Cangzhou Mingzhu (SZ002108) Analysis of BOPA Film Business and Applications

Cangzhou Mingzhu Plastic Co., Ltd. (Stock Code: 002108.SZ) was established in 1995, a joint-stock enterprise co-funded by Hebei Cangzhou Dongsu Group Co., Ltd. and Juhong (Hong Kong) Co., Ltd., and listed on the Shenzhen Stock Exchange in January 2007 [1]. The company currently has a registered capital of RMB 1.665 billion, achieved operating revenue of RMB 2.748 billion in 2024, has 2,502 employees, and its headquarters is located at No. 77, Yongji West Road, Cangzhou High-tech Zone, Hebei Province [1].

The company operates three major business segments:

, , and . Among them, BOPA film is one of the company’s core products. Cangzhou Mingzhu has become one of the key manufacturers in China’s BOPA film industry, with an annual production capacity of approximately 28,500 tons, and plans to expand its capacity to 76,000 tons per year [2][3].

---

BOPA film (Biaxially Oriented Polyamide Film) is a high-end packaging material that has developed rapidly worldwide in recent years, and has become the third most widely used film packaging material following BOPP and BOPET films [4]. Its core product characteristics include:

Feature Category	Specific Indicators/Advantages
Mechanical Properties	High strength, high toughness, excellent tensile resistance
Barrier Properties	Excellent oxygen barrier, outstanding aroma retention
Temperature Application Range	Ultra-wide temperature range (-60℃~150℃)
Chemical Resistance	Excellent wear resistance and corrosion resistance
Transparency	High transparency, excellent visual effect
Thinning	Enables thin and lightweight design

These characteristics enable BOPA film to meet the stringent requirements of the modern packaging industry for high barrier properties, high strength, thinning, and ultra-wide temperature application range [4].

---

According to the analysis of global market demand structure, the downstream applications of BOPA film show diversified characteristics:

Food packaging is the largest application market for BOPA film, including:

• Retort Food Packaging
  : Suitable for foods requiring high-temperature sterilization (such as canned food, cooked food, etc.)
• Oily Food Packaging
  : Provides excellent barrier protection for oil-based foods (such as nuts, edible oil, etc.)
• Frozen Food Packaging
  : Maintains excellent flexibility and barrier properties in low-temperature environments
• Liquid Condiment Packaging
  : Packaging for liquid condiments such as soy sauce, vinegar, cooking wine, etc.
• Snack Food Packaging
  : Individual small-packaged foods such as chicken feet, duck necks, beef jerky, dried tofu, small seafood, etc.

• Flexible packaging for cleaning products, cosmetics, etc.
• Packaging for daily chemical products such as toothpaste, skin care products, etc.

• Blister packaging for pharmaceuticals
• Packaging for medical devices
• Packaging for medical dressings

• Lithium-ion Battery Aluminum Plastic Packaging Film
  : Outer packaging material for soft-pack lithium batteries
• Electronic Products Packaging
  : Moisture-proof and anti-oxidation packaging for precision electronic components

• Household products: Vacuum storage bags
• Balloon decorations
• Grain product packaging
• Industrial parts packaging

---

Cangzhou Mingzhu has the following competitive advantages in the BOPA film field:

The company masters both

and technologies for BOPA film production, which can meet customer demands in different markets:

• Synchronous Method
  : Better product uniformity, suitable for high-end packaging markets
• Asynchronous Method
  : High production efficiency, obvious cost advantage, suitable for mass markets

• The BOPA film capacity expansion project in Wuhu was put into operation in 2024
• The 38,000-ton annual output BOPA film project in Cangzhou is expected to be completed in October 2025
• The newly added asynchronous stretching production line features
  wide width, high speed, high capacity, and relatively low cost

In China’s BOPA film market, Cangzhou Mingzhu is one of the major industry players along with Zhonglun New Materials, Foshan Plastics Technology, etc. The company’s BOPA film capacity ranked among the top in the industry in 2022 [2].

---

• Development of E-commerce and Logistics
  : The rise of online stores and mature logistics networks have accelerated the circulation of terminal consumer foods and daily chemicals, leading to a substantial increase in packaging material consumption [4]
• Consumption Upgrading
  : People’s increasing requirements for food safety have driven the application of high-barrier flexible packaging materials
• Packaging Structure Upgrading
  : Exquisite packaging has become an important means of product differentiation competition
• Export Growth
  : There is great potential in overseas markets, and the export of BOPA film has maintained steady growth [4]

• Pharmaceutical Packaging Sector
  : Pharmaceutical packaging has high requirements for material safety, and BOPA film is gradually penetrating the sector with its excellent performance
• Lithium Battery Aluminum Plastic Film
  : The development of new energy vehicles has driven demand for soft-pack batteries, increasing the consumption of BOPA film used in aluminum plastic films
• Special Nylon Film
  : New application scenarios such as high-end fishing lines, wind power films, etc. are continuously expanding

• Process Upgrading
  : From BOPA 1.0 flat film stretching technology to BOPA 4.0 magnetic levitation technology, production efficiency continues to improve
• Product Differentiation
  : Functional BOPA films (such as high-barrier, high-temperature resistant, special nylon, etc.) have become the development direction
• Green Environmental Protection
  : Demand for degradable and recyclable packaging materials is growing

---

Based on the latest financial data [5]:

• Price-to-Earnings Ratio (P/E)
  : 55.65x
• Price-to-Book Ratio (P/B)
  : 1.73x
• Net Profit Margin
  : 5.45%
• ROE
  : 3.07%
• Current Ratio
  : 1.46, with a relatively stable financial status

:

• Downward price pressure due to intensified market competition
• Raw material cost fluctuations affecting profitability
• Market absorption risk after capacity expansion

---

As an important participant in China’s BOPA film industry, Cangzhou Mingzhu has established a solid market position in diversified application fields such as food packaging, daily chemicals, pharmaceuticals, and electronics by virtue of its dual synchronous and asynchronous process layout, scale advantages, and technological accumulation. With the development of e-commerce, consumption upgrading, and demand growth in the new energy sector, the BOPA film market has broad prospects. The implementation of the company’s capacity expansion strategy will help enhance its comprehensive competitiveness, but attention should be paid to risks such as intensified market competition and raw material cost fluctuations.

---

[1] Baidu Encyclopedia - Cangzhou Mingzhu Plastic Co., Ltd. (https://baike.baidu.com/item/沧州明珠塑料股份有限公司/3011679)

[2] Dongfang Fortune Securities Research Report - Analysis of Zhonglun New Materials’ BOPA Film Industry (https://pdf.dfcfw.com/pdf/H3_AP202506291699779757_1.pdf)

[3] Tianfeng Securities Research Institute - BOPA Film Industry Research Report

[4] Cangzhou Mingzhu 2024 Annual Report Summary (http://notice.10jqka.com.cn/api/pdf/4128d0864fb92660_1745582845/沧州明珠：2024年年度报告摘要.pdf)

[5] Jinling AI Financial Database - Cangzhou Mingzhu (002108.SZ) Company Overview and Financial Data