Core Viewpoint - 瑞丰高材 has experienced significant fluctuations in its market performance since its IPO in July 2011, with a notable decline in profitability in recent years [1][3]. Business Overview - 瑞丰高材's main business includes the research, production, and sales of ACR processing aids, ACR impact modifiers, and MBS impact modifiers. The core products are primarily ACR aids, accounting for 47.13% of revenue, followed by MBS impact modifiers at 37.49% [3]. Financial Performance - In 2011, the company achieved a net profit attributable to shareholders of 0.39 billion yuan, which decreased to 0.22 billion yuan by the latest complete fiscal year of 2024, representing a cumulative profit decline of 43.49%. Over the 14 years since its listing, the company has not reported any annual losses, with 7 years of profit growth, accounting for 50.0% of the time [3]. - Revenue analysis shows that 瑞丰高材 generated 1.302 billion yuan in revenue in 2020, increasing to 2.001 billion yuan in 2024. Although revenue has shown an overall growth trend over the past five years, the growth rate has been volatile [3]. - Profit analysis indicates that the net profit attributable to shareholders was 0.85 billion yuan in 2020, dropping to 0.22 billion yuan in 2024, highlighting a continuous pressure on profitability and a significant decline in profit levels [3]. Market Capitalization - The peak market capitalization of 瑞丰高材 reached 7.034 billion yuan on June 4, 2015, with the stock price rising to 34.0 yuan. As of July 11, the stock price was 10.76 yuan, with a market capitalization of 2.695 billion yuan, reflecting a decrease of 4.339 billion yuan in market value, or a 61.69% evaporation from its peak [5].