Core Viewpoint - The pursuit of battery safety and cost reduction in the electric vehicle sector is driving a pivotal moment for the composite current collector industry, with Shenzhen Hanqiao New Materials Technology Co., Ltd. emerging as a key player due to its innovative technology and mass production capabilities [1][2]. Group 1: Industry Trends - Since 2023, composite current collectors have gained significant market attention, with leading manufacturers collaborating with lithium battery leaders to launch new products, marking the transition from laboratory samples to commercial sales [2][3]. - The new composite current collectors, featuring a "metal-polymer substrate-metal" sandwich structure, replace over 60% of metal with polymer materials, optimizing costs, reducing battery weight, and enhancing energy density by 5%-10% [2][3]. - The urgency for high-performance current collectors is heightened by recent safety incidents in electric vehicles and the impending mass production of solid-state batteries in 2026, indicating a true turning point for the replacement of traditional current collectors [2][3]. Group 2: Company Overview - Hanqiao New Materials has successfully overcome mass production challenges, achieving a stable supply with a product yield rate exceeding 90%, distinguishing itself as one of the few companies capable of consistent bulk supply [3][4]. - The company has pioneered a one-step magnetron sputtering process that addresses issues associated with traditional two-step methods, such as substrate damage and low yield rates, thus creating a significant technological breakthrough [4][5]. - Hanqiao New Materials has established itself as a leader in the composite current collector industry, with a strong focus on R&D, having filed 83 patents, including 57 domestic inventions, and has successfully transitioned to mass production [8][9]. Group 3: Technological Advancements - The one-step process developed by Hanqiao New Materials not only enhances yield and uniformity of the film layers but also creates a high technical barrier, allowing compatibility with two-step methods while making it difficult for competitors to replicate [5][7]. - The company has developed the world's first dual-sided winding magnetron sputtering equipment, significantly improving coating uniformity and efficiency, and achieving over 80% material utilization rate, which contributes to a competitive cost of 4-5 RMB/m² for composite current collectors [7][8]. - Hanqiao's technology platform is versatile, enabling the company to respond to market changes effectively and expand into various sectors, including energy storage and consumer batteries, thereby diversifying its growth engines [9][10]. Group 4: Market Applications - Hanqiao New Materials is positioned to lead in the high-end optical film market, producing ultra-high reflectivity silver films that break the long-standing reliance on imports and support the domestic high-end optical materials industry [10][11]. - The company's 3A optical films, essential for automotive applications, leverage its core magnetron sputtering technology, which is critical for achieving high-performance multi-layer films [11]. - The strategic approach of "technology reuse and multi-field collaboration" not only maximizes production capacity but also mitigates risks associated with single industry dependence, reinforcing the company's competitive edge [11].

Core Viewpoint - The company plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity through its wholly-owned subsidiary, aiming to enhance its product offerings in the electronic industry and related sectors [1] Investment Details - The investment will be utilized for renovating existing facilities, purchasing advanced PVD production and testing equipment, and recruiting and training personnel for production, technology, and management [1] - The project is expected to focus on producing anti-reflective films, 2A3A films, and water-oxygen barrier films, which are primarily used in the electronic industry, automotive displays, and display panels [1] - The estimated construction period for the project is two years [1]