Summary of International Composite's Conference Call Industry Overview - The demand for AI electronic fabrics is surging, with companies like Google significantly adopting second-generation fabrics. It is projected that the demand will not be less than 50 million meters in 2026 and may reach over 100 million meters in 2027 [2][3]. Company Positioning - International Composite, as a leading fiberglass manufacturer, is expanding its annual production capacity by 60 million meters and is entering the mass supply phase for both first and second-generation fabrics. The company plans to add approximately 50 drying ovens to double the capacity for second-generation fabrics [2][4][6]. Production Capacity and Supply Chain - The company has sufficient reserves of precious metals and has ordered over 500 weaving machines, which are expected to be delivered gradually in the second half of 2026 [2][7]. - After transitioning all drying ovens to produce second-generation fabrics, the monthly supply could reach hundreds of thousands of meters. The customer base is expanding from primarily relying on Shengyi Technology to include companies like Honghe and Taiguang, although Shengyi remains a critical demand partner [2][9]. Financial Metrics - The current gross margin for second-generation yarn products is approximately 40%. Due to tight market supply and demand, prices have increased, with expectations for further price adjustments based on market conditions [5][15]. Production Challenges and Solutions - The company faces challenges in production stability, particularly in controlling the stability of the solution and the drawing process, which can lead to fluctuations in production efficiency. Solutions involve adjusting formulas and process parameters to optimize production [20][21]. Market Outlook - The second-generation fabric market is expected to experience significant growth in 2026, with limited stable suppliers in the domestic market. The second half of 2026 may see a rise in both volume and price, benefiting International Composite due to its established market position [5][25]. - The rough yarn market is anticipated to remain tight, with a focus on increasing the supply of thermoplastic products to address competitive pressures [17]. Customer Demand - Downstream companies, including Honghe, are eager to increase their procurement of second-generation yarns, but current supply constraints limit additional offerings. The company plans to meet new demand primarily through in-house weaving [13]. R&D and Product Development - The company has been developing second-generation fabrics for over ten years, with current overall yield rates around 50-60%. Future plans include improving equipment output efficiency to enhance yield rates [19]. Competitive Landscape - Competitors in the second-generation fabric market include Taishan and Linzhou, with imports from brands like Asahi Kasei and Nitto Denko dominating the market with monthly supplies in the hundreds of thousands of meters [23]. Conclusion - International Composite is well-positioned to capitalize on the growing demand for AI electronic fabrics, with strategic expansions in production capacity and a robust supply chain. The company’s proactive measures in addressing production challenges and enhancing customer relationships will likely support its growth trajectory in the coming years [2][25].

Core Viewpoint - International Composite announced the approval of several key proposals during the 11th meeting of its third board of directors, including the construction of a high-frequency and high-speed electronic fiber cloth project with an annual production capacity of 36 million meters [1] Group 1 - The company plans to establish a project aimed at producing 36 million meters of high-frequency and high-speed electronic fiber cloth [1] - The board also approved a change in accounting estimates [1] - An organizational restructuring proposal was also approved during the meeting [1]

Core Viewpoint - Chongqing International Composite Materials Co., Ltd. announced the approval of a project to construct a high-frequency and high-speed electronic fiber cloth production facility with an annual capacity of 36 million meters, reflecting the company's strategic shift towards high-end manufacturing and optimization of its industrial layout [1] Investment Details - The total estimated investment for the project is 1.693 billion yuan, funded through self-owned and self-raised funds [1] - The project will be located at No. 25 Qixin Avenue, Changshou District, Chongqing, with a construction period from December 2025 to June 2027 [1] Strategic Implications - This investment aligns with the company's "14th Five-Year" development plan, aimed at enhancing competitiveness in relevant fields and positively impacting the company's long-term development and operational status [1]

Group 1 - The company, International Composite Materials (301526.SZ), plans to invest in a project to produce 36 million meters of high-frequency and high-speed electronic fiber cloth annually, with a total estimated investment of 1.693 billion yuan [1] - This investment aligns with the company's "14th Five-Year" development plan, aiming to further promote its transformation towards high-end manufacturing [1] - The project is intended to optimize the company's industrial layout and continuously enhance its competitiveness in related fields [1]

Core Viewpoint - The company, International Composites (301526.SZ), plans to invest in a project to produce 36 million meters of high-frequency, high-speed electronic fiber cloth, with a total estimated investment of 1.693 billion yuan, aiming to enhance its competitiveness in high-end manufacturing and optimize its industrial layout [1] Group 1 - The project is part of the company's "14th Five-Year" development plan [1] - The investment is aimed at further promoting the company's transition to high-end manufacturing [1] - The project is expected to continuously improve the company's competitiveness in relevant fields [1]

Core Viewpoint - The company announced the approval of a project to construct a high-frequency, high-speed electronic fiber cloth production facility with an annual capacity of 36 million meters, reflecting its strategic shift towards high-end manufacturing and optimization of its industrial layout [1] Group 1: Project Details - The total estimated investment for the project is 1.693 billion yuan [1] - The funding sources will be from the company's own funds and self-raised funds [1] - The project is located at No. 25 Qixin Avenue, Changshou District, Chongqing [1] - The construction period is set from December 2025 to June 2027 [1] Group 2: Strategic Implications - This investment aligns with the company's "14th Five-Year" development plan [1] - The project aims to enhance the company's competitiveness in relevant fields [1] - It is expected to have a positive impact on the company's long-term development and operational status [1]

Core Viewpoint - The company plans to invest 1.693 billion yuan to establish a project for the annual production of 36 million meters of high-frequency and high-speed electronic fiber cloth, which is expected to positively impact its long-term development and operational status [1] Investment Project Details - The project will be located at No. 25 Qixin Avenue, Changshou District, Chongqing [1] - The construction period is scheduled from December 2025 to June 2027 [1] - The project is an integrated yarn and cloth production initiative, with plans to complete the production lines for high-frequency and high-speed electronic fiber yarn and cloth in phases [1] Funding Sources - The funding for the project will come from the company's own funds and self-raised funds [1] Strategic Alignment - The project aligns with the company's strategic planning and operational development needs [1]

证券代码：301526 证券简称：国际复材 公告编号：2025-060 重庆国际复合材料股份有限公司 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》的有关规定， 本次投资事项在董事会审批权限内，无需提交公司股东会审议。本事项不涉及关 联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 二、项目基本情况 重庆国际复合材料股份有限公司 2025 年公告 项目名称：年产 3600 万米高频高速电子纤维布项目。 项目地点：重庆市长寿区齐心大道 25 号。 关于建设年产3600万米高频高速电子纤维布项目的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、投资事项概述 重庆国际复合材料股份有限公司（以下简称"公司""国际复材"）董事会 于 2025 年 12 月 29 日召开第三届董事会第十一次会议，以全票审议通过了《关 于建设年产 3600 万米高频高速电子纤维布项目的议案》。该项目委托中机中联 工程有限公司编制《项目可行性研究报告》，并组织对项目进行了评审。 ...

Core Viewpoint - International Composite Materials (301526.SZ) is advancing its transformation towards high-end manufacturing by agreeing to construct a project for producing 36 million meters of high-frequency, high-speed electronic fiber cloth annually [1] Group 1 - The company aims to strategically position itself in emerging fields such as AI servers and optical modules [1]

Group 1 - The core point of the article is that International Composite Materials (SZ 301526) announced the convening of its third board meeting on December 29, 2025, to discuss organizational adjustments [1] - For the year 2024, the revenue composition of International Composite Materials is entirely from the fiberglass industry, accounting for 100% [1] - As of the report date, the market capitalization of International Composite Materials is 26.7 billion yuan [1] Group 2 - The article also highlights a significant event involving Moutai's distributor conference, where over 2,000 attendees gathered to discuss major changes regarding Moutai's pricing and distribution strategies [1] - Chairman Chen Hua emphasized that distributors can no longer rely on passive income [1]