Core Viewpoint - The company reported a year-on-year increase in revenue for the first half of 2025, but the net profit attributable to shareholders showed a larger loss compared to the previous year, indicating ongoing challenges in profitability despite revenue growth [2][3]. Financial Performance - The company achieved a revenue of 172 million yuan in the first half of 2025, representing a year-on-year growth of 16.06% [3]. - The net profit attributable to shareholders was -23.86 million yuan, indicating an increase in losses compared to the same period last year [3]. - The net profit after deducting non-recurring items was -31.79 million yuan, which is a narrower loss compared to the previous year [3]. Business Segments - The sales revenue from the electromagnetic shielding film business was 86.35 million yuan, showing a decline compared to last year [3]. - The copper foil business generated revenue of 38.32 million yuan, reflecting a year-on-year increase of 6.04% [3]. - The flexible copper clad laminate business saw significant growth, with revenue reaching 13.75 million yuan, a year-on-year increase of 371.67% [3]. Market Position and Challenges - The company is recognized as a leading domestic player in the electromagnetic shielding film sector, having filled a gap in high-end products and broken the monopoly of foreign companies [3]. - However, the core business of electromagnetic shielding film is facing challenges due to declining profit margins and a decrease in sales volume, attributed to the stagnation in smartphone shipments and increased cost control by manufacturers [3][4]. Stock Performance - The company's stock price has increased by over 100% in 2025, benefiting from the high market demand for PCB-related companies [2][6]. - The stock price reached 70.57 yuan, with a market capitalization of 5.704 billion yuan as of August 27 [2]. Future Prospects - The company is actively developing new copper foil products in collaboration with Nvidia and its upstream suppliers, aiming to meet specific technical requirements [6]. - There are expectations for the flexible copper clad laminate products to enter the supply chains of major companies like Pengding Holdings and Jingwang [6].

Core Viewpoint - The company reported a year-on-year increase in revenue for the first half of 2025, but the net profit attributable to shareholders showed a larger loss compared to the previous year, indicating ongoing challenges in profitability despite revenue growth [1][2]. Financial Performance - The company achieved revenue of 172 million yuan in the first half of 2025, representing a year-on-year growth of 16.06% [2]. - The net profit attributable to shareholders was -23.86 million yuan, indicating an increase in losses compared to the same period last year [2]. - The net profit after deducting non-recurring items was -31.79 million yuan, which is a narrower loss compared to the previous year [2]. Business Segment Analysis - The sales of the electromagnetic shielding film business amounted to 86.35 million yuan, showing a decline compared to last year [2]. - The copper foil business generated revenue of 38.32 million yuan, reflecting a year-on-year increase of 6.04% [2]. - The flexible copper clad laminate business saw significant growth, with revenue reaching 13.75 million yuan, a year-on-year increase of 371.67% [2]. Market Position and Challenges - The company is recognized as a leading domestic player in the electromagnetic shielding film sector, having filled a gap in high-end products and breaking the monopoly of foreign companies [2]. - However, the core business of electromagnetic shielding film is facing challenges due to declining profit margins and a decrease in sales volume, attributed to the stagnation in smartphone terminal shipments and increased cost control by manufacturers [2][3]. Stock Performance - The company's stock price has increased by over 100% in 2025, benefiting from the high market demand for PCB-related companies [4]. - The stock price performance is linked to the overall positive sentiment in the PCB market, which has seen significant interest from investors [4]. Future Developments - The company is actively developing new copper foil products for high-speed cable shielding based on customer requirements and is working to stabilize product quality [5]. - There are plans for the company's flexible copper clad laminate products to enter the supply chains of major players like Pengding Holdings and Jingwang [5].

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]