Core Viewpoint - The company, Cangzhou Mingzhu, has outlined its main product categories, which include PE pipeline products, BOPA films, and lithium-ion battery separators, indicating a diversified product portfolio catering to various industries [2]. Group 1: Product Categories - PE pipeline products are primarily used in infrastructure construction, specifically for gas and water underground networks [2]. - BOPA film products include both biaxially oriented films and two-step stretched films, utilized in food packaging and various other applications such as industrial packaging, pharmaceutical packaging, and electronic product packaging [2]. - Lithium-ion battery separator products are applied in lithium-ion batteries for electric vehicles, consumer electronics, electric two-wheelers, energy storage, and household appliances [2].

Group 1: Company Operations and Projects - The demolition of the Cangzhou Landmark Pearl Textile City on August 19 does not involve the listed company's business, and the funds belong to the parent company [2] - The Cangzhou BOPA film project is expected to be operational by October 2025, with ongoing construction [2] - The company is actively monitoring and promoting the progress of its expansion projects to ensure timely production [2][3] Group 2: Market and Product Demand - The new energy storage action plan aims for a national installed capacity of over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [3] - The company's lithium-ion battery separator products are used in various applications, including new energy vehicles and household appliances, which are expected to see increased demand [3][6] - The company has not raised prices for dry and wet membrane products compared to the first half of the year [6] Group 3: Shareholder and Market Concerns - The company is committed to timely share cancellation procedures as required [3] - Concerns were raised about the second largest shareholder's frequent selling of shares, which may impact the company's stock price [4][5] - The company emphasizes its independence from the controlling shareholder and maintains a robust corporate governance structure [5][6] Group 4: Financial Performance and Strategy - The company is focused on enhancing its market presence and expanding its revenue through domestic and international market development [5][6] - The management is exploring effective ways to maintain company value, including stable dividend policies and stock buybacks [4] - The company has not considered mergers or acquisitions to strengthen its competitive position at this time [4][5] Group 5: Future Outlook and Challenges - The company acknowledges the competitive challenges in the nylon membrane market and is working on strategies to improve its market position [6][7] - There are no current plans to extend product lines into solid-state batteries or to produce skeleton membranes [4][6] - The company is committed to improving its operational efficiency and management capabilities to enhance overall performance [6][7]

真诚沟通 传递价值——2025年河北辖区上市公司投资者网上集体接待日暨2025年半年报集体业绩说明 会9月15日下午在全景网举行。沧州明珠（002108）透露，公司新建的BOPA薄膜异步拉伸生产线具有 幅宽、速度快、产能高、成本低等特点，满产后将进一步增强产品竞争力。此外，公司锂电隔膜销量上 半年实现增长，主要得益于新增产能的有效释放。公司表示，将持续推进在建项目，加快产能建设，夯 实主业发展基础。 ...

Core Viewpoint - The company, Cangzhou Mingzhu, produces BOPA film primarily used in food packaging, indicating a strong position in the packaging industry with diverse applications [1] Product Applications - The BOPA film produced by the company is mainly utilized in food packaging, particularly for steamable food, oily food, frozen food, and liquid condiments [1] - Additionally, the BOPA film is widely used in general industrial packaging, pharmaceutical packaging, cosmetics and cleaning products packaging, as well as packaging for mechanical electronics, household products, balloon decorations, and certain grain products [1]

每经AI快讯，有投资者在投资者互动平台提问：公司说公司生产的BOPA薄膜产品作为铝塑膜的材料， 不能用在电池上吗？ （文章来源：每日经济新闻） 沧州明珠（002108.SZ）9月12日在投资者互动平台表示，公司目前生产的产品有BOPA薄膜，该产品可 以应用在铝塑膜上。公司生产的BOPA薄膜产品主要用于食品包装，特别是耐蒸煮食品包装、油性食品 包装、冷冻食品包装、液体调味品包装等，此外还广泛用于一般工业包装、医药包装、化妆洗涤用品包 装和机械电子、家居产品、气球装饰及部分粮食产品的包装等领域。 ...

Core Viewpoint - Cangzhou Mingzhu (002108.SZ) reported a solid financial performance for the first half of 2025, with total revenue of 1.319 billion yuan, a 6.88% increase year-on-year, and a net profit attributable to shareholders of 83 million yuan [1][2]. Financial Performance - The company’s total assets reached 7.931 billion yuan, an increase of 4.82% compared to the beginning of the period [1]. - Shareholders' equity decreased by 2.14% to 5.040 billion yuan [1]. - The asset-liability ratio stands at 36.45%, indicating a healthy financial status [1]. Business Segments - **PE Pipeline Products**: Generated revenue of 492 million yuan, making it the primary revenue source for the company. Cangzhou Mingzhu is recognized as a leading manufacturer in the PE gas and water pipeline systems, with increasing market share and brand value [1]. - **BOPA Film Products**: Achieved revenue of 425 million yuan, reflecting a growth of 19.97% year-on-year. The company operates both synchronous and asynchronous stretching production lines, with high equipment utilization rates [2]. - **Lithium-ion Battery Separators**: Recorded revenue of 345 million yuan, a year-on-year increase of 19.88%. The company is actively advancing projects related to separator products and ensuring stable supply for both international and domestic clients [2]. Future Developments - In 2025, Cangzhou Mingzhu plans to add a new dn1600mm production line at its production base, enhancing its competitiveness in the large-diameter water supply and nuclear power pipeline markets [1]. - The two asynchronous stretching production lines in Wuhu and the two advanced asynchronous production lines under construction in Cangzhou are expected to improve the company's domestic capacity and overall competitiveness [2].

Core Insights - The company reported a total revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year growth of 12.43% [1] - The net profit attributable to shareholders reached 473 million yuan, marking a year-on-year increase of 33.39% [1] - The net cash flow from operating activities was 375 million yuan, showing a significant year-on-year growth of 108.42%, indicating improved cash recovery efficiency [1] Business Overview - The company has been deeply engaged in the packaging industry for nearly 40 years, establishing a strong business foundation and maintaining a leading position in the sector [1] - The company has developed a diverse product system, including beverage packaging products such as PET bottles, caps, labels, and various new materials applicable in multiple fields like food, pharmaceuticals, and electronics [1] - New product developments include breakthroughs in breathable film technology and the introduction of ultra-light breathable base films and conductive diaper base films, targeting the smart pants market [1] Market Strategy - The company is consolidating its market advantage by exploring strategic customer collaborations and seizing growth opportunities in emerging markets [2] - The core packaging business remains robust, with steady sales growth in beverage packaging and flexible packaging, demonstrating strong resilience in a volatile macroeconomic environment [2] - Strategic collaborations with major clients have been strengthened, with multiple production lines launched on schedule, including projects with Chongqing Blue Moon and Changsha Dongpeng [2][3] Customer Expansion - The company has successfully expanded its customer base, achieving a 62% year-on-year increase in business volume from non-strategic clients [3] - Significant progress has been made in the paper packaging sector, with notable collaborations in the fast food and new tea beverage industries, contributing to steady revenue growth [3] - The subsidiary, Zijiang New Materials, has focused on differentiated products to enhance market share in high-end consumer electronics and new energy vehicle battery sectors, achieving simultaneous revenue and profit growth [3] Financial Performance - The company’s diversified business segments have collaboratively driven overall performance improvement, showcasing its competitive advantage in a multi-industry layout [4] - The company has consistently shared development dividends with shareholders through cash dividends, having distributed a total of 5.508 billion yuan over 26 years [4]

Group 1 - The company reported a revenue of 5.248 billion yuan for the first half of 2025, representing a year-on-year growth of 12.43% [1] - The net profit attributable to shareholders reached 473 million yuan, an increase of 33.39% compared to the previous year [1] - The net cash flow from operating activities was 375 million yuan, showing a significant growth of 108.42% year-on-year, indicating improved cash recovery efficiency [1] - The company has consistently shared development dividends with shareholders, having distributed a total of 5.508 billion yuan in cash dividends since its listing 26 years ago [1] Group 2 - The company has established a diverse product system, including beverage packaging products such as PET bottles, caps, and labels, as well as new materials like aluminum-plastic films and BOPA films [2] - The company is one of the earliest domestic enterprises to enter the aluminum-plastic film industry through independent research and development [2] - The demand for aluminum-plastic films is expected to rise significantly due to the rapid development of the lithium-ion battery industry, leading to a trend of domestic substitution in this sector [2]

Core Insights - The company reported strong financial performance for the first half of 2025, with total revenue reaching 5.248 billion yuan, a year-on-year increase of 12.43%, and net profit attributable to shareholders rising by 33.39% to 473 million yuan [1] - The company has established a diversified industrial layout centered around its packaging business, supplemented by fast-moving consumer goods trading, import-export trade, real estate, and venture capital [1] Financial Performance - The net cash flow from operating activities was 375 million yuan, reflecting a significant increase of 108.42% compared to the same period last year [1] - The company has consistently paid cash dividends, totaling 5.508 billion yuan over 26 years [3] Business Operations - The core packaging business remains robust, with steady revenue growth in beverage packaging and flexible packaging, demonstrating strong resilience and sustainable development potential amid macroeconomic fluctuations [2] - Strategic collaborations with major clients have been strengthened, leading to the successful commissioning of multiple production lines and capacity expansions [2] Product Development - The company has developed new products, including a 10g ultra-light breathable bottom film and conductive diaper bottom film, entering the smart pants market [1] - The company has achieved significant progress in the paper packaging sector, with notable collaborations in the fast-food and new tea beverage industries [2] Market Expansion - The subsidiary, Zijiang New Materials, has focused on differentiated product strategies to enhance market share in high-end consumer electronics and new energy vehicle battery sectors, achieving synchronized growth in sales and profits [3] - The company has also seen positive contributions from auxiliary businesses, such as real estate, with successful delivery of villas providing ongoing cash flow support [3]

Financial Performance Summary - The company reported total assets of 7,931,240,603.75 RMB, an increase of 4.82% compared to the beginning of the period [2] - The equity attributable to shareholders decreased by 2.14% to 5,040,268,938.83 RMB [2] - The company achieved total operating revenue of 1,319,461,649.23 RMB, a year-on-year increase of 6.88% [2] - The net profit attributable to shareholders was 82,806,694.74 RMB, a decrease of 6.15% compared to the same period last year [2] - The asset-liability ratio stands at 36.45%, indicating a stable financial condition [2] Product Performance Overview - Sales revenue from PE pipeline products decreased compared to the same period last year due to a decline in sales prices, while sales volume and gross margin remained relatively unchanged [1] - BOPA film products saw both sales volume and revenue increase year-on-year, with improved profitability attributed to a smaller decline in unit selling price compared to unit cost [1] - Sales volume of lithium-ion battery separator products increased, but significant price reductions affected revenue, leading to stable gross margin compared to the previous year [1] Additional Information - The financial data presented is preliminary and has not been audited by an external accounting firm, with final figures to be disclosed in the 2025 semi-annual report [4] - The company did not disclose any performance forecasts prior to this earnings announcement [3]