8月27日晚间，方邦股份（688020.SH，股价70.57元，市值57.04亿元）披露2025年半年度财报。今年上 半年，公司营业收入实现同比增长，但归母净利润亏损幅度同比扩大，扣非后净利润亏损幅度有所收 窄。 据悉，方邦股份主营电磁屏蔽膜、各类铜箔、挠性覆铜板等产品。对于2025年上半年的业绩表现，方邦 股份解释称，主要是因公司屏蔽膜业务毛利与去年同比略有减少，同时铜箔业务和挠性覆铜板业务整体 尚处亏损状态等多个因素综合所致。 方邦股份于2019年上市，公司归母净利润自2022年开始陷入亏损。股价方面，2025年以来，受益于二级 市场对PCB（印制电路板）概念的追捧，方邦股份的股价接连上涨。截至8月27日收盘，公司股价年内 累计涨超100%。 上半年归母净利润亏损有所扩大 财报显示，上半年，方邦股份实现营收1.72亿元，同比增长16.06%；归母净利润为-2385.79万元，与去 年同期相比，亏损增加；扣非后归母净利润为-3178.51万元，同比收窄。 具体分析，上半年公司屏蔽膜业务实现销售额8635.05万元，同比下滑；铜箔业务收入3831.89万元，同 比增加6.04%；覆铜板收入1374.56万元， ...

每经记者｜陈鹏丽 每经编辑｜董兴生 8月27日晚间，方邦股份（688020.SH，股价70.57元，市值57.04亿元）披露2025年半年度财报。今年上 半年，公司营业收入实现同比增长，但归母净利润亏损幅度同比扩大，扣非后净利润亏损幅度有所收 窄。 据悉，方邦股份主营电磁屏蔽膜、各类铜箔、挠性覆铜板等产品。对于2025年上半年的业绩表现，方邦 股份解释称，主要是因公司屏蔽膜业务毛利与去年同比略有减少，同时铜箔业务和挠性覆铜板业务整体 尚处亏损状态等多个因素综合所致。 方邦股份于2019年上市，公司归母净利润自2022年开始陷入亏损。股价方面，2025年以来，受益于二级 市场对PCB（印制电路板）概念的追捧，方邦股份的股价接连上涨。截至8月27日收盘，公司股价年内 累计涨超100%。 上半年归母净利润亏损有所扩大 财报显示，上半年，方邦股份实现营收1.72亿元，同比增长16.06%；归母净利润为-2385.79万元，与去 年同期相比，亏损增加；扣非后归母净利润为-3178.51万元，同比收窄。 记者翻阅近几年年报发现，2022年及2023年，方邦股份亏损的原因是：电磁屏蔽膜盈利能力下降；铜箔 市场受整体供求关系 ...

Core Insights - The global mobile phone shipment volume declined in 2022, directly impacting the supply chain, while the incremental demand from 5G base station construction and the electrification of new energy vehicles has not yet formed substantial support [1][13] - The electromagnetic shielding film market is expected to show weak recovery in 2024, with a slight growth in market size to 3.09 billion yuan [1][13] Electromagnetic Shielding Film Industry Overview - Electromagnetic shielding films reduce electromagnetic interference by reflecting and absorbing incoming waves, ensuring a stable electromagnetic environment for high-frequency and high-density devices [2] - The production process is complex and includes multiple steps such as coating, cutting, and baking, requiring strict storage conditions [2] - The main types of electromagnetic shielding films are metal alloy, conductive adhesive, and micro-needle types, with metal alloy films being the mainstream due to their superior performance [2] Industry Policy Background - China's electromagnetic shielding film industry is supported by a multi-level policy framework focusing on technological innovation, industrial upgrading, and green transformation [5] - National policies emphasize the development of electromagnetic shielding materials, with financial subsidies and tax reductions to promote research and development [5] Industry Chain - The upstream of the electromagnetic shielding film industry includes metal foil materials and functional additives, with domestic companies gradually achieving localization [7] - Downstream applications focus on communication devices, consumer electronics, and new energy vehicles, driven by the demand for 5G and automotive intelligence [7] Current Industry Status - The global electromagnetic shielding materials market is steadily expanding, driven by the deployment of 5G base stations and the complexity of new energy vehicle electronic systems [11] - The market size for electromagnetic shielding materials is projected to reach 9.8 billion USD in 2024, with a year-on-year growth of 5.9% [11] Competitive Landscape - Key players in the electromagnetic shielding film market include companies like TAZ, Fangbang Co., and Toyo Kogyo, with a high market concentration due to significant technical barriers [15] - Fangbang Co. is the second-largest supplier in the global market, with its performance closely linked to the consumer electronics sector, particularly smartphones [17] Development Trends - The electromagnetic shielding film industry is accelerating towards high performance and environmental sustainability, focusing on innovations in nanocomposite technology and flexible shielding [19] - The demand for shielding films is expanding from consumer electronics to new energy vehicles and 5G base stations, supported by policy initiatives and international market expansion [19]