SCMF(SZ:000731)2025-03-16 07:30Group 1: Main Products and Revenue Distribution - The company's main products include urea, compound fertilizers, automotive urea, melamine, ammonium nitrate, liquefied natural gas (LNG), high polymer materials, high-performance oilfield chemical agents, and food-grade carbon dioxide, with a total production capacity exceeding 2 million tons. [2] - According to the 2024 semi-annual report, the revenue distribution of main products for the first half of 2024 is as follows: urea 23.57%, compound fertilizers 24.52%, automotive urea 7.84%, natural gas supply 20.38%, melamine 8.40%, and others 15.29%. [2] Group 2: Natural Gas Recovery Project - The natural gas recovery project in Leshan, Sichuan, is currently in the trial production phase, with a daily processing capacity of 200,000 m³. The LNG products meet national standards and have received positive market feedback. [3] - This project aims to convert shale gas into LNG, providing clean energy to regions like Leshan and promoting local economic development. [3] Group 3: Automotive Urea Market Competition - The automotive urea market in China is characterized by numerous companies and intense competition, with a relatively low market concentration. [4] - In 2024, the national consumption of automotive urea is estimated to be around 3.4 million tons, with potential for further demand growth due to stricter environmental regulations. [4] Group 4: Investor Return Planning - The company emphasizes reasonable returns for investors and adheres to relevant laws and regulations, developing profit distribution plans based on operational status, cash flow, and future investment plans. [5] - The company has implemented share repurchase measures three times since 2021, using approximately 227 million yuan to repurchase a total of 32,655,221 shares, all of which were canceled to reduce registered capital. [6] Group 5: Future Share Repurchase and Market Value Management - The company plans to continue optimizing investor returns while enhancing the quality of its main business and market performance. [6] - Future market value management will focus on core business development and value enhancement, with efforts to improve operational quality and information disclosure. [6]