SUNHERE(SZ:300452)2025-05-12 07:46Group 1: Financial Performance - The sales revenue of cellulose products in 2024 reached 474 million CNY, representing a year-on-year growth of 22% [2] - The overall gross margin slightly decreased last year, but the decline was minimal, influenced by market structure adjustments [2] - The utilization rate of new production capacity for four main products is currently between 60%-70% [2] Group 2: Market Demand and Trends - The demand for hydroxypropyl methylcellulose is currently strong, with no signs of decline, particularly in the plant capsule and pharmaceutical adhesive markets [5][6] - The market for excipients is broad, with over 1,000 types used internationally and around 500 types in China, while the company currently produces only over 40 types [3] - The import substitution space remains significant, accelerated by the US-China trade war [3] Group 3: Regulatory Impact - The new drug production quality management standards will be implemented on January 1, 2026, which includes the management of pharmaceutical excipients [4] - The company has conducted a comprehensive self-inspection to meet the new management requirements [4] Group 4: International Business and Export - The company expects to maintain high growth in overseas markets, with plans to expand the overseas management and sales team in 2025 [8] - The export volume to the US is relatively small, not exceeding 10 million CNY, and is currently unaffected by increased tariffs [7] - The gross margin for overseas sales is slightly lower due to fewer product categories compared to domestic offerings [8]