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 ...

Core Points - The North Exchange saw 265 listed companies report a total revenue of approximately 180.84 billion yuan in the previous year, with an average revenue of 6.82 million yuan per company [2][3] - Over 80% of the companies reported profits, with more than 100 companies achieving both revenue and profit growth [2][3] - The top three companies by revenue were Better Ray (142.37 billion yuan), Yinuowei (68.57 billion yuan), and Tongli Co. (61.45 billion yuan) [4][6] Revenue and Profit Analysis - Better Ray was the only company with revenue exceeding 10 billion yuan, but it experienced a decline in both revenue (down 43.32%) and net profit (down 43.76%) [4][6] - A total of 31 companies reported revenues exceeding 10 billion yuan, with 29 companies achieving net profits over 100 million yuan [4][6] - Companies such as Yinuowei and Tongli Co. reported revenue growth of 8.92% and 4.85%, respectively, while some companies faced declines [4][6] Dividend and Shareholder Returns - Over 90% of profitable companies announced dividend plans, with total dividends amounting to 5.968 billion yuan, representing 43% of net profits [2][10] - Several companies proposed significant dividend payouts, with Better Ray planning to distribute over 400 million yuan [11][12] - Companies also introduced share bonus plans, with some proposing high ratios of share distribution alongside cash dividends [12][13] R&D Investment - The total R&D investment by North Exchange companies exceeded 9.1 billion yuan, with over 60% of companies increasing their R&D spending [9]

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]

Core Insights - The article discusses the rapid development and strategic importance of the graphene industry in China, highlighting government policies and future goals for the sector [1][4][13]. Policy Overview - Since 2012, multiple government departments have issued policies to support the development of the graphene industry, focusing on production scale, industry standards, and technological innovation [4][6]. - The "14th Five-Year Plan" emphasizes the need for independent development of new materials, including graphene, aiming for significant industry growth from 2021 to 2025 [1][10]. Future Goals - By 2025, the production of high-quality graphene powder is expected to reach over 10,000 tons annually, with graphene film production exceeding 100 million square meters [13][15]. - The overall industry scale is projected to surpass 100 billion yuan, with significant advancements in electronic applications, including the mass production of 8-inch graphene chips [13][15]. Local Government Initiatives - Various provinces have set specific targets for graphene industry development, such as Chongqing aiming for a 50 billion yuan industry scale by 2021 and Ningbo targeting a competitive graphene industry cluster by 2023 [16][17]. - Local policies focus on enhancing innovation, production capabilities, and establishing industry standards to support the growth of the graphene sector [17][18].

Core Viewpoint - The performance of leading anode material companies in China has diverged, with some experiencing significant profit declines while others report substantial profit increases [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% compared to the previous year [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, an increase of 15.79% year-on-year [2][4]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, up 626.56% year-on-year [2][4]. - **Guifengbiao**: Net profit was 50 million yuan, down 40.23% year-on-year [2]. - **Shanshan Co.**: Experienced a net loss of 367 million yuan, marking a 147.79% decline year-on-year [2][3]. Industry Trends - The anode materials industry is facing a phase of structural overcapacity, leading to a decline in product prices [5]. - The overall capacity utilization rate for anode materials is at 60.8%, down 4.5 percentage points year-on-year [5]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy in response to market conditions [5]. Capacity Expansion - Despite the overcapacity, companies continue to expand production. Most companies reported an increase in construction projects compared to the previous year [6][7]. - **Shangtai Technology**: Increased its construction investment to 687 million yuan, over 16 times higher than the beginning of the year [7]. - **Xiangfenghua**: Reported a 92.53% increase in construction investment due to new projects [7]. - **Zhongke Electric**: Has taken a cautious approach, recognizing the need for impairment provisions on certain projects due to market slowdown [7]. Fast-Charging Technology Development - Fast-charging technology is a clear trend in consumer and power batteries, with significant growth expected in the coming years [8][9]. - Companies like Purtai and BTR are developing fast-charging anode materials that meet high-performance standards [8][10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies securing bulk orders [10].

Core Viewpoint - The performance of domestic anode material companies showed significant divergence in 2024, with four out of six major listed companies reporting a decline in net profit [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% year-on-year, attributed to price declines in anode materials and a drop in demand from end customers [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, up 15.79% year-on-year, driven by a differentiated product strategy and cost reduction measures [2][5]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, an increase of 626.56% year-on-year, benefiting from rising demand in the electric vehicle and energy storage markets [4][5]. - **Xiangfenghua**: Achieved a net profit of 49.55 million yuan, down 40.23% year-on-year, due to supply-demand imbalance and increased financial costs [3]. - **Sunsun Co.**: Experienced a net loss of 367 million yuan, a decline of 147.79% year-on-year, primarily due to challenges in its polarizer business [2][3]. Industry Trends - The anode materials industry is facing structural overcapacity, with a production capacity utilization rate of 60.8%, down 4.5 percentage points year-on-year [5][6]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy to navigate the challenging market environment [5][6]. - The trend towards fast-charging anode materials is becoming clearer, with expectations of significant demand growth in 2025 and 2026 [9][10]. Capacity and Expansion - Among the six companies, Zhongke Electric has the highest capacity utilization rate at 95.66%, followed by BTR at 90.41% and Xiangfenghua at 83.43% [6]. - Despite the overcapacity, companies continue to expand, with significant increases in construction projects reported by most firms [7][8]. - Shangtai Technology's construction projects increased over 16 times year-on-year, indicating aggressive expansion plans [8]. Fast-Charging Material Development - Companies are actively developing fast-charging anode materials, with Purtai and BTR launching products that meet high-performance standards [10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies like BTR and Sunsun Co. securing bulk orders [10].

一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

Core Viewpoint - Despite short-term competitive pressures in the domestic market, the company's global expansion and technological reserves provide support for long-term profit recovery [1] Financial Performance - In 2024, the company experienced a revenue decline of 43.32% year-on-year, totaling 14.237 billion yuan, and a net profit of 930 million yuan, down 43.76% year-on-year [2] - The revenue and gross margin decline in the positive electrode segment resulted in a gross profit gap of 1 billion yuan compared to the previous year [2] - The overall gross margin for the company was 23.02%, an increase of over five percentage points from the previous year [5] Segment Analysis - The negative electrode materials segment saw sales increase to over 430,000 tons, while positive electrode sales fell to approximately 20,000 tons [5] - The negative electrode materials generated revenue of 10.692 billion yuan, down over 10% year-on-year, with a gross margin of 27.76%, up 3.40 percentage points [5] - The positive electrode materials generated revenue of 3.079 billion yuan, down over 70% year-on-year, with a gross margin of 7.88%, down 2.27 percentage points [5][6] Production Capacity - As of the end of 2024, the company had a production capacity of 575,000 tons per year for negative electrode materials, with a utilization rate of 90.41%, up from nearly 80% the previous year [7] - The production capacity for positive electrode materials was 63,000 tons per year, with a utilization rate of 31.00%, down from nearly 65% the previous year [7] Strategic Direction - The company will not enter the battery manufacturing sector but will invest in upstream and downstream segments of the industry chain [3][12] - The company aims to increase its overseas market share and has initiated projects in Indonesia and Morocco to enhance its global footprint [4][10] - The company is focusing on solid-state battery materials and has established production lines for various solid-state electrolytes [12] Market Outlook - The company anticipates that the overall demand for materials will continue to grow in 2025, although prices may fluctuate due to domestic and international conditions [9] - The competitive landscape in the negative electrode materials sector remains intense, with low price levels and overall profitability [9]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

2025 年 4 月 21 日 公司研究 Q4 利润率改善，新技术产品量产领先 ——贝特瑞（835185.BJ）2024 年年报点评 要点 事件：贝特瑞发布2024年年报，公司24年营业收入为142.37亿元，同比下降 43.32%；实现归母净利润9.3亿元，同比下降43.76%；实现扣非归母净利润9.13 亿元，同比下降42.20%。 负极海外产能布局领先，优势显著：公司印尼年产8万吨锂电池负极材料一体化 项目（一期）投产，并启动印尼二期年产8万吨负极材料产能建设，在摩洛哥启 动年产5万吨锂离子电池正极材料、年产6万吨锂离子电池负极材料项目。 引领新技术产品前瞻开发：新技术方面，公司建立了干法与湿法工艺并行的固态 电解质产线，年产能突破百吨级，服务于动力、3C等领域客户，已实现出货； 磷酸钛铝锂氧化物固态电解质已实现吨级出货。高压实、低膨胀快充型新硅碳负 极通过头部电池厂商测试；新一代硅基负极产品实现了在国内外"46"系列大 圆柱项目中的全面突破；CVD硅碳产品预计2025年批量供应。 盈利预测、估值与评级：正负极材料产品价格下滑，下调 25-26 年、新增 27 年 归母净利润预测 12.74/16.28 ...