Group 1 - The core point of the article is that four executives of Changyang Technology have completed their share reduction plan as of July 29, 2025 [1] Group 2 - Executive Yang Zhonghe reduced 18,700 shares, accounting for 0.0065% of the total share capital, with a reduction amount of 358,100 yuan [1] - Executive Li Chen reduced 20,625 shares, accounting for 0.0072% of the total share capital, with a reduction amount of 394,600 yuan [1] - Executive Yang Chenghan reduced 12,500 shares, accounting for 0.0043% of the total share capital, with a reduction amount of 239,800 yuan [1] - Executive Zhou Yubo reduced 19,000 shares, accounting for 0.0066% of the total share capital, with a reduction amount of 364,300 yuan [1]

证券代码：688299 证券简称：长阳科技 公告编号：2025-038 其他：/ 持股数量 50,000股 持股比例 0.0174% 当前持股股份来源 股权激励取得：50,000股 股东名称 周玉波 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 股东身份 董事、监事和高级管理人员 √是 □否 其他：/ 持股数量 79,200股 持股比例 0.0276% 当前持股股份来源 股权激励取得：79,200股 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）董监高因以下事项披露减持计划实施结果： 减持计划实施完毕 股东名称 杨衷核 减持计划首次披露日期 2025 年 6 月 9 日 减持数量 18,700股 减持期间 2025 年 7 月 28 日～2025 年 7 月 28 日 减持方式及对应减持数 集中竞价减持，18,700 股 量 减持价格区间 19.15～19.15元/股 减持总金额 358,105元 减持完成情况 已完成 减持比例 0.0065% 原计划减持比例 不超过：0.0065% 当前持股数量 56,300股 当前持股比例 0.0196% 股东名称 李辰 减持计 ...

| 日期 | 姓名 | 职务 | 变动人 | 增减 | 变动股数 (股) | 成交 均价 | 交易方式 | 变动后 持股数 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | (股) | | 2025-07-29 | 李辰 | 中華 副总经理 财务总监 | 李辰 (本人) | 減管 | 2.06万 | 19.13 | 集中壳价 | 6.19万 | | 2025-07-28 | 周卡波 | 副总经理 | 周玉波 (本人) | 減持 | 1.90万 | 19.17 | 隼中竟价 | 6.02万 | | 2025-07-28 | 杨夏核 | 副章事长 | 杨泉核 (本人) | 減奇 | 1.87万 | 19.15 | 集中竟价 | 5.63万 | | 2025-07-09 | 勿7其動 | 高级管理人员 | 杨承翰 (本人) | 濾等 | 5000.0 | 19.26 | 二级市场买卖 | 4.50万 | 长阳科技的高管列表及最新持股情况如下： | 序号 | 姓名 | 职务 | 持股数 | 最近变动日期 | 变动股数 ...

Group 1 - The company announced a share reduction plan involving key executives, including the Vice Chairman and several Vice Presidents, who collectively held a small percentage of the total shares before the reduction [1][2] - As of July 29, 2025, the executives reduced their holdings through centralized bidding, with the total shares reduced being approximately 1.87 million shares for Yang Zhonghe, 2.06 million shares for Li Chen, 1.25 million shares for Yang Chenghan, and 1.9 million shares for Zhou Yubo, representing minor percentages of the total share capital [2] - The company's revenue composition for the year 2024 indicated that special functional films accounted for 89.34% of total revenue, while other businesses contributed 10.66% [2] Group 2 - The current market capitalization of the company is 5.5 billion yuan [3]

宁波长阳科技股份有限公司 董事、高管减持股份结果公告 本公司董事会、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： 董监高持有的基本情况 本次减持计划实施前，宁波长阳科技股份有限公司（以下简称"公司"）副 董事长杨衷核先生直接持有公司股份 75,000 股，占公司总股本比例为 0.0261%； 公司董事、副总经理、财务总监李辰先生直接持有公司股份 82,500 股，占公司 总股本比例为 0.0287%；公司副总经理杨承翰先生直接持有公司股份 50,000 股， 占公司总股本比例为 0.0174%；公司副总经理周玉波先生直接持有公司股份 79,200 股，占公司总股本比例为 0.0276%。以上股份为公司 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，且已于 2021 年 12 月 3 日上市流 通。 证券代码：688299 证券简称：长阳科技 公告编号：2025-038 | 股东名称 | 杨承翰 | | | | --- | --- | --- | --- | | | 控股股东、实控人及一致行动人 | ...

Summary of Key Points - The company Changyang Technology (688299.SH) announced share reductions by several individuals as of July 29, 2025 [1] - Mr. Yang Zhonghe reduced his holdings by 18,700 shares, representing 0.0065% of the total share capital [1] - Mr. Li Chen reduced his holdings by 20,625 shares, representing 0.0072% of the total share capital [1] - Mr. Yang Chenghan reduced his holdings by 12,500 shares, representing 0.0043% of the total share capital [1] - Mr. Zhou Yubo reduced his holdings by 19,000 shares, representing 0.0066% of the total share capital [1]

Market Performance - The POE film concept declined by 2.39%, ranking among the top declines in the concept sector as of the market close on July 15 [1] - Within the POE film sector, stocks such as Tuojri New Energy and Yamaton hit the daily limit down, while companies like Saiwu Technology, Changyang Technology, and Tianyang New Materials experienced significant declines [1] Capital Flow - The POE film concept saw a net outflow of 309 million yuan from main funds today, with 20 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Yamaton, with a net outflow of 65.6 million yuan, followed by Satellite Chemical and Changyang Technology with net outflows of 62.7 million yuan and 58.8 million yuan, respectively [2] - Conversely, stocks with the highest net inflow included Yueyang Xingchang, Chengzhi Co., and Tuojri New Energy, with net inflows of 10.5 million yuan, 8.9 million yuan, and 7.5 million yuan, respectively [2] Individual Stock Performance - Yamaton saw a decline of 9.99% with a turnover rate of 17.93% and a main fund outflow of 65.6 million yuan [3] - Satellite Chemical decreased by 1.55% with a main fund outflow of 62.7 million yuan [3] - Changyang Technology fell by 4.64% with a main fund outflow of 58.8 million yuan [3] - Other notable declines included Saiwu Technology at -7.04% and Tianyang New Materials at -3.26% [3]

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]