重要子公司业绩承压 明冠新材成立于2007年，是宜春市经开区培育的第一家上交所科创板上市企业。公司致力于新能源电池 封装用高分子材料研究，开发了太阳能电池组件背板、太阳能电池封装胶膜、多功能薄膜、锂电池封装 铝塑膜等特种功能复合材料。 目前，公司拥有宜春、苏州、越南、合肥（在建）四大制造基地。据官网信息，公司在江西拥有13GW 的胶膜产能、18GW的背板产能以及4500万平的铝塑膜产能，在越南拥有11GW的胶膜产能和4GW的背 板产能，公司在安徽和江苏分别规划了21GW和10GW的胶膜产能。 半年报显示，对公司净利润影响达10%以上的参股公司有8家，其中，越南明冠收入最高，达20,715.04 万元，净利润为69.03万元，该子公司是明冠新材重要的境外经营实体，主要生产电池背板、铝塑膜等 产品。但与2024年同期相比，其业绩遭遇"滑铁卢"，去年同期，该子公司收入39,395.24万元，净利润达 3417.42万元。此外，苏州嘉明、深圳明冠、明冠合肥和苏州嘉清四家子公司上半年未产生收入。 图为明冠新材背板产品。图源：公司官网 本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 今年上半年，光 ...

Core Viewpoint - The photovoltaic industry is facing a severe downturn, leading to significant losses for companies like Mingguan New Materials, which reported a 36.85% year-on-year decline in revenue and a net loss of 52.71 million yuan in the first half of 2025 [1][2]. Company Summary - Mingguan New Materials, established in 2007 and listed on the A-share market in December 2020, specializes in solar cell backsheets and various composite film materials [1]. - The company's sales volume of photovoltaic module encapsulation materials decreased by 16% year-on-year, resulting in a revenue drop of 39% to 350 million yuan [1]. - The net cash flow from operating activities significantly worsened, showing a net outflow of 166 million yuan compared to a net inflow of 61 million yuan in the same period last year, marking a 373.16% decline [1]. Industry Summary - The photovoltaic encapsulation film industry is experiencing widespread profitability challenges, with major players like Foster, Swick, and Tianyang New Materials also reporting significant declines in revenue and profits [4][5]. - Foster, the industry leader with over 50% market share, anticipates a 49.05% year-on-year decrease in net profit for the first half of 2025, attributed to oversupply and intensified market competition [5][6]. - The overall market environment for photovoltaic products is complex and uncertain, with predictions of only 10% growth in the global photovoltaic market for 2025, while profitability remains difficult to forecast due to various influencing factors [6].

明冠新材主营业务为太阳能电池封装胶膜和太阳能电池背板的研发、生产和销售。公司产品主要应用于 光伏发电领域。 截至2025年8月20日收盘，明冠新材股价报15.54元，较前一交易日上涨0.14元，涨幅0.91%。当日成交 量为30149手，成交金额达0.46亿元。 风险提示：本文所提及个股仅作客观陈述，不构成任何投资建议。市场有风险，投资需谨慎。 公司8月20日晚间发布的2025年半年度报告显示，上半年实现营业收入3.82亿元，同比下降36.85%；归 属于上市公司股东的净利润亏损5270.53万元，同比由盈转亏。公司表示业绩下滑主要受光伏电池技术 迭代影响，以及市场竞争加剧导致产品价格下降。 ...