华安证券股份有限公司 关于宁波长阳科技股份有限公司 华安证券股份有限公司（以下简称"保荐机构"、"保荐人"或"华安证券"） 作为宁波长阳科技股份有限公司（以下简称"长阳科技"或"公司"）2022年度 向特定对象发行股票并上市持续督导的保荐机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则（2025年4月修订）》《上海 证券交易所上市公司自律监管指引第11号——持续督导》等有关法律、法规的要 求，负责长阳科技本次股票发行上市后的持续督导工作，持续督导期间为2023 年11月8日至2025年12月31日。 序号 工作内容 持续督导情况 建立健全并有效执行持续督导工作制度， 保荐机构已建立并有效执行了持续督导 工作制度，并制定了相应的工作计划 工作计划 根据中国证监会相关规定，在持续督导工 保荐机构已与长阳科技签订保荐协议， 作开始前，与上市公司或相关当事人签署 持续督导协议，明确双方在持续督导期间 利和义务，并报上海证券交易所备案 的权利义务，并报上海证券交易所备案 保荐机构通过日常沟通、定期或不定期 通过日常沟通、定期回访、现场检查、尽 职调查等方式开展持续督导工作 开展持续督导工作 ...

Summary of Dongcai Technology Conference Call Company Overview - Dongcai Technology benefits from the growing demand for AI servers, with high-frequency and high-speed digital business rapidly developing. Revenue is expected to reach 270 million yuan in 2024, with projections of 600-700 million yuan for this year, primarily driven by the demand for AI servers like NVIDIA A100 [2][6][19]. Industry Trends - The core raw material for copper-clad laminates (CCL), resin, is undergoing an upgrade from traditional epoxy resin to polyphenylene ether (PPO), reactive ester resin, and BMI dual-cure resin. The trend is towards using PPO combined with hydrocarbon resin for level 8 CCL to meet higher signal transmission rates and signal fidelity requirements [2][7]. - The upgrade in terminal computing power demands is pushing the CCL levels from code 2 and 4 to code 7, 8, and even 9. The level 8 CCL primarily uses PPO combined with hydrocarbon resin [2][8]. Key Insights - Dongcai Technology has a strong position in the PCB materials sector, with market recognition of the increasing demand for terminal computing power and the company's advantageous positioning in this field. The release of production capacity aligns well with performance expectations [3]. - The company has established stable supply relationships with core downstream customers and has a reserve of 20,000 tons of high-frequency and high-speed resin, set to be operational by Q2 2026, providing a competitive edge over Japanese firms in terms of price and capacity [4][12]. - The high-frequency and high-speed resin business has seen a compound annual growth rate (CAGR) exceeding 100% since 2021, with expectations of significant breakthroughs in level 8 and 9 products by 2025 [4][16]. Product Performance - The high-frequency and high-speed digital business has shown rapid growth, with revenues increasing from 20 million yuan in 2021 to 160 million yuan in 2023, and projected to reach 270 million yuan in 2024 [6]. - The demand for special resin products, particularly the "Taoqin" resin, is expected to grow significantly, with monthly shipments projected to reach one million units by the second half of 2025 and annual demand nearing 20 million units by 2026 [10]. Competitive Landscape - The resin industry has significant barriers, including product quality, production management capabilities, and long-term cooperation with downstream manufacturers [15]. - Despite Japanese companies currently dominating the high-end digital product supply, domestic leaders are expected to capture most of the new market demand from 2025 to 2027 due to their price advantages and ample capacity [13][14]. Future Outlook - Dongcai Technology's future prospects are optimistic, with continued rapid growth in the high-frequency and high-speed resin business, expected to account for over 65% of profits. The company also anticipates growth in capacitor-grade BOPP films and optical base films through technological upgrades and market expansion [18][19].

Core Viewpoint - Ningbo Changyang Technology Co., Ltd. is facing significant financial challenges due to losses from its subsidiaries involved in new project developments, particularly in lithium-ion battery separators and optical films, which have not yet achieved expected production efficiencies and profitability [1][2][3]. Financial Performance - In 2024, the net profits of the subsidiaries were as follows: Hefei Changyang New Energy Technology Co., Ltd. reported a loss of 123.54 million yuan, Hefei Changyang New Materials Technology Co., Ltd. reported a loss of 23.53 million yuan, and Zhejiang Changyang Technology Co., Ltd. reported a loss of 36.97 million yuan [2][4]. - The financial data for Hefei New Energy shows a significant increase in operating costs, leading to a negative gross profit margin of -47.88% and a total loss of 123.54 million yuan [2][3]. - Hefei New Materials, which has not yet commenced formal production, reported a loss of 23.53 million yuan, primarily due to high operational costs and reduced government subsidies [3][4]. - Zhejiang Changyang's losses of 36.97 million yuan were attributed to increased operating costs and asset impairment losses [4][5]. Project Developments - The company has invested in several new projects, including lithium-ion battery separators and optical films, with total investments of approximately 591.36 million yuan for various production capacities [1][2]. - The lithium-ion battery separator projects are expected to reach production capacities of 560 million square meters and 400 million square meters, with anticipated revenues of 124 million yuan and 108 million yuan, respectively [10][11]. - The optical-grade polyester film project is scheduled to commence production by June 2025, with expected revenues of 194 million yuan [10][11]. Industry Context - The lithium-ion battery market is experiencing robust growth, with global shipments expected to reach 1545.1 GWh in 2024, a year-on-year increase of 28.5% [5][6]. - Despite the growth in demand, the industry is facing intense competition, leading to price wars and reduced profit margins for many companies, including Changyang [6][7]. - The optical film market is also facing challenges due to structural overcapacity and reliance on imports for high-end products, which affects the profitability of domestic producers [8][9]. Competitive Landscape - Competitors in the lithium-ion battery separator market are experiencing similar declines in profit margins, with major players reporting significant reductions in gross margins due to aggressive pricing strategies [6][7]. - The overall market for photovoltaic products, including solar films, is projected to grow, but companies are struggling with profitability due to increased competition and falling prices [9][10].

Summary of Changyang Technology Conference Call Company Overview - **Company**: Changyang Technology - **Industry**: Display materials, specifically focusing on reflective films, optical base films, and new product development in solid-state battery materials Key Points Financial Performance - **Q1 2025 Profit Growth**: Changyang Technology reported a 72% year-on-year profit increase, attributed to improved gross margins in reflective films and significant reduction in losses from the gel film business [2][6] - **Revenue and Profit Figures**: Q1 2025 revenue was 267 million yuan, with a net profit of 14.16 million yuan, despite a 14.97% decline in overall revenue compared to the previous year [3][6] - **Reflective Film Revenue**: Reflective film revenue decreased by approximately 4% year-on-year, but gross margin improved from 36.8% to 37.34% [3][23] Business Segments - **Reflective Film Business**: Expected to maintain single-digit growth for the year, driven by increased demand for large-sized TVs and new customer introductions [2][7] - **Optical Base Film Performance**: Q1 revenue was 17.9 million yuan, down 400,000 yuan year-on-year, with a negative gross margin of 11% due to underutilization of capacity [2][8][9] - **Gel Film and Separator Business**: Losses in gel film and separator segments have narrowed, contributing to overall profit growth [2][6][28] New Product Development - **Solid-State Battery Composite Films**: The company is advancing in the development of solid-state battery composite films, with major clients including Panasonic, Samsung SDI, and CATL. Small-scale deliveries are expected by 2027 [2][12][14] - **CPI Product Development**: Progress is slightly behind schedule, with plans to achieve stable mass production by the end of the year. One production line is planned for this year [4][16][19] Market Dynamics - **Impact of Oil Prices**: The decline in oil prices and the increase in the proportion of small-sized products are expected to enhance gross margins further [2][7] - **Competitive Landscape**: The optical base film market faces intense competition, particularly in low-end products, which may slow margin improvements [27] Strategic Focus - **Long-term Strategy**: The company is focusing on solid-state battery composite films and CPI products while stabilizing existing reflective and optical base film businesses. Non-core segments are being reduced to enhance overall health [4][17][31] - **Financial Management**: The company aims to optimize financial management by strategically disposing of non-core assets and focusing on emerging fields [29][30] Future Outlook - **Production Capacity and Cost**: The production line for solid-state battery composite films has a capacity of 50 million square meters, with a low investment cost of approximately 50-60 million yuan [14][18] - **Market Demand**: Short-term demand for solid-state battery materials is expected to be limited, but pricing remains favorable due to low supply [18][19] Additional Insights - **Downstream Verification**: The verification process for new products is slightly delayed, with expectations for small batch orders in the following year [19][21] - **Asset Management**: The company anticipates a significant reduction in losses from the separator and gel film businesses due to improved asset management strategies [28] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, business segments, new product developments, market dynamics, strategic focus, and future outlook.