明冠新材2亿平铝塑膜项目再度延期 业绩连年亏损募集资金闲置

Core Viewpoint - Mingguan New Materials announced a delay in the completion of its "Annual Production of 200 Million Square Meters Aluminum-Plastic Film Construction Project" from December 31, 2025, to December 31, 2027, due to lower-than-expected market demand for aluminum-plastic films [1] Financial Performance - The company reported a total revenue of 537 million yuan for 2025, a year-on-year decline of 29.42%, with a net profit attributable to shareholders of -73.82 million yuan, worsening from -13.98 million yuan in the previous year [3] - The company has faced losses for two consecutive years, with net profits of -23.88 million yuan in 2023 and -67.08 million yuan in 2024, and a loss of approximately 52.71 million yuan in the first half of 2025 [3] - Key profitability indicators have deteriorated significantly, with a gross margin of -3.75%, down 166.42 percentage points year-on-year, and a net margin of -13.74%, down 648.07 percentage points [3] - Accounts receivable reached 216 million yuan, a year-on-year increase of 33.95%, indicating potential collection pressure and bad debt risk [3] Project Status - The total investment for the aluminum-plastic film project is nearly 1.4 billion yuan, but as of November 26, 2025, the funds allocated for the project remain at zero, indicating that funds raised since 2022 have been largely idle [1][2] - The company plans to advance the large-scale project in batches based on market order conditions, with an estimated global demand for lithium battery aluminum-plastic films exceeding 300 million square meters in 2025 [5] - The company has upgraded its existing production line to increase capacity from 10 million square meters to 30 million square meters annually to meet short-term demand [4] Market Environment - The overall environment for the photovoltaic industry is bleak, with ongoing project delays, asset sales, and an increase in the number of companies facing delisting, bankruptcy, or mergers since 2024 [5] - The company attributes its performance decline to the impact of technological iterations in photovoltaic cells and intensified market competition [3]