证券日报网2月26日讯，万顺新材在接受调研者提问时表示，功能性薄膜业务产品主要是高阻隔膜、调 光导电膜、车衣膜、节能膜等。公司今年主要聚焦有发展潜力的功能膜产品市场，重点推进高阻隔膜在 单一材质可回收包装市场的应用，拓展汽车调光天幕用导电膜市场，打造高阶车衣膜、节能膜自主品 牌，提高产能利用率，争取提升盈利能力。 （文章来源：证券日报） ...

编号：20260226 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | | 华泰证券-邵梓洋、王嵩 | | 参与单位名称及 | 乐雪资本-陆畅宏 | | 人员姓名 | Pinpoint Asset-梁俊琪 | | | 建信基金-蒋超 | | 时 间 | 2026 年 2 月 26 日 14:00-16:00 | | 地 点 | 公司会议室 | | 上市公司接待人 | 黄薇、杨时哲 | | 员姓名 | | | | 问：铝加工业务板块情况 | | | 答：公司铝加工业务板块已形成铝板带、铝箔一体化产业链布局。 铝箔产能：公司铝箔总产能规划 25.5 万吨，其中：江苏中基主要生产双 | | | 零铝箔（应用于包装领域），产能 8.3 万吨，安徽中基主要生产电池铝箔， | | | 现有产能 7.2 万吨，在建年产 10 万吨动力及储能电池箔项目将分步投产、 | | | 陆续释放产能，9 月底前全面完成建设。 | | 投资者关系活动 | 铝板带产能：江苏、安徽基地产 ...

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]

Core Viewpoint - Wan Shun New Materials announced that its wholly-owned subsidiary, Shantou Wan Shun New Materials Zhaofeng Lin Technology Co., Ltd., has been granted an invention patent by the National Intellectual Property Administration, which is expected to enhance the company's competitive edge in the car film market [1] Group 1 - The patent number is ZL202511165373.9, and it is titled "A Flexible Coating Material with Gradient Transition Layer and Double Silver Layer Structure and Its Preparation Method" [1] - The application date for the patent was August 20, 2025, and the authorization announcement date was November 7, 2025, with a validity period of 20 years [1] - The patented technology has already been applied in the production process of the company's car film products, which is beneficial for protecting intellectual property and enhancing technological development capabilities [1]

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]

Financial Performance - In 2024, the company achieved total operating revenue of 6.579 billion CNY, a year-on-year increase of 22.52% [1] - The net profit attributable to shareholders was -192 million CNY due to various factors including decreased gross profit margins and increased financial expenses [1] Aluminum Processing Business - The aluminum processing segment generated operating revenue of 4.732 billion CNY, a 40% increase year-on-year [2] - Aluminum foil sales reached 107,600 tons, up 22% year-on-year, while aluminum plate and strip sales totaled 189,300 tons, a 69% increase [2] - The company is focusing on high-value-added products to enhance profitability in the aluminum processing segment [2] Production Capacity - The total aluminum foil production capacity is projected to reach 255,000 tons after the completion of ongoing projects [3] - The combined production capacity for aluminum plate and strip is 260,000 tons [3] Paper Packaging Materials Business - The paper packaging materials segment achieved operating revenue of 490 million CNY, with a sales volume of 38,000 tons, both reflecting a 13% year-on-year growth [4] Functional Film Business - The functional film segment reported operating revenue of 52.48 million CNY with a sales volume of 5.59 million square meters [5] - The company plans to expand its market presence for high-value products such as high barrier films and smart films [6] Export and Tariff Impact - In 2024, overseas sales revenue amounted to 1.18 billion CNY, primarily from aluminum foil exports [6] - The company has adjusted processing fees in response to the cancellation of aluminum foil export tax rebates and U.S. tariffs, maintaining stable export volumes [6]