近日，万顺新材在接受机构调研时表示，公司铝加工业务已形成铝板带、铝箔一体化产业链布局，当前 铝板带总产能26万吨，铝箔总产能规划25.5万吨。在产品创新方面，公司重点布局高附加值铝箔产品， 高延伸电池铝箔已实现批量供货，高达因电池铝箔进入小批量供应阶段。 调研记录表显示，安徽中基7.2万吨电池铝箔产能稳定释放，在建年产10万吨动力及储能电池箔项目将 于今年分步投产，2025年前三季度铝加工业务销量同比增长4%。 功能膜与纸包装材料业务也同步优化升级，功能膜业务通过调整产品结构改善毛利水平，后续将拓展单 一材质可回收包装及汽车调光天幕应用场景；纸包装材料业务高附加值专版转移纸销量增长，带动板块 毛利略有提升，特种卡纸在烟酒包装领域的应用持续稳固。 （校对/黄仁贵） 万顺新材表示，将持续推进铝加工高附加值产品市场拓展，深化功能膜产品结构升级与自主品牌建设， 同时依托多业务板块协同优势，进一步提升产能利用率与盈利能力。 ...

万顺新材(300057.SZ)在投资者关系活动中介绍，公司近年来重点推动铝箔产品创新和工艺改进，提高 生产效率和成品率，同时为满足下游电池客户的新需求，公司开发了高延伸电池铝箔、高达因电池铝箔 等高附加值产品，其中，高延伸电池铝箔已批量供货，高达因电池铝箔已进入小批量供应阶段，增强了 公司铝加工业务的发展后劲，公司后续将全力推进高附加值铝箔产品市场。高达因电池铝箔表面达因值 极高且稳定，可提升后期加工浆料与铝箔的附着力，涂布均匀性更佳，降低电阻，进而提升电池的充放 电效率和循环稳定性，适用于钠离子电池正负极等需求。 ...

达因电池铝箔等高附加值产品，其中，高延伸电池铝箔已批量供货，高达 因电池铝箔已进入小批量供应阶段，增强了公司铝加工业务的发展后劲， 公司后续将全力推进高附加值铝箔产品市场。 高延伸电池铝箔在保证抗拉强度的基础上、提高延伸率，内部可提升加工 过程中铝箔的成品率，也可满足客户提高压实密度、降低断带率等需求。 高达因电池铝箔表面达因值极高且稳定，可提升后期加工浆料与铝箔的附 着力，涂布均匀性更佳，降低电阻，进而提升电池的充放电效率和循环稳 定性，也适用于钠离子电池正负极等需求。 问：功能膜业务板块情况 答：功能性薄膜业务产品目前主要是高阻隔膜、调光导电膜、车衣膜、节 能膜等产品。前三季度受市场价格竞争影响，公司调整功能膜产品结构， 减少毛利倒挂严重的产品，功能性薄膜业务销售虽有所下降但毛利有所改 善。 问：功能膜业务的发展方向 证券代码：300057 证券简称：万顺新材 债券代码：123085 证券简称：万顺转 2 汕头万顺新材集团股份有限公司投资者关系活动记录表 编号：20260106 | | √特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系 | □媒体采访 □业绩说明 ...

Group 1 - The core strategy of Wanshun New Materials is to seek growth through overseas acquisitions despite facing financial challenges and ongoing losses [1][2] - The company announced plans to acquire 100% of Eurofoil Luxembourg for €1,238.89 million, approximately ¥102.29 million, indicating a significant investment in a loss-making entity [2][3] - The acquisition is seen as a critical step in the company's globalization strategy, aiming to enhance its brand influence and market share in the aluminum foil and aluminum plate industry [3][8] Group 2 - Wanshun New Materials is currently experiencing financial difficulties, with a high level of short-term debt (¥2.786 billion) compared to cash holdings (¥1.932 billion), reflecting a "high debt and high liquidity" situation [4] - The company's financial expenses have surged, with a 49.93% increase in financial costs to ¥76.42 million in 2024, further straining profitability [4] - The company has faced delays in key projects, such as the 100,000-ton battery foil project, which has been postponed to September 2026, contributing to idle funds and low capital efficiency [5][6] Group 3 - The domestic aluminum processing industry is under severe competitive pressure, with overcapacity and price wars leading to reduced profit margins [7][8] - Despite a 22.52% year-on-year revenue increase to ¥6.579 billion in 2024, Wanshun New Materials reported a net loss of ¥192 million, marking a historical low [8][10] - The company is focusing on high-value-added aluminum foil products and has made recent investments to enhance its strategic positioning in the new energy materials sector [10][11]

Core Viewpoint - Wan Shun New Materials has highlighted the advantages of high elongation battery aluminum foil, which enhances the yield during processing while meeting customer demands for increased compaction density and reduced breakage rates [2] Group 1: Product Features - High elongation battery aluminum foil maintains tensile strength while improving elongation rate, leading to better processing yields [2] - The high surface die value of the aluminum foil enhances the adhesion between the slurry and the foil, resulting in improved coating uniformity and reduced resistance [2] - The product is designed to improve battery charge and discharge efficiency and cycle stability, and is also suitable for sodium-ion battery applications [2]

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]