Research Express | Weihai Guangwei Composite Materials (300699) receives individual investor inquiries 2025 carbon fiber capacity utilization rate reaches 70% carbon beam business becomes the main growth driver

On April 7th, Weihai Guangwei Composite Materials Co., Ltd. (hereinafter referred to as “Weihai Guangwei Composites” or “the Company”) held an earnings presentation via the “Interactive Easy Platform” and “Cloud Interview” section of the Shenzhen Stock Exchange, engaging with individual investors on topics such as the company’s operating conditions and business development. The company’s General Manager Wang Wenyi, Chief Financial Officer Xiong Shijun, Secretary of the Board Wang Yingchao, and Independent Director Li Wentao participated in the reception.

Basic Information of the Event

Key Issue Responses

Low gross profit margin in Q4 mainly due to business structure; no significant fluctuations expected this year

In response to investors’ question about “record high revenue in Q4 but nearly the lowest gross profit margin in history,” the company stated that the gross profit margins across various businesses in Q4 last year did not experience significant fluctuations. The overall low gross profit margin was mainly influenced by the business structure. Regarding whether the gross profit margin will improve this year, the company did not provide a specific forecast, only emphasizing that the business structure is the core influencing factor.

Carbon fiber capacity utilization about 70% in 2025; carbon beam business contributes mainly to growth

The company disclosed that the capacity utilization rate of its carbon fiber business is about 70% in 2025. When asked whether the more than 100% increase in carbon fiber production in 2025 mainly comes from the carbon beam business, the company responded that part of the carbon fiber produced that year was used internally as raw material, and that the carbon beam business’s early customers were mainly overseas. In the future, the company plans to expand the domestic market based on application conditions within China. This statement indirectly confirms that the carbon beam business is a significant driver of the production increase.

Major contract execution is normal; limited volume of CR450 supporting business

Regarding the execution of major contracts in 2025, the company stated that overall, execution is normal. When asked about the CR450 “Fuxing” train supporting project, the company said that currently, the main focus is on material business, with supply of carbon fiber and prepreg, but the business volume has limited impact on the company’s overall operations. Future growth potential remains to be observed.

Increase in short-term loans related to cash flow distribution and foreign currency asset structure

In response to the question whether the sharp increase in short-term loans is due to repayment of long-term debt, the company clarified that the increase in short-term borrowings mainly results from uneven quarterly distribution of operating cash flow, temporary shortages of RMB funds, and the utilization of USD deposits. This is a normal liquidity management practice considering the foreign currency asset structure, debt maturity schedule, and overall funding costs, and is not used for repaying project loans.

Decline in gross profit margin of new materials due to price and business structure factors

The company’s new materials business (excluding Guangwei Precision Machinery) saw a decline in overall gross profit margin. Besides product pricing factors, the significant growth of the carbon beam business in 2025, which altered the business structure, is also an important reason. Specifically, the prepreg segment’s gross profit margin decreased by 12 percentage points, mainly due to product price declines. Regarding the prices of products like T300 and T700, the company stated that there were no significant fluctuations in the first quarter of 2026.

Earnings presentation maintained as text interaction; transparency concerns

Some investors suggested that the company adopt video live streaming and playback to improve information transparency. The company responded that the 2025 earnings presentation was conducted through real-time text interaction, with the full content provided as a written record for investors to review. There was no mention of whether the format would be adjusted in the future.

Additionally, regarding specific data such as the revenue proportions of T700, T800, and M series in 2025, the company stated that it will be based on the disclosures in the annual report.

This survey focused on core topics such as the company’s capacity, business structure, and financial status. The company provided targeted responses to investors’ concerns. Future operational developments and performance will continue to be monitored through company announcements.

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Editor: Xiaolang Kuaibao