长阳科技 20250827 摘要 长电科技一季度因干法隔膜、胶膜及在建工程机器减值约 3,700 万元， 导致母净利润同比下滑 100%。公司已停止干法隔膜和胶膜业务，导致 上半年整体业绩下滑。 反射膜业务基本稳定，营收同比减少约 500 万元，主要受 Mini LED 相 关营收减少影响。光学基膜营收减少 1,700 万元，但通过提高中高端产 品占比，毛利率提升 1.4 个百分点。 公司布局固态电池复合膜领域，与中科威索和电力资等合作，提供成套 方案。已成功开发并量产 7 微米和 9 微米厚度的产品，并已部分交付客 户认证。 公司获得每月 50 万平米固态电池复合膜订单，预计四季度或明年开始 执行，单价至少 5 元/平米，用于低空经济领域，有望明年实现稳定批量 出货。 公司计划今年实现 10 亿元出货目标，上半年已完成 4.55 亿元，下半年 预计 5.5 亿元。公司正在洽谈处理数亿元固定资产和在建工程，计划年 底前完成一次性减值处理。 Q&A 请介绍一下长电科技 2025 年上半年的财务表现和主要业务的进展情况。 2025 年上半年，长电科技的营收为 5.25 亿元，同比下滑 18.1%。这一下滑 主要由 ...

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 ...

Market Overview - The optical-grade PET film market is segmented into various product types, including reflective films, anti-reflective films, light-filtering films, and others [4][5] - The market is also categorized by applications such as consumer electronics, displays and panels, lithium batteries, photovoltaics, and others [5][6] Industry Trends - The global optical-grade PET film market is projected to grow significantly from 2020 to 2031, with specific growth rates for different product types and applications [4][5] - The report highlights the overall market size and growth trends for both global and Chinese markets, indicating a substantial increase in demand [6][7] Competitive Landscape - The competitive landscape includes major players in the optical-grade PET film industry, with revenue analysis and market share data from 2020 to 2025 [6][7] - The report identifies the top five manufacturers in the global market and their respective market shares for 2024 [6][7] Regional Analysis - The report provides a detailed analysis of the optical-grade PET film market across various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa [6][7] - It includes projections for market size and growth rates in these regions from 2020 to 2031 [6][7] Product and Application Analysis - The report outlines the overall market size for different product types and applications, with forecasts for 2026-2031 [6][7] - It emphasizes the market share of various applications, indicating the most significant sectors driving growth [6][7] Supply Chain and Industry Structure - An overview of the optical-grade PET film industry supply chain is provided, detailing key raw materials, suppliers, and downstream customers [7][8] - The report discusses procurement, production, and sales models within the industry [7][8] Company Profiles - Detailed profiles of major companies in the optical-grade PET film market, including their market distribution, product specifications, and financial performance from 2020 to 2025 [8][9] - Companies such as Toray, DuPont Teijin, Mitsubishi Chemical, and others are highlighted for their contributions to the market [8][9]

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].

Group 1 - The core project focuses on high-end optical materials with a total investment of 740 million yuan and a construction period of 3 years, aiming to increase production capacity for polarizer protective films, OLED process protective films, and OCA optical adhesive films, which is expected to generate annual revenue of 1.392 billion yuan upon reaching full production [3] - The company has achieved import substitution in the optoelectronic display module materials sector, with clients including major enterprises like Samsung and BOE, indicating a strategic move to further penetrate the high-end market [3] - The company plans to enhance its core competitiveness through an innovation center project located in Shanghai, focusing on technology research and talent acquisition [3] Group 2 - In 2024, the company reported a 55% year-on-year revenue growth, reaching 795 million yuan, with a net profit of 280 million yuan, marking a 44% increase [4] - The high-performance optical materials segment saw a remarkable revenue increase of over 400%, totaling 218 million yuan, while functional electronic materials maintained a steady growth of 22% [4] - The growth trend continued into 2025, with Q1 revenue and net profit increasing by 92% and 111% year-on-year, respectively, validating the effectiveness of the company's strategic initiatives [4] Group 3 - The project faces certain risks and challenges, particularly with OLED process protective films and OCA optical adhesive films still in the customer certification phase, leading to uncertainties [5] - Upon reaching full production, the project will incur an additional annual depreciation expense of 42.39 million yuan, which could impact net profit if orders fall short of expectations [5] - To mitigate these risks, the company is increasing R&D investment, with R&D expenses accounting for 6.32% of total revenue in 2024, and plans to utilize 880 million yuan of idle funds for cash management to optimize financial efficiency [5] Group 4 - The company aims to leverage new projects and the Shanghai innovation center to deepen collaborations with universities and industry partners, striving to overcome technological barriers set by companies from the US, Japan, and South Korea in the high-end materials sector [6] - Future plans include actively expanding into upstream areas such as functional adhesives, creating material solutions that cover various scenarios including consumer electronics and new energy vehicles, thereby building a comprehensive material ecosystem [6] Group 5 - The Chinese optical film industry is steadily developing, supported by favorable policies, with companies like Yuxing Co. reporting a 71.27% year-on-year revenue growth in electronic optical polyester film business [7] - The demand for high-end composite optical films remains strong, with companies like Jizhi Technology reporting a 42.78% increase in sales for high-end display optical film products [7] - Despite domestic companies enhancing production capacity through technological upgrades, the overall supply-demand gap in the industry remains significant, highlighting ongoing reliance on imports for high-end optical films [7] Group 6 - The domestic optical film market is characterized by intense competition between local and foreign companies, with local firms holding a share in the mid-to-low-end market but facing challenges in the high-end sector due to technological barriers from foreign companies [8] - Companies like Changyang Technology have made significant breakthroughs in reflective film performance, challenging the long-standing monopolies of foreign manufacturers and driving industry technological advancement [8] - The high-end optical film and core raw materials still require substantial imports, while domestic exports are primarily concentrated in the mid-to-low-end segment, indicating a need for improvement in the competitive landscape of high-end optical films [8]

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.