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】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 | 中国国际金融有限公司 方巍 | | | | | 人员姓名 | 敦和资产管理有限公司 李博 | | | | | 时间 | 2015 年 06 月 10 | | 9:00 | | | 地点 ...

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】009 | --- | --- | --- | |----------------|-------------------------------|-----------------------------------------------------| | | | | | 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 | | 信达证券股份有限公司 葛韶峰、李皓 | | 人员姓名 | | 宁波磐石投资管理有限公司 邵长超、徐成明 | | | 兴业证券资产管理有限公司 刘刚 | | | | | 安邦基金管理有限公司（筹） 刘晓彬 | | | | 盛世景资产管理股份有限公司 王柏方、付曙光 | | | | 中银国际证券有限责任公司 马太、吴尹、邓天娇、王秋明 | | 时间 | 2016 年 07 月 ...

Production Capacity and Sales - The company plans to launch a wet-process diaphragm project with an annual production capacity of 60 million square meters by the end of this year or early next year [2] - The estimated sales volume for dry-process diaphragms this year is 65 million square meters, up from 44 million square meters in 2015 [3][4] - The total expected sales volume for diaphragms this year is 90 million square meters [5] Market Trends and Pricing - Future prices of diaphragms are expected to decline, but the extent of the decrease is uncertain and will depend on market conditions [3] - The profitability of BOPA film products has improved due to a decrease in raw material prices without a corresponding drop in sales prices, influenced by market demand [5] Technology and Production Challenges - The company relies on self-developed technology for wet-process diaphragm production, emphasizing the importance of mastering both technology and production processes to ensure product quality [4][6] - The wet-process diaphragm project with a capacity of 105 million is expected to be completed by early 2018 [4] Customer Base and Market Position - Over half of the company's diaphragm production is supplied to BYD [4] - The company aims to position its wet-process diaphragm products within the high-end supply chain in both domestic and international markets [7] - There are currently about 8 manufacturers producing BOPA film products in China, with a total capacity of approximately 100,000 tons [6]

Group 1: Sales and Production Estimates - The company expects to sell approximately 25 million square meters of wet-process separators this year [5] - The total estimated production and sales for 2016 is 90 million square meters, including 25 million square meters of wet-process separators and 65 million square meters of dry-process separators [5] - The company aims to achieve a total production and sales target of 9.5 million tons for pipeline products and 3.3 million tons for BOPA films in 2016 [13] Group 2: Market Competition and Trends - There are many domestic producers of wet-process lithium-ion battery separators, but few have entered the mainstream supply chain, with more competition expected in the mid-to-low-end products [5] - The gross margin for separators is expected to decline in the long term due to rapid development in the new energy industry and adjustments in national subsidy policies [5] - The import ratio of wet-process separators is over 50%, while the import ratio for dry-process separators is lower [8] Group 3: Product Technology and Quality - The company utilizes a wet-process synchronous stretching technology similar to that of Asahi Kasei, which reduces human error and improves product consistency compared to dry-process separators [6] - The yield rate for dry-process separators is approximately over 40%, with limited potential for improvement due to the non-continuous nature of the production process [7] - The company has mastered ceramic coating technology and is continuously improving its processes to enhance product quality [9] Group 4: Raw Materials and Pricing - The raw materials for BOPA films account for over 80% of the production cost, with the main raw material being PA6 nylon slices [11] - The price of BOPA films is influenced by raw material costs, with agreements in place to adjust selling prices based on significant price fluctuations [11] - The company maintains a one-month inventory of raw materials to meet normal production needs [12] Group 5: Client Relationships and Market Position - BYD is one of the company's major clients for wet-process separators, and many large domestic battery manufacturers are in the certification process [8] - The company is currently in a leading position in the domestic market for BOPA films, which are used in packaging for food, electronics, and cosmetics [10] - The company has not identified suitable acquisition targets in the separator market, as it is already competitive in technology and processes [8]

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]