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]

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】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 | | 上海申银万国证券研究所有限公司 宋涛、沈衡 | | 人员姓名 | | 山东嘉信私募基金管理有限公司 卢军飞、类延国 | | | | 上海京笙投资管理有限公司 陈馨颖 | | | | 深圳前海行健资本管理有限公司 苏英男 | | | | 北京源乐晟资产管理有限公司 石天卓 | | | 信达证券股份有限公司 冯庆 | | | | | 交银康联人寿保险有限公司 王耀永 | | | 中泰证券股份有限公 ...

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】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 | 方正富邦基金管理有限公司 方伟宁 | | | | | | 人员姓名 | 国寿安保基金管理有限公司 姜绍政 | | | | | | | 东吴证券股份有限公司 阮巧燕 | | | | | | | 亚太财产保险有限公司 叶秉金 | | | | | | | 国 ...

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】006 | --- | --- | --- | |----------------|---------------------------|--------------------------------------------------------------| | | | | | 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 | 方正证券股份有限公司 何茜 | | | 人员姓名 | | Indus Capital Partners,LLC Cindy Chi | | 时间 | 2017 年 7 月 17 | 日上午 10：00 | | 地点 | 公司五楼会议室 | | | 上市公司接待 | | 董事会秘书李繁联、证券事务主管梁芳 | | 人员姓名 | | | | 投资者关系活动 | 1 | 、 ...

Production Capacity - Current wet diaphragm production capacity is 120 million square meters [2] - Expected wet diaphragm production capacity by the end of 2018 is 190 million square meters [3] - Current dry diaphragm production capacity is 50 million square meters, with an additional 50 million square meters expected to be operational by the end of 2018 [3] Market Trends - The price of diaphragms is expected to continue declining, impacting gross margins [3] - The gross margin for wet diaphragms in the first three quarters is approximately 30% [4] Customer Base - Major customer for dry diaphragms is BYD, accounting for slightly over 50% of sales [4] - BOPA film products are primarily supplied to color printing factories [5] Product Features - BOPA film has strong barrier properties, high-temperature resistance, and good puncture resistance, making it suitable for food preservation [5] - Approximately 50% of wet diaphragms undergo ceramic coating based on customer demand [4] Strategic Development - The company aims to strengthen its core businesses in PE pipes and BOPA films while striving for industry leadership in lithium battery diaphragms [6] - Future expansion may include related industries, with a focus on maintaining market demand driven by infrastructure development [6] Seasonal Trends - Pipe products typically experience a seasonal downturn in the first quarter due to weather conditions affecting construction [6]

Group 1: Product Overview - The company has three main products, with PE pipes and BOPA films contributing significantly to revenue [2][3] - The production capacity for dry and wet membranes is 100 million square meters and 190 million square meters, respectively [3] - In 2018, the production volume was approximately 84 million square meters for dry membranes and 90 million square meters for wet membranes [3] Group 2: Pricing and Profitability - The average price for dry membranes in 2018 was 1.5 RMB/square meter, while wet membranes were priced at 1.9 RMB/square meter, excluding tax [3] - The average gross margin for dry membranes was over 30% last year, but production costs remain high [4] - The company aims to improve profitability by enhancing process technology and controlling costs [4][5] Group 3: Sales Performance - In Q1, sales were affected by unclear subsidy policies and inventory adjustments, with dry membrane sales at approximately 14 million square meters and wet membrane sales at 16 million square meters [4] - The company operates on an order-based production model [4] Group 4: Clientele and Market Outlook - Major clients include large domestic battery manufacturers such as BYD, Mengguli, and AVIC Lithium Battery [4] - The management is optimistic about the future of the new energy sector, anticipating continued demand for lithium batteries [4][5] Group 5: Expansion and Market Demand - Currently, there are no plans for further expansion [5] - The pipeline products are primarily used in gas and water supply, with stable market demand driven by urbanization and policies promoting "coal-to-gas" initiatives [5] Group 6: Financial Performance - Despite stable revenue in Q1, profits declined significantly due to decreased sales volumes of membrane products and increased sales and financial expenses [6]

Group 1: Financial Performance - The main reason for the decline in Q1 performance is the drop in prices of film and diaphragm products, while the profit margin for pipeline products remains stable [2] - The company expects Q2 performance to improve compared to Q1 due to seasonal demand increases for pipeline products and normalization of diaphragm sales [5] Group 2: Product Pricing and Capacity - The price of film products has increased but remains below the levels of the previous two years [3] - The company anticipates pipeline production and sales to reach 160,000 tons this year [3] - New capacity of 15,000 tons for pipeline products has been added in Wuhu, with production bases in Cangzhou, Wuhu, and Chongqing to address transportation issues [3] Group 3: Market Dynamics and Competition - The market demand for BOPA products has been strong, contributing to price increases [4] - The company has no current plans for expanding film product capacity, which stands at 28,500 tons with actual sales around 33,000 tons [4] - The annual target for diaphragm production and sales is set at 260 million square meters, with approximately 130 million square meters for both dry and wet methods [4] Group 4: Customer Relationships and Collaborations - The largest customer remains BYD, with other major domestic manufacturers also receiving supplies [4] - Collaboration with CATL has progressed to product trials and is currently in the process of product introduction [5] Group 5: Risk Management - The major shareholder, Dongsu Group, is taking measures to mitigate risks associated with share pledges, including timely margin additions and maintaining share stability [5]