Core Viewpoint - In 2024, the company Shanshan Co., Ltd. (600884) significantly increased its R&D expenditure to 1.037 billion yuan, marking a year-on-year growth of 19.43%, with the R&D expense ratio reaching a historical high of 5.55% [1] Group 1: Anode Materials - Shanshan Co., Ltd. is a leading domestic player in the anode materials sector, demonstrating remarkable R&D investment results and maintaining a leading product iteration speed, particularly in the ultra-fast charging, silicon-based, and hard carbon segments [2] - The company has successfully supplied high-energy density 6C ultra-fast charging anodes and low-expansion long-life graphite products to major clients, showcasing innovations such as functional coating layers that enhance ion transfer rates and increase ion channels [2] - The fourth-generation high-density hard carbon anode material has been developed, significantly improving sodium-ion battery energy density and cycle performance, thus accelerating the industrialization of sodium batteries [3] Group 2: Polarizers - In the polarizer sector, Shanshan Co., Ltd. maintains a dominant position in large-size LCD polarizers while achieving significant breakthroughs in OLED polarizers and high-end automotive polarizers [4] - The company has enhanced its market share in high-end small and medium-sized LCD products through technological advancements that meet the demand for lightweight, high-definition, and high-reliability products [4] - The acquisition of LG Chem's SP business has led to stable shipments of OLED and automotive LCD polarizers, driving a rapid increase in demand for automotive display polarizers [5] Group 3: Intellectual Property and Future Outlook - As of the end of 2024, Shanshan Co., Ltd. holds 334 authorized patents in anode materials and 1,243 in polarizers, indicating a strong focus on innovation in strategic emerging industries [5] - The company plans to continue strengthening R&D investments and enhancing intelligent manufacturing levels to seize development opportunities as demand in both sectors gradually increases [5]

图片来源：崇州市融媒体中心 资料显示，日东科技于2017年入驻崇州经开区，主要产品为E-Mask 光学用保护膜，是日东电工 株式会社在中国西南地区唯一的子公司和生产基地。公司旗下的两条光学用保护膜生产线，一年 能够生产E-MASK光学用保护膜500万片，产品主要供应京东方成都、绵阳、重庆等基地。 日东公司电力负责人表示："目前项目已实现12800千伏安用电容量，安装调试完生产设备，即将 进入量产阶段。" 偏光片相关项目持续推进 【WitsView】 5月27日，据成都日报报道，日东材料科技（成都）有限公司（下文简称"日东科 技"）二期OLED偏光片基地已经进入了试生产阶段。 该项目由日本日东电工株式会社投资建设，总投资20亿元人民币，专注于车载OLED偏光片研发 与生产。待项目全面达产后，公司年产值有望突破40亿元。 除了日东科技，在偏光片领域，2025年国内企业呈现多点开花的发展态势，项目投资累计金额超 百亿，具体情况如下： | 企业 | 时间 | 金额 | 项目 | | --- | --- | --- | --- | | 日东科技 | 5月27日 | 20亿元 | 二期OLED偏光片基 地进入试生产阶段 ...

Core Viewpoint - Shanshan Co., Ltd. reported a total operating revenue of 18.68 billion yuan for 2024, with a net profit attributable to shareholders of -367 million yuan, primarily due to losses from affiliated companies and impairment of non-core assets [1] Group 1: Financial Performance - The company achieved a core business profit of 659 million yuan after excluding losses from affiliates and non-core asset impairments [1] - Operating cash flow turned positive to 1.86 billion yuan, indicating strong resilience during the industry's adjustment period [1] - In Q1 2025, the company reported a net profit turnaround with a 28% year-on-year revenue growth, signaling a recovery trend [1] Group 2: Business Segments - In the anode materials sector, Shanshan maintained its global leadership with a shipment volume increase, achieving 8.20 billion yuan in revenue, accounting for 43.87% of total revenue [2] - The company’s anode materials saw a year-on-year sales growth of 28.44%, with a gross margin increase to 18.45%, up 6.68 percentage points from the previous year [2] - In the polarizer segment, revenue reached 10.32 billion yuan, representing 55.26% of total revenue, with a stable market position despite increasing competition [3] Group 3: Technological Advancements - Shanshan increased R&D expenditure to 1.04 billion yuan, a 19.43% increase, achieving a record R&D expense ratio of 5.55% [4] - The company has developed various advanced technologies for fast charging and silicon-based anodes, solidifying its leading position in the global anode materials market [4][5] - In the polarizer sector, Shanshan has successfully developed products for both large and medium-sized OLED applications, enhancing its market share [5] Group 4: Strategic Focus - The company has streamlined its operations by divesting non-core assets, focusing on the anode materials and polarizer businesses [6] - Despite the restructuring of its controlling shareholder, Shanshan confirmed that its core business operations remain unaffected and continue to perform normally [6] - The company aims to enhance its long-term profitability through increased R&D investment, product innovation, and cost control measures [6]