Group 1 - The core point of the article is that Changyang Technology has decided to reduce the scale of two major lithium battery separator projects due to ongoing price declines and unsatisfactory profit margins in the market [1][2][3] - The "annual production of 650 million square meters of lithium battery separators for energy storage and power batteries" project will be reduced to "annual production of 350 million square meters" [2] - The "annual production of 400 million square meters of lithium-ion battery separators for energy storage and power vehicles" project will be reduced to "annual production of 200 million square meters" [2] Group 2 - In the first half of 2025, Changyang Technology reported a revenue of 525 million yuan, a year-on-year decline of 18.81%, and a net profit loss of 8.55 million yuan, a year-on-year decline of 150.11% [1][3] - The decline in revenue is attributed to the reduction in sales and production of low-margin products such as separators and films [3] - The company has already invested 110 million yuan in the lithium-ion battery separator project, with a subsequent investment plan of 560,000 yuan, and the project is expected to be operational by December this year [2] Group 3 - The lithium battery separator market is facing intensified competition, leading to lower-than-expected profit margins, and there are concerns about the pressure on separator capacity release in 2025 [3] - The phosphoric iron lithium material industry is expected to see a growth in demand starting from the second half of 2024, with a projected shipment volume of 1.61 million tons in the first half of 2025, a year-on-year increase of 68% [4] - The overall trend in the phosphoric iron lithium material industry is positive, but there are still structural issues on the supply side, with some companies achieving over 90% capacity utilization while others struggle to meet quality standards [4]

Summary of Changyang Technology Conference Call Company Overview - **Company**: Changyang Technology - **Industry**: Solid-state battery and related materials Key Financial Performance - **Q1 Impairment**: Approximately 37 million yuan impairment on dry separator, adhesive film, and construction machinery led to a 100% year-on-year decline in net profit [2][3] - **H1 Revenue**: Revenue for the first half of 2025 was 525 million yuan, down 18.1% year-on-year, primarily due to the cessation of dry separator and photovoltaic adhesive film businesses [3] - **Reflective Film Revenue**: Stable performance with a slight decrease of about 5 million yuan, impacted by a 10 million yuan drop in Mini LED-related revenue [2][3] - **Optical Base Film Revenue**: Decreased by 17 million yuan, but gross margin improved by 1.4 percentage points due to a higher proportion of mid-to-high-end products [2][3] Business Developments - **Solid-state Battery Composite Film**: - Collaborations with Zhongke Weisi and Electric Power to provide complete solutions [2][5] - Successfully developed and mass-produced 7-micron and 9-micron thick products, with partial customer delivery for certification [2][5] - Received an order for 500,000 square meters per month, expected to start execution in Q4 2025 or Q1 2026, with a unit price of at least 5 yuan per square meter [2][9][22] - **Sales Target**: Aiming for a total shipment target of 1 billion yuan for the year, with 455 million yuan completed in H1 and an expected 550 million yuan in H2 [2][7] Impairment and Asset Management - **Asset Impairment**: Ongoing discussions to handle several hundred million yuan in fixed assets and construction projects, with plans for a one-time impairment treatment by year-end [2][8] Production Capacity and Future Plans - **Production Capacity**: Planned capacity for solid-state battery production lines is 40-50 million square meters, expected to meet demand before 2027 [4][12] - **Expansion Potential**: Current production lines can be expanded within 8-12 months if demand increases, but no new capacity is anticipated before 2026 [13] Market Position and Competitive Advantage - **Client Relationships**: Strong relationships with major clients like Samsung and LG, providing a competitive edge in the solid-state battery market [29][30] - **Industry Outlook**: Solid-state batteries are expected to replace traditional liquid batteries and fuel vehicles, with a broad market potential [29] Product Development and Feedback - **Product Thickness**: Achieved breakthroughs in product thickness, with 7-micron and 9-micron products showing good performance in customer tests [16][17] - **Performance Metrics**: Products maintain around 80% porosity and nearly 100-micron pore size, with ongoing improvements in thickness and performance [18] Future Business Strategy - **Focus on Core Products**: The company aims to position itself as a supplier of base films and related solutions, rather than entering the battery materials sector directly [27] - **Customer Engagement**: Increased communication frequency with key clients to enhance collaboration and product development [25] Conclusion - **Overall Outlook**: Changyang Technology is navigating challenges in its traditional business while making significant strides in the solid-state battery sector, with a clear focus on innovation and customer relationships to drive future growth [33]

Market Overview - The optical and optoelectronic sector experienced a decline of 1.99% on August 27, with Infinet leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Notable gainers in the optical and optoelectronic sector included: - Dongtian Micro (301183) with a closing price of 96.23, up 20.00% on a trading volume of 153,800 shares and a transaction value of 1.347 billion [1] - Changyang Technology (6628889) closed at 20.69, up 8.67% with a trading volume of 543,100 shares and a transaction value of 1.115 billion [1] - Conversely, significant decliners included: - Infinet (300582) closed at 15.03, down 6.47% with a trading volume of 260,300 shares and a transaction value of 401 million [2] - Ruifeng Optoelectronics (300241) closed at 6.26, down 6.15% with a trading volume of 870,000 shares and a transaction value of 559 million [2] Capital Flow - The optical and optoelectronic sector saw a net outflow of 4.444 billion from institutional investors, while retail investors contributed a net inflow of 3.619 billion [2] - The sector's overall capital flow indicates a mixed sentiment, with retail investors showing a stronger presence compared to institutional investors [2] Individual Stock Capital Flow - Dongtian Micro (301183) had a net inflow of 1.79 billion from institutional investors, but faced outflows from both retail and speculative investors [3] - Other stocks like Su Da Weige (300331) and Tengjing Technology (688195) also experienced similar patterns of net inflows from institutional investors but outflows from retail and speculative investors [3]

Meeting Overview - The fifth meeting of the Supervisory Board was held in the company meeting room, presided over by Wang Yun, with all three supervisors present, complying with relevant laws and regulations [1] Resolutions Passed - The Supervisory Board approved the 2025 semi-annual report and summary, confirming that the internal management system and information accurately reflect the company's operational and financial status during the reporting period [1] - The report on the management and actual use of raised funds for the first half of 2025 was approved, indicating compliance with relevant regulations and that the funds were stored in a dedicated account and used for specified purposes [2] - The proposal to conduct foreign exchange hedging was approved to mitigate adverse effects from exchange rate fluctuations, with established approval procedures and risk control systems in place [2] - The project for producing 400 million square meters of lithium-ion battery separators was changed to 200 million square meters based on actual operational needs and market conditions, with no adverse impact on the company's operations [3] - The project for producing 650 million square meters of lithium battery separators was revised to 350 million square meters, also based on operational needs and market conditions, ensuring no detriment to shareholder interests [4]

华安证券股份有限公司 关于宁波长阳科技股份有限公司 开展外汇套期保值业务的核查意见 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，根据《证券发行上市保荐业务管理 办法》、 二、拟开展的套期保值业务概述 （一）业务品种 结合资金管理要求和日常经营需要，公司拟开展的金融衍生品套期保值业 务主要包括远期结售汇、外汇掉期、外汇互换及其他外汇衍生产品等业务。 《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（2025 年5月修订）》等有关规定，对长阳科技开展外汇套期保值业务进行了核查，并 发表核查意见如下： 一、开展外汇套期保值业务的必要性 公司出口业务主要采用美元等外币进行结算，因此当汇率出现较大波动 时，汇兑损益将对公司的经营业绩造成一定影响，为有效规避外汇市场的风 险，防范汇率波动对公司经营业绩造成不利影响，提高外汇资金使用效率，合 理降低财务费用，公司拟与银行开展外汇套期保值业务。公司的外汇套期保值 业务以正常生产经营为基础，以规避和防范汇率风险为目的，不进行单纯 ...

Core Viewpoint - The company, Ningbo Changyang Technology Co., Ltd., is under continuous supervision by Huazhong Securities as part of its stock issuance and listing process, which will last from November 8, 2023, to December 31, 2025 [1]. Continuous Supervision - Huazhong Securities has established and effectively implemented a continuous supervision work system and has signed a sponsorship agreement with Changyang Technology, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervision includes daily communication, regular visits, on-site inspections, and due diligence to ensure compliance with laws and regulations [2]. - Any violations or breaches of commitments by the company or related parties must be reported to the Shanghai Stock Exchange within five working days [2]. Internal Control and Governance - The company is required to establish and effectively implement internal control systems, including financial management, accounting, and internal audit systems [4]. - Huazhong Securities has verified that Changyang Technology's internal control systems comply with relevant regulations and are effectively executed [4]. - The company must also establish a sound information disclosure system, ensuring that all submitted documents do not contain false records or misleading statements [4]. Financial Performance - For the first half of 2025, the company reported a net profit attributable to shareholders of -8.55 million yuan, a decrease of 150.11% year-on-year, primarily due to increased financial expenses and impairment losses on fixed assets [6][13]. - The company's operating income for the first half of 2025 was 647.03 million yuan, down 18.81% from the previous year [13]. - The basic earnings per share for the first half of 2025 was -0.03 yuan, reflecting a 150% decline compared to the previous year [13]. Core Competitiveness - The company has accumulated significant technological advantages in the development and production of special functional films, achieving domestic leading levels in core technologies [14]. - The company has a strong research and development focus, with a total of 452 patent applications, including 417 invention patents [16]. - The company emphasizes quality control, having established a comprehensive quality management system that meets international standards [19]. Research and Development - The company invested 29.44 million yuan in R&D in the first half of 2025, accounting for 5.60% of its operating income [20]. - The company has successfully developed various products, including reflective films and optical base films, which have achieved international leading quality [21]. - The company is also advancing projects related to CPI films, aiming to break the monopoly of foreign companies in this area [22]. Use of Raised Funds - As of June 30, 2025, the company has managed its raised funds in compliance with relevant regulations, with a remaining balance of 29.14 million yuan [22].

Core Viewpoint - The company Longyang Technology has revised its production capacity for lithium battery separators due to market pressures and declining prices, leading to significant financial losses in 2024 [2][3]. Group 1: Project Adjustments - Longyang Technology has changed its annual production capacity for the lithium battery separator project from 650 million square meters to 350 million square meters [2]. - The annual production capacity for the energy storage and power vehicle lithium-ion battery separator project has been reduced from 400 million square meters to 200 million square meters [2]. - The adjustments are primarily due to cost-cutting pressures from downstream markets and intensified competition, resulting in a continuous decline in separator prices [2][3]. Group 2: Financial Performance - In the first half of 2025, the company reported operating revenue of 525.30 million yuan, a year-on-year decrease of 18.81% [3]. - The net profit attributable to shareholders was -8.55 million yuan, reflecting a year-on-year decline of 150.11%, mainly due to impairment losses on fixed assets and construction projects at subsidiaries [3]. Group 3: Project Developments - The Hefei New Energy project with an annual capacity of 560 million square meters for lithium-ion battery separators was completed in August 2024, but the actual capacity is only 460 million square meters [2]. - The Zhejiang Longyang facility has completed procurement for an annual capacity of 200 million square meters of separators, with production expected to commence in December 2025 [2]. Group 4: Product Development - The company has independently developed a high-porosity, large-pore, and highly compressible electrolyte composite membrane, which has received orders from leading domestic and international clients [4]. - The company is accelerating the development and validation of CPI films (transparent polyimide films) for flexible OLED cover applications, sourcing raw materials directly from suppliers [4].

华安证券股份有限公司 关于宁波长阳科技股份有限公司 2025年半年度持续督导跟踪报告 华安证券股份有限公司（以下简称"保荐机构"、"保荐人"或"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"或"公司"）2022年度 向特定对象发行股票并上市持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则（2025年4月修订）》《上海 证券交易所上市公司自律监管指引第11号——持续督导》等有关法律、法规的要 求，负责长阳科技本次股票发行上市后的持续督导工作，持续督导期间为2023 年11月8日至2025年12月31日。 2025年半年度，华安证券对长阳科技的持续督导工作情况总结如下： 上海证券交易所或者保荐人认为应当进 行现场核查的其他事项 二、保荐机构和保荐代表人发现的问题及整改情况 无。 三、重大风险事项 公司面临的主要风险如下： （一）业绩下滑或亏损的风险 2025 年上半年，公司实现营业收入 52,529.93 万元，同比下降 18.81%，主 要原因系公司收缩了隔膜、胶膜等低毛利率产品的销售及生产所致；归属于上市 公司股东的净利润-854.73 万元，同比 ...

一、开展外汇套期保值业务的必要性 华安证券股份有限公司 关于宁波长阳科技股份有限公司 开展外汇套期保值业务的核查意见 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，根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板上市公司自律监管指引第1号——规范运作（2025 年5月修订）》等有关规定，对长阳科技开展外汇套期保值业务进行了核查，并 发表核查意见如下： 公司出口业务主要采用美元等外币进行结算，因此当汇率出现较大波动 时，汇兑损益将对公司的经营业绩造成一定影响，为有效规避外汇市场的风 险，防范汇率波动对公司经营业绩造成不利影响，提高外汇资金使用效率，合 理降低财务费用，公司拟与银行开展外汇套期保值业务。公司的外汇套期保值 业务以正常生产经营为基础，以规避和防范汇率风险为目的，不进行单纯以盈 利为目的的投机和套利交易。 二、拟开展的套期保值业务概述 （一）业务品种 结合资金管理要求和日常经营需要，公司拟开展的金融衍生品套期保值业 务主要包括远期结售汇、外汇掉期、外汇 ...

Core Viewpoint - Ningbo Changyang Technology Co., Ltd. has announced the initiation of foreign exchange hedging activities to mitigate risks associated with currency fluctuations and improve the efficiency of foreign exchange fund utilization [1][2]. Group 1: Necessity of the Business - The company primarily conducts export transactions in foreign currencies such as USD, making it susceptible to exchange rate fluctuations that can impact operational performance [2]. - The foreign exchange hedging activities aim to prevent adverse effects from currency volatility, enhance the efficiency of foreign exchange funds, and reduce financial costs [2]. - The hedging activities will include various products such as forward foreign exchange contracts, foreign exchange swaps, and other foreign exchange derivatives, with a maximum amount of $50 million or equivalent [2]. Group 2: Risk Analysis and Control Measures - The company acknowledges potential risks including market risk, operational risk, and default risk, and has implemented several control measures [3]. - The hedging activities are based on normal business operations and are not intended for speculative trading [3]. - The finance department will continuously monitor market information and assess risk exposure, while a specific management regulation for foreign exchange hedging has been established [3]. Group 3: Impact on the Company and Opinions - The foreign exchange hedging activities are expected to enhance the company's ability to manage foreign exchange risks, thereby protecting operational performance and profits [4]. - The supervisory board supports the initiative, confirming that it aligns with the company's development needs and complies with legal procedures [4]. - The sponsoring institution agrees with the decision, emphasizing the importance of training for staff and adherence to risk control measures to prevent speculative behavior [4].