Core Insights - Graphene films, composed of single or multiple layers of carbon atoms, are emerging as key materials driving transformation in next-generation information technology, new energy, and flexible electronics due to their unique properties [1][15] - The industry is experiencing rapid growth supported by national policies, including the "National Innovation-Driven Development Strategy Outline," which provides a robust policy ecosystem for technological research, achievement transformation, and application scenarios [1][7] - The market for graphene films in China is expected to exceed 10 billion yuan by 2027, driven by continuous optimization of CVD processes and breakthroughs in roll-to-roll continuous preparation technology [1][15] Industry Overview - Graphene films are classified based on the number of layers, functionalization, and substrate materials, with applications spanning flexible electronics, sensors, and energy storage [2][5] - The main preparation technologies for graphene films include CVD, reduction-oxidation, mechanical exfoliation, and electrochemical exfoliation, each with distinct advantages and applications [5][6] Development Background - Graphene is recognized as a strategic emerging material in China, with a multi-dimensional policy framework established to support its development, including various national guidelines and action plans [7][9] - The industry has shifted from a phase of rapid expansion to a focus on high-quality development, with a significant increase in patents related to advanced applications in semiconductor and quantum computing fields [9][11] Industry Chain - The graphene film industry chain in China is characterized by upstream material and equipment supply, midstream technology differentiation, and downstream application deepening [11][13] - The demand structure shows a gradient development, with mature applications like thermal films achieving scale production, while flexible displays and semiconductor applications are still in the development phase [13][14] Application Areas - Key application areas for graphene films include consumer electronics, flexible displays, new energy batteries, and sensors, with significant breakthroughs achieved in each sector [17][18] - For instance, graphene thermal films developed by Ningbo Moxi have a thermal conductivity of 2000 W/m·K and are used in flagship models from Huawei and Xiaomi [17][18] Competitive Landscape - The industry has formed a tiered competitive structure, with leading companies like Fuxin Technology and Two-Dimensional Carbon holding significant market shares in high-end applications [19][21] - Smaller companies focus on niche markets, employing lower-cost production methods, resulting in a fragmented market with low overall concentration [19][21] Future Trends - The graphene film industry is expected to focus on technological breakthroughs and cost reductions, with projected decreases in production costs for single-layer graphene films [23][24] - The new energy and electronic information sectors are anticipated to drive market growth, with significant advancements in applications such as lithium-ion battery composite collectors and flexible display electrodes [24][25]

Core Viewpoint - In 2024, Huayi Family Co., Ltd. achieved a revenue of 353 million yuan, a year-on-year increase of 118.47%, but experienced a significant net profit decline of 159.37% [2][6]. Revenue and Profit Analysis - The company's revenue for 2024 was 353 million yuan, reflecting a growth of 118.47% compared to the previous year [2][3]. - The net profit for 2024 was -34.42 million yuan, a decrease of 159.37% year-on-year [6][7]. - The real estate sector generated 336 million yuan in revenue, up 129.43%, but the gross profit margin decreased by 19.23 percentage points [6][7]. Graphene Business Performance - Revenue from the graphene business was only 17,260 yuan in 2024, down 72.42% from 2023 [3][4]. - The companies under Huayi Family, Ningbo Moxi and Chongqing Moxi, have been operating at a loss since 2017, with cumulative losses reported [5][6]. - The lack of effective market application and ongoing losses have hindered the growth of the graphene business [4][5]. Real Estate Strategy - The company is refocusing on its real estate business due to challenges in new business sectors [2][6]. - As of December 31, 2024, the land reserve was only 65,000 square meters, indicating difficulties in acquiring quality land [7][8]. - The company plans to maintain a stable investment strategy and increase quality project reserves in 2025 [8]. Future Outlook - The company aims to optimize its asset structure and seek new development opportunities in line with domestic economic trends [8]. - The real estate development projects for 2025 include ongoing work in Shanghai, Suzhou, and Zunyi, with a focus on sales and project delivery [8].