Company Overview - Guangdong Yinhui Technology Co., Ltd. was established in 1997, focusing on high-performance polymer new materials research, production, and sales [2][3] - The company has established production and R&D bases in multiple locations including Dongguan, Suzhou, and Vietnam, with a focus on polymer modified plastics, smart lighting, 3D printing materials, and electronic chemicals [3] Business Structure and Performance - The business is divided into modified plastics and smart lighting sectors, with a notable growth in modified plastics due to the rapid expansion of the low-altitude economy and robotics market [4] - The company has shifted towards high-value-added products, resulting in an increase in gross profit margins [4] - Emerging industries now account for a larger proportion of the company's revenue, while traditional industries are declining [4] Clientele and Market Position - The company has developed a stable client base in emerging sectors such as electronics, low-altitude vehicles, and household service robots [4] - Specific client information in the drone sector is confidential, but orders are reported to be continuously increasing [5] Product Development and Innovations - The company has developed PEEK composite materials for 3D printing, which are advantageous for lightweight applications in drones and service robots [5] - The PPO business includes injection-molded modified plastics and electronic chemicals, with stable production and certification from downstream clients [5][6] Strategic Decisions and Management - The management team remains stable, with strategic decisions focused on profit assessment and product structure adjustment towards high-value products [11] - The company maintains a low asset-liability ratio, indicating a healthy financial state [11] Future Prospects - The company has reserved space for future expansion of the PPO project in a national-level chemical park, with plans to scale production based on market demand [6] - There are currently no plans for asset injection into the low-altitude economy due to a lack of suitable targets [7] Recent Developments - The company has disclosed a reduction in shareholding by some board members, which is not expected to adversely affect stock prices [7] - The 3D printing business is primarily export-driven, with a significant contribution to the Long March 5 rocket project [9][10]

口丁题复 2025中国国际工程塑料 NNOVATIVE 产业创新评选 AWARDS 2025 塑 | 奖 创新塑造未来 扫描了解更多 专家评审:7月21日-7月27日 颁奖典礼:9月11日 网络投票:7月14日-7月20日 张丹 (15381893086) POLYMER OT 新加盟 中国新兴产业崛起 引领高分子下个十年 YEARS 2 ０２５ 高 分 子 产 业 年 会 I □ 2025年9月10-12日 扫码报名 【DT新材料】 获悉， 8月8日， 银禧科技 发布半年度业绩报告称，2025年上半年营业收入约10.85亿元，同比增加23.99%， ；归属于上市公司股东的 净利润约4778万元，同比增加82.39%。 业绩变动主要原因： 毛利额较去年同期增加6,350.98万元， 报告期股权激励费用较去年同期增加1,111.07 万元，加上计提资产及信用减值准备866.87 万元，较去年同期增加了675.84万元。 | | 本报告期 | 上年同期 | 本报告期比上年 同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 1.085.450.862.62 | 875. 41 ...

Core Viewpoint - The report serves as an independent financial advisory opinion on the 2025 Restricted Stock Incentive Plan of Guangdong Yinxin Technology Co., Ltd, ensuring compliance with relevant laws and regulations while assessing the plan's feasibility and potential impact on the company's sustainable development and shareholder interests [1][17]. Group 1: Independent Financial Advisor's Role - The independent financial advisor, Shanghai Xinguang Yihe Enterprise Management Consulting Co., Ltd, was commissioned to provide an opinion on the incentive plan based on information provided by Yinxin Technology [1][2]. - The advisor confirms that the information provided by Yinxin Technology is true, accurate, and complete, and that there are no significant omissions or misleading statements [2][3]. Group 2: Incentive Plan Overview - The incentive plan involves granting 9.7 million shares of restricted stock, accounting for approximately 2.02% of the company's total share capital of 479.538185 million shares [5]. - The plan includes an initial grant of 7.9 million shares (1.65% of total shares) and a reserve of 1.8 million shares (0.38% of total shares) [5][6]. Group 3: Conditions and Terms - The plan's effective period is from the grant date until all shares are either released from restrictions or repurchased, lasting no more than 48 months [6][7]. - The grant price for the restricted stock is set at 4.23 yuan per share, which is not less than 50% of the average trading price over the previous trading days [10][20]. Group 4: Performance Assessment - The performance assessment for the incentive plan is based on the company's net profit growth, with specific targets set for 2025 and 2026 [14][15]. - The plan includes a comprehensive performance evaluation system that assesses both company-wide and individual performance metrics [16][22]. Group 5: Compliance and Feasibility - The plan complies with the relevant regulations and does not pose any risk of harming the interests of the company or its shareholders [17][22]. - The independent financial advisor concludes that the plan is feasible in terms of legal compliance and operational procedures [17][18]. Group 6: Financial Implications - The implementation of the incentive plan is expected to positively impact the company's sustainable operations and shareholder equity by motivating key personnel [20][21]. - The company will not provide any financial assistance to the incentive plan participants, ensuring compliance with regulatory requirements [21][22].

Company Overview - Guangdong Yinhui Technology Co., Ltd. was founded in 1997 and is a high-tech enterprise engaged in the research, production, and sales of high-performance polymer new materials [2][3]. - The company has established production and R&D bases in various locations, including Dongguan, Suzhou, and Vietnam, to support its international expansion [2][4]. Production Bases - The Yinhui Polymer New Materials Industrial Park in Dongguan has been put into operation, focusing on automated production of modified plastics and 3D printing materials [4]. - The Zhuhai production base is operational and specializes in manufacturing electronic chemicals for 5G applications [4]. - The Anhui Chuzhou project, which produces modified polymer materials, is also operational and primarily supports production capacity from Suzhou [4]. Client Development - The company has shifted its product structure towards high-margin products and is actively developing a stable client base in emerging sectors such as electronics and UAVs [6][10]. - The contribution of new clients to revenue is on an upward trend, although specific figures are not disclosed [10]. Financial and Governance Issues - The company currently has no actual controller, following the founder's exit from this role in 2021 due to financial difficulties and stock pledges [7][8]. - Despite the lack of an actual controller, the company maintains stable governance and has successfully completed significant projects using its own funds [8][9]. Production Capacity and Utilization - The company’s production capacity utilization is low due to a focus on customized products rather than standardized ones [11]. - The production of PPO products has commenced, with a competitive pricing advantage over imported alternatives [11]. Market Performance - Recent performance has shown stable growth, with the first quarter of 2025 indicating significant year-on-year improvement [13]. - Future performance predictions are uncertain due to external factors such as macroeconomic conditions and policy changes [13].

Company Overview - Guangdong Yinhui Technology Co., Ltd. was established in 1997, focusing on high-performance polymer new materials research, production, and sales [2][3]. - The company has established production and R&D bases in multiple locations, including Dongguan, Suzhou, and Vietnam, to support international expansion [3]. Production Bases - The Yinhui Polymer New Materials Industrial Park in Dongguan has been put into operation, focusing on automated production of modified plastics and 3D printing materials [4]. - The Zhuhai production base is operational, producing electronic chemicals for 5G applications [4]. - The Anhui Chuzhou base, built by the government, is also operational, primarily producing modified polymer materials [4]. Product Focus and Market Strategy - The company has shifted its product structure towards high-margin products and is focusing on niche markets in emerging fields such as consumer electronics and robotics [6][11]. - The company has a stable customer base in industries like electronics, low-altitude aircraft, and household service robots [7][11]. Financial Performance - The company's gross margin is positioned in the upper-middle range compared to peers in the modified plastics industry [9]. - Recent years have seen stable growth in operating performance, despite challenges such as industry competition and macroeconomic factors [11]. Customer Segmentation - The customer base is diverse, with low revenue concentration across various sectors, including traditional home appliances and emerging technology fields [9][11]. - The company is actively developing relationships with new clients in high-margin sectors while maintaining its traditional customer base [12]. Challenges and Future Outlook - The company faces external uncertainties from macroeconomic conditions and policy changes, but internal uncertainties are minimal [11]. - Future growth is anticipated through continuous product development and market expansion, particularly in high-margin segments [11][12]. R&D and Innovation - The R&D team is stable, composed mainly of graduates in materials and chemical engineering, with a focus on developing products for leading companies in emerging sectors [17]. - The company has engaged in preliminary technical exchanges regarding lightweight materials for drones but has not yet established business partnerships [14]. Regulatory and Compliance - The company has no military qualifications and does not supply military products, although it has previously developed lightweight materials for aerospace applications [19][20]. - The company adheres to accounting principles and regulations regarding asset impairment and credit provisions, ensuring transparency in financial reporting [12].

Company Overview - Guangdong Yinhui Technology Co., Ltd. was established in 1997, focusing on high-performance polymer new materials research, production, and sales [2][3] - The company has established production and R&D bases in various locations including Dongguan, Suzhou, and Vietnam to support international expansion [3] Production Bases - The company has three new production bases: - Dongguan Polymer New Materials Industrial Park, which has already commenced production focusing on modified plastics and 3D printing materials [3] - Zhuhai Production Base, which is operational and focuses on 5G electronic chemicals [3] - Anhui Chuzhou Project, which is also operational and produces modified polymer materials [3] Export and Revenue - Direct export revenue accounted for approximately 16.81% of total revenue in 2024, with less than 3% coming from exports to the U.S. [4] - The company imports a small percentage of raw materials from the U.S., around 1% of total procurement, indicating limited impact from U.S. tariffs [4] Strategic Initiatives - The establishment of a production base in Vietnam is part of a strategic move to meet local customer demands and mitigate tariff impacts [5][6] - The company actively participates in global exhibitions to expand its customer base and product visibility [6] Financial Performance - Recent cash flow reductions are attributed to extended credit terms with long-term clients and increased raw material purchases due to high order volumes [6] - The company has not declared dividends due to historical losses, but aims to find new profit growth opportunities [9][10] Research and Development - R&D focuses on modified plastics, electronic chemicals, and smart lighting, with no specific product development cycle due to the nature of the industry [8] - The company maintains a stable R&D team, with many members cultivated through campus recruitment [16] Customer Base and Market Position - The company has a diverse customer base, with significant revenue from traditional sectors like home appliances and electronics, while also exploring emerging markets [8][17] - The top five customers account for less than 20% of total revenue, indicating a broad customer distribution [17] Future Outlook - The company does not currently plan for significant expansion investments but remains open to future opportunities based on market needs [17] - The competitive landscape in the modified plastics industry is challenging, with price competition affecting profit margins [13]