Core Viewpoint - The company, Feilu Co., Ltd. (300665.SZ), is actively involved in the production of new energy materials primarily used in energy storage, power batteries, and photovoltaic components, with a focus on various adhesive products [1] Group 1: Product Applications - The company's new energy materials are applied in energy storage, power battery cells, and photovoltaic components, including products like sealing adhesives, potting adhesives, thermal conductive gels, thermal insulation reflective coatings, termination tapes, high-temperature tapes, expansion tapes, and protective tapes [1] - In the energy storage sector, the company offers products from battery cells to integration, including self-developed PI high-temperature tapes, TPU expansion tapes, and termination tapes, which have achieved mass supply in battery cell applications [1] Group 2: Partnerships and Collaborations - The company has established deep business collaborations with battery cell manufacturers such as Desay Battery and Penghui Energy [1] - The self-developed thermal conductive gels, potting adhesives, and thermal insulation reflective coatings have secured mass orders from multiple domestic energy storage integrators, with the potting adhesive successfully applied in Funeng Technology's power battery packs [1] Group 3: Product Performance and Certifications - The thermal conductive gel has formed a deep business relationship with Tongqi New Energy, while the thermal insulation reflective coating is used by leading domestic energy storage integrators and fully immersed energy storage systems, receiving high recognition from customers for its performance [1] - The company's photovoltaic material series products have passed TUV, UL, and customer certifications, and are being supplied in bulk to photovoltaic component manufacturers [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately CNY 533 million, a year-on-year decrease of about 10.7% [3] - The net profit attributable to shareholders was a loss of CNY 8.3 million, primarily due to fluctuations in downstream demand and raw material prices [3] Group 2: Product Development and Market Strategy - The company is focusing on the development of liquid cooling silicone oil, which is currently in the verification stage and has not yet entered mass production [3][4] - The company aims to optimize product structure and control costs while actively exploring markets to improve operational performance [3] - The company has launched a "gel-paint integration" technology route in anticipation of the new national standard for electric vehicle batteries, which will be implemented on July 1, 2026 [5][6] Group 3: Industry Collaboration and New Projects - The company has established a joint venture, Guangzhou Jitian New Materials Co., Ltd., to promote the research and production of adhesives for aircraft windshields, aiming to meet domestic commercial aviation market needs [4] - The company has formed partnerships with clients such as Pylon Technology and XJ Electric for energy storage solutions, providing a one-stop solution covering bonding, thermal protection, and fire prevention [7] Group 4: Research and Development Focus - The company's R&D is concentrated on green and environmentally friendly sealants and water-based coatings, with an emphasis on low VOC, solvent-free, and water-based products [3] - The company has developed high transparency silicone structural sealants and water-based protective coatings to meet market demands for transparency and weather resistance [3]

Core Viewpoint - Feirongda (300602.SZ) is actively involved in the photovoltaic inverter and energy storage device sectors, providing a range of products including die-cast housings, injection-molded housings, shielding sealing strips, heat sinks, composite cover plates, potting adhesives, axial fans, nano-crystal inductors, and liquid cooling solutions [1] Group 1 - The company offers various products applicable to photovoltaic inverters and energy storage devices [1] - Key clients in the photovoltaic energy storage industry include Company H, Greewat, and other significant customers [1]

Group 1: Company Overview and Strategy - The company’s 2025 operational guiding principle is "strategic leadership, innovation-driven internationalization; project breakthroughs, quality improvement, and increased efficiency" [2] - Future development strategies focus on leading the development of composite adhesive materials, enhancing traffic functional materials, accelerating the development of electrical functional materials, and breaking through in optical display materials [2][6] Group 2: Composite Adhesive Materials - The company leads the domestic market in soft packaging adhesives, with a high market share, although specific statistics are not available [3] - Continuous investment in R&D and market expansion is expected to accelerate sales growth of high solid content adhesives, pharmaceutical packaging adhesives, and polyester solvent-free adhesives [3] Group 3: Traffic Functional Materials - In the automotive adhesive sector, significant sales growth in the power battery field was noted, with a substantial increase in sales compared to the entire year of 2024 [4] - The company has passed material validation and factory audits from several top 10 battery pack customers, with mass production verification planned for the second half of 2025 [4][5] Group 4: International Expansion - The establishment of a subsidiary in Hong Kong is part of the company's international strategy, aimed at leveraging local resources for talent acquisition and enhancing overseas communication and service capabilities [5] - The Hong Kong subsidiary will facilitate overseas acquisitions and utilize local financial resources to support international development [5] Group 5: Production Capacity and Projects - The company’s subsidiary in Nantong is working on two major projects: a 124,500-ton adhesive new material project and a 46,000-ton electronic new energy adhesive project, with significant progress reported [5] - The electronic new energy adhesive project is expected to receive government approval in the second half of 2025, while the adhesive new material project is progressing with various construction phases [5][6] Group 6: Electrical and Optical Display Materials - The company plans to combine internal growth with external acquisitions to accelerate the strategic layout of electrical functional materials and optical display materials [6] - Focus areas include expanding in the "three electrics" sector and developing adhesive products for polarizers and protective films, with successful product development already yielding orders [7]