Core Viewpoint - The company, Chongqing International Composite Materials Co., Ltd., has shown significant growth in revenue and profit, driven by its advancements in 5G-related low dielectric glass fiber technology and its applications in high-end electronics, particularly in Huawei's flagship products [2][8]. Company Overview - Chongqing International Composite Materials Co., Ltd. was established on August 27, 1991, and is located in the Dadu River Industrial Park, Chongqing. The company primarily focuses on the research, production, and sales of glass fiber and its products, with 97.51% of its revenue coming from this segment [7]. - The company is listed under the building materials sector, specifically in glass fiber manufacturing, and is associated with concepts such as electronics, 5G, PCB, and Huawei [7]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 6.413 billion yuan, representing a year-on-year growth of 19.01%. The net profit attributable to shareholders reached 273 million yuan, marking a substantial increase of 273.53% compared to the previous year [8]. - The company has distributed a total of 113 million yuan in dividends since its A-share listing [9]. Technological Advancements - The company has developed independently owned low dielectric glass fiber for 5G applications, which has entered mass production and is utilized in high-end smartphones and critical communication products [2][3]. - In 2024, the company collaborated with leading enterprises and universities to overcome key technological challenges, resulting in the successful development of ultra-fine yarns and fabrics with a fiber diameter of 3.7μm, addressing the long-standing reliance on imported materials for high-end PCBs [2][3]. Market Activity - On December 22, the company's stock price increased by 3.58%, with a trading volume of 821 million yuan and a turnover rate of 8.86%, bringing the total market capitalization to 25.076 billion yuan [1]. - The stock has seen a net inflow of 98.92 million yuan from major investors, indicating a relatively stable investment interest [4][5].

Core Viewpoint - Chongqing International Composite Materials Co., Ltd. has successfully transformed complex fiberglass wastewater into drinkable water through advanced treatment processes, achieving a significant milestone in environmental sustainability and resource recycling [2][5]. Group 1: Challenges and Solutions - The company faced two major technical challenges: the complex composition of fiberglass wastewater and the difficulty in managing treatment by-products, which typically resulted in high energy consumption and hazardous waste [2][3]. - After extensive research, the company decided to invest several million yuan to develop a comprehensive wastewater treatment project, viewing it as a critical step towards green transformation [3][4]. Group 2: Innovative Treatment Process - The wastewater treatment project employs a seven-step process: chemical coagulation, hydrolysis acidification, biological treatment, membrane bioreactor (MBR), ultrafiltration, reverse osmosis (RO), and advanced oxidation with ozone, designed to treat 1,800 cubic meters of wastewater daily [5]. - The treatment system has achieved a wastewater reuse rate of over 70%, allowing high-quality soft water to be recycled back into the fiberglass production process [5]. Group 3: Environmental and Economic Benefits - The project is expected to reduce wastewater discharge by approximately 250,000 cubic meters annually and save around 310,000 cubic meters of tap water, significantly lowering the company's water consumption per product by over 32% [5]. - This initiative not only fulfills the company's social responsibility but also reduces operational costs, creating a win-win situation for environmental and economic benefits [5]. Group 4: Broader Green Initiatives - The wastewater treatment project is part of a larger green strategy, which includes achieving ultra-low emissions from kiln exhaust, enhancing waste recycling technologies, and utilizing solar energy to generate over 5.5 million kilowatt-hours of clean electricity annually [8]. - The company has also focused on product greening, obtaining carbon footprint certifications for various fiberglass products, and developing innovative logistics systems that significantly reduce carbon emissions [8].

Core Viewpoint - The communication industry is entering a new development cycle driven by the large-scale deployment of 5G-Advanced (5G-A) technology, leading to a significant increase in demand for low dielectric, high-performance materials, which is boosting the continuous growth of the LDK product market [1] Group 1: Company Developments - The company has mastered dual production capabilities using both crucible and pool kiln methods, continuously enhancing product performance and market share through ongoing innovation [1] - The company is focusing on a differentiated development path, concentrating on high-end product areas and strengthening its technical reserves in ultra-fine electronic fibers and high-performance specialty fibers [1] Group 2: Market Trends - The rapid development of the artificial intelligence industry is driving increasing demand for low dielectric high-performance LDK products in the PCB sector, with customers raising higher requirements for product quality and stable supply [1] - The company plans to closely track market and technological trends, continuously optimize product performance, and actively respond to the evolving and higher demands for materials from 5G communication equipment [1] Group 3: R&D and Collaboration - The company aims to enhance the efficient connection of the entire value chain for high-end products like LDK, from research and development to production and market application, by increasing R&D investment and strengthening cross-departmental collaboration [1]

Core Viewpoint - The company is actively formulating its "14th Five-Year" development plan, focusing on technology research and application in cutting-edge fields such as 5G, artificial intelligence, autonomous driving, and the Internet of Things [1] Group 1: Strategic Focus - The company aims to deepen its technology research and application in emerging markets like photovoltaic new energy and green new materials [1] - The company is committed to optimizing its production capacity structure and enhancing intelligent manufacturing levels [1] Group 2: Competitive Advantage - The company plans to strengthen cost control and improve market layout to enhance its core competitiveness [1] - The goal is to build a sustainable development advantage for the future [1]

证券日报网12月19日讯 国际复材在12月16日-18日回答调研者提问时表示，2025年，玻纤市场环境较 2024年有所回暖，热塑与风电领域需求恢复明显加快。然而，受相关行业持续调整、行业内竞争态势尚 未根本扭转等因素影响，市场需求结构仍呈现分化态势，终端降价压力逐步向产业链上游传导。叠加海 外政治经济环境不确定性加剧，公司对行业整体发展保持谨慎乐观态度。未来，公司将以"产品创新、 卓越运营、纤材协同"的发展思路，继续深化全球运营，让中国智造的优秀材料服务全球市场。同时， 公司会进一步推进高模、高强、超细、低介电等创新产品在"双碳""数智化""航空航天""新基建"等领域 的持续落地，拓宽玻纤应用场景、塑造行业"成长性"。 （编辑 任世碧） ...

（文章来源：证券日报） 证券日报网12月19日讯国际复材在12月16日-18日回答调研者提问时表示，2025年巴西子公司受产线冷 修技改与汇率波动（雷亚尔贬值）双重压力影响，呈现阶段性亏损。现阶段产能修复率持续提升，经营 质量也在逐步修复。在海外发展规划方面，公司将持续提升海外工厂综合竞争优势，强化全球供应链， 不断增强海外本地化运营深度，以构建成本护城河，加速高附加值产品导入，以提升区域溢价能力。同 时，公司还将持续关注海外市场动态，以寻找更多新的发展机遇。 ...

Core Viewpoint - The demand for low dielectric and high-performance materials in the communication industry is significantly increasing due to the large-scale deployment of 5G-Advanced technology, driving continuous growth in the LDK product market [1] Group 1: Company Developments - The company has mastered dual production capabilities using both crucible and pool kiln methods [1] - The company is focusing on differentiated development paths, concentrating on high-end fields such as ultra-fine electronic fibers and high-performance specialty fibers [1] - The company is continuously optimizing product performance and increasing R&D investment, enhancing cross-departmental collaboration [1] Group 2: Market Trends - The advancement of artificial intelligence and 5G communication devices is propelling the demand for high-end products [1] - The company aims to achieve efficient integration of the entire value chain from R&D to market application for high-end products like LDK [1]

Group 1: Product Development and Market Positioning - The company has developed dual production capabilities using both crucible and pool kiln methods for low dielectric electronic cloth, responding to the growing demand driven by the deployment of 5G-Advanced technology [1] - The focus is on high-end product differentiation, particularly in ultra-fine electronic fibers and high-performance specialty fibers, to enhance market share and product performance [2] - The company aims to align product development with market trends, increasing R&D investment to meet the evolving requirements of 5G communication equipment [2] Group 2: Financial Performance and Strategic Planning - The Brazilian subsidiary faced losses in 2025 due to production line upgrades and currency fluctuations, but is gradually improving operational quality and capacity recovery [3] - The company is formulating a "15th Five-Year" development plan to enhance competitiveness in emerging markets such as photovoltaics and green materials [4] - Shareholder Yunnan Yunxi's recent share reduction was conducted in compliance with regulations, primarily driven by personal funding needs [5][6] Group 3: Industry Outlook and Future Strategies - The fiberglass market is expected to recover in 2025, particularly in thermoplastics and wind power sectors, despite ongoing competitive pressures and structural demand challenges [7] - The company plans to innovate in product offerings and enhance global operations, aiming to serve international markets with high-quality materials [7] - Future initiatives will focus on the application of innovative products in sectors like carbon neutrality, digitalization, aerospace, and new infrastructure [7]

Market Performance - Huawei mobile concept stocks declined by 1.30%, ranking among the top losers in the concept sector as of the close on December 18 [1] - Within the sector, major decliners included Honghe Technology, Jingwang Electronics, and Fangbang Co., with respective declines of 7.55%, 5.59%, and 3.47% [2] - Conversely, stocks that saw gains included Kaige Precision Machinery, Xingxing Technology, and Lingyun Optics, with increases of 1.48%, 1.23%, and 0.98% [1] Capital Flow - The Huawei mobile concept sector experienced a net outflow of 1.3 billion yuan, with 33 stocks seeing net outflows, and 8 stocks exceeding 50 million yuan in outflows [1] - Leading the outflows was Luxshare Precision, with a net outflow of 499.19 million yuan, followed by Haowei Group and International Composite Materials with outflows of 175.43 million yuan and 91.59 million yuan, respectively [1] - Notable inflows were observed in stocks such as Taigang Stainless Steel, Zhuhai Guanyu, and Kaige Precision Machinery, with net inflows of 59.93 million yuan, 17.02 million yuan, and 12.54 million yuan, respectively [1] Stock Performance Details - The top stocks with significant net outflows included: - Luxshare Precision: -2.86% with a turnover rate of 0.83% and a net outflow of 499.19 million yuan [2] - Haowei Group: -2.18% with a turnover rate of 1.13% and a net outflow of 175.44 million yuan [2] - International Composite Materials: -3.24% with a turnover rate of 7.50% and a net outflow of 91.59 million yuan [2] - Stocks with notable gains included: - Kaige Precision Machinery: +1.48% with a turnover rate of 4.61% and a net inflow of 12.54 million yuan [2] - Taigang Stainless Steel: +0.63% with a turnover rate of 3.82% and a net inflow of 59.93 million yuan [2]

Core Insights - The domestic PCB market is projected to grow from $41.213 billion to $49.704 billion from 2024 to 2029, with a CAGR of 3.8% [1] - The fastest-growing downstream sector for PCBs is servers/data storage, expected to have a CAGR of 11.6% during the same period [1] Group 1: PCB Market Growth - The demand for PCBs is driven by explosive growth in computing power, particularly in AI servers and switches, which require higher performance [1] - The requirements for PCB materials are evolving, with a focus on low Dk/Df properties for core materials like resin, fiberglass, and copper foil [1] Group 2: Resin Demand and Supply - PPO and hydrocarbon resins are ideal for high-frequency and high-speed applications, with expected global demand reaching 4,558 tons and 1,216 tons by 2025, reflecting year-on-year growth of 41.89% and 41.62% respectively [2] - Major global suppliers of PPO and hydrocarbon resins include Sabic, Asahi Kasei, and Mitsubishi Gas, while domestic companies like Dongcai Technology and Shengquan Group are rapidly improving their product performance and production capabilities [2] Group 3: Low-DK Electronic Fabrics - Low-DK electronic fabrics are essential for M7 and above CCL, with the market expected to reach $2.3 billion by 2033, growing at a CAGR of 7.50% from 2024 to 2033 [3] - The supply of low-DK electronic fabrics is concentrated among Japanese, Taiwanese, and domestic companies, with domestic firms accelerating their production capabilities [3] Group 4: HVLP Copper Foil - HVLP copper foil is a core material for high-frequency PCBs, with a projected market growth from $2 billion to $5.95 billion between 2024 and 2032, achieving a CAGR of 14.6% [4] - The high-end copper foil market is currently dominated by Japanese and Korean companies, but domestic firms like Defu Technology and Tongguan Copper Foil are making significant advancements [4] Group 5: Key Companies - Notable companies to watch include Shengquan Group (605589.SH), Dongcai Technology (601208.SH), Zhongcai Technology (002080.SZ), Honghe Technology (603256.SH), International Composite Materials (301526.SZ), Defu Technology (301511.SZ), Tongguan Copper Foil (301217.SZ), and Longyang Electronics (301389.SZ) [5]