[Introduction] On August 1st, the National Development and Reform Commission held a press conference to interpret the current economic situation and economic work. An official from the Policy Research Office of the National Development and Reform Commission stated:The third batch of 69 billion yuan in ultra-long-term special government bonds for supporting the replacement of old consumer goods with new ones has been fully disbursed this year. The fourth batch of 69 billion yuan is scheduled to be disbursed in October, at which point the annual plan of disbursing 300 billion yuan will be completed.。 Data source: Longzhong Information From the perspective of domestic automobile production,2025 1-6The output of the month is in1555.4 Ten thousand units, year-on-year increase161.3 Tens of thousands of vehicles, rising11.57% The main domestic policies, such as the replacement policy, the new energy vehicle purchase subsidy, and the exemption from purchase tax, will continue to play a strong role in supporting and driving domestic automobile demand. It is expected that in the second half of the year, with the arrival of the peak demand season, domestic automobile production is likely to continue to rise. Source of data: Longzhong Information From the perspective of consumption, automobile sales showed an upward trend from 2021 to 2025. Supported by the two new subsidy policies, China's automobile sales gradually increased, with a growth rate of 11.92% in 2023. Sales reached 30.05 million units, accounting for 33.8% of global sales. In 2024, sales reached 31.43 million units, an increase of 1.38 million units compared to 2023. According to the latest data, the demand in the Chinese automobile market in 2025 remains stable, coupled with a gradual recovery in exports, with consumption reaching 15.65 million units from January to June. 。 Source of data: Longzhong Information From the perspective of the home appliance industry, the total output of the four major home appliance sectors reached 363.705 million units from January to June 2025, an increase of 9.193 million units compared to the same period last year, representing a year-on-year growth of 2.59%. Among them, washing machines and air conditioners showed significant year-on-year growth of 10.81% and 4.99%, respectively, mainly due to increased demand in the EU and UK markets. In addition, the rising demand in emerging markets such as Southeast Asia and South America has also provided strong support for domestic home appliance production. With the support of domestic trade-in subsidies and other policies, the production of domestic automobiles and home appliances has significantly increased. As the main application fields of modified polypropylene, this provides slight support for the orders of modified polypropylene enterprises. In July, the average order days for modified polypropylene was 11.13 days, an increase of 15.94% compared to 2024. It is expected that the orders for modified polypropylene may increase in the fourth quarter. Overall,Trade-in programs directly reduce consumers' replacement costs through subsidies, with a particularly significant impact on price-sensitive groups. In the automotive sector, the combination of new energy vehicle trade-in subsidies and purchase tax exemptions accelerates the replacement of fuel vehicles; in the home appliance sector, the demand for upgrading to energy-efficient and smart products is released, promoting inventory clearance in the industry. ExpectedIn October, with the arrival of a new round of trade-in funds and the approach of the Spring Festival, the demand for automobiles and home appliances continues to rise.

International News Guide: Raw Materials - EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Automotive - ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets Packaging -BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce Medical - French Medtech Molding Connection for D&M Plastics Electronics - APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth Construction - ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million Macro - JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts Price - Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne   International News Details: 1. EVONIK Releases Q2 2025 Earnings Report: Declining Demand Impacts Performance Against an increasingly challenging economic environment, EVONIK INDUSTRIES AG reported an adjusted EBITDA of €509 million for Q2 2025, a 12% decrease compared to the strong performance in the same period last year. Over half of the decline in Q2 sales was attributed to unfavorable exchange rate fluctuations and the divestiture of the superabsorbent business, which was still part of EVONIK in the same period last year. Sales volume dropped 4% year-on-year, while product prices remained generally stable. Performance of C4 chain products was below average. Extended maintenance shutdowns of production facilities for products such as polyamide 12 also had a certain impact on sales. EVONIK expects that if the global economy does not deteriorate further, the full-year 2025 adjusted EBITDA will reach the lower end of the forecast range (€2.0 billion to €2.3 billion). 2. U.S. Imposes Largest-Ever Sanctions on IRAN! Involving a Chinese Port Company Recently, the U.S. TREASURY DEPARTMENT’S OFFICE OF FOREIGN ASSETS CONTROL (OFAC) announced sanctions on a shipping network controlled by Iranian businessman Mohammad Hossein Shamkhani, involving over 50 entities, individuals, and more than 50 oil tankers and container ships. This marks the largest-scale sanctions imposed by the U.S. government since its "maximum pressure" campaign against IRAN in 2018. 3. TEIJIN’s Bio-Based Polycarbonate (PC) Used in Organ Pipe Manufacture, Showcased at OSAKA-KANSAI WORLD EXPO   TEIJIN LIMITED announced that its tubes molded from biomass-derived polycarbonate (PC) resin have been used to manufacture the world’s first bio-plastic pipe organ. These transparent tubes were produced by Teiyo Co., Ltd., a subsidiary of TEIJIN LIMITED specializing in plastic molding. This innovative pipe organ will be exhibited in the "Rebirth Challenge" zone of the OSAKA Medical and Health Pavilion during the OSAKA-KANSAI WORLD EXPO in JAPAN from August 19 to 25, 2025. 4. ORIENTAL YUHONG Plans to Acquire Leading Chilean Building Materials Retailer for RMB 880 Million On the evening of July 31, ORIENTAL YUHONG announced that its wholly-owned subsidiaries ORIENTAL YUHONG Overseas Development Co., Ltd. and ORIENTAL YUHONG International Trade Co., Ltd. plan to jointly invest approximately $123 million (about RMB 880 million) with their own funds to acquire 100% equity of Construmart S.A. in Chile from the counterparty. After the transaction is completed, ORIENTAL YUHONG Overseas Development Co., Ltd. will hold 99% of Construmart’s equity, and ORIENTAL YUHONG International Trade Co., Ltd. will hold 1% of Construmart’s equity. 5. French Medtech Molding Connection for D&M Plastics French injection molder Groupe JBT has acquired D&M Plastics, an injection molding firm based in Burlington, IL, primarily serving the healthcare sector. The acquisition announced earlier this month will enable JBT to deliver reliable, localized services to its North American customer base, especially in terms of ISO Class 7 cleanroom production needs, the company said. 6. BioLogiQ Receives $5 Mn Grant to Develop Innovative Packaging for Fresh Produce BioLogiQ has been awarded grant funding through the USDA Foreign Agricultural Service’s $5 million Sustainable Packaging Innovation Lab (SPIL) at Clemson University, launched through the Assisting Specialty Crop Exports (ASCE) Initiative.The BioLogiQ/Clemson partnership will develop and commercialize cutting-edge packaging solutions to help U.S. farmers meet evolving global packaging and trade standards. The project will focus on flexible film, pallet wrap, and protective packaging used for fruits, vegetables, nuts, and specialty greens. 7. APPLE Releases Q3 2025 Fiscal Year Earnings Report: iPhone Sales Surpass 3 Billion Units, China Market Returns to Growth On August 1, APPLE released its Q3 2025 fiscal year earnings report for the period ending June 28, with quarterly revenue recording the largest increase since December 2021. The earnings report shows that APPLE’s total revenue in Q3 reached $94.04 billion, a year-on-year increase of 10%, and net profit reached $24.43 billion, a year-on-year increase of 9%. Notably, APPLE’s revenue in the China market during this quarter was $15.369 billion, an increase of 4% compared to $14.728 billion in the same period last year, ending the decline in the previous two quarters and returning to growth. 8. ZF Announces Mass Layoffs and Pay Cuts! 12,000 Employees Protest on Streets German leading automotive parts supplier ZF GROUP recently announced plans to cut approximately 11,000 to 14,000 jobs across GERMANY by the end of 2028. This marks the largest layoff plan in the company’s history, with most layoffs coming from production departments, including R&D staff. In response to the austerity policies and layoff plans, more than 12,000 employees across GERMANY took to the streets to oppose the board’s plan to further cut thousands of jobs and continue to suppress wages. Achim Dietrich, Chairman of ZF’s General Workers’ Union, revealed that if all the management’s demands are implemented, employees will have to give up 25% to 30% of their annual compensation through measures such as shorter working hours, cancellation of one-time bonuses, and reduction of excessive benefits, with significant variations across regions and positions.   Overseas Macro Updates:   JAPANESE Government and Automotive Industry Exchange Views on U.S. Tariffs According to NHK, on the same day, JAPANESE Prime Minister Shigeru Ishiba met with heads of several JAPANESE automotive industry groups to exchange views on the U.S.-JAPAN tariff agreement. JAPANESE automotive industry groups called on the JAPANESE government to provide support for the supply chain and formulate policies to stimulate domestic demand. Masanori Kataoka, Chairman of the JAPANESE AUTOMOBILE MANUFACTURERS ASSOCIATION and Chairman of ISUZU MOTORS LIMITED, stated that he hopes the JAPANESE government will continue dialogue with the U.S. to further reduce tariffs. JAPAN Insists on U.S. Fulfillment of Bilateral Agreement, Urges Immediate Tariff Reduction on Automobiles and Parts On August 1, Chief Cabinet Secretary Yoshimasa Hayashi stated at a press conference that JAPAN will continue to urge the U.S. to fulfill the reached bilateral agreement, including reducing tariffs on automobiles and parts. Hayashi emphasized: "U.S. President Trump has signed an executive order under the U.S.-JAPAN agreement to reduce bilateral tariffs to 15%... The JAPANESE government still insists that the U.S. should immediately take action to implement the agreement terms, especially the tariff reduction measures on automobiles and automotive parts." EU Initiates Anti-Dumping Investigation into Chinese Polyamide Yarns On July 29, the EUROPEAN COMMISSION issued a notice announcing the initiation of an anti-dumping investigation into polyamide yarns originating from China. The dumping investigation period for this case is from July 1, 2024, to June 30, 2025, and the injury investigation period is from January 1, 2022, to the end of the dumping investigation period. A preliminary ruling for this case is expected to be made within 7 months, with a maximum extension of 8 months. JAPAN Plans to Raise Minimum Wage to a New Record High Again A panel of the JAPANESE MINISTRY OF HEALTH, LABOR AND WELFARE plans to recommend a approximately 6% increase in the national average minimum wage for the current fiscal year, which would be the largest increase since 2002. The agency added that the proposed hourly increase of approximately 1118 yen ($7.43) would exceed last year’s 5% increase and be the largest since the current system was implemented, but did not cite sources. The government of JAPANESE Prime Minister Shigeru Ishiba set a target last year to increase the average minimum wage by 42% to 1,500 yen per hour by 2020.   Price Information:   USD/CNY Central Parity 7.1496, down 2 pips; previous trading day’s central parity 7.1494, previous trading day’s official closing price 7.1930, overnight closing price 7.1998. Upstream Raw Materials USD Market Prices Ethylene Asia: CFR Northeast Asia $820/tonne; CFR Southeast Asia $830/tonne. Propylene Northeast Asia: FOB Korea average price $730/tonne; CFR China average price $770/tonne. North Asia frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. South China frozen cargo for second half of August CIF price: propane $540-550/tonne; butane $510-520/tonne. Taiwan region frozen cargo CIF price: propane $502-509/tonne; butane $472-479/tonne. LLDPE USD Market Prices Film: $860-920/tonne (CFR Huangpu); Injection molding: $940/tonne (CFR Dongguan). HDPE USD Market Prices Film: $910/tonne (CFR Huangpu); Hollow: $855/tonne (CFR Huangpu); Pipe: $1,030/tonne (CFR Huangpu). LDPE USD Market Prices Film: $1,070-1,095/tonne (CFR Huangpu); Coating: $1,280/tonne (CFR Huangpu). PP USD Market Prices Homopolymer: $910-965/tonne (CFR Huangpu), up $10/tonne; Copolymer: $920-975/tonne (CFR Nansha); Transparent: $995-1,055/tonne (CFR Huangpu), down $5/tonne; Pipe: $1,160/tonne (CFR Shanghai).

French medical mold manufacturer Groupe JBT has acquired D&M Plastics, an injection molding company based in Burlington, Illinois, which primarily serves the healthcare sector. This acquisition, announced by Groupe JBT earlier this month, will enable the company to provide reliable localized services to its North American customer base, particularly in meeting ISO Class 7 cleanroom production requirements. D&M Plastics will now operate under the name JBT USA. Headquartered in Morangis, France, the family-owned company JBT specializes in the design and manufacturing of precision injection-molded components for the healthcare sector. With facilities in France, Hungary, Mexico, Tunisia, and now the United States, the company has established an integrated value chain covering everything from mold making to final assembly. D&M Plastics was established in 1972, equipped with more than 30 injection molding machines and an ISO Class 8 cleanroom. In addition to the medical technology field, the company also serves the electronics, automotive, and defense industries. JBT Group stated on LinkedIn that with its business presence in the United States, the group currently has seven class 7 and class 8 cleanrooms globally, further consolidating its position as a trusted global partner for pharmaceutical laboratories and contract design and manufacturing organizations.

Arkema and its subsidiary PI Advanced Materials announcedIts flagship high-performance polyimide product line is launched under the new brand name "Zenimid™".。This move marks PI High-Tech Materials Company's commitment to expanding its product range inAerospace, automotive, electronics, and industrialAn important milestone in global influence across multiple market sectors. Zenimid™ polyimide materials are designed for the most demanding applications, deliveringExcellent dimensional stability, flexibility, heat resistance, chemical corrosion resistance, and electrical insulation.The material is supplied in various forms such as films, slurries, and preforms. Some of its applications include flexible printed circuit boards (FPCB) and thermal interface sheets in smart devices, battery management systems (BMS), and 5G infrastructure. PI Advanced Materials Co., Ltd.The world's first manufacturer of unstretched 4-micron ultra-thin polyimide filmThe global polyimide film market holds the number one market share. "The name 'Zenimid™' is a combination of 'Zenith' and 'Polyimide,' symbolizing PI Advanced Materials Co., Ltd.'s commitment to delivering top-notch polyimide performance," said HeeJoon Ham, the Chief Financial and Strategy Officer of PI Advanced Materials Co., Ltd. "The launch of the Zenimid™ brand signifies that this product line has evolved into an independent brand known for its cutting-edge innovation and durability. This strategic initiative will help us communicate the unique value of our products to customers more clearly, further driving its continued growth in the global market." After Arkema acquired 54% of PI Advanced Materials, Zenimid™ polyimide has strengthened Arkema’s high-performance polymers portfolio, whose flagship products includeRilsan® PA11、Rilsamid® PA12、Pebax® TPE、Kynar® PVDF、Orgasol®PA12 powder and Kepstan®PEKK material。

In the context of the global aerospace industry's transition towards lightweight and efficient designs, carbon fiber composites, with their high strength, high modulus, and high-temperature resistance characteristics, have become key materials driving technological innovation. Traditional manufacturing processes such as autoclave molding are limited by high costs and low efficiency, restricting the widespread application of carbon fiber. However, breakthroughs in low-cost rapid molding technology are bringing revolutionary changes to the aerospace field. The evolution of Automated Fiber Placement (AFP) technology is a crucial direction for technological breakthroughs. Traditional manual placement is inefficient and lacks precision, whereas automated fiber placement systems, through precise control of layer thickness and orientation, significantly reduce void content (usually less than 1%) and material waste rate (5% to 20%). The Spanish machinery manufacturer MTorres developed a dry fiber automated placement production line that achieves full-process automation from the unwinding, shaping, to compounding of 50K carbon fibers, with a placement efficiency of up to 350 kg/h and a maximum winding speed of 200 m/min. This technology, combined with Liquid Composite Molding (LCM), eliminates the need for autoclave curing, reducing costs by 70% compared to traditional prepreg processes and increasing production efficiency tenfold. For example, the automated placement process using low melting point polyaryletherketone (LM-PAEK) achieves interface fusion through resistance heating or ultrasonic vibration, with single panel thickness exceeding 32 millimeters and production cycle reduced by 70%, successfully applied in the manufacture of 120×60 cm load-bearing panels for a certain type of aircraft. 3D printing technology offers a new solution for the manufacturing of complex geometric components. The combination of Fused Deposition Modeling (FDM) and continuous fiber reinforcement technology allows for the printing of lightweight structures with a high strength-to-weight ratio. The continuous carbon fiber 3D printing equipment developed by the American company MarkForged integrates carbon fiber tows into thermoplastic materials, producing parts such as drone landing gears and satellite structural components, achieving a specific strength of 5.8×10⁵m²/s², four times higher than traditional aluminum alloys. A collaborative project between Xi'an Jiaotong University and the China Academy of Space Technology successfully conducted 3D printing experiments on a spacecraft, verifying material adaptability in space environments. 3D printing technology, by accumulating materials layer by layer, maximizes the use of raw materials and is particularly suitable for small-batch, customized production scenarios, such as the seamless carbon fiber lamination of a certain type of drone wing, achieving complex designs without the need for tedious assembly. Innovations in Resin Transfer Molding (RTM) processes have further driven improvements in mass production efficiency. Vacuum Assisted Resin Transfer Molding (VA-RTM) uses negative pressure to inject resin, reducing mold pressure and deformation risks, making it suitable for manufacturing large complex components such as foam sandwich composite panels. Lightweight Resin Transfer Molding (L-RTM) employs semi-rigid molds combined with a dual sealing structure, reducing mold manufacturing costs by 40% and improving part thickness uniformity by 30%. The composite fuselage shell of a certain helicopter model achieved rivet-free assembly through the L-RTM process, resulting in a 35% weight reduction compared to traditional metal structures and a 50% increase in production efficiency. Additionally, High Pressure Resin Transfer Molding (HP-RTM) injects low-viscosity resin under high pressure, enhancing fiber content and mechanical properties, and is widely used in the automotive and aerospace industries. The development of fast-curing resins is key to shortening production cycles. Traditional thermosetting resins require several hours to cure, whereas new fast-curing resins can complete cross-linking reactions within minutes. For example, a certain type of epoxy resin, by adding nano-catalysts, reduced the curing time from 4 hours to 15 minutes while maintaining 85% of its original strength. The Boeing 787 makes extensive use of carbon fiber-reinforced resin matrix composites; its wings and fuselage components are produced using fast-curing processes, resulting in a 20% increase in overall production efficiency and a 12% improvement in fuel efficiency. In satellite manufacturing, fast-curing resins are used for structural components and solar panels, meeting the stringent requirements for high temperature and radiation resistance in space environments. The integrated application of these technologies is reshaping the aerospace manufacturing supply chain. An EU project has combined automated fiber placement, 3D printing, and RTM processes to manufacture a thermoplastic composite fuselage section with a diameter of 4 meters and a length of 8 meters, achieving rivet-free assembly. Compared to traditional metal structures, it reduces weight by 35% and increases production efficiency by 50%. It is predicted that by 2030, the global demand for carbon fiber in the aerospace sector will reach 28,000 tons, with the market size exceeding 1.2 billion USD. Low-cost rapid prototyping technologies will become the core driving force. In the future, with the introduction of AI-assisted design and intelligent production systems, the R&D cycle of carbon fiber composites will be further shortened, and production efficiency will continue to improve. Meanwhile, breakthroughs in carbon fiber recycling and reuse technologies will drive the industry towards a circular economy. From automated placement to 3D printing, from fast-curing resins to RTM process innovations, each technological breakthrough is paving new paths for high-performance, low-cost manufacturing in the aerospace field, contributing to the achievement of global carbon reduction targets.

Nordmann has established a partnership with Jiangsu Liside New Materials, an eco-friendly flame retardant supplier. Effective immediately, Nordmann will be responsible for the distribution and marketing of Liside's halogen-free flame retardants in Europe, including Turkey. LSD's products have a wide range of applications, covering fields such as engineering plastics and polyurethane coatings. The materials involved include PA6, PA66, PBT, TPE, as well as special grades developed specifically for PET spinning and fibers. Ralf Meier, Business Manager for Flame Retardants in Europe at Nordmann, said: “We are impressed by Liside’s high quality, innovative strength, and first-class R&D team. We value such high standards and look forward to this new cooperation. Liside’s innovative flame retardant products will perfectly complement our existing range of halogen-free flame retardants, synergists, and flame retardant masterbatches, enabling us to provide first-class solutions to our customers.” Thomas Leung, Head of Sales at Li Si De, added, "We are very pleased to partner with Nordmann. Our shared commitment to quality and innovation lays a solid foundation for future success. We are confident that this collaboration will bring substantial benefits to both parties." In the future, Nordmann will offer a variety of flame retardant grades for the above-mentioned application fields. The first major event where both parties will make a joint appearance will be the K 2025 exhibition in Düsseldorf, Germany: List will have its own independent booth at Hall 7, Level 1, Booth A28, and will also participate as a co-exhibitor at Nordmann’s booth (Hall 6, Booth E75).

On the evening of July 31, Oriental Yuhong announced that its wholly-owned subsidiaries, Oriental Yuhong Overseas Development Company and Oriental Yuhong International Trading Company, intend to invest approximately USD 123 million (about RMB 880 million) of their own funds to acquire 100% equity of Chilean Construmart S.A. held by the counterparty. After the completion of the transaction, Oriental Yuhong Overseas Development Company will hold 99% equity of Construmart, and Oriental Yuhong International Trading Company will hold 1% equity of Construmart. This transaction does not constitute a related-party transaction nor a major asset restructuring. The announcement disclosed that Construmart owns approximately 31 building material supermarkets within Chile, primarily selling construction auxiliary materials, structural building materials, wood, flooring, bathroom, and kitchen products. It has now developed into a leading enterprise in the Chilean building materials retail sector. Oriental Yuhong stated that this transaction aims to focus on the company's core position as a building materials system service provider. With the vision of "becoming the most valuable enterprise in the global building materials industry," the company plans to integrate and expand its channels. Taking the opportunity to develop the Chilean building materials market, it will continuously explore the expansion of retail channels for building materials, enhance the international channel sales capability, international influence, and brand recognition. On the evening of the same day, Oriental Yuhong also released the summary of its 2025 semi-annual report. During the reporting period, the company achieved operating revenue of 13.569 billion yuan, a year-on-year decrease of 10.84%; net profit attributable to shareholders of the listed company was 564 million yuan, down 40.16% year-on-year. The company plans to distribute a cash dividend of 9.25 yuan (tax included) per 10 shares, with no transfer of capital reserve to share capital.

Recently, global safety science expert UL Solutions awarded Jiangsu Wolai New Materials Co., Ltd. (hereinafter referred to as "Wolai New Materials") the UL 746C certification for outdoor weatherability suitability for its photovoltaic module frame composite material WL-303. This composite material is continuous glass fiber-reinforced polyurethane produced by pultrusion, with one side coated with a polyurethane layer. It boasts excellent performance and is an ideal material to replace aluminum alloy frames for photovoltaic modules, helping photovoltaic module manufacturers reduce costs and improve efficiency. In the pultrusion process of continuous fiber-reinforced polyurethane composites, more reinforcing fibers can be used, significantly enhancing the strength of the product. The resin and fibers complement each other well in terms of performance. Therefore, fiber-reinforced materials produced by pultrusion using polyurethane resin as the matrix have the following properties and characteristics: lightweight and high strength, good corrosion resistance, excellent dimensional stability, and strong designability. The recent UL Solutions tests for outdoor weather resistance, UV resistance, and water immersion have further confirmed this product’s important suitability for use in photovoltaic module frames. Anti-ultraviolet and immersion test According to the standard UL 746C, Polymeric Materials - Use in Electrical Equipment Evaluations, the mechanical properties and flammability of materials are evaluated after ultraviolet (UV) aging and water immersion to determine their suitability for outdoor use. The outdoor suitability of the material is related to its color and thickness. The content to be tested and the conditions that need to be met are as follows: Outdoor weather-resistant materials generally have two types of suffixes in the product model name. (f1) indicates that the material has passed all outdoor usage assessment tests. (f2) indicates that the material has only passed either the UV resistance test or the water immersion test. The acceptability of the result needs to be specifically evaluated based on the end-use location of the product. About Volai New Materials Jiangsu Wolai New Materials Co., Ltd., established in 2021, is an innovative enterprise specializing in the field of photovoltaic composite material frames. The company holds multiple exclusive patents for frame design, installation structures, and connection methods, and is also the leading drafter of the group standard for composite material frames. Wolai has introduced advanced production equipment and processes, integrated the world’s best supply chain resources, and collaborates deeply with partners in the photovoltaic industry to provide high-quality and most reliable products for the sector. In the future, Wolai New Materials will continue to drive development through technological innovation, maintain customer satisfaction as its core value, and offer high-quality photovoltaic composite material frame products and excellent services.

The critical tariff deadline of August 1st has finally arrived. Trump has also announced the latest tariffs targeting countries around the world. On July 31 local time, the White House website announced that U.S. President Trump had signed an executive order.The latest "reciprocal tariff" rates have been set for nearly 70 countries and regions, with specific rates ranging from 10% to 41%.。 Countries and Regions Reciprocal Tariff(Starting from August 1) 1 Afghanistan Afghanistan 15% 2 Algeria Algeria 30% 3 Angola Angola 15% 4 Bangladesh Bangladesh 20% 5 Bolivia Bolivia 15% 6 Bosnia and Herzegovina 30% 7 Botswana Botswana 15% 8 Brazil 10% 9 Brunei 25% 10 Cambodia Cambodia 19% 11 Cameroon Cameroon 15% 12 Chad 15% 13 Costa Rica Costa Rica 15% 14 Côte d'Ivoire Côte d`Ivoire 15% 15 Democratic Republic of the Congo Democratic Republic of the Congo 15% 16 Ecuador Ecuador 15% 17 Equatorial Guinea Equatorial Guinea 15% 18 EU: Goods with a tax rate > 15% in column 1 European Union: Goods with Column 1 Duty Rate[1] > 15% 0% 19 EU: Goods with tariff rates in Column 1 less than 15% European Union: Goods with Column 1 Duty Rate < 15% 15% minus the tariff of Column 1 20 Falkland Islands Falkland Islands 10% 21 Fiji 15% 22 Ghana 15% 23 Guyana Guyana 15% 24 Iceland 15% 25 India 25% 26 Indonesia Indonesia 19% 27 Iraq Iraq 35% 28 Israel Israel 15% 29 Japan 15% 30 Jordan 15% 31 Kazakhstan Kazakhstan 25% 32 Laos 40% 33 Lesotho Lesotho 15% 34 Libya Libya 30% 35 Liechtenstein Liechtenstein 15% 36 Madagascar Madagascar 15% 37 Malawi Malawi 15% 38 Malaysia Malaysia 19% 39 Mauritius Mauritius 15% 40 Moldova Moldova 25% 41 Mozambique Mozambique 15% 42 Myanmar (Burma) 40% 43 Namibia Namibia 15% 44 Nauru 15% 45 New Zealand New Zealand 15% 46 Nicaragua Nicaragua 18% 47 Nigeria Nigeria 15% 48 North Macedonia North Macedonia 15% 49 Norway 15% 50 Pakistan Pakistan 19% 51 Papua New Guinea Papua New Guinea 15% 52 Philippines Philippines 19% 53 Serbia Serbia 35% 54 South Africa 30% 55 South Korea 15% 56 Sri Lanka Sri Lanka 20% 57 Switzerland 39% 58 Syria Syria 41% 59 China Taiwan Taiwan China 20% 60 Thailand 19% 61 Trinidad and Tobago Trinidad and Tobago 15% 62 Tunisia Tunisia 25% 63 Turkey Turkey 15% 64 Uganda Uganda 15% 65 United Kingdom 10% 66 Vanuatu Vanuatu 15% 67 Venezuela Venezuela 15% 68 Vietnam 20% 69 Zambia Zambia 15% 70 Zimbabwe Zimbabwe 15%   Special Note: Translate the above content into English and output the translation directly without any explanation. A uniform tax rate of 10% will apply to unspecified countries. If a country or region circumvents tariffs through transshipment via a third country, its goods will be subject to an additional 40% tariff, replacing the additional tariff on goods from the country of origin. The new tariffs will take effect in 7 days, officially coming into force on August 7.This move is also intended to give countries that have not reached a trade agreement time to negotiate, so that U.S. Customs has sufficient time to make the necessary changes to collect the new tariffs.   Tariff Exemption:Goods that are loaded and in their final mode of transport by 00:01 Eastern Time on August 7, 2025, and arrive in the United States by October 5, 2025, entering consumption or withdrawn from a warehouse for consumption, will not be subject to this additional tariff. This allows time for existing orders to the U.S., meaning that as long as they are shipped by August 7 and arrive at U.S. ports by October 5, they can be exempted from this tariff. The previously implemented additional tariffs (10%, excluding China) still apply.   EU Tariffs:If the tariff rate in Column 1 for an EU product is less than 15%, the corresponding countervailing tariff for that product shall be 15% minus the tariff rate in Column 1. If the tariff rate in Column 1 for an EU product is equal to or greater than 15%, the corresponding countervailing tariff for that product shall be zero.It is essentially to ensure that goods from the EU are subject to no less than a 15% tariff. It is worth noting thatThe EU's reciprocal tariffs are not cumulative with the most-favored-nation rates, nor with other additional tariffs.。   Canadian Tariffs:In addition, Trump stated that he will raise tariffs on Canada from 25% to 35%, effective August 1. The White House said that goods that comply with the United States-Mexico-Canada Agreement (USMCA) will not be affected by the higher tariff rate.  

Decathlon, the world's largest sports goods retailer, has announced a global partnership with UK materials technology company RHEON LABS to integrate advanced material science into everyday sports. This collaboration enables Decathlon to access RHEON's complete technology platform, including current and future innovations in strain rate-sensitive materials, thereby developing apparel that enhances control, comfort, and performance during sports activities. This collaboration combines RHEON’s material innovations with Decathlon’s experience in designing for athletes. The result is: Performance-oriented apparel can meet the needs of athletes, no matter where or how they exercise, and makes it accessible to everyone. Born for sports Aimed at adapting RHEON is a patented polymer that remains soft and flexible during everyday movement, but dynamically hardens during motion or impact. As a result, it supports real-time adaptation to the body's needs—enhancing comfort, control, and performance without sacrificing freedom of movement. Stephen Bates, CEO of RHEON LABS, said: “Decathlon believes that innovation should serve everyone, which aligns perfectly with our philosophy. RHEON started in elite sports—now, this collaboration will bring the same level of performance to millions of people.” The first product of this collaboration, the KIPRUN compression model, will be launched in 2025, aiming to concentrate energy and reduce muscle movement. Other developments in different categories are underway, including a collaboration with Decathlon fitness and sports expert Domyos, with the first technologies set to debut in 2026. Aurelien CORBIER, Head of Textile Innovation at Decathlon, stated: "Innovation truly matters when it empowers everyone. Through our collaboration with RHEON LABS, we have obtained materials specifically designed for athletes and made them accessible to all. This aligns perfectly with our commitment to providing excellent products for everyone, resulting in better comfort, control, and performance." Collaboration is the core of innovation This partnership reflects a shared commitment to collective innovation, driven by the diverse perspectives within the design, development, and engineering teams of both companies, as well as a common spirit of curiosity and bold thinking. Decathlon and RHEON LABS are jointly creating a future where sports are more inclusive, inspiring, and important than ever before. The future we create today will remain important 50 years from now. About RHEON Technology The core of RHEON is a super polymer that absorbs energy. In its natural state, it is soft and flexible, but when subjected to force, it hardens to absorb energy. It can be integrated into countless products to dissipate high levels of energy or to endow them with unique responsive characteristics. About RHEON LABS RHEON LABS is a fast-growing collective of scientists, engineers, and designers based in London, UK. They are united by a shared vision to create products previously thought impossible with traditional static materials. At the core of each product is the energy-absorbing super polymer RHEON. RHEON was created by Dr. Daniel Plant, originally stemming from a NASA project, and developed for over 15 years at Imperial College London, considered one of the world's leading innovation institutions.

On July 29, the CEO change at Novo Nordisk was not unexpected. Rewinding to May 16, the global CEO Lars Fruergaard Jørgensen suddenly resigned, marking the company’s first aggressive leadership change since the 1960s. This move was driven by the harsh realities of underwhelming weight loss drug sales and the failure of a key clinical trial. Since then, Wall Street has been anticipating that, facing competition from Eli Lilly and American generic drugs, this traditionally European internal-promotions-oriented company might break convention and choose an external candidate proficient in the U.S. pharmaceutical market to take over — a scenario similar to Bayer’s recent challenges, where they ultimately selected an American outsider as successor, meeting Wall Street’s expectations. After more than two months of searching, the answer was finally revealed on July 29: current Executive Vice President of International Operations, Maziar Mike Doustdar, will succeed Lars and take office as the new President and CEO on August 7. In a subsequent media conference call, Novo Nordisk’s incoming CEO Mike Doustdar stated that he will focus on the company’s cost base in the future. He noted that after a period of "rapid growth," the company needs to consider costs. At the same time, he believes there is room for improvement in the company’s execution and that it is necessary to restore a performance-driven culture. However, the result of this internal promotion appears to have fallen short of Wall Street's expectations. On July 29, after the US market opened, Novo Nordisk plummeted by more than 20% to $54.60, at one point dropping to as low as $53.82—the lowest level since November 2022. In a single day, its market capitalization evaporated by more than $60 billion (equivalent to 428.6 billion yuan; for comparison, Hengrui Medicine's total market capitalization at today's close was 422 billion yuan). Since the beginning of the year, the stock has already fallen by more than 35% in total. The Novo Nordisk that once created a capital legend with its weight-loss drugs now also has to face mounting pressure from Wall Street. Meanwhile, competitor Eli Lilly also fell nearly 6%, as the valuation logic of the GLP-1 sector was called into question. Investors are concerned about ongoing challenges such as the impact of generic drugs and the long timeline for new drug launches (for example, oral drugs are not expected until 2026). This strong reaction from the capital market points directly to a sudden shift in the GLP-1 weight loss drug sector. However, the competition between the two is far from over. On the other hand, competition in the domestic GLP-1 market is accelerating. On June 27, a "dark horse" emerged in the domestic GLP-1 weight loss drug field. With Innovent Biologics' Masteptide injection being approved for market launch, directly using weight loss as the initial indication, the number of approved GLP-1 weight loss drugs in China has increased to five. On June 30, CSPC and Gannex once again engaged in a close confrontation over a GLP-1 U.S. patent, stirring up the landscape of this niche sector. On July 15th, Hengrui Medicine and American Kailera Therapeutics jointly announced that HRS9531 has achieved positive top-line results in its Phase III clinical trial (HRS9531-301) for treating obesity or overweight subjects in China, with a weight loss of 19.2%! Yinnuo Pharmaceuticals also announced that its original new drug, Yinonuqing, has been approved and is currently undergoing clinical research for obesity and overweight. On July 30, CSPC Pharmaceutical Group announced that it has granted Madrigal Pharmaceuticals the global rights (excluding China) to its small-molecule GLP-1 receptor agonist SYH2086. Madrigal will pay an upfront payment of $120 million, milestone payments totaling $1.955 billion, and double-digit percentage royalties on sales. From the close combat among global giants to the collective breakthrough of domestic pharmaceutical companies, the story of GLP-1 weight-loss drugs is reaching its climax. 01 The most valuable track in history There are at least three factors behind the sharp drop in Novo Nordisk's stock price this time. Initially, in the United States, the compounded GLP-1 drugs primarily involve the active ingredient semaglutide from Novo Nordisk's Ozempic and Wegovy. In early 2022, due to supply shortages, the FDA allowed compounding pharmacies to produce compounded versions of semaglutide to fill the market gap. However, these low-cost alternatives (about $300-500 per month, significantly lower than Wegovy’s $1300) have significantly impacted the sales of Novo Nordisk's branded drugs. As of 2025, approximately 1 million American patients are using compounded semaglutide, taking up an important share of the GLP-1 market, leading to a slowdown in sales growth for Wegovy and Ozempic. Secondly, competitor Eli Lilly's tirzepatide has brought significant pressure to Novo Nordisk, causing market turmoil based on the results of the SURMOUNT-5 study. In addition, on July 29, Novo Nordisk issued an announcement before the U.S. stock market opened, significantly lowering its full-year 2025 performance guidance. At constant exchange rates, projected sales growth for 2025 was revised down from the previous 13%-21% to 8%-14%, and operating profit growth was revised down from the previous 16%-24% to 10%-16%. The competition between Eli Lilly and Novo Nordisk is far from over. According to statistics, the global market size for GLP-1 peptide drugs reached $51.8 billion in 2024, representing a year-on-year growth of 42%, while the weight-loss drug market reached 14 billion yuan. Previously, Goldman Sachs predicted that Novo Nordisk and Eli Lilly would control 80% of the weight-loss drug market. Among them, the United States is the largest market for GLP-1 weight-loss drugs. As of April 2025, the prescription volume for branded weight-loss drugs in the U.S. increased by 160%, with the overall market share of GLP-1 drugs rising to over 50%. Figure: Growth of the U.S. GLP-1 receptor agonists market; Source: Eli Lilly financial report After Tirzepatide opened the market, Eli Lilly subsequently developed a series of follow-up products to "take over": Mounjaro, orforglipron, retatrutide, and others. Additionally, on June 3rd, Eli Lilly reached a business development agreement with Camurus, granting Lilly rights based on Camurus's FluidCrystal technology, aiming at the next generation of ultra-long-acting GLP-1 receptor agonist products. Novo Nordisk is also seeking the next generation of weight-loss drugs through business development. In March, it signed a licensing agreement worth up to $2 billion with United Laboratories for the GLP-1/GIP/GCG triple agonist UBT251. In May, it reached a collaboration agreement with Septerna for an oral small molecule therapy, with a deal value of up to $2.2 billion. Figure: BD Achievements of MNCs in the Field of Weight Loss Drugs Moreover, recently, Novo Nordisk has reached an agreement with CVS Caremark (the pharmacy benefit management division of CVS Health, PBM) to list Novo Nordisk's weight loss drug Wegovy as the preferred GLP-1 medication starting from July 1, 2025, while removing Eli Lilly's weight loss drug Zepbound from its standard formulary. Nowadays, both giants are betting on AI-driven drug development, and their competition will continue as they strive to consolidate their positions in the trillion-dollar market. 02 Domestic GLP-1 Emerges as a "Dark Horse" Returning to the Chinese market, it is estimated that the GLP-1 peptide drug market will exceed 3.5 billion USD in 2024, with a growth rate of 25%, and is expected to reach 4.5 billion USD in 2025. Currently, there are five GLP-1 class weight loss drugs approved in China. Among them, two are original drugs from foreign companies: Novo Nordisk's Semaglutide (Wegovy) and Eli Lilly's Tirzepatide (Mufenda). The other three are domestic brands: Hisun Pharmaceutical's Liraglutide biosimilar, Hua Medicine's Benaglutide, and Innovent Biologics' Mazdutide. Liraglutide injection under Huadong Medicine is the first domestically produced GLP-1 receptor agonist approved for weight loss treatment. Its indication application was approved by the National Medical Products Administration on July 5, 2023. However, this product is a biosimilar, priced at 410 yuan per injection (3ml:18mg specification), administered once daily, with a monthly cost of approximately 1,230 yuan. It is currently the lowest-priced domestic GLP-1 weight loss medication among several options and has been made available in over 1,000 hospitals and 20,000 pharmacies nationwide. In the same month, Benaglutide, a product of Jiangsu Hansoh Pharmaceutical Group, was approved as the second GLP-1 weight-loss drug and is the first original new drug in China to be approved for "weight loss indication". From the perspective of global R&D progress, Benaglutide is the third approved innovative GLP-1 drug following Liraglutide and Semaglutide. However, due to the requirement of three daily injections, patient compliance is low. Despite being approved earlier, its market share has been squeezed by long-acting drugs. Priced at approximately 600 RMB per vial (4.2 mg), it offers a high cost-performance ratio, but its usage frequency restricts wider adoption. Two foreign-funded brands are Novo Nordisk's semaglutide and Eli Lilly's tirzepatide. In China, these two drugs were approved for marketing in June and July 2024, respectively, for weight loss or long-term weight management. The two companies have adopted different strategies in China. Novo Nordisk focuses more on weight loss efficacy and supplementing its product pipeline. According to the latest data from Novo Nordisk, a higher dose of semaglutide (7.2mg) can lead to an average weight reduction of 21% in obese patients, with one third of participants experiencing a weight loss of 25% or more. Additionally, Novo Nordisk is actively pursuing acquisitions in China. What Eli Lilly needs to address most is its production capacity issue. Last month, Lilly launched the new multi-dose pre-filled pen of tirzepatide in China to increase supply in the country and meet the needs of more patients. In October last year, Lilly China announced plans to invest about 1.5 billion yuan to upgrade the production capacity of its Suzhou plant and support the manufacturing of future pipeline products. In response, Lilly told Yicai Global: "Offering multiple device options allows us to fully leverage the flexibility of our global supply chain and quickly assess and adjust supply plans." Unlike the above four products that entered the market focusing on blood glucose reduction, on June 27, Innovent Biologics' GLP-1 dual receptor agonist, Mazdutide injection, was approved for market launch with weight loss as its first indication, directly targeting the two major foreign brands. It took nearly five months from the approval of Novo Nordisk's semaglutide (Ozempic®) to the issuance of the first prescription in a public hospital, while Eli Lilly's tirzepatide (Mounjaro®) took even longer. However, after the launch of Mazdutide, the first prescription nationwide was issued on July 3rd, taking only six days. From a price perspective, the retail price of Marsdou Peptide on e-commerce platforms is 630 yuan per box, with each box containing two injections, resulting in a monthly cost of approximately 1260 yuan for patients. Novo Nordisk's NovoRapid costs about 1040 yuan per month, while Eli Lilly's Mounjaro ranges from 1600 to 2400 yuan per month. The price of Marsdou Peptide is in the median range, and Innovent's strategy is to compare efficacy with the former and compete on cost-effectiveness with the latter. According to the previous results of the GLORY-1 Phase III clinical trial of Mazdutide, the efficacy of Mazdutide is superior to that of Semaglutide, as the discontinuation rate due to side effects (0.5% in the 6 mg group) is significantly lower than that of Semaglutide (approximately 4%) and Tirzepatide (approximately 3%). However, among the current five GLP-1 drugs, none have obesity indications included in medical insurance. 03 Uninvited new opponents GLP-1 has fueled the entire weight loss sector and intensified competition. The GLP-1 “cake” has attracted not only the five companies mentioned above; a number of other enterprises are gearing up to enter the field. On the global stage, as Pfizer, AstraZeneca, Amgen, and others make strategic moves in the metabolic weight loss arena, the competition has escalated. Amgen’s main asset, AMG 133, stands out in the weight loss field. In March 2025, Amgen has already initiated two phase III clinical trials (MARITIME-1 and MARITIME-2) for AMG 133. AstraZeneca, on the other hand, places greater emphasis on oral small-molecule GLP-1 agonists. As early as November 2023, AstraZeneca secured exclusive rights to an oral small-molecule GLP-1 agonist from Chia Tai Tianqing with an upfront payment of $185 million. In addition, Boehringer Ingelheim’s Survodutide has also demonstrated excellent performance in clinical trials. Figure: Global Progress in the Development of Oral GLP-1 Formulations, Source: Ping An Securities The domestic market is already crowded with new and old pharmaceutical companies rushing to seek fortune, turning it into a veritable "sea of fire." Specifically, on one hand, pharmaceutical companies such as Chengdu Better, Livzon Pharmaceutical, and CSPC Pharmaceutical, which follow the generic drug pathway, have already advanced their GLP-1 drug pipelines to the mid-to-late stages of clinical trials. On the other hand, biotech companies are intensively exploring and developing innovative GLP-1 drugs. Innovent Biologics’ original new drug Yinuoqing has been approved and is currently conducting clinical studies for obesity and overweight. On July 15, Hengrui Medicine and the U.S. company Kailera Therapeutics jointly announced that the phase III clinical trial (HRS9531-301) of HRS9531 for the treatment of obesity or overweight subjects in China achieved positive top-line results. Overall, in a series of GLP-1 studies, multi-target research and development is a trend. Currently, among the new dual-target drugs, Hengrui Medicine's HRS9531 is in Phase 3 clinical trials, while products from companies like Borui Medicine, Zhongsheng Pharmaceutical, and Hansoh Pharmaceutical are still in Phase 2 clinical trials. Additionally, in the future, domestic companies have a certain advantage in long-acting formulations. For example, Yinuo Medicine's Yinuoqing has an average half-life of up to 204 hours, which is longer than Novo Nordisk's semaglutide at 168 hours. Additionally, in the face of the intense competition in the GLP-1 weight loss market, many leading domestic companies have already started to expand overseas. Previously, Hengrui Medicine and Sinepharm Biotech each bundled their three GLP-1 products and went overseas using the NewCo model. In March this year, United Laboratories announced that it had licensed its GLP-1 product to Novo Nordisk, among others, with a $200 million advance payment and potential milestone payments of up to $1.8 billion. In the recently released 2025 interim results, Hybio Pharmaceutical achieved profitability for the first time in seven years, thanks to the overseas success of its "weight-loss miracle drug," the generic version of liraglutide injection. The company is expected to report a net profit of 142 million to 162 million yuan, representing a year-on-year increase of 1,470% to 1,664%. It is evident that GLP-1 is still a "good business." However, it's clear that on the eve of the GLP-1 boom, it must be faster, even faster.

Debrand is a reverse logistics solutions provider headquartered in Vancouver, Canada, serving apparel and retail brands across North America. The company has received over $325,000 in funding from the CleanBC Plastics Action Fund, which is jointly managed by the Government of British Columbia and Alacrity Canada and falls under the Ministry of Environment and Climate Change Strategy. Bales of clothing in Debrand's Vancouver warehouse. Image source: CNW Group/Debrand This grant will be used to support Debrand's new R&D project, which focuses on the diversion of currently identified non-reusable plastic-based garments and textiles — not only preventing them from entering landfills but also integrating them into the region's growing ecosystem of circular material solutions. Amelia Eleiter, Co-founder and CEO of Debrand, stated: "Plastic-derived textiles account for a significant portion of today’s fashion system, making up about 60% of the global apparel volume. The industry has a responsibility to reduce its impact by extending the lifespan of extracted materials. This funding enables us to gain deeper insights into the plastic waste streams within the apparel sector of British Columbia and to apply advanced sorting technologies to explore more possibilities, thereby designing smarter circular systems that allow these materials to retain value rather than go to waste." Debrand stated in an official announcement that the project will utilize its automated sorting equipment and proprietary software to analyze plastic-based clothing and textiles currently in circulation. They said: "By accurately sorting these garments and identifying their material composition, the project aims to better define the operational and economic conditions required to plan appropriate reuse and recycling pathways for these items." They believe the goal is to address a "significant gap" in the North American fashion industry: the lack of scalable infrastructure to handle discarded textiles. "Despite increasing consumer and regulatory pressure, most clothing today is still designed for single use. At the current pace, a truckload of textiles is discarded every second globally—this statistic highlights the urgent need for systemic solutions." An official from Alacrity Canada added, "Textiles are one of the major sources of waste, and plastic-based materials like polyester are more difficult to recycle than ordinary plastics. Coupled with the rising trend of 'fast fashion,' we are facing a challenging problem. Fortunately, Debrand is addressing this issue head-on. They have implemented sustainable recycling practices and innovative initiatives to divert textiles from landfills, which is changing the way we think."

During an exchange with Tesla owners in Silicon Valley, SpaceX CEO Elon Musk provided a detailed update on the Starship program. It is understood that Starship is currently the largest rocket under development in the world, and SpaceX is advancing its tenth full-stack flight mission. Elon Musk stated that SpaceX plans to achieve two key goals of the Starship program as early as next year: recovery of the upper-stage spacecraft and orbital propellant refueling. These two objectives are crucial for reducing rocket launch costs. However, in the Starship test activities in 2025, SpaceX still faces numerous setbacks and has yet to make substantive progress on these goals. Musk mentioned in a discussion that the Starship program has faced enormous challenges from the very beginning. He pointed out that in many respects, Starship is “insane,” because its thrust is two and a half times that of the Saturn V lunar rocket, and future versions will have three times Saturn V’s thrust. Saturn V was the largest rocket in history and also the largest flying vehicle. Starship’s thrust is three times that, and its weight is about twice as much. Musk emphasized that the “insane” part of Starship is that SpaceX hopes to make it a “fully and rapidly reusable” rocket, which makes Starship “one of the toughest engineering challenges ever.” Musk said that the complexity of Starship led many people to believe it was impossible when it was first proposed. Musk stated that Starship once had a “very high what I call ‘laughter factor’,” and people would “immediately laugh at its absurdity.” Despite facing numerous doubts, SpaceX continues to push forward with the Starship program. Musk stated that one of the biggest challenges the Starship program currently faces is its heat shield. Musk pointed out that the heat shield is the most difficult part of the Starship to overcome because it is not reusable. He emphasized, "Solving the heat shield problem might be the biggest challenge Starship is currently facing." The upper spacecraft of the Starship uses thousands of heat shield tiles independently manufactured by SpaceX, and the heat shield is crucial for the full reusability of the Starship, as the spacecraft must be able to withstand the high temperatures during atmospheric re-entry. After solving the heat shield issue, the next key goal for the Starship is to achieve the recovery of the upper spacecraft and to be able to be caught by the "giant metal chopsticks" (i.e., the recovery tower). Musk stated that the recovery tower is crucial for the reusability of the Starship, because without it, SpaceX would have to land the rocket in water. He optimistically stated that the Starship is expected to achieve recovery this year, but at the latest, it will be completed by the first half of next year. Once SpaceX is able to successfully recover the Starship using the mechanical arms of the recovery tower, the company will further enhance it to make both the Starship and the booster not only reusable but also "fully and rapidly reusable." These upgrades are crucial for reducing the cost per flight and per ton of payload for the Starship, with the goal of bringing the cost below that of the Falcon 1 rocket. Musk also mentioned that reducing launch costs means the cost of sending a hundred tons or more of payload into orbit will be lower than traditional rockets that can only deliver half a ton of payload, such as the Falcon 1. Additionally, another key objective of the Starship program is in-space refueling, which is vital for interplanetary missions and NASA's Artemis lunar mission. He explained that the process of in-space refueling will first be achieved by docking two Starships and transferring fuel, after which SpaceX will work on establishing orbital fuel depots.

The plastic film forming industry for medical devices in China is entering a period of rapid development. According to the latest market data, the industry's market size reached 45 billion RMB in 2023, representing a year-on-year growth of 12%. It is expected to surpass 55 billion RMB by 2025, with a stable compound annual growth rate of approximately 10%. The core driver of growth stems from the accelerating aging population and the trend of chronic diseases affecting younger people, which is fueling a surge in demand for disposable medical consumables. These now account for over 60% of the total market share, and this figure is expected to rise to 65% by 2025. The policy environment simultaneously empowers industry development. The 14th Five-Year Plan explicitly proposes promoting the high-quality development of medical equipment, encouraging enterprises to upgrade to environmentally friendly materials (such as degradable PETG) and intelligent production processes through tax incentives, subsidies, and the "Green Packaging Materials Development Action Plan." The regional distribution of production capacity is highly concentrated, with Jiangsu occupying 55% of the national PETG film production capacity due to its industrial chain advantages. Henan (29%), Zhejiang (7%), and Guangdong (5%) focus on high-end applications and foreign trade markets. Technological innovation is reshaping the industry landscape. Precision injection molding technology and intelligent production systems are driving improvements in product yield and reducing equipment downtime. Breakthroughs in materials science are particularly critical: bio-based plastics (such as PEEK cranial repair materials) and functional films (high-barrier, anti-static) are widely used in high-end devices. The market share of biomedical materials has reached 20%, becoming central to artificial joints and drug delivery systems. Green transformation and international expansion have become key directions for enterprises to break through. The EU REACH regulation and China’s “dual carbon” policy are forcing companies to adopt biodegradable materials, with demand for eco-friendly packaging growing at an annual rate of over 20%. Leading companies such as Yuwell Medical and Mindray Medical are accelerating their penetration into the European and American markets through technological differentiation (such as upgraded enzyme technology for blood glucose test strips) and industrial chain integration (extending upstream to resin polymerization). The proportion of exported domestic equipment continues to rise and is expected to account for 51% of global demand by 2030. In the future, minimally invasive surgical instruments, in vitro diagnostic (IVD) consumables, and smart drug delivery devices will become new growth drivers in markets worth hundreds of billions of yuan. The medical device plastic film forming industry is currently experiencing growth driven by both “quantity” (demand from an aging population) and “quality” (technological upgrades). In the short term, it is necessary to overcome bottlenecks such as the localization of core components and compliance with environmental regulations. In the long run, capabilities in industry chain integration (such as the enterprise clusters in Jiangsu), new material development (degradable PETG), and the penetration of intelligent technologies (AI + IoT) will become the key differentiators for competition.

On July 30th, Superstar Legend, a Jay Chou concept stock, announced that its wholly-owned subsidiary, Xingchuang Arts and Entertainment Co., Ltd., has entered into a cooperation agreement with Hangzhou Yushu Technology. The Group and Yushu Technology will become strategic partners globally and will initially collaborate in the development and commercialization of quadruped robotic dogs/robots with companionship functions and social attributes, jointly creating consumer-grade robotic products with strong IP characteristics. Three months ago, Yushi Technology's humanoid robot G1 attracted attention as the world's first robot to complete a side flip. At the same time, polyether ether ketone (PEEK) material has gained prominence for its key applications in robot manufacturing. PEEK material was first developed by the British Imperial Chemical Industries (ICI). For a long period after its inception, it was used as an important strategic defense military material and was subject to strict embargoes and restrictions. Compared to ordinary materials, PEEK exhibits superior heat resistance; even at 260°C, it can be used for 5000 hours with its strength nearly unchanged from its initial state. It also boasts excellent thermal stability with a melting point of 341°C. Additionally, PEEK possesses outstanding mechanical properties and toughness, exceptional chemical resistance, as well as excellent wear resistance and sliding performance. As a result, PEEK has become a revolutionary material for the core motion components and precision structures of robots. Additionally, its composite with carbon fiber (CF/PEEK) offers advantages such as lightweight, wear resistance with self-lubrication, and a combination of rigidity and flexibility, making it suitable for important joints and bearings in robot bodies. Applications of PEEK in Robotics I. Joints and Transmission System Harmonic reducer: Utilizing 30% carbon fiber reinforced PEEK (CF/PEEK) with a modulus of up to 15 GPa and a density only 50% that of aluminum alloy. Its high modulus characteristics can reduce deformation stress in the reducer, enhance damping properties, and increase the meshing area between the flexspline and the circular spline, thereby improving load capacity by more than 30%. At the same time, it addresses the resonance issues associated with metal materials. Bearings and connecting rods, gears: PEEK bearings are used in joint parts, and their high-temperature resistance (260°C), resistance to strong acids and alkalis, and corrosion resistance make them suitable for long-term high-load operation. Carbon fiber reinforced PEEK (CF/PEEK) further enhances mechanical strength and impact resistance. For example, Boston Dynamics' Atlas uses PEEK composite materials in its knee joint gear assembly, allowing it to withstand a 2-meter drop without damage. PEEK gears are used in joint limbs, achieving lightweight through injection molding, reducing weight by 40% compared to metal, while maintaining high wear resistance and self-lubrication. 2. Robotic Arm and Motion Structure Core component of robotic arms: Carbon Fiber Reinforced Polymer (CFRP) is the mainstream material for robotic arms. Its density is only one-third that of steel, making it lighter at the same strength, significantly enhancing the robotic arm's response speed and high-precision operation capability. The application of CF/PEEK composite structures in robotic arm joints combines the high modulus of carbon fiber with the toughness of PEEK, achieving a balance of rigidity and flexibility. For example, the robotic arm of Tesla Optimus-Gen2 uses such materials, resulting in an overall weight reduction of 10 kg. 3. Framework and Support Structure Lightweight skeleton: PEEK material is used for the torso and limb skeleton, with a density only 50% that of aluminum alloy. It achieves an overall weight reduction of 10 kg in the Tesla Optimus-Gen2, while maintaining high strength (bending modulus reaching 15 GPa), resulting in a 30% increase in walking speed. The tensile strength of CF/PEEK fabric (with a carbon fiber volume content of 70%) is comparable to that of titanium alloy, but its density is only 36% of titanium alloy, making it suitable for load-bearing parts of the fuselage. 4. Sensors and Interactive Systems Six-axis force sensor: By replacing the aluminum alloy with a PEEK elastomer as the core component of the sensor, the dynamic response frequency is increased to 2kHz (compared to 500Hz for metal materials). Its lightweight characteristics reduce inertial mass interference, thereby improving measurement accuracy and response speed, making it suitable for high-speed operating environments. Electronic skin substrates: Flexible substrate materials such as PDMS (polydimethylsiloxane) and PI (polyimide) films are often combined with carbon fibers or graphene for tactile sensors. Although PEEK is not directly used for the skin, its composites assist in enhancing sensitivity and environmental adaptability in the sensing layer. PEEK film has a dielectric constant of 3.2 (PI film 3.5), can be processed to a thickness of 10μm, and supports 500% tensile strain. 5. Power and Energy Systems Artificial Muscles and Actuators: Dielectric elastomers (DE) combined with carbon fiber reinforced structures can achieve a strain rate of 300% and millisecond-level response, used for bionic muscle actuation. The solid-state electrolyte battery casing is made of PEEK material, whose high-temperature resistance ensures the safety of the energy system. Layout Enterprise Global PEEK production capacity is relatively concentrated, with manufacturers exhibiting a competitive pattern of "one leading player and several strong contenders." Victrex in the UK is the world's largest PEEK producer, with a production capacity of 7,150 tons per year, accounting for about 60% of the global capacity. Belgium Syensqo (spun off from Solvay at the end of 2023) currently has a PEEK production capacity of 2,500 tons per year. Its manufacturing facilities are mainly concentrated in India, with products primarily exported to Europe and Japan. Evonik Germany (with its main PEEK production entity being Jida Evonik) is the third largest PEEK manufacturer, with a production capacity of 1,800 tons per year, and its products are mainly exported to Europe. Due to the technical blockade on PEEK materials when they first emerged, China started the technical research and development of PEEK materials relatively late. During the "Ninth Five-Year Plan" period, Changchun Jilin University Advanced Materials Co. completed the industrial pilot production. After nearly 20 years of efforts, the Special Engineering Plastics Research Center at Jilin University developed a PEEK resin synthesis route with independent intellectual property rights. In 2000, Jilin University Advanced Materials Co., Ltd. was established, breaking the monopoly of Victrex for the first time. By the end of 2002, the company completed the construction of the first phase of a PEEK facility with a capacity of 300 tons per year, and the following year expanded production to 500 tons per year. In 2014, Zhongyan Co., Ltd. reached an annual production capacity of 1,000 tons of PEEK, making it one of the only four companies worldwide, alongside Victrex, Solvay, and Evonik, with a synthesis capacity of over a thousand tons. On July 19, 2024, Zhongyan Co., Ltd. invested 30 million yuan to establish a wholly-owned subsidiary, Zhongyan Composite (Shanghai) Technology Development Co., Ltd., including a deep collaboration with Donghua University. The two main research directions are the "Preparation of Suspended PEEK Prepreg Tape" and the "Development of PEEK Fibers and Fabrics." In addition, there are many other PEEK manufacturers in China, such as Watton, Shandong Junhao, Pengfulong, Jida Special Plastics, Haoran Special Plastics, and others. Jiangsu Junhua: In December 2024, the construction project for Jiangsu Junhua's annual production of 1,000 tons of polyether ether ketone (PEEK), 100 tons of polyimide (PI) materials, and related products has passed the construction verification and inspection. In September 2024, Wote Corporation successfully commenced production of PEEK. Their polyaryletherketone (PAEK) products mainly include polyetheretherketone (PEEK) and polyetherketoneketone (PEKK), with a planned production capacity of 1,000 tons for polyaryletherketone (PAEK) synthetic resin. Its holding subsidiary, Zhejiang Kesei, possesses the capability for production and processing of polyaryletherketone (PAEK) profiles at the scale of hundreds of tons. Pengfulong has completed a 700-ton production line for PEEK and PES resins, and plans to build a 2,000-ton high-performance polymer production base in 2024. The market response has been positive. Jida Special Plastics: Jida Special Plastics Engineering Research Co., Ltd. is a joint venture established by Jilin University and Changchun Jida Hi-Tech Co., Ltd., with a production capacity of 500 tons per year of PEEK. Shandong Haoran Special Plastics: The construction of a 2,800-ton polysulfone production line has been completed, along with the installation of a 300-ton PEEK production line, bringing the total annual production capacity to 300 tons. CF/PEEK composite material It is worth mentioning that CF/PEEK composites can solve the brittleness problem of plastics. PEEK has better tensile strength and tensile modulus compared to other special engineering plastics/engineering plastics, but it is inherently brittle and prone to cracking under external impact. Therefore, when PEEK is combined with carbon fiber, the high strength and high modulus characteristics of carbon fiber impart CF/PEEK composites with higher strength, modulus, and deformation resistance, thus addressing the brittleness issue of PEEK. When will it truly be implemented? In the past two years, the concept stocks of PEEK materials have been very popular in the financial market, but the actual market performance of this special engineering plastic has been disappointing. According to industry insiders, in 2023, the sales volume of global PEEK resin synthesis companies was only 6,650 tons, with a compound annual growth rate of only 2.3%. The primary reason for the polarization lies in the excellent performance of PEEK materials and their irreplaceability in the medical and lightweight/intelligent fields. However, at the same time, this material also faces challenges such as high costs, lengthy validation cycles, and an incomplete industrial chain from material development to end-use applications. From a cost perspective, assuming simply that the composite cost is 1-2 times the procurement cost of PEEK plus carbon fiber, the estimated cost of CF/PEEK composite materials for a single humanoid robot currently accounts for approximately 1.48-2.21% of the robot's total cost. The CF/PEEK fabric with a carbon fiber volume content of 70% has tensile strength and tensile modulus comparable to aluminum alloy and titanium alloy, while its density is only 58% that of aluminum alloy and 36% that of titanium alloy. However, its price is about twice that of titanium products. From a technical perspective, the preparation technology for CF/PEEK prepregs in China is still at the laboratory stage due to the complexity of the composite process. High-end carbon fibers (such as T1100 grade) rely on Japan's Toray. On February 20, Guangwei Composite stated on the investor platform that the company has been continuously conducting research and development of thermoplastic prepregs including PEEK in recent years. Currently, they have developed thermoplastic carbon fiber composite products such as PEEK prepreg yarn and prepreg tapes, and are in the process of developing and manufacturing related pilot production lines. Additionally, Yongzhuo Holdings’ subsidiary Yongcheng New Materials has achieved a new breakthrough by successfully realizing the industrialized mass production of YC11S (T1100 grade) ultra-high strength carbon fiber at the kiloton scale. From the perspective of the industrial chain, the main raw material for PEEK is difluorobenzophenone (DFBP), and the global production capacity is concentrated among domestic companies, including Xinhan New Material, Zhongxin Fluorine Material, and Xingfu New Material. Among them, Zhongxin Fluorine Material's DFBP products have been certified for quality by multiple domestic and international customers and have already secured batch orders from some of these customers. However, producing 1 ton of PEEK requires consuming 0.7-0.8 tons of fluoroketone monomer. With the development of the global humanoid robot industry, the demand for fluoroketone is expected to increase. In terms of market size, the global PEEK market is expected to be approximately 6.1 billion yuan in 2024 and is projected to reach 8.54 billion yuan by 2027, with a CAGR of 11.38%. According to institutional forecasts, the demand for PEEK products in China is expected to continue growing at a compound annual growth rate of 16.82% from 2022 to 2027, reaching an estimated 5,079 tons by 2027. From the perspective of global downstream application fields, PEEK materials are currently widely used in automotive, aerospace, medical, electronics, and other sectors. With the deepening understanding of PEEK properties in the market, as well as continuous improvements in PEEK resin production capacity and processing technology, its consumption will gradually increase, and its application fields will continue to expand. In the field of robotics, the requirements for lightweight materials, high strength, and high precision align well with the properties of PEEK material. Domestic manufacturers have already applied PEEK materials to components such as joints, bearings, and gears of humanoid robots, forming a supporting production chain. In January 2025, Elon Musk stated that if everything goes smoothly, Tesla is expected to produce 500,000 robots by 2027. According to relevant data estimates, every 100,000 robots designed with composite materials require 195 tons of PEEK material. With the mass production of humanoid robots (the market size is expected to reach $12 billion by 2030), the future application of PEEK will further develop towards precision and multi-functional integration, and the demand for PEEK materials will also increase significantly. Superstar Legend was founded in 2017 by four co-founders: Jay Chou's mother, Ye Huimei, his manager, Yang Junrong, and longtime work partners Chen Zhong and Ma Xinting. The company was listed on the Hong Kong Stock Exchange in July 2023. Legendary Star’s main businesses are IP creation and operation, as well as new retail. In 2019, the company launched the “Classmate Zhou” 2D character IP based on Jay Chou. In fiscal year 2024, Legendary Star achieved revenue of 584 million yuan, a year-on-year increase of 35.8%; revenue from the IP business reached 314 million yuan, up 65.1% year-on-year. After the announcement of the collaboration with Unitree, Star Legend's stock surged at the opening on July 30th, soaring over 36% at one point during the trading session.

International News Guide:   Policy News - No rate cut? The Fed may face the loudest "opposition" in over 30 years! Raw Material News - World Plastics Council Calls on Plastics Treaty Negotiators to Focus on Circularity Automotive News - Half-year profit halved! Why has Audi's global layout become a "burden" Equipment News - Battenfeld-Cincinnati Delivers Large Pipe Lines to Egypt Major Enterprise News - BASF's Q2 Profit Plummets Year-on-Year Price Information - RMB/USD central parity rate reported at 7.1441, up 70 pips.   Details of International News:   1. World Plastics Council Calls on Plastics Treaty Negotiators to Focus on Circularity The World Plastics Council (WPC) has called on governments to focus on circularity in an effort to reach an “ambitious and implementable” global plastics treaty. The WPC made the comments in a statement July 29 ahead of the final scheduled round of negotiations on an international legally binding instrument to end plastics pollution by 2040. 2. Half-year profit halved! Why has Audi's global layout become a "burden" Recently, German automaker Audi officially released its first-half 2025 results. Financial data showed that operating profit plummeted by 45.2%, net profit after tax dropped by 37.5%, and the operating profit margin was halved from 6.4% to 3.3%. Behind the figures, Audi is facing a deep-rooted survival crisis characterized by the failure of its global system, the loss of core markets, and the erosion of its profit foundation. 3. Battenfeld-Cincinnati Delivers Large Pipe Lines to Egypt The plants for large PE pipes with diameters of up to 2.7 m have recently been installed at the two customers’ sites in Egypt. The first projects have already been implemented. "With the help of the new production line from battenfeld-cincinnati, the large-diameter pipes we produce are excellent in quality and precision," commented Ahmed Mahalawi, the owner of Cairo Plastic Pipes and Products Company (PPP), on the German-Austrian joint venture equipment manufacturer. 4. BASF's PESU Featured in Tableware by Kyoraku The Japanese plastic products manufacturer Kyoraku, Tokyo, now uses BASF’s specialty plastic Ultrason® to add a unique tableware design concept to their comprehensive household goods portfolio.It is called Amberware and is made of Ultrason® E 3010 NAT, an injection-molding and extrusion polyethersulfone (PESU) with improved toughness and high chemical resistance. 5. Anellotech and R PlusJapan Advance PlasticRecycling with Plas-TCat Commercialization In a landmark announcement poised to redefine the landscape ofchemicalrecycing and accelerate circular economy solutions,R Plus apan (Rpy and AnelotechInc. (Anelotech) have declared that their innovative catalytic cracking technology, Plas-TCat, is oficialy moving into its commercialization phase. thisgroundbreaking technology holds the key to transforming mixed plastic waste directly into the foundational chemicals required for producing new plastics. 6. No rate cut? The Fed may face the loudest "opposition" in over 30 years! Currently, it is widely anticipated that at the conclusion of the Federal Reserve's meeting from July 29 to 30, Fed policymakers will keep the target interest rate range unchanged at 4.25%-4.5% for the fifth consecutive meeting. However, the Fed, which is almost certain to "stand pat" again, may encounter the loudest "opposition" in decades.   Overseas Macro Market: BASF's Q2 Profit Plummets Year-on-Year BASF's adjusted EBITDA for the second quarter was 1.77 billion euros, down 9.5% year-on-year, compared with an estimate of 1.73 billion euros. Adjusted EBIT stood at 810 million euros, a 16% year-on-year decline, versus an estimate of 758.2 million euros. Sales reached 15.77 billion euros, down 2.1% year-on-year, compared with an estimate of 15.83 billion euros. Net profit was 79 million euros, a sharp drop of 82% year-on-year. BASF's Q2 Profit Plummets Year-on-Year It is reported that Toyota Motor Corporation announced on the 30th that its global sales for the first half of 2025 (January to June), including those of group subsidiaries Daihatsu Motor and Hino Motors, totaled 5,544,880 units. This marks a new high for first-half sales in three years, representing a 7.4% increase from the same period last year. It is expected to surpass Germany's Volkswagen, which sold approximately 4.41 million units, ranking first globally for the sixth consecutive year.   Price Information:   [RMB/USD central parity rate]   The RMB/USD central parity rate was reported at 7.1441, up 70 pips; the central parity rate of the previous trading day was 7.1511, the official closing price of the previous trading day was 7.1765, and the closing price of the previous night session was 7.1774.   [Upstream raw material USD market prices]   Ethylene Asia: CFR Northeast Asia 820 USD/ton; CFR Southeast Asia 830 USD/ton.   Propylene Northeast Asia: FOB South Korea average price 740 USD/ton; CFR China average price 770 USD/ton.   North Asia frozen cargo CIF price: propane 510-517 USD/ton; butane 490-497 USD/ton.   South China frozen cargo CIF price for August delivery: propane 540-550 USD/ton; butane 525-535 USD/ton.   Taiwan Region frozen cargo CIF price: propane 510-517 USD/ton; butane 490-497 USD/ton.   [LLDPE USD market prices]   Film: 860-920 USD/ton (CFR Huangpu);   Injection molding: 940 USD/ton (CFR Dongguan);   [HDPE USD market prices]   Film: 910 USD/ton (CFR Huangpu);   Blow molding: 855 USD/ton (CFR Huangpu);   Pipes: 1030 USD/ton (CFR Huangpu);   [LDPE USD market prices]   Film: 1070-1095 USD/ton (CFR Huangpu);   Coating: 1280 USD/ton (CFR Huangpu).   [PP USD market prices]   Homopolymer: 900-965 USD/ton (CFR Huangpu), down 15 USD/ton;   Copolymer: 940-975 USD/ton (CFR Nansha);   Transparent: 1000-1055 USD/ton (CFR Huangpu);   Pipes: 1160 USD/ton (CFR Shanghai).

On July 22, 2025, the team led by Zhong Chao from the Shenzhen Institute of Advanced Technology, Chinese Academy of Sciences, in collaboration with the team led by Liu Yan from Ruijin Hospital Affiliated to Shanghai Jiao Tong University School of Medicine, jointly developed a new type of hemostatic dressing called T-BC based on bacterial cellulose. This innovative material offers a novel solution for the treatment of burns and complex wounds. The research findings were published in the international academic journal Advanced Materials. Controlling bleeding during clinical burn debridement has always been a challenge. Traditional electrocautery hemostasis poses a risk of thermal damage to surrounding tissues and has low operational efficiency. Commonly used hemostatic agents often lead to re-bleeding during dressing changes, have poor adhesion, and lack sufficient mechanical strength. The research team employed synthetic biology techniques to precisely bind recombinant human thrombin with a specific cellulose-binding domain (CBD), anchoring it onto a bacterial cellulose (BC) matrix to construct an integrated dressing, T-BC, which possesses both hemostatic and wound-healing functions. Performance Advantages of T-BC Rapid Hemostasis: In a rat liver incision model, T-BC dressing can achieve rapid hemostasis within 1 minute, with significantly better hemostatic efficiency compared to traditional materials. Promoting Healing: In a rat model simulating deep second-degree burn wounds, the wound closure rate in the experimental group treated with T-BC dressing was approximately 40% higher than that of the control group after just 5 days of treatment. Studies have shown that the T-BC dressing significantly accelerates the healing process by promoting neovascularization, regulating the inflammatory response, and reconstructing skin tissue structure through a synergistic triple mechanism. At the molecular level, it achieves multi-faceted regulation of the wound repair process. High biosafety: The research team conducted comprehensive biosafety evaluations, including cytotoxicity assays, hemolysis tests, and tissue compatibility assessments. The experimental results all confirmed that the T-BC dressing possesses excellent biosafety. Environmental advantages: This study employs biomolecular self-assembly technology, achieving efficient thrombin immobilization simply through mild protein solution immersion. It eliminates the reliance on organic solvents and harsh reaction conditions associated with traditional chemical crosslinking, thereby offering significant environmental benefits. The technology is currently in the patent application stage and plans to collaborate with enterprises to accelerate the clinical translation process. This new material can be used not only for burn treatment but also has potential applications in emergency trauma, surgical hemostasis, and chronic wound fields. The mechanism of action of T-BC dressing in wound treatment. T-BC auxiliary material samples. (Image provided by the research team)

In the first half of this year, China’s toy exports faced pressure. According to the latest data released by the General Administration of Customs, from January to June, China’s toy exports (covering seven categories under customs tariff code 9503) reached USD 17.588 billion (all figures in this article are in USD unless otherwise noted), down 2.1% year-on-year. Factors contributing to the decline include additional tariffs imposed by the United States, the ongoing recovery of the global economy, and weak end-user consumption. In addition, the performance of certain emerging markets—once highly anticipated by the industry—also fell short of expectations in the first half of the year. Multiple categories recorded a decline over several months. Despite the high attention Chinese trendy toy brands have received overseas since the beginning of this year, toy exports have still recorded a decline, showing an overall sluggish trend. In terms of single-month exports, China's toy exports only achieved year-on-year growth in export value in March and June, with June's export value reaching $3.643 billion, the highest monthly export value in the first half of the year. The toy export value declined in the other four months, with the largest drop appearing in February, a decrease of 26.4%. China's Toy Export Value and Year-on-Year Change from January to June 2025 (Unit: 100 million USD) According to the seven major categories classified by the Customs Tariff Code, four categories achieved an increase in export value in the first half of this year. The highest growth was in "toys and animals," with a year-on-year increase of 11.76%; "other toys and models with driving power," "dolls, whether dressed or not," and "parts and accessories of goods listed under item 9503" rose by 5.37%, 4.82%, and 0.81% respectively. There are three categories that recorded a decline in export value, with the largest drop seen in "wheeled toys for children to ride on (such as tricycles, scooters, pedal cars); doll carriages," which fell by 8.93%. "Other toys and models not elsewhere specified" and "educational toys" decreased by 6.04% and 2.41%, respectively. Notably, "other toys and models not elsewhere specified" achieved an export value of USD 9.028 billion in the first six months, accounting for 51.33% of total exports, making it the category with both the highest value and the largest share. The decline in this category has had a significant impact on the overall trend of toy export values. Export Value and Year-on-Year Change of 7 Major Categories in the First Half of 2025 Tariff Increases Affect Toy Exports The United States is the largest destination for China's toy exports, and the tariff dispute in the first half of the year directly led to a significant decline in toy exports to the U.S. This is also one of the main reasons for the overall decrease in China's toy export value in the first six months. According to customs data, from 2020 to 2024, the proportion of China’s toy exports to the United States accounted for more than 24% of the country’s total toy exports each year, with the highest proportion approaching 30%. However, in the first half of this year, due to the frequent imposition of additional tariffs by the United States on goods originating from China, China’s toy exports to the United States reached 3.696 billion US dollars, a year-on-year decrease of 8.36%. This accounted for 21.01% of total toy exports in the first six months, a decline compared with previous years. In terms of monthly exports, China's toy exports to the United States in January and March saw year-on-year growth rates of 9.67% and 17.89%, respectively. However, there were year-on-year declines in the remaining four months, with the largest drop occurring in May (-32.76%). As the additional tariff rate was temporarily set at 10% during China-U.S. negotiations in mid-May, China’s toy exports to the U.S. gradually recovered. Specifically, in June, the export value reached $833 million, a year-on-year decrease of 5.42%, but an 85.09% increase compared to May this year. Export Value of Toys from China to the United States from January to June 2025 and Year-on-Year/Month-on-Month Changes In recent years, China's toy exports to Mexico have grown significantly, partly because some Chinese-made toys are first shipped to Mexico and then re-exported to the United States. However, as the US has increased tariffs on many countries and tightened inspections of country-of-origin information, this strategy is no longer viable, which has in turn affected China's toy exports to Mexico. In the first half of this year, China's toy exports to Mexico fell by 23.11% year-on-year to $501 million; in terms of exports to a single country, Mexico dropped from 4th place in the same period last year to 9th place this period. The European market is showing a steady upward trend. In addition to the United States, Europe is also a key market for Chinese toy companies and a traditional market for China's toy exports. Compared with the fluctuations in the U.S. market, China's toy exports to Europe are relatively stable. The European Union is the largest regional integration organization in Europe and the second-largest trading partner for China's toy exports. According to customs data, in the first half of this year, China's toy exports to the EU reached 3.001 billion US dollars, an increase of 5.86% year-on-year, accounting for 17.06% of total toy exports. Although the EU has 27 member states, the main toy markets worth noting are in eight countries: Germany, the Netherlands, France, Poland, Italy, Spain, Belgium, and Greece. In the first half of the year, these countries imported a total of 2.586 billion US dollars worth of toys from China, accounting for 86.17% of the EU’s total. Specifically, the toy export value to Germany reached 644 million USD, an increase of 18.29% year-on-year, ranking first within the EU in both export value and growth rate. The Netherlands and France ranked second and third, with export values of 562 million USD and 310 million USD, respectively, representing year-on-year growth of 17.87% and 11.08%. Spain, Belgium, and Greece also achieved varying degrees of growth. However, Poland and Italy recorded declines, with export values of 304 million USD and 230 million USD, down 7.31% and 12.64% year-on-year, respectively. 2025 First Half Toy Export Value to 8 EU Countries and Year-on-Year Change Outside the EU, the UK is also an important trading partner for China's toys: From January to June this year, China's toy exports to the UK amounted to $718 million, a year-on-year increase of 4.45%. Among the 7 major categories, "other toys and models with a power source" and "parts and accessories of goods listed under heading 9503" recorded declines of 5.6% and 9.78% respectively, while the other 5 categories all achieved year-on-year growth. Southeast Asia's performance did not meet expectations. Southeast Asia is a region with relatively active and fast-growing economies globally, and it has become one of the emerging markets that Chinese toy companies have been expanding into in recent years. Although the region comprises 11 countries, their economic development is highly uneven, and there are significant differences in land area and population. According to customs data rankings, China's toy exports to this region are mainly concentrated in six major economies: Singapore, Malaysia, Thailand, Vietnam, Indonesia, and the Philippines. In contrast, exports to Cambodia, Myanmar, Laos, Brunei, and East Timor are relatively low. Whether traditional toy companies or trendy toy enterprises, all attach great importance to the Southeast Asian market. However, judging from the toy export data for the first half of this year, the performance in this region fell short of expectations: from January to June, China’s toy exports to 11 Southeast Asian countries reached USD 2.711 billion, a slight year-on-year decrease of 0.82%, accounting for 15.41% of total toy exports in the first half of the year. Among them, only four countries saw year-on-year growth: Laos (104.47%), Singapore (15.27%), Malaysia (10.09%), and Indonesia (6.78%); seven countries recorded a year-on-year decline, with Myanmar, Brunei, and Cambodia experiencing a decrease of more than 30%. Toy Exports to 11 Southeast Asian Countries in the First Half of 2025 and Year-on-Year Changes In May this year, reporters from China Toy & Juvenile Products Association visited the political and economic centers of five countries: Vietnam, Thailand, Malaysia, Singapore, and Indonesia. Overall, except for Jakarta in Indonesia, where the children's industry is relatively prosperous and the children's toy market is more vibrant, the traditional children's toy markets in the other countries remain relatively subdued. Driven by Chinese trendy toy brands such as Pop Mart, trendy toys have become more popular in these countries, and many traditional toy sales channels are also transforming towards trendy toys. South America rises, Middle East falls. At this year's spring Canton Fair, many exhibitors noted that they received a relatively large number of clients from South America and the Middle East, and they also showed interest in these markets. Despite both being emerging markets, the toy export performance in these two regions showed significant differences in the first half of the year. In South America, customs data shows that in the first half of this year, China had toy export trade with 14 countries and regions. Among them, the export value to South Georgia and the South Sandwich Islands was the lowest, at only 10,600 USD; the export value to French Guiana was also only 28,600 USD, but the export growth rates to these two regions exceeded 100%. Among the other seven countries and regions with export values of less than 100 million USD, Paraguay (-7.2%) and Guyana (-10.99%) recorded year-on-year declines. Noteworthy markets in South America include Brazil, Chile, Peru, Argentina, and Colombia. In the first six months of this year, China’s toy exports to these five countries amounted to USD 417 million, USD 178 million, USD 127 million, USD 124 million, and USD 116 million, respectively. Except for Peru, which recorded a year-on-year decline of 13.07%, the other four countries all saw growth, with the largest increase seen in Argentina (114.85%). Toy Export Value and Year-on-Year Change to Five South American Countries in the First Half of 2025 Furthermore, there is the Middle East. China's toy export volume to this region is not very large, mainly concentrated in five major markets: Saudi Arabia, the United Arab Emirates, Turkey, Iraq, and Israel. In the first six months of this year, except for a 24.15% increase in toy exports to Turkey, toy exports to the other four countries all experienced a decline of over 10%. Among other Middle Eastern countries and regions, those with faster growth in the first half of the year include Egypt (20.72%), Lebanon (13.44%), Cyprus (32.16%), and Jordan (36.05%); those with significant declines include Iran (-30.63%), Tunisia (-24.56%), Morocco (-19.59%), Bahrain (-21.67%), Palestine (-21.48%), Oman (-28.75%), and Algeria (-34.76%). Overall, in the first half of this year, China's toy exports to Middle Eastern countries and regions saw fewer increases and more declines. The main reason for this situation is likely the tense situation and complex geopolitics in the Middle East, such as the Iran-Israel conflict. Toy Export Value to 5 Middle Eastern Countries and Year-on-Year Change in the First Half of 2025 In addition to the aforementioned countries and regions, the export situation in some traditional and emerging markets is also worthy of industry attention. In terms of traditional markets, Japan and South Korea are countries with close toy trade relations with China. In the first half of the year, toy imports from China showed both increases and decreases: In the first six months, China's toy exports to Japan amounted to 985 million USD, up 0.59% year-on-year; toy exports to South Korea amounted to 615 million USD, down 4.43% year-on-year. Furthermore, Canada imported 306 million USD worth of toys from China in the first half of the year, a year-on-year increase of 30.66%, which is the largest growth among all traditional markets; toy imports from China to Australia decreased by 13.4% year-on-year to 390 million USD. Among emerging markets, Russia is the most noteworthy. In the first half of this year, several traditional toy and trendy toy companies mentioned that, due to Western sanctions against Russia, some international toy giants have gradually withdrawn from the Russian market. This has provided Chinese companies with an opportunity to "pick up the slack," allowing them to make significant progress in expanding into the Russian market. However, customs data is not optimistic: China's toy exports to Russia amounted to $368 million, down 7.48% year-on-year.

Currently, a team at the Fraunhofer Institute for Applied Polymer Research (Fraunhofer IAP) in Germany has developed a non-isocyanate polyurethane (NIPU) using carbon dioxide as a raw material. This material has been successfully processed into adhesives, foams, and pipes. In a recent interview published by Fraunhofer IAP, Christoph, a research assistant in the Polymer Synthesis Department...Dr. Herfurth stated that this work was carried out under the CO2NIPU project. CO2NIPU is a sustainable, safe, and innovative material that uses carbon dioxide for non-isocyanate polyurethanes, with material properties tailored for a wide range of applications. According to Herfurth, this development was completed in collaboration with the Fraunhofer Institutes UMSICHT, ICT, and IFAM. It uses carbon dioxide and amines derived from chemical recycling of polyurethane to create a more sustainable version of polyurethane with "customized material properties." Carbamates were initially synthesized from carbon dioxide to replace isocyanates as components of thermoplastic polyurethanes. This formed a "modular system" that allows better control over material properties. The synthesis was then optimized to enable processing at a pilot plant scale. According to Herfurth, a key driving factor is the tightening of EU regulations on isocyanates. Since 2023, only trained personnel are allowed to handle substances with isocyanate content exceeding 0.1%, which has prompted researchers to develop a synthesis method that does not use toxic isocyanates. Another motivation is the shift from fossil fuels to renewable carbon, utilizing captured carbon dioxide and recycled polyurethane waste. He added, "By specifically incorporating carbon dioxide into the material structure, we not only reduce climate-damaging emissions but also actively contribute to the carbon circular economy." Fraunhofer's life cycle and toxicity assessment indicates that NIPU is more sustainable and can be certified as biocompatible. Herfurth stated that industrial-scale production is feasible because the synthesis method is similar to traditional PET polycondensation, and the new NIPU production is compatible with current production lines. He pointed out that an important milestone was the realization that our non-isocyanate polyurethane materials are as versatile as traditional polyurethanes. The team has also developed reactive NIPUs for coatings, foams, and adhesives, which can replace traditional thermoplastic polyurethanes in many fields and open up new applications, such as absorbable NIPU fibers for medical use. Looking ahead, researchers see potential in multiple fields as NIPU offers energy efficiency in processing and advantages in temperature-sensitive applications. In medical devices, their high batch-to-batch consistency and low crosslinking can improve the performance of flexible implants and biocompatible tubing. In the automotive and packaging industries, NIPU may also support the transition to recyclable, lightweight, and high-performance materials.

Amid the festive atmosphere of San Diego Comic-Con, small toy business owners discussed a serious topic: the negative impact of President Trump's proposed tariff policy on the toy industry. Jonathan Cathey, CEO of collectibles company The Loyal Subjects, admitted at the "Toys, Tariffs, and Trade Wars" forum held in San Diego, California, "But ultimately, it will affect consumers—prices will rise, and sales will inevitably decline." Contradiction Focus: China's Supply Chain Crisis Last year, the total value of toys imported by the United States exceeded $17 billion, of which $13 billion came from China. The Trump administration's imposition of tariffs on China was denounced by forum host Daniel Pickett as "an exaggerated and insane intimidation measure." Toy manufacturers pointed out that tariff policies have caused chaos in the entire industry's supply chain. Clash of Political and Business Views Facing the "price hike warning" advice from Hasbro's CEO, Trump firmly rejected it on the grounds of "revitalizing domestic manufacturing." Cassie immediately refuted this argument as being out of touch with reality. "480,000 manufacturing jobs in the United States remain unfilled, and even the current vacancies cannot be filled, so how can we talk about rebuilding production lines? America's value-added advantage lies in innovation rather than manufacturing." He further emphasized the applicable boundaries of tariffs:"Industries like automobiles and mining may need tariff protection for jobs and national security—but Barbie dolls are not included in this category." The enterprise is trapped in a decision-making dilemma. Super7 collectibles brand founder Brian Flynn criticizes inconsistent policies for causing business paralysis. Trump occasionally mentions that triple-digit tariffs will "drive away all market participants." This year's anime convention has been forced to downsize: only small booths will be set up, abandoning the originally planned large exhibition area. Consumers will face the impact of price increases in the next quarter, "which is crucial for business survival." President Trump has once again postponed the deadline for imposing new tariffs on toy imports to August 1st. However, industry insiders point out that the uncertainty has already caused substantial damage, making it difficult for companies to plan production and sales for the critical holiday season. Jay Foreman, CEO of toy giant Basic Fun! (which owns classic brands such as Tonka trucks and Care Bears), will analyze the impact of tariff decisions on the industry. There is no substantial advantage in relocating the place of origin under the new tariff system. Enterprises prefer to maintain mature supply chains. Core strategy: Partial cost-bearing + partial cost transfer to consumers In early April, U.S. tariffs on Chinese products soared to 145% (China produces 75% of all toys sold in the U.S.). High tariffs lead to a 6-8 week supply chain freeze (manufacturers cannot bear the costs). After inventory is replenished, prices will skyrocket. The price of the dump truck has surged to $29.99-$39.99. Tariffs over 10% must be passed on to consumers (industry profit margins cannot absorb tariffs of 30% or more). Data Alert Industry reports indicate that if tariffs on Chinese toys are raised to 25%, the average annual toy expenditure for American households will increase by $490 (according to data from the Toy Association of America).