Group 1: Report Overview - Report Date: August 26, 2025 [1] - Research Industry: Chemical Products [2] - Research Object: Meirui New Materials [16] Group 2: Research Institutions - Participating Institutions: CITIC Securities Co., Ltd., Shanghai Shenyin Wanguo Securities Research Institute, Guojin Securities, Huafu Securities Research Institute, etc. [2] - Detailed Institutions and Representatives: Including various securities companies, research institutes, asset management companies, etc., with specific representatives such as Tian Xiancheng, Ren Dan, etc. [17][18] Group 3: Main Content Operating Performance - In H1 2025, the company made progress in functional chemical raw materials, with some production devices in the first - phase project of Meirui Technology's polyurethane industrial park in trial operation and some achieving stable operation and small - batch supply. In the polyurethane new materials segment, it maintained stable sales. [23] - The company achieved operating income of 800.7003 million yuan, basically the same as the previous year, and net profit attributable to the parent company of 39.1221 million yuan, a year - on - year increase of 25.25%. [23] Q&A - **Henan Project**: The first - phase project of the polyurethane new materials in the Henan subsidiary is in trial operation, with some devices stably operating and supplying products in small batches. The sales team has received positive market feedback. [23] - **Self - use of Products**: The company has started using the subsidiary's self - produced products, replacing some raw materials for special new materials production and developing new products with synergistic effects. [23] - **Capital Increase**: The company plans to increase capital in the Henan subsidiary to enhance its capital strength and competitiveness. It is expected not to have a significant impact on the parent company's cash flow. The specific implementation is pending audit and evaluation. [24][25] - **TPU Application in Robots**: TPU can be used for robot skin, but the company's products have no relevant applications yet and will continue to explore opportunities. [26] - **Two Fund - Raising Projects**: Both projects started construction at the end of 2024. The 10,000 - ton expanded thermoplastic polyurethane elastomer project and the 30,000 - ton water - based polyurethane project are in the equipment pipeline installation and electrical instrument construction stage, expected to be completed by the end of June 2026. [27]

Group 1: Financial Performance - The company achieved operating revenue of 800.70 million yuan, remaining stable compared to the previous year [3] - The net profit attributable to shareholders reached 39.12 million yuan, reflecting a year-on-year growth of 25.25% [3] - As of June 30, 2025, the company reported a net cash flow from operating activities of 157 million yuan and a cash balance of approximately 400 million yuan [6] Group 2: Project Developments - The polyurethane industrial park project has commenced trial production, with some production units achieving stable operation and small-scale external supply [4] - The company has begun using self-produced isocyanate products from its Henan subsidiary, reducing reliance on external suppliers and controlling supply chain risks [5] - Two fundraising projects initiated in 2024 are currently under construction, with completion expected by June 2026 [8] Group 3: Strategic Initiatives - The company plans to increase capital investment in its Henan subsidiary to enhance its capital strength and alleviate liquidity pressure [5] - The investment aims to improve the overall competitiveness of the subsidiary and leverage synergies with the parent company's existing business [5] - The company is exploring new market opportunities in the robotics sector for its TPU products [7]