Writing a High-Quality Development Report Card Through Innovation—InnoVision Releases Its 2025 Annual Report and 2026 First-Quarter Report

         Writing a High-Quality Development Report Card Through Innovation—InnoVision Releases Its 2025 Annual Report and 2026 First-Quarter Report

On April 22, Yinuowei officially released its 2025 Annual Report and its Q1 2026 Report. Against the backdrop of cyclical fluctuations in the chemical industry and a complex and volatile market environment, the company delivered robust year-on-year growth in both revenue and profit, presenting a highly substantive performance that underscores the deep-rooted strength and strong momentum of a leading domestic player in polyurethane new materials. Moreover, with technological innovation at its core and green, low-carbon development as its foundation, the company continues to achieve breakthroughs in the new-energy sector, steadily advancing on a new journey toward high-quality growth.

In 2025, despite multiple challenges—including volatile raw-material prices and structural adjustments in downstream demand—the company remained committed to its core business and pursued steady, prudent growth, achieving total operating revenue of RMB 7.5 billion, up 9.37% year on year. Gross margins across all three of the company’s core product categories posted consecutive increases, breaking the typical industry pattern of “revenue growth without profit growth.” At the start of 2026, the company’s growth momentum continued to unfold: in the first quarter, operating revenue reached RMB 2.295 billion, up 31.08% year on year, while non‑GAAP net profit stood at RMB 58 million, up 21.65%. This strong double-digit growth in both revenue and profit has laid a solid foundation for high‑quality development throughout the year. Such performance—withstanding cyclical market fluctuations—is rooted in Yinuowei’s long‑term commitment to technological innovation and the cultivation of new drivers of productivity. As a high‑tech enterprise and a model company recognized with three Manufacturing Single‑Champion titles, the company has consistently placed R&D and innovation at the heart of its development strategy, having filed more than 1,000 patent applications to date. It has established a portfolio of proprietary key technologies in the core polyurethane field, enabling numerous products to replace imports and break overseas technology monopolies. Leveraging these core technological advantages, the company has proactively positioned itself in the new‑energy sector; its high‑performance materials have already been integrated into the supply chains of leading domestic enterprises and are widely used in critical applications such as power‑battery packaging and lithium‑ion battery material production, thereby supporting the upgrade of the new‑energy industry through innovative material solutions and creating new engines of performance growth for the company. Guided by the “dual carbon” goals, Yinuowei has consistently embedded the concept of green development throughout its entire production and operations process. The company continues to invest heavily in upgrading its green capacity, with a total investment in projects such as a 200,000‑ton low‑carbon, environmentally friendly composite polyether facility, equipped with fully enclosed, automated production lines that deliver per‑ton energy consumption metrics superior to industry averages and significantly lower product carbon footprints compared with conventional processes. At the same time, the company has achieved breakthroughs in core technologies for converting vegetable oils into polymerizable monomers, developing low‑carbon, eco‑friendly bio‑based polyurethane products and pioneering the industrial application of all‑water foaming technology across multiple scenarios. These innovations not only ensure high product performance but also substantially reduce carbon footprints, realizing synergistic benefits for both economic and environmental outcomes. Sound corporate governance and rigorous compliance practices serve as the “ballast” that enables Yinuowei to advance steadily and sustainably. Since its listing, the company has consistently adhered to capital‑market regulatory requirements, establishing a standardized and efficient modern corporate governance system, putting in place end‑to‑end internal control and compliance management mechanisms, and maintaining transparent and candid investor relations, thereby comprehensively safeguarding the company’s stable development and the legitimate rights and interests of its investors.

Standing at a new starting point for development, with the continued strengthening of supportive policies for the new materials industry and the accelerated cultivation of new-quality productive forces, the application prospects for polyurethane-based new materials are steadily expanding across high-end manufacturing, new energy, bio-based applications, and green, low-carbon sectors. Looking ahead, Yinuowei will remain committed to its core business, focus on innovation, deepen its green and low-carbon transformation, and further consolidate its position as an industry leader. The company will deliver more robust operating performance to reward investors, steadfastly advance toward its goal of becoming a globally leading supplier of polyurethane-based new materials, and continue to contribute to the high-quality development of China’s new materials industry.