Crown Advanced Material (SH:688560) Sou Hu Cai Jing·2025-12-04 06:52Core Viewpoint - Mingguan New Materials has postponed the completion date of its "Mingguan Lithium Film Company's annual production of 200 million square meters of aluminum-plastic film construction project" to December 31, 2027, to avoid short-term overcapacity and idleness after the project reaches production capacity [3][6]. Group 1: Project Details - The total investment for the aluminum-plastic film project is approximately 136.87 million, with an adjusted planned investment of 93.06 million [4]. - As of November 26, 2025, the cumulative investment in the project remains at 0, indicating a 0% progress rate [4]. - The project has been postponed previously, with the initial completion date set for December 31, 2025, before being extended to the current date [5]. Group 2: Market Context - The decision to delay the project is based on the anticipated global demand for aluminum-plastic film in lithium batteries, which is expected to exceed 300 million square meters in 2025, with domestic market share around 45% [5]. - The growth rate of the aluminum-plastic film market and the pace of import substitution have not met expectations [5]. - The company plans to upgrade its existing production line, increasing its capacity from 10 million to 30 million square meters, with completion expected by January 2026 [5].