Core Insights - BTR New Material Group showcased its advancements in battery technology at the 17th China International Battery Fair, reinforcing its position as a global leader in lithium battery materials [1] Product Innovations - BTR introduced the "BTR SAFE" series, featuring comprehensive solid-state and semi-solid battery solutions, including high-nickel cathodes, polymer and oxide electrolytes, and silicon-based anodes [2] - The high-nickel cathode for semi-solid batteries showed a 110-minute delay in thermal runaway peak compared to conventional cathodes, providing critical emergency response time [2] - The silicon-based anode material achieved an energy density of up to 2,300mAh/g, marking a significant improvement [2] Sustainability Initiatives - BTR unveiled its "Full-Chain Rebirth" closed-loop recycling solution for cathode and anode materials, achieving zero wastewater discharge with the S cathode material produced without precursors [3] - The "Flexible Newborn" technology allows for the renewal of anode materials, highlighted by the introduction of R graphite [3] Industry Engagement - BTR's booth at the exhibition was designed to showcase its technological ecosystem and ESG focus, attracting significant attention from industry professionals [5] - Key exhibit areas included solid-state battery materials, fast-charging anode solutions, and closed-loop recycling processes [5] Event Overview - The China International Battery Fair (CIBF2025) is a major global battery industry event, featuring over 3,000 exhibitors and attracting more than 400,000 attendees [6] Company Background - BTR New Material Group, established in August 2000 and listed on the Beijing Stock Exchange in October 2021, is a leader in renewable energy material R&D, known for its technological innovation and comprehensive product portfolio [7]

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 ...

5月15日,在CIBF2025展会上,贝特瑞发布"全链新生"正负极材料闭环回收解决方案,通过全新回收技术实 现了从正极黑粉到无前驱体正极材料的超短流程再生,负极则以柔性新生技术实现负极材料的新生。贝 特瑞以"为美好绿色世界而奋斗"之初心,构建正负极材料循环产业链,为行业补全从电池生产到退役回收 的全链条可持续发展路径,助力全球新能源产业实现"资源-材料-再生"的绿色循环。 贝特瑞的闭环回收方案并非孤立创新,而是基于25年专注电池材料领域的厚积薄发。作为全球电池材料 龙头,贝特瑞具有深厚的正负极材料研发、制造经验积累,此次正负极材料双链回收解决方案,属材料行业 首次,体现了行业领导者推动产业绿色发展的主动担当。 从"材料供应商"到"绿色生态构建者" 在此次发布会上,贝特瑞正极总经理杨顺毅介绍,在"全链新生"正负极材料闭环方案中,贝特瑞全球首发无 前驱体工艺S正极材料,通过回收料的全新技术处理,锂镍钴锰同时实现不分离新生,大幅缩短工艺流程降 低成本,并且实现了零废水排放,当前已具备量产能力,是未来回收及正极材料最重要的发展方向。负极回 收方面,贝特瑞通过行业首创负极材料新生技术,解决了负极材料回收杂质、结构缺陷等 ...

【招商电新】锂电中游更新 美国IRA法案最终版本敲定，具体细节披露，相较前版本有三个比较大的变化。 a、新增"电池材料"定义。电池材料为通过加工而非制造或组装生产的电池组件的直接和间接输入。电 池材料不被视为一种电池组件，尽管电池材料可以被制造或组装成电池组件。其中明确指出不包含适用 关键矿物的如隔膜基膜、涂覆材料、导电添加剂、石墨沉积前的铜箔和电解质溶剂等被视为电池材料。 乘用车板块：【以旧换新政策+FSD或入华】双重驱动板块向上。1）以旧换新政策视角：综合测算下来 我们预计补贴政策落地对2024年国内乘用车销量新增拉动78-137万辆，2024年乘用车交强险同比增速 3.7%-6.5%，乘用车批发销量同比增速 c、进一步细化以及明确FEOC的认定边界，部分模糊地带进行了说明。 例如"外国政府"的定义修改为包括地方政府和某些现任或前任外国高级政治人物。此前，FEOC的确定 涉及到对外国政府的定义，包括国家或次国家级政府、政府机构或工具、主要或统治政党（例如中国共 产党CCP）以及现任或前任高级外国政治人物。同时也明确FEOC实体在美国或第三方国家的子公司不 被认定为受管辖。 总结：美国IRA法案表明美国政府 ...

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].

Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade tensions is seen as a significant benefit for large-scale energy storage [2][5]. - In the wind energy sector, major contracts and investments are being made, indicating a robust growth trajectory for leading turbine manufacturers [5][6]. - The report emphasizes the integration of artificial intelligence in the power grid, suggesting that companies involved in grid informatization will benefit from this trend [7][8]. Summary by Relevant Sections Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at resolving structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [2][5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and the publication of a white paper on artificial intelligence in the power sector [5][8]. - Recommended companies include Sungrow Power, Canadian Solar, and others that are expected to benefit from the easing of trade tensions and new pricing policies [5][8]. Wind Energy - Major contracts, such as a €1 billion order from a European offshore wind project, highlight the growth potential in this sector. The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026 [5][6]. - Companies like Goldwind and Envision are expected to see improved profitability as they expand their international presence [5][6]. Electric Grid - The National Grid's white paper on artificial intelligence outlines a comprehensive plan for integrating AI into power production, which is expected to enhance operational efficiency [7][8]. - The report notes that the upcoming high-voltage direct current projects are set to commence in December 2025, indicating a significant investment phase for related companies [7][8]. New Energy Vehicles & Lithium Batteries - The report indicates a slowdown in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% suggests seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with companies like BETTERRY and Guoxuan High-Tech launching new solid-state battery products [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province. This is expected to create new opportunities in the hydrogen sector [10][12]. - The report highlights the importance of hydrogen highways as a key application for hydrogen vehicles, with several provinces implementing toll exemptions to promote this initiative [10][12].

Investment Rating - The report assigns a "Buy" rating for the specific companies and an "Overweight" rating for the industry, indicating expected performance to exceed the overall market by more than 20% and the industry to outperform the overall market [69]. Core Insights - The report highlights the launch of solid-state battery material solutions by Beiterui, focusing on opportunities within the lithium battery sector on the North Exchange [2][12]. - As of May 16, 2025, there are 17 lithium battery-related companies on the North Exchange with a total market capitalization of 72.61 billion yuan, covering products such as anode materials, rolling equipment, and finished lithium batteries [21][22]. - Beiterui's main business segments include lithium-ion battery anode materials, cathode materials, and graphene materials, with a projected annual anode material sales volume exceeding 430,000 tons in 2024 and a production capacity of 575,000 tons per year [24]. Summary by Sections Beiterui's Solid-State Battery Solutions - Beiterui introduced the Beian FLEX semi-solid and GUARD all-solid series, featuring high-nickel cathodes, silicon-based anodes, solid electrolytes, and lithium-carbon composite anodes, aimed at providing high energy and safety solutions for next-generation battery technology [2][12][18]. - The FLEX series utilizes a composite of polymer and oxide electrolytes, enhancing performance under low temperatures and improving safety [13][14]. Industry Performance - The report notes that five major industries on the North Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28]. - The average price-to-earnings (P/E) ratios for various sectors have risen, with the information technology sector reaching a median of 86.1X [3][28][59]. Technology New Industries - From May 12 to May 16, 2025, 90 out of 148 companies in the technology new industry saw stock price increases, with an overall median increase of +1.21% [4][41]. - The total market capitalization of these companies rose from 444.26 billion yuan to 447.61 billion yuan during the same period [44][49]. Company Announcements - Lingge Technology has undertaken a solid electrolyte project, while Derui Lithium Battery's new production capacity is entering the acceptance phase, expected to commence production in the second half of 2025 [5][64][65].

Investment Rating - Maintain "Buy" rating for the electric equipment industry [6] Core Insights - The report highlights a downward trend in silicon wafer prices, with significant reductions in transaction prices due to weak downstream demand, leading to a supply-side production cut [15][16] - The offshore wind sector is experiencing a surge in project activity, with multiple wind turbine tenders and installations scheduled for Q2 [16] - The hydrogen energy sector is advancing with a large-scale green hydrogen project in Gansu, aiming for over 10,000 tons of annual production [17] - The energy storage market is seeing competitive bidding with average prices for storage systems ranging from 0.422 to 2.29 RMB/Wh [23][26] - The solid-state battery technology is gaining traction, with companies like BETTERY launching comprehensive solutions for solid-state battery materials [30] Summary by Sections New Energy Generation - **Photovoltaics**: Silicon wafer prices continue to decline, with N-type G10L wafers averaging 0.95 RMB/piece, a week-on-week drop of 5.94%. The industry operating rate has decreased to around 55% due to reduced demand [15][16] - **Wind Power & Grid**: The Huaren Shantou Honghai Bay offshore wind project has initiated turbine tenders, with a total capacity of 500MW. Q2 is expected to see significant performance releases in offshore wind [16] - **Hydrogen & Energy Storage**: A green hydrogen project in Gansu is set to produce over 10,000 tons annually, contributing to carbon reduction efforts. The energy storage sector is witnessing a robust bidding environment with substantial project sizes [17][18] Energy Storage - The average bidding price for energy storage systems in May ranges from 0.422 RMB/Wh to 2.29 RMB/Wh, indicating a competitive market [23][26] - The report recommends focusing on domestic and international large-scale energy storage opportunities, highlighting companies like Sunshine Power and Shangneng Electric [26] New Energy Vehicles - BETTERY has launched a solid-state battery material solution, including high-nickel cathodes and silicon-based anodes, which are expected to enhance battery performance significantly [30][31] - The report emphasizes the long-term trend towards solid-state batteries and suggests monitoring companies involved in this technology [31]

Group 1 - The report highlights the launch of solid-state battery material solutions by BetterRay, focusing on opportunities within the lithium battery sector on the Beijing Stock Exchange [2][12][24] - As of May 16, 2025, there are 17 lithium battery-related companies on the Beijing Stock Exchange, with a total market capitalization of 72.61 billion yuan [21][24] - BetterRay's main business includes lithium-ion battery anode materials, cathode materials, and graphene materials, achieving a revenue of 14.2 billion yuan and a net profit of 930 million yuan in 2024 [24][26] Group 2 - The report notes that five major industries on the Beijing Stock Exchange experienced an average increase in stock prices, with the consumer services sector leading at +8.22% [3][28] - The average price-to-earnings (P/E) ratios for various sectors have risen, with the consumer services sector reaching a median of 60.4X [3][28] - The technology new industry saw a total market capitalization increase from 444.26 billion yuan to 447.61 billion yuan, with a median P/E ratio rising from 55.0X to 55.4X [4][44] Group 3 - The report indicates that BetterRay's solid-state battery solutions include high-nickel cathode materials and silicon-based anode materials, which enhance energy density and safety [12][19] - The solid-state electrolyte materials developed by BetterRay exhibit ionic conductivity exceeding 10 mS/cm, indicating strong performance [19][24] - The report also mentions the successful progress of new production capacity projects by companies like DeRay Lithium Battery, expected to commence production in the second half of 2025 [64][65]