【吉林碳谷（920077.BJ）】碳纤维需求回暖新产能有序释放，25年业绩同比高增——2025年业绩快报点评（赵乃迪/蔡嘉豪）

Core Viewpoint - The company reported significant growth in its 2025 annual performance, with a revenue of 2.537 billion yuan, representing a year-on-year increase of 58.2%, and a net profit attributable to shareholders of 191 million yuan, up 104% year-on-year [4]. Group 1: Performance Overview - In Q4 2025, the company achieved a revenue of 662 million yuan, reflecting a year-on-year growth of 43.8% but a quarter-on-quarter decline of 3.9%. The net profit for the same quarter was 61 million yuan, showing a remarkable year-on-year increase of 373% and a quarter-on-quarter growth of 16% [4]. Group 2: Market Dynamics - The carbon fiber market in China saw an average price of 83.75 yuan per kilogram in 2025, which is a 7% decrease compared to the previous year. Despite the price drop, demand in sectors like wind power and low-altitude applications has been rapidly increasing, contributing to sustained growth in downstream demand for carbon fiber [5]. Group 3: Production Capacity and Projects - The company has successfully launched over 80% of its annual production capacity of 150,000 tons of carbon fiber precursor, establishing itself as the largest production base in the country. Additionally, a high-performance carbon fiber precursor project is progressing well, with plans for trial runs in the second half of 2024 and product quality validation with downstream customers in the first half of 2025 [6]. - A project for producing 6,000 tons of carbon fiber additives is also underway, aimed at achieving domestic production of precursor oil agents, significantly reducing costs and enhancing product quality [6]. Group 4: Technological Advancements - The company is committed to developing both large and small tow carbon fibers, achieving a comprehensive range of specifications. It has made significant technological breakthroughs, securing 38 national patents, including 20 invention patents. The development of large tow products has reached international advanced levels, with the 35K precursor being successfully applied in domestic wind turbine blades and in collaboration with Vestas in Denmark [7].