Core Viewpoint - Tian Sheng New Materials is a leading domestic supplier of polymer foam materials with a full industry chain advantage, showcasing significant investment value [1] Group 1: Business Overview - Tian Sheng New Materials was established on July 27, 1998, and listed on the Shenzhen Stock Exchange on January 25, 2011, with its registered and office address in Changzhou, Jiangsu Province [1] - The company's main business includes research, development, production, and sales of polymer foam materials and sound barriers, operating within the basic chemicals - chemical products - other chemical products sector [1] Group 2: Financial Performance - For Q3 2025, Tian Sheng New Materials reported revenue of 334 million yuan, ranking 68th among 79 companies in the industry, while the industry leader, Sinochem International, achieved revenue of 35.716 billion yuan [2] - The company's net profit for the same period was -84.38 million yuan, placing it 72nd in the industry, with the top performer, Hangyang Co., reporting a net profit of 850 million yuan [2] Group 3: Financial Ratios - As of Q3 2025, Tian Sheng New Materials had a debt-to-asset ratio of 104.52%, significantly higher than the industry average of 34.74%, indicating substantial debt pressure [3] - The company's gross profit margin was 23.92%, up from 22.92% year-on-year, exceeding the industry average of 19.93%, reflecting a competitive profitability advantage [3] Group 4: Executive Compensation - Chairman Wu Haizhou's compensation for 2024 was 527,600 yuan, an increase of 239,500 yuan from 2023 [4] - President Xu Yi's compensation for 2024 was 677,900 yuan, up by 231,800 yuan compared to 2023 [4] Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 30.55% to 33,600, while the average number of circulating A-shares held per shareholder increased by 44% to 8,982.37 [5]

Group 1 - The stock price of Tian Sheng New Materials is reported at 8.56 yuan as of August 20, 2025, with a slight increase of 0.02 yuan from the previous trading day [1] - The company operates in the chemical products industry, focusing on the research, production, and sales of polymer foam materials, which are widely used in rail transportation, new energy, and building energy conservation [1] - The company is based in Changzhou, Jiangsu Province, China [1] Group 2 - A lawsuit involving Baoding Weisai New Materials Technology Co., Ltd. has entered the second instance, with Weisai New Materials appealing the first-instance judgment, seeking to overturn the original ruling and support its claims, involving an amount of 80.2 million yuan [1] - The litigation costs for both the first and second instances will be borne by the respondent [1] Group 3 - On August 20, the net outflow of main funds was 10.51 million yuan, with a cumulative net outflow of 52.44 million yuan over the past five trading days [1]

Core Viewpoint - The demand for polymer foam materials is increasing due to rising living standards and the need for comfort, safety, and environmental protection. The market size of China's polymer foam materials industry is projected to grow from 1.2 trillion yuan in 2019 to 2.3 trillion yuan in 2024, with a compound annual growth rate of 13.9% [1][14]. Industry Overview - Polymer foam materials are characterized by a porous structure, low density, and excellent thermal insulation, sound absorption, and fire resistance properties. They can be categorized into various types, including polyurethane, polystyrene, polyethylene, and polypropylene foams [3][5]. - The industry has evolved through four stages: initiation (1980-1992), development (1993-2005), rapid development (2006-2015), and transformation (2015-present) [5]. Industry Chain - The upstream of the polymer foam materials industry includes raw materials such as plastics, rubber, catalysts, and foaming agents, primarily sourced from the petrochemical industry. The midstream involves the production of polymer foam materials, while the downstream encompasses applications in construction, packaging, consumer electronics, and transportation [8]. Market Demand and Applications - Polymer foam materials are widely used in construction for insulation, soundproofing, and fire protection, in the automotive industry to reduce weight and enhance safety, and in packaging to protect products and reduce costs. The packaging market in China is expected to reach approximately 1.2 trillion yuan in 2024, reflecting a year-on-year increase of 3.99% [12][14]. Competitive Landscape - The industry is becoming increasingly competitive, with numerous companies entering the market. Key players include Changzhou Tiangsheng New Materials Group Co., Ltd., Hubei Xiangyuan New Materials Technology Co., Ltd., and others. Companies must enhance their technology, product quality, and cost efficiency to remain competitive [18][20]. Development Trends 1. **Environmental Focus**: The industry is moving towards environmentally friendly practices, including the reduction or elimination of harmful substances in production processes [24]. 2. **Multifunctionality**: Future developments will focus on enhancing the functionalities of polymer foam materials, such as adding flame retardant, anti-static, and antibacterial properties [25]. 3. **Intelligent Manufacturing**: The industry is transitioning towards smart and automated manufacturing processes, integrating information technology with production techniques to drive sustainable development [27].