context on the healthcare growth? - Healthcare has shown strong growth, particularly in medical devices and drug delivery, with a long-term positive outlook [61][62] Question: What are the trends in key markets in China? - The color business in China is under pressure due to government policies, but growth is expected in high-performance computing [67][68]

Group 1: Yishitong - Yishitong has made progress in several new material projects, including solid oxide battery (SOC) systems, high-purity quartz sand, bismuth stone, thermally conductive spherical alumina, and flame-retardant materials [1] - The SOC system project is progressing as planned, with the single battery pilot line operating stably, and the stack pilot production line expected to be completed by 2025 [1] - High-purity quartz sand's technical indicators and performance optimization have been completed, with plans to test in a single crystal factory by 2025 and establish a thousand-ton pilot line [1] - Bismuth stone shipments are expected to increase in 2024, with a slight decrease in price, and significant shipment growth anticipated in Q1 2025 [1] - The sales revenue of ceramic flame-retardant materials is increasing, with plans to expand into more application scenarios [1] Group 2: Desay Battery - Desay Battery anticipates uncertainties in the macroeconomic environment but aims to explore new markets and businesses for performance growth [2] - In 2024, revenue from smartphone battery business is expected to decline by 10.39%, influenced by both volume and price [2] - In Q1 2025, revenue from smartphone batteries is projected to grow by 8.97%, while wearable device batteries are expected to increase by 15.79% [2] - Revenue from electric tools, smart home, and mobility businesses is expected to grow by 24.37%, while energy storage business revenue is projected to decline by 14.86% [2] - The company plans to continue expanding production capacity in Vietnam, with expected revenue growth in Vietnam to double compared to last year [2] Group 3: Yahui Pharmaceutical - Yahui Pharmaceutical has made progress in the approval and commercialization of APL-1702, with the listing application accepted and review underway [3] - APL-2501 has completed multiple experiments, with IND submission expected by mid-2026, showing strong clinical competitive potential [3] - The company is targeting patients with strong willingness to pay for the initial positioning of Haikewei, gradually promoting blue light cystoscopy technology as a standard solution [3] - APL-2302 shows good pharmacokinetic characteristics and significant anti-tumor effects, having entered clinical research [3] - The company expects rapid revenue growth in 2024 and plans to upgrade its commercialization system in 2025, including hiring a Chief Commercial Officer and optimizing the organizational structure [3]