证券代码：301237 证券简称：和顺科技 杭州和顺科技股份有限公司 投资者关系活动记录表 编号：2025-019 二、主要问题 1、公司开发碳纤维项目的目的是什么? 答：碳纤维（石墨纤维）是航空航天领域不可替代的关键材料，目前 全球市场主要被美日少数企业垄断，供给集中且价格长期处于高位。公司 布局高性能碳纤维项目，旨在切入该领域开展探索开发与产业布局，与现 有差异化、功能性 BOPET薄膜业务形成战略协同，提升研发制造规模与水 平，助力公司向行业领先新材料企业迈进，更好满足市场高端需求。 2、碳纤维产品目标定位？ | | 特定对象调研 | 分析师会议 ☐ | | | | --- | --- | --- | --- | --- | | | 媒体采访 ☐ | ☐业绩说明会 | | | | 投资者关系 | ☐ 新闻发布会 | ☐ 路演活动 | | | | 活动类别 | 现场参观 ☐ | | | | | | | ☐其他（请文字说明其他活动内容） | | | | 参与单位名 | 海通证券 | 张翠翠、国元证券 | 李靖、瑞特资产 | 戴宁杰、有谱投资 朱厚中、 | | 称及人员姓 | 附加值投资 | 周浩锋、翼融资 ...

薄膜材料端，公司通过控股子公司江西有泽新材料，切入被誉为"黄金薄膜"的高性能聚酰亚胺薄膜（PI 薄膜）赛道。凭借耐高温500度以上、耐酸碱、绝缘性优异等特质，公司PI薄膜广泛应用于航空航海、 消费电子等市场，增长潜力强劲，据董事长周志峰介绍，公司2025年营业额达1.3亿元，净利润率约 15%，居行业头部水平。面对投资者对明年发展计划的普遍关切，公司表示将继续向透明聚酰亚胺材料 （CPI）、光敏聚酰亚胺（PSPI）材料展开技术攻坚，与公司在FCCL基材领域的技术积累形成联动， 剑指高端电子设备材料市场，计划实现销售额3亿元。 欧克科技是生活用纸设备龙头，凭借前瞻视野，公司精准发掘下游产品生产与薄膜包装间的协同作用， 向产业链纵向延伸，构建起"设备+材料"的核心发展战略。近年来，公司积极发挥智能制造、材料生 产、营销网络方面的领先优势，凭借稳健的现金流，以并购、合作研发等方式不断向高端科技业务发起 冲击，取得了革命性飞跃，打造了高端薄膜、锂电设备、固态电池设备、工业机器人多元赛道齐飞的产 业格局。 在资本赋能与多元赛道布局的双重推动下，欧克科技"设备+材料"高端化转型蓄势待发，高端薄膜、固 态电池设备、工业机器 ...

格隆汇12月11日丨斯迪克(300806.SZ)在投资者互动平台表示，公司PVD(物理气相沉积)项目聚焦高端功 能性薄膜的研发与量产，核心产品涵盖减反膜、2A3A膜、水氧阻隔膜等品类。依托精密的磁控溅射工 艺，相关产品兼具优异的光学性能与稳定的防护特性，主要配套应用于消费电子、车载显示、显示面板 三大核心下游领域，可充分满足各类终端产品对薄膜材料的高可靠性、高适配性需求。 ...

杭州和顺科技股份有限公司 证券代码：301237 证券简称：和顺科技 投资者关系活动记录表 | | 亿"重点项目政策倾斜及杭州钱塘新区优质营商环境支持，各环节无缝衔 | | --- | --- | | | 接推动项目高效落地。 | | | 2、公司的竞争对手有哪些？ | | | 答：公司始终对标全球新材料行业标杆日本东丽，无论是深耕多年的 | | | 薄膜业务，还是战略布局的碳纤维赛道，均以技术引领为核心导向，持续 | | | 攻坚高端领域，致力于成为新材料行业技术引领者。 | | 附件清单（如 | 无 | | 有） | | | 日期 | 2025年11月29日 | 编号：2025-016 | | 特定对象调研 分析师会议 ☐ | | | --- | --- | --- | | ☐ | 媒体采访 ☐业绩说明会 | | | 投资者关系 ☐ | 新闻发布会 路演活动 ☐ | | | 活动类别 ☐ | 现场参观 | | | | ☐其他（请文字说明其他活动内容） | | | 参与单位名 称及人员姓 | 财通证券 沈志滨、葆光资管 任为民、投资人 严 | 詹文俊、九纬私募基金 | | | 小平、陈勇勇 | | | 名 ...

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester films [2] - Main products include color optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [2] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [2] Carbon Fiber Business - The core production team for the carbon fiber project has extensive industry experience, ensuring advanced technology through iterative upgrades and customized imported equipment [3] - Key performance indicators (KPIs) such as product specifications, yield rates, revenue, and performance are used to assess the core team, ensuring technological implementation and competitiveness [3] Industry Strategy and Pricing - The company plans to reduce capacity for standard films and focus on high-value-added products, with a structural adjustment starting in December [4] - Ordinary transparent film prices have been slightly adjusted, but the company is currently facing a cost inversion where processing fees do not cover depreciation [4] - Commitment to avoid loss-making competition by leveraging core technology patents and certifications to build competitive barriers [4] High Brightness and Optical Base Film Progress - High brightness film has completed R&D and production line debugging, achieving significant yield improvements [5] - Imported coating equipment is ready, enabling the production of optical films, establishing a complete product chain from high brightness films to optical coated films [5] - The series is set for mass production starting in December, with confirmed orders following positive customer feedback on product performance and quality [5]

Core Viewpoint - The ongoing "dual carbon" transition is creating a golden development period for lithium battery new energy and intelligent manufacturing sectors, with Ok Technology (001223.SZ) gaining continuous attention from the capital market due to its precise strategic vision and clear transformation layout [1] Group 1: Strategic Layout and Product Development - Ok Technology is extending its industrial chain vertically by exploring the synergy between downstream customers' needs in product production and packaging film, leading to the development of film material production lines [2] - The company has formed a business structure covering three core products: intelligent equipment for household paper, film materials, and intelligent equipment for new energy lithium batteries, achieving an integrated link from R&D to sales and service [2] - The company is actively expanding into high-end materials and equipment, particularly in the high-performance PI film sector, which is essential for flexible electronics, new energy power batteries, and semiconductor packaging [2] Group 2: Lithium Battery Equipment and Market Trends - The lithium battery intelligent equipment sector is a key focus for the company, leveraging its experience in household paper equipment to develop high-performance wet-process lithium battery separator equipment [3] - The demand for lithium battery separators is expected to grow significantly due to the government's targets for wind and solar power installations, benefiting companies with technological barriers [3] - The company is well-positioned to benefit from both policy and market advantages in the lithium film equipment sector, potentially opening new growth avenues [3] Group 3: Robotics and Future Industry Focus - The company is making significant progress in the robotics field, establishing a subsidiary to focus on products like harmonic reducers and servo motors, with expectations of over 50 million yuan in sales by 2025 [4] Group 4: Financial Performance and Capital Expansion - In the first half of 2025, the company achieved a revenue of 455 million yuan, a substantial increase of 112.65% year-on-year, with a net profit of 69 million yuan, up 53.65% [5] - The film materials business has shown remarkable growth, with revenue reaching approximately 211.64 million yuan, a staggering increase of 332.81% year-on-year, becoming a new growth engine for the company [5] - The establishment of a 1.5 billion yuan investment fund aims to support high-end intelligent equipment, new energy, and new materials, enhancing the company's strategic expansion [5][6] Group 5: Shareholder Structure and Future Outlook - The company has room to introduce external investors through share issuance, with the top five shareholders holding 74.97% of shares, ensuring effective control by the founders while allowing for increased competitiveness [7] - The company plans to continue its dual-driven strategy of "equipment + materials," leveraging stable profits from traditional businesses and the advantages of the investment fund and shareholder structure to achieve growth in solid-state batteries and robotics [7]

Core Viewpoint - Heshun Technology is actively advancing its carbon fiber project and high-end film materials, showcasing its strategic determination and innovative vitality in the high-end materials sector [1][2]. Carbon Fiber Project Progress - The carbon fiber project is progressing steadily, focusing on the carbonization phase, with trial operations for carbonization equipment underway [2]. - The annual production capacity of the M-grade carbon fiber project is set at 350 tons, with a total investment of approximately 1 billion yuan, located in Hangzhou Qiantang New District [2]. - The project has accelerated since receiving environmental approval at the end of 2024, with successful power debugging and the initiation of trial operations for carbonization equipment [2]. Market Demand and Capacity Strategy - The company emphasizes a compact capacity planning for carbon fiber, aligning with the focus on high-performance carbon fibers (M-grade, T800, and above) for aerospace and high-end equipment sectors [3]. - The demand for carbon fiber in China is projected to reach 84,000 tons in 2024, with a growth rate of 21.7%, and a domestic production rate expected to exceed 80% by 2026 [3]. - The company adopts a "small but refined" production line model to enhance flexibility and meet customized, high-specification demands, focusing on performance premium rather than scale effects [3]. High-End Film Materials - Heshun Technology has been dedicated to the research, production, and sales of differentiated, functional biaxially oriented polyester films since its establishment in 2003, covering various applications in consumer electronics and automotive sectors [5]. - The annual import volume of high-end films in China is approximately 350,000 tons, primarily in optical films and high-end electrical insulation films, indicating a significant supply-demand gap in the domestic market [5]. - The company is shifting its production focus from low-margin transparent films to high-value optical films and films for new energy vehicles, aiming to avoid homogenized competition [5][7]. Strategic Focus and Future Growth - The company aims to leverage its advantages in high-end equipment and professional technical teams to capture opportunities in the carbon fiber market, particularly in high-end applications [4]. - With the new safety standards for power batteries set to be implemented in July 2026, the company possesses a first-mover advantage in high-end battery flame-retardant and insulation films, having completed customer validation [6]. - The management emphasizes a dual-driven growth strategy focusing on high-end optical film production and breakthroughs in domestic carbon fiber, supported by technological innovation and digital transformation [7].

Company Overview - Established in 2003, the company specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester (BOPET) films [1] - Main products include colored optical base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - Future focus on expanding product series and application fields, particularly in high-performance carbon fiber projects for sustainable development [1] Carbon Fiber Project - The carbon fiber project is progressing smoothly, with power debugging completed and trial production set to begin soon [1] - High-performance carbon fiber applications are expanding into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for market growth [2] - Technical barriers between high-performance and low-end products include raw silk quality control and precise carbonization processes, leading to significant performance and cost differences [3] BOPET Film Industry Outlook - The BOPET film industry is in a critical phase of short-term adjustment and long-term value construction [4] - Short-term challenges include increased fixed asset depreciation and the gradual release of new product benefits, but the company has shown improvement in Q3 performance compared to the previous year [4] - Long-term potential is promising, with a focus on differentiated, functional products to avoid homogenized competition and enhance R&D efforts [4] Financial Health - The company maintains a low debt-to-asset ratio, primarily due to long-term loans for the carbon fiber project [5] - Healthy operating cash flow and efficient capital recovery ensure stable financial management [5]

Core Insights - CPI film, or transparent polyimide film, is a new type of functional film with excellent properties such as chemical stability, heat resistance, flame retardancy, and good ductility, making it suitable for applications in flexible displays, aerospace, and other industries [1][2][5] Industry Overview - The CPI film market in China is experiencing steady growth, with demand expected to reach nearly 4 million square meters by 2024, driven by rapid developments in downstream industries like electronics and aerospace [5][8] - The production of CPI films involves a complex supply chain, including upstream raw materials, midstream processing, and downstream applications [8] Market Dynamics - The CPI film market is characterized by high technical barriers, with few manufacturers primarily located in Japan and South Korea, such as KOLON and Sumitomo Chemical [5][8] - Chinese manufacturers, including Ruihua Tai and Changyang Technology, are relatively new entrants but have significant potential for domestic market replacement [5][8] Application Areas - The primary application of CPI films is in foldable smartphones, where the shift from LCD to OLED displays is driving demand for flexible display technologies [8][9] - In the solar energy sector, CPI films are used as substrate materials for solar cells, benefiting from their excellent heat and weather resistance [10] Industry Trends - Performance enhancement through molecular structure design and hybrid modifications is a key focus for future CPI film development [11] - Cost reduction strategies, including optimizing production processes and increasing local sourcing of raw materials, are essential for the industry's growth [11] - Expansion into new application areas such as 5G communication, IoT devices, and medical technology is anticipated, highlighting the versatility of CPI films [12]

Group 1: Company Overview - The company, established in 2003, specializes in the R&D, production, and sales of differentiated, functional biaxially oriented polyester film materials [1] - Main products include colored optoelectronic base films, other functional films, and transparent films, applicable in consumer electronics and automotive sectors [1] - The company aims to expand its product series and application fields while exploring new materials, particularly in high-performance carbon fiber [1] Group 2: Production Capacity and Utilization - The current production capacity utilization rate is maintained at a reasonable level, with stable and orderly operation across production lines [2] Group 3: High-Performance Carbon Fiber Project - The company plans to continuously monitor market dynamics and industry trends to strategically plan product development and avoid oversaturated product categories [2] - High-performance carbon fiber applications have expanded into civil aviation, 3C digital products, low-altitude aircraft, and racing, creating a solid foundation for the industry's scalable growth [2] Group 4: Capital Operation Plans - The company currently has no plans for capital operations, but will consider financing through capital markets based on project progress and funding needs [2]