Changyang Technology plans to invest 1.8 billion to build an optical-grade polyester base film project and a lithium-ion battery separator project

On September 15, Changyang Technology announced that it plans to invest 1.224 billion yuan through its wholly-owned subsidiary Hefei New Materials to build an "optical-grade polyester base film project with an annual output of 80,000 tons." The main application directions of the project's products are optical-grade polyester base films such as polarizer release films and protective films, MLCC (multi-layer ceramic capacitor) release films, and pre-coated films for new displays.

In recent years, my country's polyester film industry has developed rapidly, but the domestic industry has shown a structural contradiction of "overcapacity of low-end products and insufficient supply of high-end products". In the high-end field, foreign manufacturers have an advantage in the industry competition with their technological advantages. From 2009 to 2019, our polyester film import and export data show that the ratio of the average price of imported films to the average price of exported films in my country has been greater than 2, with a peak of 3.65 times in 2010. Imported films are relatively high-end as a whole, such as polarizer release films and protective films, MLCC (multi-layer ceramic capacitor) release films and other optical-grade polyester-based films. China currently still relies mainly on imports and urgently needs domestic substitution.

In addition, the global polyester-based film has grown at an average annual rate of 6.7% in the past five years, with an annual demand of more than 5 million tons, of which China accounts for about 40%. According to Zhiyan Consulting, by 2026, the market size of my country's polyester film industry will reach 68.634 billion yuan. At present, Changyang Technology's annual production capacity of optical-grade polyester-based film is only 25,000 tons, and it is in urgent need of expanding production capacity.

Changyang Technology said that this project closely revolves around the national development strategy and related industrial policies for strategic emerging industries such as new materials, meets the needs of industry development, and is in line with the company's "ten films in ten years" goal and "import substitution, world leading, one of the best" development strategy. It will expand production capacity around the company's main business, which will help the company further expand its business scale, enhance its market development capabilities, optimize its product structure, and improve its overall competitiveness. After the project is completed and put into production, it is expected to achieve an annual operating income of 112,389 million yuan and an annual total profit of 24,408 million yuan in the year of full production.

At the same time, Changyang Technology plans to invest 591 million yuan through its wholly-owned subsidiary Hefei Changyang New Energy Technology Co., Ltd. to build a "560 million square meters lithium-ion battery separator project". The project produces power battery separator products, which are mainly used in new energy vehicles, energy storage and other fields.

It said that the project construction is in line with the country's development strategies, plans and policies in the fields of new energy vehicles and energy storage, and meets the needs of industry development. It is conducive to the company's further expansion of business scale, further optimization of product structure, and continuous promotion of the company's transformation and upgrading. After the project is completed and put into production, it can achieve operating income of 532 million yuan and total profit of about 111.27 million yuan in the full-capacity year.