1 Million Sqm Transparent Polyimide Project Delayed!

On April 23, Changyang Technology announced that the company plans to extend the construction period of the project to produce 1 million square meters of colorless transparent polyimide (CPI) film annually to June 2028.

Regarding the reason for the delay, the announcement stated that, in light of the product development and validation process, as well as the impact of various factors such as the macroeconomic environment and terminal market consumer demand, and considering the potential for production instability and quality fluctuations during the initial phase of large-scale production of CPI products, in order to maintain a relatively healthy cash flow, profitability, and capacity utilization for the company, it is proposed to slow down the subsequent construction progress of the project.

It is reported that the total investment for this project amounts to RMB 302.48 million, covering the construction of production workshops and supporting facilities, as well as the procurement and installation of production equipment. Specifically, construction investment totals RMB 242.22 million, construction-period interest amounts to RMB 8.01 million, and the working capital reserve is RMB 52.25 million. Land has been acquired and the factory building completed in Zhoushan, Zhejiang Province. As of April 20, 2026, the cumulative actual investment amounted to RMB 121.2439 million.

CPI (Colorless Polyimide), which quickly gained popularity due to the concept of space photovoltaics at the beginning of the year, has always been a hot topic. Zhongtian Technology stated that the CPI film it developed has a modulus ≥ 5.8GPa and CTE ≤ 15ppm/℃, reaching an internationally advanced level, suitable for the needs of commercial aerospace flexible solar wings; Wogo Optoelectronics has achieved in-orbit application of CPI film material as a flexible solar wing substrate, forming a full industrial chain production capacity; photovoltaic leader Jundah Co., Ltd. also announced a cross-industry layout of CPI film (transparent polyimide film) and the R&D and production of products combining CPI film with crystalline silicon batteries, to seize the space photovoltaic track.

CPI's largest application scenario is as a cover material for foldable displays. In February 2026, reports emerged that Apple was considering using transparent polyimide (PI) film as a protective layer on the UTG glass surface of its first foldable iPhone to enhance durability. If this solution is implemented, it would create significant market potential for CPI materials.

CPI film is a high-value-added product with high barriers to entry. Due to the significant technical challenges in production, only a very limited number of Japanese and Korean companies, such as Korea's KOLON, currently possess the capability to supply it. No domestic Chinese company has yet achieved large-scale mass production capability for CPI film used in flexible displays.

Changyang Technology stated that the company is accelerating the development of transparent polyimide film (CPI film), which is mainly used in foldable phones and is currently in the customer verification stage.

In addition, on March 6, the Xinzheng High-tech Zone signed a project agreement with Sichuan Aoniu New Materials Co., Ltd. for the production line of polyimide electronic special film. The project has a total investment of 1 billion yuan. The first phase investment is 500 million yuan, and after completion, the annual production capacity will reach 600,000 square meters of CPI. The second phase investment is 500 million yuan, planning to build a slurry production line and expand the film production line, and after completion, the annual production capacity will reach 3 million square meters.

On the same day, Changyang Technology announced in a public notice that the company achieved revenue of RMB 1,094.0672 million in 2025, a year-on-year decrease of 18.13%. The net loss attributable to shareholders of the listed company amounted to RMB 143.5768 million, representing an increased loss compared to the same period last year. The primary reasons were the challenging macroeconomic environment and intense market competition affecting products such as lithium battery separators, adhesive films, and optical base films. In 2025, the company suspended production lines for lithium battery separators and adhesive films and accordingly recorded higher impairment losses on related fixed assets and construction-in-progress assets. Additionally, the company’s financial expenses and administrative expenses increased compared to the prior period.

Regarding new products, the company has developed a base membrane for electrolyte composite films applicable to solid-state or semi-solid-state batteries. The product has secured small-volume orders from leading customers in the industry as well as enterprise orders from mid-tier customers. Additionally, the company has developed a PBT-based release film that overcomes the technical bottlenecks of traditional materials in the brown oxide copper lamination process, filling a gap in this specific market segment and enabling import substitution. This product has already passed customer validation and entered mass production. Furthermore, in the core PCB rigid board manufacturing materials segment, the company has successfully completed product development, achieving a technical breakthrough that enables PE-based films to maintain qualified release and resin barrier performance at high temperatures of 200°C. This product has also entered mass production.