Core Viewpoint - The company emphasizes the importance of market value management and expresses strong confidence in its long-term development potential [1] Group 1 - The management is actively exploring effective ways to maintain company value, including the implementation of a stable dividend policy and stock buybacks [1] - The company aims to enhance governance and operational performance to instill confidence in investors and provide them with returns [1]

Group 1 - The company, Cangzhou Mingzhu (002108), announced on September 16 that it has not obtained any patents for semi-solid batteries as of now [1]

Core Viewpoint - Cangzhou Mingzhu (002108) announced a delay in the operational status of its fundraising project, the Cangzhou Film Project, now expected to be operational by October 2025, while the project is currently under construction [1] Group 1: Project Updates - The company is closely monitoring and actively promoting the progress of various expansion projects, aiming for early production of these projects [1] - The Cangzhou Film Project is a key fundraising initiative for the company [1] Group 2: Product Information - The company's diaphragm products are applicable in semi-solid batteries, with small batch supplies currently available [1] - The company produces lithium-ion battery diaphragm products but is not a manufacturer of lithium-ion batteries and has not obtained patents for semi-solid batteries [1]

Core Viewpoint - The company held an online performance briefing to discuss its business layout, project progress, and market competition, addressing investor inquiries directly [1] Project Progress - The construction of the Cangzhou film project and the 38,000-ton BOPA film (Cangzhou) project has been delayed, with expected operational status pushed to October 2025 and October 2023 respectively. Both projects are currently under planned construction [2] Business Layout - The company is actively participating in gas pipeline projects, including potential involvement in the China-Russia gas project. In the diaphragm business, lithium-ion battery diaphragm products are widely used across various sectors, including new energy vehicles and home appliances. However, the company does not currently produce skeleton membranes or have plans to extend into solid-state battery materials [3] Market and Competition - Despite intensified competition in the nylon membrane market, the company maintains a good gross margin and plans to enhance market development efforts. The prices of dry and wet diaphragm products have not increased compared to the first half of the year, despite market fluctuations in September. A meeting was held in August to prevent malicious low-price competition in the dry diaphragm sector [4] Other Concerns - The company is in a 45-day public notice period regarding the repurchase and cancellation of restricted stocks. A second shareholder has disclosed a reduction in shares due to fund investor exit needs. The company emphasizes timely and comprehensive information disclosure, with limited on-site investigations [5]

Group 1: Company Operations and Projects - The demolition of the Cangzhou Landmark Pearl Textile City on August 19 does not involve the listed company's business, and the funds belong to the parent company [2] - The Cangzhou BOPA film project is expected to be operational by October 2025, with ongoing construction [2] - The company is actively monitoring and promoting the progress of its expansion projects to ensure timely production [2][3] Group 2: Market and Product Demand - The new energy storage action plan aims for a national installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [3] - The company's lithium-ion battery separator products are used in various applications, including new energy vehicles and household appliances, which are expected to see increased demand [3][6] - The company has not raised prices for dry and wet membrane products compared to the first half of the year [6] Group 3: Shareholder and Market Concerns - The company is committed to timely share cancellation procedures as required [3] - Concerns were raised about the second largest shareholder's frequent selling of shares, which may impact the company's stock price [4][5] - The company emphasizes its independence from the controlling shareholder and maintains a robust corporate governance structure [5][6] Group 4: Financial Performance and Strategy - The company is focused on enhancing its market presence and expanding its revenue through domestic and international market development [5][6] - The management is exploring effective ways to maintain company value, including stable dividend policies and stock buybacks [4] - The company has not considered mergers or acquisitions to strengthen its competitive position at this time [4][5] Group 5: Future Outlook and Challenges - The company acknowledges the competitive challenges in the nylon membrane market and is working on strategies to improve its market position [6][7] - There are no current plans to extend product lines into solid-state batteries or to produce skeleton membranes [4][6] - The company is committed to improving its operational efficiency and management capabilities to enhance overall performance [6][7]

Core Viewpoint - The report highlights the growth and current status of China's plastic products industry, projecting a production increase in the coming years based on statistical data from the National Bureau of Statistics [1]. Industry Summary - In July 2025, China's plastic products production reached 6.69 million tons, marking a year-on-year growth of 1.7% [1]. - From January to July 2025, the cumulative production of plastic products in China was 45.452 million tons, reflecting a cumulative growth of 4.3% [1]. - The report is part of a comprehensive analysis provided by Zhiyan Consulting, which specializes in industry research and consulting services [1].

Group 1 - The event "2025 Hebei Listed Companies Investor Online Collective Reception Day" was held on September 15, focusing on the collective performance explanation of the 2025 semi-annual reports [1] - Cangzhou Mingzhu (stock code: 002108) introduced its self-developed RTP pipes, which are based on PE pipelines and applicable in various fields such as oil field ground gathering, water injection oil extraction, high-pressure alcohol injection, slurry transportation, medium and deep geothermal energy extraction, chemical media, and brine transportation [1] - The RTP pipes have significant advantages including corrosion resistance, high pressure tolerance, temperature insulation, good hydraulic properties, coilability, low overall cost, and long service life, showcasing strong technical competitiveness [1]

Core Insights - The event held on September 15 focused on the online collective reception day for investors and the collective performance briefing for the first half of 2025 in Hebei's listed companies [1] Group 1: Company Developments - Cangzhou Mingzhu (002108) announced the new BOPA film asynchronous stretching production line, which features wide width, high speed, high capacity, and low cost, enhancing product competitiveness upon reaching full production [1] - The company reported an increase in lithium battery separator sales in the first half of the year, attributed to the effective release of new production capacity [1] - Cangzhou Mingzhu emphasized its commitment to advancing ongoing projects and accelerating capacity construction to solidify its core business development [1]

Group 1 - The event "2025 Hebei Listed Companies Investor Online Collective Reception Day" was held on September 15, focusing on the collective performance explanation of the 2025 semi-annual reports [1] - Cangzhou Mingzhu (002108) announced during the investor interaction that its lithium-ion battery separator products are now applied in semi-solid batteries, with small batch orders already being supplied [1] - The company's products cover multiple fields including new energy vehicle lithium batteries, 3C batteries, electric two-wheeler batteries, energy storage, and household appliances [1] Group 2 - The company is expected to benefit continuously from the separator business due to the promotion of new energy storage policies and the growth in downstream demand [1]

Core Viewpoint - The company, Cangzhou Mingzhu, produces BOPA film primarily used in food packaging, indicating a strong position in the packaging industry with diverse applications [1] Product Applications - The BOPA film produced by the company is mainly utilized in food packaging, particularly for steamable food, oily food, frozen food, and liquid condiments [1] - Additionally, the BOPA film is widely used in general industrial packaging, pharmaceutical packaging, cosmetics and cleaning products packaging, as well as packaging for mechanical electronics, household products, balloon decorations, and certain grain products [1]