证券代码：835185 证券简称：贝特瑞 公告编号：2025-016 贝特瑞新材料集团股份有限公司 董事会对公司独立董事独立性情况的专项意见 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。 根据《上市公司独立董事管理办法》等相关规定，贝特瑞新材料集团股份有 限公司（以下简称"公司"）董事会就公司在任独立董事的独立性情况进行评估并 出具专项报告。 根据独立董事向董事会提供的关于独立性情况的自查报告，结合其他相关资 料，董事会就独立董事的独立性形成如下结论： （一）独立董事及其配偶、父母、子女、具有主要社会关系的人员未在公司 或公司附属企业任职； 2025 年 4 月 15 日 （三）独立董事及其配偶、父母、子女不是直接或间接持有公司已发行股份 百分之五以上的股东，未在公司前五名股东任职； （四）独立董事及其配偶、父母、子女未在公司控股股东、实际控制人的附 属企业任职； （五）独立董事不是公司及公司控股股东、实际控制人或者其各自的附属企 业有重大业务往来的人员，未在有重大业务往来的单位及其控股股东、实际控制 ...

Core Viewpoint - Bettery, a global leader in new energy materials, demonstrated strong operational resilience and market competitiveness in its 2024 annual report, achieving a revenue of 14.237 billion yuan and a net profit of 930 million yuan despite facing significant industry challenges [2] Group 1: Financial Performance - In 2024, Bettery reported total assets of 33.347 billion yuan, a year-on-year increase of 13.49%, and net assets of 12.227 billion yuan, up 5.67% [2] - The company’s revenue from negative electrode materials reached 10.692 billion yuan, with sales volume exceeding 430,000 tons, maintaining a global market share of over 21% [3] Group 2: Industry Context - The global new energy materials industry is experiencing a dual scenario, with negative electrode material production exceeding 2 million tons (up 35%) while demand growth is only 20%, leading to an average industry operating rate below 60% and a 30% drop in prices [3] - New technologies such as solid-state batteries and sodium-ion batteries are accelerating commercialization, prompting major companies to increase patent acquisitions [3] Group 3: Innovation and R&D - Bettery emphasizes innovation as a core driver of development, with R&D investment reaching a historical high of 5.42% of revenue, totaling 692 authorized patents [4] - The company has developed a unique "research generation, reserve generation, production generation" model for silicon-based negative electrode materials, achieving an effective capacity of 5,000 tons per year [4] Group 4: Strategic Expansion - Bettery is actively expanding its global presence, with significant projects in Indonesia and Morocco aimed at enhancing its competitive edge in international markets [6] - The company has initiated the construction of an integrated project in Indonesia with an annual capacity of 80,000 tons for lithium battery negative electrode materials, marking a significant step in Southeast Asia [6]

一、主要会计数据和财务指标 前十大流通股东累计持有： 87667.17万股，累计占流通股比： 79.04%，较上期变化： -660.28万股。 | 持有数量(万股) 名称 | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 中国宝安（000009）集团控股有限公司 | 47970.24 | 43.25 | 不变 | | 中国宝安集团股份有限公司 | 26688.95 | 24.06 | 不变 | | 北京华鼎新动力（300152）股权投资基金(有限合伙) | 7088.21 | 6.39 | 不变 | | 张玮 | 1267.69 | 1.14 | -374.31 | | 唐武盛 | 1263.33 | 1.14 | 不变 | | 张啸 | 1229.84 | 1.11 | 不变 | | 贝特瑞新材料集团股份有限公司回购专用证券账户 | 927.91 | 0.84 | 不变 | | 中国工商银行股份有限公司-嘉实智能汽车股票型证券 投资基金 | 482.21 | 0.43 | 新进 | | 中国银行股份有限公司-嘉实新能源新材料 ...

Investment Rating - The report suggests focusing on investment opportunities in the silicon anode sector, particularly in the context of the increasing adoption of silicon anodes and the new processes that bring additional investment opportunities in the supply chain [2][6]. Core Viewpoints - The emergence of CVD silicon-carbon technology significantly accelerates the industrialization of silicon anodes, with expectations for increased penetration in mobile devices by 2025 and potential breakthroughs in power applications [2]. - The CVD method is becoming the mainstream process, replacing traditional ball milling methods, and reshaping the competitive landscape in the silicon anode market [2][24]. - The report highlights the cost reduction potential in the silicon anode production process, with expectations for prices to converge towards those of graphite anodes in the medium term [3][34]. Summary by Sections 1. Silicon Anodes: Current Applications and Future Potential - CVD silicon-carbon technology is accelerating the industrialization of silicon anodes, with significant improvements in performance metrics such as capacity and cycle life [2][24]. - The transition from ball milling to CVD allows for precise control of silicon particle size and uniform coating, enhancing the overall performance of silicon anodes [24][26]. - The report anticipates a market demand for silicon anodes to reach 45,000 tons globally by 2028, with significant contributions from mobile devices, electric vehicles, and solid-state batteries [4][38]. 2. Industry Chain: Development and Expansion - The report identifies a dual-path development for porous carbon materials, with both resin and biomass routes expected to play significant roles in the market [5]. - The silicon gas market is projected to expand significantly, with demand expected to reach 19,000 tons by 2028, driven by the growth of silicon-based anodes [5]. - New applications for binders and conductive agents, such as PAA and CNT, are opening up additional market opportunities [5]. 3. Investment Recommendations - The report recommends focusing on companies leading in the silicon anode space, including those involved in upstream materials like porous carbon and silicon gas [6]. - Key players highlighted include Purtai, Better Ray, Yuanli Co., and Shengquan Group, each with distinct advantages in their respective segments [6][30].

高能密、高倍率、高安全、超快充等性能要求下，锂电池行业由"量变"转向"质变"的发展路径进一步明显。进行锂电池技术创新与迭代，是 锂电各个细分环节实现"质变"的主要途径。 目前，锂电池技术创新可分为"电池结构技术创新"和"电池材料技术创新"。电池结构技术创新包括CTP等系统结构创新、大圆柱及短刀等电 芯结构创新、全极耳等工艺结构发展以及半/全固态等新技术创新等；电池材料技术创新则包括正极材料、负极材料、隔膜、电解液、铜箔、 导电剂、粘结剂等材料的创新升级。 其中在负极材料端， 硅基负极是较为明确的技术创新路线，已有多家企业进行技术与产业化的布局，目前正处于放量前夕。 01 硅基负极VS石墨负极： 比容量高、快充性能优异 当前锂电市场主要以石墨负极为主，天然石墨及人造石墨合计占市场份额达到98%甚至更高。 其中天然石墨成本较低、首次库伦效率高，但膨胀率较高、循环寿命较低、电解液相容性差、安全性一般，实际比容量340mAh/g左右。 人造石墨同样具有较高的首次效应，循环寿命优异大于1000次，相较于天然石墨安全性更高，成本由于工艺成熟性，目前处于较低水平。 但人造石墨的问题在于比容量已接近理论天花板370mAh/g ...

北交所信息更新 北 交 所 研 究 贝特瑞（835185.BJ） 2025 年 03 月 16 日 投资评级：增持（维持） | 日期 | 2025/3/14 | | --- | --- | | 当前股价(元) | 24.00 | | 一年最高最低(元) | 32.00/13.45 | | 总市值(亿元) | 270.56 | | 流通市值(亿元) | 266.20 | | 总股本(亿股) | 11.27 | | 流通股本(亿股) | 11.09 | | 近 3 个月换手率(%) | 38.6 | 北交所研究团队 硅碳负极进入头部客户、亿纬锂能增资子公司，预计 2024 归母净利润 9.06 亿元 ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 业绩快报公布，预计 2024 实现归母净利润 9.06 亿元维持"增持"评级 贝特瑞公布业绩快报，预计 2024 全年营收 142.37 亿元同比下降 43.32%，归母净 利润 9.06 亿元同比下降 45.23%。2024 全年行业竞争加剧、贝特瑞负极材料受价 格下降压力，正极材料受终端市场影响销量 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 906 million yuan in 2024, reflecting a year-on-year decline of 45.23% [1] - The company's revenue for 2024 is projected to be 14.24 billion yuan, a decrease of 43.32% year-on-year, due to intensified industry competition and price pressures on negative materials [1] - Despite the challenges, the company has made significant breakthroughs in silicon-carbon anode materials and is expanding its overseas production capacity, which supports the maintained "Outperform" rating [1] Financial Summary and Valuation Indicators - Revenue (million yuan): 2022A: 25,679, 2023A: 25,119, 2024E: 14,237, 2025E: 16,174, 2026E: 23,867 [4] - Net profit attributable to shareholders (million yuan): 2022A: 2,311, 2023A: 1,654, 2024E: 906, 2025E: 1,189, 2026E: 1,671 [4] - Gross margin (%): 2022A: 15.8, 2023A: 17.7, 2024E: 18.9, 2025E: 16.9, 2026E: 17.0 [4] - EPS (diluted, yuan): 2022A: 2.05, 2023A: 1.47, 2024E: 0.80, 2025E: 1.05, 2026E: 1.48 [4] - P/E (times): 2022A: 11.7, 2023A: 16.4, 2024E: 29.8, 2025E: 22.8, 2026E: 16.2 [4] Industry Position - The company holds over 20% market share, ranking first in the domestic anode materials market, with a total output of 211.5 million tons in 2024, further increasing its global market share to 95.9% [3] - The company has successfully integrated its new generation silicon-based anode products into the supply chains of leading international clients, marking a significant milestone in its operational capabilities [2]

一、 投资者关系活动类别 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。 证券代码：835185 证券简称：贝特瑞 公告编号：2025-008 贝特瑞新材料集团股份有限公司 1、新能源行业未来增长情况？ 回复：据中国汽车工业协会分析，2024 年新能源汽车产销分别完成 1288.8 万辆和 1286.6 万辆，分别同比增长 34.4%和 35.5%。据 GGII 统计数据，2024 年 全球储能锂电池出货量同比增长超 55%，中国储能锂电池出货量同比增长超 60%。随着电池核心技术突破、智能驾驶持续迭代、全球能源转型的深入及新兴 储能应用场景扩展等因素驱动，新能源行业将继续增长。 2、公司的核心竞争力有哪些？ √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 3 月 14 日 活动地点：网络远程、公司会议室现场交流 参会单位及人员：华源证券、国联基金、Perpetual、Alphi ...

Financial Performance - The company reported a revenue of ¥14,236,817,513.13 for the reporting period, a decrease of 43.32% compared to the previous year[4] - Net profit attributable to shareholders was ¥905,863,255.15, down 45.23% year-on-year[5] - The basic earnings per share decreased to ¥0.81, a decline of 46.00% from the previous year[4] Assets and Equity - Total assets increased to ¥33,306,368,045.96, reflecting a growth of 13.35% year-on-year[5] - The equity attributable to shareholders rose to ¥12,265,122,685.67, marking a 6.00% increase compared to the beginning of the period[5] Market Performance - The company sold over 430,000 tons of negative materials, maintaining growth despite market pressures[6] - The gross margin for negative materials improved year-on-year due to cost reduction and efficiency enhancement efforts[6] Challenges and Risks - The decline in revenue and profit was attributed to intensified industry competition and falling product prices[6] - The company experienced significant losses in fair value changes of financial assets, contributing to the net profit decline[6] - Investors are advised to exercise caution as the reported figures are preliminary and unaudited[7]