Jitai (002909) issued an announcement on September 23, 2021, saying: Noan Fund Zhang Weimin and GF Securities Co., LTD. Wu Xinran investigated our company on September 23, 2021, and the survey was hosted by Wu Jiayi, Deputy General Manager and Secretary of the Board of Directors.

The main contents of this survey are as follows:
The main contents of the exchanges between the company and investors are as follows:
1. Q: the price of raw materials has risen sharply recently. how does the company view this phenomenon? A: in view of the current high prices of raw materials, the company has established a rapid price response mechanism to follow the market and adjust product prices in a timely manner. This round of price increases is in danger for the company. The rise in raw material prices eliminates competitive products at low prices from the industry, which is a reshuffle process. For the leading enterprises whose products are located in the middle and high-end market, the rise in raw material prices is also an opportunity to increase market share.
2. Q: will the company focus on developing sealants in the future to reduce the proportion of coatings? A: after years of development, the company has become a leading enterprise in the sealant and paint industry. The company is very optimistic about the development prospect of the paint industry. The company adheres to the management concept of "green environmental protection and professional quality" and regards technological progress and process innovation as the fundamental force to improve the efficiency of resource utilization, improve product quality and solve environmental protection problems. Over the years, the water-based coating industry has been ploughed deeply, the technical reserve is perfect, and the company has a certain first-mover advantage in the water-based coating market. The application field of products has gradually expanded from a single petrochemical equipment market to container manufacturing, steel structure, mechanical equipment manufacturing and construction engineering market. The company will make full use of the existing advantages, strengthen product research and development, and continue to open up new markets.
3. Q: what is the proportion of direct sales in the company's marketing? A: direct selling is the company's main marketing model, accounting for more than 70%. Combined with the characteristics of the customer base of each business, the company adopts different sales models. For the construction engineering, home decoration, steel structure and petrochemical equipment market, the company adopts the marketing mode of the combination of distribution and direct sales. For the container and ship yacht market, the company mainly adopts the direct selling mode. For LED drive power, new energy vehicles and electronics and other markets, the company is mainly direct sales, distribution as a supplement.
4. Q: the price of organosilicon is on the rise, how do you consider the stock of products? A: at present, the company implements the principle of "fixing production by sales, combining production purchase with safety inventory", and purchases from suppliers in continuous batches according to customer orders and production and management plans. At the same time, the company adopts the production mode of "fixed production by sales + safety inventory + production according to order", that is, the company's conventional sealants, electronic adhesives and paint products adopt the production mode of "safety inventory as the plan and adjust according to market orders". Some color blending products, electronic one-component sealants and other products adopt "order production" mode.
5. Q: does the company reserve new growth points in the construction glue market? Answer: the company lays out in advance and actively develops the market of prefabricated building adhesive. Compared with the traditional construction methods, prefabricated buildings have the advantages of short construction cycle, energy saving and environmental protection, and the state has also issued relevant policies to vigorously promote the development of prefabricated buildings. Since 2007, the company began to introduce new varieties of sealants from abroad for research, and took the lead in making a breakthrough in the field of prefabricated building sealants. Relying on its popularity in the field of construction glue, the company actively develops customers such as general contracting units, prefabricated component factories and prefabricated component installation companies in the prefabricated construction market. The company will plough deep into the central cities and major customers, strengthen the market promotion in the field of prefabricated building glue, actively participate in the formulation of national and industry standards, and continue to maintain its first-mover advantage in the field of prefabricated architectural glue branch. Concentrate the elite marketing and technical service team, set up a regional model project, and expand the brand influence of the company's products in the field of prefabricated construction. In addition, the company strengthens the product research and development and market promotion in the field of real estate fine decoration and home decoration, continues to refine the product category, and launches a series of green home decoration adhesive products to provide systematic sealing solutions for consumers' home health. The company is also actively laying out the hollow glass glue market. At present, the company has entered into the list of suppliers of large domestic glass enterprises, such as Xinyi Glass and Southern Glass Group, and has recently reached a strategic cooperation with Southern Glass Group in 2021. Xinyi Group has become a Class A supplier in 2021.
6. Q: what are the main foreign competitors of the company's products? Answer: the main foreign competitors of the company's sealant products are Sika Group and Henkel Group; the main foreign competitors of electronic adhesive products are youdao Corning; and the main foreign competitors of paint products are Akzo Nobel and so on.
7. Q: the operating income of the company's asphalt paint is growing rapidly. what aspects are the asphalt paint products mainly used in? Answer: the company's asphalt paint products are mainly used for container floor, bottom beam protection, with excellent water resistance, anti-corrosion and weather resistance, convenient construction.
8. Q: the company's revenue from electronic glue in the first half of 2021 is close to 50 million yuan. what are the current development and prospects of this module? A: the company's electronic glue module is still in the early stage of development. In 2020, the company integrates Zhaoshun's technology, products, brands, channels and other resources to stabilize and continue to develop new business markets with the brand image of "Antai Electronic Glue". At present, electronic glue products are mainly used in five fields: (1) LED lighting (two-component addition molding filling sealant, electronic silicone sealant): the company's main electronic adhesive products, in LED lighting, LED driver power field has a high reputation, with a strong competitive advantage. (2) New energy vehicles (two-component addition filling sealant, electronic silicone sealant): the products have entered the supply system of some large automobile manufacturers. (3) Electronics and Electrical (two-component addition filling sealant, electronic silicone sealant): electronic sealant, currently in the stage of development, business volume and market share are relatively small. (4) Electric power (two-component addition filling glue, coating glue): with the increase of investment in electric power construction and the double opportunity of organic silicone materials to replace epoxy resin, the organic silicone materials used in the electric power field will usher in a broad market development space. (5) Photovoltaic modules (photovoltaic module adhesive sealant, junction box sealing adhesive): in 2020, the company reached a cooperation with JinkoSolar Holding Co Ltd, a leading photovoltaic enterprise. The company gives full play to the advantages of being close to the market and in-depth understanding of the needs of users. The addition filling and sealing adhesive launched in 2020 can be bonded with the material of the drive power supply without the bottom coating process, and the waterproof can reach more than IP67+, which successfully solves the pain point of the industry. In 2021, the company's electronic glue won the Technical Award of the 9th Aladdin Lamp Award in 2021. The company's products have passed the IATF16949 automotive product quality management system certification. At present, the company has become an important supplier to Infineter, Shanghai Mingzhi and other enterprises, and its products have entered the supply system of Osram, BYD, JinkoSolar Holding Co Ltd and many other large customers. The company has been positioned in the middle and high-end market, in line with the development trend of the industry, as the country has issued support policies on green energy one after another., The company's electronic glue will have a broad import replacement market. In the future, the company will continue to cultivate electronic glue to become a new performance growth point. After the completion of the fund-raising project in 2021, the production capacity of silicone sealant will be improved in an all-round way, which will effectively promote the rapid growth of the company's electronic adhesive business.
9. Q: does the company have any products on the ground in the new energy industry? What are the main applications? A: silicone filling adhesive, the main product of the company's electronic glue, has a broad prospect in the filling and sealing protection of new energy vehicle batteries with its advantages of low density, low viscosity, good thermal conductivity and flame retardancy. The company's products have passed the IS16949 certification of the automotive industry, and the products have entered the supply system of many large customers such as BYD.
10. Q: specifically introduce the company's R & D team, what measures does the company take to ensure that the R & D strength is sufficient? A: since listing, the company has paid more and more attention to product research and development. In the past three years, the company's R & D investment accounted for more than 3% of the operating income, and maintained a steady growth trend. In 2020, the company's R & D expenditure was 52.9519 million yuan, accounting for 4.21% of the operating income. In the first half of 2021, the company's R & D expenditure was 29.3224 million yuan, an increase of 71.88% over the same period last year. For a long time, the company has always regarded the R & D and innovation of "new technology and new products" as the primary strategy of sustainable management and development. By the end of 2020, the company has 151 R & D technical personnel, including 4 doctorates and 32 masters, and a number of external experts to guide R & D activities, forming a strong R & D and innovation team. In order to maintain the continuous R & D capability, the company actively introduces high-end R & D talents through various channels. At present, the company is carrying out strategic cooperation with colleges and universities, has established an "off-campus practice base" with South China University of Technology and Jinan University, and attaches great importance to the training of professional and technical personnel. The company makes use of the advanced R & D environment and industrialization platform, adopts the international advanced two-track management mode, and has formed a R & D echelon with reasonable structure and high professional quality.
Q: the company has a wide range of products. Is there any cooperation between different products in terms of technology, production and marketing? Answer: the raw materials of each product have a certain overlap, and the company can give full play to the advantage of scale; at the technical level, the production technology of each product is quite different, so the company has set up a number of R & D teams for different products. Different products have different marketing methods, in the face of different products, the company will not only take a variety of marketing methods according to the market characteristics, but also follow a marketing strategy: the top team is responsible for the market of higher-end products.
Q: the company's operating income in the first half of the year is considerable. Does the operating income from mergers and acquisitions account for a large proportion? A: electronic glue products are the business expanded by the company's acquisition of Zhaoshun technology. In the first half of 2021, the overall revenue of the electronic glue business was 48973396.18 yuan, accounting for only 6.08% of the company's total revenue. The company's main revenue sources are silicone sealants and waterborne coatings, accounting for 58.03% and 23.59%, respectively.

Jitai main business: manufacture of sealing fillers and similar products; manufacture of chemical reagents and auxiliaries (except monitoring chemicals and hazardous chemicals); manufacture of adhesives (except monitoring chemicals and dangerous chemicals); manufacture of light building materials; manufacture of waterproof caulking sealing strips (belts); manufacture of hard rubber products; manufacture of building ceramics products; manufacture of asphalt products for construction Import and export of goods (except exclusive controlled commodities); technology import and export; property management; self-owned real estate business activities; enterprise's own capital investment; manufacturing of inks and similar products (except controlled chemicals and dangerous chemicals); retail of chemical products (except dangerous chemicals); manufacture of coatings (except controlled chemicals and dangerous chemicals); retail of chemical products (including dangerous chemicals) Excluding refined oil and precursor chemicals); storage of dangerous chemicals; technology transfer services for new materials; technology development services for new materials; technical consultation and exchange services for new materials; machinery and equipment leasing; office equipment leasing services. Main project category: chemical raw materials and chemical products manufacturing.

According to the 2021 report of Jitai shares, the company's main income was 806 million yuan, up 68.98% from the same period last year; the net profit was 16.0524 million yuan, down 67.57% from the same period last year; the non-net profit was 13.1093 million yuan, down 73.3% from the same period last year; the debt ratio was 51.82%, and the financial expenses were 5.231 million yuan. Gross profit margin 19.42%.