Summary of Conference Call Records Industry Overview - The focus is on the robotics sector, particularly the integrated robotics market, which is experiencing increased attention from funds and investors as the index is at a relatively low level, indicating potential for a rebound [1][2] Key Points and Arguments - **Market Sentiment**: Recent market sentiment has improved, with investors considering whether the integrated robotics sector has hit bottom. The trading volume in robotics remains low, but the overall interest from funds has increased significantly compared to one or two years ago [2] - **Catalysts for Growth**: Key events such as the release of Tesla's Rock 4, the upcoming AI conference, and the robotics competition are driving interest and could catalyze industry growth. The focus on robotics applications in Tesla's restaurant operations is also noteworthy [3] - **Technological Focus Areas**: The second half of the year will see a focus on several technological areas, including paint surface technology, domestic robots (with key players like Huawei and others), lightweight materials, electronic skin, and heat dissipation technologies [4] - **Reducer Applications**: The cycloidal reducer is gaining attention in the industry, with companies like Double Ring and Jindiamond actively developing related products. The application of lead screws is also increasing, particularly in joint applications [5] - **Algorithm Importance**: Algorithms are identified as a core barrier in the robotics field, with their significance expected to grow as the industry develops. This includes data collection, simulation training, and application deployment [6][7] Additional Important Insights - **Recommended Companies**: Short-term recommendations include Zhejiang Rongtai, which has optimistic progress with North American clients, and companies involved in autonomous vehicles and robotics, such as Jinlv Environment and Zhenghe Industrial [8] - **Trends in Smart City Development**: The development of unmanned technologies is crucial for smart city initiatives, particularly in addressing labor shortages in sanitation. Companies like Zhenghe Industrial and Longxi Co. are positioned to benefit from this trend [9] - **Human-like Robot Reducers**: The market for human-like robot reducers includes various types, with cycloidal reducers showing advantages in load capacity and rigidity. Companies like Kewo Innovation and Double Ring are making significant advancements in lightweight and high-precision reducers [10][11] - **Future of Reducers**: The cycloidal reducer market has substantial growth potential, especially in high-load applications such as robot joints. The current market size is significant, with a unit price around 1,500 yuan [14] - **Investment Opportunities**: Companies like Jinzhe Technology and Haoneng Fuda are highlighted for their high investment elasticity in the reducer sector, making them attractive investment options [16] Conclusion - The robotics sector is poised for potential growth driven by technological advancements, market sentiment improvements, and strategic company developments. Key players and emerging technologies are set to shape the future landscape of the industry.

Summary of Ice Wheel Environment Conference Call Company Overview - Ice Wheel Environment is a local state-owned enterprise with over 60 years of experience in refrigeration compressor R&D, mastering full pressure, wide temperature, and multi-work technology, establishing a solid foundation for business development [2][4] - The company has a diversified business structure: cold chain equipment (1/3), energy and chemical equipment (1/4), central air conditioning (1/3), and energy-saving heating (nearly 10%) [2][5] - By 2024, overseas revenue is expected to account for 30%, indicating significant progress in global expansion [2] Core Competitiveness - The company's core competitiveness lies in technological innovation, holding the only complete independent intellectual property rights for screw refrigeration compressors in China, covering various application scenarios [2][6] - Ice Wheel Environment has been recognized as a national manufacturing champion and has received multiple national awards for technological advancement [6] IDC Business Growth - The IDC business, managed by the subsidiary Dunhanbushi Group, is experiencing rapid growth, contributing approximately 30% to central air conditioning revenue [3][7] - New orders in the IDC sector have significantly increased year-on-year, with expectations for it to become one of the fastest-growing segments in the coming years [8] Green Technology Recognition - Two products have been included in the Ministry of Industry and Information Technology's list of advanced technologies for national green data centers, showcasing the company's strength in green low-carbon technology [2][9] Financial Performance and Valuation - The company has maintained positive order growth recently, with a PE ratio of approximately 15-17, indicating a relatively low valuation compared to its performance [3][16] - The company’s main business has a favorable competitive landscape, and the rapid growth of the IDC business provides strong momentum for revenue and profit increases [16] Market Trends and Future Outlook - The cold chain equipment industry, where Ice Wheel Environment holds over 30% market share, is expected to recover as government projects accelerate [13] - The energy and chemical equipment sector is gradually stabilizing, with significant growth potential in overseas markets [14] - The industrial heat management business, currently under 10% of revenue, is anticipated to grow significantly due to increasing demand driven by carbon neutrality strategies [15] Global Manufacturing Footprint - The company has established a global manufacturing presence in regions including China, Malaysia, the USA, Mexico, Russia, and South Africa, enhancing its production capacity and market competitiveness [11] Project Experience - Ice Wheel Environment has extensive project experience in data centers, having served major clients such as national supercomputing centers and various financial institutions, which supports new customer acquisition [10]

Summary of the Conference Call for Feiliwa Company Overview - Feiliwa is strategically expanding its business into high-value areas, including aerospace, semiconductors, optics, and emerging sectors like electronic fabrics and transparent ceramics, aiming for diversified growth [2][15]. Key Industry Insights Aerospace Sector - Feiliwa has over 40 years of technical accumulation, leading the supply of quartz fiber and expanding into secondary structural components, benefiting from the strong demand for high-temperature, wave-transmitting, and thermal insulation materials for hypersonic vehicles [2][5]. - The company’s quartz fiber is crucial for hypersonic vehicles, which require materials that can withstand temperatures exceeding 1,200 degrees Celsius, have excellent wave transmission properties, and provide thermal insulation [4]. Semiconductor Sector - Feiliwa has become the fifth global company certified by overseas original equipment manufacturers, holding approximately 15% of the global market share in the semiconductor quartz sector [2][8]. - The semiconductor quartz industry chain includes four segments: raw sand, materials, products, and equipment certification, with Feiliwa holding a competitive edge in materials and products [7][8]. Optical Sector - The company is focusing on precision processing of panel and IC photomasks to break the monopoly of foreign manufacturers and achieve domestic self-sufficiency [2][9]. Emerging Directions - Feiliwa is developing ultra-thin electronic fabrics and transparent ceramics, with the electronic fabric expected to meet the high-frequency and high-speed transmission requirements of the market [2][10][11]. - The transparent ceramic product, developed in collaboration with Wuhan University of Technology, aims to replace tempered glass in armored vehicles, offering superior bulletproof performance while being lighter and thinner [13]. Financial Performance and Projections - Feiliwa expects a pure operating profit of approximately 550 million yuan in 2025, with a projected growth rate exceeding 35% in the following years [3][14]. - The electronic department is anticipated to double its current performance within the next two to three years, indicating strong growth potential [3][14]. Competitive Advantages - Feiliwa's competitive advantages lie in its long-standing experience in aerospace quartz fiber development, a robust patent portfolio, and the ability to produce high-quality electronic fabrics at lower prices compared to overseas competitors [11][12]. - The company plans to expand its production capacity significantly, aiming for an annual output of 20 million meters of electronic fabric by 2027-2028 [11][12]. Conclusion - Feiliwa's strategic focus on high-value sectors, combined with its technological expertise and market positioning, suggests a strong growth trajectory in the coming years, with significant contributions expected from its core business areas and emerging sectors [2][14][15].

Summary of the Earnings Call for Ailis Company Company Overview - Ailis Company is focused on the development and commercialization of targeted therapies for cancer, particularly in the area of non-small cell lung cancer (NSCLC) with EGFR mutations and KRAS mutations [2][3]. Key Products and Market Performance - **Fumetinib**: - Approved for multiple indications, including first-line and second-line treatments for EGFR mutation-positive NSCLC [2][3]. - Projected sales for 2024 are 3.5 billion RMB, representing a 77% year-over-year growth [2][5]. - Clinical data shows superior progression-free survival (PFS) and objective response rates (ORR) compared to Osimertinib [2][6]. - In patients with brain metastases, the ORR is 66%, with a disease control rate of 100% and a significant reduction in the risk of disease progression or death by 60% [2][9]. - Demonstrated efficacy in treating EGFR 20 exon insertion mutations, with ORR of 78% and 46% in different dosing groups [2][10]. - **KRAS G12C Inhibitor (Glarasertib)**: - Approved in May 2025, showing an ORR of 77.9% in second-line treatment and a disease control rate exceeding 86% [2][12]. - Currently in clinical trials for first-line treatment in combination with SHIP2 inhibitors [2][12]. - **Pralsetinib**: - Recently introduced and has achieved local production, which is expected to lower costs and prices, facilitating entry into health insurance negotiations [3][4][14]. - Recommended in multiple treatment guidelines, indicating a positive sales outlook [4][14]. Financial Performance - Ailis Company reported a strong financial performance with projected revenues of 3.5 billion RMB for 2024, a nearly 80% increase year-over-year [4][5]. - Net profit is expected to reach 1.4 billion RMB, reflecting a 120% increase, with a net profit margin of 40% [4][5]. Market Dynamics - The market for EGFR mutation-positive NSCLC is expanding, with approximately 250,000 new patients annually in China [6]. - EGFR mutations account for 30% of all NSCLC cases, with a significant portion being adenocarcinoma [6]. - The introduction of third-generation TKIs like Fumetinib addresses resistance issues seen with earlier generations, enhancing patient outcomes [6][7]. Clinical Insights - Fumetinib has shown a median PFS of 20.8 months, surpassing Osimertinib's 19 months, and a high ORR of 85% [6][7]. - The drug's safety profile is favorable, with lower rates of severe adverse reactions compared to Osimertinib [7]. Future Outlook - Ailis Company is optimistic about its growth trajectory, with potential for market expansion both domestically and internationally [15]. - The product pipeline, particularly Fumetinib, is expected to drive significant revenue growth in the coming years [15].

Summary of the Conference Call for YingShi Technology Company Overview - YingShi Technology is a young consumer goods company focused on R&D, maintaining high gross and net profit margins, currently in a growth phase with rapid revenue and performance growth, achieving a compound annual growth rate (CAGR) of 66% over the past seven years [2][4] Core Products and Market Performance - The company's consumer products, including panoramic cameras, action cameras, and portable handheld cameras, account for nearly 90% of revenue, with overseas sales making up close to 80% [2][6] - Online and offline sales are evenly split, with the overseas official website performing particularly well, contributing 20% to sales channels [7] - The smart portable imaging device industry benefits from the growth of short video platforms, with an expected domestic sales volume of over 3 million units in 2024 [2][11] Financial Performance - Revenue for 2024 is projected at 5.6 billion yuan, a 50% year-on-year increase, with a continued growth rate of over 40% in Q1 2025 [4][27] - The gross profit margin has consistently remained above 50%, with a slight decline in 2024 due to new product launches [8] - The net profit margin has historically maintained around 20%, with a temporary drop to the low teens in Q1 due to the interplay of gross margin and expense ratios [9] Market Dynamics and Competition - The industry is highly concentrated, with the top three companies (CR3) accounting for over 70% of the market share, including YingShi, DJI, and GoPro [4][18] - DJI has rapidly increased its market share with the launch of the Pocket 3, while YingShi aims to enhance its market presence by expanding its product SKU [21][24] - GoPro's market share has significantly declined, particularly in Germany and Japan, due to slower product iteration and less competitive pricing [20] Consumer Demand and Creator Base - The domestic creator base is approximately 40 million, with professional creators potentially exceeding 50% ownership of smart imaging devices, while amateur creators' ownership is below 10% [2][15] - The overseas market has about 100 million video creators, with professional creators expected to reach 110% ownership [16] Future Growth and Industry Outlook - The domestic market for portable smart imaging devices is expected to grow at a CAGR of over 40%, with total sales potentially reaching 8 million units and a market size exceeding 200 billion yuan by 2027 [15][16] - The overseas market is projected to see similar growth, with total sales reaching 20 million units and a market size of 60 billion yuan by 2027 [16] Risks and Challenges - The company faces potential risks related to trade policies and geopolitical factors, particularly due to its reliance on overseas sales [31] Conclusion - YingShi Technology is positioned for significant growth in the smart portable imaging device market, supported by strong product offerings, a balanced sales channel strategy, and a focus on R&D. However, it must navigate competitive pressures and external risks to sustain its growth trajectory [30][31]

Summary of Key Points from Conference Call Records Industry Overview - The humanoid robot industry is experiencing rapid iteration with a research and development cycle of approximately two months, indicating short-term investment opportunities within the sector [1][3] - The supply chain structure is evolving, with clear opportunities for secondary and tertiary suppliers, particularly in the motor sector, including high-density motors, slope reducers, and tactile sensors [1][3] Company Insights Zhiyuan Technology - Zhiyuan is recognized as the fastest commercializing company in China, adopting a business model similar to Apple's ODM model, which is expected to create investment opportunities in the resource chain by 2025 [1][3] Jack Co., Ltd. - Jack Co. has a unique position in the apparel industry, with equipment covering nearly all workstations, showcasing significant advantages in automation upgrades [1][4] - The company aims to enhance equipment efficiency from 30% to over 50% or even 60%, driven by strong demand for automation in labor-intensive industries, particularly in coastal regions [6][7] - Jack's main revenue is approximately 6 billion, with the template machine market space estimated at 30 to 40 billion, indicating substantial growth potential [8] Hengli Hydraulic - Hengli Hydraulic is currently at a cyclical low but is expected to see accelerated growth in the third quarter, with profit growth projected to exceed 30% [9] - The company is positioned to benefit from increased market share in excavators and aerial work platforms, which are also at cyclical lows [9] Suochen Technology - Suochen Technology is the only private asset in China with a foothold in the physical AI simulation platform, targeting revenue of 30 to 50 million yuan by 2025 and 2026 [2][23] - The company has made strategic acquisitions to enhance its capabilities and expand industry channels, with a projected compound growth rate of 25% [2][26] Market Dynamics - The apparel industry is under pressure due to rising labor costs, leading to a strong demand for automation solutions [7] - The domestic market is expected to gradually recover, with overall performance improving in the second half of the year [11] Technological Trends - The humanoid robot sector is advancing faster than traditional manufacturing and new energy vehicles, primarily due to challenges in "smart brain" development rather than hardware R&D cycles [2] - There are ongoing debates regarding the paths of reinforcement learning and large models in AI development, which could impact the future of humanoid robots [2][16] Investment Recommendations - Focus on core companies within the supply chain and technology iterations in the humanoid robot sector, particularly companies like Hengli Hydraulic and Jack Co. [3][9] - Monitor the developments of Suochen Technology, given its unique market position and growth potential in the physical AI domain [24][29] Conclusion - The humanoid robot industry presents significant investment opportunities driven by rapid technological advancements and evolving supply chains. Companies like Jack Co. and Suochen Technology are positioned for strong growth, while Hengli Hydraulic is expected to rebound from cyclical lows.

Summary of Conference Call for Yingliu Technology Industry Overview - The demand for gas turbines, optical modules, and PCBs is driven by large-scale investments in overseas data centers, positively impacting related US stock sectors [2][4] - The domestic military aviation engine sector is expected to see growth in new model deliveries despite 2025 being a small year for military products [2][6] - The domestic civil aviation engine market exceeds 100 billion RMB, currently reliant on imports, with domestic engines like the Changjiang series maturing [2][6][7] - The global market for civil aviation engines is highly concentrated, dominated by GE Aviation, Pratt & Whitney, and Rolls-Royce, with high demand but limited delivery capacity [2][7] Company Insights - Yingliu Technology has diversified its operations across military engines, gas turbines, oil and gas, mining, and nuclear power, establishing a platform development model [3][9] - The company’s order backlog increased from 150-200 million RMB at the end of Q3 last year to 1.2 billion RMB by the end of Q1 this year, indicating strong demand [3][9] - Recent long-term contracts with Siemens and other overseas clients extend production schedules to 2028-2029, expected to significantly boost future performance [3][10] Financial Performance - The company has maintained high R&D investment levels since 2017, averaging 300-400 million RMB annually, with capital expenditures rapidly increasing to 4.5 billion RMB [3][11] - The nuclear power business has shown rapid growth, with expectations of significant order releases in the next two to three years, maintaining a growth rate of around 20% [3][12][14] Future Prospects - The company is entering a harvest period, with a strong order book and expected profitability improvements in Q3 [3][13] - The low-altitude sector is being fully developed, with large orders signed in the first half of the year, anticipated to turn from losses to profits in the coming years [3][15] - The nuclear fusion business is also being explored, with collaborations for materials and equipment development, providing additional growth potential [3][14] Key Contracts and Collaborations - Significant contracts signed with major players like Siemens and GEV reflect the increasing demand for gas turbines and the need for domestic companies to support main engine manufacturers [3][8][10] Conclusion - Yingliu Technology is well-positioned for growth with a diversified portfolio, strong order backlog, and strategic investments in R&D and capital expenditures, indicating a positive outlook for future performance across various sectors [3][13][15]

Summary of Megmeet's Conference Call Company Overview - Megmeet operates in diverse sectors including industrial power, automation products, home appliances, new energy vehicles, and rail transit, maintaining a robust revenue structure despite challenges in the new energy vehicle segment due to external factors [2][5][6] Core Business Segments - The company's business structure includes: - **Power Business**: Core technology in industrial and display power supplies - **Automation Products**: Includes servo, frequency converters, and PLCs, showing steady growth - **Home Appliances**: Important segment including bathroom and variable frequency appliance controllers - **New Energy Vehicles and Rail Transit**: Involves control systems and wiring harnesses [3] Performance in Segments - Megmeet excels in various segments, with many categories ranking in the top tier of the industry, particularly in industrial power where it holds a leading position [4] Revenue Stability - Revenue fluctuations are primarily linked to the new energy vehicle sector, particularly influenced by the development of BAIC New Energy around 2018. Excluding this segment, other business areas have shown consistent growth over the past six years [5][6] Financial Reporting Quality - The quality of Megmeet's financial reports is reflected in high operational efficiency metrics, including per capita sales and turnover rates, alongside strong growth across segments and close collaboration with benchmark customers [7] Technological Investment - The company's technological foundation is crucial for future growth, with a focus on high-quality products and significant investment in promising technologies, particularly in AI power supplies, which are expected to yield high profitability and growth potential [8] Technical Advantages - Megmeet's technical advantages stem from its management team's background, primarily from Huawei, and its commitment to supporting talented individuals and small innovative companies, enhancing its supply chain collaborations [9][10] AI Power Supply Development - In the AI power supply sector, Megmeet is the only power company in mainland China officially partnered with NVIDIA. The anticipated release of NVIDIA's new GPU series is expected to significantly boost Megmeet's revenue and profit through increased demand for power supply systems [11] Business Expansion Strategy - Megmeet leverages its positioning advantage to expand its business by developing products that meet customer needs, thereby increasing customer value and integrating AI power supplies with traditional business lines [12] Future Growth Outlook - The outlook for Megmeet's future growth is optimistic, supported by stable core business, new profit-generating ventures, and favorable geopolitical developments that may enhance its position as a key supplier for NVIDIA [13] Other Recommended Companies - In addition to Megmeet, two other companies are recommended based on their market positioning, supply chain strength, and overall quality, contributing to a core list of overseas chain recommendations [14]

Summary of Zhejiang Zhengte Conference Call Company Overview - **Company**: Zhejiang Zhengte - **Industry**: Outdoor products, specifically focusing on outdoor furniture and storage solutions Key Points Financial Performance - **Significant Growth**: In the first half of 2025, Zhejiang Zhengte reported a net profit increase of 30% to 80%, with a median growth of approximately 50% [3][2] - **Revenue Drivers**: Growth attributed to market expansion, particularly the strategic product "Starry Canopy" performing well in Costco, and an increase in the proportion of high-margin products [2][3] Strategic Initiatives - **Market Expansion**: The company has entered major retail channels such as Costco, Sams, and Walmart, and is developing new KA channels [4][2] - **Product Development**: Focus on three new product categories: outdoor furniture, outdoor storage, and outdoor camping, with positive initial market responses [16][4] Long-term Strategy - **Growth Target**: The company aims to double its scale in approximately three years, targeting a compound annual growth rate (CAGR) of 26% [2][6] - **Operational Efficiency**: Emphasis on digital transformation and internal management optimization to enhance operational efficiency and reduce costs [8][11] Tariff Impact - **Tariff Reduction in Indonesia**: The reduction of tariffs from 32% to 19% is seen as beneficial, alleviating cost pressures and enhancing competitiveness [7][10] - **Production Base in Indonesia**: Establishment of a production base in Indonesia to address global supply chain challenges and U.S. tariff uncertainties [7][10] Product Performance - **Starry Canopy Sales**: Currently accounts for over 50% of total revenue, with optimistic sales trends and significant growth potential in both U.S. and European markets [13][14] - **Profit Margins**: The gross margin for the Starry Canopy is approximately 30-35%, higher than the overall company margin of 25-28% [14][2] E-commerce and Sales Channels - **E-commerce Performance**: Cross-border e-commerce accounts for about 20% of total sales, with strong performance across both online and offline channels [18][17] - **Sales Team Structure**: The sales team is strategically located in key markets in the U.S. and Europe, with local personnel and support from domestic employees [21][22] R&D and Innovation - **R&D Expansion**: The company has established multiple R&D centers in Shanghai, Shenzhen, and North America, focusing on product innovation and design collaboration with international design firms [22][16] Supply Chain Considerations - **Supply Chain Differences**: Domestic operations benefit from a mature supply chain, while the Indonesian facility is still developing its processes [20][19] Customer Communication - **Stable Pricing Strategy**: The company maintains stable pricing with customers through DDP services, ensuring that tariff fluctuations do not affect end prices [12][2] Additional Insights - **Future Product Development**: The company is actively exploring new product categories to meet market demands and drive business growth [15][2] - **Market Potential**: The outdoor furniture and storage markets are expected to grow significantly, with the company well-positioned to capitalize on these trends [16][2]

Summary of the Conference Call for Xinxiang Chemical Fiber Company Overview - **Company**: Xinxiang Chemical Fiber - **Industry**: Chemical Fiber Production, specifically focusing on viscose filament and spandex Key Points and Arguments Financial Performance - In Q1, the gross margin for viscose filament was under pressure due to rising wood pulp prices and RMB depreciation, leading to a decline in overall profits despite stable selling prices [2][3] - Q2 saw a slight recovery in gross margin for viscose filament, but it remained below the average level of the previous year by approximately 200-300 RMB/ton [3] - Spandex experienced a small price increase in Q1, but due to US-China tariff disputes, Q2 margins decreased, resulting in losses, although sales volume exceeded 100,000 tons, showing significant year-on-year growth [2][3] - The company reported a net loss in Q2, with only minimal gross profit, as both PDG and spandex prices were slowly declining [27] Business Development - The company’s mycelium grass business in Xinjiang is progressing well, with production starting at the end of Q1 and a planting area reaching 30,000 acres, expected to expand to 70,000-100,000 acres next year [2][4] - Mycelium grass is aimed at addressing the domestic shortage of dissolving pulp, with plans to enhance brand application and research [2][4] - The cost of mycelium pulp is currently higher than imported wood pulp, and the key to reducing costs lies in expanding planting areas for economies of scale [10] Production and Capacity - The company plans to increase short-line processing capacity to validate mycelium grass applications and utilize existing equipment for hotel linen recycling, with an expected addition of around 5,000 tons of experimental production line [23] - The company is not planning to expand traditional chemical fiber production in Xinjiang but is focusing on physical method viscose filament production [20] Market Dynamics - The spandex market is significantly affected by tariff policies, while viscose filament has been less impacted due to the cessation of trade with the US since 2017-2018 [24] - The overall market for spandex is experiencing a slowdown in domestic apparent consumption growth, estimated at less than 5% [26] - Small capacity companies are gradually exiting the market, leading to a rise in Xinxiang Chemical Fiber's ranking in the spandex industry to second place [29][31] Environmental and Certification Efforts - The company is applying for green certification and engaging in carbon trading, with expectations of generating over 500 RMB per acre in carbon credits once certification is achieved [11][12] - Mycelium grass cultivation has ecological benefits, including windbreak and carbon sequestration [11] Future Outlook - The company anticipates that by the end of 2025, the planting area will reach 30,000 acres, producing approximately 5,000 tons of mycelium grass [14] - Future production plans include scaling up to 30,000 tons or even 100,000 tons, with initial products primarily for internal use to understand their characteristics better [15] - The company expects to sell 20% of its products externally in 2025, with the proportion depending on production levels in 2026 [16] Challenges and Risks - The company faces challenges with cash flow, similar to other industry players, as many are waiting for significant events to drive further development [28] - The overall industry is experiencing a phase of consolidation, with smaller companies facing shutdowns and larger companies like Huafeng expanding capacity [29][33] Additional Insights - The company’s spandex inventory is currently around 50 days, indicating a manageable stock level [37] - The impact of recent high temperatures has increased sales of sun-protective fabrics, but prices have not significantly risen [34] This summary encapsulates the key insights from the conference call, highlighting the financial performance, business developments, market dynamics, environmental efforts, future outlook, and challenges faced by Xinxiang Chemical Fiber.