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]

格隆汇10月16日丨长阳科技(688299.SH)在互动平台表示，公司CPI薄膜项目目前正在客户验证中；电解 质复合膜基膜(固态电池骨架膜)已取得该行业国内外头部及腰部客户的企业订单，该产品市场需求尚未 放量，收入金额较小，短期内不会对公司经营业绩产生重大影响，敬请投资者注意投资风险；此外，公 司布局行业首创的导离子膜尚在开发验证中。 ...

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]