证券日报网讯万顺新材（300057）11月19日在互动平台回答投资者提问时表示，公司10万吨动力及储能 电池箔项目主设备铝箔轧机已陆续进入调试阶段，剩余部分配套设备将陆续到位、安装调试，项目全部 建成后公司将形成铝箔25.5万吨产能，加上已建成的26万吨铝板带产能，公司铝板带、铝箔一体化产业 链规模效应将进一步凸显。公司聚焦新材料领域持续加强研发，推动产品创新和工艺改进，公司已开发 了高延伸电池铝箔、高达因电池铝箔等产品，其中高延伸电池铝箔已通过客户使用验证并批量供货，高 达因电池铝箔开始进入小批量供应阶段，增强公司铝加工业务的发展后劲；同时，公司积极拓展高端包 装及光伏高阻隔膜、汽车调光天幕用导电膜等市场，培育功能性薄膜业务增长动能。 ...

Core Insights - The company plans to invest 100 million yuan to establish a wholly-owned subsidiary in the field of new energy materials, despite facing significant financial challenges in the first half of 2025 [1] - The company's total revenue for the first half of 2025 was 2.692 billion yuan, a year-on-year decrease of 10.11%, with a net loss of 53.06 million yuan, marking continuous losses since 2023 [1] - The gross profit margin for the first half of 2025 was only 5.33%, continuing to decline, indicating ongoing pressure on profitability [1] Financial Performance - The company experienced a 23.87% increase in cash and cash equivalents compared to the end of the previous year, with a 3.67 percentage point increase in the proportion of total assets [2] - The increase in cash was not due to improved operating activities but was achieved through increased liabilities [3] - Short-term borrowings rose by 13.54% compared to the end of the previous year, with a 2.77 percentage point increase in the proportion of total assets [4] Product Development and Strategy - The company is attempting to overcome challenges through product innovation, developing new battery aluminum foil products to meet customer demands [5] - The functional film business saw a 62% year-on-year decline in revenue, prompting the company to adjust its product structure due to market price competition [1][5] - The company aims to optimize its business structure and expand into high-value-added product markets, although the effectiveness of this strategy remains uncertain in the context of declining processing fees in the aluminum processing industry [5]

Group 1: Company Performance and Strategy - The company aims to enhance its profitability by optimizing its business structure and expanding into high-value-added product markets, particularly in aluminum processing, paper packaging materials, and functional films [2][3] - The company has developed high-performance battery aluminum foil products, which have passed customer validation and are now in mass production, contributing to the growth of its aluminum processing business [2] - The company plans to continue focusing on improving operational performance as a core aspect of its market value management strategy [3][4] Group 2: Financial Performance and Market Position - The company reported a loss in net profit for the first half of the year, primarily due to increased domestic and international aluminum price discrepancies, declining processing fees, and new capacity still ramping up [3][4] - As of September 10, 2025, the total number of shareholders, including credit accounts, was 47,391 [4] - The company has implemented measures such as share buybacks and major shareholder increases to maintain market value despite being in a prolonged undervalued state [4] Group 3: Product Development and Market Demand - The company supplies battery aluminum foil to several leading battery manufacturers, with applications depending on customer demand [3] - The company holds a leading position in the domestic market for AR anti-reflective film products, with ongoing developments in the functional film sector [3] Group 4: Future Outlook - The company is optimistic about reversing its performance trends and achieving growth in the solid-state battery and consumer electronics supply chains [3] - Future decisions regarding the redemption of convertible bonds will be made by the board of directors, with timely disclosures to be provided [2]

Core Viewpoint - Wan Shun New Materials (300057.SZ) is actively developing battery aluminum foil products for solid-state batteries and has established supply relationships with several leading battery companies, with product applications depending on customer needs [1] Group 1: Product Development - The company is focusing on the development of high-elongation battery aluminum foil, high-die battery aluminum foil, and ultra-thin battery aluminum foil [1] - High-elongation battery aluminum foil has passed customer usage verification and is now being supplied in bulk, enhancing the growth potential of the aluminum processing business [1]

Company Overview - The company did not distribute cash dividends or issue bonus shares during the reporting period [2] - There were no changes in the controlling shareholder or actual controller during the reporting period [3] Financial Performance - In the first half of 2025, the company achieved total operating revenue of 2.692 billion yuan, a year-on-year decrease of 10.11% [3] - The net profit attributable to shareholders of the listed company was -53.06 million yuan, a year-on-year decline of 469% [3] Business Segments Aluminum Processing Business - The aluminum processing business generated operating revenue of 2.398 billion yuan, a year-on-year increase of 12% [4] - Aluminum foil sales were 51,000 tons, a slight decrease of 4.7%, while aluminum plate and strip sales reached 85,000 tons, a year-on-year increase of 25% [4] - The company is developing new products to meet the needs of downstream battery customers, enhancing the growth potential of the aluminum processing business [4] Paper Packaging Materials Business - The paper packaging materials business achieved operating revenue of 223 million yuan, a year-on-year increase of 17% [5] - Sales volume reached 17,000 tons, a year-on-year increase of 12% [5] Functional Film Business - The functional film business reported operating revenue of 12.2257 million yuan, a year-on-year decrease of 62% [6] - Sales volume was 1.399 million square meters, a year-on-year decline of 46% [6] - The company is adjusting its product structure to focus on high-potential markets and maintain a technological advantage in the functional film sector [6]