Core Viewpoint - Puxin plans to invest 2.5 billion yuan in a new integrated base film coating project to meet increasing demand from downstream customers and strengthen its competitive advantage in the industry [1][2][3] Group 1: Investment and Expansion Plans - The company intends to increase its investment in its wholly-owned subsidiary Sichuan Zhuoqin New Materials Technology Co., Ltd. by 760 million yuan for the construction of the second phase of the integrated base film coating project [1][2] - The total investment for the project is 2.5 billion yuan, which will add an annual production capacity of 2 billion square meters for base films and 3 billion square meters for coatings [1][2] - The project has been approved by the company's board of directors and will be funded through the company's own funds, Sichuan Zhuoqin's own funds, and bank loans [2] Group 2: Sales and Market Performance - From January to September 2025, the company achieved base film sales of 1.048 billion square meters, a significant increase of 235% year-on-year, while the coating processing shipment volume reached 7.38 billion square meters, up 56.8% [3][5] - The company has successfully achieved domestic production of core equipment for base film production, enhancing its supply assurance capabilities for downstream customers [3] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 10.83 billion yuan, a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 1.7 billion yuan, up 37.25% [5] - The company's non-net profit increased by 39.82% year-on-year, reaching 1.59 billion yuan [4][5] Group 4: Future Goals and Strategies - The company aims to achieve a shipment target of 2 to 2.5 billion square meters for base films and 13 billion square meters for coating films by 2026 [6] - A stock option incentive plan has been implemented to align the interests of core members with the company's performance goals, with specific profit targets set for the years 2025 to 2027 [6]

Core Viewpoint - Puxin plans to invest 760 million yuan in its subsidiary Sichuan Zhuoqin New Materials Technology Co., Ltd. to expand its capacity for coated separators, driven by strong market demand and existing production capabilities [1] Group 1: Project Details - The total investment for the integrated film coating project is 2.5 billion yuan, covering an area of approximately 68,500 square meters, with an expected annual production capacity of 2 billion square meters for base films and 3 billion square meters for coatings [1] - The project aims to enhance the company's integrated solutions for lithium battery separators, addressing the growing demand for high-performance, consistent, and stable coated separators in the power and energy storage battery markets [1] Group 2: Industry Demand and Competition - High-performance coated separators are essential for improving battery energy density, safety, and cycle life, with demand benefiting from the expansion of downstream markets [1] - The separator market is highly competitive, with ongoing production efficiency improvements due to equipment upgrades and a strong scale effect in the industry [2] Group 3: Company Performance and Strategy - Puxin has successfully advanced the localization of its base film production equipment, achieving industry-leading single-line production efficiency, with plans to gradually release high-efficiency base film capacity by the third quarter of 2025 [2] - In the first three quarters of 2025, the company expects to achieve a coated separator processing shipment volume of over 7.38 billion square meters, reflecting a year-on-year growth of 56.80% [2] - The company has established a closed-loop industrial chain encompassing base films, coating materials, adhesives, coating and base film equipment, and processing, providing a significant competitive advantage in terms of technology, efficiency, cost, and quality stability [3]