Summary of the Conference Call for Haiyou New Materials Industry Overview - The photovoltaic (PV) industry is experiencing a recovery after reaching a bottom, with a long-term growth trend remaining intact. Although short-term shipment growth is limited, the industry's capacity reduction efforts are showing results, and long-term demand remains positive. Haiyou New Materials holds a market share of approximately 10%, with technological research and development being its core competitive advantage [2][3][8]. Key Points and Arguments Photovoltaic Business - The recent export tax rebate policy has temporarily impacted the demand for PV auxiliary materials, with an expected increase in demand around late February, lasting for about 1 to 1.5 months. Long-term, this policy will encourage the industry to focus on product competitiveness and compliance, benefiting Haiyou New Materials [2][5]. - The company has introduced leading products such as white EVA films and PPE co-extruded films, emphasizing that R&D is vital for its survival [3][8]. Automotive Business - Haiyou New Materials is adopting a dual-drive model in its automotive business, with PDLC (Polymer Dispersed Liquid Crystal) dimming films already applied in models like the Zhiji R6 and BYD Yangwang U8L. The company collaborates with leading new energy vehicle manufacturers [3][16]. - The PDLC technology offers advantages such as rapid color change and adaptability to flexible glass, positioning the company favorably in the market [4][22]. Technological Development - The company is actively exploring cutting-edge technologies such as perovskite and low-orbit satellite packaging materials, collaborating with leading downstream enterprises for R&D. However, no bulk orders are expected in the short term [2][6]. - Haiyou New Materials has shifted its focus from PV adhesive films to automotive dimming films, planning to expand production capacity in the second half of 2026 [4][17]. Regional Strategy - The company has established a subsidiary in Chengdu to take over part of its capacity from the eastern region, aiming to be closer to key customers in the western region and improve service quality while addressing cash flow risks [2][7]. Additional Important Insights - The company believes that 2026 will be a bottoming year for the PV industry, with many potential markets still to explore. It plans to focus on reducing operational risks and maintaining cash flow rather than blindly expanding production due to short-term policy changes [12]. - The cost of PDLC films is expected to decrease through optimization of raw material synthesis and structural design, with a focus on establishing a good pricing system with downstream customers [19]. - The company is also exploring the aftermarket for dimming films, which shows significant future potential despite current low volumes [18]. Conclusion Haiyou New Materials is strategically positioned in both the photovoltaic and automotive sectors, leveraging its technological advancements and regional adjustments to enhance competitiveness. The company maintains a positive outlook on future growth while navigating short-term challenges in the market.