NKY(SZ:300109)2025-03-03 09:26Group 1: Company Overview - The company primarily operates in fine chemicals and precision medical businesses, with fine chemicals accounting for approximately 90% of its operations, while precision medical business remains relatively small [2]. - The 2024 performance data is still under audit, with the official report expected in April 2025 [2]. Group 2: PVP Production and Pricing - PVP production capacity is limited to 20,000 tons per year due to constraints from downstream polymerization capabilities [3]. - The average price of PVP products has adjusted year-on-year due to market conditions, with industrial-grade PVP experiencing significant price fluctuations, stabilizing before the third quarter [3]. Group 3: PVP in New Energy Sector - In 2024, the company sold over 3,000 tons of PVP in the new energy sector, with expectations for growth in 2025 based on future orders [3]. Group 4: Eurysia Product Insights - Eurysia, a copolymer of vinyl ether/maleic anhydride, is expected to see sales of approximately 1,500 tons in 2024, with a high unit price and a gross margin of 60-70% [3]. - An increase in shipment volume is anticipated for 2025 [3]. Group 5: Export and Market Distribution - Approximately 50% of PVP products are exported, with Europe, the Middle East, and South Asia as primary markets; the U.S. market accounts for only 3-5% [3]. Group 6: Future Development Plans - The chemical sector aims to optimize product structure and increase the proportion of high-end products, with new PVP polymerization capacity being developed to match upstream NVP capacity [4]. - The medical sector will focus on enhancing existing product technology and deepening collaborations with innovative drug companies to tap into the potential of precision medical business [4].