Core Viewpoint - The company has experienced a decline in revenue and profit in 2024 but shows signs of recovery in Q1 2025, indicating a potential turnaround in its financial performance [1][2]. Financial Performance Summary - In 2024, the company reported revenue of 13.448 billion yuan, a year-on-year decrease of 12.33%, and a net profit of 1.191 billion yuan, down 37.72% [1]. - For Q1 2025, the company achieved revenue of 3.215 billion yuan, a year-on-year increase of 5.96%, and a net profit of 488 million yuan, up 9.64% [1]. Industry Outlook - The lithium battery industry is entering an upward development cycle after a three-year downturn, with expectations for growth driven by electric vehicle intelligence, energy storage, and robotics [3]. - The company operates in segments with relatively high barriers to entry, such as anode materials and coated separators, and is well-positioned to benefit from industry trends [3]. Growth Potential - The company’s anode business is expected to gradually recover, with profitability anticipated in 2025 as inventory levels normalize [4]. - New technologies, such as CVD-deposited silicon-carbon anodes, are set to begin production in 2025, targeting applications in consumer electronics and drones [4]. - The company has established significant production capacity for coated separators, accounting for over 40% of the domestic wet separator market in 2024 [4]. Future Earnings Projections - The company forecasts net profits of 2.519 billion yuan, 3.102 billion yuan, and 3.948 billion yuan for 2025, 2026, and 2027, respectively, indicating a compound annual growth rate exceeding 30% [5].

Group 1 - The core viewpoint of the article highlights the collaboration between Shanghai Putailai New Energy Technology Co., Ltd. and Bolloré Group's Blue Solutions to develop fourth-generation solid-state battery materials and equipment [1] - The agreement involves Putailai providing key components such as binders, active materials, and current collectors, while also customizing materials and manufacturing equipment based on Blue Solutions' technical requirements [1] - Both companies will jointly upgrade existing equipment and/or develop new equipment for the production of solid lithium metal batteries to achieve world-class manufacturing standards [1]

负极材料方面，新型CVD沉积硅碳负极材料可以适配半固态/固态电池；对锂金属负极持续开展前瞻性研发，通过构建新型三维骨架结构来解决锂金 属负极的枝晶、体积膨胀以及负极/固态电解质的界面问题。 说明 ： 本文 部分素材来自于璞泰来及网络公开信息，由作者重新编写，系作者个人观点，本平台发布仅为了传达一种不同观点，不代表对该观点赞同或支持。如果有任何问题，请联系我们： dtmaterial （微信） 15355132586 厂厂新加料 | 口丁生进鬼激 第四届固态电池大会 暨硅基负极产业创新大会 The 4™ Solid-State Battery Conference and Silicon-Based Anode Innovation Conference 177 First n 免费对象: • 包括但不限于新能源汽车、无人机、人形机器人、eVTOL飞行器、 电动工具、消费电子、智能穿戴设备 ...... · 每单位限额2名(需审核) · 扫码报名即可 浙江 - 宁波 7/03-05 ▶▶ 【DT新材料】 获悉， 近日， 上海璞泰来新能源科技股份有限公司 与Bolloré集团旗下 Blue Solutions 签 ...

分业务板块来看，2024年，璞泰来膜材料与涂覆事业部在涂覆加工、基膜、PVDF、勃姆石等业务继续 保持销售量良好的增长，盈利能力保持相对稳定，为公司贡献了主要利润。负极材料业务受海外需求偏 弱等影响，仍面临挑战。 璞泰来在年报中表示，公司积极消纳前期高价库存，在石墨化及碳化等关键高能耗工艺降本上取得显著 成果；新产品开发如高容量、长循环及超快充人造石墨获客户认可并逐步导入量产，CVD沉积硅碳负 极取得量产订单；四川一体化负极工厂逐步投产，为成本改善和抢占客户市场带来有力支撑。 会上，梁丰进一步表示，在过去行业持续整合和洗牌的环境下，各企业经营环境逐步分化，各细分领域 具有竞争优势的龙头企业有望逐步脱颖而出，在持续扩张销售量和营收的基础上，重新步入盈利增长的 轨道。 本报记者 孙文青 "新能源锂离子电池行业在2025年仍将保持较好的行业增速，整体供求关系也将逐渐趋于平衡，各细分 领域价格将保持相对稳定，部分头部企业随着成本挖潜和产品的适应性调整逐步到位，盈利能力将持续 得到逐步恢复。"上海璞泰来新能源科技股份有限公司（以下简称"璞泰来"）董事长梁丰在4月29日下午 召开的2024年度及2025年一季度业绩说明会 ...

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 4 月 24 日，璞泰来与 Blue Solutions 签署《联合开发协议》，双方将整合各自优势资源，探索固态电池材料与装备的"最优解"。 璞泰来作为国内锂电材料与设备的综合服务商，在粘结剂、活性材料、集流体等关键部件领域拥有成熟的供应链和技术储备。 而 Blue Solutions 自 2011 年起专注于固态电池研发，其锂金属负极技术与固态电解质体系已实现商业化应用。 此次合作中，璞泰来将向 Blue Solutions 供应定制化材料，并开发适配固态电池生产的专用设备； Blue Solutions 则提供固态电池工艺经验，双方 联合升级产线设备，目标直指"国际一流制造水平"。 协议明确，双方将针对第四代固态锂金属 ...

◆ 电池 ◆ 珠海冠宇准固态电池 实现装车示范应用 01 据珠海冠宇4月28日消息，近日，由珠海冠宇牵头承担的广东省重点领域研发计划项目"准固态动力锂电池的研发与产业化应用"顺利通过广东省科 学技术厅专家组验收。 据悉，项目团队成功突破解决固体电解质膜卷对卷制备技术、高面容量电极低阻抗界面构筑技术、基于原位聚合固态化界面融合的准固态单体电池制 备技术、准固态动力电池失效机制、准固态电池健康状态实时检测及管理技术等关键技术；完成准固态动力电池单体和PACK系统的开发，并实现装 车示范应用。 豪鹏科技一季度净利增超9倍 03 最新业绩显示，豪鹏科技2025年一季度实现营业收入12.25亿元，同比增长23.27%；净利润3181.35万元，同比增长903.92%。 ◆ 材料 ◆ 振华新材暂缓 一锂电正极材料项目实施 01 近 日，振华新材公告，公司于2025年4月24日召开董事会和监事会，审议通过了《关于募集资金投资项目重新论证并暂缓实施的议案》。根据该议 案，公司将暂缓实施正极材料生产线建设项目（义龙三期）。 从基本情况来看，终止项目原计划投资624,535万元，其中使用募集资金100,000万元，项目建设周期3 ...

上海璞泰来新能源科技股份有限公司于2025年4月24日与Bolloré集团旗下Blue Solutions 签订《联合开发协议》，双方将利用璞泰来在原材料供应和生产设备方面的优势和Blue Solutions在固态电池方面的深厚积累，携手探索并落地第四代固态电池材料与装备的最 佳解决方案。 Blue Solutions作为欧洲固态电池产业化先驱，其自2011年起便致力于固态电池开发、制 造与销售。本协议签署后，璞泰来与Blue Solutions将紧密协作，结合双方技术能力与行 业经验，实现材料创新与供应链协同：璞泰来将为Blue Solutions提供包含粘结剂、活性 材料、集流体等关键部件，也将根据Blue Solutions的技术需求开发定制材料和固态电池 制造设备，以确保在技术性能和市场表现上的竞争力；针对固态锂金属电池生产的所有 相关工艺，双方将联合升级现有设备及/或开发新设备，以实现国际一流的制造水平。 -广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源： 璞泰来 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公 ...

Core Viewpoint - The performance of leading anode material companies in China has diverged, with some experiencing significant profit declines while others report substantial profit increases [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% compared to the previous year [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, an increase of 15.79% year-on-year [2][4]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, up 626.56% year-on-year [2][4]. - **Guifengbiao**: Net profit was 50 million yuan, down 40.23% year-on-year [2]. - **Shanshan Co.**: Experienced a net loss of 367 million yuan, marking a 147.79% decline year-on-year [2][3]. Industry Trends - The anode materials industry is facing a phase of structural overcapacity, leading to a decline in product prices [5]. - The overall capacity utilization rate for anode materials is at 60.8%, down 4.5 percentage points year-on-year [5]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy in response to market conditions [5]. Capacity Expansion - Despite the overcapacity, companies continue to expand production. Most companies reported an increase in construction projects compared to the previous year [6][7]. - **Shangtai Technology**: Increased its construction investment to 687 million yuan, over 16 times higher than the beginning of the year [7]. - **Xiangfenghua**: Reported a 92.53% increase in construction investment due to new projects [7]. - **Zhongke Electric**: Has taken a cautious approach, recognizing the need for impairment provisions on certain projects due to market slowdown [7]. Fast-Charging Technology Development - Fast-charging technology is a clear trend in consumer and power batteries, with significant growth expected in the coming years [8][9]. - Companies like Purtai and BTR are developing fast-charging anode materials that meet high-performance standards [8][10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies securing bulk orders [10].

Core Viewpoint - The performance of domestic anode material companies showed significant divergence in 2024, with four out of six major listed companies reporting a decline in net profit [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% year-on-year, attributed to price declines in anode materials and a drop in demand from end customers [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, up 15.79% year-on-year, driven by a differentiated product strategy and cost reduction measures [2][5]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, an increase of 626.56% year-on-year, benefiting from rising demand in the electric vehicle and energy storage markets [4][5]. - **Xiangfenghua**: Achieved a net profit of 49.55 million yuan, down 40.23% year-on-year, due to supply-demand imbalance and increased financial costs [3]. - **Sunsun Co.**: Experienced a net loss of 367 million yuan, a decline of 147.79% year-on-year, primarily due to challenges in its polarizer business [2][3]. Industry Trends - The anode materials industry is facing structural overcapacity, with a production capacity utilization rate of 60.8%, down 4.5 percentage points year-on-year [5][6]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy to navigate the challenging market environment [5][6]. - The trend towards fast-charging anode materials is becoming clearer, with expectations of significant demand growth in 2025 and 2026 [9][10]. Capacity and Expansion - Among the six companies, Zhongke Electric has the highest capacity utilization rate at 95.66%, followed by BTR at 90.41% and Xiangfenghua at 83.43% [6]. - Despite the overcapacity, companies continue to expand, with significant increases in construction projects reported by most firms [7][8]. - Shangtai Technology's construction projects increased over 16 times year-on-year, indicating aggressive expansion plans [8]. Fast-Charging Material Development - Companies are actively developing fast-charging anode materials, with Purtai and BTR launching products that meet high-performance standards [10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies like BTR and Sunsun Co. securing bulk orders [10].

Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]