Financial Performance - The company's revenue for Q3 2025 reached ¥3,742,167,713.46, representing a year-on-year increase of 6.66%[3] - Total profit for the quarter was ¥817,617,207.33, marking a significant increase of 66.23% compared to the same period last year[3] - Net profit attributable to shareholders was ¥644,525,182.63, reflecting a growth of 69.30% year-on-year[3] - The basic earnings per share for the quarter was ¥0.30, an increase of 66.67% compared to the previous year[4] - Total operating revenue for the first three quarters of 2025 reached ¥10,830,028,443.38, an increase of 10.1% compared to ¥9,840,019,484.79 in the same period of 2024[21] - Net profit for the first three quarters of 2025 was ¥1,872,444,792.74, up 29.5% from ¥1,446,340,764.81 in the first three quarters of 2024[22] - Operating profit increased to ¥2,141,694,736.96, compared to ¥1,549,176,371.01 in the previous year, reflecting a growth of 38.3%[22] - The company reported a total comprehensive income of ¥1,875,243,250.94 for the first three quarters of 2025, compared to ¥1,455,795,917.00 in the previous year, an increase of 28.7%[23] Assets and Liabilities - The total assets of the company at the end of the reporting period amounted to ¥46,041,652,362.53, a 9.35% increase from the end of the previous year[4] - As of September 30, 2025, the company's total current assets reached ¥26,825,410,646.45, an increase from ¥23,414,773,350.58 as of December 31, 2024, reflecting a growth of approximately 10.3%[16] - The company's total assets increased to ¥46,041,652,362.53, up from ¥42,103,555,050.29, representing a growth of 9.4% year-over-year[19] - Total liabilities rose to ¥25,027,807,164.71, compared to ¥22,563,174,931.66, indicating an increase of 10.9%[19] - The company's equity attributable to shareholders reached ¥19,745,717,295.73, up from ¥18,387,096,048.41, reflecting an increase of 7.4%[19] Cash Flow - The company reported a cash flow from operating activities of ¥1,668,540,110.59 for the year-to-date, which is a 55.14% increase compared to the same period last year[3] - Operating cash flow for the first three quarters of 2025 reached CNY 1,668,540,110.59, a 55% increase from CNY 1,075,517,107.87 in the same period of 2024[26] - Total cash inflow from operating activities was CNY 10,504,532,344.53, up from CNY 9,619,787,525.13, reflecting a growth of approximately 9.2% year-over-year[26] - Cash outflow from investment activities totaled CNY 3,472,856,916.14, a decrease from CNY 4,523,193,926.78 in the previous year, indicating improved cash management[27] - Net cash flow from financing activities was CNY 628,730,835.22, compared to a negative cash flow of CNY -313,690,813.58 in the same period last year, showing a significant turnaround[27] Investments and Expenses - Research and development expenses for the first three quarters of 2025 amounted to ¥639,870,213.91, an increase of 10.7% from ¥578,113,205.15 in the same period of 2024[22] - The company received investment income of ¥1,276,254,526.93 in the first three quarters of 2025, compared to ¥588,472,432.58 in 2024, reflecting a substantial increase of 117%[34] - The company reported interest expenses of ¥28,968,767.08 for the first three quarters of 2025, down from ¥45,096,512.46 in 2024, indicating a reduction in financing costs[32] - Sales expenses decreased significantly to ¥300,664.19 in 2025 from ¥701,260.26 in 2024, a reduction of 57%[32] Market and Operational Insights - The company has strengthened its inventory management and cash flow management, leading to improved collection efforts from customers[10] - The company’s separator coating processing business has significantly increased sales volume and market share, particularly in the energy storage sector[10] - The company’s PVDF business has successfully captured market opportunities, resulting in increased sales despite fierce competition[10] - The company is focusing on expanding its market presence and enhancing product development capabilities[15] - There are no significant changes in the top 10 shareholders, indicating stable ownership structure[14] - The company has not reported any significant changes in its financing or borrowing activities during the reporting period[15]

Group 1 - The company reported a revenue of 3.74 billion RMB in the third quarter [1] - The net profit for the third quarter was 644.5 million RMB [1]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry chain [1] Core Views - In Q3 2025, China's energy storage battery shipments increased by over 60% year-on-year, with total shipments for the first three quarters exceeding 30% of last year's total [4][40] - The domestic energy storage cell supply is tight, with leading battery companies operating at full capacity, and this supply-demand imbalance is expected to continue until Q1 2026 [4][45] - The new energy vehicle market is in a traditional peak season, particularly with rapid growth in sales of new energy commercial vehicles, sustaining overall demand for lithium batteries [4][45] - The report highlights the ongoing industrialization of solid-state batteries, with significant breakthroughs in key technologies, and anticipates increased demand for materials and equipment in the industry chain [4][45] Summary by Sections Market Review - As of October 23, 2025, the lithium battery index fell by 9.36% over the past two weeks, underperforming the CSI 300 index by 7.17 percentage points [11] - Year-to-date, the lithium battery index has risen by 49.03%, outperforming the CSI 300 index by 31.97 percentage points [11] Price Changes in the Lithium Battery Industry Chain - As of October 23, 2025, the average price of battery-grade lithium carbonate is 74,800 CNY/ton, up 2.61% in the last two weeks [25] - The price of lithium hydroxide (LiOH 56.5%) is 72,200 CNY/ton, increasing by 0.84% [25] - The price of lithium iron phosphate is 33,400 CNY/ton, down 2.62% [28] - The price of NCM523, NCM622, and NCM811 increased by 16.26%, 13.20%, and 8.36% respectively [28] - The price of electrolyte lithium hexafluorophosphate rose by 38.10% to 87,000 CNY/ton [31] - The average price of wet separators is 0.73 CNY/sqm, up 5.80% [36] Industry News - The report notes that in Q3 2025, China's energy storage lithium battery shipments reached 165 GWh, a 65% year-on-year increase [40] - The report also highlights that from January to September 2025, lithium battery exports increased by 19.14% in quantity and 26.75% in value [40] - The global battery production in September 2025 was 216.7 GWh, a 50.8% year-on-year increase [40] Company Announcements - The report identifies key companies to watch, including CATL, EVE Energy, and others, due to their technological and cost advantages in the industry [4][47] - CATL reported a net profit of 49.034 billion CNY for the first three quarters of 2025, a 36.20% increase year-on-year [47] - EVE Energy's battery shipments reached 34.59 GWh, a 66.98% increase year-on-year [47]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry chain [1] Core Views - In Q3 2025, China's energy storage battery shipments increased by over 60% year-on-year, with total shipments for the first three quarters exceeding 30% of last year's total [8][44] - The domestic energy storage cell supply is tight, with leading battery companies operating at full capacity, and this supply-demand imbalance is expected to continue until Q1 2026 [8][49] - The new energy vehicle market is in a traditional peak season, particularly with rapid growth in sales of new energy commercial vehicles, sustaining overall demand for lithium batteries [8][49] - The report highlights the ongoing industrialization of solid-state batteries, with significant breakthroughs in key technologies recently achieved [8][49] - It suggests focusing on leading companies with technological and cost advantages across the industry chain, particularly those involved in solid-state battery core processes and materials [8][49] Summary by Sections Market Review - As of October 23, 2025, the lithium battery index has decreased by 9.36% over the past two weeks, underperforming the CSI 300 index by 7.17 percentage points [15] - Year-to-date, the lithium battery index has increased by 49.03%, outperforming the CSI 300 index by 31.97 percentage points [15] Price Changes in the Lithium Battery Industry Chain - As of October 23, 2025, the average price of battery-grade lithium carbonate is 74,800 CNY/ton, up 2.61% in the last two weeks [29] - The price of lithium hydroxide (LiOH 56.5%) is 72,200 CNY/ton, increasing by 0.84% [29] - The price of lithium iron phosphate has decreased by 2.62% to 33,400 CNY/ton, while NCM523, NCM622, and NCM811 have seen increases of 16.26%, 13.20%, and 8.36% respectively [32] - The price of electrolyte lithium hexafluorophosphate has surged by 38.10% to 87,000 CNY/ton [35] - The average price of wet separators has risen by 5.80% to 0.73 CNY/sqm [40] Industry News - The report notes that in Q3 2025, China's energy storage battery shipments reached 165 GWh, a 65% increase year-on-year, with total shipments for the first three quarters reaching 430 GWh [44] - The report also highlights that from January to September 2025, China's lithium battery exports increased by 19.14% in quantity and 26.75% in value [44] - The global battery production in September 2025 was 216.7 GWh, a 50.8% year-on-year increase [44] Company Announcements - The report identifies key companies to watch, including CATL (300750), EVE Energy (300014), and others, based on their strong performance and market positioning [51]

Core Viewpoint - The company, Putailai (603659.SH), clarifies that it does not directly produce batteries and will not do so in the future, positioning itself as a comprehensive provider of key materials, automation equipment, and services for lithium batteries [1]. Group 1 - The company provides materials, equipment, and services that are used by downstream battery customers to produce new energy lithium-ion batteries [1]. - The primary applications of these lithium-ion batteries include consumer electronics, power batteries, and energy storage batteries [1]. - Humanoid robots and drones are identified as end products that utilize new energy lithium-ion batteries [1].

Core Viewpoint - The company focuses on the upstream key materials and automation equipment and services for lithium batteries, without plans to produce batteries itself [1] Group 1: Business Focus - The company’s business encompasses key materials for lithium batteries, including anode materials, coated separators, PVDF and binders, nano-alumina, bormite, aluminum-plastic packaging films, and composite current collectors [1] - The company provides automation equipment and coating processing services for the new energy battery industry [1] Group 2: Strategic Development - The company aims to leverage its core competitive advantages in the long lithium battery industry chain, focusing on collaborative development across various business segments [1] - The company is committed to responding quickly to customer needs with high-quality services [1]

Company Overview - Shanghai Putailai New Energy Technology Co., Ltd. was established on November 6, 2012, and listed on November 3, 2017. The company is located at 456 Lane 116, Dieqiao Road, Pudong New District, Shanghai [2] - The main business involves the research, production, and sales of negative materials for new energy batteries, graphite processing, separators, coating processing, automated equipment, PVDF, binders, aluminum-plastic packaging films, nano-alumina, and boehmite [2] - The revenue composition is as follows: 77.26% from new energy battery materials and services, 26.08% from new energy automation equipment and services, and 7.85% from industrial investment trade management and others [2] Financial Performance - For the first half of 2025, the company achieved operating revenue of 7.088 billion yuan, a year-on-year increase of 11.95%, and a net profit attributable to shareholders of 1.055 billion yuan, a year-on-year increase of 23.03% [2] - Cumulatively, the company has distributed 2.196 billion yuan in dividends since its A-share listing, with 1.129 billion yuan distributed in the last three years [3] Stock Performance - As of October 21, the stock price of Putailai increased by 2.02%, reaching 26.73 yuan per share, with a total market capitalization of 57.106 billion yuan [1] - Year-to-date, the stock price has risen by 69.82%, with a 1.63% increase over the last five trading days, a 1.21% increase over the last 20 days, and a 48.01% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on October 10, where it recorded a net buy of -235 million yuan [1] Shareholder Structure - As of June 30, 2025, the number of shareholders is 69,000, a decrease of 1.86% from the previous period, with an average of 30,957 circulating shares per person, an increase of 1.89% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 92.5404 million shares (a decrease of 135,600 shares), and Huaxia Energy Innovation Stock A, holding 22.3171 million shares (an increase of 2.0801 million shares) [3]

Core Points - Shanghai Putailai New Energy Technology Co., Ltd. will hold a performance briefing for the third quarter of 2025 on October 28, 2025, from 10:00 to 11:00 AM [2][4][7] - The briefing will be conducted via video and online interaction, allowing investors to engage with the company regarding its financial results and operational performance [3][6] - Investors can submit questions from October 21 to October 27, 2025, and the company will address common inquiries during the briefing [2][8] Meeting Details - The meeting will take place at the Shanghai Stock Exchange Roadshow Center [5] - Participants will include the Chairman, General Manager, Secretary of the Board, Chief Financial Officer, and Independent Director [7] - Investors can join the meeting online through the Shanghai Stock Exchange Roadshow Center website [8] Financial Instrument Announcement - The company completed the payment of its first short-term financing bond issued in 2025, with a total principal and interest of approximately RMB 607.15 million [10] - The bond had an issuance scale of RMB 600 million, a term of 189 days, and an interest rate of 2.30% [10]

上海璞泰来新能源科技股份有限公司 证券代码：603659 证券简称：璞泰来 公告编号：2025-080 特此公告。 上海璞泰来新能源科技股份有限公司 2025 年度第一期超短期融资券兑付完成公告 董 事 会 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 2025年10月21日 上海璞泰来新能源科技股份有限公司（以下简称"公司"）于2025年4月10 日在全国银行间市场发行了2025年度第一期超短期融资券（简称"25璞泰来 SCP001"，代码"012580865"），发行规模6亿元人民币，期限为189日，票面 利率2.30%，兑付日2025年10月17日。具体内容详见2025年4月15日披露的《上 海璞泰来新能源科技股份有限公司2025年度第一期超短期融资券发行结果公 告》（公告编号：2025-023）。 截至本公告日，公司已兑付2025年度第一期超短期融资券本息合计人民币 607,145,753.42元，由银行间市场清算所股份有限公司代理划付至债券持有 人。 ...

证券代码:603659 证券简称:璞泰来 公告编号:2025-081 一、说明会类型 上海璞泰来新能源科技股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 会议召开时间：2025 年 10 月 28 日(星期二) 上午 10:00-11:00。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）。 会议召开方式：上证路演中心视频录播和网络互动。 投资者可于 2025 年 10 月 21 日（星期二）至 10 月 27 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@putailai.com 进行提问，公司将在说明会上对投资者普遍关注的问题于信息 披露允许的范围内进行解答。 上海璞泰来新能源科技股份有限公司（以下简称"公司"、"璞泰来"）将于 2025年10月28日披露公司2025年第三季度报告，为便于广 ...