随着2025年至2028年第二代居民身份证、第三代社保卡集中换发周期到来，华信新材凭借长期积累的技 术优势和稳定的合作关系，成为这一波需求放量的受益者。 在江苏省新沂市的生产基地，生产线正以稳定的节奏运转，一卷卷色泽均匀、质感细腻的功能性薄膜陆 续下线。这些看似普通的薄膜，既藏着身份证、港澳通行证的安全密码，也承载着新能源汽车、电子设 备的高端材料需求，更漂洋过海成为全球电子护照生产的核心基材。 坚持研发创新，不断突破膜材料的应用边界、技术上限和市场疆域是华信新材二十余年的发展内核。企 业从零起步拓展新局，成长为智能卡基材领域的"隐形冠军"，再到如今在全球高端新材料赛道加速奔 跑，华信新材以一张膜为起点、以技术为刃、以全球为场，书写中国"专精特新"企业的创新突围史。 膜中乾坤：从单一基材到多领域布局 华信新材的故事，始于一张应用于智能卡的PVC薄膜。20世纪90年代，响应国家"金卡工程"号召，公司 从德国、意大利引进先进的PVC智能卡基材生产线和工艺技术，产品实现替代进口，成为行业早期探索 者。通过20多年的研发创新，公司已形成PVC、PETG、PC、ABS、生物基材料、循环材料等六大系列 产品。产品主要应用 ...

Core Viewpoint - *ST Lvkang is facing significant uncertainty regarding its ability to continue operations due to insolvency, while simultaneously engaging in a series of capital actions such as equity transfers that appear to be self-rescue efforts. The question arises whether the company will pursue a backdoor listing or engage in "tri-party transactions" in its capital operations, with the former being potentially more uncertain given the urgency of maintaining its listing status [1] Group 1: Financial Performance and Business Transition - Lvkang Biotech, originally focused on veterinary drug raw materials and probiotics, has seen a decline in performance since its listing in 2017, with a net profit drop of 6.97%, 13.08%, 23.73%, and 24.15% from 2017 to 2020 [2] - In 2021, the company reported a revenue of 363 million yuan, a year-on-year increase of 17.93%, but incurred a net loss of 26.04 million yuan, a decline of 160.28% compared to the previous year [2] - The company entered the photovoltaic film sector in 2022 through acquisitions, leading to a significant stock price increase from around 10 yuan to a peak of 65.9 yuan, representing a more than fivefold increase [2] Group 2: Ongoing Losses and Financial Challenges - Lvkang Biotech has continued to incur losses, with net profits of -122 million yuan, -222 million yuan, and -445 million yuan projected for 2022, 2023, and 2024 respectively, indicating a worsening financial situation [3] - The photovoltaic film business has negatively impacted the company's financial statements due to low gross margins and high financial costs associated with increased bank loans and financing leases [3] - As of December 31, 2024, the company's current liabilities exceeded current assets by over 1 billion yuan, raising significant doubts about its ability to continue as a going concern [4] Group 3: Shareholder Changes and Market Reactions - On April 24, 2025, Lvkang Biotech announced a change in control, with major shareholders transferring shares to Zongteng Network at a price of 13.73 yuan per share, totaling approximately 639.93 million yuan [5] - This transfer will increase Zongteng Network's ownership to 29.99%, surpassing the previous controlling shareholder's stake [5] - The market is speculating whether Zongteng Network's involvement indicates a backdoor listing or a different capital strategy, especially as the company also announced plans to divest its photovoltaic assets [9] Group 4: Strategic Moves and Future Outlook - Lvkang Biotech's recent capital operations, including the divestiture of its photovoltaic film business, may be aimed at clearing obstacles for future transactions [9] - The company signed an asset transfer agreement on April 24, 2025, to sell all assets and liabilities related to its photovoltaic film business to a joint venture established by its shareholders [9] - The potential for a backdoor listing or tri-party transaction remains uncertain, with regulatory hurdles and the urgency of maintaining its listing status complicating the situation [9]