（文章来源：证券日报） 证券日报网讯普利特9月23日在互动平台回答投资者提问时表示，公司LCP薄膜产品具有在高频高速信 号下，数据快速传输响应的优异性能，同时生物相容性较好，适合用于脑机接口柔性电极中，目前与国 内外相关客户正在积极对接验证中，但是由于认证周期较长，短期内对公司业绩不会产生重大影响。 ...

普利特（002324.SZ）9月23日在投资者互动平台表示，公司LCP薄膜产品具有在高频高速信号下，数据 快速传输响应的优异性能，同时生物相容性较好，适合用于脑机接口柔性电极中，目前与国内外相关客 户正在积极对接验证中，但是由于认证周期较长，短期内对公司业绩不会产生重大影响。 （记者 王晓波） 每经AI快讯，有投资者在投资者互动平台提问：公司是否不再局限于与美国脑机接口公司合作，在国 内是否与中科院，复旦大学，脑虎科技有合作？ ...

Core Viewpoint - The global chemical industry is undergoing profound changes, with anxiety, confusion, and hope characterizing the current state of many companies. The rise of emerging industries in China is expected to lead the next decade in high polymers [2]. Event Overview - The 2025 Polymer Industry Annual Conference, hosted by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials), took place in Hefei, featuring 55 speakers from various sectors to discuss new opportunities in materials and technologies related to AI, robotics, low-altitude economy, aerospace, new energy vehicles, and more [2][4]. Keynote Address - Academician Qian Xigao emphasized the deep adjustments in the global chemical industry chain and the new demands for high polymer materials arising from innovations in new applications and business models. He called for collaboration within the industry to tackle challenges and seize opportunities [6]. Awards Ceremony - The 2025 "New Plastic Award" recognized outstanding companies in the engineering plastics industry, aiming to promote innovation and development within the sector. Awards included "Innovative Materials Award," "Innovative Industry Solutions Award," and a special "End-User Innovative Application Award" [7][10]. Industry Insights - Various experts presented on topics such as the development of high-performance engineering plastics, global trends in new materials, and investment opportunities in the Zhoushan petrochemical and polymer industry [15][17][21]. Technological Innovations - Presentations covered advancements in materials for electric vehicles, online curing monitoring systems for resin-based composites, and the integration of AI in material development processes, highlighting the industry's shift towards intelligent manufacturing [29][32][75][77]. Future Directions - The conference underscored the importance of sustainable practices and the need for continuous innovation in materials to meet the evolving demands of industries such as automotive and robotics, with a focus on lightweight, high-strength, and environmentally friendly materials [30][56][67].

Group 1: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved operating revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% year-on-year [1] - Growth in active business is primarily driven by increased deliveries of high-speed active products, with strong demand for these products [1] - The company's Thailand factory has commenced production, with phase two focused on R&D and customer validation, expecting large-scale production next year [1] Group 2: Plit - In the first half of 2025, Plit reported significant growth in performance compared to the same period last year, driven by full orders in modified materials and the release of new production capacity [2] - The new energy business showed improvement, with square batteries in high demand, an increase in sodium-ion battery orders, and mass production of semi-solid batteries, leading to a year-on-year revenue growth of 21.32% in the new energy sector [2] - The company is actively applying modified materials in the robotics field, with some materials already supplied in bulk to industrial robots [2]

Group 1: Company Insights - Dongxing Fund recently conducted research on four listed companies, including China Steel International, AVIC High-Tech, Tianfu Communication, and Prilite [1] - China Steel International reported stable project execution in the first half of the year, with significant progress in international projects, including the completion of the Bolivia Mutun Steel Plant and the acceptance of the Algeria Electric Furnace Project [1] - AVIC High-Tech is focusing on low-altitude economy strategies and has invested 917 million in composite materials for large aircraft, with plans for significant improvements in revenue collection in the second half of the year [2] - Tianfu Communication achieved a revenue of 2.456 billion, a year-on-year increase of 57.84%, driven by the demand for high-speed active products and expansion into new markets [3] - Prilite's revenue in the first half of 2025 saw substantial growth, particularly in modified materials and new energy sectors, with a 21.32% increase in revenue from the new energy segment [4] Group 2: Industry Trends - The steel industry is facing challenges with a 3.0% year-on-year decline in crude steel production, but overall performance is better than expected [1] - The aerospace sector is seeing increased collaboration and investment in composite materials, indicating a growing focus on innovation and market expansion [2] - The telecommunications industry is experiencing strong demand for high-speed products, with companies like Tianfu Communication adapting to customer needs and expanding production capabilities [3] - The new energy sector is benefiting from increased demand for sodium-ion batteries and solid-state batteries, reflecting a shift towards sustainable energy solutions [4]

Group 1 - The core viewpoint of the news is that the company Prilite has shown significant growth in its performance for the first half of 2025 compared to the same period last year, driven by strong orders in modified materials and improvements in its new energy business [1] - Prilite's modified materials segment has seen revenue growth due to full order books and the release of new production capacity, with a notable breakthrough in non-automotive markets [1] - The new energy business has improved, with a year-on-year revenue increase of 21.32%, driven by high demand for square batteries and an increase in sodium-ion battery orders [1] Group 2 - The company is actively expanding its application of modified materials in the robotics sector, with some materials already being supplied in bulk to industrial robots [1] - Challenges in the LCP film segment include specific resin requirements, equipment process modifications, and downstream customer validation [1] - LCP electronic fiber cloth is being utilized for high-frequency PCB hard boards, with samples sent to high-speed copper-clad board customers, and LCP films have been successfully delivered in bulk across multiple fields [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The company's performance in the first half of 2025 showed a significant increase compared to the same period last year. The modified materials business had full orders and new production capacity was gradually released, while the non - automotive business had market breakthroughs. The new energy business also improved significantly, with the new energy sector's operating income increasing by 21.32% year - on - year. The company achieved growth in various financial indicators such as total revenue, operating profit, and net profit [24]. - The company's new energy business is expected to have positive development in the future, with the acceleration of overseas layout, the rapid development of sodium - ion batteries, the continuous delivery of semi - solid batteries, and the high demand for new square production line capacity [24]. - The company, as a leading enterprise in the modified materials industry, is actively exploring the application of modified materials in the robot field and will focus on promoting the lightweight application of modified materials in humanoid robots [25]. - The company has made progress in the LCP film and fiber business, with full - coverage of LCP resin types, completion of customer verification in various fields for LCP film, and sample delivery to high - speed copper - clad laminate customers for LCP fiber [26]. 3. Summary According to Related Catalogs 3.1 Research Basic Information - Research object: PULITE [16] - Industry: Plastics products [16] - Reception time: August 26, 2025 [16] - Reception personnel: Board Secretary Cai Qing, Deputy General Manager Li Hong, Secretary of the Board of Haisida Power Zhou Li, Chief Financial Officer Shen Yihao, and Securities Affairs Representative Yang Fan [16] 3.2 Detailed Research Institutions - Securities companies: Cinda Securities, Shenwan Hongyuan, Guotou Securities, CICC, Western Securities, Tianfeng Securities, Open Source Securities, etc. [17][18][19] - Fund management companies: Southern Fund, Bank of Communications Schroder Fund, Harvest Fund, Golden Eagle Fund, etc. [17][18] - Asset management companies: CITIC Asset Management, China Merchants Securities Asset Management, Qingdao Pengyuan Asset, etc. [17][18] - Investment companies: Freshwater Spring Investment, Jinge Investment, Siye Investment, etc. [18] - Insurance companies: Chang Sheng Life [18] - Trust companies: Chang'an International Trust [18] - Others: Shenzhen Chuangfu Zhaoye, Duration Investment [18] 3.3 Main Content Data - **Company situation introduction**: The company's board secretary introduced the company's recent basic situation and future strategic development plan [24]. - **Interaction summary**: - **2025 H1 business performance**: The company's total operating revenue was 4,089,778,600 yuan, a 9.06% increase year - on - year; operating profit was 225,267,200 yuan, a 52.46% increase; total profit was 225,406,000 yuan, a 55.93% increase; and net profit attributable to shareholders of listed companies was 207,291,400 yuan, a 43.94% increase [24]. - **New energy business outlook**: The new energy business is expected to benefit from overseas layout, the development of sodium - ion batteries, semi - solid battery delivery, and high demand for new square production line capacity [24]. - **Robot field progress**: The company is a leading enterprise in modified materials, and some materials have been supplied in batches to the industrial robot field, with a focus on humanoid robot applications in the future [25]. - **LCP film barriers**: It requires specific resin, equipment and process transformation, and a long customer verification process. The company has completed customer verification in various fields [26]. - **LCP fiber business in PCB hard board**: The company has sent samples to high - speed copper - clad laminate customers and will cooperate with customers to improve product performance [26]. - **LCP film business progress**: The product has broad application prospects in multiple fields and has achieved batch delivery in some fields, with expected batch delivery in the communication field this year [26][27].

Summary of the Conference Call for Prit Company Overview - **Company**: Prit - **Main Business**: Modified materials, with a focus on automotive and non-automotive sectors, showing stable growth and strong order fulfillment [2][4] Key Points and Arguments 1. **Steady Growth in Modified Materials**: Both automotive and non-automotive modified materials businesses are performing well, with full order books providing a solid foundation for performance [2][4] 2. **Recovery in New Energy Sector**: The Haida power segment has rebounded, achieving breakeven and a profit of approximately 3 million yuan in the first half of 2025. This improvement is attributed to the production of two new bases reaching near full capacity [2][5] 3. **LCP Business Development**: LCP films have achieved mass production, with IC films expected to reach mass production by the end of the year. Projected shipments for 2026 are around 1 million square meters, contributing 250-300 million yuan in revenue and approximately 100 million yuan in net profit [2][8] 4. **Complete LCP Supply Chain**: Prit possesses a complete supply chain for LCP resins, films, and fibers, with significant technological and process barriers, particularly in resin synthesis and film production, leading the domestic market [2][6] 5. **Collaborations in Emerging Fields**: The company is collaborating with leading U.S. clients to develop LCP materials for brain-computer interfaces (BCI), indicating a broad application potential in emerging fields [2][11] 6. **Sales Performance**: In the first half of 2025, Prit's sales revenue was approximately 4.09 billion yuan, a 10% year-on-year increase, with net profit rising 44% to 207 million yuan. This growth is driven by advancements in AI, automotive millimeter-wave radar, and low-orbit satellites [3][12] 7. **Expansion Plans**: Prit plans to expand production capacity for induction materials and Haida power, including new factories in Tianjin and Guangzhou, as well as an overseas base in Malaysia. Total profits are expected to reach 550 million yuan in 2025 and 750-800 million yuan in 2026 [3][20] 8. **Market Positioning**: Prit is positioned as a leading player in the modified materials industry, with strong partnerships with major automotive and robotics manufacturers, indicating a robust market presence [21] Additional Important Insights 1. **LCP Film Production Challenges**: The production of LCP films faces significant barriers, including the need for specific resin types, complex processing routes, and lengthy customer validation processes [9][10] 2. **Cost Comparison**: The cost of LCP films for mobile phones is approximately $10, while traditional MPI solutions cost around $4 to $5, highlighting the competitive pricing strategy [17] 3. **Future Profit Projections**: Prit anticipates achieving a total profit of 7.5 to 8 billion yuan by 2026, with significant contributions from various business segments, including LCP films and Haida power [37][38] 4. **Emerging Market Opportunities**: The company is actively exploring opportunities in the robotics sector, with expectations of substantial growth driven by collaborations with major manufacturers [21][39] This summary encapsulates the key insights and projections from the conference call, highlighting Prit's strategic positioning and growth potential in the modified materials and new energy sectors.

Company Overview - Company announced an earnings briefing on August 26, 2025, with participation from various financial institutions [1] - Company operates in three main business segments: modified materials, ICT materials, and new energy [8] Financial Performance - Total operating revenue for the company reached 408.98 million yuan, an increase of 9.06% year-on-year [2] - Operating profit was 22.53 million yuan, up 52.46% compared to the previous year [2] - Net profit attributable to shareholders was 20.73 million yuan, reflecting a 43.94% increase year-on-year [2] - In Q2 2025, the company reported a single-quarter revenue of 215.6 million yuan, a 19.6% increase year-on-year [8] New Energy Business - The new energy segment saw a significant improvement, with revenue growth of 21.32% year-on-year, driven by high demand for square batteries and increased orders for sodium-ion batteries [1][3] - Future prospects for the new energy business are positive, with expectations of accelerated overseas expansion and continued development of sodium-ion and semi-solid batteries [3] Modified Materials Business - The company is a leader in the modified materials industry, actively collaborating with clients in the robotics sector to apply modified PEEK, PPS, and P materials [4] - The company has successfully supplied modified materials to industrial robotics and is focusing on lightweight applications for humanoid robots [4] LCP Film and Fiber Business - The company has established a comprehensive LCP resin layout, covering injection molding, film, and fiber grades, which creates significant barriers to entry [5] - LCP electronic fiber cloth has shown excellent performance in high-frequency PCB applications, with ongoing efforts to improve product performance in collaboration with clients [6] - LCP film products are expected to see increased demand in 6G, automotive radar, and brain-machine interface applications, with successful batch deliveries already reported [7] Market Sentiment and Predictions - Recent ratings from two institutions have given a "buy" recommendation for the stock, with a target price of 12.00 yuan [9] - Financing data indicates a net inflow of 74.07 million yuan in the last three months, suggesting positive market sentiment [10]

Core Viewpoint - The article emphasizes the rapid growth and competitive landscape of high-performance membrane materials, particularly in lithium battery separators, hydrogen energy, photovoltaics, and semiconductors, with Chinese companies making significant advancements against long-standing dominance by Japanese and American firms [2]. Group 1: Overview of High-Performance Membrane Materials - High-performance membrane materials are critical for new separation technologies, characterized by energy efficiency and environmental friendliness, playing a vital role in addressing water, energy, and environmental issues [8]. - Membrane materials can be categorized into thick membranes (over 1 micron) and thin membranes (under 1 micron), with applications in water treatment, special separation, gas separation, biomedical, and battery membranes [8][11]. Group 2: Current Development Status of the Membrane Industry - The global membrane materials industry is growing at an annual rate of approximately 15%, with water treatment membranes reaching a mature stage, while special separation membranes are experiencing rapid development [11]. - By 2019, the membrane industry in China had nearly reached a scale of 200 billion yuan, with significant advancements in water treatment, special separation, and gas separation membranes [11]. Group 3: Market Situation of High-Performance Separation Membranes - In 2022, China's membrane industry total output value is expected to exceed 860 billion yuan, with a compound annual growth rate of about 10% from 2022 to 2027 [20]. - The market structure of membrane products in China shows that reverse osmosis and nanofiltration membranes account for 50%, while ultrafiltration and microfiltration membranes each account for 10% [20]. Group 4: Competitive Landscape of the Membrane Industry - The membrane industry value chain includes research and development of membrane materials, production of membrane components, manufacturing of membrane equipment, and system integration, with the highest value contribution from upstream material development [21]. - The competitive landscape features a mix of domestic and international players, with significant market shares held by companies like Shanghai Thinker and Xingyuan Material in the lithium battery separator market [47]. Group 5: Optical Membranes - Optical membranes are widely used in various applications, including precision optical devices, displays, and anti-counterfeiting technologies, with significant growth driven by demand in the LCD and OLED markets [24][37]. - The optical membrane market in China is projected to grow, with a market size of approximately 327.23 billion yuan in 2022, driven by technological upgrades and strong demand from local manufacturers [37]. Group 6: Lithium Battery Separators - The lithium battery separator market is rapidly expanding, with China's output volume reaching 133.2 billion square meters in 2022, accounting for over 80% of the global market share [47]. - Major players in the lithium battery separator market include Shanghai Thinker and Xingyuan Material, with significant growth in both wet and dry separator production [47]. Group 7: Aluminum-Plastic Film - The aluminum-plastic film market is expected to grow at a compound annual growth rate of 16.09%, reaching a market size of 57 billion yuan in 2022 [53]. - The supply of aluminum-plastic films is currently unable to meet domestic demand, leading to a push for domestic production to replace imports [61].