Qide New Materials: Revenue from Other Modified Composite Materials and Products Surges in 2025, Expanding into High-End Applications

Wind Information reported on March 24 that an investor posed the following questions to Qidexin Materials based on the company’s 2025 annual report: 1. The revenue contribution of modified nylon declined significantly from 55.43% in 2024 to 41.96%, while the revenue share of “other modified composite materials and products” surged from 19.78% to 31.40%, representing a year-on-year increase of 71.94%. The gross margin for this category stands at only 18.72%, substantially lower than modified nylon’s 34.00%. Please clarify the specific products included in this category and explain the reasons behind such a dramatic growth. In response, Qidexin Materials stated on the investor interaction platform on March 30 that the company’s product mix continued to improve in 2025, with revenue from “Other Modified Composite Materials and Products” surging significantly, primarily driven by robust growth in high-end overseas household appliance specialty materials and specialty engineering plastics (e.g., PPS). This signifies the company’s expansion into higher-end application areas and a steady increase in the proportion of high-value-added products. Although gross margins for new products may fluctuate in the short term, this lays a solid foundation for the company’s stable long-term profitability growth.