其中，行业龙头晶科能源（SH688223，股价7.59元，市值759.4亿元）2025年归母净利润预亏59亿元至 69亿元，天合光能（SH688599，股价19.56元，市值458.2亿元）2025年归母净利润预亏65亿元至75亿 元，通威股份（SH600438，股价18.16元，市值817.6亿元）2025年归母净利润预亏90亿元至100亿元。 值得注意的是，在业绩亏损背后，近期部分产业链上市公司宣布终止、延期、出售或调整相关项目，理 由包括各环节产品价格大幅下跌、项目进度低于预期、避免推高公司整体运营成本等。 今年1月份以来，光伏行业上市公司密集披露2025年业绩预告。《每日经济新闻》记者梳理发现，多家 行业龙头2025年业绩延续亏损，且亏损呈现加剧趋势。 其中，1月24日，天合光能公告称，拟终止"年产35GW直拉单晶硅片项目"的二期15GW部分，并将剩余 募集资金17亿元转投"分布式智慧光伏电站建设项目"；同样在1月24日，TCL中环（SZ002129，股价 10.40元，市值420.5亿元）宣布拟以5100万美元出售海外子公司Maxeon旗下的马来西亚光伏工厂；2月8 日，明冠新材（SH688560， ...

内容概况：铝塑膜是软包锂电池电芯封装的关键材料，单片电池组装后用铝塑膜密封形成电池，可以起 到保护电池内部电芯材料的作用。动力电池领域需求温和复苏、占比缓步提升，供给端国产替代进程加 快，有效匹配下游需求扩张，行业整体供需保持稳定平衡。2025年中国铝塑膜市场规模达63亿元，其中 动力电池领域4.74亿元，3C/储能等领域58.74亿元，较2024年同比实现显著增长。 相关上市企业：紫江企业 (600210)、福斯特 (603806)、明冠新材 (688560)、道明光学 (002632)、璞泰来 (603659) 关键词：铝塑膜销量 铝塑膜市场规模 铝塑膜企业 铝塑膜政策 铝塑膜产业链 一、铝塑膜产业概述 铝塑膜是软包锂电池电芯封装的关键材料，单片电池组装后用铝塑膜密封形成电池，可以起到保护电池 内部电芯材料的作用。铝塑膜由外阻层（ON层）、阻透层（AL层）、热封层（CPP层）通过胶黏剂复 合而成，外阻层由尼龙构成，位于最外侧，用来保护铝箔免于划伤，减少碰撞对电池带来的伤害。阻透 层由压铝箔构成，位于中间层，起到防止氧气、水分侵入的作用。热封层由流延聚丙烯膜组成，位于最 内侧，起封口粘接的作用。铝塑膜在阻隔 ...

Company and Industry Summary Company: Foster (福斯特) Key Points - **Leading Overseas Production Capacity** Foster holds the largest overseas production capacity for solar backsheet, exceeding 600 million square meters in Thailand and Vietnam. The company has a long-standing partnership with Tesla, developing and supplying specialized backsheets, which positions it to benefit from Tesla's expansion in component production. Additionally, Foster is the largest supplier of backsheets in India, collaborating with major companies such as Waaree, Adani, Vikram, and Reliance Inc. The reduction of U.S. tariffs on Indian solar components to 18% is expected to further enhance exports from India to the U.S. [1][2][3] - **Profitability Advantage** The profitability of overseas backsheets is over 5 percentage points higher than domestic production, indicating that the company is likely to see significant improvements in overall profitability as it capitalizes on this advantage [1][2][3]. - **Expansion into Space Photovoltaics** Foster is increasing its focus on space photovoltaics by establishing a joint venture to engage in flexible gallium arsenide and related equity investments. This strategy aims to create synergies with its existing business and expand into the supply of space photovoltaic materials. The company has a diverse product lineup, including modified silicone, modified POE, butyl rubber, and CPI films, which will support its growth in the space photovoltaic sector [2][3]. - **Growth in Non-Photovoltaic Segments** The company is actively exploring new growth avenues outside of photovoltaics, particularly in photoresist dry films, which are expected to see a 30% year-on-year increase in shipments by 2025, contributing approximately 1-1.5 billion in profit. The demand for aluminum-plastic films is anticipated to rise with the development of solid-state batteries, presenting another potential growth area for the company [2][3]. - **Investment Outlook** The projected net profit attributable to the parent company for 2025-2027 is estimated at 1.01 billion, 1.61 billion, and 2.18 billion yuan, reflecting year-on-year changes of -23%, 58%, and 36%, respectively. The corresponding price-to-earnings ratios are expected to be 41, 26, and 19 times. The company maintains a "buy" rating based on these projections [2][3].

Core Viewpoint - Since 2025, an increasing number of photovoltaic material manufacturers have begun to actively reduce their presence in the photovoltaic sector, with some companies even choosing to exit the market. Recently, another leading company decided to adjust its pace [2]. Group 1: Project Termination - On February 8, Mingguan New Materials announced the termination of its investment in a solar backsheet and functional film production base project in Feidong County, Anhui, with a total investment of 5 billion yuan [3]. - The project was signed in February 2023 and was planned to be constructed in two phases, with the first phase's factory and infrastructure nearly completed, aiming for an annual production of 300 million square meters of solar backsheets and 200 million square meters of functional films [4]. - The direct reason for the project's termination is the overcapacity in the photovoltaic industry leading to a deteriorating market environment, with signs of overcapacity emerging since Q4 2023 [8]. Group 2: Market Dynamics - The photovoltaic industry is expected to experience widespread losses in 2024 and 2025, with the profitability of photovoltaic packaging materials gradually declining due to intensified competition [8]. - By 2026, the global market share of photovoltaic backsheets is projected to drop below 5% [8]. - Mingguan New Materials has decided to optimize the planned capacity of 500 million square meters of backsheets and functional films from the original project and transfer it to Yichun Economic and Technological Development Zone in Jiangxi [21]. Group 3: Financial Performance - In the first half of 2025, the company reported a significant decline in sales, with total sales volume of photovoltaic packaging materials at 63.86 million square meters, a year-on-year decrease of 16%, and sales revenue of 350 million yuan, down 39% [16]. - The company experienced a net loss of approximately 52.71 million yuan in the first half of 2025, marking its first half-year net loss since its listing in 2020 [17]. - The annual net profit forecast for 2025 is expected to be a loss between 125 million and 160 million yuan, representing a decline of 86.35% to 138.53% compared to the previous year [18]. Group 4: Product Development - The company has developed a 0BB functional film (smart grid film) that has received high recognition from leading manufacturers such as Aiko Solar, State Power Investment Corporation, and LONGi Green Energy, indicating a foundation for large-scale implementation [20]. - The company is also adjusting its production strategy to focus on specialized functional films, with an initial construction plan for a new project in Jiangxi to produce 350 million square meters of new battery packaging functional films, with a total investment of 290 million yuan [21].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 （三）本次业绩预告未经注册会计师审计。 2025年1月1日至2025年12月31日。 （二）业绩预告情况 2025年，面对严峻的行业形势与复杂多变的经营环境，报告期内公司稳步推进降本增效工作，持续优化 营收结构，其中太阳能封装胶膜和铝塑膜业务出货量实现同比增长，业务结构得以进一步优化。公司始 终秉持"人才领先、奋力创新"发展战略，以技术创新为核心引擎、以产品质量为坚实基石、以市场需求 为根本导向，深耕科技创新与增收降本双向发力，实现公司整体经营的平稳运行与持续发展。 2、预计2025年度实现归属于母公司所有者扣除非经常性损益后的净利润为-17,000.00万元到-13,500.00 万元。与上年同期相比，将减少6,683.54万元到10,183.54万元，同比减少98.05%到149.40%。 二、上年同期（法定披露数据）业绩情况 （一）2024年年度利润总额：-6,282.80万元，归属于母公司所有者的净利润：-6,707.73万元 ...

Group 1 - The core viewpoint of the article is the strategic collaboration between Enli Power and Enjie Co., focusing on the development of solid-state battery technologies and materials [1][2]. - The collaboration will focus on three main areas: material co-development for high-performance electrolyte membranes, integration of manufacturing processes, and optimization of system compatibility to accelerate commercialization [1][2]. - Enjie Co. has strong technical capabilities and mass production capacity in wet-process membranes and other key materials, which will enhance its position in the supply chain and support Enli Power in launching competitive battery products [2]. Group 2 - Enli Power specializes in high-energy solid-state battery technology and has made significant breakthroughs in key technologies such as solid-state interface coating and lithium metal anode protection [2]. - The energy density of Enli Power's batteries ranges from 270 to 600 Wh/kg, and they can operate stably in temperatures from -40°C to 100°C, making them suitable for applications in robotics, drones, and high-end electric motorcycles [2].

Group 1 - The core viewpoint of the article highlights the recovery in the consumer electronics sector, which is expected to benefit the company’s aluminum-plastic film products [2] - The company aims to improve the consistency and stability of its aluminum-plastic film products while accelerating their application in consumer electronics, low-altitude economy, and artificial intelligence [2] - Key customers for the company's aluminum-plastic film include Guanyu, Ganfeng, Funeng, Guoxuan, Camel, Pylon, and Huayu Sodium Battery, indicating a strong market presence [2]

Core Viewpoint - Huazheng New Materials (603186) is actively advancing the verification process for its aluminum-plastic film products in relevant fields [1] Group 1 - The company is responding to investor inquiries regarding the application of its aluminum-plastic film products [1]

Core Viewpoint - The company is currently not engaged in the mining and purification of high-purity quartz and lithium mica, despite recent recruitment activities related to quartz mining in Mali County, which raised questions about vertical integration in securing upstream raw materials [1] Group 1 - Investors have noted the company's recent recruitment for positions related to quartz mining and purification processes [1] - The company is expanding its production of aluminum-plastic films and photovoltaic materials [1] - There is speculation that the recruitment is part of a strategy to secure key upstream raw materials [1] Group 2 - The company confirmed on the investor interaction platform that it has not yet started any mining or purification business for high-purity quartz and lithium mica [1]

Core Viewpoint - The company provides aluminum-plastic film products primarily used in lithium battery packaging for various applications, indicating a strong growth trend in orders due to increasing demand in multiple sectors [2] Group 1: Product Applications - The company's aluminum-plastic film products are utilized by downstream lithium battery enterprises for packaging in power lithium batteries, energy storage lithium batteries, and consumer electronics lithium batteries [2] - Key application scenarios include new energy vehicles, drones, home energy storage, large commercial energy storage, and consumer electronics [2]