（文章来源：每日经济新闻） 沧州明珠（SZ 002108，收盘价：3.89元）8月15日晚间发布2025年半年度业绩快报，营业收入约13.19亿 元，同比增加6.88%；归属于上市公司股东的净利润约8281万元，同比减少6.15%；基本每股收益0.0497 元，同比减少5.87%。 ...

[Announcement Information and Special Notice](index=1&type=section&id=Announcement%20Information%20and%20Special%20Notice) This report is Cangzhou Mingzhu Plastic Co., Ltd.'s 2025 semi-annual performance express, with preliminary, unaudited financial data that may differ from the final report, cautioning investors about risks - This announcement is Cangzhou Mingzhu Plastic Co., Ltd.'s 2025 semi-annual performance express[1](index=1&type=chunk) - The financial data presented are preliminary, audited by the company's internal audit department but not by an accounting firm[2](index=2&type=chunk) - Final data may differ from those disclosed in the 2025 semi-annual report, so investors should be aware of investment risks[2](index=2&type=chunk) [Key Financial Data and Indicators](index=1&type=section&id=Key%20Financial%20Data%20and%20Indicators%20for%20H1%202025) The company's semi-annual performance shows increased total revenue but decreased net profit attributable to shareholders, with total assets growing while equity declined [Key Income Statement Data](index=1&type=section&id=1.1.%20Key%20Income%20Statement%20Data) During the reporting period, the company's total operating revenue increased by 6.88%, but net profit attributable to shareholders decreased by 6.15%, with non-recurring adjusted net profit, basic EPS, and ROE all declining 2025 Semi-Annual Key Income Statement Data | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,319,461,649.23 | 1,234,531,569.83 | 6.88 | | Operating Profit | 96,830,395.78 | 91,931,531.12 | 5.33 | | Total Profit | 96,792,214.06 | 91,424,623.41 | 5.87 | | Net Profit Attributable to Shareholders | 82,806,694.74 | 88,235,104.26 | -6.15 | | Net Profit Attributable to Shareholders After Non-Recurring Items | 68,557,521.60 | 80,580,746.73 | -14.92 | | Basic Earnings Per Share (CNY) | 0.0497 | 0.0528 | -5.87 | | Weighted Average Return on Net Assets | 1.61% | 1.72% | Decrease of 0.11 percentage points | [Key Balance Sheet Data](index=1&type=section&id=1.2.%20Key%20Balance%20Sheet%20Data) As of the end of the reporting period, total assets increased by 4.82% from the beginning of the period to **CNY 7.931 billion**, while equity attributable to shareholders and net assets per share both decreased 2025 Semi-Annual Key Balance Sheet Data | Item | End of Current Period (CNY) | Beginning of Current Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,931,240,603.75 | 7,566,853,313.92 | 4.82 | | Equity Attributable to Shareholders | 5,040,268,938.83 | 5,150,310,508.11 | -2.14 | | Share Capital | 1,665,394,648.00 | 1,665,394,648.00 | 0.00 | | Net Assets Per Share Attributable to Shareholders | 3.03 | 3.09 | -1.94 | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) Total operating revenue increased by 6.88% while net profit attributable to shareholders decreased by 6.15%, with varied product performance and a healthy financial position - PE pipe product sales revenue was lower than the prior period, primarily due to decreased selling prices, with no significant change in sales volume or gross margin[6](index=6&type=chunk) - BOPA film product sales volume and revenue were both higher than the prior period, with increased profitability mainly due to a smaller decrease in unit selling price compared to unit cost[6](index=6&type=chunk) - Lithium-ion battery separator product sales volume was higher than the prior period, but selling prices decreased significantly due to market influence, with gross margin remaining largely unchanged as costs also decreased accordingly[6](index=6&type=chunk) - As of the end of the reporting period, total assets were **CNY 7.931 billion**, an increase of **4.82%** from the beginning of the period; equity attributable to shareholders was **CNY 5.040 billion**, a decrease of **2.14%** from the beginning of the period[6](index=6&type=chunk) - The company's financial position is sound, with an asset-liability ratio of **36.45%**[6](index=6&type=chunk) - During the reporting period, the company achieved total operating revenue of **CNY 1.319 billion**, an increase of **6.88%** year-on-year; net profit attributable to shareholders was **CNY 0.083 billion**, a decrease of **6.15%** year-on-year[6](index=6&type=chunk) [Explanation of Differences from Previous Performance Forecast](index=2&type=section&id=Explanation%20of%20Differences%20from%20Previous%20Performance%20Forecast) The company did not issue a 2025 semi-annual performance forecast prior to this express report, thus there are no differences from a previous forecast - Prior to the disclosure of this performance express report, the company had not disclosed its 2025 semi-annual performance forecast[7](index=7&type=chunk) [Other Explanations](index=2&type=section&id=Other%20Explanations) This performance express report contains preliminary, unaudited financial data, with final details to be in the 2025 semi-annual report, cautioning investors to exercise prudence - This performance express report presents preliminary results from the company's finance department, unaudited by an accounting firm[8](index=8&type=chunk) - Specific financial data will be disclosed in detail in the 2025 semi-annual report[8](index=8&type=chunk) - Investors are advised to make cautious decisions and be aware of investment risks[8](index=8&type=chunk) [Documents for Reference](index=2&type=section&id=Documents%20for%20Reference) Documents for reference include comparative balance sheets and income statements signed and sealed by the legal representative, chief accountant, and head of accounting, along with an internal audit report signed by the head of the internal audit department - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's current legal representative, chief accountant, and head of accounting[9](index=9&type=chunk) - Documents for reference also include an internal audit report signed by the head of the internal audit department[9](index=9&type=chunk)

证券之星消息，8月13日塑料板块较上一交易日上涨2.49%，唯科科技领涨。当日上证指数报收于 3683.46，上涨0.48%。深证成指报收于11551.36，上涨1.76%。塑料板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601208 东材科技 | | 2.82 Z | 15.77% | -8152.79万 | -4.56% | -2.00 Z | -11.21% | | 002108 沧州明珠 | | 1.26 Z | 22.49% | -3849.89万 | -6.85% | -8781.15万 | -15.63% | | 001359 | 平安电工 | 7658.21万 | 17.51% | -1683.67万 | -3.85% | -5974.54万 | -13.66% | | 688716 中研股份 | | 5781.08万 | 7.46% | 3282.43万 | 4.23% ...

Market Overview - The Shanghai Composite Index closed at 3682.19 points, above the five-day moving average, with a gain of 0.44% [1] - The total trading volume of A-shares reached 171.88 billion yuan [1] Stocks Exceeding Five-Day Moving Average - A total of 620 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Shouyao Holdings (15.20%) - Zhongyi Technology (11.60%) - Olin Bio (10.16%) [1][2] Stock Performance Data - The following stocks showed the highest deviation rates from the five-day moving average: - Shouyao Holdings: Today's gain of 19.99%, turnover rate of 9.80%, latest price at 55.94 yuan [2] - Zhongyi Technology: Today's gain of 15.43%, turnover rate of 18.35%, latest price at 31.49 yuan [2] - Olin Bio: Today's gain of 12.73%, turnover rate of 2.99%, latest price at 23.11 yuan [2] - Other notable stocks include: - Guanggang Gas (9.92%) - Tianlong Group (9.55%) - Feilihua (9.54%) [2][3]

Core Viewpoint - The report highlights the opportunities for profit recovery in core materials for lithium batteries under the influence of anti-involution policies, as the industry faces significant losses due to accelerated capacity expansion and increased competition [1][4]. Industry Developments - A closed-door meeting was held on August 8 in Shenzhen with key representatives from eight major dry-process lithium battery separator manufacturers to address "involution" competition and promote healthy industry development [2][3]. - The participating companies reached five key agreements: price self-discipline, scientific capacity release, suspension of capacity expansion, strengthening industry chain cooperation, and social supervision to ensure compliance with standards [3]. Investment Recommendations - The report suggests focusing on companies with cost and technological advantages that are likely to benefit from the expected increase in market concentration, including Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongchuang Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie, and Xingyuan Materials [2][4].

Group 1 - The meeting held in Shenzhen aimed to address the "involution" competition in the lithium battery separator industry and promote healthy development [1] - Eight major companies, including Xingyuan Material and Enjie, discussed their production and sales plans for 2024 and the first half of 2025, as well as product cost structures [1] - The companies reached several key agreements: price self-discipline, scientific capacity release, suspension of capacity expansion, strengthening supply chain cooperation, and encouraging social supervision [1] Group 2 - The lithium battery separator is a critical component that separates the positive and negative electrodes, ensuring lithium ions pass through while preventing electron transmission [1] - According to the "China Lithium-Ion Battery Separator Industry Development White Paper (2025)," the output of lithium battery separators in China is expected to reach 22.75 billion square meters in 2024, accounting for 79.4% of the global market [1] - In the first half of 2024, China's separator production reached 9.24 billion square meters, a year-on-year increase of 20%, but prices have been declining due to a mismatch between supply and demand [1][2]

Group 1 - The meeting of lithium battery dry separator manufacturers in Shenzhen resulted in five key agreements aimed at stabilizing the industry, including price discipline and capacity management [1] - Companies agreed to pause expansion plans for the next two years to focus on optimizing existing capacity due to significant supply-demand imbalance [1] - The meeting is seen as a response to national policies promoting sustainable development and aims to foster a healthy ecosystem within the industry [1] Group 2 - The lithium battery materials industry is facing significant challenges, with major revenue declines reported across key materials: over 40% drop in cathode materials, 20% in electrolytes, 4.5% in anodes, and 11.7% in separators [2] - Approximately half of the 38 listed lithium battery material companies are experiencing losses, with cathode and electrolyte companies reporting negative overall profits [2] - The industry is urged to adhere to quality improvement and avoid price dumping to restore healthy competition and profitability, which is essential for future innovation and development [2]

通过天眼查大数据分析，沧州明珠塑料股份有限公司共对外投资了12家企业，参与招投标项目1076次， 知识产权方面有商标信息5条，专利信息75条，此外企业还拥有行政许可92个。 来源：金融界 资金流向方面，今日主力资金净流出1401.91万元，占比成交额12.61%。其中，超大单净流出435.02万 元、占成交额3.91%，大单净流出966.89万元、占成交额8.7%，中单净流出流入287.29万元、占成交额 2.58%，小单净流入1114.62万元、占成交额10.03%。 沧州明珠最新一期业绩显示，截至2025一季报，公司营业总收入5.79亿元、同比增长13.63%，归属净利 润4829.99万元，同比减少19.32%，扣非净利润3678.55万元，同比减少34.61%，流动比率1.857、速动比 率1.527、资产负债率34.15%。 天眼查商业履历信息显示，沧州明珠塑料股份有限公司，成立于1995年，位于沧州市，是一家以从事橡 胶和塑料制品业为主的企业。企业注册资本166539.4648万人民币，实缴资本166539.4648万人民币。公 司法定代表人为于增胜。 金融界消息 截至2025年8月11日收盘，沧 ...

Core Insights - The core viewpoint of the article highlights the significant growth in China's lithium battery separator shipments, with a projected volume of approximately 13.3 billion square meters in the first half of 2025, representing a year-on-year increase of 47.6% [2]. Group 1: Industry Overview - The total shipment of lithium battery separators in China for 2025H1 is estimated at 13.3 billion square meters, with a year-on-year growth of 47.6% [2]. - Among the shipments, wet-process separators account for 10.95 billion square meters, making up 82.3% of the total, while dry-process separators contribute 2.35 billion square meters, or 17.7% [2]. - The share of wet-process separators has increased by 11.1% compared to the previous year, primarily due to the rising penetration of 314Ah cells in the energy storage sector, which are better suited for wet-process separators [2]. Group 2: Market Leaders - The top 10 companies in China's lithium battery separator shipments for 2025H1 are as follows: 1. SEMCORP (恩捷股份) 2. Xingyuan Material (星源材质) 3. Jinli (金力股份) 4. China National Materials (中材科技) 5. Housheng New Energy (厚生新能源) 6. Kanghui New Materials (康辉新材) 7. Huiqiang New Energy (惠强新能源) 8. Zhongxing New Materials (中兴新材) 9. Cangzhou Mingzhu (沧州明珠) 10. Putailai (璞泰来) [3].

Core Viewpoint - A total of 19 A-share listed companies have disclosed share reduction plans, with no companies announcing share increases on the same day [1]. Group 1: Share Reduction Details - Weilon Co., Ltd. plans to reduce no more than 0.7664% of its shares by the controlling shareholder's concerted action [2]. - Gongchuang Turf's shareholders plan to reduce no more than 0.80% of the total shares [2]. - Yujing Co., Ltd. will see a reduction of 1.12% of shares by its controlling shareholder and actual controller Yang Yuhong [2]. - Xiangxin Technology's controlling shareholder and actual controller will reduce 801,300 shares [2]. - Hengji Daxin's controlling shareholder Zhuhai Shiyou intends to reduce no more than 3% of the company's shares [2]. - Hengli Hydraulic's shareholder Shennuo Technology plans to reduce no more than 3% of the company's shares [2]. - Cangzhou Mingzhu's shareholder Junyue Rixin 17 plans to reduce no more than 1.00% of the company's shares [2]. - Tongfu Microelectronics' major fund reduced 13.1424 million shares, bringing its holding ratio down to 6.91% [2]. - Xianheng International's shareholder Goldman Sachs Asia Strategic plans to reduce no more than 12.3 million shares, accounting for no more than 3% [2]. - Hongsheng Co., Ltd.'s shareholder Changzhou Zhongke plans to reduce no more than 2.8594% of the company's shares [2]. - Dongfang Guoxin's controlling shareholder reduced 1.63% of the company's shares on August 6 [2]. - Linuo Pharmaceutical's shareholder plans to reduce no more than 3% of the company's shares [2]. - Yinlun Co., Ltd.'s directors and executives plan to reduce no more than 964,000 shares [2]. - Sanwei Xinan's Zhongwang Investment plans to reduce no more than 1% of the company's shares [2]. - Xue Neng Technology's shareholder Shanghang Xingyuan plans to reduce no more than 1.9832% of the company's shares [2]. - Zhongyan Co., Ltd.'s shareholder Wang Xiuyun plans to reduce no more than 1% of the company's shares [2]. - Zhongyou Technology's director Zhang Zhanguan plans to reduce no more than 0.0009% of the company's shares [2]. - Ruifeng Bank's Antu Automobile plans to reduce no more than 1.20% of the company's shares [2]. - Aili Home's directors and senior management plan to reduce no more than 0.108% of the company's shares [2].