证券代码：920809 证券简称：安达科技 公告编号：2026-009 贵州安达科技能源股份有限公司 贵州安达科技能源股份有限公司（以下简称"公司"）因业务整体规划和实 际办公需要，公司办公地址及投资者联系电话发生变更。为保证投资者交流渠道 通畅，现将具体变更内容公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 贵州省贵阳市高新技术产业开 发区沙文生态科技园中小企业 | 贵州省贵阳市开阳县硒城街道办 白安营村 | | | 孵化园 组团 B5 B5-4 | | | 联系电话 | 0851-87221005 | 0851-87228816 | 关于公司办公地址及投资者联系电话变更的公告 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。 贵州安达科技能源股份有限公司 董事会 2026 年 3 月 10 日 上述变更事项自公告之日起正式生效。除上述变更外，公司其它联系方式保 持不变，敬请广大投资者注意。此次变更给广大投资者带来的不便，敬请谅解！ 特此公 ...

贵州安达科技能源股份有限公司 投资者关系活动记录表 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 证券代码：920809 证券简称：安达科技 公告编号：2026-008 □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 √其他 (券商策略会及反路演) 二、 投资者关系活动情况 活动时间：2026 年 3 月 6 日-2026 年 3 月 7 日 本次活动公司就投资者普遍关注的问题进行了沟通与交流，主要问题及回复 如下： 问题 1：行业四代产品的出货量情况如何？公司产品结构优化的目标是什 么？ 回答：2026 年行业四代产品出货量预计占比约 30%；公司的目标是通过产 品结构优化升级，实现四代产品出货占比高于行业平均水平。 问题 2：近期磷和硫涨价对公司三代、四代产品加工成本有何影响？公司铁 法工艺有哪些优势？ 回答：硫磺价格上涨推动硫酸亚铁（氨法、钠法工艺的铁源）价格上涨，进 而推高磷酸铁成本。公司采用的铁法工艺，系使用铁粉作为铁源 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [5][7]. Core Insights - The company is positioned as a benchmark enterprise in the lithium iron phosphate (LFP) cathode materials sector, with expectations of significant loss reduction in 2025 and potential recovery in profitability [6]. - The company has achieved substantial revenue growth, with a 109.02% year-on-year increase in revenue for Q1-Q3 2025, driven by both sales volume and price increases of lithium iron phosphate products [6]. - The report highlights the dual driving forces of the new energy vehicle and energy storage markets, which are expected to enhance demand for the company's products [6]. - The competitive landscape is characterized by a strong concentration of market share among leading firms, with the company ranking among the top ten in domestic lithium iron phosphate shipments in 2025 [6]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 2025 estimated at 34.94 billion yuan, 2026 at 67.49 billion yuan, and 2027 at 91.27 billion yuan, reflecting significant growth rates of 131.18%, 93.19%, and 35.23% respectively [8]. - The company is expected to report a net profit of -256 million yuan in 2025, transitioning to a profit of 179 million yuan in 2026 and 332 million yuan in 2027, indicating a recovery trajectory [8]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are -17.54, 25.06, and 13.55 respectively, suggesting a potential for valuation improvement as profitability returns [10]. Industry Overview - The lithium battery market is projected to see a shipment volume of 1,875 GWh in 2025, a 53% increase year-on-year, with lithium iron phosphate batteries expected to dominate this growth [6]. - The report notes a structural shortage in lithium battery materials, leading to price increases, with the average price for power-type lithium iron phosphate reported at 54,800 yuan/ton as of February 25, 2026 [6]. - The company is actively expanding its production capacity, with a utilization rate exceeding 95% and ongoing projects expected to enhance its market position [6].

Financial Performance - The company's operating revenue for 2025 reached ¥3,493,562,003.29, an increase of 131.18% compared to the previous year[4] - The net profit attributable to shareholders was -¥256,130,348.99, showing a reduction in losses by 62.33% year-on-year[4] - Basic earnings per share improved by 61.61%, driven by the substantial increase in net profit attributable to shareholders[6] Assets and Equity - Total assets at the end of the reporting period amounted to ¥4,726,743,255.96, reflecting a 5.20% increase from the beginning of the period[4] - The company’s equity attributable to shareholders decreased by 13.16% to ¥1,565,283,906.89[4] Profitability and Margins - The company experienced a significant improvement in profit margins due to increased demand for lithium iron phosphate, leading to higher sales volumes and prices[5] - The gross profit margin improved significantly due to effective cost reduction and efficiency enhancement measures[6] - The company noted that the reduction in inventory impairment provisions contributed to the improved financial performance[6] - The increase in production capacity utilization played a crucial role in enhancing profitability during the reporting period[5] Cautionary Notes - The financial data presented is preliminary and subject to audit, urging investors to be cautious[7]

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests a positive outlook based on structural opportunities and market conditions [3]. Core Insights - The North Exchange A-share market experienced a moderate increase, with a trading volume of 18.656 billion yuan on February 25, 2026, up by 2.277 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1,547.201, rising by 0.77%, while the specialized index increased by 1.22% to 2,597.61 [1][8]. - A total of 294 companies were listed on the North Exchange, with 208 stocks rising, 6 remaining flat, and 80 declining. The top five gainers included Tonghui Information (10.3%), Anda Technology (8.2%), and Tianli Composite (6.3%), while the top five losers were Liancheng CNC (-7.1%) and Keli Co., Ltd. (-5.9%) [1][15][16]. - The report highlights structural characteristics within the North Exchange, aligning with the cyclical stock market trends, particularly in rare earths, phosphorus chemicals, and small metals [3]. Summary by Sections Market Review - On February 25, 2026, the North Exchange A-share trading volume reached 18.656 billion yuan, an increase of 2.277 billion yuan from the previous day. The North Exchange 50 Index rose by 0.77% to close at 1,547.201, with a PE_TTM of 65.09. The specialized index also saw a rise of 1.22% [1][8]. Important News - OpenAI's project faced funding issues, shifting its focus to managing internal data center resources rather than owning physical assets. Additionally, OpenAI is behind in custom chip development, with plans to start in 2025 [2][17]. - Murata Manufacturing, a major MLCC manufacturer, is considering raising prices for its passive components [2][18]. Key Company Announcements - Deere Chemical announced a projected revenue of 726 million yuan for 2025, a decrease of 7.21% year-on-year, with a net profit expected to drop by 33.54% [2][19]. - Hongzhi Technology expects a revenue of 47.228 million yuan for 2025, down 1.61% year-on-year, with a net profit decline of 16.96% [2][20][21].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company is expected to achieve a significant reduction in losses, with a projected net profit attributable to shareholders of -300 million to -240 million yuan for 2025, compared to -679.88 million yuan in 2024 [1] - The company is benefiting from the high demand for lithium iron phosphate (LFP) due to the recovery of profitability in the industry and increased demand for energy storage [1] - The company has a saturated order book and a production capacity utilization rate exceeding 95% [2] Financial Summary - The company forecasts a revenue of 3.645 billion yuan for 2025, a year-on-year increase of 141.2%, and expects to reach 5.825 billion yuan in 2026 and 9.745 billion yuan in 2027 [5] - The projected net profit for 2026 is 68 million yuan, and for 2027, it is 304 million yuan, indicating a strong recovery trajectory [5] - The gross margin is expected to improve from -11.1% in 2024 to 8.3% in 2026 and 8.7% in 2027 [8] Industry Insights - The lithium battery shipment in China is projected to reach 1875 GWh in 2025, a 53% year-on-year increase, with LFP battery shipments expected to grow by 130% [3] - The demand for LFP materials is also expected to rise, with shipments projected at 390 million tons in 2025, reflecting a 58% increase [3]

贵州安达科技能源股份有限公司（以下简称"公司"）第四届董事会于 2026 年 1 月 29 日届满。鉴于公司董事会换届选举的相关工作尚在筹备中，为确保公 司董事会工作的连续性和稳定性，公司董事会换届选举工作将适当延期，本届董 事会各专门委员会及高级管理人员的任期也相应顺延。 在公司董事会换届选举工作完成之前，公司第四届董事会全体成员及高级管 理人员将按照相关法律法规和《公司章程》的相关规定，继续履行相应的职责和 义务。 证券代码：920809 证券简称：安达科技 公告编号：2026-006 贵州安达科技能源股份有限公司 关于董事会换届延期的公告 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。 公司本次董事会延期换届不会影响公司的正常运营。公司将积极推进相关换 届选举工作，并及时履行信息披露义务。 特此公告。 贵州安达科技能源股份有限公司 董事会 2026 年 1 月 29 日 ...

证券代码：920809 证券简称：安达科技 公告编号：2026-005 截至本公告日，曹斌先生和廖信理先生未持有公司股票，不存在应履行而未 履行的承诺事项。公司将按照相关法定程序尽快完成独立董事的补选工作。 曹斌先生和廖信理先生在担任公司独立董事期间，勤勉尽责，充分发挥其专 业优势，认真履行了各项职责，为公司规范运作和健康发展发挥了积极作用。公 司及董事会对曹斌先生和廖信理先生任职期间所做的贡献表示衷心感谢！ 特此公告。 贵州安达科技能源股份有限公司 董事会 贵州安达科技能源股份有限公司 关于公司独立董事届满离任的公告 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。 贵州安达科技能源股份有限公司（以下简称"公司"）现任独立董事曹斌先 生和廖信理先生连续担任公司独立董事即将届满六年。根据《上市公司独立董事 管理办法》等相关规定，独立董事在上市公司连任时间不得超过六年，因此曹斌 先生和廖信理先生在公司第四届董事会届满后将不再担任公司独立董事及董事 会下属专门委员会的相关职务。 鉴于曹斌先生和廖信理先生届满离 ...

证券代码：920809 证券简称：安达科技 公告编号：2026-004 贵州安达科技能源股份有限公司 关于变更项目质量复核人员的公告 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。 贵州安达科技能源股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日召开第四届董事会第二十一次会议审议通过了《关于拟变更会计师事务所的议 案》，且该议案经公司 2025 年第三次临时股东会审议通过，同意聘请天健会计 师事务所（特殊普通合伙）（以下简称"天健"）为公司 2025 年度财务审计机 构，具体内容详见公司于 2025 年 12 月 12 日在北京证券交易所官网（www.bse.cn） 上披露的《拟变更 2025 年度会计师事务所公告》（公告编号：2025-114）。 近日，公司收到天健出具的《关于变更签字项目质量复核人的函》，相关情 况如下： 一、本次变更的基本情况 天健作为公司 2025 年度财务审计机构，原委派张文娟作为公司 2025 年度财 务报表审计报告和 2025 年末财务报告内部控制审计报 ...

Financial Projections - The company's net profit for 2025 is projected to be between -30,000 and -24,000 million CNY, compared to -67,988.08 million CNY in the same period last year[5]. - The significant loss in 2025 is attributed to fluctuations in the lithium iron phosphate industry, intense competition, and sustained pressure on product prices[6]. Market Demand and Performance - Despite the losses, the demand for lithium iron phosphate in the new energy vehicle and energy storage markets has increased, leading to a substantial rise in product shipment volumes and gradual price increases[7]. - The company's production capacity utilization has effectively improved, contributing to a significant reduction in net profit loss for 2025[7]. Caution for Investors - The preliminary financial data provided is subject to final auditing and should be treated with caution by investors[8].