8月26日，据黄冈日报消息，黄冈三利谱超宽幅偏光片生产项目，土建工程已进入收尾冲刺阶段， 施工重点由土建主体转为室内装修。根据计划，首批设备将于10月中旬进场，首条生产线在春节 前试生产。 图片来源：黄冈国投 值的一提的是，除了投建项目以外，三利谱也在持续推动偏光片业务的并购。 2024年12月，湖北三利谱的控股子公司利友光电，拟收购住友化学及其控制的关联企业持有的部 分LCD偏光片业务相关的公司股权及相关资产与服务。 该交易标的为住友集团部分LCD偏光片业务，主要包括旭友无锡100%股权、住化北京100%股权 以及部分相关资产和服务。 三利谱指出，该交易符合湖北三利谱及其控股子公司发展需要，有助于推动其偏光片业务的发展和 布局。 交易完成交割后，收购资产将由湖北三利谱的控股子公司利友光电运营。（集邦Display整理） #偏光片 #三利谱 【集邦Display显示产业交流群】 资料显示，旭友无锡成立于2016年，股东为住友化学（50%）与东友精细化学（50%），经营范 围包括：开发、生产和加工偏光片；以及偏光片生产、加工所需设备及原材料的进出口业务等。 住化北京成立于2009年，由住友化学100%持股，经营 ...

Group 1 - The stock price of Guanshi Technology on August 8 was 50.30 yuan, down 2.17 yuan or 4.14% from the previous trading day [1] - The opening price on that day was 50.96 yuan, with a high of 51.88 yuan and a low of 49.66 yuan, and the trading volume was 45,800 hands with a transaction amount of 231 million yuan [1] - Guanshi Technology's main business includes the research, production, and sales of semiconductor display devices and special adhesive materials, with products such as polarizers, functional devices, and signal connectors, primarily used in LCD TVs and smartphones [1] Group 2 - On August 7, Guanshi Technology received multiple institutional research visits, including from Founder Securities Asset Management, discussing the company's business layout and technological advancements [1] - Over the past year, the company has received 36 research visits from 31 institutions, indicating a high level of market interest [1] - On August 8, the net outflow of main funds was 9.6373 million yuan, while the cumulative net inflow over the past five days was 24.8862 million yuan [2]

Economic Performance - Fuzhou New Area (Changle District) achieved a GDP of 333.1 billion yuan in 2024, with a year-on-year growth of 7.4%, outpacing the city's overall growth by over 20% [1] - By the end of 2024, the total number of market entities in Fuzhou New Area reached 184,000, indicating a vibrant market environment [3] Business Environment - The establishment of a government service center in March 2024 streamlined business registration processes, allowing for "one-stop" services that significantly reduced approval times [1] - A new government management mechanism was implemented, achieving a 98% rate of "most run once" for approval matters [1][2] Innovation and Technology - Fuzhou New Area is fostering a robust innovation ecosystem, with initiatives like the establishment of a medical robot training center and the launch of a digital medical device research platform [4][6] - The area has seen the emergence of various technology-driven projects, including AI applications in textile and medical fields, enhancing productivity and product quality [7][8] Industrial Development - Fuzhou New Area has successfully transformed its industrial landscape, with significant advancements in sectors such as textiles, chemicals, and new materials, creating two trillion-yuan industries and three 500-billion-yuan industries [10] - Companies like Hengshen Group and Haosheng Technology have leveraged innovation to break foreign technology monopolies and establish complete supply chains in their respective industries [8][10]

Group 1 - Fuzhou New Area (Changle District) is celebrating the 10th anniversary of its approval as a national-level new area in 2025, focusing on high-quality development driven by digital economy [1] - The digital economy in Fuzhou New Area has surpassed 75 billion yuan, showcasing a significant transformation from a small to a robust industry [1] - The region is leveraging its advantages in digital infrastructure, including the Fujian Big Data Exchange and the Fujian Supercomputing Center, to establish itself as a digital industry hub in Southeast China [1][3] Group 2 - Fuzhou's development strategy emphasizes the importance of its geographical advantages, particularly its rivers and seas, as key to its future growth [2] - The Fuzhou New Area is a core area for the "3820" project and the "Digital Fujian" strategy, with policies supporting the digital economy and a 10 billion yuan fund established for digital industry development [3] - The establishment of a regional international communication business outlet marks a significant upgrade for Fujian, enhancing its role as a communication hub in the Asia-Pacific region [3] Group 3 - The textile industry in Fuzhou New Area is a major contributor, with an output value exceeding 160 billion yuan, accounting for 63% of the district's industrial output [4] - Traditional industries are being integrated with industrial internet technologies, facilitating a smooth transition to new growth drivers [4] - Innovations in energy-saving technologies and AI-driven quality control systems are being implemented in textile manufacturing, enhancing efficiency and reducing costs [5][6] Group 4 - Fuzhou New Area is focusing on six key industries: digital economy, new materials and energy, new displays, food storage, pharmaceuticals, and cultural tourism [7] - The region is home to advanced manufacturing facilities, such as the largest ultra-wide polarizer production base, which utilizes cutting-edge technology [7] - The biopharmaceutical sector is emerging as a new economic growth point, with companies adopting advanced production equipment to enhance output capacity [8] Group 5 - The Fuzhou New Area is actively developing smart transportation and healthcare systems, integrating AI technologies into various sectors [8] - A comprehensive digital economy ecosystem is being established, with initiatives like the "Hundred Factories Renewal Plan" aimed at modernizing traditional industries [9] - The region is poised to capitalize on the new technological revolution and industrial transformation, with a complete digital economy industrial chain gradually taking shape [9]

Core Viewpoint - LeKai Film Co., Ltd. announced the acquisition of LeKai Optoelectronic Materials Co., Ltd. and the completion of the TAC Film production line project, which is currently in trial production phase [1][4]. Group 1: Project Overview - The TAC Film production line project utilized fundraising of 250 million yuan, with an actual investment of 212.18 million yuan [4]. - The project includes the construction of a production line factory and the installation of a TAC film production line, with an expected annual production capacity of 24 million square meters upon reaching full production [4]. Group 2: Strategic Importance - The completion of the project is expected to enhance the company's product structure, profitability, and market competitiveness [4]. - The TAC film is a critical component of LCD polarizers, serving as a protective layer that ensures high light transmittance and stability of the display [4]. Group 3: Company Background - LeKai Optoelectronic primarily produces TAC films and related deep-processing products, with two modern casting production lines and an annual production capacity of approximately 25 million square meters [4].

Group 1 - The seventh Anhui Provincial Government Quality Award presentation highlighted the importance of quality in various industries, with companies showcasing their innovative quality management practices [1][2][5] - Chery Commercial Vehicle emphasized its commitment to quality through a comprehensive management model that includes advanced quality tools and full-process quality control [2] - Anhui Wanwei High-tech Materials Co., Ltd. demonstrated its leadership in the industry by breaking foreign monopolies with products like PVA optical films and PVB films, achieving significant production capacities [2] Group 2 - Anhui Xinhua Distribution Group has consistently ranked among the top cultural enterprises in China, showcasing its innovative approaches in the publishing industry, including the launch of digital bookstores [3] - Lenovo (Hefei) Electronics Technology Co., Ltd. reported a revenue of 104.8 billion yuan in 2024, maintaining a strong position in the market with multiple national-level recognitions [3] - Baowu Group Maanshan Rail Transit Materials Technology Co., Ltd. achieved significant milestones in high-speed rail technology, including the development of low-carbon products and a leading market share in heavy-duty wheels [4] Group 3 - Xiaogang Village in Fengyang County is pursuing excellence in quality services, leveraging innovative management and digital technology to enhance community development [4][5] - The seventh Anhui Provincial Government Quality Award attracted widespread attention, with 70 organizations and 15 individuals nominated, reflecting the growing emphasis on quality across various sectors [5] - The presentations during the award competition showcased a blend of passionate narratives and precise answers, contributing to the overall quality development in Anhui [5]

Core Viewpoint - The article discusses the intense family feud within the Shanshan Group following the sudden death of its founder, Zheng Yonggang, which has led to significant financial decline and potential bankruptcy for the company [2][3]. Group 1: Family Feud - Zheng Yonggang passed away unexpectedly in February 2023 without leaving a will, disrupting the existing power balance within the Shanshan Group and leading to chaos [5][8]. - Zheng Yonggang's son, Zheng Ju, was initially appointed as chairman but faced immediate challenges from his stepmother, Zhou Ting, who questioned the legitimacy of the board meeting and sought legal action to freeze key shares [13][14]. - The conflict escalated, with Zhou Ting pushing for a more defensive strategy while Zheng Ju aimed for aggressive growth, resulting in internal strife and decision-making paralysis [32][34]. Group 2: Company History and Growth - Founded in 1989, Shanshan Group transformed from a struggling garment factory into a leading clothing brand and later diversified into the lithium battery materials sector, becoming a significant player in the industry [17][19][25]. - By 2021, Shanshan's revenue soared to 20.7 billion, with a net profit of 3.34 billion, marking a significant turnaround for the company [27]. - However, the company faced challenges due to overexpansion and high debt levels, leading to financial strain as market conditions worsened [29][30]. Group 3: Financial Decline and Bankruptcy - Following Zheng Yonggang's death, Shanshan's financial situation deteriorated, with revenues dropping to 19 billion and net profits shrinking to 760 million in 2023 [35]. - By 2024, the company reported its first annual loss since going public, with a revenue decline of 2.05% and a net loss of 367 million, exacerbated by high debt levels [36][39]. - The company is now facing bankruptcy proceedings, with significant debts and ongoing power struggles within the family, leading to a loss of control over the company [38][39].

Core Viewpoint - Shanshan Co., Ltd. has significantly improved its performance in the first half of 2025, with a projected net profit increase of 810.41% to 1265.61% year-on-year, driven by its core businesses in negative materials and polarizers [2][4]. Financial Performance - The expected net profit for the first half of 2025 is between 160 million to 240 million yuan, while the non-recurring net profit is projected to be between 130 million to 195 million yuan, reflecting a year-on-year increase of 443.79% to 715.68% [2]. - The company's financial expenses and losses from equity investments in subsidiaries are expected to impact profits by 150 million to 170 million yuan, indicating that the core business performance would be even stronger without these factors [2][3]. Business Segments - The negative materials and polarizer segments are expected to contribute a combined net profit of 350 million to 450 million yuan, highlighting their importance to overall profitability [4]. - Shanshan is a pioneer in the lithium battery materials sector, focusing on artificial graphite technology, and has maintained a leading position in the industry through cost control and customer structure advantages [4]. Market Trends - The recovery of the new energy vehicle supply chain since 2024, along with increased demand in the energy storage sector, has led to a rebound in both prices and shipments of negative materials [5]. - The company has seen a significant increase in orders from major manufacturers, with a more than 40% quarter-on-quarter increase in shipments in Q2 [5]. Production Capacity - Shanshan has a total planned production capacity of 600,000 tons across its bases in Inner Mongolia, Sichuan, and Yunnan, with the Yunnan facility being the largest integrated negative material base globally [5][6]. - The company is also developing a 100,000-ton negative material base in Finland to cater to European customers and is collaborating with Moroccan firms to develop natural graphite projects [6]. Cost Management - The graphite processing stage accounts for approximately 36% of production costs, and Shanshan has achieved significant cost reductions through technological innovations [7]. - The company has developed a new fixed crucible furnace process to enhance efficiency and reduce costs, with the actual production capacity of the crucible furnace in Sichuan reaching 150,000 tons [8][9]. Product Development - Shanshan is expanding its product offerings with high-energy density 6C ultra-fast charging negative materials and 6C+ extreme fast charging materials, which have been supplied to leading domestic clients [10]. - The company has also developed silicon-based negative materials, with production capabilities established and products certified by major clients [11][12]. Additional Business Insights - The polarizer business, bolstered by the acquisition of LG Chem's assets, has positioned Shanshan among the top four globally in market share, with a focus on high-end product development [12]. - Despite the bankruptcy restructuring of its controlling shareholder, Shanshan emphasizes that its business operations remain unaffected, and future performance will depend on its ability to innovate and expand its customer base [12].

Core Viewpoint - Shanshan Co., Ltd. (600884.SH), a leading anode material manufacturer, is expected to see a significant improvement in its performance for the first half of the year, with projected net profits ranging from 160 million to 240 million yuan, representing a year-on-year increase of 810.41% to 1265.61% [1] Financial Performance - In the previous year, the company reported total revenue of 18.68 billion yuan, a decline of 2.05% year-on-year, and a net loss of 367 million yuan, with profits decreasing by 147.97% [2] - The company’s net profit for the first quarter of this year was approximately 30 million yuan, indicating that the second quarter's net profit is estimated to be between 130 million and 210 million yuan, reflecting a quarter-on-quarter increase of 330% [6] Corporate Restructuring - The controlling shareholder, Shanshan Group, is undergoing bankruptcy reorganization, with the court officially accepting the reorganization on February 25. The latest development includes a public recruitment announcement for reorganization investors on June 9, marking a critical phase in the process [3] - The majority of Shanshan Group's and its subsidiary Pengze Trading's shares in Shanshan Co. are currently pledged and frozen, which may lead to changes in control, although the company asserts that its business operations remain unaffected [3] Market Position and Product Development - Shanshan Co. is the first domestic company engaged in the research and production of artificial graphite anode materials for lithium-ion batteries, with its main business segments being anode materials and polarizers. In the previous year, these segments contributed 43.88% and 55.26% to the company's revenue, respectively [3] - The company maintains the top market share in artificial anode materials, with a projected market share increase of 6 percentage points to 92% by the first half of 2025 [4] Cost Management and Production Efficiency - The significant growth in the company's performance is attributed to multiple factors, including a decline in raw material prices, which has reduced production costs and supported profit margins [5][6] - The company has implemented cost-reduction measures since last year, particularly in its anode materials business, which has shown notable improvements [7] - The production cost of anode materials is heavily influenced by electricity costs, which account for 60% of the graphite production costs. The company has strategically located its production facilities in regions with lower electricity costs to enhance cost efficiency [8] Future Prospects - The market for silicon-based anode materials is expanding rapidly alongside the development of semi-solid and solid-state batteries. Shanshan Co. has developed a silicon-carbon anode deposition technology that enhances material stability and performance [9] - The company’s subsidiary, BASF Shanshan, which focuses on the research and production of lithium-ion battery cathode materials, is expected to impact Shanshan Co.'s financials negatively, with projected losses of 150 million to 170 million yuan [10] Stock Performance - As of July 15, Shanshan Co.'s stock price was 9.13 yuan, down 1.3%, with a market capitalization of 20.537 billion yuan [11]

Core Viewpoint - The significant growth in Shanshan Co., Ltd.'s net profit for the first half of 2025 is attributed to its focused industrial chain strategy and strong performance in its core business segments, particularly in an environment of recovering demand in the new energy sector [3][4][8]. Group 1: Financial Performance - Shanshan Co., Ltd. expects a net profit attributable to shareholders of 160 million to 240 million yuan for the first half of 2025, representing a year-on-year increase of 810.41% to 1265.61% [3]. - The company's non-recurring net profit is projected to be between 130 million and 195 million yuan, with a year-on-year growth rate of 443.79% to 715.68% [3]. Group 2: Business Segments - The two core business segments, negative electrode materials and polarizers, are expected to generate a combined net profit of 350 million to 450 million yuan, serving as key drivers for overall profitability [5]. - In the negative electrode materials segment, Shanshan has maintained a leading position in artificial graphite technology, with significant increases in both prices and shipments due to the recovery of the new energy vehicle supply chain [5][6]. - The polarizer segment has seen rapid growth since Shanshan's acquisition of LG Chem's polarizer assets in 2020, with the company successfully transitioning to high-end applications in OLED and automotive displays [7]. Group 3: Market Position and Strategy - Shanshan is among the top three global suppliers of negative electrode materials, establishing a stable customer base with major battery manufacturers [6]. - The company has expanded its production capacity in various locations, which has helped reduce unit costs and support its growth strategy [7]. - The polarizer market in China reached 7.1 billion yuan in 2023 and is expected to exceed 10 billion yuan by 2025, with a compound annual growth rate of over 20% [7]. Group 4: Challenges and Future Outlook - Despite strong performance in core businesses, Shanshan faces challenges from its joint venture with BASF, which is expected to incur losses of 150 million to 170 million yuan, negatively impacting net profit [8]. - The company's ability to maintain high-quality growth will depend on its execution in high-end product development, overseas market expansion, and risk management [8].