转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院干电池研究小组发布的《2025-2030年中国干电池制造行业产销需 求与投资预测分析报告》 行业主要上市公司：安孚科技(603031)、野马电池(605378)、浙江恒威(301222)、长虹能源(920239)等 本文核心数据：产业链结构;企业区域分布 干电池产业链全景梳理：上游原材料简单，下游应用广泛 从干电池制造上游行业来看，干电池行业的上游供应商主要为电解二氧化锰粉、锌粉、隔离纸、钢壳、 碳棒、锌筒和铜针等生产制造企业。 从干电池制造下游应用市场来看，锌锰电池属于标准化产品，电池的尺寸、形状、性能规格等均具有国 际通用标准。由于制造工艺成熟、价格便宜、安全可靠、使用方便、放电和储存时间较长等优点，锌锰 电池目前已经成为了消费者日常生活中不可或缺的电子易耗品，主要应用场景包括电动玩具、家用电 器、家用医疗设备以及户外电子设备等产品。 从产业链具体涉及的企业来看，上游锰粉生产企业主要包括湘潭电化、汇元锰业、桂柳化工等，锌材厂 商主要包括宏达股份、驰宏锌锗、罗平锌电、西部矿业、中色股份等，而电池隔膜纸则包括上海恩捷、 星源材质、中材科技、中兴新材、河北 ...

来源：新浪证券-红岸工作室 2月10日，野马电池跌0.59%，成交额2988.05万元，换手率0.52%，总市值56.79亿元。 4、根据2024年年报，公司海外营收占比为88.30%，受益于人民币贬值。 5、2023年2月21日互动易回复： 公司通过不断地学习、消化和研究碱性电池生产线制造工艺，自主研 发智能化碱性电池高速生产线。通过信息化和工业化的融合，先后导入了ERP、MES、WMS、QMS、 PLM、SCADA等系统，并大力推进系统集成平台的开发，建立企业级大数据平台，融合5G+、大数 据、AI等新技术在企业中的落地推广，从而实现生产数字化、制造协同化、管理智慧化。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入-93.32万，占比0.03%，行业排名33/107，连续2日被主力资金减仓；所属行业主力净流 入-46.19亿，连续2日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入-93.32万-202.19万-293.00万-867.97万-3233.50万 异动分析 锂电池概念+长三角一体化+共同富裕示范区+人民币贬值受益+ ...

Core Viewpoint - Yema Battery (605378) forecasts a significant decline in net profit for the year 2025, estimating a drop of 58% to 70% compared to the previous year [1][4]. Financial Performance Summary - The company expects its net profit attributable to shareholders to be between 45.83 million and 64.17 million yuan for 2025, a decrease of 88.61 million to 106.94 million yuan from the previous year, representing a year-on-year decline of 58% to 70% [4]. - The forecasted net profit after excluding non-recurring gains and losses is projected to be between 38.62 million and 57.92 million yuan, down by 85.10 million to 104.41 million yuan from the previous year, indicating a decline of 59.50% to 73% [4]. - In the previous year, the company reported a total profit of 175.65 million yuan, with a net profit attributable to shareholders of 152.78 million yuan, and a net profit after excluding non-recurring gains and losses of 143.02 million yuan [4]. Reasons for Performance Changes - The decline in performance is attributed to increased market competition and industry trends, leading to a decrease in sales prices for some products [5]. - Rising commodity prices in the second half of 2025 are expected to exert pressure on the company's cost structure [5]. - Changes in export tax rebate policies, with the rebate rate dropping from 13% to 9%, have increased cost pressures in the export segment, contributing to a decrease in product gross margins [5]. - Fluctuations in the RMB exchange rate have also impacted performance, as the company's export products are priced in USD, and the appreciation of the RMB since April 2025 has led to reduced revenue when converted to RMB [5]. Recent Financial Results - For the first three quarters of 2025, the company reported revenue of 1.028 billion yuan, an increase of 8.15% year-on-year, while net profit attributable to shareholders was 54.66 million yuan, a decrease of 53.24% [6][7]. - In the third quarter alone, revenue was 443.44 million yuan, up 4.37% year-on-year, but net profit fell to 24.03 million yuan, down 50.58% [6][7]. - The operating cash flow for the first three quarters was 26.45 million yuan, reflecting a decline of 54.99% [9].

Group 1 - The core viewpoint of the news is that Yema Battery (605378.SH) has projected a significant decline in its net profit for the fiscal year 2025, estimating a decrease of 58.00% to 70.00% compared to the previous year [1] - Yema Battery expects its net profit attributable to shareholders to be between 45.83 million yuan and 64.17 million yuan for 2025, which represents a reduction of 88.61 million yuan to 106.94 million yuan year-on-year [1] - The company anticipates that its net profit after deducting non-recurring gains and losses will range from 38.62 million yuan to 57.92 million yuan, reflecting a decline of 59.50% to 73.00% compared to the previous year [1] Group 2 - Yema Battery raised a total of 587.45 million yuan through its initial public offering, with a net amount of 544.68 million yuan after deducting issuance costs [2] - The funds raised are intended for projects including the expansion and technological upgrade of alkaline zinc-manganese battery production, the establishment of a research and testing center, and the construction of a smart factory [2] - The total issuance costs for Yema Battery's IPO amounted to 42.77 million yuan, which includes underwriting and sponsorship fees of approximately 26.52 million yuan [2] Group 3 - The actual controller and chairman of Yema Battery, Chen Yijun, reduced his holdings by 1,761,000 shares between October 10 and November 13, 2025, with a total transaction value of approximately 41.50 million yuan [3] - The general manager, Yu Gufeng, sold 3,734,900 shares from October 9 to December 1, 2025, totaling around 89.43 million yuan [3] - Another actual controller and vice general manager, Chen Kejun, reduced his holdings by 1,855,000 shares during the same period as Chen Yijun, with a total value of about 43.62 million yuan [3]

Core Viewpoint - Zhejiang Yema Battery Co., Ltd. expects a significant decline in net profit for the year 2025, projecting a decrease of 58.00% to 70.00% compared to the previous year [2] Financial Performance - The company forecasts a net profit attributable to shareholders ranging from 45.83 million to 64.17 million yuan, a decrease of 88.61 million to 107 million yuan year-on-year [2] Reasons for Performance Decline - The decline in performance is attributed to increased market competition and industry development trends, leading to a decrease in sales prices for some products [2] - Rising commodity prices in the second half of the year have exerted additional cost pressure on the company [2] - Adjustments to export tax rebate policies at the end of 2024 have resulted in a lower export tax rebate rate for Yema Battery's products, increasing cost pressure in the export segment and reducing product gross margins [2] - Fluctuations in the RMB exchange rate have also negatively impacted the company's performance [2]

Group 1 - The core point of the news is that several key stakeholders and management personnel of companies are planning to reduce their holdings, which may exert pressure on market sentiment and stock prices in the short term [1] Group 2 - Huamin Co. plans to introduce external investors through a capital increase in its subsidiary, which will help reduce debt risk and enhance operational stability [2] - The capital increase involves a debt-to-equity swap with a pre-investment valuation of 1 billion yuan, resulting in a change in ownership structure [2] Group 3 - Yema Battery expects a significant decline in net profit for 2025, projecting a decrease of 58% to 70% year-on-year due to increased market competition and rising commodity prices [3] - The company faces pressure on both revenue and cost sides, leading to a substantial compression of profit margins [3]

Major Announcements - Zhaoyi Innovation plans to use 500 million CNY of A-share fundraising to increase capital in its wholly-owned subsidiaries for the implementation of the DRAM project [1] - Haiguang Information's mid-2025 profit distribution plan includes a cash dividend of 0.09 CNY per share, totaling 209 million CNY [2] - *ST Biology has terminated the major asset restructuring plan to acquire 51% of Hunan Huize Biomedical Technology Co., Ltd. [3] - Fosun Pharma intends to spin off its subsidiary Fosun Antigen for independent listing on the Hong Kong Stock Exchange [4] - Jingchen Co. has set the inquiry transfer price at 82.85 CNY per share for the transfer of 13.1 million shares [5] Performance Forecasts - Zhaoyi Innovation expects a net profit of approximately 1.61 billion CNY for 2025, a year-on-year increase of about 46% [9] - Longying Precision anticipates a net profit decrease of 17.70% to 29.36% for 2025, estimating between 545 million CNY and 635 million CNY [9] - Ruichuang Micro-Nano forecasts a net profit of around 1.1 billion CNY for 2025, representing a 93% increase [10] - Nanjing Bank projects a net profit of 21.81 billion CNY for 2025, an 8.08% increase year-on-year [11] - Zhongyuan Co. expects a net profit increase of 80% to 105% for 2025, estimating between 139 million CNY and 158 million CNY [12] - Qiangyi Co. anticipates a net profit increase of 57.87% to 71.17% for 2025, estimating between 368 million CNY and 399 million CNY [13] - Liard expects a net profit of 300 million CNY to 380 million CNY for 2025, turning from a loss of 889 million CNY in the previous year [14] - Daheng Technology forecasts a net profit of approximately 106 million CNY for 2025, also turning from a loss [16] - Dongfeng Co. anticipates a net loss of 390 million CNY to 480 million CNY for 2025 [17] - Qing Song Co. expects a net profit increase of 137.73% to 201.74% for 2025, estimating between 130 million CNY and 165 million CNY [18] - SIRUI Co. forecasts a net profit of 165 million CNY to 184 million CNY for 2025, turning from a loss [19] - Shengmei Shanghai expects a revenue increase of 18.91% to 22.47% for 2025, estimating between 6.68 billion CNY and 6.88 billion CNY [20] - Yijun Co. anticipates a net loss of 11 million CNY to 14 million CNY for 2025 [21] - Saint Yuan Environmental Protection expects a net profit increase of 31.79% to 59.24% for 2025, estimating between 240 million CNY and 290 million CNY [22] - Lijun Co. forecasts a net profit decrease of 45.05% to 60.03% for 2025, estimating between 4.8 million CNY and 6.6 million CNY [23] - Xingqi Eye Medicine expects a net profit increase of 95.82% to 121.56% for 2025, estimating between 662 million CNY and 749 million CNY [25] - Beidou Star expects a net loss of 230 million CNY to 290 million CNY for 2025, reducing losses compared to the previous year [26] - Yiling Pharmaceutical anticipates a net profit of 1.2 billion CNY to 1.3 billion CNY for 2025, turning from a loss of 725 million CNY [27] - Zhijiang Bio forecasts a net loss of 32 million CNY to 47 million CNY for 2025, reducing losses compared to the previous year [28] - Yema Battery expects a net profit decrease of 58% to 70% for 2025, estimating between 45.83 million CNY and 64.17 million CNY [29] - Yunmei Energy anticipates a net loss of 410 million CNY to 470 million CNY for 2025 [30] - Yingfang Micro expects a net loss of 69 million CNY to 97 million CNY for 2025 [31] - Guanghua Technology forecasts a net profit of 85 million CNY to 120 million CNY for 2025, turning from a loss [33] Share Buybacks - Hengyi Petrochemical plans to repurchase shares worth 500 million CNY to 1 billion CNY [34] - Yunyi Electric plans to repurchase shares worth 100 million CNY to 150 million CNY [34] - Xidun Pharmaceutical plans to repurchase shares worth 25 million CNY to 50 million CNY [35]

Core Viewpoint - Yema Battery (605378.SH) forecasts a significant decline in net profit for the year 2025, projecting a range of 45.83 million to 64.17 million yuan, which represents a decrease of 88.61 million to 106.94 million yuan compared to the previous year, indicating a year-on-year decline of 58% to 70% [1] Group 1: Financial Performance - The company expects net profit attributable to shareholders to be between 45.83 million and 64.17 million yuan for 2025 [1] - This forecast reflects a substantial decrease of 88.61 million to 106.94 million yuan compared to the previous year's statutory disclosure [1] - The anticipated decline in profit is projected to be between 58% and 70% year-on-year [1] Group 2: Market and Industry Impact - The company has experienced a decrease in the sales price of some products due to market competition and industry development trends [1] - Rising commodity prices in the second half of 2025 are expected to exert pressure on the company's cost structure [1] - A recent adjustment in export tax rebate policies has reduced the export tax rebate rate for battery products from 13% to 9%, increasing cost pressures in the export segment [1] - This change has contributed to a decline in product gross margins year-on-year [1]

Core Viewpoint - Yema Battery (605378.SH) forecasts a significant decline in net profit for the fiscal year 2025, projecting a range of 45.83 million to 64.17 million yuan, which represents a decrease of 88.61 million to 106.94 million yuan compared to the previous year, indicating a year-on-year decline of 58% to 70% [1] Group 1: Financial Performance - The company expects net profit attributable to shareholders to fall between 45.83 million and 64.17 million yuan for 2025 [1] - This forecast reflects a substantial decrease of 88.61 million to 106.94 million yuan compared to the previous year's statutory disclosure [1] - The anticipated decline in profit is attributed to increased market competition and industry development trends [1] Group 2: Market and Cost Pressures - The sales prices of some products have decreased due to market competition and industry trends [1] - Rising commodity prices in the second half of 2025 are expected to exert pressure on the company's cost structure [1] - The export tax rebate rate for battery products has been reduced from 13% to 9%, increasing cost pressures in the export segment and contributing to a decline in product gross margins [1]

Core Viewpoint - Yema Battery has released a performance forecast, expecting a net profit attributable to shareholders of 45.83 million to 64.17 million yuan for the full year of 2025, influenced by market competition, industry trends, and changes in export tax policies [1]. Group 1: Main Business Impact - The sales prices of some products have decreased due to market competition and industry development trends, while rising commodity prices in the second half of 2025 are expected to exert cost pressure on the company [1]. - The export tax rebate rate for battery products has been adjusted from 13% to 9%, increasing cost pressure in the export segment and leading to a decline in product gross margin [1]. - Fluctuations in the RMB exchange rate have resulted in reduced operating income when converted from USD to RMB, as the RMB has appreciated against the USD since April 2025 [1]. Group 2: Non-Operating Profit and Loss Impact - Non-operating profit and loss has not had a significant impact on the company's performance forecast [1]. Group 3: Accounting Treatment Impact - Accounting treatment has not had a significant impact on the company's current performance forecast [2][3]. Group 4: Other Influences - There are no other significant factors affecting the current performance forecast [4]. - For the first three quarters of 2025, the company reported a main revenue of 1.028 billion yuan, an increase of 8.15% year-on-year, while the net profit attributable to shareholders decreased by 53.24% to 54.66 million yuan [4]. - The third quarter of 2025 saw a main revenue of 443 million yuan, up 4.37% year-on-year, with a net profit attributable to shareholders of 24.03 million yuan, down 50.58% year-on-year [4].