项目落地与产业集聚 - 北京亦庄新落地多个亚洲首个、中国首个重点项目，均位于BioPark，彰显强劲产业集聚效应 [1] - 强生计划建设亚洲首个科创中心、亚太地区最大医疗器械培训中心、全球心电生理应用及培训中心和强生中国数字创新中心 [1] - GE医疗拟建立全球第二大医学装备研发中心、中国首个影像设备创新孵化器 [1] - 飞利浦将建设全球第二大全产线研发中心总部以及中荷-中欧国际学术中心 [1] - 中国生物制药将建立首个前沿科技创新研发中心 [1] 创新生态与平台建设 - 医疗领域国家人工智能应用中试基地为全国首批、投资规模最大、唯一聚焦生物医药制造的中试基地，提供数据、算力等共性服务能力 [2] - 国家药监局药品和医疗器械审评检查京津冀分中心已于9月21日揭牌运行，重点服务京津冀鲁地区，提供就近审评 [2] - 生命健康产教融合基地搭建"一院五中心六平台"架构，联动高校、医院与企业 [2] - 国际临床医学研究中心依托北京大学肿瘤医院，建设国际一流研究型医院，推动转化医学模式创新 [2] 产业生态与政策支持 - 北京亦庄构建"七位一体"产业生态，通过产业、政策、科研等多要素深度融合 [3] - 经开区发布2.0版医药健康产业支持政策，聚焦创新药、细胞基因治疗、高端医疗装备等细分领域 [3] - 经开区设立50亿元生物技术和大健康产业专项基金、20亿元科技创新基金、100亿元生物医药并购基金 [3] - BioPark 15公里半径内聚集10家监管机构、16家优质三甲医院及5所高校，构建全要素聚集优势 [3] 发展成效与未来目标 - 阿斯利康投资25亿美元在北京亦庄建设第六个全球战略研发中心，从签约到启用不足一年，体现"亦庄速度" [3] - 辉瑞依托北京亦庄生物医药产业生态，"三倍速中国创新"目标已实现过半 [3] - 北京亦庄已聚集各类生物医药企业超5000家，构建全产业链体系 [4] - 力争到2027年实现医药健康工业产值突破1200亿元，打造具有全球影响力的产业创新高地 [4]

行业投资评级 - 行业投资评级为“强于大市”（维持）[6] 核心观点 - 半导体材料国产化加速，下游晶圆厂扩产迅猛，看好头部企业产业红利优势最大化 [4] - 下游需求推动产业升级和革新，行业迈入高速发展期，国内持续推进制造升级，高标准、高性能材料需求将逐步释放，新材料产业有望快速发展 [4] - 碳中和背景下，绿电行业蓬勃发展，光伏风电装机量逐渐攀升，建议关注上游原材料 [4] 本周行情回顾 - Wind新材料指数收报4848.42点，环比下跌5.2% [3][12] - 六个子行业指数本周均下跌：申万半导体材料指数报7799.83点，环比下跌6.79%；申万显示器件材料指数报1086.14点，环比下跌4.64%；中信有机硅材料指数报6296.05点，环比下跌4.34%；中信碳纤维指数报1525.16点，环比下跌8.22%；中信锂电指数报2639.84点，环比下跌4.74%；Wind可降解塑料指数报2087.07点，环比下跌4.07% [3][12] - 个股方面，周涨幅前三位为祥源新材(8.03%)、长鸿高科(5.06%)、奥克股份(3.61%)；周跌幅前三位为联瑞新材(-15.52%)、久日新材(-15.2%)、雅克科技(-14.35%) [3][26][27][28] 近期行业热点跟踪 - **PEEK小巨人再战IPO**：浙江鹏孚隆科技股份有限公司于10月9日再次启动上市辅导，计划于2026年4月至5月完成 [4][30][31] 公司成立于2006年，核心产品包括特种工程塑料、特种涂料和生物材料，应用领域广泛，2020年入选国家工信部第二批重点“小巨人”企业名单，前次招股书计划募资约7.23亿元 [4][30][31] - **深圳新增高端电子化学品产业园**：深圳市深汕高端电子化工园产业园总体规划获批复，产业定位为“5+3+X”体系（5类半导体、3类高端化工材料、X类前沿新材料），旨在打造具有核心竞争力的化工产业集群 [4][31][32][34] - **全球PC出货量增长**：2025年第三季度全球PC出货量同比增长9.4%，达7580万台，增长受Windows 11升级与设备换新潮推动 [34][35] 联想出货量1940万台，市场份额25.5%领先；惠普出货量1500万台，同比增长10.7%；戴尔出货量1010万台，同比增长2.6% [35] - **纯晶圆代工市场份额**：2025年第二季度台积电占纯晶圆代工市场份额达71%，较上一季度上升3个百分点；三星电子以8%份额位居第二；中芯国际以5%份额位列第三 [36][39] 相关数据追踪 - 费城半导体指数本周收报6779.98点，环比上涨5.78% [42][43] - 9月中国集成电路出口金额190.47亿美元，同比上涨32.72%，环比上涨7.47%；进口金额410.52亿美元，同比上涨14.08%，环比上涨14.51% [44][47] 重点标的关注 - **光刻胶**：看好彤程新材在进口替代方面的高速进展 [4] - **电子特气**：建议关注华特气体，其深耕领域十余年，实现进口替代，并有一体化产业链布局 [4] - **电子化学品**：建议关注安集科技、鼎龙股份，因下游晶圆厂落成，芯片产能有望释放 [4] - **新材料平台**：建议关注国瓷材料，其三大业务保持高增速，新能源业务爆发式增长 [4] - **高分子助剂**：建议关注国内抗老化剂龙头利安隆，其新产能释放并进军润滑油添加剂领域 [4] - **绿电上游材料**：建议关注金属硅龙头合盛硅业、EVA粒子技术领先的联泓新科、拥有三氯氢硅产能的新安股份及三孚股份 [4][8]

鹏孚隆科技股份有限公司 - 公司于2025年10月9日办理辅导备案登记，计划于2026年4月至5月完成上市辅导，辅导券商为广发证券 [3] - 公司成立于2006年5月，控股股东持股71.32%，核心产品为特种工程塑料、特种涂料和生物材料，应用领域广泛 [4] - 公司曾于2022年12月申请创业板上市，后于2023年6月主动撤回，并于2024年更换辅导机构后辅导未果，此次为第三次启动IPO [4][5] - 历史财务数据显示，公司2019年至2022年上半年营收从2.31亿元增长至3.41亿元，归母净利润从2005.56万元增长至7082.07万元 [5] 杭州中欣晶圆半导体股份有限公司 - 公司于2025年10月10日办理辅导备案登记，拟申请北交所上市，辅导券商为财通证券和中信证券 [7] - 公司成立于2017年9月，注册资本高达50.32亿元，曾于2022年8月申请科创板上市，计划募资54.7亿元，但于2024年7月被终止审查 [7] - 公司主营业务为半导体硅片的研发、生产和销售，产品覆盖4-12英寸抛光片及外延片，已实现从晶棒拉制到硅片加工的完整生产流程 [8][10] - 公司2024年实现营收13.5亿元，同比增长7%，但扣非净利润亏损7.29亿元，2025年第一季度12英寸硅片销量同比增长70%以上 [11] - 截至2025年年中，公司拥有285项授权专利，其中发明专利150项，另有549项发明专利正在申请中 [12] 山西腾茂科技股份有限公司 - 公司于2025年10月10日获受理北交所IPO辅导备案，辅导机构为西部证券 [14] - 公司成立于2007年7月，专注于炼油催化剂领域，具备4万吨/年催化剂、1.5万吨/年分子筛和0.5万吨/年助剂的生产能力 [14] - 公司曾于2023年3月提交北交所上市辅导，并于同年10月获受理申请，但在2024年3月主动撤回上市申请 [14] - 公司2024年实现营业收入2.47亿元，净利润5296.67万元，2025年上半年营收1.41亿元，同比增长40.22%，净利润3369.8万元，同比增长48.76% [15] 富兰克科技（深圳）股份有限公司 - 公司于2025年9月30日提交北交所上市辅导备案申请，辅导机构为中银证券 [17] - 公司成立于2001年4月，控股股东合计持股67.84%，主营业务为金属及新材料加工液、润滑油、环保设备的研发与生产 [18] - 公司2024年实现营业收入8.403亿元，净利润5282万元，2025年上半年营收4.467亿元，同比增长14.49%，净利润3835万元，同比增长99.3% [18]

鹏孚隆科技股份有限公司IPO - 公司于10月9日在浙江证监局办理辅导备案登记，计划于2026年4月至5月完成上市辅导，辅导券商为广发证券 [3] - 公司成立于2006年5月，控股股东金华市天乾北斗投资有限公司持股71.32%，主营特种聚合物及产品，拥有三大生产基地 [4] - 公司曾两次谋求上市未果，包括2022年12月申请创业板并于2023年6月主动撤回，以及2024年备案后仅经六期辅导便无下文 [4][5] - 历史财务数据显示，2019年至2022年上半年，公司营业收入分别为2.31亿元、2.73亿元、3.41亿元和1.23亿元，归母净利润分别为2005.56万元、6614.9万元、7082.07万元和2935.02万元 [5] 杭州中欣晶圆半导体股份有限公司IPO - 公司于10月10日办理辅导备案登记，拟在北交所上市，辅导券商为财通证券和中信证券，曾于2022年8月申请科创板上市并于2024年7月被终止审查 [5] - 公司成立于2017年9月，注册资本高达50.32亿元，主营半导体硅片研发、生产和销售，已申请新三板创新层挂牌 [5][6] - 公司整合后实现从单晶晶棒拉制到4-12英寸硅片加工的完整生产，主要产品包括8英寸、12英寸抛光片及外延片，拥有全国最大的硅外延片生产基地 [7] - 业绩方面，2024年实现营收13.5亿元，同比增长7%，但2023年及2024年扣非净利润分别亏损9.31亿元和7.29亿元，2025年第一季度12英寸硅片销量同比增长70%以上 [8] - 截至2025年年中，公司已获授权专利285项，其中发明专利150项，正在申请的发明专利达549项 [9] 山西腾茂科技股份有限公司IPO - 公司于10月10日获山西证监局受理北交所IPO辅导备案，辅导机构为西部证券，曾于2023年3月备案并于2024年3月主动撤回上市申请 [10] - 公司成立于2007年7月，注册资本10893万元，专注于炼油催化剂领域，具备4万吨/年催化剂、1.5万吨/年分子筛和0.5万吨/年助剂生产能力 [10] - 控股股东陈泽红持股73.7859%，2024年公司实现营业收入2.47亿元，净利润5296.67万元 [11] - 2025年上半年，公司实现营业收入1.41亿元，同比增长40.22%，归属于母公司股东的净利润达3369.8万元，同比增长48.76% [11] 富兰克科技（深圳）股份有限公司IPO - 公司于2025年9月30日获深圳证监局受理北交所上市辅导备案，辅导机构为中银证券 [12] - 公司成立于2001年4月，注册资本1.64亿元，控股股东范成力和范承东合计直接持股67.84%，主营金属及新材料加工液、润滑油、环保设备的研发与生产 [13] - 2024年公司实现营业收入8.403亿元，净利润5282万元，2025年上半年实现营业收入4.467亿元，同比增长14.49%，净利润3835万元，同比增长99.3% [13]

公司战略转型 - 主业为批发零售的厦门国贸在剥离房地产业务后，开始通过并购等方式加速布局康养科技赛道 [1] - 健康科技业务板块聚焦医疗器械核心主业，协同养老服务、医疗健康大数据和健康服务等产业展开业务布局 [1] - 健康科技业务以创新投资为驱动，通过创新发展模式整合资源，加速产业布局 [1][4] 2025年上半年财务表现 - 2025年上半年公司实现营收1516.58亿元，同比下降22.31% [2] - 2025年上半年公司实现归母净利润5.23亿元，同比下降37.62% [2] - 供应链管理业务实现营收1510.90亿元，同比下降22.36%，占公司总营业收入的99.63% [2][3] - 健康科技业务实现营收5.44亿元，同比下降2.62%，占公司全部营业收入的0.36% [2][5] - 其他板块业务实现营收0.24亿元，同比下降57.57%，占公司全部营业收入的0.02% [2][3] 各业务板块毛利率 - 供应链管理业务毛利率为1.26%，结合期货套期保值损益后的综合毛利率升至1.84% [2][3] - 健康科技业务毛利率为39.63% [2][5] - 其他板块业务毛利率为15.52%，同比减少12.16个百分点 [2][3] 健康科技业务布局 - 医疗器械业务采用"上游+中游"双轮驱动策略，上游加大收并购和战略性投资力度，中游聚焦医疗耗材SPD及配送分销业务 [1] - 重点布局微创外科领域，打造外科医疗器械科技品牌，并拓展SPD业务为主的医疗器械供应链综合服务平台 [4] - 2023年6月收购合并北京派尔特医疗科技股份有限公司，布局医疗器械上游微创外科赛道 [5] - 派尔特医疗2024年实现营业收入5.84亿元，实现归母净利润9102.24万元；2025年上半年实现营业收入2.62亿元，实现归母净利润5566.04万元 [5] - 养老服务业务主要以社区、居家养老服务为主，打造医、养、康、护等一体化服务体系 [4] - 公司作为厦门市政府唯一授权的健康医疗大数据运营单位，构建医疗大数据技术平台和应用生态 [4] - 健康服务业务着力运营康复医院 [4]

公司战略布局 - 公司围绕新能源材料 生物材料 电子材料 其他特种材料等重点领域进行布局 [1] - 相关领域均具有良好的发展前景 [1] - 旨在打造在多个新材料领域领先的"专精特新"产业集群 [1] - 建设优秀的新材料平台型企业 [1]

融资概况 - 北京中关村水木医疗科技有限公司完成B轮数亿元战略融资 由弘毅投资和国聚创投联合领投 国生资本和广州产投资本参与投资[1] - 所融资金将用于拓展医疗器械一体化服务平台并加强全国服务网络建设[1] 公司背景与定位 - 公司成立于2017年 总部位于北京亦庄经济技术开发区 致力于解决创新医疗器械企业产业化"最后一公里"难题[1] - 公司是中国医疗器械行业协会临床试验分会理事长单位 中国医学装备协会应用评价分会常务副会长单位以及北京药学会医疗器械专委会主委单位[1] - 公司打造独特的全产业链模式 覆盖从研发到上市的关键环节 业务范围包括有源医疗器械 大型放疗设备 医用机器人 AI医疗器械 生物材料 IVD 医美和数字疗法等领域[1][3] 战略布局与区域影响 - 公司将完成京津冀 长三角 珠三角及西南区域的全国范围辐射 推动地区产业链完善和产业聚集发展[1] - 落地成都高新区将填补成都医疗器械全流程专业服务平台空白 吸引更多优质企业落地[2] - 在广州落地将推动检验检测配套和专业服务完善 补强医疗器械研发关键环节 助力粤港澳大湾区高端医疗器械产业聚集区建设[2][3] 投资方观点 - 弘毅投资看好公司全产业链一体化服务模式和业务团队 认为其能拓展市场边界并赋能产业链[2] - 国聚创投认为公司服务模式将推动广州及大湾区医疗器械产业创新发展和集聚发展[2] - 国生资本认可公司专业团队和质量管理体系 强调其竞争壁垒和产业链补强作用[2] - 广州产投资本指出生物医药与健康产业是广州市五大关键产业 公司落地将完善高端医疗器械产业链[3]

项目投资 - 内蒙古开鲁县与安徽丰原集团签订绿色零碳生物制造产业基地项目合作协议 总投资155亿元[1] - 项目涵盖氨基酸系列产品 生物材料 生物能源三大版块[1] - 项目全部投产后预计年销售收入约260亿元 利税约30亿元 安置就业约3500人[1] 公司业务 - 丰原集团主要从事生物化工 生物制药 生物材料 生物能源的研发及成果产业化[1] - 公司为国家创新型高新技术企业 掌握以淀粉糖为原料的第一代生物制造技术[1] - 公司掌握以秸秆制糖为原料的第二代生物制造技术[1]

项目投资 - 丰原集团与内蒙古开鲁县签订绿色零碳生物制造产业基地项目 总投资155亿元[2] - 项目涵盖氨基酸系列产品 生物材料 生物能源三大板块[2] - 投产后预计年销售收入260亿元 利税30亿元 安置就业3500人[2] 技术优势 - 公司掌握以淀粉糖为原料的第一代生物制造技术[4] - 掌握以秸秆制糖为原料的第二代生物制造技术[4] - 拥有四大创新平台技术：秸秆纤维素制糖联产黄腐酸技术 三大生物基材料平台技术 三大生物能源制造技术 生物基材料下游开发应用技术[4] 战略布局 - 项目位于内蒙古通辽市 是构建现代化产业体系的关键环节[4] - 合作将增强开鲁县在绿色制造和生物经济领域的竞争力[4] - 项目完美契合国家"双碳"目标[4] 产品体系 - 公司重点发展生物化学品 生物材料 生物能源 生物医药四大类生物基绿色产品[4] - 生物基材料应用涵盖生物纤维 生物塑料 绿色建材 油漆涂料 胶粘剂 生物皮革 发泡材料 弹性体等领域[4]

[角色] 你是一名拥有10年投资银行从业经验的资深研究分析师，专门负责上市公司、行业研究。你擅长解读公司财报、行业动态、宏观市场，发现潜在的投资机会和风险。 [任务] 你需要仔细研读一份上市公司或者行业研究的电话会议记录，请阅读全文，一步一步思考，总结全文列出关键要点，不要错过任何信息，包括： * 纪要涉及的行业或者公司 * 纪要提到的核心观点和论据 * 其他重要但是可能被忽略的内容 如果没有相关内容，请跳过这一部分，进行其他的部分。 总结时要全面、详细、尽可能覆盖全部的内容、不遗漏重点,并根据上述方面对内容进行分组。 要引用原文数字数据和百分比变化,注意单位换算(billion=十亿,million=百万,thousand=千)。 [注意事项] 1) 使用中文,不要出现句号 2) 采用markdown格式 3) 不使用第一人称,以"公司"、"行业"代替 4) 只输出关于公司和行业的内容 5) 在每一个关键点后用[序号]形式引用原文档id 6) 一个[序号]只应该包含一个数字，不能包含多个，如果多个就用[序号][序号]分开写，不要写成 [序号-序号] 7) 每个关键要点后边的 [序号] 不要超过 3 个 Content: --------- <doc id='1'>Rayonier Advanced Materials (RYAM) FY Conference August 26, 2025 08:55 AM ET Speaker0 Good morning. My name is William Schellmeyer, and I'm an account manager here at Three Part Advisors. I wanna thank you all for joining us for our sixteenth annual Midwest Ideas Conference. To start things off today, we have Ranir Advanced Materials, which trades on the New York Stock Exchange under the ticker symbol r y a m. Representing the company today is their president and CEO, Delisle Bloomquist.</doc> <doc id='2'>Speaker1 Alright. Well, good morning, everybody. Thank you for joining us this morning. It's great to see that we got a number of folks that wanna hear a little bit about Brian and about what we're trying to do. Just as kind of a start, much of the material that I'm going to go over today was actually part of our second quarter analyst call about, ten days ago, where we took the opportunity to remind our investors about our long term strategy, about what we were trying to do given the uncertain times.</doc> <doc id='3'>We want to make sure that people understood that our strategy still was intact, and we were still progressing and pursuing the strategy as we had outlined. So there's a great strategic document. Shows what we're trying to do with the project or with the company. I'm gonna go over just a lot of the highlights on the slides. If you wanna get into more of the detail and understand a little bit more about some of the specific projects that we're pursuing, I would invite you to go to our website and listen to the analyst call, and there should be there would be much more detail about, what we're trying to do.</doc> <doc id='4'>So with that, get past all that. One of the mistakes that a lot of people make about Ryan is they think that we're a pulp and paper company. We've been around for about a hundred years, and people confuse us that we're in the the wood business and that we're from the wood, we we generate pulp and paper. And really, that is not the case at all. What we do is we produce natural cellulosic fibers that are used in a myriad of different applications, including some cellular specialty products, particularly around the ethers, acetate, and a number of other other cellular specialty or CS applications.</doc> <doc id='5'>We also make a number of niche commodity or high purity commodity products, principally focused on fluff applications, which go into absorptive products, and we'll talk about that a little bit later. We also are merging into our biomaterials, which we think is offers significant growth potential with very attractive returns to our shareholders. Then we got a couple of core noncore businesses, our paperboard business and our high yield pulp business, which are produced out of our Temiscaming Quebec operations. Each of those have unique heuristics that give them some comparatives advantage. Paperboard, we're the only three ply paperboard producer in 极North America.</doc> <doc id='6'>And we have a high yield pulp product that we ship around the world. It was primarily based off of a maple fiber, which gives it unique surface area to weight ratios that are particularly attractive for for those who ship their product long distances.极 We operate four facilities, two of them in The United States, one in Canada, the Temiscaming operation, and then one in France. And our strategy is really focused around, adding value through our core business, which is this high purity specialty business, by reducing its cost structure and leveraging what we think are very advantageous market dynamics, which I'll cover, but also growing the business through biomaterials, which, again, leverages off of, again, very unique comparative points that we have, and we believe it will add significant shareholder value. So our products or at least the products that you would be familiar with, they are used by most everyone, every day, and everywhere.</doc> <doc id='7'>Like I said, we've极 in the business for a hundred years, so our products have got around the world in in in most most countries. If you look at the left, those are our cellular specialty products. The acetates, the ethers, you know, what we call our other CS products. And you can look at the different end uses that it goes into, whether it's food, pharma, natural plastics, tire cord casings, like sausage casings, nitrous cellulose, which goes into furniture lacquers, but also used for munitions. All of those requires exact specifications for our customers.</doc> <doc id='8'>On the right, the top two, fluff. Again, a core one of our core products goes into absorptive products around personal hygiene, adult incontinence, baby diapers, feminine products. Viscose, and lyocell goes into textiles. Think of rayon Rayon, Ranir. We invented invented that product back in the nineteen thirties with DuPont.</doc> <doc id='9'>So we're in the textile business. And then you got the paperboard and high yield pulp businesses, which are being driven by strong megatrends away from oil based packaging, plastic packaging, more to sustainable packaging. It's and so we see good good growth characteristics in that business. And then finally, biomaterials, that's where we wanna grow the business, and we feel that we've got a a strong competitive advantage in. 2025, a very challenging year for us given all the uncertainty and displacement caused by, I'll call it the tariff wars that we've seen since January 20.</doc> <doc id='10'>We export 70% of our production. So it's no surprise or shouldn't be a surprise that we would be impacted in some way due to that due to those tariffs. The EBITDA wins that we faced, we estimate around $5,960,000,000 dollars EBITDA for this year. We believe that those issues are nonrecurring and are largely behind us. So as we enter into 2026, we believe that our normalized EBITDA going into 2026 be around $200,000,000 when you take account some of these issues.</doc> <doc id='11'>Just to cover off a couple of them. Tariffs, obviously, a big a big talking point. Total about $21,000,000 impact. Seven of it would be I would call nonrecurring issues be that are behind. It's just due to people and our customers not completely understanding what the impact was gonna be to them.</极 <doc id='12'>But we didn't lose share. We didn't lose price once, they got got their footing. We started seeing the orders starting to normalize. 14,000,000 is tied to our customers, sales to our US based customers where their products were impacted by the tariffs as well. And we believe in time, given the strong demand supply dynamics of the business, that we will recoup much that $14,000,000.</doc> <doc id='13'>But for our outlook and our projections, we've excluded that from from from those those outlook from those projections. Weaker US dollars impacted us, roughly $8,000,000. We're particularly exposed to the Canadian dollar given our assets up in Canada, but also to the EU given our French assets. We're seeing some of that come back to us, until Friday when they when the Fed announced their their inclination for price or for a rate decrease. But, anyway, we believe that'll that'll come back.</doc> <doc id='14'>We had some operational challenges in the first half of the year. Just giving a couple examples. Our facility in Tardis, we had three strikes, during the year, first half, lost about twenty days of production. As a result of that, that obviously had a significant impact. Georgia, our largest facility, is located, had snow, in January.</doc> <doc id='15'>Severe weather impact the operations. We're not prepared for the kind of snow that we saw in January that had some impact to production, primarily about employees getting to the plant, really was our bigger issue. And on top of that, we have seen softness paperboard in our high yield pulp business. New supplies come online. Some of the disruption we're seeing in China called the involution disruption, we're we're not immune to that.</doc> <doc id='16'>We're seeing that in in high yield pulp as well. Important point to make, though, is we believe that 2025 is our trough year and Q2 was our trough quarter. And we believe that things as things normalize as we enter 2026, we'll be back onto the growth growth track that we were on. So if I look forward and look at the next two years, we have very definitive plans to grow our EBITDA through a number of different actions. So we'll just quickly lay out the plan.</doc> <doc id='17'>We're gonna divest of our noncore business, paperboard and high yield pulp business. We plan to remarket that, in 2026, proceeds of which will be used to pay down pay down debt. The cellular specialties business, as I mentioned, is a highly attractive market with very strong supply demand fundamentals that'll that allow us and get and gives us pricing power in that business. We have a detailed plan to expand our profit margins by lowering cost production on a sustained basis, and I'll talk about that in some depth a little later. We, Ryan, given that we're the largest player in this business and the only player with multiple facilities, we believe controls most of the excess capacity in the business.</doc> <doc id='18'>And so as the business grows or as the demand grows, we believe that, that will help us offset some of our commodity exposure and replace that with the new demand in cellulose specialties at a much higher profit profit margin. Biomaterials is an exceptional growth opportunity for us to recycle capital into high return projects that we we believe will commit create tremendous shareholder value. And we believe if we got a balance sheet that'll allow us to fund that growth without any shareholder dilution. And we believe because极 all these opportunities and because of the strong position that we hold that we believe our current share price does not fully reflect the intrinsic value of our current assets as well as the earning potential from from our growth strategy.</doc> <doc id='19'>Speaker0 And Speaker1 I believe I'll convince you of that as we go through the presentation. So talk quickly about the industry dynamics within our core business as well as what we believe is our sustainable comparative advantage. As I mentioned, Ryan is the leading producer of the cellular specialties. Very highly specialized products. And our products are known for its purity and its product functionality.</doc> <doc id='20'>Our customers have been using our products, which are very bespoke to their customized needs for not just decades, but in the case of a couple of customers, almost a hundred years, which test is a testament to the stickiness of our customers to the products that we produce, to the and their requirement for the purity of the products that we provide. So very high switching costs that our customers have and as a result, provides for the lack of lack of alternatives for our products. You look at industry. The industry has gone through significant consolidation and primarily rationalization over the last, let's say, five years, including the suspension of our operate our HPC operations up in Canada last year. So where that puts the industry today is that the three largest players, ourselves, Bracel, and Beauregard, control about 80% of the market share.</doc> <doc id='21'>And the industry capacity utilization now sits near 90%, and we don't expect that there'll be any greenfield expansions or brownfield. We believe that the the margins have to get get higher to justify either one of those, significantly higher. And any capacity creep from debottlenecking, we believe, will be easily absorbed by market growth. As a result, analysts who cover our space are projecting a four to 6% price increase on a sustained basis, which if happens, will outpace our all in cost inflation at Ryan. I mentioned the the tariffs and the uncertainty that's caused and the disruption, but one of the silver linings to that is that it's underscored this market tightness and the lack of alternatives for for our company for our products.</doc> <doc id='22'>A good example of this is back in April and May. China raised their tariffs from whatever it was to a 125% in retaliation for the tariffs that were that were launched, by the US administration. That would have been a big hit to us because we ship a lot of our product to China. But what happened was because of the lack of substitute, the lack of quality product to replace us, China published a list of products that would be exempt from those tariffs, and our product was on that list. So just again, just reemphasizing that there is, the stickiness of our products, the uniqueness of our products, and the general market tightness within the industry.</doc> <doc id='23'>The demand for our products, about half of it is stable, half of it's cyclical. And I would say that in the cyclical sectors like European construction and industrials have been severely depressed for for a number of years now and believe that that those opportunities actually those are actually opportunities that will provide upside to our our our business model and our projections going forward. Talked about cost reduction opportunities. We're obviously focused on making ourselves as competitive long term as possible. We're focused on three areas.</doc> <doc id='24'>Labor productivity, so we're investing in automation at our facilities efficiencies, think of using less energy per ton of production or less of material input like our chemicals or our wood per ton of product And then improving reliability, be much more predictive about maintenance needs within the plant. We have a very robust pipeline, multi years of opportunities that will provide that provide significant return on investment and极 our cost structures materially. Just for '26 alone, with for an investment of $24,000,000 that we're making this year, that will drive about a $30,000,000 improvement for 2026. And we believe that we have a number of years of opportunities of similar returns. As I stated earlier, we at Ryan believe that we own most of the excess capacity.</doc> <doc id='25'>That gives us the pricing power. And that also provides us a unique puts us in a unique position to capture market share as demand grows. If you look at the analysts that cover our business in the industry, they expect that demand will grow about 80,000 tons over the next couple of years. And from that, just capturing our market share, our current market share of极, we believe that we would grow our EBITDA by about $30,000,000 as a result. But we believe that's very conservative again because we believe we own most of the excess capacity.</doc> <doc id='26'>Some of the upside that's not in that projection would include things like going back to what's what's gone on in Europe and industrials and in construction for the past couple years. We believe that business is in its is is in its trough. It's we're expecting it to to grow out of that trough. If it happens to grow faster, we have the capacity</doc> <doc id='27'>available to capture that with our France facility. If we were to fill up that excess capacity, we believe that we would generate another 15,000,000 tons in value as we replace commodity business with the specialty business.</doc> <doc id='28'>And then finally, as I mentioned, we are one of the leading producers of what's called the nitrocellulose for munitions and explosives and the rising global defense spending that that's happening as people as countries build their stockpiles would also provide additional upside. Biomaterials and the high growth potential that we have there, just to take a step back. When we bring wood in from into the plants, we're we're harvesting wood off a working forest. Don't think old growth, they think of farms, tree farms. We're harvesting wood off these tree farms, bringing them into the plant.</doc> <doc id='29'>Roughly 50% of the of that tree is water, and that leaves about 50% to dry solids. And of that 50% of dry solids, we currently, through our cellulose plants, will extract 40 of it to make our cellulose fiber products. The other 60%, currently, we we burn for its BTU value. So the opportunity for us is to monetize that other 60% in biomaterials. And we can do that through a number of different products.</doc> <doc id='30'>For example, biofuels like bioethanol, CTO, prebiotics, turpent极, lignosulfates, and so forth. We believe that we're uniquely positioned in that we can leverage our existing facilities to create, I would say, exceptional and tremendous shareholder value over and above what our competitors can极. And that's because you're essentially leveraging off of a asset base where you don't where you can take advantage of its current infrastructure. So the capital