证券代码：600135 证券简称：乐凯胶片 公告编号：2025-047 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 乐凯胶片股份有限公司（以下简称"公司"）本次使用闲置募集资金进行现金管理所涉及的产品为保本浮 动收益型产品，收益情况由于受宏观经济的影响可能具有一定波动性，可能受到收益风险、市场风险、 流动性风险、管理风险等影响，敬请广大投资者注意投资风险。 公司在保证公司日常运营和资金安全的前提下，使用暂时闲置的募集资金进行现金管理，有利于提高资 金使用效率，获得一定的投资收益，不影响公司主营业务的正常发展和募投项目的建设，不存在损害公 司及全体股东，特别是中小股东利益的情形，符合公司和全体股东的利益。 截至2025年6月30日，公司货币资金81,380.8万元，本次现金管理支付的金额990万元，占最近一期期末 货币资金的1.22%，不会对公司未来主营业务、财务状况、经营成果和现金流量等造成重大的影响。 根据财政部发布的新金融工具准则的规定，公司本次购买的现金管理产品计入资产负债表中"交易性金 融资产"，利 ...

Group 1 - The company announced the convening of its second extraordinary general meeting of shareholders for 2025 on August 13, 2025 [2] - The meeting approved multiple proposals, including the amendment of the company's articles of association [2]

Market Overview - US stock markets experienced a collective rise, with the S&P 500 and Nasdaq indices reaching new highs, driven by positive CPI data [2][3][4] - The Nasdaq China Golden Dragon Index increased by 1.49%, reflecting strong performance in Chinese stocks [9] Economic Indicators - The US Consumer Price Index (CPI) for July rose by 2.7% year-on-year, slightly below the expected 2.8%, while the core CPI increased by 3.1%, marginally above the forecast of 3% [6] - Following the CPI release, expectations for a rate cut by the Federal Reserve in September surged, with traders now estimating a probability exceeding 90% for a rate cut [6] Company Performance - Major tech stocks saw significant gains, with Meta Platforms rising over 3% and Nvidia reaching a historical high [8] - Tencent Music reported strong second-quarter results, leading to a stock price increase of over 10% [10] - Circle, the "first stablecoin stock," released its first earnings report since going public, showing a revenue increase of 53% year-on-year, despite recording a loss [12][14] - Kodak's stock plummeted nearly 20% after the company issued a warning about its ability to continue operations, citing a lack of financing options and a debt of approximately $500 million [17] Oil Market - International oil prices continued to decline, with NYMEX WTI crude oil falling by 1.38% to $63.08 per barrel [19] - OPEC raised its forecast for global oil demand in 2026 to an increase of 1.38 million barrels per day, up from a previous estimate of 1.28 million barrels per day, driven by stronger economic activity in key regions [19]

Core Viewpoint - The resurgence of "Peel-apart film" or "撕拉片" is driven by its unique manual development process and retro aesthetic, leading to increased demand and skyrocketing prices in the market [12][14]. Group 1: Historical Context - Peel-apart film was invented by Edwin Land in the 1940s, allowing instant photo development, which became popular in the 1960s and 1970s [6]. - The production of peel-apart film ceased in 2008 for Polaroid and in 2016 for Fujifilm, marking the end of an era for this once-mainstream product [6]. Group 2: Technical Aspects - The basic principle of peel-apart film involves a light-sensitive negative and a positive film with a chemical pouch [8]. - The development process includes exposing the negative to light, breaking the chemical pouch, and separating the negative and positive to reveal the final image [9][11]. - Unlike instant cameras that automatically eject photos, peel-apart film requires manual extraction, which introduces variability in the development process [10]. Group 3: Market Dynamics - The current market for peel-apart film is characterized by a supply-demand imbalance, with prices for a box of 10 sheets rising from around 65-70 yuan to several hundred or even over a thousand yuan [12]. - The scarcity of available products has led to a perception of high collectible value, with some referring to it as "paper Maotai" due to its inflated prices [14]. Group 4: Consumer Behavior - Consumers are drawn to the unique experience of using peel-apart film, despite the risks of expired products leading to potential development failures [15]. - There are two main consumption models: one where consumers pay regardless of whether an image develops, and another where businesses guarantee a photo but not its quality [15].

Core Insights - The popularity of "tear-off film" has surged recently, driven by the influence of celebrities like Ju Jingyi, Liu Shishi, Huang Zitao, and Wu Xin, despite the high cost of over 300 yuan per shot [1] Group 1: Product Overview - Tear-off film, also known as instant film, consists of a light-sensitive negative and a developing positive with a chemical packet [3] - Major manufacturers like Polaroid and Fujifilm ceased production in 2008 and 2016 respectively, leading to most available films being expired [3] Group 2: Market Pricing - Current prices for a box of tear-off film on second-hand platforms like Xianyu range from 500 to 1000 yuan, translating to approximately 50 to 100 yuan per individual shot [3] - Fujifilm's FP-100C instant film has seen price fluctuations, with some listings showing a price drop of 60 yuan [7] and a 19% decrease in another instance [8] Group 3: Market Dynamics - Fujifilm representatives indicated that the discontinuation of tear-off film is due to high costs and cumbersome production facilities, with no official purchasing channels available [17] - The market features two consumption models: one where consumers pay regardless of whether the film develops, and another where merchants guarantee a photo but not the quality [17]