Core Viewpoint - Jiangsu Dingsheng New Energy Materials Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days, indicating abnormal trading activity [2][4]. Group 1: Stock Trading Abnormality - The company's A-share stock recorded a cumulative closing price deviation of over 20% on October 30, 31, and November 3, 2025, which qualifies as an abnormal trading situation according to the Shanghai Stock Exchange regulations [2][4]. - The company confirmed that there are no undisclosed important information that could affect the stock price, following inquiries with its controlling shareholder and actual controller [2][6]. Group 2: Company Operations - The company conducted a self-inspection and found that production costs and sales have not experienced significant fluctuations, and internal operations are normal with all relevant contracts being fulfilled [5]. - There have been no major adjustments in the market environment or industry policies that could impact the company's operations [5]. Group 3: Major Events and Market Sentiment - The company confirmed that there are no major events such as asset restructuring, share issuance, or significant business collaborations that could explain the stock price volatility [6]. - There were no media reports or market rumors identified that could have influenced the stock price, and the company is not involved in any market hot concepts [7]. Group 4: Sensitive Information - The company did not find any other sensitive information that could lead to abnormal stock trading or significantly impact the stock price during the fluctuation period [8]. - Key stakeholders, including directors and major shareholders, did not engage in buying or selling the company's stock during this period [8].

Summary of Key Points Core Viewpoint - On November 3, a total of 42 stocks were identified with institutional activity, with 13 stocks showing net buying and 29 stocks showing net selling by institutions [1]. Institutional Net Buying - The top three stocks with the highest net buying by institutions were: - Asia-Pacific Pharmaceutical: Net buying amount of 106 million yuan, with a daily increase of 9.96% [2] - Dingsheng New Materials: Net buying amount of 82.79 million yuan, with a daily increase of 6.64% [2] - Aerospace Intelligent Equipment: Net buying amount of 69.42 million yuan, with a daily increase of 19.98% [2] Institutional Net Selling - The top three stocks with the highest net selling by institutions were: - Sanofi China: Net outflow amount of 211 million yuan, with a daily increase of 7.88% [4] - Thinking Control: Net outflow amount of 125.29 million yuan, with a daily decrease of 9.87% [4] - Kaimete Gas: Net outflow amount of 107.61 million yuan, with a daily decrease of 9.96% [4]

Core Insights - On November 3, 2023, a total of 42 stocks were involved in institutional trading, with 13 stocks showing net buying and 29 stocks showing net selling [1][2] Group 1: Institutional Net Buying - The top three stocks with the highest institutional net buying were: - Asia-Pacific Pharmaceutical with a net buying amount of 106 million yuan, representing a 9.96% increase [2] - Dingsheng New Materials with a net buying amount of 82.79 million yuan, representing a 6.64% increase [2] - Aerospace Intelligent Equipment with a net buying amount of 69.42 million yuan, representing a 19.98% increase [2] Group 2: Institutional Net Selling - The top three stocks with the highest institutional net selling were: - Sanofi (Sanofi Guojian) with a net selling amount of 211 million yuan, representing a 7.88% increase [4] - Siwei Liekong with a net selling amount of 125.28 million yuan, representing a 9.87% decrease [4] - Kaimete Gas with a net selling amount of 107.61 million yuan, representing a 9.96% decrease [4]

Core Points - On November 3, Ding Sheng New Materials announced that its A-share stock experienced an abnormal trading fluctuation, with a cumulative closing price deviation exceeding 20% over three consecutive trading days on October 30, October 31, and November 3 [1] - The company conducted a self-examination and confirmed with its controlling shareholder and actual controller that there is no undisclosed important information as of the date of this announcement [1] - During the period of abnormal stock trading fluctuations, the company did not engage in any market hot concepts, urging investors to make rational investment decisions and be aware of secondary market trading risks [1]

证券代码：603876 证券简称：鼎胜新材 公告编号：2025-091 江苏鼎胜新能源材料股份有限公司 股票交易异常波动公告 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： 江苏鼎胜新能源材料股份有限公司（以下简称"公司"）A 股股票于 2025 年 10 月 30 日、10 月 31 日和 11 月 3 日连续 3 个交易日内收盘价格涨幅偏离值 累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动情形。 经公司自查并书面函证控股股东、实际控制人，截至本公告披露日，确 认不存在应披露而未披露的重要信息。 公司在股票交易异常波动期间未涉及市场热点概念，请广大投资者理性 投资，注意二级市场交易风险。 一、股票交易异常波动的具体情况 公司股票于 10 月 30 日、10 月 31 日和 11 月 3 日连续 3 个交易日内收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属 于股票交易异常波动情形。 二、公司关注并核实的相关情况 （一）生产经营情况 经公司自 ...

Core Viewpoint - Ding Sheng New Materials (603876.SH) announced that its production costs and sales have not experienced significant fluctuations, and its internal production and operational order remains normal [1] Company Operations - The company confirmed that its current production and operational activities are normal [1] - There have been no major adjustments in the market environment or industry policies affecting the company [1] - The company is fulfilling relevant orders and contracts as expected [1] Disclosure and Trading Activity - The company stated that there are no significant matters that should have been disclosed but were not [1] - During the period of unusual stock trading fluctuations, the board and senior management did not engage in buying or selling the company's stock [1]

Core Viewpoint - The company announced that its A-shares experienced an abnormal price fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days from October 30 to November 3, 2025 [1] Group 1 - The company conducted a self-examination and verified with its controlling shareholder and actual controller, confirming that there is no undisclosed important information as of the announcement date [1] - The company's production and operations are normal, and it is not involved in any market hot concepts [1] - No relevant personnel engaged in buying or selling the company's shares during the period of abnormal fluctuation [1]

Group 1 - The core point of the article highlights that Ding Sheng New Materials has achieved a transaction volume of 1.29 billion yuan, marking the highest level since August 24, 2022 [1] - The latest stock price of Ding Sheng New Materials has increased by 7.97%, with a turnover rate of 10.20% [1] - The previous trading day saw a total transaction volume of 1.156 billion yuan for the stock [1]

Company and Industry Summary Company: 鼎胜新材 (Dingsheng New Materials) Key Points - **Industry Context**: The company operates in the aluminum foil industry, particularly focusing on battery foils for electric vehicles, which are experiencing significant demand growth due to the rise of the new energy vehicle market. [2][3][4] - **Demand Growth**: The demand for battery foils is expected to increase by 30%-40% next year, driven by major clients such as 宁德时代 (CATL) and 比亚迪 (BYD). The company plans to expand its production capacity to 280,000 tons to meet this demand. [2][4] - **Production Efficiency**: The company has effectively responded to market demand through production efficiency improvements and transitioning production lines. [3] - **Financial Performance**: The traditional air conditioning foil business remains stable with a profit of approximately 100 yuan per ton, while the food packaging foil segment is underperforming due to losses in the European market. In contrast, the electromagnetic foil segment shows strong profitability with around 1,400 yuan per ton. [2][7] - **Trade Relations**: The impact of the US-China trade conflict on the company is limited. The company has maintained stable exports to Southeast Asia and has utilized its bases in Thailand and Europe to address anti-dumping issues. [8] - **Price Adjustments**: The aluminum foil industry is under pressure, with many competitors facing losses. The company is negotiating price increases with clients, aiming for a 500 yuan per ton increase to ensure operational sustainability and industry health. [9][10][11] - **Future Profitability**: If the price adjustments are successful, the company anticipates a significant profit increase, with projections suggesting a potential profit rise of 500 yuan per ton on a production volume of 260,000 tons next year. [12] - **Accounts Receivable**: The company is facing long accounts receivable cycles, with a year-on-year decrease in cash of 2 billion yuan, primarily due to extended payment periods from major clients and investments in production expansion. Measures are being taken to shorten payment cycles. [5][13] - **Product Development**: The company is focusing on its core business and related upstream and downstream industries, including liquid cooling and battery technologies. It is developing new aluminum foil products to replace copper foil for sodium batteries, collaborating closely with CATL. [5][14][15] - **Market Position**: Despite challenges in the aluminum foil industry, 鼎胜新材 is performing relatively well compared to competitors, with no reported losses and a focus on maintaining market share and profitability. [11]

Summary of Ding Sheng New Material Conference Call Company Overview - **Company**: Ding Sheng New Material - **Industry**: Electromagnetic foil production Key Points and Arguments Production and Sales Forecast - Ding Sheng New Material expects a continuous increase in electromagnetic foil shipments in 2025, with a minimum increase of 5,000 tons in Q4, leading to an annual production target of 200,000 tons, a 40% increase from the previous year [2][5] - The target for 2026 is set at 280,000 tons, also reflecting a 40% year-on-year growth [2][5] Major Clients and Pricing Strategy - Ningde Times is a significant client, accounting for 50% of Ding Sheng's supply, and has agreed to a price increase of 500 RMB per ton starting in November, with a shortened payment term [2][4] - Cooperation with BYD is deepening, with expected demand reaching 2.6 TWh by 2026 [2][5] Product Structure Optimization - The proportion of carbon-coated film in the total electromagnetic foil production has increased from 10% last year to 14.6%, with expectations to reach 17% by year-end and a target of 20% for next year [2][6] - New equipment in Inner Mongolia is expected to enhance efficiency and support the achievement of the 280,000-ton production target [2][6] Overseas Market Performance - The Thailand factory is performing well, exporting over 40,000 tons of food foil to the US and India, achieving profitability [7] - The European base is currently unprofitable due to market downturns and rising costs, resulting in only marginal profitability for the overall overseas business [7] Industry Dynamics and Pricing Trends - The core reason for recent price increases is the supply-demand imbalance, as previous poor profitability among peers has led to insufficient expansion willingness [9] - Price increases are expected to range between 500 to 1,000 RMB, with larger companies leading the acceptance of these increases [12] Future Industry Outlook - The company plans to enhance capacity through transformation, expansion, quality improvement, and efficiency gains, relying on high-efficiency equipment in Inner Mongolia [8] - Continuous R&D on high-end digital products and high-performance aluminum foil is expected to yield higher added value [8] Profitability and Market Conditions - The net profit per ton is currently around 1,400 to 1,450 RMB, with anticipated price increases translating into profit growth [4][15] - The overall operating rate in the battery foil industry is high, with many companies increasing production or transitioning to new products [17] Challenges and Considerations - The overseas market is not expected to see significant improvements in Q4, but potential closures of some overseas aluminum plants may lead to better order conditions [16] - The effective increase in production capacity is relatively slow, with many new projects still in the early stages of development [17] Additional Important Insights - Companies like Huabei Aluminum, Shenhuo, and Wanshun are also maintaining decent profitability, but their ability to increase production depends on existing profit margins [10] - The timeline for industry-wide capacity expansion can vary significantly, with established projects able to contribute within six months, while new projects may take over a year or more [11]