证券代码：688299 证券简称：长阳科技 公告编号：2026-010 2.以上财务数据及指标以合并报表数据填列，但未经审计，最终结果以2025年年度报告为准。 二、经营业绩和财务状况情况说明 宁波长阳科技股份有限公司 2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以宁波长阳科技 股份有限公司（以下简称"公司"）2025年年度报告为准，提请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：人民币万元 ■ 注：1.本报告期初数同法定披露的上年年末数。 特此公告。 宁波长阳科技股份有限公司董事会 2026年2月27日 （一）报告期的经营情况、财务状况及影响经营业绩的主要因素。 报告期内，公司主要产品反射膜基本盘稳定；受宏观环境、市场供需情况等影响，锂电隔膜、胶膜、光 学基膜等产品竞争激烈，2025年公司收缩了锂电隔膜、胶膜等低毛利率产品的销售和生产，公司对锂电 隔膜、胶膜、光学基膜等相关固定资产及在建工程计 ...

报告期内，公司主要产品反射膜基本盘稳定;受宏观环境、市场供需情况等影响，锂电隔膜、胶膜、光 学基膜等产品竞争激烈，2025年公司收缩了锂电隔膜、胶膜等低毛利率产品的销售和生产，公司对锂电 隔膜、胶膜、光学基膜等相关固定资产及在建工程计提减值损失增加。综上，公司2025年度净利润出现 较大幅度的亏损。 长阳科技(688299.SH)发布2025年度业绩快报，报告期内，公司实现营业收入10.79亿元，同比下降 19.24%，归属于母公司所有者净亏损1.45亿元。 ...

智通财经APP讯，长阳科技(688299.SH)发布2025年度业绩快报，报告期内，公司实现营业收入10.79亿 元，同比下降19.24%，归属于母公司所有者净亏损1.45亿元。 报告期内，公司主要产品反射膜基本盘稳定;受宏观环境、市场供需情况等影响，锂电隔膜、胶膜、光 学基膜等产品竞争激烈，2025年公司收缩了锂电隔膜、胶膜等低毛利率产品的销售和生产，公司对锂电 隔膜、胶膜、光学基膜等相关固定资产及在建工程计提减值损失增加。综上，公司2025年度净利润出现 较大幅度的亏损。 ...

证券之星消息，长阳科技近日即将发布2025年年报，根据2月26日发布的业绩快报，归属净利润亏损 1.445亿元，同比减少390.9%。 业绩快报公告中对经营业绩和财务状况情况的说明： （一）报告期的经营情况、财务状况及影响经营业绩的主要因素。 报告期内，公司主要产品反射膜基本盘稳定；受宏观环境、市场供需情况等影响，锂电隔膜、胶膜、光 学基膜等产品竞争激烈，2025 年公司收缩了锂电隔膜、胶膜等低毛利率产品的销售和生产，公司对锂 电隔膜、胶膜、光学基膜等相关固定资产及在建工程计提减值损失增加。综上，公司 2025 年度净利润 出现较大幅度的亏损。 （二）主要指标增减变动幅度达 30%以上的主要原因说明。 公司 2025 年度归属于母公司所有者的净利润、归属于母公司所有者的扣除非经常性损益的净利润出现 较大幅度的亏损，主要为受宏观环境、市场供需情况等影响，锂电隔膜、胶膜、光学基膜等产品竞争激 烈，2025 年公司锂电隔膜、胶膜等产线停产，公司对锂电隔膜、胶膜、光学基膜等相关固定资产及在 建工程计提减值损失增加。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号 ...

格隆汇2月26日丨长阳科技(688299.SH)公布2025年度业绩快报，报告期内，公司实现营业收入10.79亿 元，同比下降19.24%；归属于母公司所有者的净利润-1.45亿元；归属于母公司所有者的扣除非经常性 损益的净利润-1.49亿元；报告期内，公司主要产品反射膜基本盘稳定；受宏观环境、市场供需情况等 影响，锂电隔膜、胶膜、光学基膜等产品竞争激烈，2025 年公司收缩了锂电隔膜、胶膜等低毛利率产 品的销售和生产，公司对锂电隔膜、胶膜、光学基膜等相关固定资产及在建工程计提减值损失增加。综 上，公司2025 年度净利润出现较大幅度的亏损。 ...

Core Viewpoint - The Chinese lithium battery industry is expected to experience a significant rebound, with a projected shipment growth rate exceeding 40% year-on-year by 2025 [3]. Group 1: Market Overview - The lithium battery shipment volume in China is anticipated to exceed 1.85 TWh in 2025, representing a year-on-year increase of 53% [4]. - The shipments of power and energy storage batteries are projected to reach 1.1 TWh and 630 GWh, with growth rates of 41% and 85% respectively [5]. Group 2: Product Segmentation - The market share of LFP (Lithium Iron Phosphate) power batteries is continuously increasing, with shipments expected to reach 882 GWh in 2025, a year-on-year growth of over 130%, accounting for 80% of total power battery shipments [5]. - The energy storage lithium battery shipments are expected to grow over 60% year-on-year by Q4 2025, driven by strong demand and insufficient supply [7]. Group 3: Material Supply Chain - The shipment of positive electrode materials is projected to grow by 50% year-on-year, with total shipments reaching 5.03 million tons in 2025 [10]. - The leading positive electrode material, Lithium Iron Phosphate, is expected to see shipments of 3.9 million tons, a year-on-year increase of 58% [10]. - The shipment of lithium battery separators is expected to reach 32.3 billion square meters, with a year-on-year growth of 45% [12]. Group 4: Negative Electrode and Electrolyte - The shipment of negative electrode materials is projected to reach 2.9 million tons in 2025, with a year-on-year growth of 40% [14]. - The market share of natural graphite in negative electrode materials has dropped below 8%, while artificial graphite shipments are expected to account for 92% [14]. - The shipment of electrolytes in China is expected to reach 208,000 tons, with a year-on-year increase of 42% [14].

Core Viewpoint - Xingyuan Material has submitted an IPO application to the Hong Kong Stock Exchange, aiming to enhance its international business operations and capital platform [2] Group 1: Financial Performance and Debt Situation - Despite raising a total of 5 billion yuan through its IPO and two follow-up placements, Xingyuan Material's debt ratio has risen significantly to over 60%, which is notably higher than comparable companies [3] - The company's operating cash flow has consistently been lower than its capital expenditures, leading to a persistent "funding thirst" despite multiple rounds of financing [7] - Revenue growth has been observed, with year-on-year increases of 4.62%, 17.52%, and 13.53% for 2023, 2024, and the first three quarters of 2025, respectively; however, net profit has declined sharply, with expected decreases of 88.87% to 92.44% in 2025 [9] Group 2: Industry Context and Overcapacity - The lithium battery separator industry is facing severe overcapacity, with total production capacity in China expected to reach 30 billion square meters in 2024, far exceeding the actual demand of 22.7 billion square meters [5] - The dry separator segment, which Xingyuan Material primarily operates in, is particularly over-saturated, with projected losses of approximately 0.05 to 0.08 yuan per square meter in 2025 [5] Group 3: Future Plans and Challenges - The company plans to allocate 60% of the funds raised from the IPO to support overseas capacity expansion, which may further exacerbate its financial burden [6] - A stock incentive plan set to be implemented in October 2024 will only consider sales volume of lithium battery separators as a performance metric, potentially intensifying the company's ongoing challenges of revenue growth coupled with declining profits [9]

Core Viewpoint - Changyang Technology (688299.SH) is expected to report a significant increase in losses for the fiscal year 2025, with projected net losses ranging from 168 million to 116 million yuan, marking an increase of 86.56 million to 138.56 million yuan compared to the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -172 million and -120 million yuan, which represents an increase in losses of 71.11 million to 123.11 million yuan year-on-year [1] Product Performance - The company's main product, reflective film, has maintained a stable base; however, the competitive landscape for lithium battery separators, adhesive films, and optical base films has intensified due to macroeconomic conditions and market supply-demand dynamics [1] - In response to the competitive environment, the company has reduced sales and production of low-margin products such as lithium battery separators and adhesive films, leading to a decline in overall revenue [1] Impairment Losses - The company has increased provisions for impairment losses on fixed assets and construction in progress related to lithium battery separators, adhesive films, and optical base films due to the anticipated decline in revenue [1]

Core Viewpoint - The company, Changyang Technology, anticipates a net loss attributable to shareholders of the parent company ranging from 168 million to 116 million yuan for the year 2025, indicating an increase in losses compared to the previous year [1] Group 1: Financial Performance - The expected net loss for 2025 is projected to increase by 86.5635 million to 139 million yuan compared to the same period last year [1] - The company's main product, reflective film, has maintained a stable base during the reporting period [1] Group 2: Market Conditions - The company is facing intense competition in the market for lithium battery separators, adhesive films, and optical base films due to macroeconomic conditions and supply-demand dynamics [1] - As a result of the competitive landscape, the company has reduced sales and production of low-margin products such as lithium battery separators and adhesive films [1] Group 3: Asset Impairment - The company has increased the provision for impairment losses on fixed assets and construction in progress related to lithium battery separators, adhesive films, and optical base films [1]

Core Insights - The article highlights the explosive growth in the lithium battery market, driven by increasing demand across multiple sectors, with a projected shipment volume exceeding 1.85 TWh by 2025, representing a 54% year-on-year increase [4]. Market Overview - The lithium battery shipment in China is expected to reach 1870 GWh in 2025, with power and energy storage batteries accounting for 1.1 TWh and 630 GWh respectively, showing growth rates of 41% and 85% [4]. - The market for lithium iron phosphate (LFP) batteries is on the rise, with shipments projected to reach 882 GWh in 2025, marking a growth of over 130% and constituting 80% of total power battery shipments [4]. Energy Storage Sector - The energy storage sector is experiencing robust demand, with a projected quarter-on-quarter growth of over 20% and a year-on-year growth exceeding 60% in Q4 2025 [5]. - The industry is facing capacity shortages, leading to increased outsourcing among manufacturers [5]. Segment Growth - Specific markets such as construction machinery and electric shipping are expected to see nearly 100% growth in lithium battery shipments by 2025 [6]. Material Supply Chain - The shipment of cathode materials is anticipated to grow by 50% in 2025, with lithium iron phosphate leading the way at 390,000 tons, a 58% increase [8]. - The shipment of separators is projected to reach 32.3 billion square meters, reflecting a 45% year-on-year increase, with wet-process separators growing by 55% [9]. - The anode material shipments are expected to reach 2.9 million tons, a 40% increase, with artificial graphite dominating the market at 92% [9]. Electrolyte Market - China is expected to maintain a 94% share of the global electrolyte market, with shipments projected to reach 208,000 tons in 2025, a 42% increase [11]. - The prices of upstream raw materials for electrolytes have surged, with forecasts indicating potential further increases [11].