证券代码：600135 证券简称：乐凯胶片 公告编号：2025-042 乐凯胶片股份有限公司 2025 年第二季度主要经营数据 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或者重大遗漏负连带责任。 乐凯胶片股份有限公司（以下简称"本公司"）根据《上海证券交易所上市公 司自律监管指引第 3 号——行业信息披露》第十三号附件的相关规定，将 2025 年第二季度主要经营数据公告如下： 一、2025 年第二季度主要产品经营情况 | 产品名称 | 单位 | 产量 | 销量 | 销售收入 （人民币万元） | | --- | --- | --- | --- | --- | | 银盐产品 | | | | | | 彩色相纸 | 万平米 | 1,356.02 | 1,330.28 | 14,784.89 | | 光伏产品 | | | | | | 太阳能电池背板 | 万平米 | 82.70 | 115.20 | 639.40 | | 医疗产品 | | | | | | 医用干式胶片 | 万平米 | 388.36 | 404.94 | 5,528.17 | | 光电产品 | | | | | | ...

瑞财经 钟鸣辰8月20日，明冠新材(SH688560)发布2025年半年报，上半年同比由盈转亏，也是公司上市 后首次半年度亏损。 | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 381,894,965.63 | 604,788,792.05 | -36.85 | | 利润总额 | -53,251,952.08 | 8,032,078.70 | -762.99 | | 归属于上市公司股东的净利润 | -52,705,299.09 | 8,590,346.77 | -713.54 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | -54,724,410.53 | 6,256,737.93 | -974.65 | | 经营活动产生的现金流量净额 | -165,897,395.99 | 60,733,688.24 | -373.16 | | | 本报告期末 | 上年度末 | 本报告期末比上 年度末增减(%) | | 归属于上市公司股东的净资产 | 2.681.729.199.77 | 2 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.05亿 | 3.82亿 | -36.85% | | 归母净利润(元) | 859.03万 | -5270.53万 | -713.54% | | 扣非净利润(元) | 625.67万 | -5472.44万 | -974.65% | | 货币资金(元) | 16.41 亿 | 14.63亿 | -10.86% | | 应收账款(元) | 3.07亿 | 2.2亿 | -28.46% | | 有息负债(元) | 1389.77万 | 463.71万 | -66.63% | | 毛利率 | 8.29% | -2.41% | -129.02% | | 净利率 | 1.42% | -13.80% | -1071.63% | | 三患占营收比 | 2.05% | 2.31% | 12.36% | | 每股净资产 (元) | 13.98 | 13.32 | -4.71% | | 每股收益 (元) | 0.04 | -0.26 | -750.00% | | 每股经营性现金流(元 ...

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。 ...

Core Viewpoint - The company, LDK Solar, has announced the cessation of its solar cell backplane production due to significant losses, marking the end of its once-promising photovoltaic business and signaling a shift towards new areas such as optoelectronic displays and green dual-carbon initiatives [1][3] Group 1: Company Transition - LDK Solar, once a leader in the film industry, transitioned to the photovoltaic sector in 2011 as traditional imaging materials declined, investing heavily in solar cell backplane projects [1] - The photovoltaic materials segment became a key revenue contributor for over a decade until 2024, when the gross margin turned negative, leading to losses in the solar business [1][3] Group 2: Challenges Faced - The company faced intense competition, declining prices, and reduced demand in the photovoltaic market, compounded by high transportation costs due to the distance from production bases to major market areas [1] - Despite initial attempts to mitigate losses by developing new products, the increasing production volume only exacerbated the financial losses, prompting management to exit the solar business [1] Group 3: Future Directions - LDK Solar is now focusing on expanding into optoelectronic displays and green dual-carbon sectors, having acquired LDK Optoelectronics and invested in a TAC film production line to reduce reliance on imports [3] - In the green dual-carbon field, the company is entering the separation membrane sector, aiming to establish a new business model centered on resource recycling [3] - The company's ability to successfully navigate these new markets will be crucial for its future sustainability and growth [3]

Core Viewpoint - The company, Lekai Film, has decided to exit the solar photovoltaic (PV) business due to increasing competition and declining profitability, shifting its focus towards optoelectronic display and green carbon-neutral new businesses [1][4]. Group 1: Company Background and Business Transition - Lekai Film, originally known for its film products, transitioned to the solar PV industry in 2011, which became a significant revenue source for the company [2][3]. - The company has faced losses due to rising raw material costs and market demand changes, leading to a decline in its core business [2][3]. - The solar battery backplane products have seen a shift from positive to negative gross margins in 2024, prompting the company to halt production of these products [3][4]. Group 2: Financial Performance and Market Conditions - Despite the rapid growth of the solar industry in 2022, prices across the supply chain began to decline, resulting in a significant reduction in profit margins for Lekai Film [2][3]. - The company reported that its solar business, which was once a major revenue contributor, has not provided substantial profits, with increasing competition and transportation costs impacting profitability [3][5]. Group 3: New Business Initiatives - Lekai Film is accelerating its development in optoelectronic display and green carbon-neutral businesses, including the acquisition of 100% of Lekai Optoelectronics and the construction of a new TAC film production line [4][5]. - The company is also entering the high-performance separation membrane sector, which is expected to create a new business ecosystem focused on resource recycling [5][6]. - The TAC film production line is currently operating at full capacity, with projected revenues of 78.19 million yuan in 2024, indicating a profitable venture [5][6].

Core Viewpoint - The company is facing significant challenges in its photovoltaic business, with a notable decline in revenue and profitability, particularly in solar cell backsheet products, which have seen a drastic drop in sales and margins due to increased market competition and price reductions [1][2][3]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.485 billion yuan, a nearly 30% decrease year-on-year, and a net loss attributable to shareholders of 62 million yuan, marking two consecutive years of losses [1][2]. - The revenue from solar cell backsheet products plummeted by 76%, with a gross margin dropping by 20 percentage points to -18.13% [1][2]. Inventory and Impairment - As of June 30, 2025, the company identified further impairment signs in its photovoltaic-related inventory, estimating a potential impairment amount not exceeding 3 million yuan, which will be disclosed in the 2025 semi-annual report [1][5]. - The ending inventory balance stood at 308 million yuan, with the provision for inventory impairment increasing from 5.18% at the beginning of the period to 5.58% at the end [1][5]. Market Trends and Competitive Landscape - The solar photovoltaic industry is experiencing a significant downturn, with a 40% drop in component bidding prices and a 33.9% decrease in export value for photovoltaic products [2][3]. - The market for solar cell backsheet products is shrinking, with the share of single-glass components using these products dropping from 60% to 15% [2][3]. Customer and Revenue Analysis - The company’s main customers in the photovoltaic sector have also reported significant declines in revenue and profits, impacting the company's sales [3][4]. - The company operates on a direct transaction model with photovoltaic module manufacturers, which has been adversely affected by the overall market conditions [3][4]. Cost Structure and Pricing - The cost structure for solar cell backsheet products shows that over 70% of costs are attributed to materials, with transportation costs increasing due to geographical factors, adding approximately 0.4 yuan per square meter compared to competitors [5][6]. - The average selling price of solar cell backsheet products has decreased by 20% year-on-year, further squeezing margins [5][6]. Strategic Adjustments - In response to the challenging market environment, the company is optimizing its product structure by ceasing production of unprofitable solar cell backsheet products and actively developing new products [5][6]. - The company is also expanding into new business areas, including high-performance separation membranes, aligning with national carbon neutrality goals [6][7].

Core Points - Mingguan New Materials (688560.SH) reported a significant decline in revenue and net profit for the year 2024, with revenue at 864 million yuan, down 38.13% year-on-year [1] - The company recorded a net loss attributable to shareholders of 67.08 million yuan, compared to a loss of 23.88 million yuan in the previous year [1] - The net cash flow from operating activities was 147 million yuan, a decrease of 30.97% compared to the previous year [1] Financial Performance - Revenue for 2024 was 864 million yuan, down from 1.40 billion yuan in 2023, reflecting a 38.13% decrease [3] - The net profit attributable to shareholders was -67.08 million yuan, compared to -23.88 million yuan in 2023 [3] - The net profit after deducting non-recurring gains and losses was -68.16 million yuan, compared to -35.86 million yuan in the previous year [3] - The net cash flow from operating activities was 146.62 million yuan, down from 212.40 million yuan in 2023, a decline of 30.97% [3] Recent Developments - In Q1 2025, the company reported a revenue of 174 million yuan, a decrease of 46.94% year-on-year [4] - The net profit attributable to shareholders for Q1 2025 was -23.17 million yuan, compared to a profit of 7.93 million yuan in the same period last year [4] - The net cash flow from operating activities for Q1 2025 was -12.90 million yuan, compared to -5.53 million yuan in the previous year [4] Company Background - Mingguan New Materials was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 24, 2020, with an issue price of 15.87 yuan per share [5] - The total amount raised during the IPO was approximately 651 million yuan, with a net amount of 573 million yuan after expenses [5] - The company planned to use the funds for expanding production capacity in solar battery backplanes and lithium battery aluminum-plastic films, among other projects [5] Capital Raising Activities - In December 2022, the company issued A-shares to specific investors, raising a total of approximately 1.68 billion yuan, with a net amount of about 1.66 billion yuan after expenses [6] - The stock price is currently below the issue price of the recent capital increase [6] - The total amount raised from the two fundraising activities is approximately 2.33 billion yuan [7]