以技术为根 穿越产业周期 金亚东的职业生涯始于海外留学与跨国企业高管的经历，这段"科学家"的底色为他日后执掌长阳科技奠 定了独特的基础。面对科学家追求技术多元性与企业家追求经营增长之间的内在张力，他找到了属于自 己的平衡点——"只要在企业可承受的范围内，研发投入始终是最重要的。"这句朴实的话语，成为他经 营哲学的核心表达。 在当前制造业普遍面临"低端过剩、高端不足"的结构性矛盾下，金亚东保持着难得的清醒。他认为，越 是行业"内卷"加剧，企业越要回归本质：产品的领先性与不可替代性才是真正的护城河。"如果仅追求 短期利润，忽视创新的根本动力，企业的长期发展必将受到影响。"他坦言，希望将长阳打造成一家"永 续经营的百年老店"，而实现这个目标的前提，就是持续投入创新，追求技术的极致与领先。 在全球制造业竞争日趋激烈、新材料行业迎来战略机遇的当下，长阳科技董事长金亚东在接受中国证券 报记者专访时，展现了其在产业转型期的战略定力。面对公司2025年前三季度业绩的短期波动，他将目 光坚定地投向更远的技术布局与产业未来。 2025年三季报显示，公司正处于转型的关键阶段：前三季度营业收入8.09亿元，归母净利润为-533.70 ...

在全球制造业竞争日趋激烈、新材料行业迎来战略机遇的当下，长阳科技董事长金亚东在接受中国证券 报记者专访时，展现了其在产业转型期的战略定力。面对公司2025年前三季度业绩的短期波动，他将目 光坚定地投向更远的技术布局与产业未来。 "材料行业是长周期行业，真正的价值不在于一城一池的得失，而在于能否在关键技术节点完成卡 位。"金亚东表示，尽管2025年前三季度业绩承压，但公司毛利率逆势提升至30.58%，第三季度单季净 利率转正至1.13%，释放出企稳信号。在这位兼具科学家素养与企业家智慧的管理者带领下，长阳科技 正从"单项冠军"向"平台型企业"稳步转型。 以技术为根穿越产业周期 金亚东的职业生涯始于海外留学与跨国企业高管的经历，这段"科学家"的底色为他日后执掌长阳科技奠 定了独特的基础。面对科学家追求技术多元性与企业家追求经营增长之间的内在张力，他找到了属于自 己的平衡点——"只要在企业可承受的范围内，研发投入始终是最重要的。"这句朴实的话语，成为他经 营哲学的核心表达。 在当前制造业普遍面临"低端过剩、高端不足"的结构性矛盾下，金亚东保持着难得的清醒。他认为，越 是行业"内卷"加剧，企业越要回归本质：产品的领先 ...

在全球制造业竞争日趋激烈、新材料行业迎来战略机遇的当下，长阳科技董事长金亚东在接受中国证券 报记者专访时，展现了其在产业转型期的战略定力。面对公司2025年前三季度业绩的短期波动，他将目 光坚定地投向更远的技术布局与产业未来。 作为公司近年来重点投入的赛道，固态电池被金亚东视为长阳科技未来十年的增长引擎。早在2021年， 公司就开始布局固态电池材料，是国内较早切入该领域的企业之一。尽管当前行业仍处早期，技术路线 尚未收敛，但金亚东判断，从半固态到全固态的演进是确定性的方向。 "材料行业是长周期行业，真正的价值不在于一城一池的得失，而在于能否在关键技术节点完成卡 位。"金亚东表示，尽管2025年前三季度业绩承压，但公司毛利率逆势提升至30.58%，第三季度单季净 利率转正至1.13%，释放出企稳信号。在这位兼具科学家素养与企业家智慧的管理者带领下，长阳科技 正从"单项冠军"向"平台型企业"稳步转型。 ● 本报记者杨梓岩 以技术为根穿越产业周期 金亚东的职业生涯始于海外留学与跨国企业高管的经历，这段"科学家"的底色为他日后执掌长阳科技奠 定了独特的基础。面对科学家追求技术多元性与企业家追求经营增长之间的内在张力， ...

在全球制造业竞争日趋激烈、新材料行业迎来战略机遇的当下，长阳科技董事长金亚东在接受中国证券 报记者专访时，展现了其在产业转型期的战略定力。面对公司2025年前三季度业绩的短期波动，他将目 光坚定地投向更远的技术布局与产业未来。 "材料行业是长周期行业，真正的价值不在于一城一池的得失，而在于能否在关键技术节点完成卡 位。"金亚东表示，尽管2025年前三季度业绩承压，但公司毛利率逆势提升至30.58%，第三季度单季净 利率转正至1.13%，释放出企稳信号。在这位兼具科学家素养与企业家智慧的管理者带领下，长阳科技 正从"单项冠军"向"平台型企业"稳步转型。 ● 本报记者 杨梓岩 以技术为根 穿越产业周期 金亚东的职业生涯始于海外留学与跨国企业高管的经历，这段"科学家"的底色为他日后执掌长阳科技奠 定了独特的基础。面对科学家追求技术多元性与企业家追求经营增长之间的内在张力，他找到了属于自 己的平衡点——"只要在企业可承受的范围内，研发投入始终是最重要的。"这句朴实的话语，成为他经 营哲学的核心表达。 在当前制造业普遍面临"低端过剩、高端不足"的结构性矛盾下，金亚东保持着难得的清醒。他认为，越 是行业"内卷"加剧，企业 ...

Core Viewpoint - Enjie Co., Ltd. reported a revenue of 3.78 billion yuan for Q3 2025, reflecting a year-on-year increase of 40.98% and a quarter-on-quarter increase of 24.59%, while net profit attributable to shareholders was 0.07 billion yuan, with a non-recurring net profit of 0.1 billion yuan, showing a quarter-on-quarter recovery but a year-on-year decline [1] Group 1 - The company expects continued positive growth in shipments for Q4 2025, with new production bases and line upgrades in 2026 likely to enhance efficiency and align with industry growth rates [1] - Price increases for customers with negative gross margins and mid-to-low tier clients are anticipated, which, combined with favorable demand conditions, active overseas customer expansion, and optimized shipment structure, may further improve profitability [1] - The profitability outlook for dry-process separators is being revised, and the aluminum-plastic film segment is expected to gradually reduce losses as shipment volumes increase [1] Group 2 - The company is actively developing new products such as lithium sulfide, sulfide electrolytes, and ion-conducting membranes, with positive customer progress opening up potential for profitability [1]

Group 1 - The core viewpoint of the article is that Changyang Technology is currently validating its CPI film project with customers, indicating ongoing development and potential future demand [1] - The electrolyte composite membrane (solid-state battery skeleton membrane) has received orders from leading domestic and international clients, although the market demand has not yet ramped up significantly, resulting in minimal revenue impact in the short term [1] - The company is also developing an industry-first ion-conducting membrane, which is still in the verification phase [1]

Group 1 - The core point of the article is that Changyang Technology (688299.SH) is currently validating its CPI film project with customers, indicating ongoing development in its product offerings [1] - The company has received orders for its electrolyte composite membrane (solid-state battery skeleton membrane) from leading domestic and international clients, although the market demand has not yet ramped up significantly, resulting in minimal revenue impact in the short term [1] - The company is also developing an industry-first ion-conducting membrane, which is still in the verification phase [1]

Summary of Changyang Technology Conference Call Company Overview - **Company**: Changyang Technology - **Industry**: Solid-state battery and related materials Key Financial Performance - **Q1 Impairment**: Approximately 37 million yuan impairment on dry separator, adhesive film, and construction machinery led to a 100% year-on-year decline in net profit [2][3] - **H1 Revenue**: Revenue for the first half of 2025 was 525 million yuan, down 18.1% year-on-year, primarily due to the cessation of dry separator and photovoltaic adhesive film businesses [3] - **Reflective Film Revenue**: Stable performance with a slight decrease of about 5 million yuan, impacted by a 10 million yuan drop in Mini LED-related revenue [2][3] - **Optical Base Film Revenue**: Decreased by 17 million yuan, but gross margin improved by 1.4 percentage points due to a higher proportion of mid-to-high-end products [2][3] Business Developments - **Solid-state Battery Composite Film**: - Collaborations with Zhongke Weisi and Electric Power to provide complete solutions [2][5] - Successfully developed and mass-produced 7-micron and 9-micron thick products, with partial customer delivery for certification [2][5] - Received an order for 500,000 square meters per month, expected to start execution in Q4 2025 or Q1 2026, with a unit price of at least 5 yuan per square meter [2][9][22] - **Sales Target**: Aiming for a total shipment target of 1 billion yuan for the year, with 455 million yuan completed in H1 and an expected 550 million yuan in H2 [2][7] Impairment and Asset Management - **Asset Impairment**: Ongoing discussions to handle several hundred million yuan in fixed assets and construction projects, with plans for a one-time impairment treatment by year-end [2][8] Production Capacity and Future Plans - **Production Capacity**: Planned capacity for solid-state battery production lines is 40-50 million square meters, expected to meet demand before 2027 [4][12] - **Expansion Potential**: Current production lines can be expanded within 8-12 months if demand increases, but no new capacity is anticipated before 2026 [13] Market Position and Competitive Advantage - **Client Relationships**: Strong relationships with major clients like Samsung and LG, providing a competitive edge in the solid-state battery market [29][30] - **Industry Outlook**: Solid-state batteries are expected to replace traditional liquid batteries and fuel vehicles, with a broad market potential [29] Product Development and Feedback - **Product Thickness**: Achieved breakthroughs in product thickness, with 7-micron and 9-micron products showing good performance in customer tests [16][17] - **Performance Metrics**: Products maintain around 80% porosity and nearly 100-micron pore size, with ongoing improvements in thickness and performance [18] Future Business Strategy - **Focus on Core Products**: The company aims to position itself as a supplier of base films and related solutions, rather than entering the battery materials sector directly [27] - **Customer Engagement**: Increased communication frequency with key clients to enhance collaboration and product development [25] Conclusion - **Overall Outlook**: Changyang Technology is navigating challenges in its traditional business while making significant strides in the solid-state battery sector, with a clear focus on innovation and customer relationships to drive future growth [33]