证券代码：835185 证券简称：贝特瑞 公告编号：2025-038 贝特瑞新材料集团股份有限公司 2024 年年度权益分派实施公告 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。 贝特瑞新材料集团股份有限公司 2024 年年度权益分派方案已获 2025 年 5 月 8 日召开的股东会审议通过，本次实施分配方案距离股东会审议通过的时间未 超过两个月。 现将权益分派事宜公告如下： 本 次 权 益 分 派 基 准 日 合 并 报 表 归 属 于 母 公 司 的 未 分 配 利 润 为 6,916,983,854.51 元，母公司未分配利润为 2,334,717,479.41 元。本次权益分派共 计派发现金红利 447,223,805.20 元。 （3）对于合格境外投资者之外的其他机构投资者和法人股东，本公司未代 扣代缴所得税，由纳税人在所得发生地缴纳。 3、除权除息特别提示： 一、权益分派方案 1、本公司 2024 年年度权益分派方案为： 以公司股权登记日应分配股数 1,118,059,513 股为基数（应 ...

Group 1: Company Capacity and Production - The company has an annual production capacity of 575,000 tons for negative electrode materials [3] - The sodium battery production capacity is approximately 3,000 tons per year, with both positive and negative electrode materials recognized by customers and achieving bulk shipments [9] Group 2: Solid-State Battery Insights - Solid-state batteries are not a disruptive reconstruction of existing electrode material systems but rather an innovation in electrolyte form, enhancing energy density and safety while retaining mature electrode materials [6] - The demand for high energy density and high safety batteries is expected to increase with the rise of new application scenarios such as low-altitude economy, drones, and robotics, driving the industrialization of solid-state batteries [6] Group 3: Overseas Expansion and Strategic Considerations - The company has launched an 80,000 tons per year negative electrode material project in Indonesia, with the first phase in production since 2024 and a second phase expected to be operational in 2025, bringing total capacity in Indonesia to 160,000 tons per year [7] - The establishment of factories overseas is a key measure for implementing a global strategy, helping to build a more resilient localized supply chain and better serve overseas markets [7][8] - The choice of Indonesia for factory establishment is based on favorable production factors compared to Europe and the U.S., including cost, tax advantages, and reliable raw material and transportation [8] - Morocco was selected for its strategic geographical and trade position, which helps consolidate global competitive advantages [8]

证券代码：835185 证券简称：贝特瑞 公告编号：2025-037 贝特瑞新材料集团股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 二、 投资者关系活动情况 活动时间：2025 年 5 月 16 日 活动地点：深圳市光明区凤凰街道光源四路 8 号贝特瑞新能源科技大厦 参会单位及人员：中国风险投资有限公司及其他个人投资者合计 27 人。 上市公司接待人员：董事会秘书张晓峰、董事会秘书处主任黄舒欣 回复：公司在印尼年产 8 万吨负极材料项目（一期）已于 2024 年实现投 产，产能持续爬坡；印尼二期项目正在建设中，预计 2025 年实现投产，建成 后，公司在印尼负极材料产能达到 16 万吨/年；同时，公司在摩洛哥也布局了 正极材料和负极材料的产能，目前正在稳步推进中。 公司在海外建厂是落实全球化战略的关键举措，通过在海外布局生产基 地，构建更具韧性的本地化供应链体系，一方面有利于应对地缘政治风险，另 一方面也有利于进一步贴近海外 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 8.1 billion, 10.0 billion, and 12.1 billion for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 28, 22, and 18 [14]. Core Views - The company is expected to ship over 430,000 tons of negative electrode materials in 2024, representing a year-on-year increase of 19%, slightly below industry growth due to a slowdown in overseas demand [11]. - The company has established a solid-state electrolyte production line with an annual capacity exceeding 100 tons, serving clients in the power and 3C sectors, and has already achieved shipments [16]. - The company’s revenue for 2024 is projected at 14.24 billion, with a net profit of 930 million, reflecting a year-on-year decline of 43% [2]. Summary by Sections Negative Electrode - The company is expected to achieve a gross profit of approximately 2,800 yuan per ton in the negative electrode segment for 2024, with projected profits of 2,900 yuan and 1,700 yuan per ton for Q4 2024 and Q1 2025 respectively [11]. - The decline in Q1 profitability is attributed to foreign exchange losses estimated at 60-70 million yuan, competitive pressure from overseas clients, and rising petroleum coke prices affecting performance [11]. Positive Electrode - The company has a production capacity of 63,000 tons per year for positive electrode materials, with a new high-nickel positive electrode project in Changzhou expected to be completed in 2024 [4]. Financial Performance - The company reported revenues of 39.7 million and a net profit of 2.6 million for Q4 2024, showing a year-on-year decline of 17% and 10% respectively, but a quarter-on-quarter increase of 23% and 45% [2]. - For Q1 2025, the company achieved revenues of 33.9 million, with a net profit of 1.8 million, reflecting a year-on-year decline of 4% and 19% respectively [2]. Future Outlook - The company is expanding its overseas production capacity, with an integrated project in Indonesia for 80,000 tons of negative electrode materials gradually coming online, which is expected to enhance shipment volumes and global market share [11].

Group 1 - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) was held, where the director of the Central Research Institute of Better Energy, Li Zikun, discussed the application of solid-state electrolyte materials in semi-solid battery systems, indicating that clear positive feedback has not yet been observed in power batteries [2] - The industrialization of semi-solid battery systems follows a path of "first digital systems, then power batteries," while the more complex all-solid-state battery systems are expected to have clear industrialization milestones only after 2027 [2] - Cost issues remain a significant challenge for all-solid-state systems, with initial semi-solid systems being prioritized for use despite higher costs, until competitive advantages in cost are achieved [2] Group 2 - Better Energy has released a comprehensive solution for solid-state battery materials, including the BETAN FLEX semi-solid and GUARD all-solid-state series, which covers both current semi-solid battery applications and anticipated all-solid-state systems post-2027 [3] - The company has been advancing the intelligence of its R&D platform, actively integrating AI for science, including big data computing, simulation, modeling, and material screening into its R&D processes [3] - Since 2017, Better Energy has been focusing on key materials for solid-state batteries, with its solid electrolyte product being the first commercially available in the industry, and its clients include major companies like CATL, BYD, and Samsung SDI [3]

Group 1 - The company has confirmed that its CVD anode materials are ready for mass production, with existing customers already utilizing them. The variety of silicon-based products is tailored to customer application needs and cost considerations [2] - Despite the attention on domestic CVD anode materials, overall demand remains low due to high costs and unresolved issues [2] - The company is focused on biomass anode materials, which are low-cost and have low carbon emissions, aligning with future development trends. Current performance is satisfactory, but there may be niche demands requiring specialized designs where polymer materials have advantages [2] Group 2 - In the solid-state battery sector, the company has stated that its solid-state battery materials are ready for mass production, suitable for both digital and power battery needs. The actual production pace will depend on the validation cycles of downstream cell manufacturers and end vehicle companies [2] - The semi-solid battery system is expected to achieve large-scale application first, while the industry-wide mass production of all-solid-state batteries is generally projected for 2027. The company emphasizes its early layout and deep technical accumulation in core materials like sulfide solid electrolytes [2] - The third-generation deposited silicon-carbon products have entered mass production, with costs comparable to industry standards. The company's specialized graphite shows better compatibility with silicon, significantly enhancing performance while keeping costs manageable [3] Group 3 - The company plans to focus on new energy materials as its core, promoting positive electrode materials in the ternary field and expanding into overseas markets. It aims to transition into a battery materials system solution provider [3] - Both positive and negative electrode businesses are developing simultaneously, with plans to incorporate new materials like electrolytes and enhance ESG competitiveness through a closed-loop recycling system [3] - Although current anode prices are affected by industry overcapacity and technological iterations, the company remains optimistic about profit margins in overseas markets and the application of fast-charging technologies [3]

Group 1: Investor Relations Activity Overview - The investor relations activity took place on May 13, 2025, at the company's technology park in Shenzhen, Guangdong Province, with a total of 46 investors attending [3][4]. - Key attendees included representatives from various investment firms such as Bosera Fund, Shenwan Hongyuan, and CITIC Securities [3]. Group 2: New Product Launch - The company launched the "Beian FLEX" semi-solid and "GUARD" all-solid-state battery materials, providing solutions for next-generation battery technology with a focus on "high energy + high safety" [5]. - The high-nickel positive electrode material in the Beian FLEX series reduces resistance by 6% compared to equivalent nickel content ternary materials, while the silicon-based negative electrode can achieve a capacity of 2,300 mAh/g [5]. Group 3: Production and Market Insights - The company has the production technology for solid-state battery materials, with 2024 expected to be a representative year for semi-solid battery product shipments, while 2027 is anticipated for large-scale production of all-solid-state batteries [6]. - The company is strategically positioned in the solid-state battery materials market, leveraging its extensive R&D background and engineering capabilities [7][8]. Group 4: Cost and Production Challenges - The third-generation silicon-based materials are currently in mass production, with costs comparable to industry standards [9]. - The company faces challenges in scaling up the production of sulfide materials, which still have high production costs despite recent reductions [12]. Group 5: Future Growth and Strategic Planning - The company aims to transition from a material supplier to a provider of comprehensive battery material solutions, focusing on new technologies and products to enhance value for customers [15]. - The strategic focus on high-nickel materials and overseas market expansion is expected to drive growth, with a significant emphasis on developing a closed-loop recycling system for materials [16]. Group 6: Market Dynamics and Competitive Landscape - The company acknowledges the downward pressure on prices due to market oversupply and the need for technological breakthroughs to reduce costs [18]. - The competitive landscape in the negative electrode market is evolving, with the company emphasizing the importance of balancing cost and performance in new product developments [19].

证券代码：835185 证券简称：贝特瑞 公告编号：2025-035 贝特瑞新材料集团股份有限公司 2024 年年度股东会决议公告 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 5 月 8 日 2.会议召开地点：广东省深圳市光明区凤凰街道光源四路贝特瑞新能源科技 大厦会议室 3.会议召开方式：现场投票和网络投票相结合 4.会议召集人：董事会 5.会议主持人：董事长贺雪琴 6.召开情况合法、合规、合章程性说明： 本次股东会的召集、召开、议案审议程序等方面符合有关法律、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 19 人，持有表决权的股份总数 770,817,926 股，占公司有表决权股份总数的 68.9425%。 其中通过网络投票参与本次股东会的股东共 8 人，持有表决权的股份总数 4,865,510 股，占公司有表决权股份总数的 0.4352%。通过现场投票参与 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国深圳市福田区中心四路 1 号 电子邮件 E-mail: email@fangdalaw.com 嘉里建设广场 T1 座 9 楼 电 话 Tel.: 86-755-8159-3999 邮政编码：518048 传 真 Fax: 86-755-8159-3900 9/F, Tower One, Kerry Plaza 1 Zhong Xin Si Road Futian District Shenzhen 518048, China 上海市方达（深圳）律师事务所 关于贝特瑞新材料集团股份有限公司 2024 年年度股东会的 法律意见书 致：贝特瑞新材料集团股份有限公司 上海市方达（深圳）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席贝 特瑞新材料集团股份有限公司（以下简称"公司"）2024 年年度股东会（以下简 称"本次股东会"），并就本次股东会的召集和召开程序、参与表决和召集会议人 员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 14.237 billion yuan, down 43.32% year-on-year, and net profit at 930 million yuan, down 43.76% year-on-year [1][4] - Despite the revenue decline, the company achieved a notable increase in the sales volume of negative materials, exceeding 430,000 tons, indicating strong market competitiveness in this sector [4] - The company is advancing its globalization strategy, with successful projects in Indonesia and Morocco, aiming to expand production capacity in response to industry developments and customer demand [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 142.37 billion yuan, a decrease of 43.32% year-on-year, and a net profit of 9.3 billion yuan, down 43.76% year-on-year [1][4] - For Q1 2025, the company reported revenue of 33.92 billion yuan, a decline of 3.88% year-on-year, and a net profit of 1.76 billion yuan, down 19.2% year-on-year [1][4] Product Performance - The sales volume of negative materials increased significantly, while the sales volume of positive materials dropped to approximately 20,000 tons, resulting in a revenue of 3.079 billion yuan, down 74.99% year-on-year [4] - The company has developed advanced silicon-based negative materials, achieving significant breakthroughs in international supply chains [5] Future Outlook - The company forecasts earnings per share of 1.11 yuan and 1.36 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 18 and 15 [5][6]