Affected by the intensifying competition in the PV film industry, Changyang Technology's net profit attributable to the parent company decreased by 130.85% in 2024.

Changyang Technology announced on the evening of April 22 that it achieved revenue of 1.336 billion yuan in 2024, up 6.62% YoY; net profit attributable to the parent company was -29 million yuan, turning from profit to loss; and net profit after deducting non-recurring gains and losses was -49 million yuan, down 186.00% YoY. Calculations show that Changyang Technology's Q4 2024 revenue was 333 million yuan, with a net profit attributable to the parent company of -48 million yuan, and a net profit after deducting non-recurring gains and losses of -54 million yuan. In its 2024 annual report, Changyang Technology stated that the company's separator project is in the capacity ramp-up stage, intensified competition in the PV film industry, and customer complaints about dry-process separator products led to an expansion of losses. During the reporting period, Changyang Technology's non-recurring gains and losses accounted for 66.07%, with the two highest items being government grants recognized in the current period amounting to 17.2254 million yuan, and the reversal of impairment provisions for receivables tested individually at 4.9853 million yuan. The net cash flow from operating activities of Changyang Technology during the same period was 182 million yuan, up 83.69% YoY, mainly due to an increase in cash received from sales of goods and services provided. By product, reflective films, which account for the largest share of the company's revenue, generated 960 million yuan in 2024, up 0.83% YoY, but gross margin declined by 2.5 percentage points to 35.13%, mainly affected by product mix factors. Optical base films achieved revenue of 107 million yuan, down 15.93% YoY, with gross margin improving by 1.17 percentage points to -5.31%, mainly due to a continuous increase in the proportion of mid-to-high-end products. Overall, the company's product structure is gradually shifting towards higher value-added directions, but it still faces significant pressure in the short term. By market, domestic sales revenue was 697 million yuan, up 4.54% YoY, with gross margin declining by 2.34 percentage points to 19.48%; export revenue was 497 million yuan, up 3.72% YoY, with gross margin declining by 4.79 percentage points to 34.61%. The larger decline in gross margin in the export market was mainly due to intensified market competition and rising costs. Overall, the export market's contribution to revenue remained stable, but profitability weakened. During the reporting period, Changyang Technology's R&D expenditure was 62 million yuan, down 10.41% YoY, accounting for 4.61% of revenue, a decrease of 0.87 percentage points YoY, mainly due to a reduction in material usage and employee compensation. The number of R&D personnel during the same period was 112, representing 14.05% of the total workforce, with an average salary of 180,800 yuan, up 18.80% YoY. As of the end of 2024, Changyang Technology held a cumulative total of 250 invention patents, with 30 new invention patents and 34 utility model patents added, mainly involving reflective film, optical base film, and separator technology fields. In the annual report, Changyang Technology stated that the LCD display industry remains the company's main downstream market. In 2024, demand for MiniLED backlit TVs grew significantly, with a projected compound annual growth rate of 17.9% over the next three years. Meanwhile, demand for lithium-ion battery separators in the NEV and ESS sectors continued to rise, with global lithium-ion battery shipments reaching 154.51 GWh in 2024, up 28.5% YoY. However, the company's separator project is still in the ramp-up stage and has not yet contributed significant profits in the short term. Regarding fundraising projects, Changyang Technology's "Annual 20,000 tons of optical-grade polyester base film project" had a cumulative investment of 594 million yuan, completing 82.97% of the planned progress; the "Annual 560 million m² lithium-ion battery separator project" had a cumulative investment of 284 million yuan, completing 50.40% of the planned progress. On the evening of April 22, Changyang Technology also disclosed its annual profit distribution plan, stating that it does not intend to distribute cash dividends, bonus shares, or conduct capital reserve fund increases or other forms of profit distribution for 2024.

SMM

Affected by the intensifying competition in the PV film industry, Changyang Technology's net profit attributable to the parent company decreased by 130.85% in 2024.

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