Group 1 - The report highlights that as of Q2 2025, the market value of public funds heavily invested in the Beijing Stock Exchange (BSE) reached 9.892 billion, a 56.0% increase quarter-on-quarter, representing 0.38% of the total A-share market [2][3][4] - The public fund allocation coefficient for the BSE has reached a record high of 0.66, up 0.23 from the previous quarter, indicating increased attention from both active and passive funds [2][5][11] - The BSE 50 index products have seen significant net subscriptions, with the total scale reaching 11.162 billion, an increase of 1.905 billion, driven by net subscriptions and the establishment of new products [2][16] Group 2 - The report notes that the average net value growth rate of thematic funds since Q2 2025 is 20.0%, outperforming the BSE 50 index's growth of 14.3% [2][16] - Active equity public funds have increased their concentration in holdings, with the top five stocks accounting for 60.8% of the total market value, up 10.3 percentage points from the previous quarter [2][17] - The report identifies a shift in industry allocations, with increased investments in beauty care, electrical equipment, and machinery, while allocations to automotive and electronics sectors have decreased [2][23][24]

Industry Overview - The artificial graphite industry in China is experiencing robust growth driven by the global energy revolution and industrial upgrades, with a market size projected to reach 43.8 billion yuan in 2024, reflecting a year-on-year increase of 6.83% [2] - The demand for lithium battery anode materials is the primary driver of market expansion, with an expected shipment volume of 2.08 million tons of lithium battery anode materials in 2024, of which artificial graphite will account for 87% [2] - There is a steady increase in demand for specialty graphite from high-end manufacturing sectors such as aerospace and semiconductors, leading to a shift towards high value-added product structures [2] Industry Development History - The development of the artificial graphite industry in China has gone through five stages, starting from the late 19th century with the invention of artificial graphite electrodes [6] - The industry saw significant advancements in the 1970s with the successful development of high-power and ultra-high-power graphite electrodes, enhancing conductivity and corrosion resistance [7] - The period from 2010 to the present has been marked by explosive growth in demand for artificial graphite as a negative electrode material for lithium-ion batteries, particularly driven by the rapid development of electric vehicles and energy storage [7] Industry Supply Chain - The upstream of the artificial graphite industry includes raw materials such as needle coke, petroleum coke, coal tar pitch, natural graphite ore, and chemical reagents, as well as production equipment [9] - The midstream involves the manufacturing process of artificial graphite, while the downstream applications span across various sectors including power batteries, consumer batteries, energy storage, steel, chemicals, aerospace, defense, semiconductor manufacturing, lubricants, and medical devices [9] Related Companies - Key listed companies in the artificial graphite sector include Better Energy (835185), Fangda Carbon (600516), Zichan Technology (603659), and Shanshan Co., Ltd. (600884) [2] - Other relevant companies include Baotailong New Materials, Sinopec, PetroChina, and CATL, among others [2]

Core Viewpoint - The article highlights the launch of BTR S+i graphite anode material solution by Bettery, aimed at enhancing the range of electric vehicles through innovative silicon-based anode technology [1][2]. Group 1: Product Innovation - Bettery introduced the BTR S+i graphite anode material solution, which is designed specifically for silicon-based anodes, addressing key challenges in energy density [1]. - The new solution can increase battery lifespan by 20%, maintain a high capacity retention during idle conditions, and improve storage performance by over 25% [1]. - The i-graphite material achieves a synergistic effect with silicon anodes, effectively resolving issues such as lithium crosstalk, uneven material dispersion, and thermal stability [1]. Group 2: Industry Standards and Safety - Bettery has established a strong foundation in silicon-based anode technology, with successful product integration into leading international clients [2]. - The company led the development of the international standard for nano-silicon anode materials, filling a gap in the industry [2]. - Bettery showcased solid-state battery material solutions, emphasizing the growing demand for high energy density and safety in new applications like flying cars and drones [2]. Group 3: Global Collaboration and Sustainability - The Chain Expo serves as a platform for vertical communication across the global supply chain, promoting deep integration and collaborative innovation [2][3]. - Bettery aims to transition from a traditional material supplier to a solution provider, actively participating in the restructuring of the global smart automotive industry [3]. - The company is expanding its international footprint with local supply chain systems, including an operational facility in Indonesia and projects in Morocco [3]. - Bettery's green manufacturing processes and low-carbon material solutions align with global ESG demands, contributing to carbon neutrality goals [3].

Core Viewpoint - The article discusses the evolution and current state of the lithium battery industry in China, highlighting the significant growth and challenges faced by companies in this sector, particularly in the context of market saturation and the need for technological innovation. Group 1: Industry Overview - Over the past two decades, China has transformed from a negligible player in the lithium battery market to a dominant force, holding 73.7% of global lithium battery shipments and 87% of energy storage battery shipments [2][3] - The total market capitalization of Chinese lithium battery companies peaked at 5.8 trillion RMB, with 12 companies valued over 100 billion RMB [2] - The industry is now entering a new phase where rapid growth is no longer guaranteed, and companies must adapt to a more competitive landscape [2][4] Group 2: Financial Performance - In 2024, 108 Chinese lithium battery companies are projected to see an 11.87% decline in revenue year-on-year, with net profits down 67.27%, marking a second consecutive year of significant declines [3][4] - The operating cash flow of the industry has decreased by 18.38%, and net financing has dropped by 81.91%, indicating a tightening financial environment [4][5] Group 3: Key Players - CATL (Contemporary Amperex Technology Co., Limited) has grown from a small workshop to a global leader with revenues exceeding 360 billion RMB and total assets surpassing 780 billion RMB [8][9] - CATL's R&D investment over the past 11 years totals 76.63 billion RMB, representing 5.2% of its revenue, with a workforce of over 20,000 R&D personnel [9][10] - The company has made significant technological advancements, including the launch of several high-performance battery products [10][11] Group 4: Competitive Landscape - Companies like Ningde Times and others are focusing on technological breakthroughs, global expansion, and financial health to navigate the competitive landscape [5][12] - The article emphasizes the importance of financial stability and capital strength as critical factors for survival in the increasingly competitive lithium battery market [13][22] Group 5: Future Outlook - The future of the lithium battery industry will depend on companies' abilities to innovate, maintain financial health, and adapt to global market demands [5][22] - The article suggests that only companies with strong technological capabilities, efficient operations, and robust financial structures will thrive in the evolving market [5][12]

Group 1 - The "Chain Expo Launch Station" focuses on new products, technologies, processes, scenarios, ecosystems, and chains, showcasing breakthroughs and innovations in the global supply chain [1] - The core technology breakthroughs in key links are essential for strengthening and supplementing the supply chain, particularly in the context of increasing performance requirements for electric vehicle batteries [1] - Bettery New Materials Group introduced the BTR S+i graphite long-lasting anode material, which enhances electric vehicle range and battery life by 20% compared to conventional graphite batteries, with over 25% improvement in storage performance [1] Group 2 - BGI Group showcased a range of innovative products in life sciences, including a service that assesses immune aging status with just 5 milliliters of peripheral blood, emphasizing collaboration within the industry [2] - Major chain enterprises are working together to promote collaborative innovation in the supply chain, reflecting the open concept of the Chain Expo in fostering international standards and ecosystem collaboration [2] Group 3 - L'Oréal signed a strategic agreement with the China Barcode Technology and Application Association to advance the global promotion of cosmetic QR code standards, aiming to enhance supply chain efficiency and create a trust system for the cosmetics industry [3] Group 4 - McDonald's introduced the "One Box One Code" technology to streamline its supply chain, achieving a 30% efficiency increase and enhanced inventory visibility, while also expanding its digital capabilities to benefit its suppliers [4] - The Chain Expo serves as a platform for various industries to launch new products and innovations, contributing to the development and elevation of supply chains [4]

中宙众环会计师事务所(特殊普通合 汉市中北路 166 号长江产业大厦 17-18 郎政编码· 430077 传言 Fay· 027-85424329 中审众环会计师事务所 (特殊普通合伙) 关于 《关于对贝特瑞新材料集团股份有限公司的年报问询函》 的回复 众环专字(2025)0101275 号 北京证券交易所上市公司管理部: 中审众环会计师事务所(特殊普通合伙)(以下简称"本所"或"我们")作为贝特 瑞新材料集团股份有限公司(以下简称"贝特瑞"或"公司")2024年度财务报表的审计 机构,于 2025年 4 月 14 目出具了众环审字(2025)0101676 号标准无保留意见审计报告。 贵部于 2025年6月27日出具了《关于对贝特瑞新材料集团股份有限公司的年报问询 函》(年报问询函【2025】第038号)(以下简称"年报问询函"),我们以对贝特瑞相 关财务报表执行的审计工作为依据,对年报问询函中需要本所回复的相关问题履行了核查 程序,现将核查情况说明如下,请予审核。 问题 1、关于经营业绩 2024年你公司实现营业收入 142.37 亿元,同比减少 43.32%;毛利率 23.02%,较上期 减少 5.3 ...

证券代码：835185 证券简称：贝特瑞 公告编号：2025-041 贝特瑞新材料集团股份有限公司 关于对北京证券交易所 2024 年年报问询函回复的公告 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（以下简称"公司"）于 2025 年 6 月 27 日收 到北京证券交易所上市公司管理部下发的《关于对贝特瑞新材料集团股份有限公 司的年报问询函》（年报问询函【2025】第 038 号）（以下简称"《问询函》"）。 公司对《问询函》所列问题进行了认真研究，根据问询函相关要求，公司会同年 审会计师事务所中审众环会计师事务所（特殊普通合伙）（以下简称"年审会计 师"）就《问询函》中涉及的相关事项进行了专项核查。为进一步完善回复内容， 公司向北京证券交易所上市公司管理部申请延期至 2025 年 7 月 18 日回复本次 年报问询函，现已完成相关核查工作，具体回复公告如下： 一、关于经营业绩 2024 年你公司实现营业收入 142.37 亿元，同比减少 43.32%；毛利率 23.0 ...

Group 1 - The T87D Pro solar electric vehicle features integrated high-efficiency solar panels, making it suitable for urban short-distance commuting [1] - The exhibition showcased a comprehensive green transportation innovation landscape, covering personal mobility tools to large commercial logistics systems [2] Group 2 - The economic benefits of methanol-hydrogen commercial vehicles were highlighted, with a methanol-hydrogen heavy truck costing around 550,000 yuan, significantly lower than the 1.2 million yuan hydrogen fuel cell truck and 650,000 yuan pure electric truck [4] - In urban public transport, the operational cost of methanol-hydrogen electric buses is 0.2 yuan lower per kilometer compared to similar pure electric buses, potentially saving 180,000 yuan over an 8-year operational cycle [4] - In the construction vehicle sector, methanol-hydrogen technology can reduce the number of required vehicles and eliminate substantial infrastructure costs, saving over 4 million yuan in initial costs [4] Group 3 - Breakthroughs in key materials were showcased, addressing industry pain points and enhancing vehicle performance, including high-performance PU-RIM materials and epoxy resin hydrogen storage solutions [6] - The introduction of BTR S+i graphite long-lasting negative electrode materials by BetterRay aims to improve battery life by 20% and enhance storage performance by over 25% [7] Group 4 - The logistics sector is exploring low-carbon solutions, with the establishment of green ports and logistics systems, including the implementation of electric equipment and the development of a hydrogen energy demonstration port in Shenzhen [9][11] - China has built the world's largest and most complete new energy industry chain, with a projected clean energy investment of 625 billion USD in 2024, accounting for one-third of global investment [11]

Industry Overview - The artificial graphite industry in China is experiencing robust growth driven by the global energy revolution and industrial upgrades, with a market size projected to reach 43.8 billion yuan in 2024, reflecting a year-on-year increase of 6.83% [1][11] - The demand for lithium battery anode materials is the primary driver of market expansion, with an expected shipment volume of 2.08 million tons in 2024, of which artificial graphite accounts for 87% [1][11] - High-end manufacturing sectors, such as aerospace and semiconductors, are steadily increasing their demand for specialty graphite, pushing the product structure towards higher value-added transformations [1][11] Industry Development History - The development of the artificial graphite industry in China has gone through five stages, starting from the late 19th century with the invention of artificial graphite electrodes [5][6] - The industry saw significant advancements in the 1970s with the successful development of high-power and ultra-high-power graphite electrodes, enhancing conductivity and corrosion resistance [5][6] - The rapid growth phase from the early 21st century to 2010 was marked by increased demand from steel and aluminum industries, leading to the domestic production of artificial graphite [6][7] Market Size - The market size of the artificial graphite industry in China is expected to reach 43.8 billion yuan in 2024, with a year-on-year growth of 6.83% [1][11] - The shipment volume of lithium battery anode materials is projected to be 2.08 million tons in 2024, with artificial graphite comprising 87% of this volume [1][11] Key Enterprises - The industry has formed a competitive landscape characterized by a few leading companies, such as BETTERRY and SANYO, which dominate the high-end market due to their technological advantages and global presence [17][19] - BETTERRY has maintained its position as the global leader in anode material shipments for 15 consecutive years, with a projected shipment volume of 345,000 tons in 2024 [19] - SANYO has established a production capacity of 700,000 tons of anode materials in China and is expanding its operations in Finland [21] Industry Trends - The artificial graphite industry is undergoing a wave of technological innovation, with companies increasing R&D investments to overcome key process bottlenecks [23][24] - Vertical integration is becoming a mainstream trend, with companies like BETTERRY and SANYO achieving full industry chain coverage from graphite mining to anode material processing [24][25] - The transition to green and low-carbon practices is becoming a mandatory requirement, with policies pushing for energy-efficient production processes and the establishment of green supply chains [26]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing, showcasing 28 outstanding Shenzhen enterprises, including Steady Medical, UBTECH, and Dazhong Laser, highlighting Shenzhen's core position in the global supply chain [1][2] - The expo attracted 651 companies from 75 countries and regions, with over 65% being Fortune Global 500 and industry-leading firms, emphasizing the event's international significance [1] - Compared to previous editions, this year's Shenzhen exhibitors shifted from "comprehensive participation" to "precise focus," emphasizing hard technology and green transformation, with an increase in national-level specialized "little giant" enterprises [1] Group 2 - UBTECH showcased its commercial humanoid robot Walker C, which is the world's first full-size running humanoid robot, demonstrating over 500 performances [2] - Shenzhen is positioned as a key node in the global supply chain, leveraging its geographical advantages, policy support, and technological innovation to connect domestic and international markets [2] - Several Shenzhen companies, including Better Battery, Steady Medical, and BGI Group, will unveil their latest technological and product innovations during the expo, reflecting Shenzhen's role in global supply chain collaborative innovation [2]