Core Viewpoint - Meirui New Materials Co., Ltd. reported a slight increase in revenue and a significant rise in net profit for the first half of 2025, indicating stable performance amidst market challenges [1]. Financial Performance - The company achieved an operating income of 801 million yuan, a year-on-year increase of 0.02% [1]. - The net profit attributable to shareholders was 39.12 million yuan, reflecting a year-on-year growth of 25.25% [1]. Business Development - Meirui New Materials is a leading producer of polyurethane new materials and functional chemical raw materials in China, with a focus on thermoplastic polyurethane (TPU) [1]. - The company has made significant progress in its functional chemical raw materials segment, with its subsidiary, Meirui Technology (Henan) Co., Ltd., successfully launching production at its polyurethane industrial park [1]. - The company has maintained stable sales of high-performance polyurethane new materials despite a complex market environment [1]. Product Innovation - The company is leveraging its supply chain advantages to develop products like water-based polyurethane dispersions (PUD) for diverse applications, including high-end coatings and adhesives [2]. - Breakthroughs include the successful application of PUR (moisture-curing polyurethane adhesive) in food packaging and the development of moisture-permeable adhesive materials that enhance the performance of high-end apparel [2]. Project Development - Two major projects, including a 10,000-ton expandable thermoplastic polyurethane project and a 30,000-ton water-based polyurethane project, are set to commence construction in the fourth quarter of 2024 [2]. - These projects will utilize special isocyanate raw materials from Meirui Technology, enhancing cost efficiency through supply chain synergy [2]. Capital Investment - The company plans to invest up to 350 million yuan in its subsidiary, Meirui Technology, to strengthen its financial position and alleviate liquidity pressure [2].