莱尔科技(688683)1月26日发布2025年度业绩快报，公司2025年实现营业总收入9.62亿元，同比增长 82.97%；归属于母公司所有者的净利润4246.41万元，同比增长13.67%；归属于母公司所有者的扣除非 经常性损益的净利润3878.06万元，同比增长28.24%。 对于业绩增长的主要原因，公告指出，报告期内公司涂碳箔业务收入大幅增长带动营业收入显著提升， 叠加产品结构优化，毛利同步增长，盈利基础持续夯实。同时，公司在2025年实施员工持股计划存在股 份支付费用。(王珞) ...

人民财讯1月25日电，莱尔科技(688683)1月25日发布业绩快报，公司2025年实现营业总收入9.62亿元， 同比增长82.79%；归母公净利润4246.41万元，同比增长13.67%；基本每股收益0.28元。报告期内，公 司涂碳箔业务收入大幅增长带动营业收入显著提升，叠加产品结构优化，毛利同步增长，盈利基础持续 夯实。 ...

报告期内，公司涂碳箔业务收入大幅增长带动营业收入显著提升，叠加产品结构优化，毛利同步增长， 盈利基础持续夯实。同时公司2025年实施员工持股计划存在股份支付费用。 格隆汇1月25日丨莱尔科技(688683.SH)公布2025年度业绩快报，报告期内，公司实现营业总收入 96,178.73万元，较上年同期增长82.79%；实现归属于母公司所有者的净利润4,246.41万元，较上年同期 增长13.67%；实现归属于母公司所有者的扣除非经常性损益的净利润3,878.06万元，较上年同期增长 28.24%。 ...

莱尔科技发布业绩快报，2025年度营业总收入9.62亿元，同比增长82.97%；净利润4246.41万元，同比 增长13.67%。报告期内，公司涂碳箔业务收入大幅增长带动营业收入显著提升，叠加产品结构优化， 毛利同步增长，盈利基础持续夯实。同时公司2025年实施员工持股计划存在股份支付费用。 ...

Group 1 - The core point of the article is the strategic collaboration between Guangdong Lier New Materials Technology Co., Ltd. and Shun Control Group, marking a transition from capital partnership to governance integration, with the nomination of Mr. She Yingjie as a non-independent director of Lier Technology's board [1] - The collaboration follows a clear "three-step" path: signing a strategic cooperation framework agreement, completing share transfer, and now integrating governance through board participation [1][2] - The partnership aims to leverage complementary strengths in the value chain, particularly in high-growth sectors such as new energy vehicles and AI servers, to achieve synergistic effects [2] Group 2 - Shun Control Group has a strong foundation in overseas markets and is expanding its domestic business, while Lier Technology has a solid base in the domestic new energy market and is actively pursuing international expansion, creating effective market network synergies [3] - The nomination of Mr. She signifies a shift from being a strategic shareholder to participating in core decision-making, enhancing the competitive edge of both companies in a rapidly evolving manufacturing landscape [3] - The collaboration model exemplifies a typical industrial capital operation within the Shunde district, which encourages companies to embrace capital markets and shift from family to shareholder thinking [4] Group 3 - Shunde district has a robust ecosystem with 44 listed companies, representing a significant portion of the local economy, and a total market value of approximately 880 billion [4][5] - The district is fostering a multi-tiered capital market structure, with a focus on nurturing companies through various stages of listing and capital market engagement [5] - Current favorable macroeconomic conditions, including national policy support and improved regulatory efficiency, present a "golden window period" for companies to enter the capital market [5]

在区域布局方面，世运电路海外业务基础扎实，正积极拓展国内市场；莱尔科技在国内新能源领域具备 优势，并逐步推进海外延伸。合作有助于实现国内外市场的联动发展与资源整合。 中证报中证网讯(王珞)近日，莱尔科技(688683)发布公告称，公司董事会审议通过了关于提名佘英杰为 公司第三届董事会非独立董事候选人的议案。佘英杰是世运电路（603920）创始人、总经理。此次提名 是双方继2025年7月签署战略合作与股权转让协议、实现股权联结后，在公司治理层面的重要推进，标 志着战略协同进入新阶段。 此外，双方在生产原材料方面具有较高共性，均大量使用铜材、胶膜基材等关键物料。通过联合采购与 供应链资源共享，有望提升采购规模优势，增强供应链韧性与成本控制能力。 公告显示，佘英杰进入莱尔科技董事会，将进一步推动双方在客户与市场方面的协同。世运电路主营车 规级PCB产品，已进入多家全球知名车企供应链；莱尔科技主要产品包括功能性胶膜、FFC、涂碳箔 等，广泛应用于汽车电子与新能源电池领域。双方可通过客户资源对接与市场网络互补，共同拓展新能 源汽车市场，并在AI服务器、低空经济等新兴领域加强联合开拓。 莱尔科技表示，佘英杰作为世运电路的 ...

Core Viewpoint - The collaboration between Lair Technology and Shenhua New Materials marks a significant step in the development of the Henan New Energy Coated Carbon Foil Project, reflecting the companies' commitment to meet market demand and strengthen their industry leadership [1][2]. Group 1: Project Development - The groundbreaking ceremony for the second phase of the Henan New Energy Coated Carbon Foil Project took place on December 1, with key government and corporate leaders in attendance [1]. - The first phase of the project has achieved high operational efficiency, with production capacity nearing saturation, prompting the acceleration of the second phase [2]. Group 2: Financial Performance - Lair Technology's revenue from the new energy coated carbon foil business saw a remarkable year-on-year increase of 479.15% in the first nine months of 2025, positioning the company among the top three in the industry [2]. Group 3: Strategic Collaboration - The partnership between Lair Technology and Shenhua New Materials leverages their respective strengths in material research and green aluminum foil supply, facilitating the efficient implementation of the second phase [2]. - The project has been recognized as a key initiative by the Henan provincial government for 2024, highlighting its importance to local economic development [2]. Group 4: Industry Integration - Lair Technology is integrating its precision coating and specialty adhesive technologies with Shenhua New Materials' complete green aluminum processing chain to establish a stable and efficient raw material supply system [3]. - The companies are working together to develop strategic customers and conduct cutting-edge research on next-generation battery materials, enhancing product performance and cost competitiveness [3]. Group 5: Future Outlook - Lair Technology aims to continue its innovation-driven approach by increasing R&D investment, deepening industry chain collaboration, and enhancing product performance and service capabilities to support the sustainable development of the new energy materials industry [3].

Summary of Ding Sheng New Material Conference Call Company Overview - **Company**: Ding Sheng New Material - **Industry**: Electromagnetic foil production Key Points and Arguments Production and Sales Forecast - Ding Sheng New Material expects a continuous increase in electromagnetic foil shipments in 2025, with a minimum increase of 5,000 tons in Q4, leading to an annual production target of 200,000 tons, a 40% increase from the previous year [2][5] - The target for 2026 is set at 280,000 tons, also reflecting a 40% year-on-year growth [2][5] Major Clients and Pricing Strategy - Ningde Times is a significant client, accounting for 50% of Ding Sheng's supply, and has agreed to a price increase of 500 RMB per ton starting in November, with a shortened payment term [2][4] - Cooperation with BYD is deepening, with expected demand reaching 2.6 TWh by 2026 [2][5] Product Structure Optimization - The proportion of carbon-coated film in the total electromagnetic foil production has increased from 10% last year to 14.6%, with expectations to reach 17% by year-end and a target of 20% for next year [2][6] - New equipment in Inner Mongolia is expected to enhance efficiency and support the achievement of the 280,000-ton production target [2][6] Overseas Market Performance - The Thailand factory is performing well, exporting over 40,000 tons of food foil to the US and India, achieving profitability [7] - The European base is currently unprofitable due to market downturns and rising costs, resulting in only marginal profitability for the overall overseas business [7] Industry Dynamics and Pricing Trends - The core reason for recent price increases is the supply-demand imbalance, as previous poor profitability among peers has led to insufficient expansion willingness [9] - Price increases are expected to range between 500 to 1,000 RMB, with larger companies leading the acceptance of these increases [12] Future Industry Outlook - The company plans to enhance capacity through transformation, expansion, quality improvement, and efficiency gains, relying on high-efficiency equipment in Inner Mongolia [8] - Continuous R&D on high-end digital products and high-performance aluminum foil is expected to yield higher added value [8] Profitability and Market Conditions - The net profit per ton is currently around 1,400 to 1,450 RMB, with anticipated price increases translating into profit growth [4][15] - The overall operating rate in the battery foil industry is high, with many companies increasing production or transitioning to new products [17] Challenges and Considerations - The overseas market is not expected to see significant improvements in Q4, but potential closures of some overseas aluminum plants may lead to better order conditions [16] - The effective increase in production capacity is relatively slow, with many new projects still in the early stages of development [17] Additional Important Insights - Companies like Huabei Aluminum, Shenhuo, and Wanshun are also maintaining decent profitability, but their ability to increase production depends on existing profit margins [10] - The timeline for industry-wide capacity expansion can vary significantly, with established projects able to contribute within six months, while new projects may take over a year or more [11]

Group 1 - Huajin Battery Material Technology Co., Ltd. has successfully completed the installation of a rotary kiln, increasing its production capacity by 50%, from 300 tons to 450 tons of cathode materials per month [1] - The company plans to invest 100 million yuan in projects related to lithium battery NMP solvent recycling and graphene composite conductive materials, aiming to create a "green circular economy" covering the entire battery lifecycle [1] - The new energy battery electrode material industry cluster in Feicheng City has grown to include 137 enterprises, forming a comprehensive closed-loop industry covering lithium ore processing, raw materials for lithium and sodium batteries, cathode and anode materials, battery assembly, and recycling [1] Group 2 - Shandong Fengrong New Materials Co., Ltd. has established a physical recycling project for lithium batteries, achieving a lithium recovery rate of 4.8% and a copper and aluminum recovery rate of 98% [2] - The company has added two new production lines, increasing its capacity to process 20,000 tons of waste lithium battery materials and 30,000 tons of waste battery electrode materials annually [2] - The company plans to start construction on a new 100,000-ton project in November, indicating significant growth and efficiency improvements in its existing production lines [2] Group 3 - The expansion of production capacity reflects the companies' accurate grasp of market demand and confidence in their development potential [3] - Shandong Fengrong's lithium battery recycling technologies have been recognized as internationally advanced, showcasing the company's commitment to innovation and efficiency [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights significant growth in the shipment of coated carbon foil and anticipates an improvement in the profitability of battery foil [1] - The company has experienced a substantial increase in sales volume for battery foil and coated carbon foil, with the latter seeing a nearly 50% year-on-year increase due to strong demand in energy storage [7] - The report projects that the company's revenue will grow from 19,064 million RMB in 2023 to 29,823 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.45% [1][8] - The net profit attributable to the parent company is expected to recover from a decline in 2024 to 754.80 million RMB by 2027, indicating a growth rate of 25.45% [1][8] - The report estimates that the company will achieve a diluted EPS of 0.81 RMB by 2027, with a corresponding P/E ratio decreasing from 30.96 in 2024 to 12.35 in 2027 [1][8] Financial Summary - For the first half of 2025, the company reported a revenue of 13.31 billion RMB, a year-on-year increase of 15.9%, and a net profit of 190 million RMB, up 2.3% year-on-year [7] - The gross margin for the first half of 2025 was 8.8%, slightly down by 1.1 percentage points compared to the previous year [7] - The company plans to expand its production capacity for light foil at an annual rate of 5-10% and for coated carbon foil at an annual rate of 20-30% [7] - The report anticipates that the company's operating cash flow will improve, with a significant increase of 49.4% year-on-year in the first half of 2025 [7] - Capital expenditures have decreased by 39.6% in the first half of 2025, indicating a more cautious investment approach [7]