A股PET铜箔板块震荡上行，铜冠铜箔、利元亨均涨超6%，中一科技、双星新材、三孚新材等跟涨。 ...

Group 1 - The core viewpoint of the article highlights that despite facing significant challenges, the company is demonstrating strategic resilience and a commitment to innovation in the BOPET industry, as evidenced by its reduced net loss forecast for the first half of 2025 [1][2][4] - The company anticipates a net loss of 140 to 155 million yuan for the first half of 2025, which represents a year-on-year reduction in losses by 6.64% to 15.67% [1] - The BOPET industry is experiencing collective difficulties, with a significant increase in production capacity leading to supply-demand imbalances and price fluctuations [2][4] Group 2 - In the first half of 2025, the BOPET industry added 246,000 tons of new capacity, bringing total capacity to 7.1956 million tons, a 3.54% increase from the end of 2024 [2] - The company reported a revenue of 5.908 billion yuan in 2024, marking an 11.70% year-on-year increase, with new materials business volume growing by 16.58% [3] - The company is focusing on technological innovation and product development, aiming to enhance quality, diversify products, and optimize structure to improve operational efficiency [4]

做好技术创新产品开发，落实提品质、增品种、调结构，努力提升经营效益。 四、风险提示 证券代码：002585 证券简称：双星新材 公告编号：2025-028 江苏双星彩塑新材料股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日 — 2025 年 6 月 30 日 （二）业绩预告情况：预计净利润为负值 项目 本报告期 上年同期 归属于上市公司 亏损： 15500 万元— 14000 万元 亏损：16601.53 万元 股东的净利润 比上年同期上升： 6.64% — 15.67% 扣除非经常性损 亏损：17950 万元— 16450 万元 亏损：18708.73 万元 益后的净利润 比上年同期上升：4.06 % —12.07% 基本每股收益 亏损： 0.136 元/股— 0.123 元/股 亏损：0.145 元/股 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所审计。 三、业绩变动原因说明 影响,产品销售价格波动较大；公司新项目投产，固定 ...

江苏双星彩塑新材料股份有限公司 证券代码：002585 证券简称：双星新材 公告编号：2025-028 2025 年上半年，受行业产能释放、竞争加剧、供需变化及出口贸易政策等多重因素 影响,产品销售价格波动较大；公司新项目投产，固定摊销成本增加；基于上述原因公 司经营业绩亏损面同比收窄但环比回落。下半年公司保持战略定力，继续深化市场开拓， 做好技术创新产品开发，落实提品质、增品种、调结构，努力提升经营效益。 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、本期业绩预计情况 （一）业绩预告期间：2025 年 1 月 1 日 — 2025 年 6 月 30 日 （二）业绩预告情况：预计净利润为负值 | 项目 | 本报告期 | | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损： 15500 | 万元— | 14000 | 万元 | 亏损：16601.53 | 万元 | | | 比上年同期上升： | 6.64% | — | 1 ...

Core Viewpoint - The functional release film market in China is projected to maintain a scale of over 22 billion yuan from 2021 to 2024, with a forecasted market size of 23.37 billion yuan in 2024, reflecting a year-on-year growth of 2.4% [5][11][24] Group 1: Industry Overview - Functional release film, known as "release film," is a type of surface film with separation functionality, primarily composed of substrate, bottom glue, and release agent [1][2] - The release film industry can be segmented into upstream (raw materials and equipment), midstream (production), and downstream (application fields) [9][11] - The main raw materials include substrate films, silicone oil, curing agents, and pressure-sensitive adhesives, which directly affect the performance and quality of release films [9][11] Group 2: Market Size and Demand - The Chinese release film market is influenced by fluctuations in downstream market demand, maintaining a scale above 22 billion yuan from 2021 to 2024 [5][11] - In 2024, the consumption structure indicates that consumer electronics will be the largest application field for release films, accounting for 49%, followed by MLCC at 36% and polarizer films at 6% [7][11] Group 3: Application Fields - In the consumer electronics sector, release films are essential for manufacturing various products, including smartphones and laptops, and are projected to reach a market size of approximately 11.39 billion yuan in 2024 [11][13] - The MLCC sector is expected to see a market size growth from 6.125 billion yuan in 2019 to 8.435 billion yuan in 2024, driven by the demand for electronic products and new energy vehicles [15][19] - In the automotive sector, the market size for release films is anticipated to exceed 1 billion yuan, reaching 1.062 billion yuan in 2024, with a year-on-year growth of 7.8% [19][21] Group 4: Industry Players - The global release film industry features established companies such as Toray, Lintec, Mitsubishi, and COSMO, which dominate the high-end market segments [21][23] - In the domestic market, numerous small-scale manufacturers exist, with a focus on mid to low-end products, while a few larger firms are advancing in high-end material production technology [21][23] Group 5: Development Trends - The release film materials are expected to evolve towards higher-end and precision applications, driven by advancements in technology and increasing demands from high-tech industries [24][25] - The rapid development of downstream industries is prompting release film manufacturers to increase R&D investments to meet diverse customer needs [25][26] - The trend of domestic substitution is gaining momentum, with local manufacturers striving to enhance production capabilities to capture more market share in high-end segments [26][28]

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The BOPET film industry is experiencing high domestic demand growth, but currently faces low prices and profit pressures. The industry is characterized by an oversupply of low-end products and a shortage of high-end products, leading to a structural imbalance [5][16][18] - The "China BOPET Industry Self-Discipline Initiative" aims to optimize the industry structure and improve profitability by promoting fair market conditions and reducing ineffective supply [19][6] - The market is gradually concentrating resources towards companies with cost and technological advantages, with a positive outlook for the development of high-end polyester film products [6][5] Summary by Sections BOPET Film Overview - BOPET films are widely used in packaging, optical displays, electrical applications, and photovoltaic new energy sectors. The domestic BOPET industry has seen rapid growth in capacity and consumption from 2014 to 2024, but consumption growth has not kept pace with production and capacity growth, leading to an oversupply situation [5][12][28] Supply and Demand Analysis - Supply: From 2014 to 2024, domestic BOPET capacity expanded from 2.47 million tons to 6.95 million tons, with a CAGR of 10.9%. The industry currently has a capacity of 6.482 million tons per year, with the top 10 companies accounting for 63% of total capacity [20][21] - Demand: During the same period, apparent consumption increased from 1.71 million tons to 4.15 million tons, with a CAGR of 9.3%. The packaging and printing sector accounted for 45.8% of demand in 2024 [28][30] - Imports and Exports: China has become a net exporter of BOPET since 2015, but still imports 200,000 to 300,000 tons annually, indicating reliance on high-end BOPET products [32][36] Price and Profitability - BOPET prices have been under pressure since 2022 due to supply-demand imbalances, with prices reaching historical lows in 2024. The average price in early 2025 was 8,091 RMB per ton, showing a slight year-on-year increase [41][40] - The industry has faced continuous profit pressure since 2022, with many companies transitioning from profit to loss in 2024. However, Q1 2025 showed signs of reduced losses for most companies [6][19] Investment Recommendations - Recommended stocks include Dongcai Technology, Hengli Petrochemical, and Rongsheng Petrochemical, with beneficiaries including Dousheng New Materials and Yuxing Co., Ltd. [6]

Industry Overview - The packaging industry in China has undergone rapid development, establishing significant production scale and becoming an essential part of the manufacturing sector [1] - The policy development of the packaging industry can be divided into three stages: initial growth before the 12th Five-Year Plan, a shift towards green packaging from 2010 to 2020, and a rapid development phase since 2021 focusing on sustainable packaging strategies and digital transformation [1] Market Share - In 2024, plastic and paper packaging combined will account for over half of the market share, with plastic packaging generating revenue of 562 billion yuan (27.19%) and paper packaging generating 547.6 billion yuan (26.50%) [3] Company Performance - Key players in the packaging industry include Shandong Pharmaceutical Glass, Double Star New Materials, and others, with diverse business layouts covering regions such as North America, Europe, Japan, and Southeast Asia [5] - Shandong Pharmaceutical Glass and Zhengchuan Co. are leading domestic glass packaging manufacturers, while companies like Dashing and Wanshun New Materials focus on paper packaging [5] Revenue Analysis - The revenue performance of major packaging companies in 2024 includes: - Jiamei Packaging: 3.2 billion yuan - Baosteel Packaging: 8.318 billion yuan - Wanshun New Materials: 657.9 million yuan - Dashing: 2.131 billion yuan [10][11] Product Categories - The packaging industry is categorized into various segments, including plastic, paper, metal, glass, and wood packaging, with representative companies in each category [9] - The industry chain is well-structured, with upstream raw material suppliers and midstream packaging manufacturers working closely together [9]

Core Insights - The Chinese packaging industry has a long development history and has formed a mature industrial chain, with a continuous push towards green and sustainable packaging from the "11th Five-Year Plan" to the "14th Five-Year Plan" [1][3] - The government has issued multiple policies to support the packaging industry, emphasizing its importance in the national economy and its role in sustainable development [3][9] Policy Development Timeline - The packaging industry has seen a progressive focus on green packaging from the "11th Five-Year Plan" to the "14th Five-Year Plan," with specific goals set for 2025 to establish a resource-circulating industrial system [1] - Key milestones include the promotion of green packaging materials and the establishment of a comprehensive green packaging standard system by the end of 2025 [9] National Policy Summary and Interpretation - The packaging industry is supported by national policies that encompass design, production, printing, raw material supply, and machinery manufacturing, reflecting its integral role in the economy [3][4] - Recent policies include the "Interim Regulations on Express Delivery" aimed at promoting green, reduced, and recyclable packaging, and the "Action Plan to Reduce Logistics Costs" focusing on green transformation [5][6] Specific Policy Highlights - The "Action Plan for Deepening the Green Transformation of Express Packaging" aims for a comprehensive green packaging standard system by the end of 2025, with specific targets for reducing excessive packaging and increasing the use of recyclable materials [9][10] - The "Notice on Further Strengthening the Governance of Excessive Packaging" emphasizes the need for innovation in packaging design and materials to reduce waste and promote sustainability [11][12] Local Government Policies - Various provinces have introduced policies focusing on green packaging and the reduction of excessive packaging, with specific measures to enhance governance and compliance [13][14] - For example, Zhejiang Province has implemented measures to strengthen the governance of excessive packaging, while Gansu Province has focused on developing packaging design capabilities [14][16] Industry Goals and Future Directions - The "14th Five-Year Plan" outlines key actions for the green transformation of express packaging, with provinces setting specific targets for the adoption of recyclable packaging and the reduction of plastic waste [18][21] - The overall direction is towards a more sustainable packaging industry, with an emphasis on reducing material usage and enhancing recycling capabilities across the supply chain [12][21]

证券代码：002585 证券简称：双星新材 公告编号：2025-027 江苏双星彩塑新材料股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 江苏双星彩塑新材料股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 15 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公告 如下： 一、股东大会审议通过权益分派方案的情况 1、公司2024年年度权益分派方案已获2025年5月15日召开的2024年年度股东大会 审议通过，权益分派方案为：以总股本1,147,428,712股扣除2022年回购的库存股 6,106,100股后的余额1,141,322,612股为基数，向全体股东每10股派发现金股利0.3元（含 税），合计拟派发现金红利34,239,678.36元（含税），不以资本公积金转增股本，不派送 红股。 2、自权益分派方案披露至实施期间公司总股本未发生变化。若公司总股本在权益 分派实施前发生变化，公司将按照"现金分红总额固定不变"的原则实施权益分派。 3、本次实施的权益分派 ...

证券代码：002585 证券简称：双星新材 公告编号：2025-025 江苏双星彩塑新材料股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 江苏双星彩塑新材料股份有限公司（以下简称"公司"）第六届董事会第一次会议 于 2025 年 6 月 5 日以现场方式召开。经全体董事一致同意，本次会议豁免通知时限要 求，会议通知于公司 2025 年第一次临时股东会选举产生第六届董事会后，以现场方式 送达全体董事。本次会议应出席董事 7 人，实际出席董事 7 人。会议的召开符合有关 法律、行政法规、部门规章和《公司章程》规定。 经与会董事认真审议，本次会议以记名投票表决方式通过了以下决议： 一、审议通过《关于选举公司第六届董事会董事长的议案》 根据《公司法》、《公司章程》等文件的相关规定，同意选举吴培服先生为公司第 六届董事会董事长，任期与公司第六届董事会任期一致。 表决结果：7票同意、0票反对、0票弃权。 二、审议通过《关于选举公司第六届董事会专门委员会成员的议案》 公司第六届董事会专门委员会成员具体如下： 位董事组成，其中程银春先生为召集人。 事）三位董事组 ...