证券代码：920185 证券简称：贝特瑞 公告编号：2026-011 贝特瑞新材料集团股份有限公司 第六届董事会第三十三次会议决议公告 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 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的规定。 （一）会议召开情况 1.会议召开时间：2026 年 3 月 30 日 2.会议召开地点：公司会议室 3.会议召开方式：通讯方式 4.发出董事会会议通知的时间和方式：2026 年 3 月 24 日以书面、邮件方式 发出 5.会议主持人：董事长贺雪琴先生 6.会议列席人员：部分高级管理人员 （二）会议出席情况 会议应出席董事 9 人，出席和授权出席董事 9 人。 二、议案审议情况 （一）审议通过《关于公司在银行办理授信额度的议案》 1.议案内容： 公司拟在中国农业银行股份有限公司深圳分行办理人民币 60,000 万元综合 授信额度，授信期限为 3 年，担保方式为信用，具体授信业务品种及其他融资条 ...

Group 1 - The report highlights that the North Exchange has entered a relatively low valuation phase, presenting a window for investment in hard technology and newly listed stocks [2][12][18] - The North Exchange's valuation has become more attractive, with the North 50 and North Specialized New indices showing a decline in performance, indicating a potential recovery opportunity [3][14][39] - The report suggests focusing on companies with low valuations in high-tech sectors, particularly those benefiting from the ongoing geopolitical tensions, such as the US-Iran conflict [3][40] Group 2 - The North Exchange's market performance shows that the North 50 index has decreased, with a current P/E ratio of 41.98X, indicating a significant valuation gap compared to other indices [3][11][18] - The report identifies specific sectors such as high-end equipment, information technology, and chemical new materials as having favorable P/E ratios, with the highest being 85.53X in information technology [3][18][41] - The report recommends a stock pool that includes companies like Wanyuantong and Beitery, which are positioned well within their respective industries and have shown strong growth potential [3][41][44] Group 3 - The North Exchange has seen a significant drop in daily trading volume, with an average of 135.53 billion yuan, down 14.80% from the previous week, indicating a decline in liquidity [27][30][32] - The report notes that the average daily turnover rate for the North 50 and North Specialized New indices has also decreased, reflecting a broader trend of reduced trading activity [30][32] - The report emphasizes the importance of monitoring liquidity trends as they can impact investment strategies and market sentiment [27][30][32] Group 4 - The report outlines the current IPO status, with three companies having passed the review and three awaiting approval, indicating ongoing activity in the North Exchange's listing process [4][8] - The report provides insights into the performance of newly listed companies, highlighting significant first-day gains, such as a 136.56% increase for Puang Medical [4][11][41] - The North Exchange continues to cultivate companies that may transition to larger exchanges, showcasing its role as a breeding ground for future market leaders [4][11][41]

Group 1: Industry Overview - The report highlights the significant increase in refined oil prices, with domestic 95 gasoline reaching 10,120 RMB/ton as of March 20, 2026, up over 2,000 RMB from February 28, 2026, approaching historical highs from 2022. This price surge enhances the cost-effectiveness of electric vehicles (EVs) compared to fuel vehicles, potentially accelerating consumer preference for EVs [11][14]. - The rising oil prices are expected to increase the demand for lithium battery materials, as the cost pressures from upstream raw materials, such as sulfur and phosphoric acid, are transmitted down the supply chain to battery materials [16][19]. - The lithium battery materials industry is facing a redistribution of pricing power due to the ongoing increase in battery shipments and rising raw material costs, suggesting a need for continued attention to companies involved in lithium battery materials [22][3]. Group 2: Company Insights - Key companies in the North Exchange lithium battery materials sector include Andar Technology, Better Ray, and Tianhong Lithium Battery, which are involved in products such as lithium iron phosphate and graphite anode materials. The report suggests monitoring these companies as they navigate the changing pricing dynamics within the lithium battery supply chain [22][3]. - Andar Technology reported a revenue of 3.494 billion RMB and a net loss of 256 million RMB for 2025, focusing on lithium iron phosphate and related materials [23]. - Better Ray achieved a revenue of 16.983 billion RMB and a net profit of 899 million RMB for 2025, specializing in anode materials and lithium-ion battery modules [23]. - Tianhong Lithium Battery generated a revenue of 399 million RMB and a net profit of 10 million RMB for 2025, providing customized battery module solutions for light-duty power and energy storage [23].

证券代码：920185 证券简称：贝特瑞 公告编号：2026-010 贝特瑞新材料集团股份有限公司 关于第二期股权激励计划部分股票期权注销完成的公告 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 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过了《关于注销第二期股权激励计划部分 股票期权的议案》。根据《上市公司股权激励管理办法》《北京证券交易所上市公 司持续监管指引第 3 号—股权激励和员工持股计划》等法律法规、规范性文件和 《贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激 励计划》"）相关规定以及 2021 年第二次临时股东大会的授权，公司向中国证券 登记结算有限责任公司北京分公司提交了注销部分股票期权的申请，经审核确认， 本次股票期权注销事宜已办理完毕。现将具体内容公告如下： 一、股票期权注销情况 公司第六届董事会第三十二次会议审议通过《关于注销第二期股权激励计划 部分股票期权的议案》，拟对已获授但不 ...

Investment Rating - The report maintains an "Outperform" rating for the company [3][8] Core Insights - The company is expected to achieve a revenue of 16.971 billion yuan in 2025, representing a year-on-year growth of 19.29%, driven by lithium battery anode material sales exceeding 600,000 tons [3] - The net profit attributable to the parent company is projected to be 899 million yuan in 2025, a decrease of 3.32% year-on-year [3] - The company has expanded its production capacity, with a total of 575,000 tons/year for anode materials and 73,000 tons/year for cathode materials as of June 2025 [4] - The company is actively pursuing advancements in silicon-carbon anodes and solid-state batteries, aiming to tap into emerging applications in low-altitude economies and other high-demand sectors [5] Financial Summary - Revenue projections for 2025-2027 are 16.971 billion yuan, 17.407 billion yuan, and 18.736 billion yuan respectively, with corresponding net profits of 899 million yuan, 1.671 billion yuan, and 2.002 billion yuan [7][9] - The expected EPS for 2025, 2026, and 2027 are 0.79 yuan, 1.47 yuan, and 1.76 yuan respectively, with current P/E ratios of 35.7, 19.2, and 16.0 [7][9] - The company has a total market capitalization of 32.552 billion yuan and a circulating market capitalization of 31.965 billion yuan [8]

Group 1 - The overall revenue growth rate for companies listed on the Beijing Stock Exchange (BSE) in 2025 is 5.79%, while the net profit attributable to shareholders decreased by 8.68% compared to 2024 [2][12][14] - The average revenue for BSE companies in 2025 is 736 million yuan, with a median of 419 million yuan, showing a slight increase in average revenue but a significant drop in net profit [12][14] - In terms of revenue growth distribution, 62.71% of BSE companies reported positive revenue growth, with 185 companies achieving year-on-year growth, and 20 companies exceeding 40% growth [20][22] Group 2 - Among the five major industries on the BSE, high-end equipment, chemical new materials, consumer services, information technology, and biomedicine all achieved year-on-year revenue growth in 2025, with chemical new materials leading at 10.56% [23][26] - Only the chemical new materials sector saw a year-on-year increase in net profit, which grew by 6.63%, while other sectors experienced declines in net profit [26][30] - The top ten companies by revenue in 2025 include Beiterui, Yinuowei, and Tongli Co., with revenues of 16.983 billion yuan, 7.5 billion yuan, and 6.597 billion yuan respectively [27][30] Group 3 - The average price-to-earnings ratio (P/E) for the BSE is 49.27X, with the high-end equipment sector at 42.18X and the information technology sector at 101.19X, indicating varying valuation levels across industries [43][58] - The BSE has seen a decrease in the number of companies with P/E ratios exceeding 45X, while the number of companies with P/E ratios in the 0-30X range has increased [56][57] - The market sentiment remains stable despite a recent decline in trading activity, with the average daily trading volume for BSE A-shares at 18.162 billion yuan, down 3.69% from the previous week [50][49]

Core Viewpoint - The report highlights the performance of BETTERRY, a leading global lithium battery anode material company, which achieved a revenue of 16.983 billion yuan in 2025, marking a year-on-year growth of 19.29%, despite a slight decline in net profit attributable to shareholders by 3.32% [1][4]. Financial Performance - The total revenue for 2025 reached 16.983 billion yuan, up from 14.237 billion yuan in the previous year, reflecting a growth of 19.29% [3]. - The net profit attributable to shareholders was 899 million yuan, down from 930 million yuan, a decrease of 3.32% [3]. - The net profit after excluding non-recurring gains and losses was 699 million yuan, a decline of 23.43% compared to 913 million yuan in the previous year [3][4]. - Basic earnings per share decreased to 0.80 yuan from 0.83 yuan, a drop of 3.61% [3]. - Total assets increased to 35.924 billion yuan from 33.347 billion yuan, a growth of 7.73% [3]. Market Position and Product Development - BETTERRY maintained its position as the global leader in anode material shipments, with a market share that continues to lead the industry [1]. - The company reported a significant increase in anode material sales, reaching approximately 600,000 tons, driven by the growing demand in the electric vehicle and energy storage markets [1][4]. - The gross margin for the anode materials business improved by 8-10 percentage points year-on-year, becoming a core driver of revenue growth [4]. Strategic Initiatives - BETTERRY's global expansion strategy includes the completion of the second phase of its 80,000-ton anode material base in Indonesia and the steady progress of a 50,000-ton cathode and 60,000-ton anode project in Morocco [4]. - The company aims to increase its overseas production capacity to over 30% by 2026, leveraging advantages such as low electricity prices and tariff benefits [4]. Industry Context - The lithium battery anode material industry is experiencing a structural recovery, with global production increasing by 44% year-on-year and product prices stabilizing [4]. - The industry is witnessing increased differentiation, with BETTERRY's production capacity utilization exceeding 90% and strong ties to major clients like CATL and BYD [4]. - The company has achieved a breakthrough in mass production of silicon-based anodes, with shipments increasing by over 65% year-on-year, and has led the establishment of the first international standard for silicon-based anode materials [4].

Financial Performance - The company achieved operating revenue of ¥16,982,622,255.54, a year-on-year increase of 19.29%[5] - Net profit attributable to shareholders decreased by 3.32% to ¥899,297,523.62[5] - Net profit attributable to shareholders after deducting non-recurring gains and losses fell by 23.43% to ¥699,149,151.14[5] - Basic earnings per share were ¥0.80, down 3.61% compared to the previous year[5] - Total assets at the end of the reporting period reached ¥35,924,270,689.32, a year-on-year growth of 7.73%[5] - Shareholders' equity attributable to the company increased by 3.08% to ¥12,603,756,654.27[5] Revenue Drivers - The significant revenue growth was driven by increased demand in the electric vehicle and energy storage markets, with sales of lithium-ion battery anode materials reaching approximately 600,000 tons[6] Profitability Challenges - The decline in net profit after deducting non-recurring gains and losses was primarily due to increased financial expenses and minority shareholder losses[6] Financial Reporting - The company emphasizes that the financial data is preliminary and has not been audited, urging investors to be cautious[7] - The company plans to disclose detailed financial data in the 2025 annual report[7]

Market Performance - The North Exchange 50 Index saw a weekly increase of +0.58% from February 9 to February 13, 2026[3] - The average daily trading volume on the North Exchange was approximately CNY 18.575 billion, with a total trading volume of CNY 92.876 billion and a turnover rate of 16.85% during the same period[4][5] - The overall price-to-earnings (P/E) ratio for the North Exchange was approximately 46.94 times, which is higher than the ChiNext's 45.74 times but lower than the Sci-Tech Innovation Board's 78.61 times[21] Sector Performance - Among the 294 listed companies on the North Exchange, 103 companies had positive weekly growth, with the highest being Aide Technology (+144.72%) and Haiseng Medical (+133.86%)[10] - The media sector experienced a significant increase of +22.6%, while the oil and petrochemical sector saw a decline of -8.7%[10] Financing and Regulatory Measures - The North Exchange introduced a comprehensive package of measures to optimize refinancing, focusing on supporting quality listed companies and innovative small and medium-sized enterprises[40] - Key measures include improving the review process for quality companies, enhancing inclusivity for innovative SMEs, simplifying disclosure requirements, and strengthening regulatory oversight[41] Investment Strategy - The recommended investment strategy for 2026 emphasizes focusing on new productive forces in sectors such as renewable energy, intelligent manufacturing, and emerging consumption industries[27] - A bottom-up approach based on financial metrics is advised, targeting companies with high growth potential and strong R&D investment[27] Risk Factors - Potential risks include lower-than-expected policy support, rapid technological changes, and intensified market competition[3]

2026 年 2 月 10 日，贝特瑞新材料集团股份有限公司（以下简称"公司"） 第二期股权激励计划首次授予及预留股票期权第四个行权期股票期权行权所涉 及股份完成登记，本次登记的股份数量为 10,851,749 股，行权后公司总股本为 1,138,190,398 股。 公司控股股东中国宝安集团控股有限公司及其一致行动人中国宝安集团股 份有限公司（以下合称"宝安控股及其一致行动人"）合计持有公司股份 746,591,901 股，持股比例为 66.2261%。本次行权股份登记完成后，宝安控股及 其一致行动人合计持有公司股份总数不变，持股比例被动稀释至 65.5947%，权 益变动触及 1%的整数倍。现将其权益变动相关情况公告如下： 一、本次权益变动基本情况 （一）信息披露义务人基本情况 | 信 息 披 露 义 | 名称 | | 持股变动时间 | | | | --- | --- | --- | --- | --- | --- | | 务人之一 | 中国宝安集团控股有限公司 | 2026 | 年 2 | 月 10 日 | | | 股票简称 | / | 股票代码 | | / | | | 变动类型 | 增加□ 减少√ | ...