在助力国产化进程的同时，中仑新材也取得了较好的经济效益。截至今年上半年，公司新型BOPA膜材 的毛利率突破50%，同比提高6.35个百分点，其中，PHA锂电膜是最主要的盈利贡献产品。 随着固态电池时代加速到来，中仑新材又于今年3月成功研发出固态电池专用BOPA——uPHA，在为未 来固态电池大规模产业化提供关键国产原材料保障的同时，也为企业在新兴产业需求爆发期快速推进产 品产业化，抢占市场赢得先机。 不仅仅是锂电膜，中仑新材还拥有丰富的特种功能膜材，可广泛应用于日常生活当中。以EHA锁鲜膜 为例，通过改良材料配方以及拉伸工艺，中仑新材已将膜材的氧气阻隔性提高数十倍，从而助力延长食 品保质期、减少添加剂。 该公司自主研发的生物基可降解膜材BOPLA，在工业堆肥条件下，最快3个月就可以降解成水和二氧化 碳,对环境无毒无害；而当TSA秒撕膜应用于食品包装时，纵向能够实现直线易撕效果,从而轻松实现开 包体验、减少洒溅。 新华社北京12月11日电（记者翟卓、郝菁、王钊）作为新能源汽车的"心脏"，锂电池的外面有一层"铠 甲"，它就是铝塑膜最外层的尼龙材料——PHA锂电膜，虽然厚度只有15微米，却能在新能源汽车遭遇 碰撞等 ...

Core Viewpoint - The launch of Zhonglun New Material's new high-performance capacitor film marks its entry into the high-tech field of new energy capacitor films, indicating a significant strategic expansion from BOPA to BOPP, which is crucial for the company's growth trajectory [2][3]. Group 1: New Market Opportunity - Zhonglun New Material's core product, the Long Plastic High-Function Capacitor Film, targets the critical material for the new energy industry: high-end ultra-thin capacitor films, essential for high-end film capacitors [3]. - The global film capacitor market is projected to grow at a CAGR of 14.9% from 2024 to 2029, reaching over 48.5 billion yuan by 2029, while the supply side shows a dichotomy with traditional capacitor films facing oversupply and high-end ultra-thin films experiencing a supply shortage [3][5]. - The rapid growth in demand for film capacitors, particularly in the electric vehicle sector, is expected to drive the market for film capacitors in China to 12.7 billion yuan by 2029, with a CAGR of 17.78% from 2024 to 2029 [5]. Group 2: Technological Barriers - The ultra-thin capacitor film market has high technical barriers, with few domestic companies capable of large-scale production, primarily due to the complexity of the biaxial stretching technology required for mass production [6][8]. - Zhonglun New Material's production line, with a width of 6.4 meters, is the largest in the new energy ultra-thin capacitor film sector, indicating significant technical challenges and capabilities [6][8]. - The company possesses over 200 core patents and has developed advanced technologies, including the fifth-generation low-carbon biaxial stretching technology, which enhances product performance and energy efficiency [8][9]. Group 3: Strategic Partnerships - Zhonglun New Material has established strong relationships with leading downstream companies in the film capacitor sector, facilitating a robust supply chain for its new products [9][10]. - The successful launch of the Long Plastic High-Function Capacitor Film has already resulted in multiple orders from downstream clients, indicating a strong market demand and the ability to fill the supply gap for high-end capacitor films [9][10]. Group 4: Future Growth Potential - The production of the Long Plastic High-Function Capacitor Film is just the beginning, as Zhonglun New Material plans to establish several world-class production lines for advanced membrane products [11]. - The composite current collector base film market is expected to grow significantly, with a projected CAGR of 45.2% from 2025 to 2029, indicating vast opportunities in the energy storage and battery sectors [12]. - The company aims to capture market opportunities in the emerging new energy sector, which is expected to triple in size from 2025 to 2035, positioning itself as a leader in high-end new energy materials [12][13].

Core Viewpoint - Zhonglun New Materials has emerged as a global "invisible champion" in the new membrane materials sector, focusing on innovation and R&D to enhance profitability and support domestic substitution processes [1]. Group 1: Company Growth and Market Position - Zhonglun New Materials' subsidiary, Xiamen Changsu, has maintained a global market share of over 20% in polyamide biaxially oriented films for several consecutive years [2]. - The company transitioned from a regular materials trading firm to a leader in new materials, driven by three core competencies: independent innovation, integrated supply chain operations, and global strategic layout [2]. - The company has developed a comprehensive innovation engine, launching various new special membrane materials and mastering technologies from the second to the fifth generation of membrane materials [2]. Group 2: Operational Efficiency - Zhonglun New Materials has established an integrated supply chain from upstream raw materials (PA6) to downstream functional membrane materials (BOPA), effectively reducing production costs and enhancing innovation efficiency [2]. - The proximity of BOPA production lines to PA6 production bases has created significant operational synergies, referred to as the "wall effect" [2]. Group 3: Global Expansion - The company has established production bases in Xiamen, Quanzhou, and Indonesia, with a global sales network covering over 40 countries and regions [3]. - Approximately 53.4% of the company's revenue in the first half of the year came from overseas operations, an increase of 9.2 percentage points compared to the previous year [3]. Group 4: Focus on New Energy Sector - Zhonglun New Materials is actively exploring the new energy membrane materials sector, achieving a gross margin of 51.29% for its new BOPA membrane materials, an increase of 6.35 percentage points year-on-year [4]. - The PHA lithium battery film, a key product, has significant domestic substitution potential, with the global aluminum-plastic film market expected to reach 16.07 billion yuan by 2030 [4]. Group 5: Capacity Expansion and Technological Development - The company has invested 2.5 billion yuan in a new energy membrane project, which includes several BOPP production lines that have recently commenced operations [5]. - Zhonglun New Materials has spent over 200 million yuan on R&D in the past three years, resulting in 224 patent authorizations, including 99 invention patents [6]. Group 6: Future Strategy - The company is constructing its first overseas production base in Indonesia, which is expected to become a leading BOPA production facility in Southeast Asia [7]. - Future plans include establishing production bases in Germany and other Western countries, along with a global advanced materials R&D platform to meet overseas market demands [7].

Group 1: Production Capacity and Timeline - The company currently has a production capacity of 125,000 tons per year for membrane materials [2] - The first production line of the new energy membrane project is expected to be operational in the second half of 2025, while the second line is projected to start in 2026 [2] - The company plans to invest 2.5 billion CNY in the new energy membrane project, which will be built in phases [2] Group 2: Market Demand and Product Development - The solid-state battery membrane is currently in the early promotion stage, with production scaling expected to increase as market penetration improves [1][4] - The company aims to enhance its core competitiveness in the industry by expanding its product matrix with high-performance materials [2] - The company has established a dynamic capacity scheduling mechanism to respond to the growing demand for high-performance battery materials in the new energy vehicle and energy storage markets [4] Group 3: Strategic Partnerships and Market Position - The company’s PHA lithium battery membrane is currently supplied to major domestic aluminum-plastic film manufacturers, including Zijiang New Materials and Putailai [2] - The company operates three production bases in Xiamen, Quanzhou, and Indonesia, with a total of 13 production lines, making it a global leader in production capacity [3] - Future projects are expected to enhance the company's integrated supply chain advantages, driving cost efficiency and innovation in raw materials [3]

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]

Battery - CATL signed a strategic cooperation framework agreement with Shida Shenghua, expecting to purchase 100,000 tons of electrolyte by the end of 2025 [2] - Ganfeng Lithium established two energy storage technology companies, each with a registered capital of 5 million yuan, focusing on energy technology research and battery sales [4] - Far East Battery entered an exclusive licensing agreement with UK startup Volklec to produce advanced lithium-ion batteries, starting with small power and energy storage applications [6] Materials - Zhonglun New Materials announced that its PHA lithium battery film is indirectly applied in drones and low-altitude manned aircraft, serving as a key packaging material for soft-pack lithium batteries [7] - Rio Tinto completed the acquisition of 67 billion USD for Orocobre Limited, becoming the ultimate parent company and integrating its Rincon lithium project [8] - 24M expanded its Eternalyte™ electrolyte product line to enhance charging rates and low-temperature performance for lithium metal batteries, suitable for high-power applications [10]