Core Viewpoint - The newly revised "Management Measures for Information Disclosure of Listed Companies" has been officially implemented on July 1, 2023, incorporating recent regulatory practices and enhancing supervision of key matters [1][4]. Summary by Sections Implementation of New Regulations - The revised information disclosure measures were publicly solicited for opinions in December 2024 and officially released on March 28, 2023 [1]. - Key changes include strengthened risk disclosure requirements, increased regulation on outsourcing of information disclosure, and an adjustment of the maximum penalty to 100,000 yuan [1]. Companies Facing Penalties - On the first day of the new regulations, *ST Wan Fang and Ren Ren Le were publicly reprimanded for information disclosure issues [4][5]. - *ST Wan Fang initially forecasted a net profit of 20 million to 25 million yuan for 2024 but later revised it to a loss, leading to a public reprimand for failing to disclose accurate performance forecasts [4]. - Ren Ren Le also faced similar issues, with a significant discrepancy between its profit forecast and the audited results, resulting in a public reprimand [5]. Regulatory Actions and Statistics - In June, 18 companies were subjected to regulatory measures related to information disclosure, including failures in timely and accurate reporting [8]. - Specific companies like Jun Yao Health and Long Yang Technology were noted for not meeting disclosure standards in their performance forecasts [8]. - Two companies, Mei Chen Technology and Song Cheng Performing Arts, were penalized for accounting errors that led to inaccurate disclosures [9][11]. Additional Company Cases - ST Jing Gu received a regulatory letter regarding asset freezing and the need for risk disclosure, aligning with the new regulations' emphasis on risk factors [6][7]. - Companies like Heng Bang and Jing Yi failed to disclose critical information, receiving regulatory letters for their omissions [12]. Conclusion - The new information disclosure regulations aim to enhance transparency and accountability among listed companies, with immediate repercussions observed in the market [1][4][8].

Summary of the Conference Call on the Photovoltaic Industry Industry Overview - The conference call focuses on the photovoltaic (PV) industry, particularly the challenges and opportunities arising from recent policy changes and market dynamics [1][2][3]. Key Points and Arguments 1. **Market Sentiment Shift**: Recent articles from the People's Daily have shifted market sentiment from skepticism to optimism regarding long-term policy effects in the PV sector, leading to a rise in stock prices [2][6][8]. 2. **Challenges Faced**: The PV industry is currently facing multiple challenges, including external disturbances, weak domestic demand, and local protectionism, which have resulted in severe competition and impacted profitability across the supply chain [3][11]. 3. **Policy Measures for Mergers and Acquisitions**: The government is expected to implement policies that encourage leading PV companies to acquire the capacities of less competitive firms, with a focus on restructuring the industry to address losses across the supply chain [5][9]. 4. **Inventory and Supply Dynamics**: There is significant inventory pressure in the silicon material segment, with expectations of increased production leading to potential price declines. The industry may need to collaborate on production cuts to manage inventory levels effectively [10][11]. 5. **Future Policy Implementation**: Policies aimed at addressing the industry's challenges are anticipated to be introduced around August or September 2025, with execution expected in early 2026 [9][14]. 6. **Profitability Outlook**: The most competitive companies in the industry have cash costs around 30,000 CNY per ton. If silicon prices rebound to 60,000 CNY per ton, these companies could see substantial profit elasticity [3][15]. Additional Important Insights - **Investor Confidence**: The market's confidence has been restored following the People's Daily's acknowledgment of the industry's issues and the government's commitment to addressing them, which is crucial for long-term investment evaluations [6][7][8]. - **Operational Strategies**: The acquisition of less competitive firms will involve financial restructuring, including extending bank loans and joint investments from leading companies, with operational costs potentially passed on to end customers [9][10]. - **Technological Innovations**: New technologies in the PV sector, such as BC technology and high-efficiency Topcon technology, are highlighted as areas of potential growth and investment [15]. Conclusion The PV industry is at a critical juncture, with significant policy changes on the horizon that could reshape the competitive landscape. Stakeholders are advised to monitor the developments closely, particularly regarding policy implementation and market responses in the coming years [14][15].

Core Insights - The polarized lens industry is experiencing significant growth driven by the rapid development of the consumer electronics sector, particularly in smartphones, tablets, and laptops, leading to increased demand for polarized lenses [1][11] - Government support for new materials industries, as outlined in the "Industrial Strategic Emerging Industries Classification Directory (2023)," is further propelling the development of the polarized lens industry [1][11] - The market size of the polarized lens industry has risen from 14.74 billion yuan in 2018 to 31 billion yuan, with expectations for continued growth as downstream application areas expand [1][11] Industry Overview - Polarized lenses, also known as polarizing filters, are used to eliminate direct light and enhance visual clarity, making them essential in various applications including eyewear, camera lenses, and LCD displays [3][11] - The industry has evolved through three stages: a nascent phase from 1995-1999, a startup phase from 2000-2010, and a high-growth phase from 2011 to present, with significant advancements in technology and market competitiveness [5][11] Industry Chain - The polarized lens industry chain consists of upstream raw materials (polarizing films, protective films, adhesive materials), midstream manufacturers who produce the final products, and downstream applications in eyewear, cameras, and electronic devices [7][11] Competitive Landscape - Domestic companies are enhancing their market competitiveness through technological innovation and industrial upgrades, although there remains a gap in high-end products compared to international leaders [13] - Key players in the industry include Ningbo Shanshan Co., Ltd., Hengmei Optoelectronics Co., Ltd., and Shenzhen Sanlipu Optoelectronics Co., Ltd., among others [13][15] Market Trends - The demand for polarized lenses is expected to grow as consumers increasingly prioritize health, safety, and fashion, with applications expanding into emerging fields like virtual reality and autonomous driving [21][22] - International demand for Chinese polarized lens products is rising, supported by the increasing recognition and competitiveness of Chinese brands in global markets [22] - Market concentration is anticipated to increase as leading companies expand production capacities, with Hengmei Optoelectronics planning to add 140 million square meters of polarized lens capacity by 2027 [24]

Core Viewpoint - Ningbo Changyang Technology Co., Ltd. is facing significant financial challenges due to losses from its subsidiaries involved in new project developments, particularly in lithium-ion battery separators and optical films, which have not yet achieved expected production efficiencies and profitability [1][2][3]. Financial Performance - In 2024, the net profits of the subsidiaries were as follows: Hefei Changyang New Energy Technology Co., Ltd. reported a loss of 123.54 million yuan, Hefei Changyang New Materials Technology Co., Ltd. reported a loss of 23.53 million yuan, and Zhejiang Changyang Technology Co., Ltd. reported a loss of 36.97 million yuan [2][4]. - The financial data for Hefei New Energy shows a significant increase in operating costs, leading to a negative gross profit margin of -47.88% and a total loss of 123.54 million yuan [2][3]. - Hefei New Materials, which has not yet commenced formal production, reported a loss of 23.53 million yuan, primarily due to high operational costs and reduced government subsidies [3][4]. - Zhejiang Changyang's losses of 36.97 million yuan were attributed to increased operating costs and asset impairment losses [4][5]. Project Developments - The company has invested in several new projects, including lithium-ion battery separators and optical films, with total investments of approximately 591.36 million yuan for various production capacities [1][2]. - The lithium-ion battery separator projects are expected to reach production capacities of 560 million square meters and 400 million square meters, with anticipated revenues of 124 million yuan and 108 million yuan, respectively [10][11]. - The optical-grade polyester film project is scheduled to commence production by June 2025, with expected revenues of 194 million yuan [10][11]. Industry Context - The lithium-ion battery market is experiencing robust growth, with global shipments expected to reach 1545.1 GWh in 2024, a year-on-year increase of 28.5% [5][6]. - Despite the growth in demand, the industry is facing intense competition, leading to price wars and reduced profit margins for many companies, including Changyang [6][7]. - The optical film market is also facing challenges due to structural overcapacity and reliance on imports for high-end products, which affects the profitability of domestic producers [8][9]. Competitive Landscape - Competitors in the lithium-ion battery separator market are experiencing similar declines in profit margins, with major players reporting significant reductions in gross margins due to aggressive pricing strategies [6][7]. - The overall market for photovoltaic products, including solar films, is projected to grow, but companies are struggling with profitability due to increased competition and falling prices [9][10].

华安证券股份有限公司 关于宁波长阳科技股份有限公司 2024年年度报告的信息披露监管问询函回复核查意见 上海证券交易所： 根据贵所出具的《关于对宁波长阳科技股份有限公司2024年年度报告的信 息披露监管问询函》（以下简称"问询函"）的有关要求，华安证券股份有限 公司（以下简称"保荐机构"、"华安证券"）作为宁波长阳科技股份有限公 司（以下简称"长阳科技"、"公司"）2022年度向特定对象发行股票并上市 持续督导工作的保荐机构，会同公司及相关中介机构，对监管问询函所提及的 事项进行了逐项落实，现将监管问询函所涉及问题回复如下： 问题1、关于新项目实施进展及效益 根据前期公告，公司近年来主要通过三个全资子公司开展较多新项目建 设，在原有主力产品反射膜基础上，扩产光学基膜，新增隔膜及其他特种功能 膜，应用于液晶显示、动力电池及储能、太阳能光伏等领域。该三家公司2024 年分别亏损-12,353.79万元、-2,353.48万元、-3,697.23万元，严重拖累公司 业绩。新项目主要包括：公司通过全资子公司合肥长阳新能源科技有限公司 （以下简称合肥新能源）分别投资59,136万元、18,660万元、14,500.80 ...

[信会计师事务所(特殊普通合伙) HINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 立信会计师事务所(特殊普通合伙) 关于宁波长阳科技股份有限公司 2024 年年度报告的信息披露监管问询函的回复 信会师函字[2025]第 ZA258 号 上海证券交易所科创板公司管理部: 根据贵所出具的《关于对宁波长阳科技股份有限公司 2024 年年度报告的信息披露监管 问询函》(以下简称"问询函"）的有关要求，立信会计师事务所（特殊普通合伙）(以下简称 "我们"或"会计师"）作为宁波长阳科技股份有限公司（以下简称"公司"或"长阳科技"）2024 年年度审计报告会计师事务所,对问询函中提到的需要会计师发表意见的问题进行了认真核 查，现将有关问题的核查情况和核查意见说明如下: 问题 1: 关于新项目实施进展及效益 根据前期公告,公司近年来主要通过三个全资子公司开展较多新项目建设,在原有主 力产品反射膜基础上，扩产光学基膜，新增隔膜及其他特种功能膜，应用于液晶显示、动 力电池及储能、太阳能光伏等领域。该三家公司 2024 年分别亏损−12,353.79 万元、 -2,353.48 ...

证券代码：688299 证券简称：长阳科技 公告编号：2025-037 宁波长阳科技股份有限公司 关于2024年年度报告信息披露监管问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 宁波长阳科技股份有限公司（以下简称"公司"、"长阳科技"或"宁波长 阳"）于 2025 年 5 月 22 日收到上海证券交易所下发的《关于宁波长阳科技股份 有限公司 2024 年年度报告的信息披露监管问询函》（上证科创公函【2025】0145 号，以下简称"年报问询函"）。公司就年报问询函关注的相关问题逐项进行了 认真的核查落实，现就年报问询函相关问题回复如下： 问题 1：关于新项目实施进展及效益 根据前期公告，公司近年来主要通过三个全资子公司开展较多新项目建设， 在原有主力产品反射膜基础上，扩产光学基膜，新增隔膜及其他特种功能膜， 应用于液晶显示、动力电池及储能、太阳能光伏等领域。该三家公司 2024 年分 别亏损-12,353.79 万元、-2,353.48 万元、-3,697.23 万元，严重拖累公司业绩。 新项目主要包括 ...

责任人方面，时任董事长金亚东作为公司主要负责人、信息披露第一责任人，时任副董事长兼总经理杨 衷核作为公司日常经营管理具体负责人，时任副总经理兼财务总监李辰作为公司财务事项的具体负责 人，时任副总经理兼董事会秘书章殷洪作为公司信息披露事项的具体负责人，未能勤勉尽责，对公司相 应的违规行为负有责任。 上交所决定对长阳科技及金亚东、杨衷核、李辰、章殷洪予以通报批评。对于上述纪律处分，将通报中 国证监会，并记入证券期货市场诚信档案数据库。 4月23日，公司披露《2024年度业绩快报暨业绩预告更正公告》，更正后预计2024年度实现营业利润 为-1174.02万元，利润总额为-778.40万元，归母净利润为-2943.65万元，扣非后归母净利润为-4889.06万 元，基本每股收益为-0.10元，加权平均净资产收益率为-1.39%。更正原因为，基于谨慎性原则，公司补 计提固定资产及在建工程减值准备3890万元、补计提存货跌价准备317万元，并对存在客诉的剩余应收 账款增加信用减值损失，增加624万元。同日，公司披露《2024年年度报告》显示，公司2024年度实现 营业利润为-1174.02万元，利润总额为-778.40万 ...

Group 1 - Longyang Technology announced that as of the disclosure date, its shareholder, Ningbo Longyang Yonghui Investment Management Partnership, holds approximately 7.7 million shares, accounting for 2.68% of the total share capital [2] - The shares held by the shareholder were acquired before the company's initial public offering and were released from restrictions on November 7, 2022 [2] - The company received a notice from Longyang Yonghui regarding a share reduction plan, intending to reduce up to 1.92 million shares, not exceeding 0.67% of the total share capital, within three months after the disclosure [2] Group 2 - The revenue composition of Longyang Technology for the year 2024 is projected to be 89.34% from specialty functional films and 10.66% from other businesses [3]

此外，公司副董事长杨衷核直接持有公司股份7.5万股，占总股本0.0261%；董事、副总经理、财务总监 李辰直接持有8.25万股，占总股本0.0287%；副总经理杨承翰直接持有5万股，占总股本0.0174%；副总 经理周玉波直接持有7.92万股，占总股本0.0276%。这些股份均为公司2020年限制性股票激励计划首次 授予部分第一个归属期归属股份，已于2021年12月3日上市流通 。 减持计划详情 近日，宁波长阳科技股份有限公司发布股东及董事、高管减持股份计划公告，披露了相关股东及董监高 的减持计划。 减持主体情况 截至公告披露日，长阳永汇作为公司员工持股平台，合伙人包含部分董事、监事及高管，持有公司股份 770.0583万股，占总股本2.68%，该部分股份为公司首次公开发行股票并上市前持有，已于2022年11月7 日解除限售并上市流通。 长阳永汇因自身资金需求，计划通过集中竞价、大宗交易方式减持，合计减持股份数不超192万股，即 不超过公司总股本的0.67%，减持期间为自公告披露之日起15个交易日后的3个月内，具体减持价格按 减持实施时的市场价格确定。 杨衷核、李辰、杨承翰、周玉波因个人资金需求，计划通过集中 ...