On March 18, 2026, Guizhou Redstar Developing Co.,Ltd. (600367) held an investor relations activity, with participation from researchers Qiu Zuxue and Wei Zechen of Guolian Minsheng Securities Company Limited. The details of the discussion are as follows:

Question: Regarding the company's barium carbonate capacity of 290,000 tons, what is the current annual output? Answer: The company's barium carbonate production was 229,400 tons in 2023 and 208,900 tons in 2024.

Question: What industries are the downstream applications of the company's strontium salt products? Answer: Strontium salt products are primarily used in magnetic materials, LCD glass substrates, metal smelting, fireworks and pyrotechnics, and other deep-processing industries for strontium salts.

Question: What is the source of the raw materials required for the company's strontium salt production? Answer: The primary raw material, celestite, needed for strontium salt production by the company's subsidiary is mainly procured from local mines in Chongqing. Depending on the import market conditions for celestite each year, a reasonable amount of imported ore is also purchased.

Question: What is the current reserve level of the raw material celestite? Answer: Based on the mining situation of local Chongqing mines, the company's subsidiary maintains a reasonable celestite reserve, currently estimated at approximately 35,000 to 40,000 tons.

Question: What is the current progress of the Chongqing Ruidesida Optoelectronic New Materials project, which was funded through a capital raise? Answer: The Chongqing Ruidesida Optoelectronic New Materials project commenced trial production with furnace ignition in February 2026. The production line is currently undergoing debugging and has not yet reached full capacity.

Question: How often is the pricing cycle for local Chongqing celestite ore determined, and how long has the cooperation with the local mines been established? Answer: The company's subsidiary has maintained a stable cooperation with local Chongqing mines for many years. The ore price is currently negotiated and set quarterly. The primary pricing model involves referencing the market sales price of strontium carbonate and the price of imported celestite ore for the current quarter to comprehensively negotiate and determine the supply price for the next quarter.

Question: What is the current supply price of celestite? Answer: The supply price from the mines for the first quarter of 2026 is approximately 1,100 RMB per ton.

Question: Does the current international situation have a direct impact on the company's production and operations? Answer: As the raw materials required for strontium carbonate production by the company's subsidiary are primarily procured from local Chongqing mines, with imported ore accounting for a relatively small proportion, the impact on the company's production and operations is limited. The subsidiary is currently actively engaged in trial production debugging, and raw material reserves are relatively sufficient.

Question: What is the annual production volume of the company's by-product, sulfur? How significantly does the recent increase in sulfur prices affect the company's profits? Answer: The company and its subsidiary comprehensively utilize hydrogen sulfide gas, a by-product of barium salt and strontium salt production, to manufacture sulfur products. The production volume was 34,000 tons in 2023 and 36,000 tons in 2024. The increase in sulfur sales prices has a certain positive impact on the company's profits.

Question: Apart from the strontium carbonate production line from the fundraising project, are there any other ongoing construction projects? Answer: Currently, the parent company is making preparations for the construction of a 20,000 tons/year high-purity thiourea project. Simultaneously, the wholly-owned subsidiary, Guizhou Tianzhu Redstar Developing New Material Co., Ltd., plans to initiate the "Tianzhu County Barium Salt Fine Chemical Products Project." This project plans to construct a 100,000 tons/year barium carbonate production line with a by-product line of 16,000 tons/year of sulfur. The company has already completed the decision-making and information disclosure procedures for the aforementioned projects. Detailed information can be found in the company's disclosed interim announcements.

The main business of Guizhou Redstar Developing Co.,Ltd. (600367) is the research and development, production, and sales of barium salts, strontium salts, and manganese-based products.

According to the company's third-quarter report for 2025, the operating revenue for the first three quarters was 1.609 billion RMB, a decrease of 0.14% year-on-year. Net profit attributable to shareholders was 107 million RMB, an increase of 86.78% year-on-year. Net profit after deducting non-recurring gains and losses was 105 million RMB, an increase of 93.4% year-on-year. In the third quarter of 2025 alone, the company's single-quarter operating revenue was 528 million RMB, a decrease of 7.14% year-on-year. Single-quarter net profit attributable to shareholders was 28.9285 million RMB, a decrease of 14.76% year-on-year. Single-quarter net profit after deducting non-recurring gains and losses was 27.687 million RMB, a decrease of 12.09% year-on-year. The debt-to-asset ratio was 16.63%, investment income was 0.0 thousand RMB, financial expenses were -4.8639 million RMB, and the gross profit margin was 25.4%.

Margin trading data shows that the net financing inflow for the stock over the past three months was 344 million RMB, indicating an increase in the financing balance. The net securities lending inflow was 502,800 RMB, indicating an increase in the securities lending balance.