证券代码： 301565 证券简称：中仑新材 中仑新材料股份有限公司 投资者关系活动记录表 编号：2025-005 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 开源证券 毕挥 时间 2025年12月16日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 马彬惠 投资者关系活动 主要内容介绍 1、公司产能出海、布局印尼长塑项目主要出于哪些方面的 考量？ 公司布局印尼长塑高性能膜材产业化项目，主要基于三方面 核心考量：一是BOPA膜材凭借优异性能，在食品饮料、药品、日 化用品、软包锂电池等多领域包装中应用广泛，下游需求持续增 长，公司现有生产设备已处于高产能利用率的运转状态，难以充 分满足市场需求，该项目有助于突破产能瓶颈，进一步匹配下游 市场的增长需求；二是公司在BOPA膜材领域已具备龙头地位，同 时公司境外销售收入占比呈上升趋势，而该项目的落地能够完善 海外产能配套，更好地服务东南亚市场并进一步辐射欧洲、北美 洲市场，从而巩固公司的行业领先地位，应对全球市场竞争；三 是当前全球贸易环境日趋复杂，贸易保 ...

Core Viewpoint - Zhonglun New Materials (301565) is expanding its production capacity for polyamide 6 (PA6) and BOPA film materials, with significant investments planned for the coming years [1] Production Capacity - Current annual production capacity for PA6 slices is 145,000 tons, located in Quanzhou [1] - Total planned PA6 slice production capacity under construction is 210,000 tons per year, with 140,000 tons funded by the IPO and 70,000 tons from self-financing, expected to be operational by 2027 [1] BOPA Film Production - The company operates 14 production lines for BOPA film materials, with a total annual capacity of 145,000 tons, distributed as follows: 12 lines in Xiamen with a capacity of 105,000 tons and 2 lines in Quanzhou with a capacity of 40,000 tons [1] - The Quanzhou base plans to add 2 new production lines, totaling an additional capacity of 40,000 tons, expected to be operational in 2026 and 2027 [1] - The Indonesian project plans to construct 4 production lines with a total capacity of 90,000 tons, with the first line expected to be operational in the first half of 2026, adding 25,000 tons per year to the company's BOPA film capacity [1] - Once all domestic and international capacities are fully operational, the planned annual capacity for BOPA film will reach 275,000 tons [1]

证券日报网12月12日讯中仑新材（301565）在12月12日回答调研者提问时表示，公司生产的PA6切片以 自用为主，核心用于全资子公司厦门长塑、全资孙公司福建长塑及全资三级子公司印尼长塑(2026年首 条产线投产后)BOPA膜材的生产，同时会根据市场需求对外销售部分产品。除了生产BOPA膜材，PA6 切片还有诸多广泛用途，纺丝纤维级的可用于纺织民用丝制作日常服装，也能制成工业丝用于轮胎帘 线、渔网、安全带等；工程塑料级的PA6被广泛应用于电子电器、机械设备、轨道交通装备、航天航空 领域。公司自建的PA6-BOPA膜材一体化供应链优势显著：一是通过上下游毗邻布局与生产协同，省去 中间环节，减少运输、包装等成本，大幅提升成本竞争力；二是可定制化生产适配PA6切片，从源头把 控质量，提升膜材成品率，同时灵活响应订单、缩短生产周期；三是依托一体化研发平台实现上下游协 同创新，快速迭代高性能产品，抢占市场先机；此外，近距离生产保障了产品品质稳定，且降低碳排 放，契合绿色生产趋势，进一步巩固行业竞争力。 ...

Production Capacity and Progress - The first BOPP production line was officially launched in November 2025, with a second line expected to be operational in the second half of 2026. The first line has achieved stable mass production of various thicknesses of BOPP capacitor film products, with thin films entering mass delivery after customer validation [1] - The BOPP production line focuses on thin and ultra-thin film products, with an estimated annual capacity of approximately 2,400 tons per line, depending on product thickness. A total of nine production lines are planned, with two in the first phase and subsequent lines to be added based on market demand [1] Product Applications and Differentiation - The BOPP film is positioned as ultra-thin electrical-grade film, including capacitor film and electrode film, used in the production of thin-film capacitors and battery electrode collectors. It features strong self-healing, high insulation resistance, low dielectric loss, high dielectric strength, and long service life [2] - In contrast, ordinary BOPP packaging materials are typically around 20 microns thick, focusing on basic packaging protection and appearance, with core characteristics including moderate mechanical strength and good transparency [2] Solid-State Battery Developments - The subsidiary, Xiamen Changsu, has pioneered solid-state battery-specific BOPA film, currently in the market promotion phase. The company is also involved in drafting and implementing standards for aluminum-plastic films used in solid-state batteries [3] - As the solid-state battery industry accelerates, the company plans to closely monitor market penetration rates and promote the production and sales of solid-state battery-specific films [3] Existing and Future Capacity for BOPA and PA6 - The current annual production capacity for PA6 (Nylon 6) chips is 145,000 tons, with 210,000 tons of additional capacity under construction, expected to be operational by 2027 [4][5] - The company currently operates 14 BOPA production lines with a total capacity of 145,000 tons, with plans for additional lines in both domestic and international locations, aiming for a total capacity of 275,000 tons upon completion of all projects [5] Utilization of PA6 Chips - The PA6 chips are primarily used internally for the production of BOPA films, with some sales based on market demand. Besides BOPA films, PA6 chips have various applications in textiles, industrial fibers, and engineering plastics [5] - The integrated supply chain for PA6 and BOPA films enhances cost competitiveness, quality control, and innovation capabilities, aligning with green production trends [5]

Core Viewpoint - Zhonglun New Materials (301565) highlights the core advantages of BOPA film materials, including excellent barrier properties, high strength, and tensile resistance, making it an optimal choice for products requiring freshness and aroma preservation [1] Group 1: Product Advantages - BOPA film materials effectively block oxygen, reducing the need for additives and significantly extending the shelf life of food while ensuring freshness [1] - The high strength, tensile resistance, and lightweight characteristics of BOPA film materials allow for widespread application in heavier food and daily chemical products [1]

Core Viewpoint - The company, Zhonglun New Materials (301565), is expanding its BOPA film production capacity significantly, with plans for both domestic and international projects to increase annual production capacity to 275,000 tons in the long term [1] Production Capacity - The company currently operates 14 production lines for BOPA film, with a total annual capacity of 145,000 tons. This includes 12 lines at the Xiamen base with a capacity of 105,000 tons and 2 lines at the Quanzhou base with a capacity of 40,000 tons [1] - There are plans to add 2 new production lines at the Quanzhou base, which will increase capacity by an additional 40,000 tons, expected to be operational in 2026 and 2027 [1] - The Indonesian project includes two phases with a total of 4 production lines, aiming for a combined capacity of 90,000 tons. The first line of phase one is expected to start production in the first half of 2026, contributing an additional 25,000 tons per year to the company's capacity [1] - Once all domestic and international capacities are fully operational, the company's long-term annual production capacity for BOPA film is projected to reach 275,000 tons [1]

Production Capacity and Planning - The current annual production capacity of PA6 chips is 145,000 tons, with a planned additional capacity of 210,000 tons by 2027, including 140,000 tons from IPO funding and 70,000 tons from self-financing [1] - The company has 14 BOPA film production lines with a total capacity of 145,000 tons, with plans to add 40,000 tons in the Quanzhou base and 90,000 tons in Indonesia by 2027 [2] Market and Customer Insights - In the first half of 2025, overseas revenue accounted for over 50% of total sales, indicating significant growth in international markets [3] - The company has established a strong overseas marketing team, covering key regions such as Europe and Southeast Asia, which supports market expansion after the establishment of production capacity in Indonesia [7] Product Development and Technology - The first BOPP film production line was launched in November 2025, with a second line expected in late 2026, focusing on thin and ultra-thin film products [4] - BOPP film production lines are expected to have an annual capacity of approximately 24,000 tons, depending on product thickness, with a total of nine lines planned [4] Raw Material Supply and Industry Barriers - The supply of electrical-grade polypropylene remains low in domestic production, with the company sourcing materials from overseas suppliers [5] - The BOPP capacitor film industry has high entry barriers due to the quality of raw materials and the maturity of production technology, which are critical for product performance [5] Customer Base and Sales Growth - Recent sales growth has been driven by both existing and new customers, with a focus on increasing coverage of small and medium-sized clients [6] - The company benefits from stable demand from large enterprises, which helps optimize production scheduling and capacity utilization [6] Environmental Initiatives - BOPLA, a biodegradable film material made from polylactic acid, offers strong biodegradability and physical strength, making it suitable for various applications while supporting sustainability goals [8][9] - BOPA film materials provide excellent barrier properties, extending the shelf life of products and reducing the need for additives, making them ideal for food and consumer goods [9]

Core Viewpoint - Zhonglun New Materials Co., Ltd. is responding to the Shenzhen Stock Exchange's inquiry regarding its application for issuing convertible bonds, citing performance decline primarily due to fluctuations in crude oil prices and intensified industry competition [2][3]. Financial Performance - The company reported a slight increase in revenue but a continuous decline in net profit from 2022 to 2025, with revenues of 2.297 billion, 2.352 billion, 2.473 billion, and 1.537 billion yuan, and net profits of 285 million, 206 million, 113 million, and 67 million yuan respectively [2]. - The decline in performance is attributed to the correlation between raw material costs, particularly caprolactam, and crude oil prices, which dropped from $117.5 per barrel to $64.01 per barrel, a decrease of 45.53% [2]. Cash Flow and Debt Servicing - The company's operating cash flow turned positive by the end of September 2025, reaching 29.29 million yuan after being negative at -142 million yuan in the first half of 2025 [3]. - The company has sufficient debt servicing capability, with a coverage ratio of 183.13% based on the average operating cash flow over the past three years [3]. Profitability and Revenue Verification - There is a significant difference in gross margins between domestic and overseas sales, with domestic gross margin at 9.87% and overseas at 18.56% for the first nine months of 2025 [4]. - The company’s overseas revenue accounted for 54.22% of total revenue, with verification confirming the authenticity of overseas sales through various audit procedures [4]. Accounts Receivable and Inventory Management - As of the end of 2024, the company had accounts receivable of 234 million yuan, with a turnover rate of 7.23 times per year, indicating effective credit policies [5]. - Inventory management is also robust, with 96.13% of inventory aged less than one year and a low provision for inventory impairment at 1.23% [5]. Fundraising Projects - The company plans to use 868 million yuan from the convertible bond issuance for the industrialization project of high-performance membrane materials in Indonesia, which is expected to add 90,000 tons per year of BOPA membrane capacity [6][7]. - The project is anticipated to generate an additional net profit of 170 million yuan annually, with a gross margin of 17.74% [7].

Group 1: Company Performance and Financials - In 2024, the company achieved a revenue of 2.473 billion yuan, with a net profit of 113 million yuan [15] - The BOPA film segment had a production capacity utilization rate exceeding 97%, with production and sales both around 120,000 tons, resulting in a revenue of 2.05 billion yuan and a gross profit margin of 14.14% [2][3] - The overseas sales volume of BOPA films increased from 26,600 tons in 2023 to 47,900 tons in 2024, representing a growth of 80% [23] Group 2: Production Capacity and Expansion Plans - As of the end of 2024, the company has a total domestic production capacity of 125,000 tons per year, ranking first globally [11][13] - The company plans to increase its domestic capacity to 165,000 tons per year after the completion of the "High-Functionality BOPA Film Industrialization Project" [11][12] - An overseas production base in Indonesia is expected to add 50,000 tons per year, bringing the total capacity to 215,000 tons per year [11][12] Group 3: Market Position and Competitive Advantages - The company holds a 20% global market share and a 36% domestic market share in the functional BOPA film sector, maintaining its leading position [30] - The company has developed a solid-state battery-specific BOPA film, which enhances battery efficiency and lifespan [25] - The company is recognized for its advanced production technologies, including various stretching techniques and state-of-the-art equipment, which provide a competitive edge in the market [27] Group 4: Future Growth and Strategic Initiatives - The company plans to invest 2.5 billion yuan in a new energy film project, aiming to enhance its product matrix and industry competitiveness [8][9] - Future profit growth is expected to stem from increased demand for various film materials and the release of new production capacities [12] - The company is actively exploring new application areas and maintaining a focus on sustainable development and innovation [20][21]