SD HEAD(SZ:002810)2025-05-15 09:06Group 1: Company Operations - The construction of the factory in the United States is currently in progress, with updates to be disclosed according to regulatory requirements [3] - The company reported good export performance for cellulose ether in May 2025 [4] - The price of cellulose ether has remained stable in 2025, with no significant fluctuations observed [5][6] Group 2: Financial and Strategic Plans - The company's 2025 performance is expected to grow, with detailed plans available in the 2024 annual report [7] - The strategy to address U.S. trade tariffs includes reserving 4 to 6 months' worth of plant-based capsules in the U.S. warehouse, classified as accounts receivable in financial statements [7] - The purpose of the share buyback is to convert shares into convertible bonds, with plans to implement the buyback at an appropriate time following regulatory approval [7] Group 3: Future Projections and Risks - The U.S. factory will only produce plant-based capsules, with cellulose ether sourced from domestic imports, which may still face high tariff risks [8]