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：【2016】007 | --- | --- | --- | |----------------|---------------------------|---------------------------------------------| | | | | | 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 | | 民生加银基金管理有限公司 田文涛、孙伟、金耀 | | 人员姓名 | | 北京市星石投资管理有限公司 吴斌泉 | | | | 华商基金管理有限公司 陈夏琼、蔡建军 | | | 兴业证券股份有限公司 曾韬 | | | | | 浙江永禧投资管理有限公司 徐石泉 | | | | 北京藤业资本管理有限公司 李然 | | | 泰信基金管理有限公司 姜涛 | | | | | 兴业证券资产管理有限公司 刘蔚 | ...

Group 1: Production and Sales Performance - The wet-process diaphragm project commenced production in January 2016, with sales exceeding 5 million square meters in the first half of the year [3] - The annual production and sales target for wet-process diaphragms is estimated at 25 million square meters [4] - The dry-process diaphragm production in the first half of the year was approximately 50 million square meters, with sales around 60 million square meters [7] Group 2: Profitability and Pricing - The current gross margin for wet-process diaphragms is approximately 40% [5] - The selling price for wet-process diaphragms is around 4-5 RMB per square meter, while the price for dry-process diaphragms is about 3.5-4 RMB per square meter [5] - Imported diaphragms are priced 10%-20% higher than domestic ones [8] Group 3: Market Dynamics and Future Outlook - The market for high-end diaphragms is currently tight in terms of supply and demand [7] - The company anticipates that the gross margin for wet-process diaphragms may decline due to increased market competition and cost pressures from battery manufacturers [5] - The company is optimistic about exceeding the annual production target of 65 million square meters for dry-process diaphragms due to improved production efficiency [7] Group 4: Technological and Strategic Collaborations - The company collaborates with major battery manufacturers like AVIC Lithium Battery to access advanced technologies and new processes [7] - The wet-process diaphragm project is expected to commence production by the end of 2016 or early 2017 [6] - The company has been actively seeking suitable acquisition targets that possess market or technological advantages [9]

Production Capacity - Current production capacity for dry film is 50 million square meters, and for wet film is 25 million square meters [2] - The wet film project with an annual capacity of 105 million square meters is currently under development [3] - The wet film project with an annual capacity of 60 million square meters is expected to be operational by the end of this year or early next year [3] Product Differences - Dry film is primarily used in lithium iron phosphate batteries, suitable for large batteries like electric buses and energy storage batteries, while wet film is used in ternary batteries and 3C electronic products [2][3] - The price of dry film is approximately 3.5-4 RMB per square meter, while wet film is around 5 RMB per square meter [4] Market Dynamics - The market for these products is highly competitive, with a current supply shortage in the high-end mainstream supply chain [4] - As the production capacity expands, competition is expected to intensify, leading to potential price declines in the future [4][5] - The introduction period for new products is typically 6-12 months domestically and 1-2 years for foreign manufacturers [5] Material and Equipment - The raw materials for the membranes are imported [5] - The BOPA film production capacity is 28,500 tons [6] - The main characteristics of BOPA film include high strength, temperature resistance, and excellent barrier properties [6] Financial Performance - The profitability of BOPA film products has improved significantly this year due to a decrease in raw material prices and strong market demand [6]

Group 1: Product Overview - The company's PE pipeline products are primarily used for gas and water supply, serving as essential infrastructure [2] - Gas pipelines account for a significant portion of the company's pipeline products [3] Group 2: Production Capacity and Sales - The designed production capacity for dry-process membranes is 100 million square meters, while wet-process membranes have a capacity of 190 million square meters [3] - In 2019, the sales volume for dry-process membranes was approximately 49.9 million square meters, and for wet-process membranes, it was about 75.6 million square meters [3] Group 3: BOPA Film Production - The designed production capacity for BOPA film is 28,500 tons, with actual annual sales volume ranging from 33,000 to 34,000 tons [3] - Different processes for BOPA film target distinct customer segments, with synchronous BOPA film aimed at mid-to-high-end customers and two-step BOPA film for mid-to-low-end customers [4] Group 4: Impact of External Factors - The company’s raw material inventory is maintained to meet normal production needs, with product prices fluctuating based on raw material costs [4] - The first quarter of 2020 saw a decline in product production and sales compared to the same period last year due to the impact of the pandemic [4] - The overall impact of the pandemic on the company's 2020 performance remains uncertain, prompting the company to closely monitor developments and actively expand the market [4] Group 5: Future Plans - Currently, the company has no plans for capacity expansion but aims to solidify existing products and explore new applications, such as oil pipeline RTP pipes and specialized BOPA films for lithium-ion batteries [5]

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：【2017】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 | 光大证券股份有限公司 韩晨 | | | 人员姓名 | | | | 时间 | 2017 年 5 月 12 | 日 9：30 | | 地点 | 证券投资部 | | | 上市公司接待 人员姓名 | | 证券事务代表李繁联、证券事务主管范风梧 | | 投资者关系活动 | 1 | 、公司锂电隔膜规划有哪些？ | | 主要内容介绍 | 主要就是目前在建的 | 600 ...

Group 1: Company Overview and Investor Relations - Cangzhou Mingzhu Plastic Co., Ltd. is engaged in investor relations activities, including analyst meetings and media interviews [2] - The company has a strong focus on the development of dry and wet diaphragm technologies for battery applications [3][4] Group 2: Production and Technology Insights - The dry diaphragm process is segmented and not continuous, while the wet diaphragm process is highly mechanized and continuous [3] - Both dry and wet diaphragm processes are critical, with each step affecting product quality [3] - The company has accumulated significant experience in equipment integration for diaphragm production [3] Group 3: Market Development and Capacity - The wet diaphragm production line is in its initial phase, with a target capacity of 60 million square meters expected to be operational by the end of this year or early next year [4][5] - Projected capacity for wet diaphragm production in the next year is 85 million square meters [4] - By 2018, the wet diaphragm capacity is expected to reach 150 million square meters [5] Group 4: Financial Performance and Market Demand - The dry diaphragm production capacity has exceeded design capacity, primarily due to improved production processes and equipment efficiency [5] - The BOPA film market is experiencing strong demand, with a production capacity of 28,500 tons, and the company is currently operating at full capacity [6][7] - The gross margin for BOPA films has increased significantly due to high demand and limited supply from competitors [6] Group 5: Competitive Landscape - The competition between dry and wet diaphragms is expected to intensify, particularly for wet diaphragms after 2018 as new capacities come online [7] - The company does not plan to expand BOPA film production capacity in the immediate future [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：【2016】011 | --- | --- | --- | |----------------|--------------------------|-------------------------------------------------| | | | | | 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 | | 上海申银万国证券研究所有限公司 李辉 | | 人员姓名 | | 中国人寿资产管理有限公司 阳宜洋 | | | 华夏基金 汤启 | | | | | 陕西关天西咸股权投资管理有限公司 郭翕元、张小龙 | | 时间 | 2016 年 09 月 06 | 日 9:30 | | 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 | | ...

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：【2017】003 | --- | --- | --- | |----------------|-----------------------------|-----------------------------------------------| | | | | | 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 | | 上海晓漠投资管理有限公司 邓浩龙 | | 人员姓名 | 同安投资管理有限公司 金蓓 | | | | 广发证券股份有限公司 吴鑫然 | | | | 九泰基金管理有限公司 向永洋 | | | | | 国泰君安证券股份有限公司 刘培举 陈寒梅 刘宁宁 | | | | 海通证券股份有限公司 谢亚彤 刘海荣 杨海滨 | | | | 泰达宏利基金管理有限公司 张勋 赖庆鑫 | | 时间 | 2017 ...

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：【2017】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 | 安邦基金管理有限公司 刘晓斌 | | | 人员姓名 | 国海证券股份有限公司 边文姣 | | | | 天盛金融集团 赵文辉 | | | | 中建投租赁有限公司 谢维夫 | | | | 银河证券股份有限公司 王绪丽 | | | | 西南证券股份有限公司 陈红扬 | | | | 中加基金管理有限公司 黄晓磊 | | | | 中信建投证券股份有限公司 郑勇 | | | | | 紫荆华（北京）资本管理有限公 ...

Group 1: BOPA Film Insights - The BOPA film's product price is expected to remain similar to 2016 if there are no significant market changes [3] - The raw material for BOPA is PA6 nylon chips [3] - The highest price for BOPA film in 2016 was in the fourth quarter [3] - The price of BOPA film is likely to increase due to the rapid rise in raw material prices this year [3] Group 2: Separator Products - The company has three subsidiaries producing separators: Dezhou Donghong Membrane Technology Co., Ltd., Cangzhou Mingzhu Membrane Technology Co., Ltd., and Cangzhou Mingzhu Lithium Battery Separator Co., Ltd. [3] - The price of separators decreased in the second half of last year due to the impact of subsidy fraud incidents, leading to a decline in both sales volume and price [3] - The decline in separator product prices from early to late last year was approximately 10% [3] Group 3: Current and Future Pricing - The average price of separators is currently less than 4 yuan per square meter [4] - The price of separators is expected to continue to decline, but the extent is uncertain and will depend on market conditions [4] - The estimated sales volume for dry separators in 2017 is expected to be around 100 million square meters, similar to last year [5] Group 4: Production and Market Trends - The combined production of dry and wet separators is projected to reach 160 million square meters this year [5] - The price decline for wet separators is expected to be smaller compared to dry separators due to the market trend favoring wet separators with coating [5] - The average thickness of dry separators sold is primarily 16 microns, 20 microns, and 25 microns [4] Group 5: Equipment and Standards - The equipment for separator production is not standardized and is mostly self-integrated by the company [6] - The procurement prices for separator equipment have not changed significantly [6] - There is no essential difference between separators used in mobile phones and those used in power applications, mainly differing in thickness [6] Group 6: Pipeline Products - The demand for pipeline products has increased due to the "coal-to-gas" project in North China, leading to a supply shortage [7] - The company collaborates with major gas operators, maintaining stable profit margins over the years [7]