Core Insights - The company reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching 13.059 billion yuan, a year-on-year growth of 29.80%, and a net profit of 552 million yuan, up 41.54% [1] Group 1: Financial Performance - For Q3 2025, the company achieved revenue of 5.477 billion yuan, representing a year-on-year increase of 50.45% and a quarter-on-quarter increase of 20.19% [1] - The net profit for Q3 2025 was 217 million yuan, showing a year-on-year growth of 61.82% and a quarter-on-quarter growth of 14.21% [1] - The non-recurring net profit for Q3 2025 was 215 million yuan, with a year-on-year increase of 77.02% and a quarter-on-quarter increase of 20.22% [1] Group 2: Product and Market Development - The company’s lithium battery cathode materials saw sales of 99,900 tons in the first three quarters of 2025, a year-on-year increase of 40.41%, with lithium cobalt oxide sales reaching 46,900 tons, up 45.38% [2] - The company is advancing the upgrade of traditional material systems, achieving large-scale production of high-voltage lithium cobalt oxide products with a voltage of 4.53V [2] - Strategic cooperation agreements have been signed with Zhongwei New Materials and Greeenmei for three years, enhancing supply chain stability [2] Group 3: Business Expansion and Innovation - The dual business of power battery cathode materials and hydrogen energy materials is driving significant growth, with power battery cathode materials sales reaching 53,000 tons, a year-on-year increase of 36.29% [3] - The hydrogen materials business also showed steady growth, with sales of 3,074.5 tons, up 8.05% year-on-year [3] - The company is focusing on the application of new NL structure cathode materials in the 3C consumer field, targeting sectors like low-altitude flight and electric tools [3] Group 4: Internationalization and Technological Innovation - The company is advancing global projects, including a facility in France for producing 40,000 tons of ternary materials and 40,000 tons of cathode material precursors [4] - In the solid-state battery sector, the company is collaborating closely with leading domestic and international enterprises for technology development and has achieved ton-level production of oxide solid-state electrolytes [4] Group 5: Investment Outlook - The company is positioned as a leading player in the global lithium battery cathode materials industry, with robust main business growth and synergistic multi-business development [5] - Revenue projections for 2025-2027 are 18.655 billion yuan, 20.518 billion yuan, and 23.358 billion yuan, with year-on-year growth rates of 40.30%, 9.99%, and 13.84% respectively [5] - Expected net profits for the same period are 806 million yuan, 985 million yuan, and 1.201 billion yuan, with growth rates of 63.13%, 22.19%, and 21.95% respectively [5]

人民财讯12月1日电，企查查APP显示，近日，厦门沧海新能源材料有限公司成立，注册资本6亿元，经 营范围包含：电子元器件制造；电力电子元器件制造；电子元器件与机电组件设备制造；电子元器件与 机电组件设备销售等。企查查股权穿透显示，该公司由厦钨新能全资持股。 ...

天眼查显示，近日，厦门沧海新能源材料有限公司成立，法定代表人为姜龙，注册资本60000万人民 币，由厦门厦钨新能源材料股份有限公司全资持股。 经营范围含电子元器件制造；电力电子元器件制造；电子元器件与机电组件设备制造；电子元器件与机 电组件设备销售；其他电子器件制造；电池制造；新材料技术推广服务；工程和技术研究和试验发展； 技术进出口；货物进出口；科技推广和应用服务。（除依法须经批准的项目外，凭营业执照依法自主开 展经营活动）。 企业名称厦门沧海新能源材料有限公司法定代表人姜龙注册资本60000万人民币国标行业制造业>计算 机、通信和其他电子设备制造业>电子器件制造地址中国（福建）自由贸易试验区厦门片区柯井社300 号之六企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-11-28至无固定期限 来源：市场资讯 序号股东名称持股比例1厦门厦钨新能源材料股份有限公司100% ...

投资者可于 2025 年 11 月 28 日 （星期五） 至 12 月 04 日 （星期四） 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 xwxn@cxtc.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 厦门厦钨新能源材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 5 日（星期 五）下午 13:30-14:30 召开 2025 年第三季度业绩说明会，就投资者关心的问题 进行交流。 一、说明会类型 证券代码：688778 证券简称：厦钨新能 公告编号：2025-071 厦门厦钨新能源材料股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心 ...

厦门厦钨新能源材料股份有限公司 2025 年第三次临时股东会会议材料 厦门厦钨新能源材料股份有限公司 2025 年第三次临时股东会会议材料 厦门厦钨新能源材料股份有限公司董秘办公室编制 二〇二五年十一月 会议地点：福建省厦门市海沧区柯井社 300 号之一公司 105 会议室 会议主持人：董事长杨金洪先生 1 厦门厦钨新能源材料股份有限公司 2025 年第三次临时股东会会议材料 目 录 | 关于召开 2025 年第三次临时股东会的通知 4 | | | --- | --- | | 2025 年第三次临时股东会议程 议案一：关于补选公司第二届董事会非独立董事的议案 | 3 9 | 2 厦门厦钨新能源材料股份有限公司 2025 年第三次临时股东会会议材料 厦门厦钨新能源材料股份有限公司 2025 年第三次临时股东会议程 会议时间：2025 年 12 月 5 日 14 点 30 分 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 2025 年第三次临时股东会 召开日期时间：2025 年 12 月 5 日 14 点 30 分 (二) 股东会召集人：董 ...

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Group 1 - GAC Group has officially completed and put into production a pilot line for all-solid-state batteries in Guangzhou, which is the first in the industry to achieve mass production conditions for automotive-grade all-solid-state batteries with a capacity of over 60Ah [1] - The energy density of the newly developed all-solid-state batteries is nearly double that of existing batteries, enabling vehicles with a range of over 500 kilometers to potentially exceed 1000 kilometers [1] - GAC Group plans to conduct small batch vehicle trials in 2026 and gradually achieve mass production between 2027 and 2030 [1] Group 2 - Solid-state battery concept stocks have seen an average increase of 60.91% this year, with several stocks, including Haike New Source and Shanghai Xiba, rising over 100% [2] - Haike New Source's stock has surged by 314.68% this year, and the company has signed a strategic cooperation agreement with Kunlun New Material for the purchase of 59.62 thousand tons of electrolyte solvent [2] - Rongbai Technology plans to establish a 6000-ton pilot line in Xiantao by 2025 to validate new processes and equipment, with a goal to start production in North America and Europe by 2029 [2] Group 3 - Haopeng Technology has received attention from 23 institutions, and its BBU battery business is expected to continue growing due to increasing demand for AI computing and high-end backup power supplies [3] - Among solid-state battery concept stocks, 10 stocks are expected to see over 20% growth in net profit for 2025 and 2026, including companies like Enjie and Putailai [3] Group 4 - A table summarizes the market capitalization, number of rating agencies, and projected net profit growth rates for various solid-state battery concept stocks, indicating strong growth expectations for companies like CATL and Xiamen Tungsten [4]

Core Viewpoint - On November 21, Xiamen Tungsten New Energy experienced a decline of 9.09% with a trading volume of 763 million yuan, indicating significant market activity and investor sentiment shifts [1] Financing Summary - On the same day, the financing buy-in amount for Xiamen Tungsten New Energy was 50.65 million yuan, while the financing repayment reached 94.03 million yuan, resulting in a net financing outflow of 43.38 million yuan [1] - As of November 21, the total financing and securities lending balance for the company was 552 million yuan, with the current financing balance at 545 million yuan, accounting for 1.56% of the circulating market value, which is above the 80th percentile of the past year [1] - The securities lending data showed a repayment of 28,700 shares and a sell-out of 200 shares, with a sell-out amount of 13,900 yuan, while the securities lending balance was 7.17 million yuan, exceeding the 70th percentile of the past year [1] Business Performance - As of September 30, the number of shareholders for Xiamen Tungsten New Energy reached 24,600, an increase of 67.3%, while the average circulating shares per person decreased by 28.31% to 20,493 shares [2] - For the period from January to September 2025, the company reported a revenue of 13.06 billion yuan, reflecting a year-on-year growth of 32.15%, and a net profit attributable to shareholders of 552 million yuan, marking a 50.26% increase year-on-year [2] Dividend and Shareholding Structure - Since its A-share listing, Xiamen Tungsten New Energy has distributed a total of 839 million yuan in dividends, with 713 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with both increasing their holdings compared to the previous period [3]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company reported a strong performance in Q3 2025, with revenue reaching 13.06 billion yuan, a year-on-year increase of 29.80%, and a net profit attributable to shareholders of 552 million yuan, up 41.54% year-on-year [4] - Lithium battery cathode material sales increased significantly, with total sales of 99,900 tons in the first three quarters of 2025, a year-on-year growth of 40.41% [5] - The company is advancing in solid-state battery materials, having achieved supply for oxide route cathode materials and demonstrated samples for sulfide route materials [6] Financial Performance - For Q3 2025, the company achieved revenue of 5.53 billion yuan, a 50.20% increase year-on-year, and a net profit of 245 million yuan, reflecting a 63.60% year-on-year growth [4] - The company adjusted its net profit forecasts for 2025, 2026, and 2027 to 791 million yuan, 996 million yuan, and 1.18 billion yuan respectively, with corresponding P/E ratios of 41x, 32x, and 27x [7] - Key financial metrics for 2025E include revenue of 20.89 billion yuan and a net profit of 791 million yuan, with a gross margin of 8.6% [9]

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]