Group 1: Company Performance - The company has an annual production capacity of 480,000 tons of polystyrene products, ranking second nationally and first in South China in the polymer new materials sector [5]. - In the first half of 2025, the company's operating revenue and net profit continued to grow, supported by strong sales and profit margins of high-impact polystyrene (HIPS) products [7]. - As of September 2, 2025, the company completed a share buyback of 3,500,608 shares, accounting for 1.4415% of the total share capital [5]. Group 2: Market and Competitive Strategy - The company is enhancing its competitiveness in various fields, including new energy vehicles, medical devices, and food packaging, by accelerating the launch of low-temperature resistant HIPS products [3]. - To address intense industry competition, the company is increasing investment in product formulation R&D and expanding downstream application areas [3]. - The company is actively seeking overseas market opportunities to boost export growth, as the export scale of polystyrene has been steadily increasing in recent years [7]. Group 3: Financial Health and Shareholder Relations - The significant decline in cash flow from operating activities in the first half of 2025 was primarily due to increases in inventory and operating receivables and payables [5]. - The company maintains a sales policy of "payment before delivery" for most customers to ensure healthy revenue quality while offering credit terms to a select few [6]. - The management is committed to reasonable dividend arrangements while ensuring normal operations and long-term development [7]. Group 4: Market Conditions and Stock Performance - The company noted that the stock price decline is influenced by multiple factors, including macroeconomic conditions and market sentiment, despite the overall market recovery [8]. - The management emphasized that there are no undisclosed significant issues affecting the company, and they are focused on improving operational quality to enhance market value [8].

证券代码： 301395 证券简称：仁信新材 惠州仁信新材料股份有限公司投资者关系活动记录表 编号：2025-007 | 投资者关系活动 √ | 特定对象调研 | 分析师会议 □ | | --- | --- | --- | | 类别 □ | 媒体采访 | □ 业绩说明会 | | □ | 新闻发布会 | □ 路演活动 | | □ | 现场参观 | | | □ | 其他 | | | 参与单位名称及 人员姓名 | 广东弘安资产管理有限公司 王昱、叶学文、刘斌元、蒋安全 | | | 时间 | 年 月 日 2025 9 16 (周二) | 10:00~11:30 | | 地点 | 公司会议室 | | | 上市公司接待人 员姓名 | 副总经理、董事会秘书 | 李广袤 | | | 副总经理 魏建东 | | | 1. | 公司基本情况介绍 | | | | 公司是主要从事聚苯乙烯高分子新材料的研发、生产和销售 | | | | 的国家高新技术企业，并被工信部认定为第四批国家级专精特新 | | | | "小巨人"企业。公司主要产品聚苯乙烯广泛应用于电子电器、 | | | | 光学显示、玩具、日用塑料制品、包装、建材、医疗器械等领域 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of polystyrene polymer new materials and is recognized as a national high-tech enterprise [1] - It is classified as a "Little Giant" enterprise by the Ministry of Industry and Information Technology [1] - Main products include GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene), widely used in various industries such as electronics, optical displays, toys, and medical devices [1] Group 2: Product Development and Sales - In 2024, HIPS product sales reached 93,190.28 tons, a 48.45% increase from 2023, driven by government policies promoting consumption and industrial upgrades [2] - The company plans to enhance the promotion of high-gloss HIPS materials and accelerate the introduction of low-temperature resistant HIPS materials in 2025 [2] - The sales volume of PS refrigerator transparent inner materials has steadily increased over the past three years [2] Group 3: Raw Materials and Procurement - The main raw material is styrene, procured primarily through long-term contracts, which helps reduce transportation costs and ensure material quality [2] - The company has a significant advantage in its procurement strategy due to its partnership with China National Offshore Oil Corporation [2] Group 4: Customer Structure and Revenue - In 2024, factory customers generated revenue of 89,502.44 million yuan, accounting for 40.51% of total revenue, with a growth of 5.44% compared to 2023 [3] - The increase in sales to factory customers, particularly from major clients like Midea, has contributed to the growth in this segment [3] Group 5: Strategic Projects - The company successfully acquired industrial land in the Daya Bay Petrochemical Zone for its integrated polystyrene new materials project, laying a solid foundation for future development [3] - The project aims to address raw material supply issues and enhance the company's competitiveness and profitability [3]

Group 1: Company Overview - The company specializes in the research, production, and sales of polystyrene polymer new materials, recognized as a national high-tech enterprise and a "Little Giant" by the Ministry of Industry and Information Technology [1] - Main products include GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene), widely used in electronics, optical displays, toys, daily plastic products, packaging, construction materials, and medical devices [1] Group 2: Production Capacity - The company currently has an annual production capacity of 300,000 tons of polystyrene products, ranking second in South China [3] - With the upcoming Phase III project set to launch in the first half of 2025, the total production capacity will increase to 480,000 tons, making it the largest in South China and the second largest nationwide [3] Group 3: Financial Performance - In 2024, the company achieved a revenue of CNY 2.209 billion and a net profit of CNY 53.24 million [4] - In Q1 2025, the company reported a revenue of CNY 538 million, a year-on-year increase of 20.46%, and a net profit of CNY 21.61 million, with a non-recurring profit growth of 532.49% [4] Group 4: Product Development and Market Expansion - The company plans to enhance the promotion of high-gloss HIPS materials and accelerate the introduction of low-temperature resistant HIPS materials, targeting sectors like new energy vehicles, medical devices, and food packaging [2][5] - The company has successfully acquired industrial land for its integrated polystyrene new materials project, aiming to improve supply chain resilience and expand product offerings [6]

Core Viewpoint - Renxin New Materials (301395) is a national high-tech enterprise primarily engaged in the research, production, and sales of polystyrene polymer new materials, recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology [1] Company Overview - The company specializes in GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene), with applications in various sectors including electronics, optical displays, toys, daily plastic products, packaging, construction materials, and medical devices [1] - The company has been supplying PS materials for refrigerator transparent components to major appliance manufacturers like Midea and Haier since 2020, with steady sales growth over the past three years [1] HIPS Product Development - In 2024, the company focused on HIPS ordinary materials for home appliances, medical supplies, and daily products, and launched high-gloss HIPS specialized materials for home appliances in the second half of 2024 [2] - The company plans to accelerate the introduction of low-temperature resistant HIPS specialized materials in 2025, enhancing competitiveness in sectors such as new energy vehicles, medical equipment, electronic carriers, and food packaging [2] Integrated Project Progress - The company successfully acquired 202,400 square meters of industrial land in the Daya Bay Petrochemical Zone in early 2025, laying a solid foundation for the implementation of its integrated polystyrene new materials project [3] - The project aims to address raw material supply issues and enhance the company's industry chain, product range, risk resistance, and profitability [3] Competitive Advantages - The company possesses unique product formula R&D capabilities, with 13 core product formulas and 30 utility model patents, allowing it to offer a diverse range of PS specialized production [4] - The company has a significant quality advantage, with key physical indicators exceeding industry averages, and a relatively low-cost raw material procurement model [4] - The company is set to increase its annual production capacity to over 480,000 tons by mid-2025, with a maximum capacity of 560,000 tons [4] - The company has established long-term partnerships with major clients, including Midea, Changhong, and Haier, which helps in production planning and reduces operational risks [4] Cash Flow Management - The company has established long-term supply agreements with major suppliers to secure styrene supply and optimize cash flow through bank acceptance bills [6] - The company adopts a cash-in-advance sales policy for most clients, ensuring sufficient cash flow and minimizing bad debts [6] International Market Expansion - The company is actively pursuing international development strategies and conducting systematic market research to evaluate target regions for overseas market expansion [7] - The company is enhancing its talent pool by recruiting professionals with overseas operational experience to support its international business initiatives [7] Financial Performance - In Q1 2025, the company reported a main revenue of 538 million yuan, a year-on-year increase of 20.46%, and a net profit attributable to shareholders of 21.61 million yuan, up 186.52% year-on-year [7] - The company’s net profit after deducting non-recurring items reached 20.98 million yuan, reflecting a significant year-on-year increase of 532.49% [7]

Group 1: Company Overview - The company specializes in the research, production, and sales of polystyrene high polymer new materials, recognized as a national high-tech enterprise [2] - Main products include GPPS (General Purpose Polystyrene) and HIPS (High Impact Polystyrene), with applications in various fields such as electronics, packaging, and medical devices [2][3] Group 2: Product Development and Market Strategy - In 2024, the company plans to launch high-gloss HIPS specialized materials for home appliances, validated by major manufacturers like Midea and Sichuan Changhong [3] - The company aims to enhance competitiveness in sectors like new energy vehicles and medical equipment by accelerating the introduction of low-temperature resistant HIPS materials [3] Group 3: Project Progress - The company successfully acquired 202,400 square meters of industrial land in Daya Bay for the integrated polystyrene new materials project, laying a strategic foundation for implementation [4] - The project aims to resolve raw material supply issues and enhance the company's product range and risk resilience [4] Group 4: Competitive Advantages - Unique product formulation R&D capabilities with 13 core product formulations, including 2 invention patents and 9 proprietary technologies [5][6] - Significant cost advantages in raw materials and a low-inventory procurement model to mitigate price volatility risks [6] - Production capacity of 180,000 tons from the third phase expected to be operational in the first half of 2025, with total capacity exceeding 480,000 tons [6] Group 5: Customer Relationships and Market Position - Increasing number of long-term partnerships with major clients such as Midea, Haier, and TCL, which aids in production planning and risk reduction [6] - Geographical advantages with proximity to downstream customers, enhancing collaborative development potential [6] Group 6: Financial Management - Long-term supply agreements with key suppliers to ensure stable raw material supply while optimizing cash flow through payment strategies [6] - The company adopts a prepayment policy for most customers to maintain cash flow and minimize bad debts [6] Group 7: International Expansion - The company is actively pursuing international development strategies, conducting market research to assess policy environments and market demands in target regions [6][7]