Group 1 - The core event involves a block trade of Beitry (stock code: 920185) on the Beijing Stock Exchange, occurring on December 17, 2025, at a closing price of 32.44 yuan per share [1] - The transaction price was 32 yuan per share, with a total volume of 200,000 shares, resulting in a transaction amount of 6.4 million yuan, reflecting a discount of 1.36% [1] - The buying brokerage was CITIC Securities Co., Ltd. Beijing Dongcheng Branch, while the selling brokerage was CITIC Securities Co., Ltd. Shaoxing Qunxian Road Securities Branch [1]

Core Viewpoint - On December 17, 2023, a block trade of Bettery (920185) occurred with a volume of 200,000 shares and a transaction amount of 6.4 million yuan, at a price of 32.00 yuan, reflecting a discount of 1.36% compared to the closing price of the day [2] Summary by Category Block Trade Details - The block trade involved a total volume of 200,000 shares and a transaction amount of 6.4 million yuan [2] - The transaction price was set at 32.00 yuan, which is a 1.36% discount relative to the closing price of the day [2] - The buyer was CITIC Securities Co., Ltd. Beijing Dongcheng Branch, while the seller was CITIC Securities Co., Ltd. Shaoxing Qunxian Road Securities Branch [2] Recent Trading Activity - In the past month, Bettery has recorded a total of 2 block trades, with a cumulative transaction amount of 14.52 million yuan [2] - The closing price of Bettery on the day of the block trade was 32.44 yuan, showing an increase of 2.33% [2] - The stock's turnover rate for the day was 0.88%, with a total transaction amount of 316 million yuan [2] - Over the last 5 days, the stock has appreciated by 6.64% [2]

Core Insights - As of December 16, the total margin financing and securities lending balance on the Beijing Stock Exchange reached 7.757 billion yuan, an increase of 38.90 million yuan from the previous trading day, marking a continuous increase for five consecutive trading days [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Better Energy, with financing balances of 394 million yuan, 360 million yuan, and 340 million yuan respectively [1] - A total of 159 stocks on the Beijing Stock Exchange received net margin purchases on December 16, with 49 stocks having net purchases exceeding one million yuan, led by Better Energy with a net purchase of 9.208 million yuan [1][2] Industry Analysis - The industries with the highest concentration of stocks receiving net margin purchases exceeding one million yuan include machinery equipment, power equipment, and computers, with 10, 8, and 7 stocks respectively [2] - On December 16, stocks with net margin purchases exceeding one million yuan had an average increase of 1.92%, with notable gainers including Hanxin Technology, Shunyu Precision Engineering, and Jingchuang Electric, which rose by 29.99%, 19.94%, and 12.49% respectively [2] - The average turnover rate for stocks with net margin purchases exceeding one million yuan was 5.76%, with the highest turnover rates recorded for Jingchuang Electric, Shunyu Precision Engineering, and Gais Food, at 50.49%, 29.66%, and 28.87% respectively [2] Stock Performance - The stocks with the largest increases in margin financing balances on December 16 include Better Energy, with a balance of 339.81 million yuan and an increase of 9.208 million yuan, and Gobi Jia, with a balance of 110.15 million yuan and an increase of 6.3631 million yuan [3][4] - Other notable stocks with significant margin financing increases include Vision Intelligence, Naconoer, and Beikang Testing, with increases of 3.64 million yuan, 3.5389 million yuan, and 3.4991 million yuan respectively [3][4] - Stocks such as Jun Chuang Technology, Tianli Composite, and Fujida experienced the largest net margin sell-offs, with amounts of 6.8091 million yuan, 5.2228 million yuan, and 3.9907 million yuan respectively [1][2]

Core Viewpoint - China Baoan, a significant player in the investment landscape, plans to lead a restructuring effort for Shanshan Group alongside its subsidiary, BTR, aiming to create a global leader in anode materials for lithium-ion batteries [1][3][4]. Group 1: Restructuring Efforts - China Baoan has agreed to act as the lead investor in a consortium to restructure Shanshan Group, submitting necessary documentation and a due diligence deposit of 50 million yuan [3][4]. - The restructuring is expected to attract multiple investors, including Fangda Carbon and Hunan Salt Industry Group, indicating a competitive environment for Shanshan's assets [1][3][13]. - Shanshan Group's core asset, Shanshan Co., is a leader in anode materials, and its integration with BTR could result in a dominant player in the global market [3][4]. Group 2: Market Position and Financial Performance - According to EVTank, the global anode material shipment is projected to reach 2.206 million tons in 2024, with China accounting for 2.115 million tons, representing a 95.9% share [3][4]. - BTR is expected to hold over 20% market share in 2024, while Shanshan Co. is anticipated to rank second [3][4]. - In the first half of 2025, BTR reported revenue of 7.838 billion yuan, a year-on-year increase of 11.36%, while Shanshan Co. achieved revenue of 9.858 billion yuan, up 11.78% [6][7]. Group 3: Competitive Landscape and Industry Dynamics - The potential merger of BTR and Shanshan Co. could lead to a combined market share exceeding 40% in the global anode materials market, prompting a reshuffle among other manufacturers [4][9]. - The restructuring process may trigger antitrust reviews due to the combined revenue of the involved parties exceeding regulatory thresholds [7][9]. - The ongoing internal power struggle within China Baoan could impact the stability and success of the restructuring efforts [9][10].

Core Viewpoint - The restructuring of Shanshan Group has attracted significant players, including China Baoan, which aims to lead a consortium for the substantial merger and restructuring of Shanshan Group and its subsidiary Ningbo Pengze Trading Co., Ltd [2] Group 1: Restructuring Background - Shanshan Group has faced a debt crisis and control disputes following the sudden death of its founder Zheng Yonggang in February 2023, leading to management instability and a significant decline in operational performance [3] - In 2024, Shanshan Co., Ltd. reported its first annual loss since listing, with a net loss of 367 million yuan, a year-on-year decline of 147.97%, and total liabilities reaching 23.673 billion yuan, with a short-term debt gap of 5.355 billion yuan [3] - The ongoing debt pressure triggered judicial restructuring procedures, with the Ningbo Intermediate People's Court accepting the bankruptcy restructuring case on February 25, 2025 [3] Group 2: Initial Restructuring Efforts - The first round of restructuring nearly succeeded when a consortium signed an investment agreement to acquire 23.36% control of Shanshan Co. for 3.284 billion yuan, but it ultimately failed due to the rejection of the plan by creditor groups [4][5] - A key factor in the failure was a lawsuit from a former intended investor, which disrupted the restructuring process [4] Group 3: New Round of Restructuring - Following the failure of the first round, a new round of investor recruitment was initiated on November 7, with a focus on investors with backgrounds in polarizers and/or anode materials [5][6] - The investment proposals include acquiring 100% equity of the debtor or forming a consortium with specific investment conditions [6] - Notable participants in the new round include Fangda Carbon and Hunan Salt Industry Group, with China Baoan completing preliminary preparations and submitting required materials [6] Group 4: Strategic Advantages and Market Implications - China Baoan and its subsidiary Bettery have a strong synergy in the lithium battery anode materials sector, with Bettery being the global leader in anode material shipments for 15 consecutive years [6] - The potential collaboration between the "global anode leader" and "artificial graphite leader" could enhance cost competitiveness and market positioning [7] - The restructuring has evolved into a battle for industry consolidation in the new energy materials sector, with significant implications for the future of the lithium battery materials industry [7]

证券代码：920185 证券简称：贝特瑞 公告编号：2025-097 贝特瑞新材料集团股份有限公司 关于召开 2025 年第二次临时股东会通知公告（提供网络投票） 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、会议召开基本情况 （一）股东会届次 （四）会议召开方式 本次会议采用现场投票和网络投票相结合方式召开。 公司股东应选择现场投票或网络投票的其中一种方式参与表决，如果同一 表决权出现重复投票表决的，以第一次投票表决结果为准。 （五）会议召开日期和时间 本次会议为 2025 年第二次临时股东会。 （二）召集人 本次股东会的召集人为董事会。 根据《公司法》和《公司章程》的有关规定，公司董事会于 2025 年 12 月 12 日召开第六届董事会第三十一次会议，审议通过了《关于召开公司 2025 年第 二次临时股东会的议案》。 （三）会议召开的合法合规性 本次股东会会议召开程序符合《公司法》等相关法律法规及《公司章程》的 有关规定。 1、现场会议召开时间：2025 年 12 月 30 日下午 15:0 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2025-094 贝特瑞新材料集团股份有限公司 第六届董事会第三十一次会议决议公告 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 12 月 12 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯方式相结合 4.发出董事会会议通知的时间和方式：2025 年 12 月 7 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 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。 （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。 董事黄友元、任建国、王道海、王轶超、彭明权、朱滔、于洪宇、陈建军因 工作原因以通讯方式参与表决。 二、议案审议情况 （一）审议通过《关于与宝安集团共同参与杉杉集团及其全资子公司实质合并重 整投资人招募暨关联交易的议案》 1 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2025-095 贝特瑞新材料集团股份有限公司 关于与宝安集团共同参与杉杉集团及其全资子公司实质合并重整投 资人招募暨关联交易的公告 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。 一、关联交易概述 （一）关联交易概述 2025 年 2 月 25 日，浙江省宁波市鄞州区人民法院（以下简称"鄞州法院"） 作出（2025）浙 0212 破申 8 号《民事裁定书》，裁定受理杉杉集团有限公司（以 下简称"杉杉集团"）破产重整一案，并于同日指定杉杉集团管理人（以下简称 "管理人"）。2025 年 3 月 20 日，鄞州法院作出(2025)浙 0212 破 12 号《民事裁 定书》，裁定对杉杉集团和宁波朋泽贸易有限公司（以下简称"宁波朋泽"）进行 实质合并重整。2025 年 11 月 7 日管理人发布了《杉杉集团有限公司关于公司及 全资子公司实质合并重整案重整投资协议解除暨继续招募意向投资人的公告》。 贝特瑞新材料集团股份有限公司（以下简称"公司"）大股东中国宝安 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2025-096 贝特瑞新材料集团股份有限公司 关于预计 2026 年日常性关联交易的公告 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。 一、 日常性关联交易预计情况 （一） 预计情况 单位：元 | 关联交易类别 | 主要交易内容 | 预计 2026 年发 | （2025）年与关联 方实际发生金额 | 预计金额与上年实 际发生金额差异较 | | --- | --- | --- | --- | --- | | | | 生金额 | | | | | | | （2025 年 1-10 月） | 大的原因 | | 购买原材料、 | 公司（含子公司）向 关联方购买原材料， | | | 预计 年采购 2026 | | 燃料和动力、 | | 2,853,700,000.00 | 660,397,515.45 | 及委外加工需求增 | | 接受劳务 | 委托关联方加工，接 受关联方提供劳务等 | | | 加。 | | 销售产品、商 | 公司（含子公司）向 | | | 预 ...

Trading Volume and Market Activity - On December 12, the total trading volume of individual stocks on the Beijing Stock Exchange reached 1.134 billion shares, with a total transaction value of 26.973 billion yuan, a decrease of 1.332 billion yuan compared to the previous trading day [1] - Among the tradable stocks, 143 stocks closed higher, accounting for 50% of the total, while 139 stocks closed lower [1] - The stocks with the highest closing gains included Chuangyuan Xinke, Changfu Co., and Caneng Electric Power, which rose by 14.80%, 11.38%, and 11.29% respectively [1] Stock Performance Highlights - The stocks with the highest transaction values included Jinbo Biological, Xingtou Measurement Control, and Tianli Composite, with transaction values of 1.045 billion yuan, 869 million yuan, and 862 million yuan respectively [1] - A total of 76 stocks had transaction values exceeding 10 million yuan, indicating significant trading activity [1] - The highest turnover rates were observed in stocks such as Dapeng Industrial, Jingchuang Electric, and Guangdao Tui, with turnover rates of 70.76%, 45.80%, and 41.72% respectively [1] Price Movements - The stock Guangdao Tui experienced the largest decline, dropping by 21.09%, followed by Longzhu Technology and Henghe Co., which fell by 6.56% and 6.53% respectively [1] - The closing prices of notable stocks included Jinbo Biological at 275.50 yuan, Tianli Composite at 60.84 yuan, and Chuangyuan Xinke at 31.80 yuan [1][2]