内容概要：作为超级电容器关键材料之一，超级电容器隔膜纸具有较高的技术壁垒。北美、欧洲、日本 等国家和地区经济和科技较发达，超级电容器隔膜纸行业起步较早，具有多年的生产应用历史，因此， 超级电容器隔膜纸的生产技术主要掌握在美国、日本等国家企业中。而我国由于对超级电容器隔膜纸的 关注度不足，行业起步较晚。但2017年以来超级电容器隔膜纸行业研究取得显著进展，不仅掌握了 20μm至50μm的全套型号产品生产技术，还打造出千万平方米级的示范生产线，使得我国超级电容器核 心材料彻底摆脱了进口依赖，完成了从"跟跑"到"领跑"的蜕变。数据显示，2024年中国超级电容器隔膜 纸行业市场规模达到4.51亿元，同比上涨17.9%。 相关上市企业：凯恩股份（002012）、时代新材（600458）、江海股份（002484）、风华高科 （000636）等。 二、超级电容器隔膜纸行业产业链 从产业链来看，超级电容器隔膜纸行业上游原材料包括纤维素纤维、聚丙烯、聚乙烯、聚四氟乙烯等， 这些材料通常具有良好的化学稳定性、高度的孔隙率和足够的孔隙连通性。中游是指超级电容器隔膜纸 的生产制造商。下游是指应用领域，即超级电容器行业。通过该行业最终 ...

Core Viewpoint - The article emphasizes the importance of advancing the high-quality development of energy equipment in China, aiming for a self-controlled, high-end, intelligent, and green energy equipment industry by 2030, which will support the construction of a new energy system and enhance international influence [5][6]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to integrate energy security and transition, focusing on technological innovation and high-quality development of energy equipment [6]. - By 2030, the goal is to achieve significant advancements in the energy equipment supply chain, ensuring global leadership in technology and industry systems [6]. Group 2: Energy Exploration and Development Equipment - The focus is on upgrading coal mining and oil and gas exploration equipment to enhance efficiency and safety in complex geological conditions [7]. - Key technologies include high-power density explosion-proof transmission systems and intelligent construction for deep wells [7]. Group 3: Energy Conversion Equipment - The article discusses the need for low-carbon upgrades in fossil fuel power generation and advancements in renewable energy equipment [8][9]. - Emphasis is placed on developing new generation coal power technologies and enhancing the efficiency of renewable energy systems [8][9]. Group 4: Energy Storage Equipment - The establishment of a high-safety, high-reliability battery storage system is prioritized, focusing on long-life lithium, sodium, and solid-state batteries [11]. - Development of large-capacity physical storage technologies and high-efficiency flywheel storage systems is also highlighted [11]. Group 5: Energy Transmission Equipment - The article outlines the need for breakthroughs in long-distance, high-efficiency transmission technologies for coal, oil, and natural gas [14][15]. - Key developments include high-capacity, low-loss transformers and advanced control systems for smart grids [14][15]. Group 6: Digital and Intelligent Upgrades - The focus is on the digitalization and intelligent upgrades of energy equipment, including autonomous control systems and smart operation technologies [16][17]. - The aim is to create a closed-loop system for energy equipment management, enhancing operational efficiency [16][17]. Group 7: Green and High-End Development - The article emphasizes the importance of green materials and recycling technologies in energy equipment manufacturing [18]. - Development of a comprehensive lifecycle management system for energy equipment is also discussed [18]. Group 8: Innovation Ecosystem - The article advocates for a collaborative innovation ecosystem involving enterprises, research institutions, and government support [19][20]. - It highlights the need for quality management and the establishment of standards to enhance product reliability and safety [20][21]. Group 9: Policy Support - The article calls for increased policy support for key energy equipment projects and innovation initiatives [22]. - It emphasizes the importance of financial incentives and streamlined procurement processes for new energy technologies [22].

Core Viewpoint - The National Energy Administration and four other departments have issued guidelines to promote the high-quality development of energy equipment, focusing on advanced battery storage systems and various energy storage technologies [1] Group 1: Battery Storage Equipment - Establish a high safety and high reliability battery storage equipment system [1] - Develop long-life, wide temperature range, and low decay lithium batteries, sodium batteries, and solid-state batteries [1] - Construct low-cost, long-duration vanadium-based, iron-based, and organic flow battery equipment systems [1] Group 2: Safety and Monitoring Technologies - Breakthroughs in battery management system safety monitoring, hazard warning, and proactive protection technologies are emphasized [1] - Enhance the intrinsic safety performance of energy storage batteries [1] Group 3: Physical Energy Storage Technologies - Develop large-capacity, low-cost physical energy storage technologies, including high-head pumped storage units and large-capacity variable-speed units [1] - Research key equipment such as high-power, high-parameter compressors and expanders [1] Group 4: Thermal Energy Storage Technologies - Develop low-cost, high-efficiency, and long-life thermal storage key technology equipment [1] Group 5: Short-term Energy Storage Equipment - Research high-efficiency flywheel energy storage and high specific energy long-life supercapacitors for short-term high-frequency energy storage [1] - Promote engineering validation of these technologies [1] Group 6: Networked Energy Storage Technologies - Encourage the development of networked energy storage technology [1] - Create adaptive networked energy storage systems and equipment for multiple scenarios and operating conditions [1]

Group 1 - The core breakthrough is a new highly curved graphene structure developed by Monash University, enabling supercapacitors to achieve both high power and high energy density, which translates to rapid charging and extended battery life [1][3] - The assembled supercapacitors demonstrate an energy density of 99.5 watt-hours per liter and a power density of 69.2 kilowatts per liter, showcasing exceptional performance in carbon-based supercapacitors with scalable production potential [3] Group 2 - The graphene industry is projected to grow significantly, with the Chinese market expected to reach approximately 41.1 billion yuan by 2024, and a compound annual growth rate of 30% to 45% from 2023 to 2028 [4] - Graphene's unique properties make it suitable for various applications, including electronics, energy storage, composite materials, biomedicine, and environmental engineering, with several products already validated in laboratory settings [4] Group 3 - In the A-share market, over 70 stocks are involved in graphene-related businesses, with a combined market capitalization nearing 980 billion yuan, and 17 stocks having a rolling price-to-earnings (PE) ratio below 40 [5] - Three low PE stocks have attracted significant attention from investors, including Zhongke Electric, which has a gross margin of 20.87% and a net margin of 7.03%, projecting a total revenue of 5.581 billion yuan in 2024, a year-on-year increase of 13.72% [5][6] Group 4 - For long-term investment strategies, it is recommended to focus on companies with strong production capabilities and reasonable valuations, particularly those with significant orders and a PE ratio below 25, a price-to-book (PB) ratio below 3, and a projected net profit growth rate exceeding 30% for 2024 [7] - Monitoring core segments of the graphene industry is crucial, especially in applications that enhance energy density and cycle life in new energy batteries and high-end applications like composite materials [7][8]

Core Viewpoint - Graphene is recognized as a new functional material with vast application prospects, particularly in energy storage, electronics, and composite materials [5][8]. Group 1: Graphene Development - Researchers at Monash University have developed a highly curved graphene structure that combines high power and energy density, suitable for advanced supercapacitors [5]. - The new graphene material exhibits an energy density of 99.5 watt-hours per liter and a power density of 69.2 kilowatts per liter, showcasing rapid charging capabilities and excellent cycle stability [5]. Group 2: Market Potential - The Chinese graphene market is projected to reach approximately 41.1 billion yuan by 2024, with an annual compound growth rate of 30% to 45% from 2023 to 2028 [8]. - Over 70 A-share companies are involved in graphene-related businesses, with a combined market capitalization nearing 980 billion yuan as of September 19 [10]. Group 3: Investment Opportunities - Three graphene concept stocks have seen their prices double this year, with Jinghua New Materials leading at a 264.85% increase [10]. - Among the 17 graphene concept stocks with rolling P/E ratios below 40, three have net buying amounts exceeding 100 million yuan since September [13][14]. - The company LiuGong has received the highest attention from institutional investors, with 26 brokerages rating it positively [14].

能量密度指单位体积或质量所能储存的能量，功率密度则指单位体积或质量所能输出的 最大功率。在电池设计中，二者往往难以兼顾，提高能量密度通常导致功率密度下降，反之 亦然。 研究人员将该材料组装成超级电容器，测试结果显示，其能量密度高达99.5瓦小时/升， 功率密度达69.2千瓦/升，同时具备快速充电能力和优异的循环稳定性。这些性能指标在碳 基超级电容器中位居前列，且该制备工艺具备可扩展性。 【责任编辑：王少晨 】 澳大利亚莫纳什大学科学家开发出一种高度弯曲的新型石墨烯结构，兼具高功率和高能 量密度，可用于制造性能优异的超级电容器。这一突破为电气化交通、电网稳定及下一代消 费电子产品奠定了基础。相关成果发表于最新一期《自然·通讯》杂志。 超级电容器是一种以静电方式储存电荷的新型储能装置，其工作原理不同于依赖化学反 应的电池。然而长期以来，该类器件面临一个关键瓶颈问题：碳材料中可用于储存能量的表 面积比例过低。 研究团队发现，只需调整材料的热处理方式，就能显著提高其可利用的表面积。这一进 展使得制造出既能快速充电、又可储存大量能量的超级电容器成为可能，从而使其能在众多 应用中替代电池，并实现更高效的能量传输。 这项突 ...

这项突破的核心在于一种名为"多尺度还原氧化石墨烯"的新型材料结构。研究团队使用澳大利亚丰富的 天然石墨，通过快速热退火工艺，形成了一种高度弯曲的石墨烯结构，为离子提供了高效迁移的路径， 最终使材料同时具备高功率和高能量密度——这一组合在单一器件中极为罕见。 能量密度指单位体积或质量所能储存的能量，功率密度则指单位体积或质量所能输出的最大功率。在电 池设计中，二者往往难以兼顾，提高能量密度通常导致功率密度下降，反之亦然。 澳大利亚莫纳什大学科学家开发出一种高度弯曲的新型石墨烯结构，兼具高功率和高能量密度，可用于 制造性能优异的超级电容器。这一突破为电气化交通、电网稳定及下一代消费电子产品奠定了基础。相 关成果发表于最新一期《自然·通讯》杂志。 超级电容器是一种以静电方式储存电荷的新型储能装置，其工作原理不同于依赖化学反应的电池。然而 长期以来，该类器件面临一个关键瓶颈问题：碳材料中可用于储存能量的表面积比例过低。 研究团队发现，只需调整材料的热处理方式，就能显著提高其可利用的表面积。这一进展使得制造出既 能快速充电、又可储存大量能量的超级电容器成为可能，从而使其能在众多应用中替代电池，并实现更 高效的能量传输。 ...

Group 1: Company Overview - Jianghai Capacitor Co., Ltd. is listed under stock code 002484 [1] - The investor relations activity took place on September 16, 2025, from 15:00 to 16:30 [2] Group 2: Current Business Situation - The company provided a brief introduction regarding its current operational status [2] - The future growth points for aluminum electrolytic capacitors, particularly in AI applications, were discussed [2] Group 3: Product Development and Market Trends - The application of aluminum electrolytic capacitors is expected to increase with the growing power of AI servers [3] - The cost of materials, particularly for the formation foil, is anticipated to decrease with the integration of green electricity [2] - The development direction for film capacitors is slightly below expectations, with continued expansion in automotive film capacitors [3] Group 4: Supercapacitor Applications - Supercapacitors are being applied in AI server setups, with both EDLC and LIC solutions available [3] - The company is in discussions with relevant manufacturers regarding technical solutions for supercapacitors [3] - Other major application areas for supercapacitors include smart meters, wind power pitch control, smart grid upgrades, rail transit, oil-to-electric projects, and port machinery [3] Group 5: Information Disclosure Compliance - The company adhered to the regulations of the Information Disclosure Management System, ensuring that no undisclosed significant information was leaked during the meeting [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [5][20]. Core Insights - The company has experienced significant revenue growth, with a record high revenue of 2.694 billion yuan in the first half of 2025, representing a year-on-year increase of 13.96% [1][2]. - The demand for AI servers is driving hardware needs, leading to a strong growth outlook for the company's supercapacitor business, which is expected to become a key growth driver [9][10]. - The company is actively expanding its product applications in various sectors, including new energy and electric vehicles, showcasing its competitive product capabilities [3][10]. Financial Performance Summary - Revenue projections show a steady increase from 4.845 billion yuan in 2023 to 7.889 billion yuan in 2027, with a notable growth rate of 21.0% in 2025 [1][12]. - The net profit attributable to the parent company is expected to rise from 707 million yuan in 2023 to 1.15 billion yuan in 2027, with a growth rate of 22.4% in 2025 [1][12]. - The company's gross margin for the first half of 2025 was reported at 24.93%, with a net profit margin of 13.42%, indicating a slight decline in profitability [2][12]. Market Position and Product Development - The company is focusing on the aluminum electrolytic capacitor segment, which remains a core business area, and is expanding into film capacitors and other specialized products [3][10]. - The company is responding to the growing demand for basic components in strategic emerging industries, with applications across automation, robotics, consumer electronics, and more [3][10]. - The report highlights the company's strong position in the industrial capacitor market, with its technology and production volume ranking among the top globally [3].

Summary of Jianghai Co., Ltd. Conference Call Company Overview - **Company**: Jianghai Co., Ltd. - **Date**: August 28, 2025 Key Financial Metrics - **Total Revenue**: 2.694 billion CNY, up 13.96% year-on-year [3] - **Revenue Breakdown**: - **Lithium Capacitors**: 2.229 billion CNY, 82.75% of total revenue, up 16.7% [3] - **Film Capacitors**: 233 million CNY, 8.65% of total revenue, up 4.96% [3] - **Supercapacitors**: 162 million CNY, 6% of total revenue, up 48.93% [2][4] Profitability Analysis - **Gross Margins**: - **Lithium Capacitors**: 26.75%, slight increase [5] - **Film Capacitors**: 14.39%, decline year-on-year [5] - **Supercapacitors**: 16.86%, decline year-on-year but slight increase quarter-on-quarter [5] - **Materials**: 21.53%, increase due to cost reductions from new projects [5] Market Segmentation - **Aluminum Electrolytic Capacitors**: - Industrial Automation: 38.59% - New Energy: 29.3% - Automotive & Charging Stations: 10.26% - Consumer Applications: 21.85% [6] - **Film Capacitors**: - New Energy: 33.16% - Automotive: 30.8% - Industrial Automation: 23.9% - Consumer Applications: 12.44% [6] - **Supercapacitors**: - Smart Meters: 44.88% - New Energy: 29.8% - Energy Storage & Frequency Regulation: 25.32% [6] Future Outlook - **Market Growth**: Expected to maintain a growth rate of 10%-20% for the year despite a cooling new energy market in Q3 [7][8] - **Expansion Plans**: Plans to double supercapacitor sales to 600 million CNY by 2026 through automation and capacity enhancements [3][16] - **AI Technology Integration**: Significant opportunities in AI applications, with expected monthly orders from Delta for supercapacitors starting in Q1 2026 [9][17] AI and Technology Developments - **Supercapacitor Production**: New models (H200, GB200, GB300) in mass production, with expected demand growth exceeding 50% [9] - **Aluminum Electrolytic Capacitors**: Voltage increased to 475V, with capacity exceeding 1,000μF, and significant demand from AI applications [10][11] - **Market Position**: Jianghai is a key supplier in the AI sector, with expectations of high margins for new products [27] Capital Expenditure Plans - **2025 Capital Expenditure**: Expected to be around 1.5 to 2 billion CNY, focusing on expanding production capacity and enhancing technology [24][23] - **Future Investments**: Plans to invest 500 million to 1 billion CNY to increase production capacity by 3 to 5 times [22][23] Competitive Landscape - **Market Share**: Jianghai aims to increase its market share in aluminum electrolytic capacitors, particularly in AI applications, with expected revenue growth of 20% in 2026 [26] - **Material Innovations**: Collaboration with South China University of Technology to develop new materials that enhance product performance and reduce costs [30][31] Conclusion - Jianghai Co., Ltd. is positioned for significant growth in the capacitor market, particularly in AI and new energy applications, with robust financial performance and strategic expansion plans. The integration of AI technology and ongoing innovations in product development are expected to drive future profitability and market share.