证券日报网讯双星新材（002585）11月26日在互动平台回答投资者提问时表示，公司正通过技术创新和 市场布局，积极推动高端产品的研发和产业化，以实现高端化突破。目前公司正稳步推进MLCC离型膜 等精密涂布项目的建设，着力强化重点项目对产业升级的引擎作用。随着新涂布设备的投产以及新产品 的验证进展，MLCC离型膜的市场份额有望进一步提升。 ...

Core Viewpoint - The company is actively promoting the research and industrialization of high-end products through technological innovation and market layout to achieve breakthroughs in high-end manufacturing [1] Group 1: Company Strategy - The company is steadily advancing the construction of precision coating projects, such as MLCC release films, to strengthen the role of key projects as engines for industrial upgrading [1] - The integrated production system required for MLCC release film production, including optical-grade polyester chips, functional masterbatch, base film, coating, and post-processing, is a core advantage of the company [1] Group 2: Market Position and Future Outlook - Multiple production lines not only ensure the stability of supply and product quality but also facilitate the development of new products and customization for clients [1] - With the commissioning of new coating equipment and progress in new product validation, the market share of MLCC release films is expected to further increase [1]

Core Insights - QYResearch has established a strong brand reputation due to frequent citations by renowned domestic and international companies, securities firms, and media outlets, ensuring the credibility and professionalism of its industry analyses and customized reports [1] Group 1: Market Predictions - The global sodium-ion battery market is projected to reach a sales figure of 152.13 billion yuan by 2031, with a compound annual growth rate (CAGR) of 88.9% [3] - The global medical device market is expected to reach 862.6 billion USD by 2030, driven by factors such as aging population, rising chronic disease prevalence, and advancements in medical technology [5][51] - The global eVTOL market is anticipated to grow from 14.8 billion USD in 2024 to 220 billion USD by 2031, with a CAGR of 45% [7] - The global automotive interior and exterior parts market is expected to reach 149 billion USD in 2024, 157.18 billion USD in 2025, and 224.23 billion USD by 2031, with a CAGR of 6% [9] - The global commercial cleaning robot market is projected to reach 1.71 billion USD by 2031, indicating significant growth potential [11] - The global MLCC release film market is estimated to grow from 3.678 billion USD in 2024 to 5.792 billion USD by 2031, with a CAGR of approximately 6.8% [21] - The global household NAS device market is expected to grow from 2.44 billion yuan in 2023 to 28.93 billion yuan by 2030 [25] Group 2: Company Performance - Shenzhen Mindray Bio-Medical Electronics Co., Ltd. is leveraging the AI wave in healthcare to tap into a 6 trillion yuan international market [5] - Zhejiang Tiancheng Self-Control Co., Ltd. reported a 158% increase in net profit in Q3, driven by the low-altitude economy [7] - Huaxi Biological Technology Co., Ltd. reported nearly 1 billion yuan in revenue for Q3, with a net profit increase of over 50% [17] - Jiangsu Double Star Plastic New Materials Co., Ltd. is breaking through technology monopolies in the MLCC release film and carrier copper foil sectors [21] Group 3: Industry Trends - The global market for sodium-ion batteries is expected to see rapid growth, reflecting a shift towards alternative energy storage solutions [3] - The medical device sector is experiencing robust growth due to demographic changes and technological advancements [5][51] - The eVTOL market is gaining traction as urban air mobility solutions become more viable [7] - The automotive parts market is evolving with increasing demand for innovative interior and exterior solutions [9] - The commercial cleaning robot market is expanding as automation in cleaning processes becomes more prevalent [11]

Core Viewpoint - The company is actively promoting the research and industrialization of high-end products through technological innovation and market layout to achieve breakthroughs in high-end manufacturing [2] Group 1 - The company stated that the output value of its MLCC release film varies according to different product structures [2]

Core Viewpoint - The company is leveraging its integrated production system to enhance the supply stability and quality consistency of MLCC release films, while also supporting customized demands and new product development for clients [2] Group 1 - The company actively utilizes its advantages in the integrated production system, which includes optical-grade polyester chips, functional masterbatches, base films, coating, and post-processing [2] - The company aims to increase its market share and competitiveness in MLCC release films as new production capacity is released and new product validations progress [2]

Core Viewpoint - The company is actively promoting the research and industrialization of high-end MLCC release films through technological innovation and market layout to achieve breakthroughs in high-end products [1]. Group 1 - An investor inquired about the current production capacity and output value of the company's MLCC release films, as well as the expected timeline for full production and sales [1]. - The company indicated that the output value of MLCC release films varies according to different product structures [1].

Core Viewpoint - The company reported a decline in revenue and a narrowing of losses in the first three quarters of 2025, while also achieving sequential growth in both revenue and net profit in the third quarter despite industry pressures [1]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.893 billion yuan, a year-on-year decrease of 10.16% - The net profit attributable to shareholders was -223 million yuan, a year-on-year increase of 2.11%, indicating a further narrowing of losses - In Q3 2025, the company recorded revenue of 1.267 billion yuan, a quarter-on-quarter increase of 1.81% - The net profit attributable to shareholders for Q3 was -73 million yuan, a quarter-on-quarter increase of 31.18% [1]. Research and Development - The company focuses on technological innovation as a core driver, with R&D investment amounting to 160 million yuan, representing 4.12% of revenue - The company has developed a complete set of process technologies from raw material development to production, and has established a robust R&D system and patent layout - In the first half of 2025, the company added 15 authorized patents covering various fields including optics, new energy, and consumer electronics [2]. Sustainability Initiatives - The company invested 150 million yuan in the digital and green transformation of functional polyester film production lines, aiming for an annual production capacity of 6,000 tons and achieving 100% green manufacturing [3]. Market Positioning - The company is focusing on high-end, functional, and differentiated product development, with a comprehensive industry chain layout in optical materials, new energy materials, variable information materials, energy-saving window films, and heat-shrinkable materials [4]. - In the MLCC release film sector, the company achieved a sales volume increase of 118.6% and a sales revenue increase of 144.4% in the first half of 2025, indicating strong market demand and successful product development [5]. Product Development and Innovation - The company has made significant progress in developing carrier copper foil, receiving positive feedback from customers and securing a second procurement contract, indicating a breakthrough in this niche market [6]. - The dual advantages of technological R&D and diversified products are expected to support the company's operational improvement as industry supply-demand imbalances ease and downstream demand expands [7].

Core Viewpoint - The company emphasizes the integration of market demand and technological innovation, focusing on functional, differentiated, and high-end product development [1] Group 1: Product Development and Innovation - The company is actively promoting product iteration and new product research and development, as well as the industrialization of technology [1] - Current products such as MLCC release films, composite current collectors, and newly developed carrier copper foil are catering to emerging industry demands like AI terminals and new energy vehicles [1] Group 2: Market Strategy - The company maintains good cooperative relationships with several leading enterprises both domestically and internationally [1] - In terms of international market expansion, the company will continue to strengthen strategic cooperation with customers and deepen the implementation of a "tripod" marketing strategy to actively expand overseas markets and enhance international market share [1]

Core Viewpoint - The company has reported significant growth in its MLCC release film business, with sales volume increasing by 118.6% and sales revenue rising by 144.4% year-on-year in the first half of 2025 [1] Group 1: Business Performance - The MLCC release film business achieved a sales volume increase of 118.6% and a sales revenue increase of 144.4% year-on-year [1] - The company has established stable mass supply of general-purpose release films to well-known domestic clients such as Micro Capacitor Technology and Sanhuan Group [1] - The company is actively promoting validation and mass supply to international leading clients like Murata, Samsung, and Taiyo Yuden [1] Group 2: Product Development - The high-smooth release film has been successfully introduced to Micro Capacitor Technology, achieving import substitution and leading position domestically [1] - The company plans to launch ultra-high smooth release films to address bottlenecks in high-end MLCC manufacturing [1] - Multiple model base film products of MLCC release films are being sold to Japanese release film enterprises [1] Group 3: Competitive Advantage - The company leverages its integrated production system from optical-grade polyester chips, functional masterbatch, base films to coating and post-processing [1] - This integrated approach ensures stable supply and quality consistency of MLCC release films while effectively supporting customer customization needs and new product development [1] - Future market share and competitiveness of the company's MLCC release films are expected to further increase with the release of new production capacity and advancement in new product validation [1]

Core Viewpoint - The company reported a narrowed loss in the first half of 2025, with revenue of 2.626 billion yuan and a net profit attributable to shareholders of -149 million yuan, indicating operational challenges due to price fluctuations and weak downstream demand [1] Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 2.626 billion yuan and a net profit of -149 million yuan, showing an improvement in losses compared to the same period last year [1] - The company's performance was impacted by cyclical fluctuations in product sales prices and the transition of new projects to solid status [1] Group 2: Business Growth and Market Position - The MLCC release film business saw significant growth, with sales volume increasing by 118.6% and sales revenue rising by 144.4% year-on-year in the first half of 2025 [2] - The company successfully broke into the market with its high-smooth release film, replacing imports and achieving stable supply to major domestic clients [2] - The MLCC release film project is progressing steadily, with a planned capacity of 500 million square meters to be completed within the year, and an overall project scale expected to reach 2 billion square meters [2] Group 3: Industry Trends and Policy Impact - The domestic "anti-involution" policy is expected to improve the BOPET industry outlook, alleviating supply-demand imbalances and price pressures [3] - The policy aims to promote self-discipline in the industry and accelerate the upgrade of domestic manufacturers towards high-end and specialized products [3] Group 4: Research and Development - The company invested 106 million yuan in R&D in the first half of 2025, focusing on quality improvement, product variety, and structural adjustment, resulting in 39 new patent applications and 15 patents granted [3] - The company was recognized in the "Top 100 Science and Technology Enterprises in China's Light Industry" list due to its R&D efforts and patent achievements [3] Group 5: Product Diversification - The company made significant progress in the carrier copper foil sector, receiving initial customer recognition and preparing for a second procurement contract [4] - The company has established a diverse product range, with over 60 series, 100 types, and more than 500 specifications across five major fields [4] - The company is well-positioned to capitalize on industry opportunities arising from the "anti-involution" policy and ongoing technological innovations [4]