格隆汇10月15日丨石大胜华(603026.SH)公布，财务部门初步测算，预计2025年前三季度实现归属于上 市公司股东的净利润-4,900.00万元到-7,500.00万元，同比减少534.97%到765.77%。扣除非经常性损益事 项后，预计2025年前三季度归属于上市公司股东的扣除非经常性损益的净利润-5,300.00万元到-7,900.00 万元，同比减少2,177.13%到3,196.10%。 本报告期归属于上市公司股东的净利润较上年同期减少，主要是市场竞争激烈，公司部分产品价格同比 下降，为应对行业竞争，公司加大了市场投入及研发力度，期间费用同比增加，营业利润减少。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——出租白银的爆赚机会：年化利率飙升到35%，全球白银正空运往英国套 利，背后是一场史诗级逼空 每经AI快讯，石大胜华10月15日晚间发布业绩预告，预计2025年前三季度实现归属于上市公司股东的 净利润-4900万元到-7500万元，与上年同期相比，将减少6026.51万元到8626.51万元，同比减少 534.97%~765.77%。本报告期归属于上市公司股东的净利润较上年同期减少，主要是市场竞争激烈，公 司部分产品价格同比下降，为应对行业竞争，公司加大了市场投入及研发力度，期间费用同比增加，营 业利润减少。 ...

Core Viewpoint - The company Shida Shenghua (603026) announced a significant expected net loss for the first three quarters of the year, indicating a shift from profit to loss compared to the previous year [1] Financial Performance - The company anticipates a net loss ranging from 49 million to 75 million yuan for the first three quarters, compared to a profit of 11.2651 million yuan in the same period last year, reflecting a year-on-year decline [1] - The decrease in profitability is attributed to intensified market competition and a decline in the prices of some products [1] Strategic Response - In response to the competitive landscape, the company has increased its market investment and research and development efforts, leading to a rise in operating expenses compared to the previous year [1] - The increase in expenses has contributed to a reduction in operating profit during the reporting period [1]

[Important Notice](index=1&type=section&id=%E9%87%8D%E8%A6%81%E5%86%85%E5%AE%B9%E6%8F%90%E7%A4%BA) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) Shida Shenghua anticipates significant losses for the first three quarters of 2025, with net profit attributable to shareholders projected to be between -49 million and -75 million CNY, representing a substantial year-over-year decrease [Performance Forecast Period](index=1&type=section&id=(%E4%B8%80)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) This performance forecast covers the period from January 1, 2025, to September 30, 2025 - The performance forecast period is from January 1, 2025, to September 30, 2025[3](index=3&type=chunk) [Performance Forecast Details](index=1&type=section&id=(%E4%BA%8C)%20%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company expects significant losses in both net profit attributable to shareholders and non-recurring net profit for the first three quarters of 2025, with substantial year-over-year declines 2025 First Three Quarters Performance Forecast | Indicator | Estimated Amount (CNY million) | YoY Change (CNY million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | -49.00 to -75.00 | Decrease 60.2651 to 86.2651 | Decrease 534.97% to 765.77% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses | -53.00 to -79.00 | Decrease 55.5516 to 81.5516 | Decrease 2,177.13% to 3,196.10% | [Unaudited Performance Forecast Statement](index=1&type=section&id=(%E4%B8%89)%20%E6%9C%AC%E6%AC%A1%E6%89%80%E9%A2%84%E8%AE%A1%E7%9A%84%E4%B8%9A%E7%BB%A9%E6%9C%AA%E7%BB%8F%E6%B3%A8%E5%86%8C%E4%BC%9A%E8%AE%A1%E5%B8%88%E5%AE%A1%E8%AE%A1) The forecasted performance is unaudited by a certified public accountant and represents preliminary estimates - The performance forecast data is unaudited by a certified public accountant[3](index=3&type=chunk) [Prior Period Performance Overview](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of 11.2651 million CNY and a non-recurring net profit of 2.5516 million CNY, contrasting sharply with the current period's projected loss [Net Profit Attributable to Shareholders and Non-recurring Net Profit](index=2&type=section&id=(%E4%B8%80)%20%E5%BD%92%E5%B1%9E%E4%BA%8E%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) In the prior period, net profit attributable to shareholders was 11.2651 million CNY, and non-recurring net profit was 2.5516 million CNY 2024 First Three Quarters Performance | Indicator | Amount (CNY million) | | :--- | :--- | | Net Profit Attributable to Shareholders | 11.2651 | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses | 2.5516 | [Earnings Per Share](index=2&type=section&id=(%E4%BA%8C)%20%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) Earnings per share in the prior period was 0.06 CNY - Prior period earnings per share was **0.06 CNY**[6](index=6&type=chunk) [Primary Reasons for Current Period's Projected Loss](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The projected loss is primarily due to intense market competition leading to year-over-year price declines for some products, coupled with increased marketing and R&D expenses to counter industry competition, ultimately reducing operating profit - Intense market competition led to a year-over-year decline in prices for some company products[7](index=7&type=chunk) - To address industry competition, the company increased market investment and R&D efforts, resulting in a year-over-year increase in period expenses[7](index=7&type=chunk) - Operating profit consequently decreased[7](index=7&type=chunk) [Risk Alert](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states there are no significant uncertainties that could affect the accuracy of this performance forecast - The company confirms no significant uncertainties exist that could impact the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanatory Notes](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) This performance forecast data is preliminary, and the final accurate financial figures will be based on the company's officially disclosed periodic reports, advising investors to be aware of investment risks - The forecast data is preliminary, and the final accurate financial data will be subject to the company's officially disclosed periodic reports[9](index=9&type=chunk) - Investors are advised to be aware of investment risks[9](index=9&type=chunk)

石大胜华：预计前三季度净利润亏损4900万元-7500万元，同比转亏。 ...

石大胜华 20251014 摘要 石大胜华四季度液态锂盐产量稳定，月产量 4,000-5,000 吨，折合固盐 1,200-1,500 吨，预计全年出货 4 万吨，折合固盐 1.2 万吨，可满足 12 万吨电解液生产需求。 公司液态锂盐已通过宁德时代、比亚迪等国内主流厂商及英科、三菱等 国际客户认证，并启动海外出口，国际化战略布局效果显著，四季度出 货节奏稳步提升。 石大胜华采用先进工艺连续化生产液态六氟磷酸锂，能耗低，成本可控， 吨包装成本降低，投料效率提高，评估毛利率可达 30%-50%，盈利弹 性优于行业水平。 公司六氟磷酸锂整体产能 10 万吨（折合固盐 3 万吨），目前单月实际 出货 1,200-1,500 吨，2026 年计划实现 8 万吨产量，2027 年完全满 产。 当前六氟磷酸锂市场供给偏紧，行业已进入去库存阶段，10 月预计产量 约 2.3 万吨，需求端年底增加，供需紧平衡状态预计持续至明年上半年。 外出口交付。国际化战略布局效果明显，未来四季度出货节奏将继续稳步提升。 石大胜华液态六氟磷酸锂的成本控制及盈利情况如何？ 公司采用先进工艺进行连续化生产，能耗较低且成本可控性强。液态产品降低 ...

Market Overview - The battery sector experienced a decline of 4.33% on the previous trading day, with Yuanhang Precision leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the battery sector included: - Shida Shenghua (603026) with a closing price of 57.55, up 6.50% and a trading volume of 285,600 shares, totaling 1.664 billion yuan [1] - Jinyinhai (300619) closed at 68.66, up 5.89% with a trading volume of 936,000 shares, totaling 1.254 billion yuan [1] - Major decliners included: - Yuanhang Precision (920914) with a closing price of 66.62, down 9.29% and a trading volume of 52,800 shares, totaling 166 million yuan [2] - Keda Li (002850) closed at 161.01, down 7.47% with a trading volume of 93,600 shares, totaling 1.560 billion yuan [2] Capital Flow - The battery sector saw a net outflow of 8.429 billion yuan from institutional investors, while retail investors contributed a net inflow of 6.328 billion yuan [2][3] - Specific stocks with significant capital flow included: - Huazi Technology (300490) with a net inflow of 98.81 million yuan from institutional investors, while retail investors had a net outflow of 82.50 million yuan [3] - Pioneering Technology (688063) experienced a net inflow of 1.18 billion yuan from institutional investors, but a net outflow of 1.17 billion yuan from retail investors [3]

Core Insights - The stock of Shida Shenghua has experienced significant volatility, achieving four limit-ups within six trading days, resulting in a cumulative increase of 38.85% and a turnover rate of 45.51% [2] - As of October 13, the stock's margin balance reached 347 million yuan, with a financing balance of 343 million yuan, reflecting a day-on-day increase of 14.6 million yuan, or 4.44% [2] - The stock's total market capitalization is approximately 13.83 billion yuan, with a circulating market value of about 12.05 billion yuan [2] Trading Performance - On October 13, the stock recorded a daily increase of 9.99% with a turnover rate of 6.02% and a net inflow of 104.41 million yuan from main funds [2] - The stock's performance over the past few trading days shows fluctuations, including a decrease of 7.48% on October 10 and a 10% increase on both September 30 and 29 [2] - The stock has been featured on the Dragon and Tiger list due to a cumulative deviation in price increase of 20% over three consecutive trading days, indicating heightened trading activity [2] Institutional Activity - Institutional investors have shown interest, with a net purchase of 33.51 million yuan, while the Shanghai Stock Connect recorded a cumulative net purchase of 43.62 million yuan [2] - In contrast, certain brokerage seats reported a net sell of 14.31 million yuan, indicating mixed sentiment among retail and institutional investors [2] Company Background - Shida Shenghua New Materials Group Co., Ltd. was established on December 31, 2002, with a registered capital of approximately 2.33 billion yuan [2]

丁臻宇预计，今年第四季度六氟磷酸锂的供需紧平衡状态仍将延续，价格有望继续小幅上涨。 "第四季度通常是新能源市场需求旺季，储能领域需求持续攀升，动力领域受汽车销售旺季拉动，电芯 企业提前备货，整体需求会显著增长。"丁臻宇表示，第四季度锂离子电池电解液领域有望回暖。 记者注意到，近期六氟磷酸锂相关概念股股价明显走强。截至10月13日收盘，天际新能源科技股份有限 公司(以下简称"天际股份（002759）")、石大胜华（603026）新材料集团股份有限公司、多氟多 （002407）新材料股份有限公司(以下简称"多氟多")等涨停。 9月19日，天际股份在接受机构调研时表示，公司六氟磷酸锂产能3.7万吨/年，目前三个六氟磷酸锂工 厂均保持满负荷生产状态，六氟磷酸锂库存保持在较低水平，价格有所上涨。 六氟磷酸锂价格持续上行。Mysteel数据显示，自9月16日起，六氟磷酸锂一改此前的横盘态势，价格开 始上涨，从当日的56800元/吨一路攀升至10月13日的68800元/吨，增幅达21.13%。六氟磷酸锂主要用于 生产锂离子电池电解液，应用终端为新能源汽车、储能等行业。 10月13日，《证券日报》记者采访多家业务涉及六氟磷酸 ...

Summary of Shida Shenghua Conference Call Company Overview - Shida Shenghua has established an integrated industrial chain covering lithium salts, additives, silicon-based anodes, and high-end materials, with major revenue and profit sources from bases in Dongying, Zoucheng, Wuhan, and Quanzhou, Fujian [2][4][28] Key Points and Arguments Lithium Hexafluorophosphate (LiPF6) Project - The company’s 100,000-ton liquid lithium hexafluorophosphate project is expected to reach full production by Q2 2026, with an estimated shipment of 18,000 tons in 2025, including approximately 5,000 tons for export [2][6] - The estimated all-in cost for liquid lithium hexafluorophosphate in 2025 is about 55,000 CNY/ton, which is expected to drop to below 51,000 CNY/ton at full capacity, indicating a significant cost advantage [2][9][10] - Prices for lithium hexafluorophosphate have been rising since late August 2025, with expectations for continued increases due to growing market demand [2][11] Electrolyte and Production Capacity - The company anticipates shipments of 230,000 to 250,000 tons of electrolyte in 2026, corresponding to about 30,000 tons of lithium hexafluorophosphate, with self-produced lithium hexafluorophosphate reaching approximately 36,000 tons [2][12] - The total production capacity for electrolytes at the Wuhan and Dongying bases is 500,000 tons, with expectations for increased operational load in 2026 [2][16] Market Strategy and Customer Relationships - Shida Shenghua's strategy focuses on increasing market share by maximizing production load to enhance efficiency, especially given the recent investments from major clients like CATL [2][15][17] - The company is actively expanding its customer base, targeting both existing large clients and other major battery manufacturers to support future sales goals [2][8] Silicon-Based Anode Materials - The company’s silicon-based anode materials utilize a third-generation silicon-oxygen process, with total expected shipments of 7,000 to 7,500 tons in 2026, and a sales price range of 350,000 to 400,000 CNY [3][22] - The business is projected to become profitable in 2026, with net profits of approximately 20,000 CNY per ton for mixed materials [24] Financial Performance and Future Outlook - The company reported losses of approximately 40 to 50 million CNY in Q1 and Q2, with a narrowing loss in Q3. Profitability in Q4 will depend on improvements in lithium hexafluorophosphate prices [28] - The carbonates business is currently in a state of oversupply but is expected to see price increases due to rising demand [20] Pricing Mechanisms and Market Trends - Long-term contracts for electrolytes are based on formula pricing, with spot prices nearing 70,000 CNY/ton and expected to exceed 80,000 CNY/ton soon [13][14] - The pricing for lithium hexafluorophosphate is projected to stabilize in Q4 2025 and Q1 2026, with potential increases in Q2 2026 [21] Additional Important Information - The company’s carbonates business operates at a capacity of 736,000 tons, with 480,000 tons allocated for shipment and the remainder for internal supply [20] - The company’s investment in the 100,000-ton liquid lithium hexafluorophosphate facility is approximately 610 million CNY, translating to an investment cost of less than 200 million CNY per ton [29]