每经记者｜温雅兰 每经编辑｜唐元 "这是我第一次参加成都都市圈在长三角的推介，但今天现场的氛围让我确信，我们三年前的选择没做 错。"上海莒纳新材料科技有限公司（以下简称"莒纳科技"）首席执行官周振声在成都都市圈走进长三 角投资推介会现场感慨道。 2022年，莒纳科技落户成都彭州市，如今，周振声的话，道出了众多长三角企业家的共同心声——成都 都市圈正以开放姿态，推动东西部资本与产业深度融合。 当经济进入高质量发展的新阶段，区域间的协同与共振便会成为驱动增长的关键引擎。地处西部的成都 都市圈，凭借其独特的区位优势、产业基础与政策红利，日益成为长三角企业眼中充满活力与确定性的 投资热土。 建设五年来，成都都市圈同城化水平跃居全国16个主要都市圈之首。2024年四市地区生产总值达 29756.8亿元，较2020年增长33.1%；而处于"长江尾"的长三角三省一市，2025年前三季度地区生产总值 合计达25.18万亿元，占全国GDP总量的24.81%。 一条长江水，连接两头发展极。成都都市圈与长三角城市群，将碰撞出怎样的产业火花？ 12月20日至26日，成都联动德阳、眉山、资阳三市，以"成都都市圈"整体形象主动"走进"长 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company's revenue for H1 2025 was 633 million yuan, a year-on-year decrease of 57.47%, with a net profit attributable to shareholders of -133 million yuan, indicating a narrowing loss [1]. - The profitability of the encapsulation film business is under short-term pressure due to fluctuations in the photovoltaic industry and intense price competition, leading to historically low gross margins [2]. - The automotive materials business is expected to become a new growth driver, with significant progress in the development of self-researched PDCLC instant light-adjustable liquid crystal films, which have been successfully industrialized [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 318 million yuan, a year-on-year decrease of 48.07%, but a quarter-on-quarter increase of 0.66% [1]. - The net profit for Q2 2025 was -76 million yuan, continuing the loss trend [1]. Business Segments - The encapsulation film business faces challenges due to the photovoltaic industry's cyclical adjustments and market competition, prompting the company to adopt a conservative strategy while focusing on innovation [2]. - The automotive business has made substantial advancements, with the successful launch of the PDCLC film in vehicles, and the company is actively expanding production capacity [3]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are estimated at 1.605 billion, 2.840 billion, and 3.993 billion yuan, respectively, with net profits expected to improve from -197 million yuan in 2025 to 227 million yuan in 2027 [4][5]. - The company anticipates a significant increase in revenue driven by the automotive business, with corresponding PE ratios of 76X for 2026 and 18X for 2027 [4].