2026年，宿迁将做大做强"619"先进制造业体系，实施新一轮重点产业链高质量发展行动。围绕规上工 业总产值超5600亿元目标，推动六大产业集群产值全部超千亿、19条产业链产值全部超百亿。其中，新 材料产业将持续深耕高端化、差异化赛道，力争产值达1100亿元；新能源、高端纺织等成熟千亿集群将 通过新增省先进级智能工厂、省重点工业互联网平台等"智改数转网联"举措巩固优势，同步培育人工智 能、新型食品等潜力集群，构建多极支撑、协同发展的现代化产业体系，加快打造科技引领的长三角数 智制造新基地。 本报讯(记者孙旭晖)1月22日，宿迁市第六届人民代表大会第六次会议开幕。记者从会上获悉，2025年 宿迁加快壮大优势产业，六大产业集群总产值超5200亿元，新材料产业成为继新能源、高端纺织之后， 该市第三个千亿级产业集群。 2025年，宿迁市出台并实施《宿迁市新一轮千亿级产业攻坚三年行动计划(2025—2027年)》，以强链补 链延链为主线打造新材料产业集群。通过靶向推进绿铂纳米材料等72个重点项目建设，推动产业向光电 新材料等高端领域攀升；依托泗洪先进膜材料产业基地，深耕电子膜、新能源膜等细分赛道，高端聚酯 膜等产品国际 ...

Summary of the Conference Call for 双星新材 (Double Star New Materials) Company Overview - **Company Name**: 江苏双星彩塑新材料股份有限公司 (Double Star New Materials) - **Industry**: Special Chemicals, specifically focusing on polyester films (BOPET) for packaging, printing, and functional films for electronics and new energy sectors [doc id='10'][doc id='8']. Key Financial Performance - **Q2 2025 Performance**: - Revenue: 2Q revenue was 2.626 billion RMB, down 7% year-on-year [doc id='1']. - Net Loss: The company reported a net loss of 1.49 billion RMB, which was at the lower end of the forecast [doc id='1']. - Sequential Decline: 2Q revenue decreased by 10% quarter-on-quarter, with net loss expanding to 1.07 billion RMB, more than doubling from Q1 [doc id='1']. - Margins: 2Q gross margin was -1.5% and net margin was -8.6%, compared to +3.9% and -3.1% in Q1 respectively [doc id='1']. Revenue Breakdown - **Optical Films**: Revenue from optical films was 1.183 billion RMB, accounting for 45% of total revenue, down 8% year-on-year with a gross margin of 5% [doc id='8']. - **New Energy Films**: Revenue contribution from new energy films dropped 98%, falling from 8% in Q1 to nearly zero, attributed to capacity shifts to other products [doc id='8']. - **BOPET Films**: Revenue from BOPET films increased by 10%, but gross margin was -13% [doc id='8']. Industry Context - **Capacity Issues**: The industry continues to face overcapacity, with domestic BOPET capacity growing by 3.5% year-on-year in H1 2025, although the growth rate is slowing [doc id='8']. - **Utilization Rates**: Industry capacity utilization is projected to decline from 74% in 2022 to 65.6% in H1 2025 [doc id='8']. Future Outlook - **Guidance**: The company did not provide specific guidance for future performance [doc id='3']. - **Valuation**: The stock maintains a "Buy" rating with a target price of 7.30 RMB, corresponding to a 19x PE for 2026E and 0.7x PB [doc id='3']. Analyst Insights - **Risks**: Potential risks include slower-than-expected ramp-up of production capacity, increased competition in optical films and photovoltaic backsheet films, and weaker-than-expected demand in related industries [doc id='11']. - **Market Sentiment**: Analysts rated the industry structure as stable (score of 3) and indicated no significant changes in regulatory or government environments [doc id='13']. Important Metrics - **Market Capitalization**: 6.51 billion RMB (approximately 0.91 billion USD) [doc id='4']. - **Stock Performance**: The stock price as of August 27, 2025, was 5.67 RMB, with a 52-week price range of 6.46-4.19 RMB [doc id='4']. Conclusion The financial performance of 双星新材 indicates significant challenges, particularly with increasing losses and declining margins amidst an overcapacity situation in the industry. The outlook remains cautious, with analysts maintaining a "Buy" rating based on future potential despite current struggles.