长阳科技半年报：亏损进一步扩大，干法隔膜产品遭客户投诉

Core Viewpoint - Long阳 Technology (688299.SH) reported a significant decline in revenue and net profit for the first half of 2025, primarily due to strategic reductions in low-margin product lines and substantial impairment losses on fixed assets and construction projects [1][2]. Financial Performance - The company achieved operating revenue of 525 million yuan, a year-on-year decrease of 18.81% [1]. - The net profit attributable to shareholders was -8.55 million yuan, representing a drastic decline of 150.11% year-on-year [1]. Product Performance - The traditional core product, reflective film, remained stable, while the optical base film product structure continued to optimize [2]. - The lithium battery separator business became the largest drag on performance, with prices declining due to downstream cost-cutting pressures and intensified market competition [2]. Impairment Losses - The company recorded a total of 35.75 million yuan in asset impairment and credit impairment losses in the first half of 2025 [2]. - The majority of these losses, amounting to 37.97 million yuan, were related to impairment provisions for the separator-related assets of subsidiaries in Hefei and Zhoushan [2]. Capacity Adjustments - The company significantly reduced planned production capacities for several projects, including the annual production of lithium battery separators, which was cut from 650 million square meters to 350 million square meters [2]. - Additionally, the annual production target for another lithium-ion battery separator project was reduced from 400 million square meters to 200 million square meters [2].