金元顺安元启灵活配置混合（004685）成立日期2017年11月14日，最新规模13.5亿。今年以来收益 32.37%，同类排名1735/8194；近一年收益62.08%，同类排名1498/7963；成立以来收益518.17%。 金元顺安元启灵活配置混合（004685）基金经理为缪玮彬。 截至发稿，缪玮彬累计任职时间8年257天，现任基金资产总规模13.5亿元，任职期间最佳基金回报 518.17%， 任职期间最差基金回报-28.79%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 资料显示，江苏裕兴薄膜科技股份有限公司位于江苏省常州市钟楼经济开发区童子河西路8-8号，成立 日期2004年12月10日，上市日期2012年3月29日，公司主营业务涉及中厚型特种功能性聚酯薄膜的研 发、生产和销售。主营业务收入构成为：光伏用聚酯薄膜40.84%，电子光学用聚酯薄膜27.98%，电气 绝缘用聚酯薄膜18.47%，其他10.43%，综丝用聚酯薄膜2.29%。 从基金十大重仓股角度 ...

Group 1 - The core project focuses on high-end optical materials with a total investment of 740 million yuan and a construction period of 3 years, aiming to increase production capacity for polarizer protective films, OLED process protective films, and OCA optical adhesive films, which is expected to generate annual revenue of 1.392 billion yuan upon reaching full production [3] - The company has achieved import substitution in the optoelectronic display module materials sector, with clients including major enterprises like Samsung and BOE, indicating a strategic move to further penetrate the high-end market [3] - The company plans to enhance its core competitiveness through an innovation center project located in Shanghai, focusing on technology research and talent acquisition [3] Group 2 - In 2024, the company reported a 55% year-on-year revenue growth, reaching 795 million yuan, with a net profit of 280 million yuan, marking a 44% increase [4] - The high-performance optical materials segment saw a remarkable revenue increase of over 400%, totaling 218 million yuan, while functional electronic materials maintained a steady growth of 22% [4] - The growth trend continued into 2025, with Q1 revenue and net profit increasing by 92% and 111% year-on-year, respectively, validating the effectiveness of the company's strategic initiatives [4] Group 3 - The project faces certain risks and challenges, particularly with OLED process protective films and OCA optical adhesive films still in the customer certification phase, leading to uncertainties [5] - Upon reaching full production, the project will incur an additional annual depreciation expense of 42.39 million yuan, which could impact net profit if orders fall short of expectations [5] - To mitigate these risks, the company is increasing R&D investment, with R&D expenses accounting for 6.32% of total revenue in 2024, and plans to utilize 880 million yuan of idle funds for cash management to optimize financial efficiency [5] Group 4 - The company aims to leverage new projects and the Shanghai innovation center to deepen collaborations with universities and industry partners, striving to overcome technological barriers set by companies from the US, Japan, and South Korea in the high-end materials sector [6] - Future plans include actively expanding into upstream areas such as functional adhesives, creating material solutions that cover various scenarios including consumer electronics and new energy vehicles, thereby building a comprehensive material ecosystem [6] Group 5 - The Chinese optical film industry is steadily developing, supported by favorable policies, with companies like Yuxing Co. reporting a 71.27% year-on-year revenue growth in electronic optical polyester film business [7] - The demand for high-end composite optical films remains strong, with companies like Jizhi Technology reporting a 42.78% increase in sales for high-end display optical film products [7] - Despite domestic companies enhancing production capacity through technological upgrades, the overall supply-demand gap in the industry remains significant, highlighting ongoing reliance on imports for high-end optical films [7] Group 6 - The domestic optical film market is characterized by intense competition between local and foreign companies, with local firms holding a share in the mid-to-low-end market but facing challenges in the high-end sector due to technological barriers from foreign companies [8] - Companies like Changyang Technology have made significant breakthroughs in reflective film performance, challenging the long-standing monopolies of foreign manufacturers and driving industry technological advancement [8] - The high-end optical film and core raw materials still require substantial imports, while domestic exports are primarily concentrated in the mid-to-low-end segment, indicating a need for improvement in the competitive landscape of high-end optical films [8]

Group 1: Company Overview - Jiangsu Yuxing Film Technology Co., Ltd. focuses on the research, production, and sales of functional polyester films, becoming one of the largest producers in China [1] - The company maintains a leading position in the domestic market for solar backsheet polyester films and has a high market share in electrical insulation polyester films and composite base films [1][2] Group 2: Market Strategy and Product Development - In response to industry demand changes, the company is focusing on electronic optical polyester films, achieving a production volume of 37,230 tons and sales of 28,743 tons in 2024, representing year-on-year growth of 90.28% and 84.34% respectively [2] - The company is enhancing its product structure by developing high-value-added new products and optimizing its management capabilities to improve overall economic efficiency [2][5] Group 3: Industry Challenges and Responses - The demand for photovoltaic polyester films has significantly decreased due to technological iterations in photovoltaic cells, leading to a substantial drop in production and sales [2] - The company is adapting by increasing production and sales of electronic optical polyester films and modifying production lines originally intended for photovoltaic applications to enhance production capabilities for electronic optical films [4] Group 4: Future Growth and Strategic Initiatives - The company is extending its operations along the polyester industry chain, focusing on upstream functional polyester and downstream offline coating processing [4] - The implementation of national policies promoting equipment upgrades and recycling is expected to boost demand for electronic optical and battery insulation polyester films [5] Group 5: Financial Policies and Shareholder Returns - The company has a dividend policy that mandates a cash distribution of no less than 30% of the distributable profits when conditions are met, with a cumulative cash dividend of 38.75 million yuan in 2022 [6][7] - Future efforts will focus on improving operational performance to enhance dividend returns for shareholders [7]

Core Viewpoint - The photovoltaic battery technology iteration and changes in supply-demand structure are causing significant disruptions in the industry chain, exemplified by the performance of Yuxing Co., Ltd. in 2024, which reported a substantial decline in revenue and a net loss [1][3]. Financial Performance - Yuxing Co., Ltd. achieved an operating revenue of 1.1 billion yuan in 2024, a year-on-year decrease of 34.75% [1][3]. - The company reported a net loss attributable to shareholders of 357 million yuan [1]. Industry Dynamics - The polyester film industry is experiencing continuous capacity growth, while demand from downstream applications, particularly in photovoltaics, is decreasing, leading to an imbalance in supply and demand [2][3]. - The overall industry capacity utilization rate is at a historical low due to intensified competition in mid-to-low-end products, with some product prices falling below production costs [2][3][4]. Production and Sales - Yuxing Co., Ltd. saw a reduction in polyester film production and sales volumes, with a decrease of 66,300 tons and 51,600 tons respectively compared to the same period in 2023, representing declines of 38.58% and 32.92% [2][3]. - The demand for photovoltaic polyester films has significantly dropped, particularly for single-glass components, leading to substantial reductions in production and sales [2][3]. Capacity and Utilization - The company's polyester film capacity is approximately 250,000 tons, with a capacity utilization rate of 50.72% during the reporting period [5]. - Some production lines were not operational due to outdated technology and ongoing modifications, contributing to low capacity utilization [5][6]. Strategic Shift - In response to the ongoing downturn in the photovoltaic business, Yuxing Co., Ltd. is shifting its strategic focus towards the electronic optics sector, aiming to transform and upgrade its product offerings [6]. - The company reported a significant increase in the production and sales of electronic optical polyester films, with production reaching 37,200 tons and sales at 28,700 tons, reflecting year-on-year growth of 90.28% and 84.34% respectively [6][7]. Product Development - Yuxing Co., Ltd. is adjusting its production line structures to enhance the capacity of key products, including modifications to two production lines originally designated for photovoltaic films to produce electronic optical films and specialty films [7].