电池 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 156.75 | | --- | --- | | 流通股本(百万股) | 130.04 | | 市价(元) | 73.22 | | 市值(百万元) | 11,477.29 | | 流通市值(百万元) | 9,521.34 | 1、《公司业绩稳定增长，干法电极+ 固态电池布局可期》2025-02-28 固态+干法布局持续落地，关注固态电池、干法电极技术在太空领 域应用 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn 报告摘要 请务必阅读正文之后的重要声明部分 事件：公司于 2026 年 1 月 29 日发布 2025 年年度业绩预告，预计 2025 全年归属于上 市公司股东的净利润为 5800 万元至 6800 万元，较上年同期相比下降 57.98%-64.16%。 股价与行业-市场走势对比 业绩短期见底，资本开支回暖叠加海外市场拓展助力公司业绩修复。受锂电行业需求 放缓、市场竞争加剧、项目交付验收周期 ...

电池 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 156.75 | | --- | --- | | 流通股本(百万股) | 130.04 | | 市价(元) | 73.22 | | 市值(百万元) | 11,477.29 | | 流通市值(百万元) | 9,521.34 | 1、《公司业绩稳定增长，干法电极+ 固态电池布局可期》2025-02-28 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） 分析师：冯胜 | | | | 946 | 1,054 | 952 | 1,133 | 1,349 | | 增长率 yoy% | | | | ...

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。 证券代码：920522 证券简称：纳科诺尔 公告编号：2026-002 邢台纳科诺尔精轧科技股份有限公司 2025 年年度业绩预告公告 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、本期业绩预告情况 (一)业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 董事会 2026 年 1 月 29 日 √年度实现盈利，且净利润与上年同期相比下降 50%以上 单位：万元 | 项目 | 本报告期 | 上年同期 | 变动比例% | | --- | --- | --- | --- | | 归属于上市 公司 | 5,800.00～6800.00 | 16,183.49 | -64.16%～-57.98% | | 股东的净利润 | | | | 二、本期业绩重大变化的主要原因 2024 年，锂电行业 ...

Core Insights - The report highlights a decrease in the market value of public funds heavily invested in the Beijing Stock Exchange (BSE), which reached 9.05 billion yuan as of Q4 2025, a decline of 12.19% quarter-on-quarter [2] - The report indicates that the decline is primarily due to profit-taking by investors in thematic funds, with a total redemption of 1.48 billion units, accounting for 52% of the total units before redemption [2][17] - The average net value growth rate of thematic funds in 2025 was 56.7%, significantly outperforming the BSE 50 index's growth of 38.8% [17] Public Fund Investment Trends - As of Q4 2025, the market value of public funds invested in the BSE accounted for 0.27% of the total A-share market, a decrease of 0.04 percentage points [3][4] - The report notes that passive investment trends are ongoing, with index funds experiencing net subscriptions for three consecutive quarters, totaling 12.838 billion yuan as of Q4 2025, an increase of 7.55 billion yuan [2][13] - The report anticipates continued institutional investment in the BSE, with eight thematic funds pending market entry, including six index funds and two actively managed funds [2] Active Equity Fund Strategies - Active equity public funds are focusing on low-valuation growth stocks, with the valuation center of the top 10 stocks held by these funds dropping to 39 times earnings, below the valuation center of the BSE A-shares [2][20] - Key stocks of interest include Litong Technology (solid-state battery), Tongli Co. (lowest valuation on the BSE), and Lin Tai New Materials (low-valuation high-performance) [2][22] - The report also notes an increased focus on cyclical manufacturing sectors, such as basic chemicals and machinery, while reducing exposure to consumer sectors like beauty care and agriculture [2] Thematic Fund Performance - The report emphasizes that thematic funds have shown significant excess returns, with the average net value growth rate of thematic funds in 2025 being 56.7%, compared to the BSE 50's growth of 38.8% [17] - Specific funds that performed well include the "Hua Xia BSE Innovation Small and Medium Enterprises Selected Two-Year Open Fund," which had the lowest redemption ratio [2][15] - The report identifies a trend of active equity public funds increasing their holdings in stocks like Litong Technology, Tongli Co., and Lin Tai New Materials, indicating a strategic shift towards promising sectors [22]

截至1月16日，北交所融资融券余额合计89.81亿元，较前一交易日减少1.57亿元，其中，融资余额89.81 亿元，较前一交易日减少1.57亿元，为连续2个交易日减少；融券余额为8.46万元，较前一交易日增加 0.08万元。 证券时报·数据宝统计显示，截至1月16日，北交所股票中，融资余额居前的为锦波生物、贝特瑞、曙光 数创，最新融资余额分别为4.08亿元、3.28亿元、2.95亿元，从最新融资余额占流通市值比例看，算术 平均值为1.44%，最新融资余额占流通市值比例居前的有奥迪威、星图测控、美登科技等，占比分别为 5.80%、4.45%、4.14%。 北交所股票中，1月16日共有117只股获融资净买入，净买入金额在百万元以上的有32只，蘅东光融资净 买入额居首，当日净买入3486.45万元，其次是纳科诺尔、广信科技，融资净买入金额分别为1397.41万 元、1211.28万元，融资净买入金额居前的还有铁拓机械、华岭股份、科马材料等。融资净卖出金额居 前的股票为美登科技、星图测控、凯华材料等，融资净卖出金额分别为4426.09万元、1862.69万元、 1715.34万元。 分行业统计，获融资净买入超百万元的 ...

Core Insights - The report highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand feedback, leading to a recovery in prices across the industry chain [3][4] - The report maintains a "recommended" rating for the NEV industry, emphasizing the potential for excess returns in sectors such as solid-state batteries, autonomous driving, and battery materials [4] - The lithium price has seen significant increases, with carbonate lithium and hydroxide lithium prices rising by 12.7% and 12.8% respectively, indicating a bullish trend in the industry [5][34] Market Tracking - In December, China's NEV production and sales reached 1.718 million and 1.71 million units respectively, marking year-on-year increases of 12.3% and 7.2% [3][49] - The NEV market accounted for 47.9% of total new car sales in 2025, reflecting a 7 percentage point increase from the previous year [3][49] - The report notes that the NEV index, lithium battery index, and charging pile index have shown positive growth, with respective weekly increases of 1.29%, 1.50%, and 3.16% [5][22] Lithium Battery Industry Price Tracking - The report details that lithium carbonate prices have increased to 157,900 CNY/ton, while lithium hydroxide prices reached 148,900 CNY/ton, both reflecting significant weekly increases [34][37] - The price of phosphoric iron lithium has risen to 52,400 CNY/ton, up 11.3% from the previous week, indicating strong demand in this segment [34][37] - The report also notes stable prices for aluminum-plastic films and separators, with no significant changes observed [37] Industry Dynamics - The report mentions that the Ministry of Industry and Information Technology aims to accelerate breakthroughs in solid-state battery technology and autonomous driving by 2026 [6][67] - Key developments include the launch of L3-level autonomous driving trials by BAIC New Energy and a partnership between Yuanrong Qixing and an international OEM for L3-level technology [6][67] - The report emphasizes the importance of enhancing the self-controllable capabilities of the supply chain and accelerating the development of key technologies in the NEV sector [67] Key Company Announcements - Haopeng Technology forecasts a revenue of 5.7 to 6 billion CNY for 2025, with a net profit increase of 113.69% to 141.09% [71] - The company plans to invest approximately 1.2 billion CNY in solid-state battery production, aiming to capitalize on the growth opportunities in the sector [72] - The report highlights a significant procurement agreement between Rongbai Technology and CATL for the supply of phosphoric iron lithium materials, valued at over 120 billion CNY [72]

邢台纳科诺尔精轧科技股份有限公司 持股 5%以上股东减持股份结果公告 本公司及董事会全体成员及相关股东保证公告内容不存在虚假记载、误导性 陈述或重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 证券代码：920522 证券简称：纳科诺尔 公告编号：2026-001 股东名称 股东身份 持股数量 （股） 持股比 例（%） 当前持股股份来源 京津冀产业协同 发展投资基金（有 限合伙） 持股 5%以 上股东 12,548,879 8.0056% 北交所上市前取得（含 权益分派转增股） 一、 减持主体减持前基本情况 二、 减持计划的实施结果 （一） 股东因以下原因披露减持计划实施结果： √减持计划实施完毕 □减持时间区间届满 | 股东名称 | 减持数量 | 减持数量占 总股本比例 | | 减持 | | 减持 | | 减持价格区 | 已减持总金额 | 减持计 划完成 | 当前持股 | 当前持股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | （股） | （%） | | 方式 | 期间 | ...

Group 1: Chaohongji (潮宏基) Overview - Chaohongji is expected to achieve a net profit attributable to shareholders of 436-533 million yuan in 2025, representing a year-on-year growth of 125%-175% [2][8] - The company plans to reach a total of 1,668 jewelry stores by the end of 2025, with a net increase of 163 stores during the year [2][8] - The brand focuses on young consumers by emphasizing "non-heritage," "beading," and "trending" categories, which is expected to enhance its market performance [2][9] Group 2: Babi Food (巴比食品) Overview - Babi Food is a leading chain brand in the breakfast bun market, expanding from 2,074 stores in 2016 to 5,685 stores in the first half of 2025 [11][12] - The national bun market is projected to grow from 704 billion yuan in 2024 to 740 billion yuan in 2025, with a year-on-year increase of 5.1% [12][14] - The competitive landscape is fragmented, providing significant room for consolidation, with Babi Food being the largest player in the market [13][14] Group 3: Minshida (民士达) Overview - Minshida is positioned to benefit from the growing demand for aramid paper in the aerospace sector, with China applying for frequency and orbital resources for 203,000 new satellites [3][15] - The company’s aramid paper is recognized for its high strength, lightweight, heat resistance, and insulation properties, making it suitable for various aerospace applications [15][16] - The demand for transformers is expected to rise due to the aging power grids in North America and Europe, which will further drive the need for Minshida's products [16][17] Group 4: Nakanor (纳科诺尔) Overview - Nakanor has successfully delivered dry electrode equipment for space power applications, enhancing its technological innovation capabilities [20][21] - The company is advancing its production capacity with a new 1,500-ton production line that began trial production in June 2025, achieving a 50% operating rate by September 2025 [18][21] - Nakanor is establishing a regional headquarters in Hainan to facilitate global strategic layout and enhance its international market competitiveness [22][23]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has successfully delivered dry electrode equipment for space power-related institutions, enabling technological innovation in solid-state battery laboratories [5] - The company is positioned as a leader in dry electrode technology and equipment, with significant experience and has provided equipment to numerous domestic and international battery and vehicle manufacturers [5] - The establishment of a regional headquarters in Hainan aims to enhance global strategic layout and the solid-state battery laboratory is expected to accelerate technological innovation [5] Financial Performance - The company's projected net profit for 2025-2027 is estimated at 99 million, 159 million, and 230 million yuan respectively, with corresponding P/E ratios of 115, 72, and 50 times [5][7] - Revenue for 2025 is expected to be 946 million yuan, with a year-on-year growth rate of -10.16%, followed by a recovery with 28.90% growth in 2026 and 27.02% in 2027 [7] - The company anticipates maintaining its leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields [5]

Group 1 - The core transaction on January 14 involved 164,200 shares of Naconor, with a total transaction value of 10.1513 million yuan, executed at a price of 61.82 yuan, representing a 15.00% discount compared to the closing price of the day [2][3] - In the past month, Naconor has recorded a total of 14 block trades, accumulating a total transaction value of 84.5154 million yuan [3] - The closing price of Naconor on the day of the transaction was 72.73 yuan, reflecting a 5.10% increase, with a turnover rate of 5.59% and a total trading volume of 519 million yuan [3] Group 2 - Naconor was established on January 6, 2000, with a registered capital of 1.5675 billion yuan [3]