Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [5]. Core Insights - In September 2025, the production and sales of new energy vehicles (NEVs) reached historical highs, with production and sales of 1.617 million and 1.604 million units respectively, representing year-on-year growth of 23.7% and 24.6%, and month-on-month growth of 16.25% and 14.98% [4]. - The penetration rate of NEVs in September was 49.7%, up 0.9 percentage points month-on-month, while the year-to-date penetration rate was 46.1% [4]. - Battery sales also saw significant growth, with total battery production reaching 151.2 GWh in September, a month-on-month increase of 8.3% and a year-on-year increase of 35.4% [4]. - The report highlights strong demand for energy storage in both domestic and international markets, with leading battery companies operating at full capacity [4]. Summary by Sections New Energy Vehicle Market - In September 2025, NEV sales reached 1.604 million units, with pure electric vehicle sales at 1.058 million units, showing a year-on-year increase of 36.4% [4]. - Year-to-date NEV sales totaled 11.224 million units, with pure electric vehicles accounting for 7.22 million units, reflecting a year-on-year growth of 44.7% [4]. Battery Production and Sales - In September, the total battery sales were 146.5 GWh, with power batteries accounting for 110.5 GWh, representing 75.5% of total sales [4]. - The report notes that the export of batteries in September was 26.7 GWh, with power batteries making up 17.6 GWh of that total [4]. Investment Recommendations - The report suggests focusing on leading companies in the lithium battery supply chain, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively developing solid-state battery technologies [4].

Summary of the Conference Call on Solid-State Battery Equipment Industry Industry Overview - **Industry**: Solid-State Battery Equipment - **Key Analysts**: Wang Shuai, Li Feng, Wu Shenghao, Sun Zhaoxu [1] Key Points Lithium Battery Market - By 2025, demand for lithium batteries in new energy vehicles and energy storage is expected to grow steadily. However, the industry faces an oversupply situation due to previous rapid capacity expansion, leading to sustained pressure on profitability for two years [3][3]. - Current signs indicate a price bottoming out and a slowdown in capacity expansion, which are positive for the market. The industry is showing signs of stabilization and potential upward elasticity in profitability as companies implement cost reduction and efficiency measures [3][3]. - New technologies like solid-state batteries are accelerating, potentially reshaping the competitive landscape. Companies with advantages in new technology may see a rebound first [3][3]. Solid-State Battery Development - The commercialization of solid-state batteries is expected to accelerate by 2025, driven by their high energy density, excellent safety, and adaptability to wide temperature ranges. They are likely to replace existing liquid lithium batteries in various applications and open new markets such as drones, robotics, and data centers [3][3]. - The solid-state battery supply chain is expected to see collaborative breakthroughs across various segments, including mature preparation processes for solid electrolytes and new electrode materials, leading to significant cost reductions [3][3]. - The initial phase of solid-state battery production will focus on dry electrode equipment and static pressure equipment, with increasing importance on post-processing stages as the industry matures [3][3]. Investment Recommendations - Focus on leading battery equipment manufacturers and companies with comprehensive R&D and production capabilities in solid-state batteries, such as XianDao Intelligent, Yinghe Technology, and HaiMuXing [3][3]. - Attention should also be given to companies innovating in dry coating and mixing processes, such as NaKonoer and HongGong Technology, as dry processes are expected to dominate future developments [3][3]. - As the solid-state battery trend becomes clearer, suppliers of post-processing equipment are likely to benefit, with companies like HangKe Technology and HuaZi Technology being noteworthy [3][3]. Risks - Potential risks include policy effects falling short of expectations, lower-than-expected downstream demand, unexpected fluctuations in raw material prices, macroeconomic volatility, and slower-than-expected technological advancements [3][3]. Additional Insights - The new national standard for power batteries mandates that they must not catch fire or explode, which will enhance the focus on battery safety and likely accelerate the adoption of solid-state batteries [6][9]. - Solid-state batteries significantly outperform liquid batteries in terms of thermal runaway temperatures, with solid electrolytes showing much higher thresholds for thermal stability [9][9]. - The production process for solid-state batteries involves significant changes in equipment and technology, particularly in the front-end processes of mixing, coating, and rolling, which are critical for achieving high energy density and cycle life [39][58]. Conclusion The solid-state battery equipment industry is poised for growth, driven by technological advancements and increasing safety standards. Investment opportunities exist in leading equipment manufacturers and those innovating in production processes. However, potential risks must be carefully monitored as the industry evolves.

Summary of Key Points Core Viewpoint The trading activity on the Beijing Stock Exchange (BSE) showed a significant decrease in transaction volume and value on September 26, with a total trading volume of 799 million shares and a transaction value of 19.456 billion yuan, down by 1.469 billion yuan compared to the previous trading day. Despite this decline, 80 stocks closed higher, indicating some resilience in the market. Trading Activity - The total trading volume on the BSE was 799 million shares, with a transaction value of 19.456 billion yuan, reflecting a decrease of 1.469 billion yuan from the previous day [1]. - Among the traded stocks, 80 closed higher, accounting for 28.99% of the total tradable stocks [1]. - The stocks with the highest closing gains included Jinhua New Materials (up 29.98%), Wuxin Tunnel Equipment (up 7.98%), and Silane Technology (up 7.54%) [1][2]. - Conversely, 193 stocks closed lower, with Jinhao Medical leading the declines at 11.00% [1]. Stock Performance - Jinhua New Materials had the highest trading volume at 1.158 billion yuan and a turnover rate of 74.80% [1]. - Other notable stocks in terms of trading volume included Wuxin Tunnel Equipment (572.73 million yuan) and Naconoer (504.29 million yuan) [1]. - The trading activity showed that 15 stocks had a turnover rate exceeding 10%, with three stocks exceeding 20% [1]. Market Dynamics - The overall market sentiment was mixed, with a notable number of stocks experiencing significant price fluctuations [1][2]. - The trading data indicates a potential shift in investor sentiment, as evidenced by the number of stocks that experienced both gains and losses [1][2]. Conclusion The BSE experienced a decline in trading activity on September 26, yet a portion of stocks demonstrated resilience with notable gains. The market dynamics suggest a complex environment where investor sentiment may be shifting, warranting close observation of future trading patterns and stock performances [1][2].

邢台纳科诺尔精轧科技股份有限公司 章 程 | 目录 | | --- | | 第一章 | 总则 1 | | --- | --- | | 第二章 | 经营宗旨和范围 2 | | 第三章 | 股份 2 | | 第一节 | 股份发行 2 | | 第二节 | 股份增减和回购 4 | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东会 6 | | 第一节 | 股东 6 | | 第二节 | 控股股东和实际控制人 9 | | 第三节 | 股东会的一般规定 10 | | 第四节 | 股东会的召集 16 | | 第五节 | 股东会的提案与通知 17 | | 第六节 | 股东会的召开 19 | | 第七节 | 股东会的表决和决议 22 | | 第五章 | 董事和董事会 26 | | 第一节 | 董事的一般规定 26 | | 第二节 | 董事会 30 | | 第三节 | 独立董事 34 | | 第四节 | 董事会专门委员会 37 | | 第六章 | 高级管理人员 39 | | 第七章 | 财务会计制度、利润分配和审计 41 | | 第一节 | 财务会计制度 41 | | 第二节 | 内部审计 45 | | 第三节 | 会 ...

邢台纳科诺尔精轧科技股份有限公司 2025 年第一次职工代表大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025年9月25日 证券代码：832522 证券简称：纳科诺尔 公告编号：2025-148 2.会议召开地点：公司多媒体会议室 3.会议召开方式：现场 4.发出职工代表大会会议通知的时间和方式：2025年9月22日以书面方式发出 5.会议主持人：徐青女士 6.召开情况合法、合规、合章程性说明： 本次职工代表大会的召集、召开及表决程序符合《公司法》及有关法律、法 规和《公司章程》的有关规定。 （二）会议出席情况 会议应出席职工代表48人，出席和授权出席职工代表48人。 二、会议审议议案及表决情况 （一） 审议通过《关于选举公司第四届董事会职工代表董事的议案》 1.议案内容： 根据《公司法》《上市公司章程指引》等相关法律法规的规定，公司将不 再设置监事会和监事，并将在董事会中设置一名职工代表董事。现推选赵程女 士为公司第四届 ...

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-147 邢台纳科诺尔精轧科技股份有限公司 董事离任公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、董事离任的基本情况 本公司郑立刚先生，因工作调动，自 2025 年 9 月 25 日起不再担任董事。该人员持 有公司股份 700,560 股，占公司股本的 0.4469%，不是失信联合惩戒对象，离任后继续 担任副总经理职务，存在未履行完毕的公开承诺。 郑立刚先生在任职期间严格履行已披露的公开承诺，不存在超期未履行完毕及违反 承诺的情形。郑立刚先生董事离任后将继续履行相关承诺，承诺内容详见《招股说明书》 之"第四节 发行人基本情况"之"九、重要承诺"。 二、合规性说明及影响 （一）人员变动的合规性说明 上述人员离任未导致公司董事会成员人数低于法定最低人数，未导致董事会中兼任 高级管理人员的董事和由职工代表担任的董事人数超过公司董事总数的二分之一，未导 致董事会或者其专门委员会中独立董事所占的比例不符合相关规则或者公司章程的规 定，未导致独 ...

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-149 职工代表董事任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、职工代表董事任命的基本情况 邢台纳科诺尔精轧科技股份有限公司（以下简称"公司"）于 2025 年 9 月 25 日 召开 2025 年第一次职工代表大会，审议通过了《关于选举公司第四届董事会职工代表 董事的议案》。 选举赵程女士为公司职工代表董事，任职期限至第四届董事会任期届满之日止，自 2025 年 9 月 25 日起生效。该人员持有公司股份 26,880 股，占公司股本的 0.0171%，不 是失信联合惩戒对象。 （上述人员简历详见附件） 二、合规性说明及影响 （一）人员变动的合规性说明 邢台纳科诺尔精轧科技股份有限公司 邢台纳科诺尔精轧科技股份有限公司 董事会 公司本次人员变动的任职资格均符合法律法规、部门规章、业务规则和公司章程等 规定。本次人员变动未导致职工代表在董事会成员的比例低于法定要求；公司董事会中 兼任高级管理人员的董事和由职工代表担任的董事， ...

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-144 邢台纳科诺尔精轧科技股份有限公司 2025 年第四次临时股东会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 9 月 25 日 2.会议召开地点：公司多媒体会议室 3.会议召开方式：现场投票和网络投票相结合方式 4.会议召集人：董事会 5.会议主持人：董事长付建新先生 6.召开情况合法合规的说明： 本次股东会会议的召集、召开、议案审议程序符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 48 人，持有表决权的股份总数 67,995,847 股，占公司有表决权股份总数的 43.38%。 其中通过网络投票参与本次股东会的股东共 45 人，持有表决权的股份总数 65,684,167 股，占公司有表决权股份总数的 41.90%。 （三）公司董事、监事、高级管理人员出席或列席股东会情况 ...

北京市尚公律师事务所 关于邢台纳科诺尔精轧科技股份有限公司 2025年第四次临时股东会的 法律意见书 北京市东长安街 10 号长安大厦 3 层 电话：010-65288888 传真：010-65226989 | 一、 | 本次股东会的召集、召开程序 | 3 | | --- | --- | --- | | 二、 | 本次股东会出席会议人员资格和召集人资格 | 3 | | 三、 | 关于本次股东会的表决程序和表决结果 | 4 | 北京市尚公律师事务所 法律意见书 北京市尚公律师事务所 关于邢台纳科诺尔精轧科技股份有限公司 2025 年第四次临时股东会的 法律意见书 致：邢台纳科诺尔精轧科技股份有限公司 北京市尚公律师事务所（以下简称"本所"）接受邢台纳科诺尔精轧科技股 份有限公司（以下简称"公司"）委托，指派律师出席公司 2025 年第四次临时 股东会（以下简称"本次股东会"），就本次股东会进行见证，并出具法律意见 书。 为出具本法律意见书，本所律师审查了公司提供的与本次股东会相关的文件 资料，同时听取了公司就有关事实的陈述和说明。本所律师仅根据本法律意见书 出具之日及以前发生或存在的合法事实和我国现行法律、法规 ...