The share price of Kingfa Technology fell by 2.32%. Analysis of core value and growth potential. As of now, the share price of Kingfa Technology is reported at 15.97 yuan, down 2.32% from the previous trading day. The total market value is fixed at 42.08 billion yuan. The transaction volume on the day reached 896 million yuan, and the turnover rate was 2
In-depth analysis of Sinoma Technology: performance elasticity, doubling cycle and valuation positioning
As of April 3, 2026, the closing price of Sinoma Technology A shares was 39.72 yuan, with a total market value of 66.66 billion yuan. As a leading enterprise in the field of new materials in China, the company focuses on the three core areas of wind power blades, glass fiber and lithium film. It is the global leader in wind power blades and the top three in the domestic glass fiber industry. It has also deployed in the field of new energy materials and formed a "wind power + glass fiber + lithium film" diversified coordinated development pattern. Benefiting from the explosion of global wind power installations, the emergence of supply and demand inflection points in the glass fiber industry, AI and new energy vehicles driving the growth of glass fiber demand and the industry's self-discipline "anti-involution" policy, the current valuation and growth space have attracted market attention. Based on the latest forecasts from domestic and foreign institutions, this article estimates the period required for the stock price to double, and uses mainstream valuation methods to determine whether the current pricing is undervalued or in the bubble range. Follow Niu Xiaowu
1. Institutional performance and target price prediction: How long will it take for the stock price to double? 1. Core performance forecast (2026-2028)
In 2025, Sinoma Technology will achieve revenue of 24.86 billion yuan (+58.2%), net profit attributable to the parent company of 2.83 billion yuan (+143%), non-net profit after deducting 2.79 billion yuan (+145.3%), and adjusted net profit of 2.81 billion yuan (+144 .1%), performance achieved explosive growth and hit a record high, mainly benefiting from the increased demand for wind turbine blades, the cyclical recovery of the fiberglass industry and product price increases, and the steady contribution of the lithium film business. At the same time, the company's core business competitiveness continued to improve, and its industry position was further consolidated. In 2025, the company's wind power blade business revenue will account for approximately 48.2%, glass fiber business will account for approximately 42.5%, and lithium film and other businesses will account for approximately 9.3%. Among them, the gross profit margin of the glass fiber business increased by 8.7 percentage points year-on-year to 29.5%, and the gross profit margin of the wind power blade business remained at 28.3%. The profitability of the core business has improved significantly. The company's core advantage lies in its global market share of wind turbine blades, which ranks among the top three in the country. Its glass fiber business ranks among the top three in the country (market share 17%). The cumulative wind turbine blade orders on hand exceed 80GW. Within 90 days, a total of 9 institutions gave ratings, of which 8 were buys and 1 was increase.
2. Institutional target price and doubling cycle calculation
The current stock price is 39.72 yuan, and the doubled target price is 79.44 yuan, corresponding to a total market value of 133.32 billion yuan.
Target price of international institutions:
Doubling period calculation (three scenarios):
Optimistic scenario: performance growth rate of 48%+, valuation restored to 28 times PE (the recovery of the fiberglass industry + the high prosperity of wind power, the reasonable valuation range of leading companies, in line with the upward logic of the industry cycle) net profit in 2027 is 5.15 billion yuan, corresponding to a market value of 144.20 billion yuan (≈86.2 yuan), doubling in about 1.8-2.1 years. Neutral scenario: Performance growth rate of 36%, valuation maintained at 24 times. PE's net profit in 2027 is 4.92 billion yuan, corresponding to a market value of 118.08 billion yuan (≈70.6 yuan). Net profit in 2028 is 5.85 billion yuan, corresponding to a market value of 140.40 billion yuan (≈84.0 yuan), doubling in about 2.6-2.9 years. Conservative scenario: performance growth rate of 25%-30%, valuation of 20 times, PE's net profit in 2027 is 4.53 billion yuan, corresponding to a market value of 90.60 billion yuan (≈54.2 yuan), and net profit in 2028 is 5.44 billion yuan yuan, corresponding to a market value of 108.80 billion yuan (≈65.1 yuan), and a net profit of 6.80 billion yuan in 2029, corresponding to a market value of 136.00 billion yuan (≈81.4 yuan), doubling in about 3.8-4.2 years.
Core conclusion: With the combined force of the elastic release of performance + the inflection point of supply and demand in the fiberglass industry + the explosion of wind power installed capacity, Sinoma Technology's stock price has a neutral expectation of 2.6-2.9 years and an optimistic expectation that it can double in 1.8-2.1 years; if fiberglass prices fall, wind power installed capacity falls short of expectations, or industry competition intensifies, the cycle will be extended to more than 5.0 years.
2. Mainstream valuation methods: Is the current stock price undervalued or a bubble? 1. Price-to-earnings ratio (PE) valuation method (the core)
Comparison baseline:
Judgment: Reasonable valuation, no bubble. The dynamic PE is lower than the industry average and is highly consistent with the 36% performance compound growth rate. As the wind power blades and fiberglass businesses continue to increase in volume and performance elasticity is released in 2026, the PE is expected to fall back to about 13.55 times in 2027. The valuation matches the growth pace and there is no obvious bubble. It is in line with the cyclical recovery of the fiberglass industry and the characteristics of the wind power boom.
2. Price-to-book ratio (PB) valuation method 3. Price-to-sales ratio (PS) valuation method 4. Discounted cash flow (DCF) valuation method 5. Segment valuation (SOTP) method 3. Comprehensive judgment and core logic 1. Valuation positioning: reasonably low, no bubble 2. Core support logic 3. Risk warning 4. Summary
Sinoma Technology's current market value of 39.72 yuan and 66.66 billion is in a reasonably low range, and there is no bubble risk. Based on the consensus forecast of institutions, the stock price is expected to double in 2.6-2.9 years under the neutral scenario and 1.8-2.1 years under the optimistic scenario. As a global leader in wind power blades and a leader in domestic fiberglass, the company has benefited from the cyclical recovery of the fiberglass industry, the explosion of wind power installed capacity and the synergy of diversified businesses. It has considerable performance flexibility, has room for slight correction in valuation, and has outstanding medium and long-term investment value. Follow Niu Xiaowu to get more in-depth analysis of high-quality stocks.
In our daily study and work, we all inevitably come into contact with test questions, through which we can test the knowledge and skills mastered by the candidates. What do you know about the test questions? The following are interview questions and reference answers on the doctor-patient relationship compiled by the editor. They are for reference only. You are welcome to read them.
Doctor-patient relationship interview questions and reference answers 1
[Typical Topic 1]
What qualities should a good doctor possess?
[Answer reference]
1. Extensive knowledge. In addition to the knowledge from medical textbooks, you must also have clinical practical experience. For a certain physical sign, it is better to touch and see it in person than to read it hundreds of times to gain more information. It is also best to have some understanding of the humanistic backgrounds of different patients.
2. Good communication and communication skills. On the one hand, this ability can help doctors obtain medical history information more effectively and accurately, and at the same time, it can also allow patients to better understand the actual status of the disease. If the patient can better understand the disease, he can better understand the doctor's efforts, thereby establishing a good doctor-patient relationship and reducing the doctor's moral and legal risks.
3. Good logical judgment and reasoning skills. This is necessary for rapid and efficient diagnosis of disease. Physicians will exercise and benefit from this ability throughout their lives.
4. Good coordination ability and cooperation spirit. Nowadays, medical behavior is often no longer performed by a doctor alone, but by a large team and institutional system. As a doctor, you are at the core of this operating system, and everything revolves around the diagnosis and treatment plan formulated by the doctor for the patient. This is a power worthy of awe. Doctors should prioritize matters and coordinate the entire medical team in the complicated clinical work, so that patients can receive reasonable and effective treatment.
5. The ability to control one’s emotions. Doctors are also ordinary people, and they also have emotions. However, emotional factors, whether positive or negative, will affect a doctor's judgment. In order to make an objective and fair judgment on patients, they should control their emotions.
[Typical Topic 2]
Suppose you work in a certain unit, your achievements are outstanding, and you are recognized by your leader. But at the same time, you find that your colleagues are becoming more and more isolated from you. What do you think of this problem? What are you going to do?
[Answer reference]
1. It’s a good thing if you have outstanding achievements and get recognition from the leader. You will work harder in the future.
2. Examine whether you are more enthusiastic about your work than you are about socializing with colleagues, and strengthen communication between colleagues. Common interests and hobbies.
3. Don’t do things that hurt others’ self-esteem at work.
4. Stop making trouble in front of the leader
5. Be helpful
6. Personal contact with leaders should not be too excessive, creating the image of a flatterer.
[Typical topic three]
There is a data error in the report made by the leader, so he severely criticized you, and this data was provided by your colleague Xiao Wang. What would you do?
[Answer reference]
Don't explain too much, because the leader may know that I did not make the data, and besides, it was me who criticized me after the work report, not in public. But this matter is my responsibility, and the leader will only criticize the person in charge. If I explain too much, my boss will think that I am not brave enough to take responsibility or even good at shirking responsibility. Suffice to say, I didn't do my job well and I made you worry about it. I will be more careful in the future. Please rest assured, leader. Then I communicated with Xiao Wang in private and told him that the leader criticized me because he made mistakes in the data, but I did not point out that it was Xiao Wang's mistake. I hope that Xiao Wang can work more seriously in the future. Only when everyone cooperates well, the leader will trust us more. And remind myself to check carefully after Xiao Wang hands over the materials in the future.
I should frankly admit my mistake to the leader and say: "Due to my negligence in work, I did not verify whether the data produced by Xiao Wang was correct, which led to today's work error. I will definitely be careful and meticulous in my work in the future and try to avoid similar mistakes..."
First of all, you should humbly accept criticism from your leaders and be grateful that your mistakes have been pointed out by your leaders. You should explain to your leader: I'm sorry, I was careless in my work. Please pay more attention in the future. In the future, every fact, every number, and every task must be verified clearly and accurately.
Doctor-patient relationship interview questions and reference answers 2
[Typical Topic 1]
It is difficult and expensive for ordinary people to get medical treatment. How do you view and solve it?
[Answer reference]
People have two problems when seeing a doctor:
1. Difficulty in seeing a doctor: The reason is that the allocation of medical resources is unreasonable. Medical resources are far from people-oriented, hospital distribution is seriously "polarized", and resource allocation is seriously "emphasis on urban areas and neglect of rural areas".
2. Medical treatment is expensive: The main reason is that medical expenses increase too fast. There are problems in hospitals such as over-examination, over-medication and inflated drug prices.
In response to the above problems, we can solve them from the following aspects:
1. Set up a more fair and reasonable medical reform plan.
2. Rationally allocate urban and rural medical resources.
3. Solve the problem of false drug prices and realize “sunshine trading” of drugs.
4. Establish and improve the medical system.
[Typical Topic 2]
Engels said: "From some small things, you can see a person's good qualities." Please talk about your experience based on the characteristics of the nurse's work.
[Answer reference]
For nurses, small things are indeed important, and everything must start from small things. No matter how small or small it is, it matters to the overall situation. This is especially true for someone who has just started working. I think this sentence can also be derived as: "Some small things can reveal a person's bad qualities." Quality is an abstract noun, which is a comprehensive conclusion drawn from countless small things. It makes sense to see the big from the small. I believe that everyone is a talent. The key is to use it in the right place.
[Typical topic three]
After you worked hard to complete the task well, your boss not only failed to praise you, but criticized you. You defended yourself a few times. The leader thinks you are quibbling. What should you do?
[Answer reference]
Generally speaking, leaders have been at work longer than me and have a better understanding of their jobs and responsibilities than I do. The "excellent" here may just be my own feeling. Maybe in fact, I still have a lot to do that I don't do enough. My defense at the time was only from the perspective of my understanding of the job requirements, which may be different from the leader's understanding of the job. I think my boss’s criticism of me is entirely to promote my work, so in this case, I will do this:
1. Accept criticism humbly, listen to the leader’s opinions, and do not refute easily without thinking;
2. Change your way of thinking and think again from the perspective of the leader or even from a multi-faceted overall perspective; if you are indeed wrong, admit it immediately. If you think your leader has misunderstood you, don't defend yourself at the time, smile, stay silent, avoid arguments, and look for opportunities to communicate later;
3. After thinking twice, if you confirm that your point of view is correct and it is necessary to explain it again from the perspective of benefiting the work, then find an opportunity to communicate with the leader alone in a peaceful atmosphere. You can do it in the form of consultation, in order to gain a unanimous understanding of the work tasks. I think under the common goal of doing a good job, we can communicate and reach an agreement;
4. If it does not seriously affect my work or personal interests, I will not fight for everything, and I will not even report it to my superiors. Of course, if he is deliberately unfair to me and seriously affects my work, I will report this matter to my superiors, especially the leader's superiors, through normal channels.
Doctor-patient relationship interview questions and reference answers 3
[Typical Topic 1]
How to improve service quality based on service objects?
[Answer reference]
Medical service targets refer to all people who need test results. Combined with the laboratory position I applied for, it means all patients and clinicians. Patients come to the laboratory department to receive various examination services. Doctors diagnose and treat patients based on the service results of the laboratory department.
For emergency patients, laboratory staff should open a green channel in a timely manner and strive to deliver the test results to the patient quickly and accurately, or report them to the doctor for timely treatment. For patients with mild symptoms, they only need to carry out routine work procedures.
We provide enthusiastic services to patients who come for treatment. For patients who are old, weak, young and disabled, we must consider their needs, be anxious for their needs, and provide thoughtful services.
However, when encountering some extreme patients who do not understand hospital work for some reasons, we should use some communication skills to avoid medical disputes.
[Typical Topic 2]
Please talk about your ideas on strengthening rural health work based on the current situation of rural health work in our city.
[Answer reference]
1. Accelerate the construction of third-level medical, prevention and health care institutions in rural areas.
2. Strive for financial investment at all levels in rural health work.
3. Strengthen the construction of rural health teams and continuously improve their professional and technical qualities.
4. Further promote and improve rural cooperative medical care and various health care compensation systems.
[Typical topic three]
You are very professional, but your leader is not familiar with technical operations and often asks you to do this and that, leaving you at a loss. What will you do?
[Answer reference]
First, everyone has their own strengths. The leader is not familiar with technical operations, but his (her) leadership organization and coordination skills are indeed better than mine. It is not surprising that this phenomenon exists in actual work, and this phenomenon should be recognized and accepted;
Second, because the leader is the decision-maker and organizer, and I am the executor and the person who completes my specific tasks, I should generally try to be as adaptable as possible to the leader's work plan arrangements and assigned tasks;
Third, if the leader’s work plan arrangements and assigned tasks violate technical operating procedures, blind execution may cause losses or accidents, and the leader must be persuaded to change or refuse to execute;
Fourth, communicate frequently with the leader, exchange and discuss relevant technical knowledge and operating procedures with him or her, so that he or she becomes familiar with the relevant technical knowledge and operating procedures, and provide more constructive suggestions for his or her reference before each work plan is arranged and assigned.
Doctor-patient relationship interview questions and reference answers 4
[Typical Topic 1]
Medical workers are considered to be angels who save lives and heal the wounded, giving people hope of life. However, in recent years, the medical system has exposed many incidents that are not consistent with the image of angels, such as irresponsible doctors and frequent accidents. What do you think of this phenomenon? How do you think it can be improved?
[Answer reference]
Have a relatively deep understanding of this phenomenon, be able to analyze the reasons more thoroughly from macro aspects such as the medical system and micro aspects such as the personal qualities of medical workers, and be able to combine the understanding of medical work with their own actual situation, have a correct understanding of medical and health work, and propose feasible improvement plans, with unique insights and feasible plans.
[Typical Topic 2]
How to handle interpersonal relationships correctly?
[Answer reference]
1. Do your job well first and don’t let interpersonal relationships affect the work process.
2. Reflect on yourself and find out where the problem lies.
3. If you have a problem with yourself, apologize to the other person and ask for forgiveness; if it is his problem, communicate with him and resolve the conflict.
4. If it is really difficult to handle, report it to the superior and let the leader handle it.
[Typical topic three]
When you are on duty, an emergency patient suddenly faints in front of you. How do you deal with it?
[Answer reference]
1. It is normal to encounter such things at work. I should handle the matter calmly, quickly and properly, and should not panic.
2. Immediately check the patient's vital signs to see if they are stable, and report the situation to the hospital's chief doctor on duty.
3. If the patient's condition is stable, then I will work with the nurse on duty to provide appropriate symptomatic treatment for the patient's condition.
4. If the patient is in crisis or serious condition, I should immediately contact the doctors on duty in other departments to request assistance in treatment.
5. During the treatment process, you are not allowed to leave your post without permission, and you are not allowed to arrange replacement shifts on your own. If the patient needs my company for examination, etc., he should report the situation to the doctor on duty and obtain approval before leaving.
Doctor-patient relationship interview questions and reference answers 5
[Typical Topic 1]
When you are on duty, you already have a lot of things in your hands, and the head nurse has given you another important thing. What should you do?
[Answer reference]
As nurses, we will inevitably encounter such situations, which requires us to find ways to overcome difficulties and complete tasks on time and with high quality.
1. You should believe that this was a momentary negligence of the head nurse, or that the manpower was really short and had no other choice but to leave it to me. Treat it correctly and do not complain. If there is no conflict between several work schedules, I will handle them according to the principle of priority.
2. If possible, when dealing with a new task, first adjust the affairs at hand to see if you can squeeze out time to complete it. If it can be solved by working overtime, then work overtime.
3. If it really doesn't work, explain the situation to the leader and let colleagues assist or take on other tasks. If it is most appropriate for me to do it, then ask the head nurse to coordinate and hand over the affairs at hand to others.
[Typical Topic 2]
A wise man said that if a person wants to be happy, he must treat himself as others, others as himself, others as others, and himself as himself. How do you understand?
[Answer reference]
Treating yourself as others and treating others as yourself is to put yourself in someone else's shoes. When you encounter misunderstandings or conflicts, you should put yourself in others' shoes, so that you can turn conflicts into friendship. You can empathize with others no matter when they encounter difficulties or achieve success. This is the person who cares about others, and others will care about you. Treating yourself as yourself and treating others as others means having the courage to take responsibility. Never shirk your responsibilities to others, never be jealous of others who are better than you, and never take for yourself what belongs to others. All in all, people who are happy are those who know how to choose. What this wise man tells us is such an open-minded and healthy attitude towards life. Shen Congwen's wife Zhang Yunhe has a very good saying, saying that there are three secrets to happiness, which may be similar to this. Don't punish yourself for other people's mistakes, don't punish others for your own mistakes, don't punish yourself for your own mistakes.
[Typical topic three]
How to be a qualified medical worker?
[Answer reference]
I think we need to do the following:
First, abide by various rules and regulations, consciously study medical ethics standards and relevant laws and regulations in medical treatment, and improve their own medical ethics;
Second, correct your work attitude, be scientific, rigorous, realistic, have a sense of responsibility, be not afraid of hardship, and be not afraid of tiredness. If you encounter difficult problems at work, take the initiative and humbly ask others for advice;
Third, we must strive for technical excellence, and we must also pay attention to the consolidation of professional knowledge and continued learning, connect theory with practice, and continuously accumulate work experience;
Fourth, you must have an overall view of your work, obey the leadership's arrangements, work in unity and cooperation with colleagues, and handle the relationship between colleagues;
Fifth, we must have a heart of love and treat every patient fairly and equitably, regardless of whether he is tall or short, fat or thin, rich or poor. Treat patients with a friendly attitude, communicate patiently, and serve enthusiastically with the purpose of "all for the patient".
Doctor-patient relationship interview questions and reference answers 6
[Typical Topic 1]
A doctor was treating the king. During the treatment, the king asked the doctor: "Is there any difference between treating me and treating others?" The doctor said: "In my eyes, there are only patients and no kings." Please give your opinion on this story.
[Answer reference]
The core idea embodied in this story is that a person must have basic professional qualities and ethics. Point out the meaning. The patient represents the person being served, and the king represents power. The moral of the story is that in terms of service, the server should treat the person being served equally, and there is no privilege.
In the eyes of doctors, kings and ordinary people are both patients and will not be treated differently. This doctor abides by the most basic professional ethics and ethics of the medical industry. In the real society, the patient represents the object of service, and the king represents power. The moral of the story is that the service provider should treat the service object equally, and there is no privilege.
If profession stipulates people's social roles, professional ethics is the most basic moral bottom line that such roles must follow. Everyone must believe in and abide by professional ethics when doing a certain job. This is people's bounden duty and the need of social order.
From the perspective of service recipients, professional disciplines should be strictly observed and power should not be used for personal gain. Each of us must base ourselves on our own roles, abide by our own professional ethics, and do what we should do well.
[Typical Topic 2]
After the operation, the nurse found that there were only six pieces of gauze left, but she remembered that it was seven pieces, but the doctor said, "Am I the director or are you the director? Tell me what you think?"
[Answer reference]
First of all, we should affirm that the nurse's serious and responsible attitude is correct. If a piece of gauze is really forgotten in the patient's body, the consequences will be disastrous. The attitude of being responsible for patients is the basic medical ethics that doctors should possess. For doctors, when they are not very sure, they have to verify the correctness of what the nurse said, out of consideration for the patient. The relationship between doctors and nurses is equivalent to the relationship between leaders and subordinates. This implies that as a leader, the suggestions put forward by subordinates must be carefully analyzed and correct suggestions must be adopted. As a subordinate, the different opinions of the leader must be treated calmly and analyzed correctly. Obey leadership on non-principled issues, and report major principled issues to superiors. If your correct opinions are not adopted, don't be discouraged from working because of it.
[Typical topic three]
What do you understand by lifelong learning?
[Answer reference]
First of all, lifelong learning can review the past and learn the new. Theoretical learning can be well combined with clinical symptoms, which is conducive to multi-faceted analysis of the condition and effectively prevents missed diagnosis and misdiagnosis.
Secondly, lifelong learning can update knowledge. Modern medical knowledge is changing with each passing day, and new technologies and new research are constantly emerging. Life-long learning can enable one to continuously develop, stand at the forefront of science, and better serve patients.
In addition, we often say "live and learn". Lifelong learning is a positive attitude towards life. Learning makes people grow continuously. If we learn for life, we will always improve ourselves.
Kingfa Technology’s share price fell 2.32%, analysis of core value and growth potential
As of now, the stock price of Kingfa Technology is trading at 15.97 yuan, down 2.32% from the previous trading day. The total market value is fixed at 42.08 billion yuan. The transaction volume on the day reached 896 million yuan, with a turnover rate of 2.17%. The stock price is showing a phased adjustment trend, and capital trading activity is moderate. As a global leader in new chemical materials and a leader in the domestic modified plastics industry, A-share listed company (stock code: 600143) focuses on core tracks such as modified plastics, environmentally friendly high-performance recycled plastics, and completely biodegradable plastics. It has a mature system integrating research, production, and sales. Its business covers a wide range of fields such as automobiles, home appliances, electronics, new energy, and medical health. It deeply cultivates the global new chemical materials industry chain, relying on leading core technologies, and complete With good production capacity layout and high-quality customer resources, it provides high-performance new material solutions for multiple downstream industries. The short-term decline in the company's stock price is mainly affected by factors such as sentiment adjustments in the chemical sector, chemical raw material price fluctuations, and short-term capital profit-taking. Without changing the company's long-term core value, this article will comprehensively analyze the investment value and development prospects of Fafa Technology from three dimensions: earnings per share level, business advantages and main products, future growth space, and institutional perspectives. Follow Niu Xiaowu
1. Earnings per share recovered steadily, and profitability resilience continued to be highlighted.
Earnings per share (EPS) is the core indicator of a company's profitability, which directly reflects the company's net profit or net loss that shareholders can enjoy for each share of common stock they hold. Judging from the latest financial data of Kingfa Technology, the company's earnings per share are showing a steady recovery, mainly due to product structure optimization, core technology cost reduction and the recovery of demand in the downstream industry. As a global leader in new chemical materials, it has benefited from the acceleration of domestic substitution of new materials, the empowerment of green and low-carbon policies and the recovery of the downstream automobile and home appliance industries. It has significant long-term profit growth, and short-term performance fluctuations are cyclical and normal phenomena in the chemical industry.
According to the company's 2025 third quarter report and Flush Financial Database, in the first three quarters of 2025, Kingfa Technology's basic earnings per share was 0.31 yuan, achieving a steady recovery compared with the same period in 2024, reflecting the company's strong profit improvement trend, mainly due to the combination of high-margin special engineering plastics, biodegradable plastics, and cost reductions brought about by large-scale production Promote; Total operating income for the period reached 46.825 billion yuan, a year-on-year increase of 8.35%, of which third-quarter revenue was 16.238 billion yuan, a year-on-year increase of 10.72%. The net profit attributable to the parent company in the third quarter was 856 million yuan. Relying on the release of high-end product production capacity, the upgrade of customer structure and the implementation of cost reduction and efficiency improvement measures, it reflects the company's strong profitability resilience and growth vitality. From the perspective of business fundamentals, the company's modified plastics production capacity ranks among the top in the world, and it is the largest modified plastics manufacturer in China. Its market share in the modified plastics segment ranks first in the country, and its industry competitiveness is outstanding. Relying on a complete technology research and development system, refined operations and recovery in downstream demand, profitability stability continues to increase. Corresponding to the current stock price of 15.97 yuan, combined with the valuation logic of the new chemical materials industry, the valuation is within the reasonable range of industry history, which is highly consistent with the company's industry leading attributes, stable operating characteristics and high growth potential, which fully reflects the company's long-term investment value. The stock price fell by 2.32% this time, which is a short-term correction caused by industry cycle fluctuations and sector sentiment adjustments, and does not affect the long-term profit logic.
Behind the steady recovery of earnings per share is the implementation of the company's strategy of focusing on core technological breakthroughs and high-quality development, as well as the solid support of its core business. In the first three quarters of 2025, the company has a solid asset base, with total assets of 68.752 billion yuan, total shareholder equity of 32.685 billion yuan, and total liabilities of 36.067 billion yuan. The asset structure is reasonable, and the asset-liability ratio is 52.46%, which is at a reasonable level in the new chemical materials industry. Considering that the company is at the peak of production capacity expansion and technology research and development, the leverage ratio is generally controllable; the company The company's cash flow performance is stable, with net cash flow from operating activities in the first three quarters reaching 2.873 billion yuan, and operating cash flow per share of 1.09 yuan. Operating cash flow continues to be positive and large-scale, providing solid financial support for core technology research and development, production capacity expansion and industrial chain extension, further consolidating the stability and sustainability of profitability, and demonstrating the operating resilience of leading companies in the new chemical materials industry. At the same time, the company continues to increase investment in research and development. In the first half of 2025, the research and development expense rate increased to 4.9%, which is 1.5 percentage points higher than the industry average. It focuses on core technologies such as biodegradable plastics and carbon fiber composite materials, promotes products to be upgraded to high-end and green, and lays the foundation for long-term profit growth.
2. Business advantages are highlighted, and the main products build a full-chain ecology
Kingfa Technology (Kaffa Technology Co., Ltd., stock code: 600143) is a global leader in new chemical materials and a national high-tech enterprise. It was founded in 1993 and is headquartered in Guangzhou. It has 64 subsidiaries and has R&D and production bases in South Asia, North America, Europe and other overseas regions. In 2024, it ranked 331st among the Fortune China 500. The company has complete full-process R&D, production and sales capabilities, and its business covers 9 categories: modified plastics, environmentally friendly high-performance recycled plastics, fully biodegradable plastics, special engineering plastics, carbon fiber and composite materials. It has a mature system integrating research, production and sales, focusing on providing high-performance new material solutions for automobiles, home appliances, electronics and electricians, communication electronics, new energy, medical and health and other industries. Its products are widely used in various high-end manufacturing and livelihood scenarios. The company has a complete technology research and development system and large-scale operation capabilities. Relying on its core technology advantages and production capacity scale advantages, it ranks first in the field of modified plastics in the country. It is gradually moving from a modified plastics manufacturer to a global new chemical materials platform enterprise. Its business layout takes into account domestic core industrial clusters and overseas high-demand markets. Relying on technological advantages, production capacity advantages and high-quality customer resources, it consolidates its leading position in the global new chemical materials industry and promotes the high-end, green, and localized development of the domestic new chemical materials industry.
(1) Core business advantages
First, the core technology is leading and the product competitiveness is outstanding. The company has been deeply involved in the field of new chemical materials for more than 30 years, and has mastered core technologies such as modified plastics and biodegradable plastics. It has accumulated a number of invention patents and utility model patents, and has taken the lead in drafting a number of national standards. Its technical strength is at the leading level in the industry. The company's independently developed high-end products such as fully biodegradable plastics and special engineering plastics have broken foreign technology monopoly and achieved domestic substitution. At the same time, through large-scale production and technology optimization, it has built a significant cost advantage. The proportion of high-margin products has continued to increase, and the comprehensive competitiveness of core products ranks at the forefront of the industry.
Secondly, it has an outstanding industry position and leading production capacity scale. The company is the largest manufacturer of modified plastics in China. Its market share of modified plastics business ranks first in the country. It has important influence in the field of global new chemical materials and has gradually developed into a global new chemical materials platform enterprise. It has a complete production capacity layout and has formed a domestic production and manufacturing pattern across the east, south and west. At the same time, it has deployed overseas production bases. Its production capacity scale ranks at the forefront of the industry. It can quickly respond to the needs of global downstream customers and occupies a dominant position in industry competition.
Third, we have high-quality customer resources and strong downstream demand support. The company is deeply tied to domestic and foreign leading companies in the fields of automobiles, home appliances, electronics and other fields, with a high-quality and highly sticky customer structure; its downstream covers many high-prosperity tracks such as automobile lightweighting, home appliance upgrades, new energy, and medical health. With the recovery of the domestic automobile and home appliance industries and the advancement of green and low-carbon policies, the demand for biodegradable plastics, recycled plastics and other products continues to explode, providing solid support for continued performance growth. In 2024, the company achieved operating income of 60.514 billion yuan, a year-on-year increase of 26.23%, demonstrating strong growth vitality.
Fourth, product structure optimization + policy support provide sufficient growth momentum. The company continues to promote the upgrade of its product structure, gradually reducing the proportion of ordinary modified plastics, focusing on the development of high-margin special engineering plastics, biodegradable plastics, carbon fiber composite materials and other high-end products, and the product structure continues to optimize; benefiting from the support of relevant policies such as green and low-carbon, circular economy, and domestic substitution of new materials, it enjoys policy dividends such as fiscal and tax incentives. At the same time, industry concentration continues to increase, and leading companies with core technology and scale advantages continue to seize market share. The company continues to benefit from industry development opportunities.
(2) Main product system
The core business of Kingfa Technology revolves around the entire industrial chain of new chemical materials, forming a diversified and multi-level product matrix that accurately covers the needs of multiple downstream industries and builds a profit closed loop of "core product leadership + multi-category collaboration". At the same time, it extends the layout of related supporting businesses and enriches revenue sources. Among them, modified plastics, biodegradable plastics, and special engineering plastics are the core revenue support and profit core. The subdivided products cover five major categories:
1. Modified plastics business: The company’s basic advantageous business mainly includes various types of modified plastic products such as flame retardant, reinforced, and toughened, which are used in core scenarios such as automobiles, home appliances, electronics, and electricians. As the largest modified plastics manufacturer in China, this business contributes stable revenue and cash flow to the company, and is an important support for the company’s stable operations. At the same time, relying on technological upgrades, it continues to increase the added value of products and consolidate its leading position in the industry.
2. Completely biodegradable plastic business: The company's strategic growth business mainly includes biodegradable plastic products such as PBSA, which are used in agricultural mulch films, packaging materials and other scenarios. It is in line with the national green, low-carbon and plastic pollution control policy orientation. The market demand continues to grow and is expected to become the core engine of the company's profit growth, while promoting the company to achieve green and sustainable development.
3. Special engineering plastics business: The company's high-end advantageous business mainly includes polyetheretherketone (PEEK), polyimide (PI) and other products, which are used in aerospace, high-end equipment, medical and health and other high-end fields. It has high technical barriers and high gross profit margins. It breaks the monopoly of foreign technology and realizes domestic substitution, which significantly improves the company's profit quality and core competitiveness.
4. Environmental protection and recycled materials business: The company's synergistic advantageous business mainly includes products such as environmentally friendly high-performance recycled plastics. Relying on the national key laboratory for efficient development and high-quality utilization of waste plastic resources, it realizes closed-loop utilization of resources, which not only reduces dependence on raw materials and production costs, but also conforms to the circular economy policy orientation, forming a synergistic effect with core products and increasing overall value chain profits.
5. Supporting and related businesses: mainly include carbon fiber and composite materials, light hydrocarbon and hydrogen energy, medical and health polymer materials, etc. Among them, carbon fiber and composite materials are used in high-end equipment, new energy and other fields. Medical and health polymer materials focus on medical protection, high-end medical consumables and other scenarios to further improve the industrial chain layout, expand revenue sources, and consolidate industry status.
3. There is broad room for growth, and institutions are optimistic about the potential for long-term valuation improvement.
Looking forward to the future, with the acceleration of domestic substitution of new chemical materials, the continued advancement of green and low-carbon policies, the recovery of demand in downstream industries and the continued increase in the volume of high-end products, Kingfa Technology is expected to achieve sustained and steady growth in profits by virtue of its core technological advantages, global industry leading position, high-quality customer resources and product structure advantages. CK Hutchison is pursuing high-quality development. Many research institutions are optimistic about its development prospects and believe that the current valuation has strong room for improvement. The 2.32% drop in the stock price is a normal reaction caused by sentiment adjustments in the chemical sector, raw material price fluctuations and short-term capital profit-taking, and does not change the long-term growth logic.
(1) Future growth space
First of all, domestic substitution is accelerating and profit quality continues to be optimized. Domestic high-end products in the field of new chemical materials are still dependent on imports. The company relies on its core technological advantages to achieve domestic substitution in fields such as special engineering plastics and biodegradable plastics. As the process of domestic substitution accelerates, sales of high-end products continue to increase, while raw material prices tend to stabilize, which further improves the company's profitability and promotes continued growth in earnings per share.
Secondly, the product structure is upgraded and growth momentum continues to be released. The company continues to promote the upgrading of products to high-end and green products, and the proportion of high-margin products such as special engineering plastics and biodegradable plastics continues to increase. At the same time, emerging businesses such as carbon fiber composite materials and medical and health polymer materials develop rapidly, further optimizing the company's overall profit structure, enhancing core competitiveness, and injecting strong momentum for long-term growth.
Thirdly, industry concentration has increased and growth certainty has increased. The concentration of the new chemical materials industry continues to increase, and stricter environmental protection policies have promoted the exit of small and medium-sized production capacity. Leading companies with core technologies, scale advantages and environmental protection capabilities continue to seize market share. At the same time, the company actively expands overseas markets, deploys R&D and production bases overseas, further expands global market share, and adds policy empowerment and downstream demand recovery, and the certainty of growth is further enhanced.
(2) Statistics of opinions of research institutions
From the perspective of institutional ratings, many research institutions currently have positive evaluations of Kingfa Technology, with mainstream institutions giving a "buy" or "recommended" rating. Among them, Donghai Securities gave the company a "buy" rating and are generally optimistic about its core technology advantages, high-end product growth potential, domestic substitution opportunities and increased industry concentration. development space, focusing on recognition of its long-term profit stability and growth certainty, and believes that the short-term stock price decline is a normal reaction brought about by sentiment adjustments in the chemical sector, raw material price fluctuations and short-term capital profit-taking. With the acceleration of domestic substitution, product structure upgrades and downstream demand recovery, the company has broad room for long-term growth.
Relevant institutions (such as Donghai Securities) issued research reports, optimistic about the long-term growth potential of Kingfa Technology, believing that the company is a high-quality leading target in the new chemical materials industry. It has the dual logic of technical barriers and domestic substitution. The modified plastics business provides stable cash flow, and the high-end new materials business has become a growth engine. Relying on more than 30 years of technology accumulation and scale advantages, it is expected to move from a materials manufacturer to a global chemical company. A new materials platform company fully seizes industry development opportunities; benefiting from product structure upgrades, accelerated domestic substitution, downstream demand recovery and cost optimization, it is expected that the company's net profit attributable to shareholders will achieve steady growth from 2026 to 2028, corresponding to a continued increase in earnings per share. With reference to the valuation of comparable companies, a reasonable valuation range is given, and a "buy" rating is maintained, indicating strong growth certainty.
Judging from the profit forecast, combined with the company's performance, business layout and industry development trends in the first three quarters of 2025, institutions generally believe that the company's net profit attributable to the parent company is expected to reach 1.02 billion yuan in 2025, corresponding to earnings per share of approximately 0.39 yuan; 2026-20 In 2028, as high-end products continue to increase in volume, domestic substitution accelerates, and overseas markets expand, net profit attributable to the parent company is expected to achieve rapid growth, with corresponding earnings per share gradually increasing to 0.48 yuan and 0.59 yuan, reflecting the institution's high recognition of the company's profit improvement and long-term growth.
In addition, institutions generally believe that Kingfa Technology, as a global leader in new chemical materials and a core target for domestic substitution of high-end new materials, has significant technological advantages, production capacity advantages and customer advantages. It has a solid industry position, and its current valuation is within a reasonable range in industry history. It has sufficient safety margins and strong valuation improvement potential. The short-term stock price fell by 2.32%, which was mainly affected by factors such as sentiment adjustments in the chemical sector, fluctuations in raw material prices, and short-term capital profit-taking. It is in line with the overall trend of the industry. Subsequently, with the upgrade of product structure, accelerated domestic substitution and continued performance release, the valuation is expected to be further repaired and improved. At the same time, the agency reminded that it is necessary to pay attention to related risks such as raw material price fluctuations, lower-than-expected downstream demand, lower-than-expected technology research and development, and intensified industry competition.
Overall, Kingfa Technology's current earnings per share are recovering steadily, with outstanding profitability resilience. Its core technological advantages, global industry leadership and high-quality customer resources have formed a unique core competitiveness. In the future, relying on the acceleration of domestic substitution, product structure upgrades and recovery of downstream demand, there is broad room for growth, and institutions are generally optimistic about its long-term valuation improvement potential. The 2.32% drop in the stock price this time is a normal reaction brought about by sentiment adjustments in the chemical sector, cyclical fluctuations in the industry and short-term capital profit-taking. It does not change the company's long-term core value. In the long run, the company's core value and growth potential deserve special attention.
Financial Associated Press, April 11 (Editor Zhao Hao) The well-known American "short seller" Michael Burry recently stated that he still insists on shorting the American defense technology company Palantir Technologies.
Burry became famous for betting against the U.S. housing market in 2008, and his story was later adapted into the blockbuster movie "The Big Short." Regulatory filings in November showed that he bought put options on Nvidia and Palantir, which could profit from falling stock prices.
Burry posted on his paid blog on Friday (April 10) that he still holds long-term put options on Palantir. Burry said he began shorting the company in the fall of 2025 and rolled over the position multiple times.
"I currently hold a put option expiring on June 17, 2027 with a $50 strike price and a put option expiring on December 19, 2026 with a $100 strike price. I will not sell these positions today," Burry wrote.
Shortly before Burry's comments, U.S. President Trump posted on social media that "Palantir has proven to have excellent combat capabilities and equipment." This statement narrowed the intraday decline in Palantir's stock price to less than 2%. The stock is still down nearly 28% so far this year.
Palantir is world-famous for providing critical data and intelligence analysis support in the hunt for bin Laden. After the conflict between Russia and Ukraine broke out, the company provided military support to the Ukrainian army, including intelligence fusion analysis, intelligent auxiliary decision-making, and satellite-borne algorithm support.
According to US media disclosures, in the recent war in the Middle East, both the US and Israeli militaries were using Palantir's Maven intelligent combat system, and the US military version also integrated the Claude large model. From a performance perspective, artificial intelligence technology can greatly improve combat effectiveness.
During Trump’s second term, Palantir continued to win government contracts and deepened its cooperation with the Pentagon. There is a view in the market that given its extensive business dealings with the US military and intelligence agencies, it may become one of the beneficiaries of the conflict in the Middle East.
However, Burry believes that Palantir has weakened significantly since its peak last year and is still "significantly overvalued." He acknowledged that a rebound is likely in the short term, but the company's fundamental value is less than half its current price.
"Palantir is selling off along with software stocks. As I said, I will continue to hold these puts because I believe the fundamental value of this company is well below $50 a share."
At the same time, Burry also increased his bearishness on Nvidia. "I increased my holdings of put options on Nvidia. This time I bought options that expired on January 27 and had a strike price of $115 at a price of $3.30."
Preface
The situation in the Middle East these days is very simple and straightforward: talk about peace, but continue to fight. Some people are mediating, and some are trying to disrupt things. On the surface, the conflict continues, but in essence, the rules are torn away. When things have developed to this point, it is no longer a question of who is right or wrong, but who is still sticking to the bottom line.
1. Pakistan publicly named people. This is not an emotion, but an attitude.
This round of public opinion explosion comes from Pakistan. Defense Minister Khawaja Asif spoke directly on a public platform with a very tough tone, making comprehensive accusations against Israel's series of military operations in the Middle East. His statement left no room for error, and the core meaning was clear: Against the backdrop of multi-party efforts to promote a ceasefire, Israel's actions have not been restrained, but are expanding, and the victims are civilians.
These words are not said casually. Asif's identity is there and he represents the position of the Pakistani government rather than his personal views. More importantly, this time point is very sensitive. Because not long ago, Pakistan was still promoting dialogue between relevant parties in the hope of easing the situation. In other words, while efforts are being made to cool down the situation at the negotiating table, the war is escalating on the other side. This contrast is the core of the problem.
He mentioned several locations, Gaza, Iran, Lebanon. This is not a random enumeration, but a point out of the expansion paths of conflicts. This trend is already obvious, starting from local conflicts and gradually spilling over to wider areas. Asif's voice was essentially expressing a judgment: the situation was getting out of control.
Of course, such strong words quickly triggered a reaction from the other party. Israel did not remain silent, but chose to respond positively.
2. Israel’s response is very direct: it does not accept any accusations.
Faced with criticism from Pakistan, Israeli Prime Minister Benjamin Netanyahu responded quickly. His stance was equally tough, with a simple core logic: Accusations of Israel's actions are unacceptable, especially from a country that claims to be promoting peace.
This is actually a typical hedging. You accuse me of escalating the conflict, and I say there is something wrong with your position. The two sides did not entangle on the factual level, but directly collided on the political level.
But the problem is that the situation on the ground will not change because of the statement. At the same time as the debate was taking place, the Israel Defense Forces launched a large-scale military operation in Lebanon. The scale of this round of operations is considered to be the largest coordinated attack in recent times. The results given by the Lebanese side are also clear, and the number of casualties has increased.
A key point of conflict arises here: whether the ceasefire actually exists.
Pakistani Prime Minister Shahbaz Sharif had previously mentioned a ceasefire arrangement and made it clear that the scope included Lebanon. However, Israel did not acknowledge this statement. Instead, it emphasized that military operations would continue and would conduct so-called "selective ground operations" against targets.
This is tantamount to directly dismissing the so-called ceasefire. One said to stop, and the other continued to fight. This situation essentially meant that there was no ceasefire.
3. Iran’s judgment is very clear: This is prolonging the war
The situation is not just a confrontation between Palestine and Israel. Iran's attitude is equally critical. Iranian Foreign Minister Abbas Araghchi gave a clear evaluation of Israel's actions, believing that such strikes are deliberately prolonging the conflict cycle and undermining diplomatic efforts that have already been launched.
There are two important points in this judgment. First, the conflict is not simply continued, but actively maintained. Second, the diplomatic process is being interrupted.
What is even more noteworthy is that Iran has extended the chain of responsibility up to the United States. This statement is not new, but it is raised again at this time, indicating that Iran believes that there is a deeper support relationship behind the situation.
This also explains why the situation in the Middle East is always difficult to bring to an end. Because the participants are not just regional countries, but also deep involvement of external forces. As long as this structure remains intact, any ceasefire will be fragile.
4. The United States is also divided: some people are beginning to oppose continued support
If the opposing positions of various parties in the Middle East are normal, then the internal differences in the United States are even more worthy of attention.
Tucker Carlson, a well-known American media personality, directly made a point in his latest program: The United States should not continue to provide funds and weapons to Israel. His reason is straightforward. He believes that the current policy has deviated from the United States' own interests and is using taxpayers' money to support an action that is not recognized by the public.
The significance of these remarks does not lie in personal attitude, but in that it reflects changes in part of American public opinion. In the past, U.S. domestic support for Israel was relatively unanimous, but now visible cracks are beginning to appear.
Carlson also mentioned a detail: Shortly after the ceasefire was announced, residential areas in Beirut, the capital of Lebanon, were bombed, and weapons provided by the United States were used. This amplifies the problem further. Because it involves not only the conflict itself, but also the attribution of responsibility.
If the weapons come from the United States and the funds come from the United States, is the United States responsible for the consequences? This question is being raised by more and more people.
5. The problem is no longer conflict, but failure of rules
Taken together, these messages reveal a deeper problem: the fundamental rules of the Middle East are being eroded.
A ceasefire would have been a clear signal that would have meant a halt to large-scale military operations, at least for a short period of time. But what is happening now is that while a ceasefire is announced, attacks continue, which makes the "ceasefire" meaningless.
Diplomatic efforts face the same problem. Some people are pushing for negotiations, but the results of the negotiations cannot constrain action. In this case, the diplomatic space will become smaller and smaller.
Looking deeper, this is the collapse of the trust mechanism. Each party no longer believes that the other party will honor its commitments, so they choose to use actions instead of statements. The result is that the conflict continues to escalate and expand in scope.
From Gaza, to Lebanon, and beyond, the path is very clear. This expansion does not stop automatically without valid constraints.
Conclusion:
The problem in the Middle East has never been the lack of ceasefire declarations, but the lack of respect for the rules. Talking about stopping but not stopping with hands will not bring peace, but will only push the conflict deeper into the abyss. What really determines the direction is not statements but actions - whoever is still restraining is holding the bottom line; whoever talks and fights at the same time is tearing up the final rules.
Hungary's upcoming election has become a "war" between Trump and Zelensky? Ukraine very much hopes that Orban can step down, while the United States is doing its best to get Orban re-elected, and European countries have also begun to intervene, either overtly or covertly.
On April 6, local time, Hungarian Prime Minister Orban inspected the border area
Explosives found near natural gas pipeline before Hungarian election
According to plan, Hungary will hold parliamentary elections on April 12. And at the last moment, a crisis attracted the attention of all parties.
According to a report by Observer.com on April 7, one week before the election, explosives were discovered near the "Turkish Stream" pipeline that passes through countries such as Serbia and Hungary. Once an accident occurs, it can be described as a replica of the "Beixi Incident".
The Turkey Stream pipeline is the lifeblood of Hungarian natural gas. In 2024, Hungary received a record 7.6 billion cubic meters of natural gas from Russia through this pipeline. Without this pipeline, Hungary would have no cheap and stable energy supply.
Serbian President Vucic announced on April 5 that Serbian law enforcement officers discovered two large bags of explosives with fuses near pipelines in the Vojvodina region in the north of the country. If it explodes, the natural gas pipeline will be cut off, leaving Hungary and northern Serbia without gas.
"Turkish Stream" pipeline through the Black Sea
Hungarian Prime Minister Orban urgently convened the National Defense Council that day, and he directly hinted that the matter was related to Ukraine. Orban pointed out that "Ukraine has been working for many years to cut off Europe's energy ties with Russia."
Serbia's attitude is very cautious and does not want to offend any party. Jovanic, director of the Serbian Military Security Bureau, held a special press conference on the evening of the 5th. "There is some false information that the Serbian military will work for a third party to accuse Ukraine of planning sabotage through the discovery of Ukrainian-made explosives. This is not true."
Later, Serbia added: "The markings on the explosives showed that the items were manufactured in the United States." At this point, many forces that had previously been in a wait-and-see state came to an end and began to intervene in the "final storm" before the Hungarian election.
Ukraine denies, Poland strikes back
After the explosive incident, all parties quickly took sides. The Ukrainian Ministry of Foreign Affairs strongly denied it, insisting that "this is most likely a Russian 'false flag operation'" with the purpose of interfering in the Hungarian election.
Russian Kremlin spokesman Peskov said there was no "reliable evidence" yet, but he hinted that "Ukraine may be involved" and mentioned previous attacks by Ukraine on Russian energy infrastructure.
Poland also jumped in. Polish Foreign Minister Sikorski questioned the timing of Orban's emergency meeting of the Defense Council as "suspicious coincidence": it was less than a week before the Hungarian election, which happened to give the ruling party a script for a "national security crisis."
Hungarian opposition leader Magyar even directly accused: This is a "false flag operation" directed and performed by Orban. At this point, Orban's situation is already quite difficult.
Poll data show that Hungarian opposition leader Magyar currently leads Orban by 9 percentage points, and Orban is facing the "last moment."
The game between the United States and Ukraine comes to the forefront
Regarding the current situation in Hungary, Ukraine only hopes that Orban will step down as soon as possible. At the end of 2025, the European Council approved a loan of 90 billion euros to Ukraine from 2026 to 2027. But on March 19, 2026, Orban announced at the EU Summit in Brussels: Blocking this aid.
Orban’s reason is straightforward: Ukraine has deliberately cut off Hungary’s crude oil supply from Russia since January this year, and energy issues have become a deadlock between the two countries.
The Orban government has blocked a huge amount of aid from Ukraine, which is bound to make the Kiev authorities extremely dissatisfied. However, from a larger perspective, Ukraine's confrontation with the Orban government is equivalent to being at odds with the Trump administration.
Trump wants Orban to be re-elected, and US Vice President Vance is about to go to Hungary to publicly support Orban. If Orban is not re-elected, Ukraine may become the target of the Trump administration's wrath.
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