恩捷股份：2024年年度報告（英文版）.PDF

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1、 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.1 Stock abbreviation:Semcorp Stock code:002812 Announcement No.:2025-055 Bond abbreviation:Energy Convertible Bond Bond code:128095 Yunnan Energy New Material Co.,Ltd.2024 Annual Report April 2025 2024 Annual Report of Yunnan Energy New Mater

2、ial Co.,Ltd.2 2024 Annual Report Section 1 Important Notes,Contents and Definitions The Board of Directors and its members,the Supervisory Committee and its members and the senior management warrant that the contents of the Annual Report are truthful,accurate and complete,without any false statement

3、,misrepresentation or major omission,and that they are jointly and severally liable for the contents.Paul Xiaoming Lee(the Companys person in charge),Li Jian(the person in charge of finance)and Deng Jinhuan(the person in charge of the accounting department)hereby declare and warrant that the content

4、s of the financial statements in this Annual Report are truthful,accurate and complete.All Directors were present at the Board meeting to consider and approve this Annual Report.The future plans,development strategies and other forward-looking descriptions in this report do not constitute material c

5、ommitments of the Company to investors.Investors and related persons shall be fully aware of the risks in connection therewith and should understand the difference between plan,forecast and commitment.Investors are advised to pay attention to investment risks.For details,please refer to the“3.Risks

6、the Company may face”under the“XI.Outlook of the Company”in the Section 3“Management Discussion and Analysis”of this report.The Company plans to pay no cash dividend and no bonus shares,and no share will be converted from reserve into share capital.2024 Annual Report of Yunnan Energy New Material Co

7、.,Ltd.3 Contents Section 1 Important Notes,Contents and Definitions.2 Section 2 Company Profile&Key Financial Indicators.7 Section 3 Management Discussion and Analysis.11 Section 4 Corporate Governance.47 Section 5 Environment and Social Responsibility.70 Section 6 Significant Events.77 Section 7 Sh

8、are Changes and Shareholder Details.114 Section 8 Details about Preferred Shares.126 Section 9 Details about Bonds.127 Section 10 Financial Report.131 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.4 Documents Available for Inspection I.Financial statements signed and sealed by the legal r

9、epresentative,the person in charge of finance and the person in charge of the accounting department of the Company.II.The original copies of all documents and announcements of the Company which have been publicly disclosed in newspapers designated by the China Securities Regulatory Commission during

10、 the Reporting Period.III.The original text of the 2024 annual report signed by the Chairman of the Board of Directors.IV.The place where the above documents are maintained:the Companys Securities Department.2024 Annual Report of Yunnan Energy New Material Co.,Ltd.5 Definitions Terms Definitions Ene

11、rgy Technology,this Company,the Company Yunnan Energy New Material Co.,Ltd.Actual controller,Paul Xiaoming Lee family Paul Xiaoming Lee,Li Xiaohua,Yan Ma,YanYang Hui,Sherry Lee,Jerry Yang Li Hongta Plastic Yunnan Hongta Plastic Co.,Ltd.,a wholly-owned subsidiary of the Company Chengdu Hongta Plastic

12、 Hongta Plastic(Chengdu)Co.,Ltd.,a subsidiary of the Company Dexin Paper Yunnan Dexin Paper Co.,Ltd.,a wholly-owned subsidiary of the Company Hongchuang Packaging Yunnan Hongchuang Packaging Co.,Ltd.,a controlled subsidiary of the Company Anhui Hongchuang Hongchuang Packaging(Anhui)Co.,Ltd.,a subsid

13、iary of the Company Shanghai Energy Shanghai Energy New Material Technology Co.,Ltd.,a controlled subsidiary of the Company Zhuhai Energy Zhuhai Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Wuxi Energy Wuxi Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Ji

14、angsu Energy Jiangsu Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Chongqing Energy Chongqing Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Yuxi Energy Yuxi Energy New Materials Co.,Ltd.,a subsidiary of the Company Newmi Tech Chongqing Energy Newmi Technol

15、ogical Co.,Ltd.,a subsidiary of the Company Jiangxi Tonry Jiangxi Tonry New Energy Technology Development Co.,Ltd.,a subsidiary of the Company Jiangsu Ruijie Jiangsu Ruijie New Material Technology Co.,Ltd.,a subsidiary of the Company Jiangsu Sanhe Jiangsu Sanhe Battery Material Technology Co.,Ltd.,a

16、 subsidiary of the Company Jiangxi Ruijie Jiangxi Ruijie New Material Technology Co.,Ltd.,a subsidiary of the Company Jiangxi Energy Jiangxi Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Jiangxi Enpo Jiangxi Enpo New Materials Co.,Ltd.,a subsidiary of the Company Hubei Energy H

17、ubei Energy New Material Technology Co.,Ltd.,a subsidiary of the Company Suzhou GreenPower Suzhou GreenPower New Energy Materials Co.,Ltd.,a subsidiary of the Company Hunan Energy Hunan Energy Frontier New Material Technology Co.,Ltd.,a subsidiary of the Company SEMCORP Hungary KFT SEMCORP Hungary K

18、orltolt Felelssg Trsasg(Hungary),a subsidiary of the Company Heyi Investment Yuxi Heyi Investment Co.,Ltd.,a shareholder holding more than 5%of the Companys shares Heli Investment Yuxi Heli Investment Co.,Ltd.,an employee stock ownership platform of the Company General Meeting of Shareholders The ge

19、neral meeting of shareholders of Yunnan Energy New Material Co.,Ltd.Board of Directors The Board of Directors of Yunnan Energy New Material Co.,Ltd.Supervisory Committee The supervisory committee of Yunnan Energy New Material Co.,Ltd.CSRC China Securities Regulatory Commission SZSE Shenzhen Stock Ex

20、change CSDC Shenzhen Branch Shenzhen Branch of China Securities Depository and Clearing Corporation Limited(CSDC)Company Law Company Law of the Peoples Republic of China Securities Law Securities Law of the Peoples Republic of China Articles of Association Articles of Association of Yunnan Energy Ne

21、w Material Co.,Ltd.Designated information disclosure media China Securities Journal,Shanghai Securities News,Securities Times,Securities Daily,and Cninfo()RMB,RMB10 thousand,RMB100 million RMB,RMB10 thousand,RMB100 million Reporting Period,this Reporting Period January 1,2024 to December 31,2024 Sam

22、e period last year January 1,2023 to December 31,2023 Lithium-ion battery,lithium battery Rechargeable battery,which mainly depends on the lithium ion moving between the positive and negative electrodes.It generally uses materials containing lithium as the electrodes,and is the representative of mod

23、ern high-performance batteries Lithium battery separator,the separator In the structure of lithium battery,the separator is one of the key inner components.Its main function is to separate the positive and negative electrodes of the battery,preventing the short circuit arising from the contact betwe

24、en the two electrodes,current conduction and overheating Base film,base separator The separator immersed in the electrolyte of lithium battery is widely distributed with nano-scale micropores on its surface for lithium ions to move freely between the positive and negative electrodes Coating film,coa

25、ted separator The separator with coating treatment Wet-process,wet-processing A process technique of lithium battery separator,also known as phase separation process or thermally induced phase separation process,is to add small molecules with high boiling point as porogen to polyolefin,heat and melt

26、 them into a uniform state,extrude the casting sheet by screw,extract the porogen with organic solvent after simultaneous or sequential biaxial stretching,and then obtain microporous separator material through post-processing such as stretching heat setting process 2024 Annual Report of Yunnan Energ

27、y New Material Co.,Ltd.6 Dry-process,dry-processing Also known as melt-stretching process,including unidirectional stretching process,biaxial stretching process and blow molding process.It refers to a preparation process of melting and extruding polyolefin resin into crystalline thin polymer film,wh

28、ich is crystallized and annealed to obtain a high crystallinity structure,and then further stretching at high temperature to peel off the crystalline interface to form porous structure Cigarette label Cigarette packaging,commonly known as“cigarette pack”Aseptic packaging Composite packaging material

29、s for aseptic filling of dairy products or non-carbonated soft drinks Specialty paper Specialty paper refers to the paper with special functions,a general term for all kinds of special purpose paper or art paper.The term“specialty paper”in this report mainly refers to special packaging paper BOPP fi

30、lm The separator made by stretching and processing(such as corona,coating,etc.)the thick film made of polymer polypropylene melt at a certain temperature and speed in a special stretcher Cigarette film BOPP film used for the packaging of cigarette,also known as“BOPP cigarette film”Flat film BOPP fil

31、m for general packaging,also known as“BOPP flat film”Aluminum laminated film Aluminum laminated composite film for lithium-ion pouch cell,a packaging material for lithium-ion batteries,which protects the internal materials of lithium-ion batteries Convertible Bonds,Energy Convertible Bonds The conve

32、rtible corporate bonds of RMB1.6 billion issued on February 11,2020 with a code of 128095 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.7 Section 2 Company Profile&Key Financial Indicators I.Corporate Information Stock Name Energy Technology Stock Code 002812 Stock Name Prior to Change(If

33、 any)Innovation Co.,Ltd.The Stock Exchange Where the Shares Are Listed Shenzhen Stock Exchange Name of the Company in Chinese 云南恩捷新材料股份有限公司 Short Name of the Company in Chinese 恩捷股份 Name of the Company in English(If any)YUNNAN ENERGY NEW MATERIAL CO.,LTD.Short Name of the Company in English(If any)E

34、NERGY TECHNOLOGY Legal Representative of the Company Paul Xiaoming Lee Registered Address No.125,Fuxian Road,High-tech Zone,Yuxi City,Yunnan Province Postal Code for Registered Address 653100 Historical Changes of the Registered Address of the Company No Office Address No.125,Fuxian Road,High-tech Z

35、one,Yuxi City,Yunnan Province Postal Code for Office Address 653100 Official Website Email II.Contact Information Board Secretary Securities Affairs Representative Name Yu Xue Correspondence Address No.125,Fuxian Road,High-tech Zone,Yuxi City,Yunnan Province Telephone 0877-8888661 Fax 0877-8888677 E

36、mail III.Information Disclosure and the Place Where the Annual Report is Kept The website of the stock exchange where the Company discloses its annual report Shenzhen Stock Exchange()The names and websites of the media where the Company discloses the annual report Securities Times,China Securities J

37、ournal,Shanghai Securities News,Securities Daily and Cninfo()The place where the annual report is kept Securities Department of the Company IV.Changes of Registration Unified social credit code 91530000727317703K Changes of main businesses since the Companys listing When the Company was listed,its m

38、ain businesses were divided into two categories:(1)packaging materials:BOPP films(cigarette film and flat film)and specialty paper products(laser transfer anti-counterfeiting paper,direct plating paper and cellophane);2024 Annual Report of Yunnan Energy New Material Co.,Ltd.8 (2)packaging printing p

39、roducts:mainly including cigarette label products and aseptic packaging products.Upon the completion of major asset restructuring in 2018,the Companys main businesses were divided into three categories:(1)film products(lithium battery separator and BOPP film);(2)packaging printing products(cigarette

40、 label and aseptic packaging);and(3)packaging products(specialty papers,holographic anti-counterfeiting electrochemical aluminum and other products).Changes of controlling shareholders Mr.Paul Xiaoming Lee and Ms.Sherry Lee,who are shareholders and actual controllers of the Company and members of Xi

41、aoming Lees family,signed the Power of Attorney for Shareholding on January 14,2020.Pursuant to the Power of Attorney,Ms.Sherry Lee fully delegated the shareholders rights,such as rights to address inquiries,propose and vote,in connection with all the shares she held in the Company,to her father Mr.

42、Paul Xiaoming Lee.After the signing of the above-mentioned Power of Attorney for Shareholding,Mr.Paul Xiaoming Lee has become the single shareholder of the Company with the largest number of shares with voting right,and the controlling shareholder of the Company changed from Heyi Investment to Mr.Pa

43、ul Xiaoming Lee.At present,Mr.Paul Xiaoming Lee is still the controlling shareholder of the Company.V.Other Relevant Information The accounting firm engaged by the Company The name of the accounting firm RSM CHINA(Special General Partnership)The office address of the accounting firm Units 1001-1 to

44、1001-26,10/F,Building 1,No.22 Fuchengmenwai Street,Xicheng District,Beijing The names of the accountants Yao Rui,Yang Ganlin,Tian Guocheng The sponsor engaged by the Company to perform continuous supervision duties during the Reporting Period Applicable Not applicable Name of sponsor Office address

45、of sponsor Name of sponsor representative Supervision duration CITIC Securities Company Limited 21/F,CITIC Securities Tower,No.48 Liangmaqiao Road,Chaoyang District,Beijing Wang Jiaji and Liu Chunqin From June 20,2023 to December 31,2024 The financial adviser engaged by the Company to perform contin

46、uous supervision duties during the Reporting Period Applicable Not applicable VI.Key Accounting Data and Financial Indicators Whether the Company is required to retroactively adjust or restate prior years accounting data Yes No 2024 2023 Increase or decrease in this year compared to last year 2022 O

47、perating income(RMB)10,163,655,793.70 12,042,229,789.30-15.60%12,590,925,529.68 Net profit attributable to the shareholders of the listed company(RMB)-556,317,501.09 2,526,688,570.92-122.02%4,000,461,964.37 Net profit,net of the non-recurring gains or losses,attributable to the shareholders of the l

48、isted company(RMB)-613,297,983.45 2,461,257,928.99-124.92%3,839,792,123.08 Net cash flow generated from the operating activities(RMB)1,158,249,055.10 2,667,453,259.32-56.58%503,587,598.66 Basic earnings per share(RMB/share)-0.57 2.68-121.27%4.48 Diluted earnings per share(RMB/share)-0.8733 2.5788-13

49、3.86%4.46 Weighted average return on equity -2.17%11.87%-14.04%25.39%At the end of 2024 At the end of 2023 Increase or decrease at the end of this year At the end of 2022 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.9 compared to the end of last year Total assets(RMB)47,199,637,500.22 47

50、,200,916,635.69 0.00%38,622,731,492.57 Net assets attributable to the shareholders of the listed company(RMB)24,471,229,555.06 26,926,495,494.24-9.12%17,726,202,872.37 The lower of the Companys net profits before and after the deduction of non-recurring gains or losses for the last three fiscal year

51、s are negative,and the audit report for the latest year shows that Companys ability to continue as a going concern is uncertain Yes No The lower of the net profit before and after the deduction of non-recurring gains or losses is negative Yes No VII.Accounting Data Differences under Chinese and Over

52、seas Accounting Standards 1.Difference between the net profits and net assets of the financial report disclosed in accordance with the international accounting standards and the Chinese accounting standards Applicable Not applicable There was no difference between the net profits and net assets of t

53、he financial report disclosed in accordance with the international accounting standards and the Chinese accounting standards during the Reporting Period of the Company.2.Difference between the net profits and net assets of the financial report disclosed in accordance with the overseas accounting sta

54、ndards and the Chinese accounting standards Applicable Not applicable There was no difference between the net profits and net assets of the financial report disclosed in accordance with the overseas accounting standards and the Chinese accounting standards during the Reporting Period of the Company.

55、VIII.Key Financial Indicators by Quarter Unit:RMB Q1 Q2 Q3 Q4 Operating income 2,327,574,815.97 2,455,666,764.51 2,681,433,947.72 2,698,980,265.50 Net profit attributable to the shareholders of the listed company 158,141,200.24 132,886,152.20 152,472,211.35-999,817,064.88 Net profit,net of the non-r

56、ecurring gains or losses,attributable to the shareholders of the listed company 149,108,725.80 110,398,664.07 157,313,641.40-1,030,119,014.72 Net cash flow generated from the operating activities 455,833,032.02 1,553,077,396.86 744,197,734.96-1,139,026,076.72 Whether the above financial indicators o

57、r their sums are materially different from those disclosed in the quarterly and interim reports of the Company Yes No IX.Items and Amounts of Non-Recurring Gains or Losses Applicable Not applicable Unit:RMB Item 2024 Amount 2023 Amount 2022 Amount Remarks Gains and losses from the disposal of non-cu

58、rrent assets-636,682.57-2,635,244.01-4,869,891.53 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.10 (including the write-down of the provision for impairment of assets)Government subsidies recognized in current profit or loss(except for those closely related to the Companys normal business

59、 and are in line with national policies and in accordance with defined criteria that have a continuing impact on the Companys profit or loss)86,288,377.95 91,546,051.06 171,995,624.29 Gains or losses from changes in fair value arising from financial assets and financial liabilities held by non-finan

60、cial corporation,and gains or losses from disposal of financial assets and financial liabilities,excluding the effective hedging business related to the Companys normal business operations 124,692.63 15,433,062.02 21,836,255.17 Gains or losses on entrusted investments or assets management 27,838,099

61、.70 Reversal of the provisions for impairment of receivables subject to separate impairment test 2,384,991.32 102,906.06 2,078,410.35 One-off share-based payment recognized as a result of cancellation and modification of the share incentive scheme -21,942,152.71 Non-operating income and expenses oth

62、er than above-mentioned items-2,924,642.41-44,249.00 818,785.95 Other items within the definition of non-recurring gains or losses 461,445.22 589,416.97 5,824,344.40 Less:Effect of the income tax 21,424,545.54 12,614,212.47 56,380,407.08 Effect of minority equities(after tax)7,293,154.24 5,004,935.9

63、9 8,471,379.96 Total 56,980,482.36 65,430,641.93 160,669,841.29-Details of other profit or loss items that fall within the meaning of non-recurring gain or loss:Applicable Not applicable The Company has no details of other profit or loss items that fall within the meaning of non-recurring gain or lo

64、ss.The reason for the Company to define the non-recurring profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No.1 Non-recurring Profit or Loss as recurring profit or loss items Applicable Not applicable The Company

65、 did not define the non-recurring profit or loss items illustrated in the Information Disclosure and Presentation Rules for Companies Making Public Offering of Securities No.1 Non-recurring Profit or Loss as recurring profit or loss items.2024 Annual Report of Yunnan Energy New Material Co.,Ltd.11 S

66、ection 3 Management Discussion and Analysis I.Industry Overview of the Company during the Reporting Period The Company shall comply with the disclosure requirements set out in“Rubber and Plastic Products Manufacturing”under“Chemical Industry Related Business”in the Self-Regulatory Guidelines No.3 fo

67、r Companies Listed on Shenzhen Stock Exchange Industry Information Disclosure.1.Industry conditions and the industry position of the Company With increasing global attention on green,low-carbon,and sustainable development,more than 150 countries set ambitious goals for carbon neutrality.At the Unite

68、d Nations Climate Change Conference,nearly 200 countries reached a milestone agreement “UAE Consensus,”marking the first consensus in nearly three decades on transitioning the energy system from fossil fuels to clean energy.Countries have intensified efforts to promote the development of the new ene

69、rgy industry.Guided by Chinas national strategic goals of carbon neutrality and carbon peaking,the new energy vehicle and energy storage industries have maintained the rapid development momentum,although the growth rate has slowed down,and the capacity of various subsectors has been continuously rel

70、eased,with competition intensified.As one of the four key materials of lithium batteries,lithium battery separators are widely used in electric vehicles,consumer electronics,energy storage batteries,and other fields,playing a pivotal role in driving the development of Chinas and even global new ener

71、gy industries.According to the EV TANKs White Paper on China Lithium-Ion Battery Separator Industry Development(2025),as of the end of 2024,the Companys market share has ranked first in the market for seven consecutive years.As a leading company in the lithium battery separator industry,the Company

72、not only possesses significant competitiveness in global production capacity,product quality,cost-effectiveness,and technological R&D,but also has successfully entered the supply chain system of the worlds mainstream lithium battery manufacturers.Our products cover the three major fields of power ba

73、ttery,consumer battery,and energy storage battery,with abundant application scenarios.In 2024,the Company maintained its leading position in the industry,with both production capacity and shipment volume of separator products ranking first in the industry.2.Industry development trends The global new

74、 energy automobile industry and the energy storage market are still growing,in which the growth rate of power class lithium batteries has slowed down in stages.Competition across the industry is fierce,but the energy storage market has seen significant growth in both market size and demand.According

75、 to SNE Research,the global power battery installed capacity amounted to 894.4GWh in 2024,a year-on-year growth of 27.2%.According to ICCSINO,the global shipment of energy storage batteries reached 314.7GWh in 2024,with a year-on-year growth of 60%.The continuous expansion of the market scale of the

76、 lithium battery industry has promoted the development of lithium battery separator.However,with the intensive capacity expansion in the lithium battery separator industry in recent years,market competition has intensified.Coupled with strengthened cost control measures of downstream lithium battery

77、 manufacturers,separator product prices have been on a downward trend,squeezing industry profit margins.The White Paper on China Lithium-Ion Battery Separator Industry Development(2025)released by EV Tank shows that Chinas lithium-ion battery separator shipments reached 22.8 billion square meters in

78、 2024,up 28.6%year on year.(1)The separator industry has vast market potential and high requirements for scale and localization From a global perspective,China has taken the lead in the electric and intelligent development of vehicles,while overseas regions such as Europe and America are rapidly cat

79、ching up.Given the enormous growth potential of new energy vehicle and lithium battery markets,especially the energy storage market,GGII data show that,by 2030,the global shipments of new energy passenger vehicles,commercial vehicles,and energy storage batteries are expected to exceed 2,000 GWh,near

80、ly 700 GWh,and 1,400 GWh,respectively.Emerging application fields,such as construction machinery,ships,aircraft,and“smart-driven application scenarios,”are also expected to generate demand of over 100 GWh by 2030.The penetration rate of new energy vehicles in overseas markets is still lower compared

81、 to Chinese markets;therefore,the growth rate of overseas markets is expected to surpass that of Chinese markets in the future.Lithium battery separator is an indispensable key raw material in the manufacture of lithium batteries.Maintaining stable and reliable localized production capacity and prod

82、uct quality are the important cornerstones for separator enterprises to undertake large-scale orders from downstream customers.The Company keeps deepening its partnerships with top clients around the world.Leveraging our global production capacity,product quality and global service capabilities,indu

83、stry-leading technological R&D and patent advantages,we continue to expand our global market share and consolidate our position as a global industry leader.(2)We enhance innovation capacity and actively improve product and customer structure Lithium batteries are the core components of new energy ve

84、hicles.As the market gradually transitions from policy-oriented to market-driven,manufacturers have increasingly stringent requirements for key performance attributes of lithium batteries,such as safety,range capacity,and service life.The continuous advancement of lithium battery technology imposes

85、higher requirements on the performance improvement and technological iteration of separator products.Therefore,separator companies that possess core technologies and independent R&D and innovation capabilities will have better development prospects and potential.The application scenarios of lithium

86、batteries are constantly expanding.In the future,applications such as low-altitude economy,robotics,etc.will further increase the market size of lithium battery and lithium battery separator.The competition in the separator industry has become increasingly fierce,and technological innovation,develop

87、ment of new products and iterative upgrading of products have become one of the trends in the development of separator companies.Coating inorganic ceramic materials,PVDF,aramid,and other materials on the base film can effectively enhance the puncture resistance and heat resistance of lithium battery

88、 separators,improving the safety and service life of batteries.Compared with base films,coating films are better able to meet the key performance requirements of lithium batteries for separators,offering higher product added value.Therefore,separator companies that possess the core technology of hig

89、h-quality coating films have better development prospects,and increasing the shipment volume of coating films helps enhance the comprehensive profitability.Meanwhile,separator companies need to develop new products such as ultra-thin separator products,fast-charging separator products and semi-solid

90、 electrolyte products,to improve the temperature resistance,mechanical strength and 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.12 other properties of separator products,and meet the strong demand of the downstream battery customers for improved safety,service life,energy density and ra

91、nge capacity of lithium batteries.In terms of optimizing customer structure,we ramp up efforts in the maintenance and development of key customers while in exploring overseas markets and accelerating global outreach.Currently,Chinese separator companies dominate the global separator market.As a lead

92、ing enterprise in the lithium battery separator industry,the Company not only has significant competitiveness in global production capacity deployment,product quality,cost-effectiveness and technological R&D,but also successfully entered the supply chain system of the worlds mainstream lithium batte

93、ry manufacturers,covering the three major fields of lithium batteries:power battery,consumer battery and energy storage lithium battery.During the Reporting Period,the overall supply and demand dynamics in the lithium battery separator industry slightly eased,combined with cost reduction pressures d

94、ownstream and intensified market competition,have led to a downward trend in the prices of lithium battery separator products.However,the Company braved the market competition,and actively developed Chinese and overseas markets.By establishing production bases in key markets such as Europe,North Ame

95、rica,and Southeast Asia,the Company aims to meet the localized demand from global mid-to-high-end lithium battery customers for its wet-process separator products and services with high consistency and safety.The Company has formed deep partnerships with several globally renowned battery manufacture

96、rs,continuously optimizing its product and customer portfolio.With the release of overseas production capacity in the future,the Company is expected to further expand its market share in the global competition.In addition,the Company has diverse product lines in multiple product segments such as BOP

97、P film,aseptic packaging,and aluminum laminated film.After approximately 30 years of steady development of the BOPP film industry in China,the technology has become increasingly mature,while the market competition has also become fiercer.In recent years,Chinas aseptic packaging market has gradually

98、established a product system with mature technology and diverse product types,capable of meeting the needs of aseptic filling of various liquids.The primary application areas of aseptic packaging are concentrated in the food and beverage industries such as liquid dairy products and non-carbonated be

99、verages.With the continuous prosperity of the Chinese economy and the increase in urban residents income,consumer mindset and health awareness have gradually improved,leading to a rapid growth momentum in the consumption of dairy products and non-carbonated beverages.At the same time,the increasing

100、attention from both the government and consumers on food safety has led to stricter requirements for packaging materials,especially aseptic packaging materials,resulting in rising demands.Although international packaging giants still dominate the market due to their first-mover advantage,with the co

101、ntinuous progress of material technologies and production technologies in China,the Chinese aseptic packaging market is poised for rapid growth opportunities.Looking ahead,leveraging cost-effectiveness advantages,Chinese manufacturers are expected to gradually expand their products from the mid-to-l

102、ow-end market to the high-end aseptic packaging market.The market share of Chinese aseptic packaging manufacturers is expected to gradually increase.Aluminum laminated film,as a crucial encapsulation material for pouch cells,represents one of the most technically challenging aspects in the pouch cel

103、l industry chain,exerting significant influence on the quality of pouch cells.Compared to cylindrical and prismatic batteries,pouch cells demonstrate evident advantages in energy density,cycle life,safety,and flexibility.In the realm of consumer electronics which seeks high-capacity and lightweight,

104、pouch cells have become the mainstream choice,with a high market share in mobile phone and laptop batteries,and approaching saturation in tablet batteries.In the field of traction batteries,the overseas new energy vehicle markets and solid-state battery(including semi-solid-state battery)markets sho

105、w a stronger preference for pouch traction batteries.With continuous advancements in battery technology and declining costs,the competitiveness of pouch cells will be gradually improving.3.Industry policies The Companys main product is lithium battery separator,an indispensable core component in lit

106、hium battery manufacturing.The industry chain of new energy lithium battery in which the Company is engaged is highly valued and supported by governments.Relevant industrial policies that have had a direct or indirect impact on the Company in recent years are detailed below:Date Issuing Authority Na

107、me of Policy or Regulation Main Content August 2022 Nine departments including MOST,NDRC and MIIT Implementation Plan for Carbon Peak and Carbon Neutrality Supported by Science and Technology(2022-2030)It proposes the action plan for low-carbon and zero-carbon technology research in urban and rural

108、construction and transportation,focusing on recent breakthroughs in basic research in key areas such as new energy development and cutting-edge energy storage.November 2022 MIIT,SAMR Notice on the Coordinated and Stable Development of Lithium-Ion Battery Industry Chain and Supply Chain It guides lit

109、hium battery enterprises to moderately expand production scale as needed under the premise of stable supply of key materials,sufficient investment in R&D innovation,and adequate supporting funds.It is important to optimize the industrial regional layout,avoid low-level homogeneous development and vi

110、cious competition,and establish a development pattern led by innovation,prioritizing technology,fair competition,and orderly expansion.January 2023 MIIT Guiding Opinions on Promoting the Development of the Energy Electronics Industry(Draft for Comments)It promotes the intelligent upgrading of basic

111、material production,enhances the production of silicon materials,silicon wafers,energy storage battery materials,and high-performance batteries,and improves the mechanization and automation levels of packaging,storage,and transportation to enhance product consistency and stability.February 2023 Eigh

112、t departments including MIIT Notice on Organizing and Carrying Out the Pilot Work of Pioneering Zones for Comprehensive Electrification of Public Sector Vehicles The goal is to significantly increase the level of electrification for vehicles,aiming to reach 80%in urban public transportation,taxis,sa

113、nitation,postal and express delivery,and urban logistics distribution sectors.June 2023 MIIT,MOF,MOC,GAC,and SAMR Decision on Amending the Measures for the Parallel Administration of the Average Fuel Consumption and New Energy Vehicle Credits of Passenger Car Enterprises It adjusts the method of poi

114、nt calculation and the upper limit of points,establishes a flexible point trading mechanism,explores the establishment of a points pool system,and optimizes other points management systems.2024 Annual Report of Yunnan Energy New Material Co.,Ltd.13 June 2023 MOF,STA,MIIT Announcement on Renewal of t

115、he Vehicle Purchase Tax Exemption Policy for New Energy Vehicles During the period from 1 January 2024 to 31 December 2025,new energy vehicles are exempt from vehicle purchase tax,with each new energy passenger car eligible for a tax exemption of up to RMB30,000 September 2023 NDRC,NEA Basic Rules f

116、or Electricity Spot Markets(Trial)The goal is to enhance the adjustment capacity of the power system,promote the consumption and absorption of renewable energy,and facilitate the transformation of the power system towards a clean,low-carbon,safe,and efficient direction.January 2024 NDRC,NEA,MIIT,SAM

117、R Implementation Opinions on Strengthening the Integration and Interaction Between New Energy Vehicles and the Power Grid By 2025,Chinas vehicle-network interaction technology standard system is initially completed,and the charging peak and valley tariff mechanism is fully implemented and continuous

118、ly optimized.By 2030,Chinas vehicle-network interaction technical standard system is basically completed.It enhances the key technology research of the power battery,and increases the cycle life of the power battery to 3,000 times and above on the basis of not significantly increasing the cost.March

119、 2024 The State Council Action Plan for Promotion of Large-Scale Equipment Replacement and Trade-in of Consumer Goods To carry out automobile trade-in,enhance policy support,clear circulation blockages,and promote the consumption of automobiles on a step-by-step basis,as well as the consumption of n

120、ewer vehicles.To support the renewal of transportation equipment and old agricultural machinery,promote the replacement of urban buses with electric ones,and support the upgrade of old new energy buses and power batteries.To accelerate the phasing out of diesel trucks operating under the National II

121、I emission standard and below;strengthen capacity building for the industrialization of electric,hydrogen and other green aviation equipment;accelerate the scrapping and renewal of old ships with high energy consumption and high emissions,strongly support the development of new energy-powered ships,

122、improve the supporting infrastructure and standards for new energy-powered ships,and gradually expand the scope of application of new energy-powered ships,such as those powered by electric power,liquefied natural gas,bio-diesel and green methanol.June 2024 MIIT Standard Conditions for Lithium-ion Ba

123、ttery Industry(2024 Edition)To guide enterprises to strengthen technological innovation,improve product quality and reduce production costs,specify the product performance indexes such as energy density,power density,cycle life,capacity retention rate,etc.of power batteries,energy storage batteries

124、and battery packs.European Parliament and Council Net-Zero Industry Act(Regulation(EU)2024/1735)By 2030,the manufacturing capacity for EU-based net-zero technologies(such as solar panels,wind turbines,batteries and heat pumps)shall reach 40%of deployment needs,and by 2040,the EU shall reach 15%of gl

125、obal production in these technologies.The Act provides for a number of initiatives to increase investment in green technologies,including streamlining the licensing process for strategic projects and using public procurement and renewable energy auctions to enhance market access for strategic techno

126、logy products.July 2024 NDRC Several Measures to Enhance Support for Large-scale Equipment Renewal and Trade-in of Consumer Goods On the basis of the Implementation Rules of the Automobile Replacement Subsidy,for individual consumers who scrap fuel passenger cars of national III and below emission s

127、tandard or new energy passenger cars registered before April 30,2018(inclusive),and purchase new energy passenger cars or fuel passenger cars with a displacement of 2.0 liters and below,the subsidy standard is raised to RMB20,000 for the purchase of new energy passenger vehicles,and RMB15,000 for th

128、e purchase of fuel vehicles with a displacement of 2.0 liters and below.European Parliament and Council EU Electricity Market Reform(Regulation(EU)2024/1747)In response to rising electricity prices due to natural gas prices,electricity market reforms in the European Union aim to reduce the dependenc

129、e of electricity prices on volatile fossil fuel prices,protect consumers from price spikes,accelerate the deployment of cleaner electricity,such as renewable energy,and incentivize cleaner energy transitions.Key initiatives include:1)indirectly driving energy storage development through the promotio

130、n of long-term power purchase agreements(PPAs)and contracts for difference(CFDs),and investment in renewable energy;and 2)adopting non-fossil flexibility support system of“pay for capacity available,”which will allow flexible resources to fully meet clean energy goals,or directly increase the revenu

131、es of storage units and promote the development of energy storage.September 2024 NDRC,NEA Notice on Promoting Pilot Work on Large-scale Vehicle Network Interactive Applications To expand the scale of bidirectional charging and discharging(V2G)projects,and enrich the application scenarios of vehicle-

132、network interaction in accordance with the principle of“innovative guidance,early and pilot implementation,”comprehensively promote the orderly charging of new energy vehicles,and guide the large-scale development of vehicle-network interaction with market-oriented mechanism,improving the scale and

133、sustainable vehicle-network interaction policy mechanism based on cities,and exploring the business model with advanced technology,clear model and replicable promotion based on V2G projects.Regions participating in the pilot program shall fully implement the charging peak and valley time-sharing tar

134、iffs,and strive to have more than 60%of the annual charging electricity 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.14 concentrated in the low valley hours,of which more than 80%of the electricity charged through private piles is concentrated in the low valley hours.In principle,the tot

135、al discharge power of V2G projects participating in the pilot program shall not be less than 500 kW,and the annual discharge volume shall not be less than 100,000 kWh,which may be appropriately reduced in the western region.December 2024 NDRC,NEA Implementation Plan for Optimizing the Regulation Cap

136、ability of the Power System(2025-2027)By 2027,the regulation capacity of the power system will be significantly improved,the market environment and business model for the development of various types of regulation resources will be better,and the mechanism for mobilizing various types of regulation

137、resources will be further improved.Through the construction and optimization of regulation capacity,it will support the reasonable consumption and utilization of more than 200 million kilowatts of new energy per year from 2025 to 2027,and the utilization rate of new energy nationwide will not be les

138、s than 90%.II.Main Businesses of the Company during the Reporting Period The Company shall comply with the disclosure requirements for the chemical industry set forth in the Self-Regulatory Guidelines No.3 for Companies Listed on Shenzhen Stock Exchange Industry Information Disclosure Procurement mo

139、del for major raw materials Unit:RMB Major raw materials Procurement model Proportion in total procurement amount Whether there are significant changes in settlement methods Average price in the first half of the year Average price in the second half of the year Raw material A Market procurement 14.

140、57%No 25.46 24.98 Raw material B Market procurement 13.64%No 11.56 11.33 Raw material C Market procurement 4.18%No 6.86 7.31 Raw material D Market procurement 3.46%No 6.73 6.68 Note:The total procurement amount mentioned in the above table refers to the total procurement value,which includes all pro

141、curement activities such as raw materials,equipment,engineering,energy and power,packaging materials,and others.Energy procurement costs account for over 30%of total production costs Applicable Not applicable Production technology for major products Major products Phase in production technology Info

142、rmation about key technical personnel Patent technology Strengths in product R&D Lithium battery separator Industrialization All are employees of the Company,who continue to carry out R&D of projects and proactively respond to the needs of downstream customers The Companys R&D team for lithium batte

143、ry separators has achieved a series of accomplishments in improving production efficiency and lithium battery separator business.Currently,there are a total of 482 valid patents,including 38 international patents.Additionally,326 patents are currently under application,including 132 international pa

144、tent applications.The Company has built a well-established R&D team over the years,responsible for the R&D of forward-looking technological reserve projects,such as separator and coating production equipment,improvements in separator preparation processes and raw materials,coating processes,slurry f

145、ormulations,recycling and energy-saving technologies,as well as semi-solid and solid-state batteries.The Companys pioneering online coating technology has further enhanced the quality and production efficiency of coating film products.Additionally,the Companys lithium battery separator R&D team not

146、only customizes the development of various new products for downstream customers to meet diverse customer needs,but also collaborates with them to develop products and enhance the customer loyalty.BOPP film Industrialization All are employees of the Company,who develop relevant products in proactive

147、 response to the needs of downstream customers Currently,there are 69 valid patents,including 6 invention patents and 63 utility model patents;14 patents are currently under application.The Company has accumulated nearly thirty years of experience in technical R&D.Leveraging a well-established R&D t

148、eam within the Companys research institute system,the Company can develop related products according to customer needs.It is one of the few Chinese enterprises capable of producing anti-counterfeiting printed cigarette films.2024 Annual Report of Yunnan Energy New Material Co.,Ltd.15 Aseptic packagi

149、ng Industrialization All are employees of the Company,who develop relevant products based on demands of the market and downstream customers Currently,there are 47 valid patents,including 2 invention patents,36 utility model patents,and 9 design patents;15 patents are currently under application.Leve

150、raging a well-established R&D team within the Companys research institute system,the Company can develop related products according to customer needs to meet diverse customer needs.Production capacity of major products Major products Designed capacity Capacity utilization rate Capacity under constru

151、ction Investment in construction Lithium battery separator 11.7 billion m2 92.60%Chongqing Energy(Phase II),Yuxi Energy,USA Energy Production Base During the Reporting Period,Jiangsu Energy and Hubei Energy were put into production;Chongqing Energy(Phase II)s some production lines were put into prod

152、uction;Yuxi Energy and USA Energy were under construction.BOPP film 100,000 tons 57.19%Aseptic packaging 5.3 billion units 87.77%Anhui Hongchuang Aseptic Packaging Production Base The infrastructure works of Anhui Hongchuang Aseptic Packaging Production Base were completed.Note:The production capaci

153、ty of the parent roll of the lithium battery separator in the above table was calculated by the rotational speed,width and normal wear and tear during shutdown maintenance as well as the weighted duration of the production lines put into production.In addition,before being sold,different products ma

154、y need to experience different processes such as cutting and coating.For different processes,wears and tears may be different,leading to certain difference in production volume between the products and their parent rolls.Product categories in major chemical parks Major chemical parks Product categor

155、y Shanghai Energy,Zhuhai Energy,Wuxi Energy,Jiangxi Tonry,Suzhou GreenPower,Chongqing Energy,Newmi Tech,Jiangsu Energy,Hubei Energy,Hungary Energy,Jiangxi Enpo Lithium battery separator Hongta Plastic,Chengdu Hongta Plastic BOPP film Hongchuang Packaging,Anhui Hongchuang Aseptic packaging Note:Chemi

156、cal park refers to the chemical area which features with defined geological boundary and management entities,complete infrastructure and management system,and is established after being approved by the government for developing chemical industry.The Company operates in the rubber and plastic product

157、s manufacturing sector.None of the production bases listed in the above table are located within chemical parks.Environmental Impact Assessment(EIA)approvals being applied for or newly obtained during the Reporting Period Applicable Not applicable During the Reporting Period,Zhuhai Energy obtained t

158、he EIA approval of“Zhu Huan Jian Shu 2024 No.55”issued by Zhuhai Bureau of Ecology and Environment;Newmi Tech received the EIA approval“Yu(Chang)Huan Zhun 2024 No.28”issued by Chongqing Municipal Bureau of Ecology and Environment;Jiangxi Tonry,Jiangxi Energy and Jiangxi Enpo obtained the EIA approva

159、ls of“Gao Huan Ping Zi 2024 No.2”,“Gao Huan Ping Zi 2024 No.8”and“Gao Huan Ping Zi 2024 No.12”issued by Yichun Gaoan Ecological and Environmental Protection Bureau respectively.Abnormal production shutdowns occurring in the listed company during the Reporting Period Applicable Not applicable Relevan

160、t approvals,permits,qualifications and their validity periods Applicable Not applicable Conducting petroleum processing and petroleum trading business Yes No Conducting fertilizer business Yes No Conducting pesticide business Yes No Conducting chlor-alkali and soda ash businesses Yes No III.Analysis

161、 of Core Competitiveness 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.16 1.Scale advantage As of the end of the Reporting Period,the Company is a world leader in terms of the production scale of wet-process lithium-ion battery separator,and has the largest lithium-ion battery separator s

162、upply capacity in the world.The Company is the worlds largest supplier of lithium-ion battery separator,ranking No.1 globally in terms of market share.The scale advantage of the Company is mainly reflected in cost control and sales expansion.The Company can take large-scale orders from leading lithi

163、um battery manufacturers such as LGES,Panasonic,ACC,Ultium Cells,an overseas large vehicle manufacturer,CATL,CALB,EVE and Gotion High-tech.Furthermore,the Companys scale advantage also helps improve production efficiency and procurement advantage.In terms of cost control,the Companys scale advantage

164、 firstly reduces its cost in raw materials procurement as large-scale centralized procurement makes the Companys raw materials costs lower than that of its industry peers.Secondly,the Companys huge sales scale brings a large number of orders to the Company,so that the Company can effectively reduce

165、the frequency of downtime during production and effectively reduce costs caused by downtime through reasonable production scheduling.As a result,the Company leads its peers in terms of operating rate and capacity utilization rate.In terms of sales development,the lithium battery industry is currentl

166、y experiencing an increasing level of market concentration.The Chinese first-class lithium battery manufacturers boast huge production scale.Meanwhile,the industry has put forward higher requirements for the performance of lithium-ion batteries such as energy density,cycle life,safety and charging s

167、peed.Therefore,whether the suppliers have a supply capacity to meet the current and future demand of world-class lithium battery manufacturers and the consistency of product quality will become the first consideration in their selection of suppliers.As the worlds largest lithium-ion battery separato

168、r supplier,the Company boasts a competitive advantage thanks to its sufficient supply capacity and the consistency,stability and safety of its separator products.2.Cost advantage The Company has long been committed to the development and improvement of the production technology for advanced wet-proc

169、ess lithium-ion battery separators.Thanks to the continuous improvement of production equipment and process technique by the Companys production management and technical teams,the Company leads its industry peers in terms of output from a single production equipment line of lithium-ion battery separ

170、ators and further reduces unit depreciation,energy consumption and labor costs.Moreover,thanks to its continuous improvement of production technology and production management,the Company also leads its peers in terms of yield coefficient and first pass yield of lithium-ion battery separators.Beside

171、s,the Company has continually improved the recovery efficiency of auxiliary materials,and its consumption of auxiliary materials is far lower than that of competitors in the industry.On the whole,the Companys cost advantage is brought forth by the integration of continuous improvement of production

172、equipment and production technology,sustained investment in R&D,constant improvement of production management,and strong market development ability.3.Product advantage The Company has long been committed to the R&D of lithium-ion battery separators and creating value for customers with high-quality

173、products and excellent services.Mainstream lithium battery manufacturers,especially world-class lithium battery manufacturers,have strict requirements for material quality.As one of the core materials for lithium batteries,the lithium-ion battery separator has high technical barrier and its performa

174、nce directly affects the discharge capacity,cycle life and safety of lithium battery.Lithium battery manufacturing has extremely high requirements on separators in terms of properties,such as the size,distribution uniformity and consistency of separator micropores.Mainstream lithium-ion battery manu

175、facturers apply a long system verification process,covering product,process and production flow,when selecting material suppliers.The Company has successfully passed the product certification of most Chinese and foreign mainstream lithium battery manufacturers,and is included in the most demanding o

176、verseas power battery supply chain systems.The quality of our products has been recognized by many lithium battery manufacturers.In addition,the Company has continually invested in the development of new products and carried out product research and forward-looking technical reserve while meeting cu

177、stomers demand for customized products.The Company has become a supplier with the most diversified lithium-ion battery separator products to meet various demands of different customers.4.R&D advantage The Company has established a R&D team with a sound system through years of accumulation.Its R&D sc

178、ope covers separator and coating production equipment,improvement of separator preparation process,raw&auxiliary materials,coating process,slurry formula,recovery and energy saving technologies as well as the R&D of forward-looking technical reserve projects.As of December 31,2024,the Companys R&D t

179、eam of lithium battery separator has made a series of achievements in improving production efficiency,enhancing the quality of lithium battery separators and developing new products.The Company now has 482 effective patents(including 38 international patents)and 326 ongoing patent applications(inclu

180、ding 132 international patent applications).In addition,our R&D team of lithium-ion battery separator can not only customize the development of a variety of new products for downstream customers,but also carry out joint development with downstream customers to meet the diverse needs of customers.The

181、 Company pays close attention to the development of new technology in the industry,and makes forward-looking R&D deployment and reserves according to the market demand and its own R&D situation,including the R&D of semi-solid and all-solid state related technology.5.Talent advantage The lithium-ion

182、battery separator industry is currently an emerging industry in China with a history of only over a decade.The rapid growth of the global new energy industry in recent years has brought about an increasing demand for talents of lithium-ion battery separators across the industry,but there is a lack o

183、f talent reserve in the lithium battery separator industry.Relying on a talent pool accumulated through nearly 30 years of engagement in the BOPP film industry,which is similar to the lithium-ion battery separator industry,the Company has established a well-functioning talent incentive mechanism to

184、recruit talents worldwide.The Company has more than 100 employees with a masters degree or above working in the lithium battery separator segment,and has set up a core technological R&D team composed of professional R&D staff from the United States,Japan,South Korea and other countries.Furthermore,t

185、hrough long-term efforts,the Company has established complete professional teams in production management,system construction,quality control,market expansion and equipment design,installation and maintenance,etc.All teams of the Company have achieved fruitful results in their respective professiona

186、l fields to jointly help the Company become an internationally competitive leader in the lithium-ion battery separator.6.Market and customer resource advantages During the Reporting Period,the Company continued to maintain a leading position in the wet-process lithium-ion battery separator market.So

187、 far,the Company has successfully entered the supply chain system of the worlds mainstream lithium battery manufacturers,including overseas lithium battery production giants such as Panasonic,LGES,ACC,Ultium Cells and a leading overseas automobile 2024 Annual Report of Yunnan Energy New Material Co.

188、,Ltd.17 manufacturer,as well as over 50 Chinese and overseas lithium battery enterprises such as CATL,EVE,CALB,BYD,Gotion High-tech,Farasis Energy and Lishen.The Company has established close partnerships with downstream customers,with in-depth technical exchanges during cooperation.Therefore,the Co

189、mpany has a profound understanding of customer needs,and can quickly respond to customer needs and provide corresponding services.With the continued development of the industry,the ramp-up of the Companys global production capacity,and ongoing technological advancements,the Company is poised to grow

190、 along with its downstream customers.IV.Analysis on Main Businesses 1.Overview In 2024,the Company maintained its leading position in terms of business scale and market presence.However,the growth of traction lithium batteries has experienced a phased slowdown,and intense competition in the downstre

191、am battery industry has led to tighter control over upstream raw material costs,including separator products.Meanwhile,the lithium battery separator industry has seen a concentrated release of production capacity,intensifying competition within the sector.As a result,separator product prices have de

192、clined,putting pressure on overall industry profitability.In 2024,the Company recorded a consolidated operating income of RMB10.164 billion,down 15.60%year on year.The Companys net profit attributable to the shareholders of the listed company was RMB-556 million,down 122.02%year on year.(1)Focus on

193、film products,global presence and optimizing customer and market structure The Company focuses on lithium battery separator business,steadily advances its global production capacity presence,and actively expands its Chinese and overseas markets.In addition,the Company also strengthens its market pos

194、ition and enhances its core competitiveness.The Company is leading in its production capacity size globally.The Company has built separator production bases in Shanghai,Zhuhai,Wuxi,Jiangxi,Suzhou,Chongqing,Changzhou,Jingmen,Hungary,etc.During the Reporting Period,everything went smoothly in Chinese

195、production bases.The production lines for Jiangsu Energy power vehicle lithium battery separator industrialization project and the Hubei Energy power vehicle lithium battery separator industrialization project were put into production.The civil construction for Phase I of the Yuxi Energy project is

196、underway,with some production lines being installed and commissioned.In the long run,new energy vehicle and energy storage industry is promising in development prospects,especially overseas markets,which develops more slowly with low penetration rate compared to the Chinese markets.A batch of excell

197、ent Chinese new energy industry chain companies,especially lithium battery manufacturers are now speeding up their overseas business presence.With the further expansion in their Chinese and overseas production capacities,market demands for lithium battery separators will also correspondingly increas

198、e.Based on supply continuity and safety and other factors,those enterprises with large-size quality production capacity and strong ability of continuous supply will more easily attract large customers.During the Reporting Period,to further improve its global production capacity presence and meet ove

199、rseas market demands for wet-process lithium battery separator products,the Company completed the construction of Phase I project of its Hungary lithium battery separator,and speeded up advancing customer verification and pre-production work.The Company started the construction of its USA lithium ba

200、ttery coating film factory project during the Reporting Period.This project has a planned production capacity of about 700 million m2 of coating films.The Company announced its Hungary Phase II project and Malaysia project,with a planned production capacity of about 800 million m2 of separators and

201、about 1 billion m2 of separators respectively.Currently,the Companys lithium battery separator products are characterized by good stability and high consistency.With a wide range of product categories,they are capable of meeting customers customized and diversified needs.The Company has entered the

202、supply chain system of the worlds mainstream lithium battery manufacturers.Driven by its own advantages in product,technology,intellectual property rights,etc.,the Company actively expands its Chinese and overseas markets and depends its long-term cooperation with downstream strategic customers.Duri

203、ng the Reporting Period,the Companys Hubei Energys power vehicle lithium battery separator industrialization project,jointly invested by the Company and EVE Energy,the Companys leading enterprise customer in the lithium battery industry,had been put into production.The Company also has entered into

204、long-term supply agreements with its overseas customers,such as LGES and Ultium Cells LLC.In addition,the Company also has entered into separator supply guarantee agreements with multiple Chinese high-end customers,such as Gotion High-tech.The Company continues to deepen its strategic cooperation wi

205、th important customers in Chinese and overseas markets,further enhances its competitive advantages in market and attracting customers,so as to strengthen its market competitiveness.During the Reporting Period,the Company constantly enhanced its R&D efforts and consolidated its technology advantages.

206、In terms of production and manufacture,the Company continued to improve the product quality,reduce cost and increase efficiency by equipment renovation,process optimization,technology upgrade,etc.With the continuous promotion and application of its pioneering online coating technique,the Companys co

207、ating film products have been upgraded in terms of production efficiency and product quality.Meanwhile,by relying on its technology advantages,the Company continues to renovate and upgrade equipment to increase single line production capacity and production efficiency.In terms of product R&D,the Com

208、pany launched multiple products,such as high-porosity base film with enhanced performance.In terms of forward-looking technology and product,Jiangsu Sanhe has the mass production capacity of semi-solid-state battery separator,and promotes the verification and technology exchange with multiple Chines

209、e lithium battery enterprises.Hunan Energy focuses on the R&D of solid-state battery materials and has developed lithium sulfide,sulfide solid electrolytes,and sulfide solid electrolyte film products.In particular,key metrics such as the ionic conductivity and particle size control of sulfide solid

210、electrolyte powders have reached an industry-leading level.The Companys dry-process lithium battery separator project has been put into production,serving Chinese top battery manufacturers.As of the end of the Reporting Period,the Company has established an annual production capacity of 100,000 tons

211、 of BOPP film.In 2024,the revenue from BOPP film amounted to RMB56.5614 million,a year-on-year decrease of 17.01%,primarily due to intensified market competition and a decline in product prices.(2)Packaging and printing products,and specialty paper products The Companys aseptic packaging business is

212、 performing well.The Company serves mainly large dairy enterprise customers and regional famous dairy enterprise customers.By continuously developing new products,the Company provides customized services to customers and realizes a rapid growth in the sale volume of the aseptic packaging products.In

213、 2024,the Companys aseptic packaging business developed steadily and improved,achieving an operating income of RMB865 million,up 11.29%year on year,with about a sale volume of 4.6 billion units.The Companys aseptic packaging products features with excellent heat-sealing performance,strong adaptabili

214、ty to different machines,2024 Annual Report of Yunnan Energy New Material Co.,Ltd.18 low filling loss,etc.and its quality and performance indicators have reached the industry-leading level.In the future,the Company will continue to enhance market expansion,and seize market growth chances jointly wit

215、h large dairy enterprises,to achieve a rapid development in its aseptic packaging business.During the Reporting Period,the Company actively advanced the construction of Hongchuang(Ma An Shan)project.As at the end of the Reporting Period,Ma An Shan Aseptic Packaging Base Factory had been basically bu

216、ilt,with the production equipment under installation and debugging.In addition,Hongchuang Packaging is also in the middle of R&D and application of new processes and new products such as,preparation technology of high cathodic barrier anti-corrosion paper-based aluminum-plastic composite material,pl

217、astic free coating technology,and actively responds to the national dual carbon policy to fully minimize the pressure imposed on the natural environment during the product life cycle.Meanwhile,the Company is leveraging new products and processes to explore new markets,actively seeking new growth dri

218、vers,and continuously increasing revenue scale and market share.The Company will continue to focus on packaging and printing products,expanding market share by utilizing excellent product design,material optimization,customization capabilities,and timely after-sales service.During the Reporting Peri

219、od,the Companys cigarette label business achieved an operating income of RMB14.87 million,down 51.83%year on year and its specialty paper product business achieved an operating income of RMB75.94 million,down 48.44%year on year.(3)Review of other work The Company implemented 2024 Restricted Stock In

220、centive Plan and first granted a total of 8,708,604 restricted shares to 140 employees,including some directors,senior executives,management at middle level and core technology(business)personnel,which helped effectively attract and retain excellent talents and inspire team vitality.To increase the

221、Companys long-term investment value,improve the earnings per share and further enhance the investors confidence,during the Reporting Period,the Company repurchased 5,905,097 shares at a self-owned amount of RMB199.9973 million(excluding trading fee)for cancellation and decrease of the Companys regis

222、tered capital.Furthermore,driven by their confidence in the Companys future development and their recognition of the Companys long-term investment value,some directors,supervisors,senior executives and core employees increased their shareholding by 5,323,975 shares at a total amount of RMB200.4397 m

223、illion from October 28,2023 to July 26,2024.2.Revenue and cost (1)Breakdown of operating revenue Unit:RMB 2024 2023 Year-on-year increase or decrease Amount Proportion in operating revenue Amount Proportion in operating revenue Total operating revenue 10,163,655,793.70 100%12,042,229,789.30 100%-15.

224、60%By industry Manufacturing 9,815,794,907.87 96.58%11,749,728,885.23 97.57%-16.46%Other business 347,860,885.83 3.42%292,500,904.07 2.43%18.93%By product Lithium battery separator 8,254,655,982.64 81.22%10,082,122,418.04 83.72%-18.13%BOPP film 565,613,743.82 5.57%681,506,139.96 5.66%-17.01%Cigarett

225、e label 14,865,512.42 0.15%30,859,185.05 0.26%-51.83%Aseptic packaging 865,382,993.75 8.51%777,626,183.85 6.46%11.29%Specialty paper 75,937,714.53 0.75%147,283,740.79 1.22%-48.44%Other product 39,338,960.71 0.39%30,331,217.54 0.25%29.70%Other business 347,860,885.83 3.42%292,500,904.07 2.43%18.93%By

226、 region Southwest China 1,360,528,831.04 13.39%1,244,462,107.76 10.33%9.33%East China 3,627,958,348.90 35.70%5,489,000,474.42 45.58%-33.90%North China 182,479,840.79 1.80%131,870,158.40 1.10%38.38%South Central China 2,727,132,318.26 26.83%3,091,888,271.61 25.68%-11.80%Northwest China 28,108,418.95

227、0.28%22,092,075.52 0.18%27.23%Northeast China 24,173,501.59 0.24%45,904,469.23 0.38%-47.34%Overseas regions 2,213,274,534.17 21.78%2,017,012,232.36 16.75%9.73%(2)Industries,products,regions and sales models that account for more than 10%of the Companys operating revenue or operating profit Applicabl

228、e Not applicable The Company shall comply with the disclosure requirements for the chemical industry set forth in the Self-Regulatory Guidelines No.3 for Companies Listed on Shenzhen Stock Exchange Industry Information Disclosure Unit:RMB 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.19 O

229、perating revenue Operating cost Gross margin Year-on-year increase or decrease in operating revenue Year-on-year increase or decrease in operating cost Year-on-year increase or decrease in gross margin By industry Manufacturing 9,815,794,907.87 8,976,180,560.42 8.55%-16.46%19.90%-27.73%By product Li

230、thium battery separator 8,254,655,982.64 7,644,538,560.33 7.39%-18.13%26.01%-32.44%Aseptic packaging 865,382,993.75 662,835,868.81 23.41%11.29%3.27%5.95%By region Southwest China 1,360,528,831.03 1,205,941,175.20 11.36%9.33%33.64%-16.13%East China 3,627,958,348.91 3,496,621,903.72 3.62%-33.90%9.72%-

231、38.32%South Central China 2,727,132,318.26 2,794,650,948.96-2.48%-11.80%31.90%-33.95%Overseas regions 2,213,274,534.17 1,359,676,077.69 38.57%9.73%14.98%-2.81%Under the circumstances that the statistic specifications for the Companys data on main business were adjusted during the Reporting Period,th

232、e Companys data on main business of this past year is calculated based on the adjusted statistic specifications at the end of the Reporting Period.Applicable Not applicable Unit:RMB Product name Output Sales Revenue achieved Movement in sales price during the Reporting Period Reason for change Lithi

233、um battery separator 9.28 billion m2 8.825 billion m2 8,254,655,982.64 Declined Fierce market competition Note:The“lithium battery separator”mentioned above include the dry-process and wet-process separator products Operating revenue or net profit arising from offshore operations accounted for 10%or

234、 above of the Companys audited operating revenue or net profit in the most recent fiscal year Yes No Name of overseas business Details of the commencement Impact of tax policy on overseas business during the Reporting Period Companys response Lithium battery separator Sales of lithium battery separa

235、tor products to overseas customers through direct sales There was no material change in tax policy during the Reporting Period as compared with the same period last year Expanding overseas capacity and continuously exploring overseas markets to increase market share(3)Whether the Companys revenue fr

236、om the sale of physical products is higher than the revenue from service charges Yes No Industry category Item Unit 2024 2023 Year-on-year increase or decrease Lithium battery separator Sales m2 8,824,704,621.61 6,200,262,733.87 42.33%Output m2 9,280,478,278.17 7,099,497,791.79 30.72%Inventory m2 2,

237、424,820,504.84 1,969,046,848.28 23.15%BOPP film Sales Ton 57,550.32 68,244.41-15.67%Output Ton 57,190.25 69,878.89-18.16%Inventory Ton 5,855.52 6,215.59-5.79%Cigarette label Sales 10,000 boxes 7.08 22.29-68.24%Output 10,000 boxes 6.94-0.05-Inventory 10,000 boxes 0.81 0.95-14.34%Aseptic packaging Sal

238、es 10,000 463,121.97 422,136.62 9.71%Output 10,000 467,287.44 428,729.83 8.99%Inventory 10,000 42,625.42 38,459.95 10.83%Specialty paper Sales Ton 5,423.25 8,026.38-32.43%2024 Annual Report of Yunnan Energy New Material Co.,Ltd.20 Output Ton 4,935.95 7,364.27-32.97%Inventory Ton 1,299.15 1,786.46-27

239、.28%Reasons for a year-on-year change of more than 30%in the relevant data Applicable Not applicable In 2024,the lithium battery separator products achieved a significant year-on-year rise in terms of both sales and output,mainly due to the Companys production capacity release and intensified market

240、 expansion efforts;The sales of cigarette labels,and the sales,output and inventory of the specialty paper decreased significantly due to fierce market competition.(4)Execution of material sales contracts and material procurement contracts signed by the Company as of the Reporting Period Applicable

241、Not applicable (5)Breakdown of operating cost Product category Unit:RMB Product category Item 2024 2023 Year-on-year increase or decrease Amount Percentage of the operating cost Amount Percentage of the operating cost Lithium battery separator Raw material 3,940,904,869.75 48.42%3,583,825,915.48 53.

242、86%9.96%Labor 527,433,960.58 6.48%521,134,511.83 7.83%1.21%Manufacturing cost 2,019,600,350.23 24.81%1,314,988,670.49 19.76%53.58%Energy and power 1,650,695,604.77 20.28%1,234,432,905.41 18.55%33.72%BOPP film Raw material 420,713,716.67 85.15%502,904,792.58 85.59%-16.34%Labor 25,997,717.76 5.26%33,2

243、68,451.80 5.66%-21.85%Manufacturing cost 27,229,894.23 5.51%27,273,572.65 4.64%-0.16%Energy and power 20,154,896.35 4.08%24,143,208.72 4.11%-16.52%Cigarette label Raw material 8,045,520.34 37.55%11,439,116.45 48.15%-29.67%Labor 3,364,475.30 15.70%6,464,506.27 27.21%-47.95%Manufacturing cost 9,645,71

244、1.93 45.02%5,053,470.32 21.27%90.87%Energy and power 368,652.55 1.72%799,693.93 3.37%-53.90%Aseptic packaging Raw material 587,265,769.36 88.60%568,677,917.68 88.60%3.27%Labor 43,244,970.96 6.52%42,628,863.02 6.64%1.45%Manufacturing cost 21,857,030.86 3.30%20,466,257.07 3.19%6.80%Energy and power 10

245、,468,097.63 1.58%10,079,401.67 1.57%3.86%Specialty paper Raw material 58,248,137.17 89.38%100,096,543.76 89.41%-41.81%Labor 2,406,303.96 3.69%4,009,313.17 3.58%-39.98%Manufacturing cost 3,486,536.32 5.35%5,930,569.64 5.30%-41.21%Energy and power 1,026,611.86 1.58%1,910,737.13 1.71%-46.27%Other produ

246、cts Raw material 34,925,903.04 39.64%27,194,586.27 50.20%28.43%Labor 9,315,047.16 10.57%6,625,261.90 12.23%40.60%Manufacturing cost 38,111,439.12 43.25%16,663,483.15 30.76%128.71%Energy and 5,765,567.52 6.54%3,691,982.77 6.81%56.16%2024 Annual Report of Yunnan Energy New Material Co.,Ltd.21 power Ex

247、planations:“Other products”refer to in the“Breakdown of operating revenue”and“Breakdown of operating cost”in Section 4 of this report mainly include holographic hot stamping foils,film products,packaging films for wrapping by hand,aluminum laminated films,other miscellaneous products and substandard

248、 products.These products account for a small volume of business,and the percentage of the sales of such products in the total sales is low.Thus,such products belong to the category of other products of main businesses.“Other businesses”refer to in the“Breakdown of operating revenue”in Section 4 of t

249、his report mainly refers to the Companys revenue from the sale of materials,leased assets and the sale of leftover bits and pieces.Other businesses do not belong to the category of the Companys main businesses.(6)Whether the scope of the consolidated financial statements changed during the Reporting

250、 Period Yes No During the Reporting Period,compared to the previous period,the Company added 3 new entities into and eliminated 1 entity from its consolidated financial statements.These 3 new entities are respectively Shanghai Jiezhiyuan New Material Technology Co.,Ltd.,Shanghai Hengjieyuan New Mate

251、rial Technology Co.,Ltd.,and SEMCO MALAYSIA SDN.BHD.,which were all established during the Reporting Period.The eliminated 1 entity is Guangdong Energy New Materials Research Institute Co.,Ltd.,which was cancelled during the Reporting Period.(7)Major changes or adjustments in the Companys businesses

252、,products or services during the Reporting Period Applicable Not applicable (8)Key customers and suppliers The Companys key customers Total sales of the top five customers(RMB)5,031,648,639.18 Proportion of total sales of the top five customers over total sales for the year 49.51%Proportion of sales

253、 of related parties in the top five customers over total sales for the year 0.00%Information on the Companys top five customers No.Customer name Sales(RMB)Percentage of total sales for the year 1 Customer 1 1,603,980,234.64 15.78%2 Customer 2 1,585,042,385.44 15.60%3 Customer 3 1,128,301,032.63 11.1

254、0%4 Customer 4 372,020,193.02 3.66%5 Customer 5 342,304,793.46 3.37%Total-5,031,648,639.18 49.51%Other information on key customers Applicable Not applicable The Company had no affiliated relationship with the top five customers.The Companys directors,supervisors,senior executives,key technical pers

255、onnel,shareholders holding more than 5%of shares,actual controllers,and other related parties do not directly or indirectly hold any equity in the top five customers.The Companys key suppliers Total sales of the top five suppliers(RMB)2,770,851,791.90 Proportion of total sales of the top five suppli

256、ers over total sales for the year 28.45%Proportion of sales of related parties in the top five suppliers over total sales for the year 5.38%Information on the Companys top five suppliers No.Supplier name Purchase amount(RMB)Percentage of the total purchase amount for the year 1 Supplier 1 791,577,34

257、3.29 8.13%2 Supplier 2 546,595,113.74 5.61%2024 Annual Report of Yunnan Energy New Material Co.,Ltd.22 3 Supplier 3 524,250,154.26 5.38%4 Supplier 4 517,549,584.08 5.31%5 Supplier 5 390,879,596.53 4.01%Total-2,770,851,791.90 28.45%Other information on key suppliers Applicable Not applicable In the t

258、able above,except for Supplier 3,which is an affiliate controlled by the Companys actual controller(with the procurement amount consolidated),the Company has no affiliated relationship with the other suppliers in the top five.The Companys directors,supervisors,senior executives,key technical personn

259、el,shareholders holding more than 5%of shares,actual controllers,and other related parties do not directly or indirectly hold any equity in the other suppliers in the top five.3.Expenses Unit:RMB 2024 2023 Year-on-year increase or decrease Explanations of material changes Selling expenses 145,263,40

260、7.26 89,338,734.45 62.60%Mainly due to intensified efforts in market expansion in this Reporting Period Administrative expenses 600,164,938.14 383,415,488.72 56.53%Mainly due to increase in the agent consulting fee in this Reporting Period Financial expenses 314,263,613.89 238,639,677.08 31.69%Mainl

261、y due to change in exchange profit and loss in this Reporting Period R&D expenses 662,843,179.69 727,481,001.67-8.89%4.Investment in R&D Applicable Not applicable Names of key R&D projects Project purposes Project progress Objectives to be achieved Expected impacts on the Companys future development

262、 Development of base films with high safety by using simultaneous biaxial stretching process Volume orders from a top Japanese customer Passed the customers technical validation,advancing the project implementation with the customer Mass production and shipment Improving the sales volume of the Comp

263、anys separator products,enhancing the stickiness of overseas high-quality key customers and establishing stable cooperative relations Ultra-thin high-strength separators Developing ultra-thin 5m separator for high energy density lithium battery Passed the customers validation Mass production and shi

264、pment Improving the competitiveness and sales volume of the Companys separator products and increasing the Companys market share Mass production of semi-solid-state lithium-ion conductivity separators Developing high energy density and high safety lithium battery separator with an energy density of

265、above 250 wh/kg Small batch production Mass production and shipment With the aid of technological innovation,meeting the demand for lithium batteries with high energy density and high safety,enhancing the Companys technical leadership and overall competitiveness Design and development of the third-g

266、eneration base films with low shutdown temperature and high safety Reducing the shutdown temperature and improving the safety of separators Passed the customers technical validation,advancing the project implementation with the customer Mass production and shipment Improving the competitiveness and

267、sales volume of the Companys separator products and increasing the Companys market share 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.23 Ultra-thin ceramic coating film Ultra-thin,ultra-high heat-resistant coating for improving battery safety Mass production Mass production and shipment

268、Improving the competitiveness and sales volume of the Companys separator products and increasing the Companys market share High puncture strength and high-porosity base film Addressing the high energy density and fast charging capabilities demands of terminal batteries Validated by top customers Mas

269、s production and shipment Expanding separator application scenarios and the Companys business scope,and enhancing the Companys overall competitiveness Ultra-low cost base film Development of ultra-low cost wet-process separators that are comparable to dry-process separators Mass production Mass prod

270、uction and shipment Improving the competitiveness and sales volume of the Companys separator products and increasing the Companys market share Self-capturing separator Enhancing the binding performance of separators and plates,improving the cycle life and the structure stability of battery Terminate

271、d the project as required by the client Mass production and shipment Improving the competitiveness and sales volume of the Companys separator products and increasing the Companys market share Fourth-generation separator with low shutdown temperature,high puncture strength and high porosity Reducing

272、shutdown temperature,increasing puncture strength and improving separator safety Market promotion stage Mass production and shipment Improving the competitiveness and sales volume of the Companys separator products and increasing the Companys market share Development of high-throughput film(R&D of l

273、arge and small pore separators)Developed solid electrolyte separators with median pore size 100 nm and porosity 75%Sample delivering and customer validating phase Developed solid electrolyte separators with median pore size 100 nm and thickness of 15 1m With the aid of technological innovation,enhan

274、cing the Companys technical leadership and overall competitiveness Development of high-hardness,long-cycle,low-expansion lithium battery separators(development of high-adhesion strength at low-temperature adhesive-coated separators)Over 30%increment for the adhesive strength between separator and ca

275、thode compared to the same-type mass-produced separator The formula has been finalized,sample delivering and customer validating phase.The separator adhesive has met the improvement requirements,with continuous optimization of formulations and processes Mass production and shipment Improving the com

276、petitiveness and sales volume of the Companys separator products and increasing the Companys market share Development of low-cost,high-heat resistant lithium battery separators(development of wet-process PP separators)Improving ionic conductivity of separator by 5%while maintaining high strength 5%i

277、ncrease in ionic conductivity of separator has been achieved,and it is in the stage of mass production validation,with continuous optimization of formulations and processes Optimization of physical properties to improve product cost performance With the aid of technological innovation,enhancing the

278、Companys technical leadership and overall competitiveness Development of high-wettability and long-cycle lithium battery separators(development of high-wettability modified PE separators)Improving the electrolyte contact angle and wettability by 20%compared with the conventional base film Wettabilit

279、y has been greatly enhanced,and it is in the validation stage of top customers Improving the ionic conductivity by more than 5%compared with conventional base membranes,improving the multiplication rate and cycling performance With the aid of technological innovation,enhancing the Companys technical

280、 leadership and overall competitiveness High-strength,high-conductivity lithium ion composite film for solid-state batteries Development of composite electrolyte films for all-solid-state or quasi-solid-state batteries Sample building phase Mass production and shipment With the aid of technological

281、innovation,enhancing the Companys technical leadership and overall competitiveness Basic development of ultra-small pore size specialty filtration film Expanding the Companys business and increasing separator application scenarios Sample delivering and customer validating phase Production line modif

282、ication and upgrading completed,mass production and shipment of roll samples achieved Expanding separator application scenarios and the Companys business scope,and enhancing the Companys overall competitiveness 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.24 Development of water treatmen

283、t film for municipal sewage and industrial wastewater Expanding the Companys business and increasing separator application scenarios Ready for mass production Operating model defined,mass production and shipment achieved Expanding separator application scenarios and the Companys business scope,and e

284、nhancing the Companys overall competitiveness Development of aluminum laminated films Expanding the Companys business Stable batch supply of high insulation products has been achieved,high molding products are well applied in middle and high-end customers,with stable supply and high consistency,prom

285、otion to overseas customers is steadily advancing Mass production and shipment have been achieved,product performance is improved constantly,and we have entered the supply chain of high-end customers Comprehensively improving product performance to reach the globally advanced level,laying a good fou

286、ndation for entering the high-end market,and enhancing the Companys overall competitiveness R&D of new degradable film Technological reserves,adapting to market demand Ready for mass production The film materials are biodegradable It meets the needs of ecological environmental protection,complies wi

287、th the requirements of relevant regulations and policies,fulfills social responsibility,and is conducive to improving the competitiveness of the Companys products in the market,as well as enhancing the Companys economic efficiency and corporate image R&D of highly smooth and antistatic film Developi

288、ng BOPP film products with high smoothness and high anti-static properties to meet the adaptability needs of high-speed printing machines,high-speed packaging machines,effectively improve the quality of prints and production efficiency,and improve the quality of product packaging Sample building,del

289、ivering and customer validating phase We have developed a series of highly smooth and anti-static film products for food,pharmaceutical,cosmetics and other packaging areas to meet the growing market demand Highly smooth antistatic film is suitable for packaging in food,pharmaceuticals,cosmetics and

290、other fields.Through the R&D of this project,it is conducive to improving the Companys technological innovation ability and enhancing the competitiveness of the Companys products in the market R&D of bio-based polyethylene plastic caps Technological reserves,adapting to market demand Ready for mass

291、production,depending on customer demand Replacing petroleum-based polymer materials with bio-based polymer materials to achieve 100%natural degradation of packaging materials and sustainable development Complying with the development concept of“ecological environmental protection,energy saving and c

292、arbon reduction,”and laying the foundation for the Companys aseptic packaging products to open up the market of top packaging with caps Scratch and sniff gable top box packaging Expanding the market of liquid packaging product Ready for mass production,being promoted across customer segments Making

293、conventional packaging interesting.Customers can smell the fragrance after scratching the designated area,improving the experience for end customers Making packaging materials for liquid more innovative and attractive and enhancing the market competitiveness of the Companys aseptic packaging product

294、s High barrier oil packaging materials with Al-PE paper complex structure Expanding the market of edible oil,soy sauce and other condiments Mass production Replacing traditional packaging for edible oil with molded pulp packaging to reduce the use of plastics The material has a good barrier against

295、light,water vapor and oxygen,thus improving the sealing of the Companys aseptic packaging products and laying a foundation for the Companys aseptic packaging products to develop diversified markets 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.25 R&D of environmentally-friendly high defin

296、ition printed aseptic packaging boxes Enhancing the competitiveness of the Companys products Mass production By using new materials,process parameters,and formulas,we achieve environmentally friendly high-definition printing,promoting ecological sustainability,reducing production costs,and enhancing

297、 product quality By ensuring water-based,environmentally-friendly printing,we can enhance the print durability of the printing plates,achieve clearer print quality,increase production efficiency,reduce costs,ensure product quality,and strengthen the competitiveness of the Companys products Informati

298、on on the Companys R&D personnel 2024 2023 Year-on-year change(%)Number of R&D employees 533 507 5.13%R&D employees as a percentage of total employees 5.60%5.43%0.17%Educational background structure of R&D personnel Bachelors degree and below 377 403-6.45%Masters degree and above 156 104 50.00%Age s

299、tructure of R&D personnel Under 30 207 224-7.59%Aged 30-40 238 218 9.17%Information on investment in R&D 2024 2023 Year-on-year change(%)Amount of investment in R&D(RMB)662,843,179.69 727,481,001.67-8.89%Investment in R&D as a percentage of operating revenue 6.52%6.04%0.48%Capitalized investment in

300、R&D(RMB)0.00 0.00 Capitalized investment in R&D as a percentage of total investment in R&D 0.00%0.00%0.00%Reasons for and impacts of significant changes in the composition of the Companys R&D personnel Applicable Not applicable Reasons for significant year-on-year changes in investment in R&D as a p

301、ercentage of operating revenue Applicable Not applicable Reasons and justification for significant changes in the capitalization rate of investment in R&D Applicable Not applicable 5.Cash flow Unit:RMB Item 2024 2023 Year-on-year increase or decrease Subtotal of cash inflows from operating activitie

302、s 9,244,960,014.86 11,626,206,968.78-20.48%Subtotal of cash outflows from operating activities 8,086,710,959.76 8,958,753,709.46-9.73%Net cash flows from operating activities 1,158,249,055.10 2,667,453,259.32-56.58%Subtotal of cash inflows from investment activities 1,379,089,146.09 174,676,679.85 6

303、89.51%Subtotal of cash outflows from investment activities 4,011,404,413.06 8,164,800,691.58-50.87%Net cash flows from investment activities-2,632,315,266.97-7,990,124,011.73 67.06%Subtotal of cash inflows from financing activities 14,092,315,361.77 20,895,450,020.58-32.56%Subtotal of cash outflows

304、from financing activities 13,678,642,439.98 15,758,526,797.94-13.20%Net cash flows from financing activities 413,672,921.79 5,136,923,222.64-91.95%Net increase in cash and cash equivalents-1,055,573,518.71-183,022,124.16-76.85%Main reasons for significant year-on-year changes in the relevant data Ap

305、plicable Not applicable The significant year-on-year decrease in the cash flows from operating activities was mainly due to the year-on-year decrease in sales proceeds in the Reporting Period;2024 Annual Report of Yunnan Energy New Material Co.,Ltd.26 The significant year-on-year increase in the net

306、 cash flows from investment activities was mainly due to a significant increase in the recovered investments caused by an increase in the amount of the financial management products upon maturity in the Reporting Period compared to last Reporting Period,as well as the decrease in the investment in t

307、he construction in progress in the Reporting Period compared to that in the previous Reporting Period;The significant year-on-year decrease in the net cash flows from financing activities was mainly due to the receipt of the funds raised by non-public offering of stocks in the last Reporting Period

308、and no occurrence of the related event in this Reporting Period.Reasons for the marked difference between net cash flow from operating activities during the Reporting Period and net profit for the year Applicable Not applicable This marked difference was mainly due to the provision for asset impairm

309、ent for the current period and the addition of a substantial amount of non-cash asset depreciation.V.Analysis of Non-main Businesses Applicable Not applicable VI.Analysis of Assets and Liabilities 1.Significant changes in the composition of assets Unit:RMB End of 2024 Beginning of 2024 Percentage ch

310、ange Reasons for significant changes Amount As a percentage of total assets Amount As a percentage of total assets Monetary funds 2,574,141,019.53 5.45%3,835,530,538.70 8.13%-2.68%Mainly due to the relative decrease in bank deposits Accounts receivable 6,102,048,232.51 12.93%6,719,699,762.18 14.24%-

311、1.31%Inventories 2,963,026,794.82 6.28%3,000,558,853.64 6.36%-0.08%Investment properties 9,051,579.82 0.02%7,865,069.42 0.02%0.00%Long-term equity investments 0.00 0.00%3,209,980.10 0.01%-0.01%Fixed assets 22,928,507,627.21 48.58%19,380,327,177.42 41.06%7.52%Mainly due to the increase in investment

312、in new production lines Construction in progress 5,863,245,023.13 12.42%6,207,408,467.99 13.15%-0.73%Right-of-use assets 1,752,245.09 0.00%2,387,711.07 0.01%-0.01%Short-term borrowings 8,136,897,962.50 17.24%7,290,694,906.27 15.45%1.79%Mainly due to the new borrowings Contract liabilities 45,640,854

313、.47 0.10%29,791,971.25 0.06%0.04%Long-term borrowings 5,070,029,111.30 10.74%4,685,315,817.70 9.93%0.81%Lease liabilities 182,663.88 0.00%Overseas assets accounted for a high percentage of the Companys total assets Applicable Not applicable 2.Assets and liabilities measured at fair value Applicable

314、Not applicable Unit:RMB Item Amount as at the beginning of the Reporting Period Profit and loss from the fair value changes during the Reporting Period Accumulated fair value changes recognized through equity Impairment provided during the Reporting Period Amount of purchase during the Reporting Per

315、iod Amount of sale during the Reporting Period Other changes Amount as at the end of the Reporting Period 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.27 Financial assets 4.Other investment in equity instruments 89,000,000.00 -11,000,000.00 78,000,000.00 Sub-total of financial assets 89,

316、000,000.00 -11,000,000.00 78,000,000.00 Others 408,354,641.63 408,092,531.80 408,354,641.63 408,092,531.80 Including:Bank acceptance bills 408,354,641.63 408,092,531.80 408,354,641.63 408,092,531.80 Total 497,354,641.63 -11,000,000.00 408,092,531.80 408,354,641.63 486,092,531.80 Financial liabilitie

317、s 0.00 0.00 Other changes Are there any significant changes in the measurement attributes of the Companys major assets during the Reporting Period Yes No 3.Restriction of asset rights as of the end of the Reporting Period Item December 31,2024 Book balance Book value Restriction type Reason for rest

318、riction Monetary funds 838,743,097.78 838,743,097.78 Pledged Margin,and account deposits under bank regulation Other current assets 50,178,767.12 50,178,767.12 Pledged Margin Fixed assets 1,305,145,941.74 1,155,206,200.49 Mortgaged Mortgaged loan Construction in progress 244,204,248.10 244,204,248.1

319、0 Mortgaged Mortgage-backed government subsidy Intangible assets 140,710,834.33 130,345,642.47 Mortgaged Mortgaged loan Total 2,578,982,889.07 2,418,677,955.96 VII.Analysis of Investments 1.Summary Applicable Not applicable Total investment amount during the Reporting Period(RMB)Total investment amo

320、unt during the same period of last year(RMB)Change(%)4,090,743,792.62 9,414,839,968.03-56.55%2.Substantial equity investments obtained during the Reporting Period Applicable Not applicable 2024 Annual Report of Yunnan Energy New Material Co.,Ltd.28 3.Substantial ongoing non-equity investments during

321、 the Reporting Period Applicable Not applicable Unit:RMB Project name Investment model Whether it is an investment in fixed assets Industries related to the investment project Amount of investment during the Reporting Period Accumulated actual investment as of the end of the Reporting Period Source

322、of funds Project progress Estimated revenue Accumulated realized revenue as at the end of the Reporting Period Reasons for failing to make planned progress and generate estimated revenue Disclosure date(if any)Disclosure index(if any)Wuxi Energy New Material Industrial Base Phase II Self-constructio

323、n Yes Lithium battery separator 3,630,511.23 2,409,502,311.18 Self-owned and self-raised funds;Raised funds by way of non-public offering in 2020 99.15%387,828,195.40 N/A July 2,2019 Please refer to the Announcement on Capital Increase by Shanghai Energy to Wuxi Energy and Investment in Wuxi Energy

324、New Material Industrial Base Phase II-Lithium Battery Separator(Announcement No.:2019-076)disclosed at Jiangxi Tonry Phase I Expansion Self-construction Yes Lithium battery separator 54,848,000.55 2,591,669,641.61 Self-owned and self-raised funds;Raised funds by way of non-public offering in 2020 10

325、0.00%944,328,091.26 N/A November 2,2018 Please refer to the Announcement on A Controlled Subsidiarys Acquisition of 100%Equity of Jiangxi Tonry New Energy Technology Development Co.,Ltd.(Announcement No.:2018-141)disclosed at Hungary Lithium Battery Separator Self-construction Yes Lithium battery se

326、parator 412,077,908.17 3,103,989,427.92 Self-owned and self-raised funds 99.00%0.00 N/A November 11,2020 Please refer to the Announcement on Construction of Wet-process Lithium Battery Separator Project in Hungary(Announcement No.:2020-204)disclosed at Chongqing Energy High-performance Lithium Batte

327、ry Micropore Self-construction Yes Lithium battery separator 188,012,707.33 1,852,930,303.79 Self-owned and self-raised funds;Raised funds by way of non-90.00%106,559,156.62 N/A November 23,2021 Please refer to the Announcement on Plan for Non-public Offering of A Shares in 2021(Announcement No.:202

328、1-2024 Annual Report of Yunnan Energy New Material Co.,Ltd.29 Separator(Phase II)public offering in 2021 188)disclosed at Jiangsu Energy EV Lithium Battery Separator Industrialization Project Self-construction Yes Lithium battery separator 890,414,936.78 3,510,653,643.25 Self-owned and self-raised f

329、unds;Raised funds by way of non-public offering in 2021 95.00%-76,990,775.52 N/A November 23,2021 Please refer to the Announcement on Plan for Non-public Offering of A Shares in 2021(Announcement No.:2021-188)disclosed at Jiangsu Ruijie EV Lithium Battery Aluminum Laminated Film Industrialization Pr

330、oject Self-construction Yes Aluminum laminated film 46,761,426.66 536,924,615.53 Self-owned and self-raised funds;Raised funds by way of non-public offering in 2021 50.00%-37,597,479.57 N/A November 23,2021 Please refer to the Announcement on Plan for Non-public Offering of A Shares in 2021(Announce

331、ment No.:2021-188)disclosed at Suzhou GreenPower Annual Production of 200 million Square Meters of Lithium-ion Battery Coating Separators Project Self-construction Yes Lithium battery separator(Coating films)21,084,318.92 612,417,947.73 Self-owned and self-raised funds;Raised funds by way of non-pub

332、lic offering in 2021 99.00%318,983,110.52 N/A November 23,2021 Please refer to the Announcement on Plan for Non-public Offering of A Shares in 2021(Announcement No.:2021-188)disclosed at Yuxi Energy lithium battery separator production line construction project with an annual production capacity of

333、1.6 billion square meters Self-construction Yes Lithium battery separator 997,147,262.99 1,005,383,793.90 Self-owned and self-raised funds 51.00%0.00 N/A March 30,2022 Announcement on the Progress on Yuxi Municipal Peoples Government Signing the Strategic Cooperation Framework Agreement(Announcement No.:2022-044)disclosed at Dry-process Lithium-ion Battery Separator Films Self-construction Yes Lit