Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. 2025 Semi-Annual Performance Forecast [Core Performance Forecast Data](index=1&type=section&id=I.%E3%80%81Current%20Period%20Performance%20Forecast) The company anticipates a net loss attributable to shareholders for the first half of 2025, with the loss narrowing year-on-year, estimated between 140 million and 155 million yuan 2025 Semi-Annual Performance Forecast | Project | Current Reporting Period (January 1, 2025 — June 30, 2025) | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Loss: 140 million — 155 million yuan | Loss: 166.0153 million yuan | | Year-on-Year Change | Reduction in Loss: 6.64% — 15.67% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 164.5 million — 179.5 million yuan | Loss: 187.0873 million yuan | | Year-on-Year Change | Reduction in Loss: 4.06% — 12.07% | - | | **Basic Earnings Per Share** | Loss: 0.123 — 0.136 yuan/share | Loss: 0.145 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%E3%80%81Communication%20with%20Accounting%20Firm) The company clarifies that this performance forecast is a preliminary financial department estimate and has not yet undergone audit by an accounting firm - This performance forecast is a preliminary estimate by the company's finance department, unaudited[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=III.%E3%80%81Explanation%20of%20Performance%20Changes) The company attributes the loss to intensified external competition and increased internal costs, noting a year-on-year improvement in loss but a quarter-on-quarter decline, with plans for market expansion and product innovation in the second half - Key external reasons for the performance loss include industry capacity release, intensified competition, supply-demand changes, and export trade policies leading to significant fluctuations in product sales prices[5](index=5&type=chunk) - Internal cost pressure primarily stems from increased fixed depreciation and amortization costs due to new project commissioning[5](index=5&type=chunk) - The company's operating performance loss narrowed year-on-year but declined quarter-on-quarter[5](index=5&type=chunk) - Second-half strategy: The company will continue to deepen market expansion, pursue technological innovation and product development, and adjust product structure to enhance operating efficiency[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=IV.%E3%80%81Risk%20Warning) The company reiterates that this performance forecast is a preliminary, unaudited estimate, with final accurate financial data to be disclosed in the 2025 semi-annual report - The final financial data will be subject to the detailed disclosure in the company's 2025 semi-annual report[6](index=6&type=chunk)

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 ...

Group 1 - The company held its first meeting of the sixth board of directors on June 5, 2025, with all seven directors present, complying with legal and regulatory requirements [1] - The board unanimously elected Mr. Wu Peifu as the chairman of the sixth board of directors, with a voting result of 7 votes in favor, 0 against, and 0 abstentions [1] - The board approved the election of specialized committee members, with Mr. Cheng Yinchun as the convener of one committee, and all committee members' terms aligned with the board's term [2] Group 2 - The board appointed Mr. Wu Di as the general manager, with the same term as the sixth board of directors, receiving unanimous approval [2] - The board appointed multiple vice general managers, including Mr. Pan Jianzhong and Ms. Yang Shuxia, with all appointments receiving unanimous approval [2] - The board appointed Ms. Zou Xuemei as the financial director, with unanimous approval from the board [3] Group 3 - The board appointed Mr. Wu Di as the secretary of the board, confirming his qualifications and experience, with unanimous approval [3] - The board appointed Ms. Jin Ye as the head of the internal audit department, with unanimous approval [4] - The board appointed Ms. Hua Lei as the securities affairs representative, assisting the board secretary, with unanimous approval [4]

双星新材法律意见书 上海精诚申衡律师事务所 关于江苏双星彩塑新材料股份有限公司 2025 年第一次临时股东会的法律意见书 致：江苏双星彩塑新材料股份有限公司 上海精诚申衡律师事务所经江苏双星彩塑新材料股份有限公司（以下简称"公 司"）聘请，委派王春杰律师、杨爱东律师（以下简称"本所律师"）出席公司2025 年第一次临时股东会（以下简称"本次股东会"），并根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、 《深圳证券交易所上市公司股东大会网络投票实施细则》（以下简称"《网络投票实 施细则》"）等现行法律、法规、规范性文件和《江苏双星彩塑新材料股份有限公司 章程》（以下简称"《公司章程》"），就本次股东会的召集、召开程序、出席会议 人员的资格、召集人资格和表决程序、表决结果出具法律意见书。 为出具本法律意见书，本所律师审查了公司本次股东会的有关文件和材料，并对 有关问题进行了必要的核查和验证。对参加会议的股东和股东代表的身份和资格进行 了核查，见证了本次股东会的召开。 本法律意见书仅供公司本次股东会相关事项的合法性之目的使用，不得用作任何 其他目的。本 ...

证券代码：002585 证券简称：双星新材 公告编号：2025-024 江苏双星彩塑新材料股份有限公司 2025 年第一次临时股东会决议公告 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。 一、重要提示 1、本次股东会无增加、否决或变更议案情况； 2、本次股东会以现场投票与网络投票相结合的方式召开。 二、会议召开和召集情况 1、会议召开时间： （1）现场会议召开时间为：2025年6月5日（星期四）下午15:00时 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为2025 年6月5日上午9:15-9:25、9:30-11:30，下午13:00-15:00；通过深圳证券交易所互联 网投票系统进行网络投票的具体时间为2025年6月5日上午9:15至下午15:00期间的任 意时间。 2、会议地点：江苏省宿迁市双星大道 88 号公司办公楼五楼会议室 3、会议召集人：公司董事会 4、会议主持人：公司董事长吴培服先生 三、会议出席情况 参加本次股东会的股东及股东授权代表共263名，代表股份468,445,034股，占公司 股份总数的40.826%。 1 ...