北交所信息更新 汽车与家电双轮驱动助力业绩高增，拓展新市场打造第二增长曲线 禾昌聚合（920089.BJ） 2025 年 11 月 09 日 投资评级：增持（维持） | 日期 | 2025/11/7 | | --- | --- | | 当前股价(元) | 20.23 | | 一年最高最低(元) | 23.20/11.01 | | 总市值(亿元) | 30.48 | | 流通市值(亿元) | 18.92 | | 总股本(亿股) | 1.51 | | 流通股本(亿股) | 0.94 | | 近 3 个月换手率(%) | 309.84 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-3 营收 13.79 亿元，同比+23.73%，归母净利润 1.29 亿元，同比+41.87% 公司发布 2025 年三季度报告，2025Q1-3 实现营收 13.79 亿元，同比+23.73%， 实现归母净利润 1.29 亿元，同比+41.87%；其中 Q3 单季度营收 4.99 亿元，同比 +18.64%，环比+12.31%，归母净利润 5641 万元 ...

过去两年，锂电池行业激烈的"内卷式"竞争，产能过剩、"价格战"等问题让 整个行业陷入低迷，行业 景气度也跌至历史低点。进入 2025 年，锂电池产业供 需矛盾有所缓解，产业链各环节价格出现拐点迹 象，部分锂电材料价格开始反弹， 进入涨价周期。自 9 月中旬以来，六氟磷酸锂价格便开启快速上行 通道；Mysteel 数据显示，自 9 月 16 日起，六氟磷酸锂一改此前的横盘态势，价格开始上涨， 从当日 的 56800 元/吨一路攀升至 10 月 13 日的 68800 元/吨，增幅达 21.13%。多 氟多表示此次涨价主要由下 游新能源与储能产业需求扩大、供给端产能集中且扩 产谨慎的供需矛盾及原材料价格波动共同推动； 短期内，市场供应紧平衡状态可 能持续至 2026 年，价格仍有上行空间。我们认为六氟磷酸锂价格的快 速上行有 可能意味着部分锂电材料的供需矛盾已经得到缓解，并有望迎来涨价周期。贝特瑞是国内锂 离子电池材料的核心供应商，产品涉及石墨负极、硅基负极、三元正极、固态电解质等电池关键材料； 在经历 2023-2024 连续两年的下跌之后， 2025 年前三季度，公司业绩重回正增长，2025Q1-3 实现营收 ...

证券代码：920089 证券简称：禾昌聚合 公告编号：2025-087 苏州禾昌聚合材料股份有限公司 第五届董事会第十六次会议决议公告 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 10 月 29 日 2.会议召开地点：公司三楼会议室 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于公司<2025 年第三季度报告>的议案》 1.议案内容： 2025 年第三季度公司董事会严格按照法律法规、规范性文件及《公司章程》 的规定依法运作，积极开展工作，贯彻落实股东会的各项决议，不断规范公司治 理。公司董事会对 2025 年第三季度所做的各项工作进行总结和分析，形成《2025 年三季度报告》。 3.会议召开方式：现场方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以邮件、书面通 知方式发出 5.会议主持人：董事长赵茜菁女士 6.会议列席人员：高级管理人员 7.召开情况合 ...

Market Overview - The plastic sector increased by 0.56% on October 29, with Dongcai Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Plastic Sector - Dongcai Technology (601208) closed at 21.48, up 5.92% with a trading volume of 1.18 million shares and a transaction value of 253.7 million yuan [1] - Hechang Polymer (920089) closed at 19.57, up 4.32% with a trading volume of 55,100 shares and a transaction value of 106 million yuan [1] - Meilian New Materials (300586) closed at 11.30, up 3.86% with a trading volume of 471,100 shares and a transaction value of 54 million yuan [1] Top Losers in Plastic Sector - Qide New Materials (300995) closed at 44.02, down 6.08% with a trading volume of 36,900 shares and a transaction value of 163 million yuan [2] - Yongli Co. (300230) closed at 5.15, down 3.20% with a trading volume of 385,100 shares and a transaction value of 198 million yuan [2] - Weisaibo (688718) closed at 14.37, down 2.84% with a trading volume of 27,600 shares and a transaction value of 39.99 million yuan [2] Capital Flow Analysis - The plastic sector experienced a net outflow of 311 million yuan from institutional investors, while retail investors saw a net inflow of 126 million yuan [2] - The top stocks with significant net inflows from retail investors include Yongli Co. with 24.64 million yuan and Hechang Polymer with 490,210 yuan [3] - Major stocks with net outflows from institutional investors include Stik (300806) with 71.76 million yuan and Wankai New Materials (301216) with 50.07 million yuan [3]

Group 1 - The report highlights the implementation of export controls on superhard materials by the Ministry of Commerce and the General Administration of Customs, affecting products such as synthetic diamond powders and CVD equipment [2][11]. - China's superhard materials industry is globally leading, with a production share of over 95% in industrial diamonds, supported by a monopolized supply chain in Henan and a significant market share in diamond wire saws [3][16]. - The future development of the superhard materials industry will focus on high-end and specialized applications, with an emphasis on technological independence and green transformation [3][23]. Group 2 - The report notes a decline of 3.59% in the chemical new materials sector on the North Exchange, with only the rubber and plastic products sector showing an increase [4][30]. - Key companies in the sector, such as LITONG Technology and HUIFENG Diamond, have shown significant stock performance, with LITONG Technology increasing by 39.83% [4][37]. - The report provides insights into the financial performance of MINSHIDA, which reported a 28.88% year-on-year increase in net profit for the first three quarters of 2025 [5][74]. Group 3 - The superhard materials industry is experiencing a trend towards high-end and diversified applications, extending from traditional industrial processing to high-value sectors like semiconductors and aerospace [13][19]. - The report outlines the core demands for various applications of superhard materials, including high hardness for industrial processing and high thermal conductivity for semiconductor applications [14]. - The competitive landscape of the superhard materials industry will increasingly focus on eliminating outdated production capacity and supporting specialized enterprises [23][26].