华安证券股份有限公司 关于宁波长阳科技股份有限公司 变更"年产8万吨光学级聚酯基膜项目"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 象发行股票并上市的保荐机构，根据《上市公司监管指引第2号——上市公司募 集资金管理和使用的监管要求（2022年修订）》、《上海证券交易所科创板股票 上市规则》、《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》等有关规定，对长阳科技拟将"年产8万吨光学级聚酯基膜项目"变更为"年 产2万吨光学级聚酯基膜项目" 并将建设期延长至2025年6月30日的事项进行了 审慎核查，核查情况如下： 一、募集资金基本情况 （一）募集资金基本情况 2021年9月14日，公司第二届董事会第二十三次会议、第二届监事会第二十 二次会议审议通过了《关于部分募投项目结项并将节余募集资金用于新建项目的 议案》，同意公司将募集资金投资项目"年产9,000万平方米BOPET高端反射型功 能膜项目"、"年产5,040万平方米深加工功能膜项目"及"年产1,000万片高端 光学膜片项目"结项，并将 ...

Summary of Conference Call Company and Industry Overview - The company specializes in the development of electrolyte composite membranes, specifically a product referred to as "T membrane" which is designed for solid-state batteries. This product features high porosity and large pore sizes, enhancing conductivity and supporting solid-state electrolyte formation [1][2][4]. Core Points and Arguments - **Product Features**: The T membrane is characterized by its high porosity (85% to 100 nanometers) compared to traditional membranes (30% to 60 nanometers), which improves liquid retention and battery cycle life [3][12]. - **Safety and Performance**: Solid-state batteries using this membrane are expected to have higher energy density, mechanical strength, and stability, significantly reducing the risk of battery fires associated with traditional liquid batteries [2][8]. - **Production Capacity**: The company has developed membranes ranging from 12mm to 40mm, with production capacity estimated at 40 to 50 million square meters annually. Current production is focused on 12mm to 40mm membranes, while 9mm to 16mm membranes are still under development [4][9]. - **Cost Efficiency**: The production process is noted to be more cost-effective than traditional methods, potentially allowing for lower pricing in the future. Current prices range from 4 to 5 RMB per square meter, with higher-end products priced at around 10 RMB [9][34][23]. - **Market Demand**: The company anticipates significant growth in demand for its products, projecting a substantial increase in orders by 2027, driven by partnerships with major battery manufacturers like CATL and Panasonic [7][8][29]. Important but Overlooked Content - **Strategic Partnerships**: The company has established strategic collaborations with institutions like the Chinese Academy of Sciences, which may enhance its technological capabilities and market positioning [7][19][20]. - **Future Product Development**: There are plans to expand product offerings beyond the current membrane technology, potentially including full solid-state battery production in the future [21][30]. - **Market Positioning**: The company is positioned to lead in the solid-state battery market due to its proprietary manufacturing processes and partnerships, which may create barriers for competitors [14][15][16]. - **Financial Outlook**: The company aims for a 300% growth target for the next year, primarily relying on the performance of new products and the stabilization of traditional business lines [30][31]. This summary encapsulates the key insights from the conference call, highlighting the company's innovative product offerings, market strategies, and future growth potential in the solid-state battery industry.

证券代码：688299 证券简称：长阳科技 公告编号：2024-051 宁波长阳科技股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2024 年 11 月 29 日（星期五）下午 14:00-15:00 会议召开地点： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 22 日（星期五）至 11 月 28 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@solartrontech.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宁波长阳科技股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三季度度经营成果、财务状况，公 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [12]. Core Insights - The company, Changyang Technology, reported a revenue of 1.003 billion yuan for the first three quarters of 2024, reflecting an 8.23% year-on-year growth, but a significant decline of 75.26% in net profit attributable to shareholders [1]. - The company is experiencing short-term pressure on performance due to new project construction, while its solid-state battery composite electrolyte membrane technology is considered leading in the industry [1][4]. - Traditional business segments, such as reflective films and optical base films, are showing steady revenue growth, while new projects like solid-state and semi-solid membranes are still in the capacity ramp-up phase [2][3]. Financial Summary - For 2024, the company is projected to achieve revenues of 1.391 billion yuan, with a growth rate of 10.95%, and a net profit of 37 million yuan, reflecting a decline of 60.77% [5]. - The company’s revenue is expected to grow significantly in the following years, reaching 2.489 billion yuan by 2026, with a corresponding net profit of 286 million yuan [5]. - The report highlights a stable expense ratio, with total expenses for the first three quarters of 2024 amounting to 176 million yuan, representing a slight increase in expense ratio by 1.72 percentage points year-on-year [2]. Market Position and Future Outlook - The company maintains the largest market share in reflective films globally and is actively working on enhancing its product offerings to meet competitive demands [3]. - The solid-state battery composite electrolyte membrane is identified as a key growth area, with initial orders from leading industry clients [3]. - The company is also investing in the production of CPI films, aiming to break the foreign monopoly in this segment [3].

Investment Rating - The report maintains a "Buy" rating for Changyang Technology (688299) [1][6][14] Core Views - Changyang Technology has signed a technology development contract with the Institute of Physics, Chinese Academy of Sciences, to jointly develop solid-state battery composite membranes, which is expected to accelerate the commercialization process [4][5] - The project aims to create a high porosity, high strength, thermally stable, and ultra-thin porous base membrane material, which will enhance the performance of solid-state lithium batteries [4][5] - The collaboration is positioned to leverage the strengths of both parties, potentially leading to significant advancements in solid-state battery technology and market positioning [5] Financial Summary - The company is projected to achieve revenues of CNY 1.39 billion, CNY 1.75 billion, and CNY 2.49 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of CNY 37 million, CNY 162 million, and CNY 286 million [6][7] - The revenue growth rates are expected to be 10.95%, 26.09%, and 41.92% for the years 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratios are forecasted to be 154.59x, 35.78x, and 20.26x for the years 2024, 2025, and 2026 respectively [6][7]

证券代码：688299 证券简称：长阳科技 公告编号：2024-050 宁波长阳科技股份有限公司 本次技术开发项目完成后，未来商业化应用的进程受要素资源配置、政 府政策、市场需求等多种因素的影响，给公司带来的预期效益存在一定 的不确定性，请投资者注意投资风险。 公司可用于固态或半固态电池用湿法隔膜已取得该行业头部客户小批 量订单以及腰部客户的企业订单，但鉴于市场需求尚未放量，收入金额 较小，短期内不会对公司经营业绩产生重大影响，敬请投资者注意投资 风险。 关部门批准。 二、合作方的基本情况 关于自愿披露签订《技术开发合同》的公告 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。 重要内容提示： 一、协议签署情况 本着资源共享、优势互补、互惠互利、共同发展的原则，宁波长阳科技股份 有限公司（以下简称"公司"或"甲方"）近日与中国科学院物理研究所（以下 简称"物理所"或"乙方"）签署了《技术开发合同》，双方就共同参与固态电池 复合膜开发签订技术开发合同。 本协议的签署无需提交公司董事会或股东大会审议。该事项不构成关联交易， 亦未 ...

Industry and Company * **Industry**: Solid-state battery and semi-solid state battery * **Company**: Changyang Technology Core Points and Arguments 1. **Product Overview**: Changyang Technology's product is a high-porosity electrolyte composite membrane, primarily used in solid-state and semi-solid state batteries. This product offers advantages such as high energy density, mechanical strength, stability, and safety compared to traditional batteries. 2. **Product Development and Customer Feedback**: Changyang Technology began to develop the separator business in 2022, with both dry and wet processes. The dry process has been stable in supply, while the wet process initially faced challenges in toughness and failed to meet the verification requirements of CATL. However, with the development of new batteries by CATL and other customers, the product has met the requirements in new application areas and is currently in small-scale supply at CATL, Beijing Weinan, and other customers. 3. **Product Parameters and Performance Advantages**: The product has special parameters, including ultra-high porosity (up to 85%, compared to 40-50% for traditional wet process separators), large pore size (up to 85-100 nm, compared to less than 60 nm for traditional wet process separators), and high compressibility (greater than 50%, compared to less than 10% for traditional wet process separators). It has passed certifications in sulfur, oxide, and polymer application directions and meets customer requirements. 4. **Market Situation**: The current monthly output is a few ten thousand square meters, mainly depending on downstream demand. The industry may see an outbreak in 2026-2027, with a small amount of products applied in office oil storage in the next year, and downstream demand may increase significantly in the second half of the next year. 5. **Economic Viability and Production Capacity**: The product has good economic viability, with the lowest customer price at 4.5 yuan per square meter, significantly higher than the value of traditional separators. The cost may be lower than traditional separators, with a monthly production capacity of 50 million square meters and a full production capacity of 40 million square meters. The equipment is 80% domestically produced and 20% imported, with low depreciation costs and no extraction process. The membrane forming process is derived from the reflective membrane product technology, using bidirectional stretching instead of extraction, resulting in lower costs and good short-term profitability. 6. **Commercial Cooperation**: The company has basically cooperated with mainstream enterprises. 7. **Future Cooperation Outlook**: The company may have deeper cooperation with some giants in the future, and specific details will be communicated later. 8. **Product Application Solutions**: The product can be applied in both solid-state and semi-solid state batteries. It has passed tests in various customer schemes, including sulfur, oxide, and polymer, and plays a different role than traditional separators, mainly acting as a supporting structure. 9. **Competition**: The company has competitors in dry double-drawing processes, but its product meets customer requirements in porosity, pore size, and rebound performance. Reflective membrane enterprises are unlikely to enter this field due to technical and economic challenges. 10. **Traditional Business**: The company's traditional businesses include reflective membranes, optical base films, and dry separators. Reflective membrane business is stable, with revenue of about 7.1 billion yuan in the first three quarters of this year and an expected revenue of 9.6-10 billion yuan for the full year. The optical base film business is expected to incur a loss this year, but may reduce losses next year. The dry separator business is expected to reduce losses significantly next year. Other Important Information * The company's research and development team includes personnel from equipment and process, formula, and product promotion. * The company has a 50 million square meter production line, with an expansion period of 8-12 months. * The company plans to expand its production capacity based on industry demand and may become a key direction for capacity investment in the future.

Summary of Chaoyang Technology Conference Call Company Overview - Chaoyang Technology focuses on the research and development of high-porosity electrolyte composite membranes for solid-state and semi-solid batteries, boasting a porosity of 80%-85% and pore sizes of 85-100 nanometers, significantly outperforming traditional wet-process separators [2][3][4] Core Industry Insights - The company has begun small-scale supply to leading battery manufacturers such as CATL and BYD, with monthly shipments reaching several tens of thousands of square meters, anticipating a surge in industry demand by 2026-2027 [2][6] - The product pricing starts at 4.5 RMB per square meter, higher than traditional wet-process separators, but competitive due to high domestic equipment rates and simplified processes, leading to good short-term profitability, albeit heavily influenced by downstream demand [2][7] - The company plans to develop a new 9-micron thick film to enhance gross margins and expand market applications, with a current production capacity of 50 million square meters per month, which can be easily scaled to several hundred million square meters [2][8] Financial Performance and Projections - The dry separator business is expected to significantly reduce losses or break even next year, while the reflective film business remains stable, and the optical base film business is projected to turn profitable, with an overall net profit forecast of 150-200 million RMB for the next year [2][16] - Traditional business segments, including reflective and optical base films, showed stable performance in the first three quarters, with reflective film revenue holding steady at approximately 710 million RMB, and optical base film losses decreasing from -6.7% to -2.3% [2][14] Competitive Landscape - The company holds a significant advantage in bi-directional stretching technology, achieving a porosity of 85%, far exceeding competitors who typically reach only 40%-50% [2][11] - There are two major domestic competitors in the dry bi-directional stretching process, but the complexity of the technology makes it difficult for them to catch up in the short term [2][11] Future Development Plans - The company aims to optimize product performance and expand market applications, with plans to quickly ramp up production based on market demand, leveraging a production line that can be expanded within 8-12 months [2][9][25] - The company does not plan to sign exclusive supply agreements with any customers, preferring to promote broader market adoption of its products [2][24] Research and Development - The R&D team includes personnel from various fields, and the company is collaborating with a large institution for deep cooperation in formulation [2][25] - The company has made significant progress in developing its production line since 2021, with a focus on meeting customer requirements and optimizing product parameters [2][18][23] Market Outlook - The market for traditional wet-process separators is projected to reach 30 billion square meters, with a penetration rate of 5%-10%, indicating a substantial growth opportunity for the company [2][26]

Key Points Company Overview 1. **Reflective Film Stability**: The company's reflective film business is stable with an annual growth rate of 5-10%. It has entered the supply chain of A Company and is expected to switch entirely to the company's products within three years. The market share exceeds 60%, with a gross margin of 36% and an expected annual net profit of 200 million yuan [1]. 2. **Optical Base Film**: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company has a capacity of 200 million tons with revenue of 2 billion yuan. The company intends to shift towards OCA release film and brightening film. Profits are expected to turn positive by the end of the fourth quarter, although there may still be losses for the full year. The new high-end base film production line in Hefei is expected to start production in the first quarter of next year, leading to a structural upgrade. The company plans to control production to two lines and will not expand further [2]. 3. **Battery Dry Separator**: The company began supplying to BYD in March and will start mass production in July. It secured a 5.6 billion square meter order in the first half of the year, with monthly production of 10 million square meters from the third quarter and 15 million square meters from the fourth quarter. Due to the need for re-validation at BYD's new production base, the company experienced significant losses in the first half of the year, but is expected to reach full production in the fourth quarter. The company's capacity is maintained at around 650 million square meters and will not expand further. The company has the lowest cost in the industry and can achieve profitability, but faces intense competition [3]. 4. **Photovoltaic**: The company invested 200 million yuan in photovoltaic film equipment, resulting in several million yuan in losses this year. Production will be abandoned next year [4]. 5. **Semi-solid and Solid Separator**: The company's semi-solid and solid separators meet downstream requirements for compressibility, pore size, and porosity, offering significant advantages over competitors. The company has self-developed equipment and separate production lines, creating a clear barrier to entry. Most battery companies, including CATL, Panasonic, BYD, and GEMFAM, have validated the company's products, with some providing small-scale supply. CATL and Xingyuan have not yet passed validation. Production is expected to increase significantly in the second half of next year, with a projected 160 million square meters of demand due to the 60 billion yuan national subsidy project for battery projects in 2027. The company currently has a production line in Hefei with a capacity of 4-5 million square meters, priced at 4-5 yuan per square meter, with a gross margin of over 60%. The company plans to expand production next year, with an expansion cycle of 8-9 months [5]. 6. **CPI Film**: Currently, only one company in South Korea, Kolon, can produce CPI film. The company's products have been certified by Hui Xing (a Kolon downstream company located next to Changyang) and BOE. The company aims to obtain Huawei's certification by the end of the year. A 500,000 square meter production line is expected to be completed in the second quarter of next year, corresponding to approximately 20-30 million phones. The company plans to build another line in the second half of next year. The current terminal price of Kolon's CPI film is approximately 150 USD per square meter, with a revenue of about 1 billion yuan for 100 million square meters. The company expects demand from domestic foldable screen manufacturers to increase significantly next year, pending the completion of the new production line [6]. Industry Trends 1. **Reflective Film Market**: The reflective film market is stable with a moderate growth rate, and the company holds a significant market share [1]. 2. **Optical Base Film Market**: The market is currently oversupplied, with domestic capacity concentrated in low-end products. The company plans to shift towards higher-value products and expects to turn profitable in the near future [2]. 3. **Battery Separator Market**: The battery separator market is highly competitive, with the company achieving cost advantages and securing significant orders from leading battery manufacturers [3]. 4. **Photovoltaic Market**: The company plans to abandon its photovoltaic film business due to losses [4]. 5. **Semi-solid and Solid Separator Market**: The market for semi-solid and solid separators is expected to grow significantly in the near future, driven by increasing demand from battery manufacturers and government subsidies [5]. 6. **CPI Film Market**: The CPI film market is currently dominated by Kolon, but the company is expected to gain a significant share of the market due to its competitive products and certifications from leading manufacturers [6].

证券代码：688299 证券简称：长阳科技 公告编号：2024-049 宁波长阳科技股份有限公司 2024 年第二次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 100 | | --- | --- | | 普通股股东人数 | 100 | | 2、出席会议的股东所持有的表决权数量 | 58,855,406 | | 普通股股东所持有表决权数量 | 58,855,406 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 20.8492 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 20.8492 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长金亚东先生主持，会议采取现场投 （一 ...