Group 1: Business Overview - The company operates in three main business segments: adhesives and specialty resins, electronic information materials, and electronic technology [2] - The adhesive segment is a major revenue source, particularly in the wind power blade materials sector, with a comprehensive supply system established [2][3] Group 2: Market Performance - In 2024, the total sales volume of wind power epoxy structural adhesives and infusion resins reached nearly 10,000 tons [2] - The company maintains a leading market share in wind power structural adhesives as of Q1 2025 [2] Group 3: International Expansion - The company is expanding its overseas market presence, with certifications completed for products under LM Windpower and GE [4] - A new adhesive materials production base is being established in Thailand to better serve international clients [4] Group 4: Subsidiary Developments - Saiying Technology focuses on microwave technology and has developed products for radar and communication systems, with a shift towards civilian applications [5] - The company’s subsidiary, Dalian Qihua, specializes in high-quality epoxy resins, with an annual production capacity of 80,000 tons planned for expansion [6] Group 5: Production Capacity and Projects - The Fujian production base has entered formal production, with capacity to be gradually released based on market conditions [6] - The Tangshan production project is in the acceptance phase, with trial operations and formal production to follow [6]

Financial Performance - In Q1 2025, the company achieved a net profit of 6.37 million yuan, a 125.70% increase compared to the same period last year, indicating a significant recovery in performance [3][12] - The revenue scale increased substantially during the reporting period, leading to a turnaround from loss to profit [5][12] - The company aims to enhance market expansion and product development to further improve operational efficiency and profitability [10][12] Shareholder Relations - The company received a total of 243,528,000 yuan from the sale of shares in Cai Jing Optoelectronics by the end of 2024, and an additional 162,352,000 yuan in Q1 2025, which does not affect revenue accounts [1][7] - There are plans to consider dividend distribution based on market conditions and company performance [5][12] - The company is committed to improving investor relations and enhancing information disclosure to align market perception with intrinsic value [11][12] Strategic Development - The company is focusing on expanding its capabilities in high-end electronic information materials and adhesive new materials, aiming to create a second growth engine [10][12] - Future growth will be driven by strategic investments in emerging industries and new productive forces, aligning with national development strategies [12] - The company plans to strengthen its market position in the electronic information materials sector, particularly in ITO targets and low-temperature co-fired ceramics [8][10] Challenges and Risks - The company has faced challenges in its merger and acquisition projects, with a total profit of 40 million yuan from the acquisition of Jin Cai Technology over two years, against a performance commitment of 90 million yuan [3][12] - A goodwill impairment of 29.48 million yuan was recorded for Jin Cai Technology due to cautious assessments during the commitment period [4][12] - Market conditions have led to reduced orders and delayed deliveries, impacting profitability in the electronic information materials and electronic technology sectors [12]