Q1’25高机能薄膜产业观察：寻求新平衡，酝酿新机遇，开启新纪元

Core Viewpoint - The high-performance film industry in China is experiencing significant investment growth in Q1 2025, driven by downstream industries such as new displays and new energy [2][3][6]. Industry News Review - Multiple high-performance film projects are being planned and constructed, including projects by Xingyuan Materials, Chenlong Holdings, and others in various locations across China [2]. - In terms of financing and market expansion, companies like Fuyin New Materials and New Beauty Materials are actively engaging in mergers and acquisitions, while others are expanding production capacity [2]. - The investment amount in the high-performance film industry in China has increased year-on-year and month-on-month, with a focus on films for new display applications [3][6]. Industry Investment Trends - The investment amount in the high-performance film industry in mainland China has shown growth both year-on-year and month-on-month in Q1 2025, primarily concentrated in the new display film sector [6][8]. Industry Outlook - The global LCD display panel shipment area has increased year-on-year and month-on-month in Q1 2025, reaching a peak, which has boosted demand across the supply chain [8]. - Revenue for upstream high-performance film manufacturers has shown a mixed trend, with overall revenue declining year-on-year and month-on-month, while sales gross margins have increased [12]. - The global photovoltaic market is facing challenges, with supply-demand adjustments and structural differentiation, leading to pressure on the entire industry chain's profitability [15]. - The high-performance film industry is undergoing a transformation from policy-driven to technology-driven development, with a focus on quality and efficiency improvements [15].