证券代码：002108 证券简称：沧州明珠 沧州明珠塑料股份有限公司 投资者关系活动记录表 编号：【2015】008 | --- | --- | --- | |----------------|---------------------------|--------------------------------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 国泰基金管理有限公司 叶烽 | | | 人员姓名 | | | | 时间 | 2015 年 07 月 03 | 日 10:00 | | 地点 | 公司证券投资部 | | | 上市公司接待 | | 证券事务代表李繁联、证券事务主管梁芳 | | 人员姓名 | | | | 投资者关系活动 | 1 | 、锂离子电池隔膜产品上半年的产销量是多少？ | | 主要内容介绍 | 目前没 ...

Group 1: Company Overview - Cangzhou Mingzhu Plastic Co., Ltd. is focused on the production of lithium-ion battery separators, with a significant emphasis on both dry and wet processes [2][3]. Group 2: Product Insights - The raw material cost has a minimal impact on the overall cost of separators, as it constitutes a small percentage of the total cost [3]. - The yield rate for dry-process separators is approximately 50% [3]. - The company plans to launch a new wet-process line with a capacity of 60 million square meters by 2017 [4]. Group 3: Market Position and Production - Currently, about 60% of dry-process separators are supplied to mainstream battery manufacturers, with an increase in average selling prices compared to the previous year due to higher demand [4]. - The domestic production ratio for dry-process separators is roughly equal between domestic and imported products, while the wet-process ratio remains low [4]. - The company’s separators are currently at full production capacity [5]. Group 4: Future Developments - The company does not have immediate plans to expand the dry-process separator production line [4]. - The gross margin for separators is expected to decline in the future as domestic production increases and competition intensifies [5]. - The company aims to establish itself as a leader in the industry, having started R&D in 2009 and officially launching products in 2013 [8]. Group 5: Operational Details - The company maintains a reasonable inventory level, typically ensuring a one-month supply of raw materials [7]. - The workforce, including those at remote locations, is approximately 1,600 employees [8]. - The company’s pipeline products are primarily used in urban infrastructure, with stable demand and annual growth [6].

Production Goals - The company aims to produce and sell 380,000 square meters of separators in 2015, with a target of 105,000 tons for pipeline production and 32,000 tons for BOPA film production, including output from Chongqing Mingzhu [2] - The current production capacity for separators is 30 million square meters, with new investments expected to add approximately 5 million square meters of capacity in the fourth quarter [3] Separator Production Details - All current separator production is dry method, with one ton of separator equating to approximately 70,000 square meters [3] - The average price of separators has increased since early 2014, attributed to improved processes and higher quality, particularly for use in power batteries [4] - The company expects to achieve a production target of 38 million square meters for the year, with a focus on enhancing yield rates to meet this goal [3][4] Market Insights - The market for gas and water pipes is expected to grow steadily, with water pipes projected to increase in sales proportion due to enhanced production capacity [6] - BOPA film is primarily used in food packaging and is expected to see stable demand growth as living standards rise [6][7] Product Pricing - Wet method separators are slightly more expensive than dry method separators, with a price difference of approximately 1-2 yuan per square meter [4] - The average price of separators in the first half of 2015 is projected to reach around 4 yuan per square meter [5] Future Production Plans - The company plans to scale up production of wet method separators by mid-2016, with ongoing research into coating technology to diversify product offerings [5][6] - The company is also focused on entering mainstream supply chains for wet method separators, which are currently less common among domestic producers [4][5]

Group 1: Investor Relations Activities - The investor relations activity involved specific object research and analyst meetings [2] - Participants included representatives from various securities firms and insurance companies [2] - The meeting took place on September 24, 2015, at the company's securities investment department [2] Group 2: Product and Cost Insights - The automation level of wet diaphragm production is higher than that of dry diaphragm production [3] - Raw materials account for a relatively low proportion of diaphragm costs, with labor and energy costs being more significant [3] - The gross profit margin for diaphragms in the first half of the year was 68% [3] Group 3: Market Trends and Future Projections - The current high gross profit margin for diaphragm products has room for decline due to competitive pricing pressures in the electric vehicle market [4] - The company has contact with foreign battery manufacturers, with testing times for foreign clients ranging from 1 to 1.5 years [4] - The introduction period for wet diaphragm products is typically between six months to one year [4] Group 4: Pricing and Customer Relations - Wet diaphragms are expected to be approximately 1 yuan more expensive per square meter than dry diaphragms [5] - The company has established business relationships with most major domestic battery manufacturers [5] - The average price increase of diaphragms is attributed to improved product quality and increased experience in diaphragm production [6] Group 5: Technological Development and Patents - The company holds six invention patents related to diaphragms [6] - The experience gained from BOPA film production has significantly aided diaphragm research and development [6] - The future landscape for dry and wet diaphragms indicates that dry diaphragms will primarily be used in large batteries, while wet diaphragms are suitable for 3C electronic products [7]

证券代码：002108 证券简称：沧州明珠 沧州明珠塑料股份有限公司 投资者关系活动记录表 编号：【2015】005 | --- | --- | --- | |----------------|-----------------------------|----------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 华宝投资有限公司 陈亮 | | | 人员姓名 | | 中银国际证券有限责任公司 胡毅 | | | 国元证券股份有限公司 李朝松 | | | 时间 | 2015 年 05 月 | 14 日 9:00 | | 地点 | 公司证券投资部 | | | 上市公司接待 | | 证券事务代表李繁联、证券事务主管梁芳 | | 人员姓名 | | | | 投资者关系活动 | 1 | 、投资一条湿法隔膜线大约需要多少资金？ | ...

Production Capacity - The current production capacity of the company is approximately 10.5 million tons [2] - The production capacity in Wuhu is about 3 million tons [5] - The company has increased sales efforts for water supply pipes since 2012, leading to a gradual increase in sales proportion [3] Product and Market Information - The company’s gas pipes are primarily used in gas networks, showing stable annual growth, while the water supply pipe market is larger [3] - The company’s products are currently in a balanced state of production and sales [3] - The company produces multilayer lithium-ion battery separators [6] Expansion and Strategic Planning - The company has no large-scale expansion plans at the moment [4] - The establishment of a factory in Chongqing aims to enhance market competitiveness and address transportation issues [3] - The company considers strategic layout and potential production expansion based on seasonal sales and production conflicts [4] Financial Performance and Pricing - The average price of lithium-ion battery separators is approximately 4.5 yuan per square meter [7] - The expected production and sales volume of separators in 2015 is 38 million square meters [6] - The company’s BOPA film is positioned for consumer products, with a market demand of around 100,000 tons [7]

证券代码：002108 证券简称：沧州明珠 沧州明珠塑料股份有限公司 投资者关系活动记录表 编号：【2015】016 | --- | --- | --- | --- | |----------------|-----------------------------|------------------------------------|-------| | | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | | 类别 | □ | 媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | | □ 现场参观 | | | | | □ | 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 中国银河证券 张熙、李青江 | | | | 人员姓名 | 嘉实基金管理有限公司 李峻峰 | | | | | 泓德基金管理有限公司 刘斐 | | | | | 复星能源集团 曾彪 | | | | 时间 | 2015 年 11 月 | 05 日 14：00 | | | 地点 | 公司证券投资部 | | | | 上市公司接待 | | 董事会秘书于增胜、证券事务主管梁芳 | ...

证券代码：002108 证券简称：沧州明珠 沧州明珠塑料股份有限公司 投资者关系活动记录表 编号：【2015】017 | --- | --- | --- | --- | --- | --- | |----------------|-----------------------------|------------------------------------------|-------|-------|-------| | | | | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | | | | 类别 | □ | 媒体采访 □业绩说明会 | | | | | | □新闻发布会 □路演活动 | | | | | | | □ 现场参观 | | | | | | | □ | 其他 （请文字说明其他活动内容） | | | | | 参与单位名称及 | | 法银巴黎证券股份有限公司 黄浩洋 | | | | | 人员姓名 | 宝盈基金管理有限公司 侯嘉敏 | | | | | | 时间 | 2015 年 11 月 25 | 日 9：30 | | | | | 地点 | 公司证券投资部 | | | | | ...

Production and Technology - The company currently does not produce wet-process membranes [2] - Wet-process membranes are expected to be produced in 2016 [2] - The dry-process production is staged, while the wet-process has stricter requirements but greater capacity potential [3] - The market for wet-process membranes is broader than for dry-process membranes, targeting high-end customers [3] Sales and Financials - The gross margin for membrane products was 64% in 2014, with future prices expected to decline [4] - In Q1 2015, sales of lithium-ion battery membranes were approximately 750 million square meters, up from less than 500 million square meters in Q1 2014 [4] - The company experienced a 6% increase in pipe sales compared to the same period last year [4] - Approximately 50% of the company's sales volume comes from BYD [5] Workforce and Production Capacity - The current workforce for lithium battery membrane production is about 150 people [3] - Investment for a dry-process line is approximately 50 million yuan, while a wet-process line costs about 150 million yuan, with wet-process capacity being 2-3 times that of dry-process [5] Future Plans and Market Position - The company plans to continue developing all three main product lines, with membranes expected to grow faster than pipe and BOPA film products [4] - The company is open to future construction of new lithium-ion battery membrane production lines [5] - The company does not currently plan to issue new shares but has various financing options available [5] - The company is considering mergers and acquisitions to leverage synergies and create new profit growth points [6]

证券代码：002108 证券简称：沧州明珠 沧州明珠塑料股份有限公司 投资者关系活动记录表 编号：【2015】002 | --- | --- | --- | |-----------------------|-----------------------------|----------------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 光大证券股份有限公司 孙惠成 | | | 人员姓名 | | 中国人寿资产管理有限公司 阳宜洋 | | | 民生证券 范劲松 | | | | 鹏华基金管理有限公司 孙婕衎 | | | 时间 | 2015 年 01 月 15 | 日 14:00 | | | | | | 地点 | 公司证券投资部 | | | 上市公司接待 人员姓名 | | 证券事务代表李繁联、证券事务主管梁芳 | | 投 ...