重要子公司业绩承压 明冠新材成立于2007年，是宜春市经开区培育的第一家上交所科创板上市企业。公司致力于新能源电池 封装用高分子材料研究，开发了太阳能电池组件背板、太阳能电池封装胶膜、多功能薄膜、锂电池封装 铝塑膜等特种功能复合材料。 目前，公司拥有宜春、苏州、越南、合肥（在建）四大制造基地。据官网信息，公司在江西拥有13GW 的胶膜产能、18GW的背板产能以及4500万平的铝塑膜产能，在越南拥有11GW的胶膜产能和4GW的背 板产能，公司在安徽和江苏分别规划了21GW和10GW的胶膜产能。 半年报显示，对公司净利润影响达10%以上的参股公司有8家，其中，越南明冠收入最高，达20,715.04 万元，净利润为69.03万元，该子公司是明冠新材重要的境外经营实体，主要生产电池背板、铝塑膜等 产品。但与2024年同期相比，其业绩遭遇"滑铁卢"，去年同期，该子公司收入39,395.24万元，净利润达 3417.42万元。此外，苏州嘉明、深圳明冠、明冠合肥和苏州嘉清四家子公司上半年未产生收入。 图为明冠新材背板产品。图源：公司官网 本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 今年上半年，光 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.05亿 | 3.82亿 | -36.85% | | 归母净利润(元) | 859.03万 | -5270.53万 | -713.54% | | 扣非净利润(元) | 625.67万 | -5472.44万 | -974.65% | | 货币资金(元) | 16.41 亿 | 14.63亿 | -10.86% | | 应收账款(元) | 3.07亿 | 2.2亿 | -28.46% | | 有息负债(元) | 1389.77万 | 463.71万 | -66.63% | | 毛利率 | 8.29% | -2.41% | -129.02% | | 净利率 | 1.42% | -13.80% | -1071.63% | | 三患占营收比 | 2.05% | 2.31% | 12.36% | | 每股净资产 (元) | 13.98 | 13.32 | -4.71% | | 每股收益 (元) | 0.04 | -0.26 | -750.00% | | 每股经营性现金流(元 ...

Core Viewpoint - Sichuan Yingfa Ruineng Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a leading global manufacturer of photovoltaic (PV) cells, focusing on R&D, production, and sales since its establishment in 2016 [1] Group 1: Company Overview - Yingfa Ruineng is recognized as the third largest specialized manufacturer of N-type TOPCon cells globally, with a market share of 14.7% as of 2024 [1] - The company has been awarded the title of a national-level specialized and innovative small giant enterprise and has received multiple industry accolades [1] - Yingfa Ruineng's products have obtained certifications from France and Germany, enhancing its competitiveness in the global market [1] Group 2: Production Capacity and Strategy - The company experienced rapid and steady capacity growth, with a production capacity of 5.7 GW for P-type PERC cells in 2022 and 32.7 GW for N-type TOPCon cells as of April 30, 2025 [2] - The production capacity has been converted to mainstream large-size cells of 182mm and above, with significant investments in advanced production facilities in Yibin, Sichuan [2] - Yingfa Ruineng has established its first overseas manufacturing base in Indonesia in 2024, aimed at serving Southeast Asia, the Middle East, and European markets, which helps reduce logistics costs and enhances its ability to navigate global trade uncertainties [2] Group 3: Technological Advancements - The company has strategically captured market opportunities in the P-type PERC and N-type TOPCon cell segments, being one of the first to establish production lines for large-size cells [3] - In 2024, a strategic cooperation agreement was signed for N-type HPBC cells, with a production line expected to begin trial production in May 2025 [3] - The company's N-type TOPCon cells have achieved a conversion efficiency exceeding 27.1%, which is above the industry average and close to the theoretical limit of 28.7% [3] Group 4: Financial Performance - The company reported revenues of approximately 5.643 billion, 10.494 billion, 4.359 billion, and 2.408 billion RMB for the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively [3] - The corresponding profits for the same periods were approximately 350 million, 410 million, -864 million, and 355 million RMB [3]

明冠新材主营业务为太阳能电池封装胶膜和太阳能电池背板的研发、生产和销售。公司产品主要应用于 光伏发电领域。 截至2025年8月20日收盘，明冠新材股价报15.54元，较前一交易日上涨0.14元，涨幅0.91%。当日成交 量为30149手，成交金额达0.46亿元。 风险提示：本文所提及个股仅作客观陈述，不构成任何投资建议。市场有风险，投资需谨慎。 公司8月20日晚间发布的2025年半年度报告显示，上半年实现营业收入3.82亿元，同比下降36.85%；归 属于上市公司股东的净利润亏损5270.53万元，同比由盈转亏。公司表示业绩下滑主要受光伏电池技术 迭代影响，以及市场竞争加剧导致产品价格下降。 ...

Core Viewpoint - Beteli Polymer Materials Company has received approval for its IPO application from the Shenzhen Stock Exchange and is currently in the inquiry stage, aiming to raise 793 million yuan for capacity expansion, renovation projects, and working capital [1][4] Group 1: Company Overview - Beteli specializes in electronic materials and new chemical materials, with a product portfolio that includes conductive materials, silicone materials, and coating materials [1] - The company has experienced significant growth in recent years, primarily driven by the surge in market demand due to advancements in photovoltaic cell technology [1][3] - Beteli's revenue increased from 635 million yuan in 2022 to 2.521 billion yuan in 2024, reflecting a compound annual growth rate of nearly 100% [1] Group 2: Market Dynamics - The main driver of Beteli's growth has been the substantial increase in silver powder procurement from major clients, including leading companies in the photovoltaic conductive paste sector [1][3] - However, the company faces challenges as the photovoltaic industry shifts towards cost reduction and efficiency improvements, with "less silver" and "silver-free" technologies emerging as new directions [3] Group 3: Future Prospects - Despite the challenges, Beteli is actively seeking breakthroughs by successfully entering the conductive materials field and achieving certain successes in conductive paste [3] - The company plans to use the funds raised from the IPO for multiple projects, including a 500-ton annual production project for specialty conductive materials, which will enhance its production capacity and market competitiveness [3] - The IPO represents not only a fundraising opportunity but also a significant milestone in the company's development, potentially increasing its funding support and market presence [4][7]