Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant recovery in the third quarter of 2025, with strong demand in both power batteries and energy storage, leading to improved profitability for major companies in the sector [1][6][10]. Industry Overview - The LFP industry has seen a turnaround in the third quarter of 2025, with production and sales both thriving, and the operating rate returning to a positive trend [5][10]. - The mainstream price for power-type LFP has stabilized around 37,000 to 38,000 yuan per ton, with processing fees improving since September [2][5]. - The production capacity utilization rate reached 75.9% in October, reflecting a 2.5 percentage point increase month-on-month [5]. Company Performance - Major companies in the LFP sector reported significant revenue growth in the third quarter, with Hunan Youneng achieving a revenue of 8.868 billion yuan, a year-on-year increase of 73.97%, and a net profit growth of 235% [6][7]. - Other companies such as Wanrun New Energy, Longpan Technology, and Defang Nano also reported substantial reductions in losses, indicating a positive trend in financial performance [6][7]. Demand Dynamics - The demand for LFP is driven by both power and energy storage applications, with power batteries remaining the primary growth driver [10][11]. - In the first three quarters of 2025, the cumulative installed capacity of power batteries in China reached 493.9 GWh, a year-on-year increase of 42.5%, with LFP batteries accounting for 81.5% of this total [10]. Supply and Production Capacity - The top ten companies in the LFP sector are operating at near full capacity, with previously idle capacities being reactivated [6][11]. - Companies are focusing on high-end products, with a notable increase in the output of high-pressure and high-energy density LFP products [8][12]. Future Outlook - Industry insiders are optimistic about the continued high demand for LFP products into 2026, with many battery manufacturers adopting proactive inventory and procurement strategies [11][12]. - The competitive landscape is expected to improve, with the market share of the top five companies increasing to 65%, indicating a trend towards greater industry concentration [13][14].

证券代码：920809 证券简称：安达科技 公告编号：2025-110 一、 说明会类型 贵州安达科技能源股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日在北京证券交易所官方信息披露平台（www.bse.cn）披露了《贵州安达科技能 源股份有限公司 2025 年三季度报告》（公告编号：2025-109），为方便广大投资 者更深入了解公司 2025 年三季度经营业绩的具体情况，加强与投资者的互动交 流，公司拟召开 2025 年三季度报告业绩说明会。 二、 说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 10 日（周一）15：00-17：00。 （二）会议召开地点 本次业绩说明会将采用网络方式召开，投资者可登陆全景网"投资者关系互 动平台"（http://ir.p5w.net）参与本次业绩说明会。 贵州安达科技能源股份有限公司 2025 年三季度报告业绩说明会预告公告 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。 本次说明会采用网络方式召开。 为充分尊重投资者、提升 ...

Group 1 - The lithium battery industry is showing signs of recovery, with lithium hexafluorophosphate prices rebounding first after two years of decline due to oversupply and price wars [1][9] - Since mid-September, the price of lithium hexafluorophosphate has increased from 56,800 yuan/ton to 68,800 yuan/ton by October 13, marking a 21.13% rise [11][13] - The price increase is driven by expanding demand from the new energy and energy storage sectors, along with cautious capacity expansion and fluctuations in raw material prices [13][20] Group 2 - The chemical new materials sector on the North Exchange has seen a weekly increase of 5.23%, with all sub-industries reporting gains [25][27] - The battery materials sub-industry led the gains with a 16.04% increase, followed by rubber and plastic products at 6.09% [27][28] - Notable stock performances include Beiterui (+22.64%), Jinhua New Materials (+19.78%), and Hechang Polymer (+17.28%) [28][30] Group 3 - Beiterui reported a revenue of 12.384 billion yuan for the first three quarters of 2025, a year-on-year increase of 20.6%, with a net profit of 768 million yuan, up 14.37% [16][62] - Hechang Polymer achieved a revenue of 1.379 billion yuan, a 23.73% increase year-on-year, with a net profit of 129 million yuan, up 41.87% [3][62] - Andatech, despite not turning a profit, saw a significant reduction in losses with a revenue increase of 109.02% to 2.273 billion yuan [20][62]

证券代码：920809 证券简称：安达科技 公告编号：2025-108 第四届董事会第二十次会议决议公告 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 28 日 2.会议召开地点：贵州省贵阳市开阳县硒城街道办白安营村安达科技行政楼 会议室 3.会议召开方式：现场与通讯相结合 4.发出董事会会议通知的时间和方式：2025 年 10 月 25 日以通讯方式发出 5.会议主持人：刘建波先生 6.会议列席人员：公司其他高级管理人员 贵州安达科技能源股份有限公司 会议应出席董事 9 人，出席和授权出席董事 9 人。 董事李忠、刘家成、袁飏、殷雪灵、廖信理和曹斌因工作和个人原因以通讯 方式参与表决。 二、议案审议情况 （一）审议通过《关于<2025 年三季度报告>的议案》 1.议案内容： 2025 年 1-9 月，公司（合并报表数）实现营业收入 227,263.23 万元，同比 增加 109.02%；净利润-24,296.62 ...

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].