证券代码：920185 证券简称：贝特瑞 公告编号：2026-009 贝特瑞新材料集团股份有限公司 2025 年年度业绩快报公告 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。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 单位：元 报告期内，公司实现营业收入 16,982,622,255.54 元，同比上涨 19.29%；归 属于上市公司股东的净利润 899,297,523.62 元，同比下降 3.32%；归属于上市 公司股东的扣除非经常性损益的净利润 699,149,151.14 元，同比下降 23.43%； 基本每股收益为 0.80 元，同比下降 3.61%。 报告期末，公司总资产 35,924,270,689.32 元，同比增长 7.73%；归属于上 市公司股东的所有者权益 12,603,756,654.27 元，同比增长 3.08 ...

北交所周报 交投活跃度节前回落，北交所优化再融资 2026 年 02 月 23 日 核心观点 分析师 范想想 ：010-8092-7663 ：fanxiangxiang_yj@chinastock.com.cn 分析师登记编码：S0130518090002 张智浩 ：zhangzhihao_yj@chinastock.com.cn 分析师登记编码：S0130524100001 相关研究 1. 【银河北交所】2026 年度策略_"小而美"到"强 而久"，推动北证高质量发展 2. 【银河北交所】"十五五"：北交所引领中小企业 再进阶 3. 【银河北交所】2025 年度中期策略_并购协同促 新格局，提质扩容迎新供给 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 1 相对沪深 300 表现图 2026-02-23 资料来源：iFinD，中国银河证券研究院 ⚫ 北证 50 指数周涨幅为+0.58%。2 月 9 日至 2 月 13 日，北证 50 涨幅为 +0.58%。北交所 294 家上市公司中，共 103 家公司周涨幅为正，其中新股 爱得科技（+144 ...

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√ | ...

贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日 披露了《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》（公告编号：2025-095），公司大股东中国宝安集团股份 有限公司拟作为重整投资联合体（以下简称"联合体"）牵头人，联合公司及其 他潜在投资人参与杉杉集团有限公司（以下简称"杉杉集团"）及其全资子公司 宁波朋泽贸易有限公司（以下简称"宁波朋泽"）的实质合并重整投资人招募（以 下简称"本次重整投资人招募"）。公司董事会同意公司作为重整投资联合体投资 人参与本次重整投资人招募。 根据宁波杉杉股份有限公司于 2026 年 2 月 9 日披露的《宁波杉杉股份有限 公司关于控股股东及其子公司签署重整投资协议的公告》（公告编号：2026-004）， 公司参与的联合体未中选成为杉杉集团及其全资子公司宁波朋泽实质合并重整 的重整投资人。 证券代码：920185 证券简称：贝特瑞 公告编号：2026-007 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 资人招募的进展公告 本公司及董事会全体成员保证公告内 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-006 贝特瑞新材料集团股份有限公司 第二期股权激励计划第四个行权期股票期权行权结果公告 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、股票期权行权结果 （一）实际行权基本情况 1、期权简称及代码：贝特JLC1、850013 2、授予日：首次授予日期为2021年4月29日、第二批次授予日期为2021年10 月12日 3、股票登记日：2026年2月10日 | | | | | | | 实际行权对 | | --- | --- | --- | --- | --- | --- | --- | | | | | 授予股票 | 本次可行 | 实际行权 | 应股票数量 | | 序号 | 姓名 | 职务 | 期权数量 | 权数量 | 数量 | 占行权后总 | | | | | （份） | （份） | （份） | 股本的比例 | | | | | | | | （%） | | 1 | 贺雪琴 | 董事长 | 2,115,000 | 528,750 | 528,75 ...

Core Insights - The article discusses the strategic transformation of BETTERRY, a leading company in the negative electrode materials sector, as it navigates the complexities of the new economic cycle starting in 2026, focusing on technological innovation to build sustainable competitive advantages. Group 1: Company Performance and Strategy - In the first three quarters of 2025, BETTERRY achieved a revenue of 12.384 billion and a net profit of 768 million, maintaining its position as the global leader in negative electrode material shipments, laying a solid foundation for 2026 [2] - The company acknowledges that while 2025's performance was strong, the challenges in 2026 will be more complex, necessitating a focus on enhancing overall competitiveness and exploring new growth models [2] Group 2: Global Expansion and Localized Production - BETTERRY's overseas bases in Indonesia and Morocco are not merely for capacity replication but serve as critical points for advancing global renewable energy initiatives, emphasizing local production and supply to meet low-carbon requirements [3] - The company aims to enhance supply chain resilience and compliance through localized production, talent development, and technology services, transitioning from "global supply" to "local creation" [3] Group 3: Technological Innovation - BETTERRY has achieved comprehensive coverage of solid-state battery materials, including oxide, sulfide, and polymer technologies, with plans for mass production of sulfide electrolytes and core products in 2026 [4] - The company is focusing on developing solutions for fast charging in power batteries and long-life storage, while also integrating AI into material research and development processes to enhance efficiency and innovation [6] Group 4: Industry Trends and Competitive Landscape - The lithium battery industry is entering a recovery phase in 2026, with high demand for energy storage driving improvements in material supply and demand, marking a critical year for breakthroughs in material development and application [7] - The shift in policy towards high-quality development will reshape the industry landscape, promoting a more regulated and value-focused competitive environment, which BETTERRY aims to navigate by enhancing product value and driving green standards [8]

Core Insights - The leading company in revenue for graphite anode materials in China for 2024 is BETTERRY, with revenue exceeding 10 billion yuan, followed by SANSHA and Zhongke Electric, both exceeding 5 billion yuan [1][2]. Revenue Rankings - BETTERRY ranks first in revenue among listed companies in the graphite anode materials sector, with over 10 billion yuan in related business revenue for 2024 [1]. - SANSHA and Zhongke Electric both have revenues exceeding 5 billion yuan from their graphite anode products [1]. Production Rankings - In terms of production, BETTERRY leads with over 450,000 tons of graphite anode production in 2024, followed by SANSHA with over 350,000 tons [2][3]. Sales Rankings - BETTERRY also ranks first in sales volume for 2024, with sales reaching 438,000 tons, while SANSHA's sales are at 340,000 tons, placing it second [4]. Artificial Graphite Leadership - SANSHA has established itself as a leader in the artificial graphite anode sector, with significant advancements in technology, resulting in artificial graphite accounting for 91.7% of total graphite anode shipments in the first half of 2025, totaling 1.17 million tons [5]. Market Share in Artificial Graphite - In the artificial graphite sector for the first half of 2025, SANSHA holds the highest market share at 21%, with BETTERRY following closely behind [10].

Group 1 - The financing balance of the North Exchange is approximately one-third of that of the ChiNext, indicating lower investor sentiment and market activity [1][11] - The North Exchange's financing balance reached a historical high of 92.85 billion yuan as of January 14, 2026, with a financing balance of 92.84 billion yuan [11][12] - The North Exchange's financing balance as a percentage of market capitalization was 1.25% in 2025, significantly lower than the ChiNext (3.57%) and the Sci-Tech Innovation Board (2.97%) [15][18] Group 2 - The North Exchange 50 Index reported 1,548.33 points, with a P/E ratio of 64.92X, while the North Exchange specialized and new index reached 2,666.88 points with a P/E ratio of 83.81X [2][32] - The average P/E ratios for key sectors in the North Exchange are as follows: high-end equipment (42.38X), information technology (96.48X), new chemical materials (47.82X), consumer services (49.03X), and biomedicine (37.32X) [39][44] - The North Exchange has seen a significant increase in daily trading volume, with an average of 409.81 billion yuan, up 55.52% from the previous week [31][33] Group 3 - The report recommends focusing on high-performing stocks within the North Exchange 50 and technology growth companies, particularly those with strong new production capabilities and scarcity attributes [46] - Recent IPOs have shown strong performance, with the first new stock of 2026, Kema Materials, experiencing a first-day increase of 371.27% [2][24] - The report highlights the active trading of North Exchange 50 constituent stocks, which generally show higher activity levels in financing and margin trading compared to non-constituent stocks [19][20]

Group 1 - On January 14, a block trade of 719,000 shares of Betterray (920185) was executed on the trading platform, with a transaction amount of 23.727 million yuan and a transaction price of 33.00 yuan, reflecting a premium of 0.30% over the closing price of the day [2] - In the past month, Betterray has recorded a total of 2 block trades, with a cumulative transaction amount of 30.127 million yuan [2] - The closing price of Betterray on January 14 was 32.90 yuan, showing a decline of 1.44%, with a turnover rate of 1.41% and a total transaction volume of 522 million yuan, indicating a cumulative decline of 3.80% over the past five days [2] Group 2 - The buyer of the block trade was Huatai Securities Co., Ltd., Shenzhen Yitian Road Rongchao Business Center Securities Business Department, while the seller was Zhongtai Securities Co., Ltd., Beijing Chaowai Street Securities Business Department [2]

Core Insights - The graphite anode materials industry in China is supported by national policies aimed at promoting new materials and electric vehicles, which are key application areas for graphite anodes [1][4]. Policy Overview - Since 2016, several policies have been introduced to encourage the development of graphite anode materials, including the "Light Industry Development Plan (2016-2020)" and "Guiding Opinions on Promoting the Development of the Energy Electronics Industry" [4]. - Key policies include export controls on graphite anode materials and related equipment, effective from November 2025, requiring exporters to obtain licenses [9]. National Policy Highlights - The "Lithium Battery Industry Norms (2024 Edition)" sets performance standards for anode materials, including a carbon (graphite) capacity of ≥340mAh/g and silicon-carbon capacity of ≥480mAh/g [8]. - The "Industry Structure Adjustment Guidance Catalog (2024 Edition)" categorizes key components of electric vehicles, such as anode materials, as encouraged projects, indicating government support [6]. Provincial Policy Highlights - Various provinces have included graphite anode materials in their "14th Five-Year Plan," outlining development goals and directions to enhance the industry chain [11][14]. - For instance, Shanxi aims to develop sodium-ion and lithium-ion battery products, while Zhejiang focuses on high-energy-density lithium-ion batteries [12][13]. Industry Development Goals - Provinces are setting specific targets for the graphite anode materials industry, including building industrial bases, enhancing product capabilities, and improving intelligent production levels [14].