Core Viewpoint - Wan Shun New Materials focuses on the development of functional film products, aiming to enhance profitability and market presence in 2023 [2] Group 1: Business Focus - The company emphasizes its functional film business, which includes high barrier films, photochromic conductive films, automotive protective films, and energy-saving films [2] - In 2023, the company plans to concentrate on the market for high-potential functional films, particularly high barrier films for single-material recyclable packaging [2] - The company aims to expand its market for photochromic conductive films used in automotive skylights and develop its own brands for high-end protective films and energy-saving films [2] Group 2: Production and Profitability - The company intends to improve production capacity utilization to enhance profitability [2]

Group 1: Aluminum Processing Business - The company has established an integrated industrial chain layout for aluminum plates and foils, with a total aluminum foil production capacity planned at 255,000 tons [2] - The existing aluminum foil production capacity includes 83,000 tons from Jiangsu Zhongji (mainly for double-zero aluminum foil used in packaging) and 72,000 tons from Anhui Zhongji (mainly for battery aluminum foil) [2] - A new project for 100,000 tons of power and energy storage battery foil is under construction and is expected to be fully completed by the end of September [2] - The total production capacity for aluminum plates and strips is 260,000 tons, with 130,000 tons each from Jiangsu and Anhui bases, and another 130,000 tons from Sichuan base [2] Group 2: Battery Aluminum Foil Application - The company's self-developed high-dain battery aluminum foil has a high and stable dain value, enhancing the adhesion of post-processing slurry to the aluminum foil, improving coating uniformity, and reducing resistance [3] - This innovation increases the charging and discharging efficiency and cycle stability of batteries, making it suitable for both sodium-ion battery anodes and cathodes [3] - The aluminum foil has entered the small-batch supply stage, strengthening the development momentum of the aluminum processing business [3] Group 3: Functional Film Business - The functional film products include high barrier films, dimming conductive films, car cover films, and energy-saving films [3] - The company is focusing on the market for high-potential functional film products, particularly advancing the application of high barrier films in recyclable packaging and expanding the market for conductive films used in automotive dimming skylights [3] - Efforts are being made to create proprietary brands for high-end car cover films and energy-saving films, aiming to improve capacity utilization and profitability [3] Group 4: Paper Packaging Materials Business - The paper packaging materials mainly consist of special paper products such as transfer laser paper and composite paper, primarily used in the packaging of tobacco and alcohol [3] - In the first three quarters of last year, the sales of high value-added special transfer paper products increased, leading to a slight improvement in the gross profit level of the paper packaging materials business [3]

Group 1: Aluminum Processing Business - The company has established an integrated industrial chain for aluminum plates and foils, with a total aluminum foil production capacity planned at 255,000 tons [2] - The current aluminum foil production capacity includes 83,000 tons from Jiangsu Zhongji (mainly for packaging) and 72,000 tons from Anhui Zhongji (for battery aluminum foil), with an additional 100,000 tons project under construction [2] - In the first three quarters of 2025, aluminum processing sales reached 128,000 tons, a year-on-year increase of 4%, with Jiangsu Zhongji and Anhui Zhongji contributing 51,000 tons and 28,000 tons respectively [2] Group 2: High-Value Aluminum Foil Products - The company is focusing on innovation and process improvement in aluminum foil products, enhancing production efficiency and yield [3] - High elongation battery aluminum foil has been supplied in bulk, while high-dain battery aluminum foil is in small batch supply, both enhancing the development potential of the aluminum processing business [3] - High elongation battery aluminum foil improves yield during processing and meets customer demands for higher density and lower breakage rates [3] Group 3: Functional Film Business - The functional film business includes high barrier films, smart conductive films, car wrap films, and energy-saving films, with sales declining due to market price competition but improved gross margins [4] - The company is focusing on high-potential functional film products, particularly high barrier films for recyclable packaging and conductive films for automotive applications [5] Group 4: Paper Packaging Materials Business - The paper packaging materials segment primarily produces special paper products for packaging in industries such as tobacco and alcohol, with high-value transfer paper sales increasing in the first three quarters [6]

Group 1: Aluminum Processing Business - The company has an aluminum foil production capacity of 25.5 million tons after the completion of ongoing projects [2] - The total production capacity for aluminum plate and strip is 26 million tons, with 13 million tons each from Jiangsu and Anhui bases, and an additional 13 million tons from Sichuan [2] - In the first half of 2025, the aluminum processing business achieved revenue of 2.398 billion yuan, a year-on-year increase of 12%, with aluminum foil sales slightly down by 4.7% and aluminum plate and strip sales up by 25% [2] Group 2: Functional Film Business - The functional film business focuses on high barrier films, smart conductive films, car wrap films, and energy-saving films [4] - Despite a decline in sales due to market price competition, the company improved the gross margin by adjusting the product structure [4] - Future development will target high-potential markets for functional films, including automotive smart roofs and high-end packaging [5] Group 3: Paper Packaging Materials Business - The paper packaging materials segment, primarily involving special paper products for tobacco and alcohol packaging, generated revenue of 223 million yuan in the first half of 2025, a year-on-year increase of 17% [6] - Sales volume reached 17,000 tons, reflecting a 12% year-on-year growth, with high-value specialty transfer paper products driving margin improvements [6]