证券代码：920239 证券简称：长虹能源 公告编号：2025-111 四川长虹新能源科技股份有限公司 投资者关系活动记录表 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 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、 投资者关系活动类别 √特定对象调研 □其他 二、 投资者关系活动情况 活动时间：2025 年 10 月 24 日、2025 年 10 月 27 日 活动地点：线上调研 参会单位及人员： 由开源证券诸海滨先生主持的电话会议，线上参与单位有：开源证券股份有 限公司、中天汇富基金管理有限公司、中金基金管理有限公司、华夏基金管理有 限公司、信达澳银基金管理有限公司、创金合信基金管理有限公司、国投创益产 业基金管理有限公司、中国国际金融股份有限公司、浙商证券股份有限公司、长 江证券股份有限公司、西部证券股份有限公司、民生证券股份有限公司、华鑫证 券有限责任公司、国泰海通证券投资部、上海赛伯乐投资有限公司、上海汇瑾资 产管理有限公司、上海颢升私募基金管理有限公司 ...

风险提示：客户集中度高风险、原材料供应及价格波动风险、汇率波动风险。 碳酸锂原材料价格低位稳定，半固态、人形机器人、无人机等持续拓展从原材料碳酸锂的价格情况看， 2023 年至今电池级碳酸锂价格始终处于下降趋势。2025 年7 月开始，碳酸锂价格出现小幅回升，价格 最高在2025/8/22 达到8.60万元/吨的水平。截至2025H1，长虹能源半固态电池3000mAh 容量产品已可量 产，硅碳负极电池达到量产状态，4.25V 无人机电池项目完成开发。2024 年4 月，长虹能源在上海举行 的2024 中国人形机器人技术应用峰会上入选人形机器人供应链优质企业。 2025 前三季度实现营收+21.73%归母净利润+23.69%，维持"增持"评级长虹能源披露三季报，2025 前三 季度实现总营业收入32.49 亿元，同比增长21.73%；实现归母净利润1.77 亿元，同比增长23.69%。 2025Q3 单季度实现归母净利润6547 万元同比增长15.90%。我们维持盈利预测，预计2025-2027 年长虹 能源实现归母净利润2.39/3.34/3.81 亿元，对应EPS 为1.31/1.83/2.09 元，当前股 ...

Investment Rating - The investment rating for Changhong Energy is maintained at "Outperform" [3] Core Views - In the first three quarters of 2025, Changhong Energy achieved total operating revenue of 3.249 billion yuan, a year-on-year increase of 21.73%, and a net profit attributable to the parent company of 177 million yuan, up 23.69% year-on-year [3] - The company is expected to continue its profit growth, with projected net profits of 239 million, 334 million, and 381 million yuan for 2025, 2026, and 2027 respectively, corresponding to EPS of 1.31, 1.83, and 2.09 yuan [3] - The current stock price corresponds to P/E ratios of 26.7, 19.1, and 16.8 for the years 2025, 2026, and 2027 respectively [3] Financial Performance - In Q3 2025, the company reported a net profit of 65.47 million yuan, reflecting a year-on-year growth of 15.90% [3] - The company has two major capacity expansion projects: the Thailand subsidiary and the Sanjie Phase IV project, with the Thailand subsidiary's registered capital increased from 730 million to 1.13 billion Thai Baht [4] - The price of battery-grade lithium carbonate has shown a downward trend in 2023, with a slight recovery starting in July 2025, peaking at 86,000 yuan per ton [5] Future Outlook - Changhong Energy is expanding its production capacity in lithium batteries and solid-state batteries, with mass production of 3000mAh solid-state batteries already achieved [5] - The company has been recognized as a quality supplier in the humanoid robot supply chain at the 2024 China Humanoid Robot Technology Application Summit [5] - The financial projections indicate a steady increase in revenue and net profit over the next few years, with a projected revenue of 4.4 billion yuan in 2025, growing to 5.836 billion yuan by 2027 [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 3.249 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 21.73%, and a net profit attributable to shareholders of 176.63 million yuan, up 23.69% year-on-year [6] - The company is benefiting from overseas expansion and new product development, capitalizing on the recovery opportunities in the lithium battery market [5][7] - The company’s operating cash flow improved significantly, reaching 293 million yuan in Q3 2025, a 99% increase year-on-year [6] Summary by Sections Market Performance - The closing price is 35.09 yuan, with a one-year high of 60.00 yuan and a low of 26.69 yuan [3] Financial Data - Total market capitalization is approximately 6.39 billion yuan, with a circulating market value of about 6.30 billion yuan [3] - The company has a debt-to-asset ratio of 75.84% and a net asset value per share of 5.24 yuan [3] Business Highlights - The company’s contract liabilities increased by 122% year-on-year, indicating a rise in order volume due to improved industry conditions [6] - The company is upgrading production lines and advancing the research and production of high-rate lithium batteries and polymer lithium batteries [6] - The company is expanding its manufacturing base with new production lines in Thailand, aiming to create a supply chain that integrates domestic and international resources [6] Market Expansion - The alkaline battery business is focusing on maintaining existing customer relationships while expanding new ones [6] - The high-rate lithium battery segment is enhancing product development and collaboration with leading customers, targeting the smart short-distance travel market [6] - The polymer lithium battery segment is increasing revenue from 3C digital and IoT terminal products, with significant progress in new product certifications [6] Research and Development - The company is exploring new materials and processes in the alkaline battery sector to enhance performance [6] - Significant advancements have been made in high-rate lithium batteries and polymer lithium batteries, with breakthroughs in energy density and safety [6] Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 238 million yuan, 302 million yuan, and 380 million yuan, respectively, with corresponding P/E ratios of 26.8, 21.2, and 16.8 [7] - The company is expected to benefit from the growth in the smart home and IoT sectors, enhancing its differentiated R&D capabilities [7]

2.会议召开地点：公司会议室 证券代码：920239 证券简称：长虹能源 公告编号：2025-109 四川长虹新能源科技股份有限公司 第四届董事会第二次会议决议公告 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 23 日 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：2025 年 10 月 21 日以电子邮件方式发 出 5.会议主持人：董事长邵敏先生 6.会议列席人员：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、议案审议程序等符合有关法律、行政法规、部门规 章、规范性文件和《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。 二、议案审议情况 （一）审议通过《2025 年第三季度报告》 1.议案内容： 根据《北京证券交易所上市公司持续监管指引第 2 号——季度报告》《北京 证券交易所上市公司业务办理指南第 6 号——定期报告相关事项》《 ...

Investment Rating - The report indicates a positive outlook for the energy storage industry, particularly focusing on lithium-ion battery technologies and their advancements [1][2]. Core Insights - The research highlights significant progress in solid-state lithium batteries, particularly in solid-solid interface contact, which is crucial for their engineering applications [6][7]. - The electrochemical energy storage sector is experiencing rapid growth, with a notable increase in installed capacity and technological diversification [10][11]. - As of June 2025, the total operational energy storage capacity reached 75.79 GW/175.12 GWh, with lithium-ion batteries dominating the market [25][36]. Summary by Sections 1. Rapid Development of Electrochemical Energy Storage Technologies - The report emphasizes the advancements in solid-state lithium batteries, which are seen as the next generation of energy storage devices due to their high safety and energy density [6][7]. - The energy storage technology landscape is diversifying, with lithium-ion batteries maintaining a dominant position, accounting for 97.34% of the total operational energy storage capacity as of June 2025 [36][19]. 2. Market Performance of North Exchange Technology Growth Stocks - The median price change for North Exchange technology growth stocks was +0.11% from October 9 to October 10, 2025, with 80 companies (52%) experiencing an increase [42][44]. - Notable performers included Changfu Co., Ltd. (+29.89%) and Lingge Technology (+29.82%) [45]. 3. Industry Valuation Metrics - The median TTM price-to-earnings ratio for the new energy industry increased by 1.70% to 38.7X, indicating a positive valuation trend [46]. - The electronic equipment sector's median TTM P/E ratio rose from 57.8X to 58.6X, reflecting a stable market environment [46]. 4. Company Announcements - Tianhong Lithium Battery and Shaanxi Hongda Electric Power Engineering Co., Ltd. plan to jointly establish a holding subsidiary with a registered capital of RMB 50 million [4]. 5. Energy Storage Industry Overview - The report identifies 24 companies within the energy storage industry chain on the North Exchange, categorized into upstream (materials & production equipment), midstream (manufacturing & integration), and downstream (systems & operations) sectors [37][39]. - The report notes that large-scale energy storage projects (over 100 MW) are becoming increasingly prevalent, with a significant portion of new installations focusing on independent energy storage systems [33][30].

证券代码：920239 证券简称：长虹能源 公告编号：2025-108 四川长虹新能源科技股份有限公司 控股孙公司涉及诉讼进展公告 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、本次重大诉讼事项受理的基本情况 收到受理通知书的日期：2025 年 10 月 10 日 诉讼受理日期：2025 年 10 月 10 日 受理法院的名称：重庆自由贸易试验区人民法院 二、有关重大诉讼事项的基本情况和进展情况 （一）（原告/上诉人）基本信息： 姓名或名称：四川长虹杰创锂电科技有限公司（公司控股孙公司） 法定代表人/法定代理人/其他负责人：郭龙 诉讼代理人及所属律所：陈诚、北京盈科（绵阳）律师事务所 （二）（被告/被上诉人）基本信息： 姓名或名称：深圳市浩能科技有限公司 法定代表人/法定代理人/其他负责人：吴德辉 诉讼代理人及所属律所：尚不确定、尚不确定 （三）纠纷起因及基本案情： 2021 年 4 月 9 日，原被告双方签订了《国内物资采购合同》，约定原告以 1,937 万元和 3,794 万元分别向被告采购符 ...

Group 1 - The report highlights the introduction of export controls on lithium batteries and artificial graphite anode materials, effective from November 8, 2025, requiring permits for export [2][16] - The report identifies 19 key companies in the lithium battery sector listed on the Beijing Stock Exchange, with a total market capitalization of 99.024 billion yuan as of October 10, 2025 [2][17] - Key companies mentioned include Beiterui, Changhong Energy, and Naconor, with Beiterui achieving a revenue of 6.279 billion yuan in H1 2025 for anode materials, reflecting a year-on-year growth of 32.83% [2][20] Group 2 - The high-end equipment and chemical new materials sectors showed average gains of +1.20% and +0.46% respectively from September 29 to October 10, 2025 [3][29] - The median P/E ratio for the high-end equipment sector rose to 41.4X, while the chemical new materials sector increased to 43.1X [3][29] - Notable performers in the high-end equipment sector included Lingge Technology with a gain of +53.93% and Changfu Co. with +25.72% [3][29] Group 3 - In the technology new industry, 156 companies saw a median increase of +0.32% in stock prices, with Lingge Technology leading at +53.93% [4][40] - The total market capitalization of these companies rose from 495.053 billion yuan to 495.739 billion yuan during the same period [4][43] - The median P/E ratio for the automotive sector increased to 36.0X, indicating a positive trend in valuations [4][54] Group 4 - The report notes that Changhong Energy's revenue from lithium battery business increased to 48.35% of total revenue in H1 2025, with a total revenue of 2.018 billion yuan, reflecting a year-on-year growth of 23.91% [2][25] - The company reported a net profit of 111.588 million yuan in H1 2025, up 28.79% year-on-year [2][25] - The report emphasizes the stable pricing of lithium battery raw materials and recovering market demand as key factors for Changhong Energy's performance [2][25] Group 5 - The report discusses recent acquisitions, including Deer Chemical's acquisition of 100% of Shandong Runhe Potassium Salt Technology Co. for 44.5404 million yuan [5][61] - Huaitong New Materials is planning to acquire at least 51% of Baoding Sanyuan Textile Technology Co. to enhance its business scale and profitability [5][61] - The report highlights the strategic moves of companies to consolidate their positions in their respective industries [5][61]