编号：2026-004 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称及 | 中金公司 傅铠铭、俞芳、徐啸天 | | 人员姓名 | 象屿创投 肖翔、刘荣 | | 时间 | 2026年3月2日 | | 地点 | 福建省厦门市海沧区翁角路268-1号 | | 上市公司接待人 员姓名 | 董事会秘书 马彬惠 | | | 1、公司在BOPA行业的生产和研发积累了哪些技术优势？ | | | 经过多年深耕与发展，公司已积淀形成深厚的技术优势：工 艺技术方面，公司是全球极少数同时成熟掌握机械分步拉伸、机 | | | 械同步拉伸以及磁悬浮线性电机同步拉伸工艺的厂商，多种生产 | | | 技术组合可针对下游客户的定制化需求进行柔性切换。上述技术 | | 投资者关系活动 | 使公司在双向拉伸薄膜领域具备显著技术优势。公司凭借丰厚的 | | 主要内容介绍 | 技术储备，能够持续在新材料领域挖掘高附加值、高技术壁垒的 | | | 高功能性膜材，以技术驱动 ...

Core Viewpoint - The company, Zhonglun New Materials (301565.SZ), emphasizes the critical role of aluminum-plastic film as a key packaging material for soft-pack lithium batteries, with its PHA lithium film serving as the outer layer, providing essential protection against external impacts and stresses [1] Group 1: Product and Technology - The PHA lithium film is described as the "armor" of soft-pack lithium batteries, designed to protect core components such as electrodes and electrolytes from external forces [1] - The company is currently the main supplier of nylon layers for aluminum-plastic films, excluding Japanese manufacturers [1] - The company has successfully developed a specialized BOPA film for solid-state batteries and is actively involved in drafting the industry standard for aluminum-plastic composite films for solid-state batteries, set to be implemented by September 2025 [1] Group 2: Industry Collaboration and Standards - The company is collaborating with various industry partners, including aluminum-plastic film manufacturers, power battery companies, and vehicle manufacturers, to establish the industry standard for solid-state battery packaging [1] - The standard, titled T/SHPTA 137-2025, has been published and is now in effect, indicating the company's proactive approach in the solid-state battery sector [1] - The company is closely monitoring the industrialization process of solid-state batteries while simultaneously advancing its specialized film business [1]

Group 1: Company Strategy and Market Position - The company is establishing a BOPA film material project in Indonesia to address high demand across various sectors, including food, pharmaceuticals, and lithium batteries, as current production capacity is insufficient to meet market needs [1] - Indonesia's strategic location and tariff policies enhance the company's ability to serve local and regional markets while expanding its reach to Europe, thereby strengthening its global business presence and competitive edge [2] - The company aims to solidify its leading position in the BOPA film sector, with overseas sales increasing, and the project will support capacity expansion to meet growing market demands [1][2] Group 2: Production Capacity and Investment - The Indonesian project consists of two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational since January 2026, adding 25,000 tons of overseas capacity [2] - The company plans to raise funds through convertible bonds to finance the Indonesian project, which is expected to enhance production capabilities and operational efficiency [3] - The first BOPP new energy film production line was launched in November 2025, with a second line expected to start production in the second half of 2026, focusing on thin and ultra-thin film products with an annual capacity of approximately 2,400 tons [4] Group 3: Product Development and Competitive Advantages - The company's PHA lithium battery film serves as a protective layer for soft-pack lithium batteries, requiring high flexibility, puncture resistance, and impact resistance [5] - The company has successfully developed a solid-state battery-specific BOPA film and contributed to the drafting of industry standards for aluminum-plastic composite films used in solid-state batteries, which were published in September 2025 [5]

Group 1: Technical Advantages in BOPA Industry - The company has developed significant technical advantages in the BOPA industry, mastering multiple production techniques including mechanical stretching and magnetic levitation linear motor stretching, allowing for flexible customization to meet downstream client needs [1] - The company has established a comprehensive system for masterbatch formulation design and performance optimization, achieving breakthroughs in material blending and co-extrusion processes, enhancing material performance and functionality [2] Group 2: Solid-State Battery BOPA Film Material - The company's solid-state battery BOPA film material is well-suited for the development needs of solid-state batteries, offering advantages such as high energy density, safety, and long cycle life [3] - The soft-pack encapsulation solution using the company's BOPA film material is highly compatible with solid-state battery technology, addressing challenges related to flexibility and internal stress management [3] - The company’s subsidiary, Xiamen Changsu, pioneered the solid-state battery BOPA film material and has collaborated with industry partners to establish standards for aluminum-plastic composite films used in solid-state batteries [4] Group 3: Expansion in Indonesia - The company is establishing a high-performance membrane material project in Indonesia to address capacity bottlenecks and meet growing downstream demand across various sectors [5] - The Indonesian production base offers strategic advantages, including proximity to key markets and favorable tariff policies, enhancing the company's global competitiveness and risk management [5] - The project includes two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational, adding 25,000 tons of overseas capacity [6] Group 4: BOPP Film Production Progress - The first BOPP film production line was launched in November 2025, with a second line expected to be operational in the second half of 2026, focusing on thin and ultra-thin film products [7] - The BOPP film products are positioned for applications in thin film capacitors and battery electrode manufacturing, featuring high self-healing properties and stringent electrical performance standards [7] - The BOPP film industry has high entry barriers due to the technical complexity of production processes and material formulations, which are critical for achieving unique product characteristics [7]

Group 1: Solid-State Battery BOPA Film Material - The company has made significant progress in its solid-state battery specialized BOPA film material, which is seen as a key development direction for next-generation power battery technology due to its high energy density, safety, and long cycle life [1][2] - The BOPA film material offers several technical advantages, including better adaptability for soft-pack packaging, which is essential for solid-state batteries that cannot be wound due to the rigidity of the inorganic solid electrolyte [1][2] - The aluminum-plastic film's high ductility can accommodate the expansion and contraction of lithium ions, reducing the risk of electrolyte layer rupture or interface separation, which is a challenge for hard-shell packaging [1][2] Group 2: PHA Lithium Battery Film Product Advantages - The PHA lithium battery film serves as the outer layer of aluminum-plastic film, providing essential protection against external impacts, pressure, and friction, thus ensuring the safety of internal components [3] - The company is a major supplier of nylon layers for aluminum-plastic films, excluding Japanese manufacturers, highlighting its competitive position in the market [3] Group 3: Core Competitive Advantages - The company possesses deep R&D reserves and cutting-edge technological innovations, with a strong focus on product leadership, scale, integration, global layout, and brand influence [4][5] - It is one of the few manufacturers globally that has mastered multiple stretching processes, which enhances its competitive edge in material technology [4][5] - The company has established a vertically integrated supply chain, ensuring stable core raw material supply and optimizing product performance through direct R&D collaboration [5] Group 4: International Market Expansion - The company has strategically established a professional overseas marketing team, focusing on Southeast Asia, India, and Europe, to enhance its global market presence [6] - The company has gained significant market share internationally, with its products well-received by overseas customers, supported by the establishment of a strategic customer network [6] Group 5: Investment in Indonesia - The company is investing in a high-performance film material project in Indonesia to address production capacity bottlenecks and meet growing downstream demand across various sectors [7] - The project includes two phases with a total planned capacity of 90,000 tons per year, with the first production line already operational, adding 25,000 tons/year of overseas capacity [7] - The investment in Indonesia is also aimed at mitigating supply chain risks and enhancing global competitiveness through favorable trade policies [7] Group 6: BOPP Film Production Progress - The first BOPP new energy film production line was officially launched in November 2025, with the second line expected to be operational in the second half of 2026 [7] - The first line has successfully achieved stable mass production of BOPP capacitor film products of varying thicknesses, with a single line annual capacity of approximately 2,400 tons [7]

Group 1 - The core component of electric vehicles, lithium batteries, is protected by a nylon material known as PHA lithium film, which is only 15 microns thick but offers excellent protection during extreme conditions like collisions [1] - The PHA lithium film produced by Zhonglun New Materials Co., Ltd. has superior tensile, impact, and puncture resistance, with a puncture strength of up to 20 Newtons, more than double that of conventional materials [1] - Compared to traditional metal materials, PHA lithium film is lighter and more flexible, which can effectively enhance battery capacity and extend the range of electric vehicles or standby time of devices [1] Group 2 - According to third-party research firm EVTank, global aluminum-plastic film shipments are expected to reach 450 million square meters in 2024 and grow to approximately 1.4 billion square meters by 2030, corresponding to a market size of 16.07 billion yuan [2] - The domestic aluminum-plastic film localization rate in China is about 60.3%, indicating significant room for improvement [2] - Zhonglun New Materials has achieved a gross margin of over 50% for its new BOPA film materials as of the first half of this year, with the PHA lithium film being the main profit contributor [2] Group 3 - The company has successfully developed a solid-state battery-specific BOPA film called uPHA, which provides key domestic raw material support for the large-scale industrialization of solid-state batteries [2] - Zhonglun New Materials also offers a variety of specialty functional films, such as EHA fresh-keeping film, which has significantly improved oxygen barrier properties to extend food shelf life [2][3] - The company’s biodegradable film material BOPLA can decompose into water and carbon dioxide within three months under industrial composting conditions, demonstrating its environmental friendliness [3]

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]