乐凯胶片股份有限公司2025年年度报告深度解读

一、年度业绩概览及主要亮点

乐凯胶片股份有限公司（股票代码：600135）发布了2025年年度报告，报告显示公司2025年实现营业收入13.20亿元，较上年下降11.13%，归属于上市公司股东的净利润为-9,872.82万元，亏损进一步扩大，利润总额为-8,403.60万元。公司加权平均净资产收益率为-4.08%，经营活动现金流净额6,851.46万元，同比下降52.32%。由于年度亏损，公司2025年度不派发现金红利、不进行资本公积金转增股本、不送红股。这一系列数据表明公司经营压力较大，需重点关注后续调整和转型成效。

二、分业务板块表现及挑战

• 影像业务： 受民用市场个性化、定制化需求增长及“云影像”政策影响，医用干式胶片市场萎缩，公司通过延伸服务链条、开发新应用场景、强化银盐产品竞争力等多元化举措积极应对，力求稳定基本盘。
• 医疗业务： 面对政策冲击，公司优化工业片业务结构，强化市场统筹，销量创新高，推动新产品加快市场落地和技术研发，但整体医疗产品销售量大幅下降33.82%。
• 光电业务： 市场下行压力下，公司调整结构，推进新产品市场开拓，取得一定进展，TAC膜销量增长14.23%，毛利率提升1.67个百分点。
• 新能源业务： 重点推进锂电隔膜客户开发，实现销量跨越式增长，并加快新产品及分布式电站业务推广，锂电隔膜及相关产品表现亮眼。
• 双碳业务： 拓展标杆客户，提升渠道覆盖和大客户合作，效率提升明显。
• 国际化业务： 巩固海外代理与渠道，积极协同资源，夯实国际市场基础，为未来出口增长提供动力。

三、成本管控与管理提升

• 公司通过原材料国产化、优化配比，降本成效显著，年度技术创新降本任务完成率达120%。
• 生产环节推进工艺优化、能效提升、数字化管控，实现降本提质；采购端深化精细化管理，建立风险动态监测机制。
• 基础管理、风险防控体系进一步完善，内审与资金周转效率提升，推动制度矩阵建设，强化“大监督”格局。

四、财务及股东结构重点信息

• 财务表现： 2025年营业收入13.20亿元，同比下降11.13%；归母净利润-9,872.82万元，亏损幅度扩大；经营现金流净额下降52.32%。营业成本、销售费用、研发费用均有不同程度下降，但财务费用因利息收入减少而上升。
• 分行业毛利： 医疗产品毛利率14.69%，下降11.25个百分点；TAC膜行业毛利率23.54%，提升1.67个百分点；光伏产品毛利率大幅下滑至-78.97%。
• 产销情况： 彩色相纸产销分别增长8.20%、5.89%；医疗产品产销大幅跌落，产量降34.70%；TAC膜产销分别增长6.87%、14.23%。
• 股东结构： 截至2025年末普通股股东29,386户，前十大股东持股结构稳定，中国乐凯集团有限公司持股45.68%为控股股东。

五、行业环境与政策影响

• 行业压力： 影像和医疗行业受政策及消费结构变革影响加大，公司医用胶片和光伏产品销量同步下降。光电、双碳、新能源等新业务成为公司未来增长的关键。
• 政策风险： 国家医保、云影像政策及地方“揭榜挂帅”等产业政策均对公司主营业务产生较大冲击，需密切关注相关政策变动和市场调整。

六、投资者需关注的风险及潜在影响

• 亏损持续，红利中止： 2025年公司继续亏损，已连续多年未能实现盈利，且不进行分红、送转等股东回报措施，短期内难以改善，可能对股价形成压力。
• 业务结构调整尚待成效： 新业务虽有增长亮点，但整体收入和利润尚未实现转正，转型成果和盈利能力提升需持续观察。
• 行业政策变动与竞争： 影像、医疗、光电等主力领域均面临政策和技术变革带来的不确定性，市场份额和盈利能力存在波动风险。
• 现金流与成本压力： 经营性现金流下降，部分产品毛利率大幅下滑，若不能有效控制成本和拓展新市场，未来财务状况可能进一步承压。

七、结论

本次年报表明乐凯胶片正处于转型和调整的关键期。虽然公司在新材料、新能源、国际化等方向积极布局，部分新业务显现增长潜力，但整体收入、利润持续下降，核心业务受政策、市场影响较大，短期内盈利压力显著。持续亏损及红利中止可能对投资者情绪和公司估值产生负面影响。建议投资者密切关注公司转型进展、新产品市场拓展及政策变化对主要业务的影响。

免责声明： 本文基于公司公开披露的年度报告信息整理，不构成任何投资建议。投资者应结合自身实际情况，审慎作出投资决策，相关内容仅供参考。

English Version

In-depth Interpretation of Lucky Film Co., Ltd. 2025 Annual Report

1. Overview and Key Highlights

Lucky Film Co., Ltd. (600135.SH) published its 2025 Annual Report, revealing that the company achieved revenue of RMB 1.32 billion in 2025, down 11.13% year-on-year. Net profit attributable to shareholders was -98.73 million yuan, with total profit at -84.04 million yuan, indicating further losses. The weighted average return on equity was -4.08%, and operating cash flow was 68.51 million yuan, down 52.32%. No cash dividends, bonus shares, or capital reserve conversions will be distributed for 2025 due to the loss, which signals significant operating pressure and need for transformation.

2. Business Segment Performance and Challenges

• Imaging Business: Facing shrinking demand in medical dry film due to “cloud imaging” policy, the company extended service chains and developed new scenarios, striving to stabilize the base market.
• Medical Business: Despite policy shocks, the company optimized industrial film structure, achieved record sales, and accelerated new product launches, but overall medical product sales volume fell 33.82%.
• Optoelectronics: Despite market headwinds, new product market expansion delivered results, with TAC film sales up 14.23% and gross margin improving by 1.67 percentage points.
• New Energy: Focused on lithium battery separator market development, achieving leapfrog growth in sales, and actively promoted new products and distributed power station businesses.
• Dual Carbon: Expanded key customers, improved efficiency in channel and client cooperation.
• Internationalization: Consolidated overseas channels, enhanced resource synergy, laying groundwork for export growth.

3. Cost Control and Management Upgrades

• Significant cost reductions through localization of raw materials and process optimization, with annual cost reduction targets achieved at 120%.
• Production process optimization, energy efficiency upgrades, digital management, and refined procurement contributed to cost control and risk management.
• Risk management system strengthened, internal audit and fund usage efficiency improved, building a robust supervisory framework.

4. Financial and Shareholder Structure Highlights

• Financials: Revenue down 11.13% to RMB 1.32 billion; net loss widened to -98.73 million yuan; operating cash flow decreased by 52.32%. Cost, selling, and R&D expenses declined, but financial expenses rose due to lower interest income.
• Segment Margins: Medical products gross margin dropped 11.25 percentage points to 14.69%; TAC film margin rose by 1.67 points; solar product gross margin plunged to -78.97%.
• Production & Sales: Color paper production and sales up 8.2% and 5.89% respectively; medical product volumes down over 33%; TAC film production and sales up 6.87% and 14.23%.
• Shareholder Structure: 29,386 ordinary shareholders at year-end; China Lucky Group holds 45.68% as controlling shareholder.

5. Industry and Policy Environment

• Industry Pressure: Imaging and medical businesses heavily affected by policies and consumption changes, with both medical film and solar product sales declining. New businesses in new materials and energy are key for future growth.
• Policy Risks: National healthcare and cloud imaging policies, as well as localization and industry upgrade initiatives, have significant impact on core businesses, requiring close monitoring.

6. Risks and Potential Price-moving Factors for Investors

• Continued Losses and No Dividend: Persistent losses with no dividend or bonus shares may exert downward pressure on the stock.
• Uncertain Turnaround: New businesses show potential but have not turned overall results positive; success of transformation remains to be seen.
• Policy and Competitive Uncertainties: Key segments face uncertainties from policy and technology changes, potentially impacting market share and profitability.
• Cash Flow and Margin Pressure: Operating cash flow and major product margins under pressure; inability to control costs or expand markets may worsen financials.

7. Conclusion

The report indicates Lucky Film is at a critical transformation stage. While new materials, energy, and international markets show promise, core businesses face declining income and profit due to policy and market factors. Persistent losses and dividend suspension may negatively impact investor sentiment and valuation. Investors should closely monitor progress in transformation, new product adoption, and policy impacts on major businesses.

Disclaimer: This article is based on the company’s publicly disclosed annual report and does not constitute investment advice. Investors should make decisions based on their own circumstances; the content is for reference only.

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