Core Viewpoint - The company is advancing its new production capacity projects in Malaysia and Shanxi, aiming to significantly increase its integrated production capacity of artificial graphite anode materials by 2026 [1] Group 1: Project Details - The company is constructing a 50,000 tons per year lithium battery anode material project in Malaysia [1] - An integrated project with a capacity of 200,000 tons per year for lithium-ion battery anode materials is being developed in Xiyang County, Jinzhong City, Shanxi Province [1] - Both projects are expected to commence production in the third quarter of 2026, with a total production capacity exceeding 500,000 tons by the end of 2026 [1] Group 2: Cost Implications - The Malaysian project is anticipated to see an increase in unit investment scale due to local construction conditions and efficiency [1] - There will also be an upward trend in costs related to electricity and labor for the projects [1]

Group 1 - The core viewpoint of the news highlights the strong performance of the new energy vehicle (NEV) sector, with the China Securities New Energy Vehicle Industry Index rising by 1.26% and key stocks like Defu Technology and Shangtai Technology showing significant gains [1][2] - The establishment of China's first national-level automotive chip standard verification platform in Shenzhen marks a significant advancement in the quality verification and evaluation capabilities for automotive-grade chips [1] - The platform includes 13 specialized laboratories and over 80 testing equipment, aiming to create unified testing methods and standards for automotive chips, thereby enhancing the quality of China's automotive chips and contributing to the global industry ecosystem [1] Group 2 - According to CITIC Securities research, the passenger car market shows positive data for September and October, but market expectations are becoming muted; the focus remains on high-end, intelligent, and export-oriented segments [2] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which consists of 50 listed companies involved in various aspects of the NEV industry, reflecting the overall performance of leading companies in this sector [2] - As of September 30, 2025, the top ten weighted stocks in the index account for 54.61% of the total, with companies like CATL, Huichuan Technology, and BYD leading the list [2][4]

Financial Performance - Total assets increased from 92.65 billion RMB at the end of 2024 to 110.20 billion RMB by September 2025, representing an 18.94% growth [2] - Net assets rose from 62.65 billion RMB at the end of 2024 to 67.62 billion RMB by September 2025, a 7.93% increase [2] - Operating revenue surged from 36.20 billion RMB in the first three quarters of 2024 to 55.06 billion RMB in the same period of 2025, marking a 52.10% year-on-year growth [2] - Net profit attributable to the listed company increased from 5.78 billion RMB in the first three quarters of 2024 to 7.11 billion RMB in 2025, reflecting a 23.01% growth [2] Market and Production Insights - The company experienced a significant increase in sales volume in Q3 2025, driven by a rapid improvement in downstream market conditions [3] - The company is expanding external processing capacity to address short-term production capacity shortages, leading to a tight supply-demand balance [3] - Anticipated price increases for negative materials due to supply-demand tightness and rising raw material costs [3] New Capacity Development - Ongoing projects include a 50,000-ton lithium battery negative material production facility in Malaysia and a 200,000-ton integrated project in Shanxi Province [3][4] - The new production bases are expected to enhance production efficiency and automation, with the Shanxi project projected to commence operations in Q3 2026 [3] - The construction of new facilities is expected to stabilize and potentially improve the company's profitability despite rising costs in Malaysia [5]

Summary of Conference Call for Shangtai Technology Company Overview - **Company**: Shangtai Technology - **Industry**: Battery Materials, specifically focusing on anode materials Key Points and Arguments 1. Production and Sales Forecast - Shangtai Technology expects total shipments for 2025 to reach **330,000 tons**, a **50% year-on-year increase** [2][5] - In Q3 2025, the shipment volume was approximately **92,000 tons**, reflecting a **30% increase** from Q2 [3] - Q4 2025 shipment is anticipated to be slightly above Q3, potentially reaching **100,000 tons** [5] 2. Product Mix and Profitability - In Q3 2025, **fast-charging products** accounted for **40%** of total shipments, while **energy storage products** made up **20%** [6] - Energy storage products have lower profitability due to high homogeneity [6] - The average profit per ton in Q3 was around **2,700 CNY**, with expectations to recover to between **3,300 and 3,700 CNY** in Q4 [3][14] 3. Capacity Expansion Plans - Current capacity construction is progressing slower than expected due to inherent limitations, with total capacity projected to reach **380,000 tons** by the end of 2026 [2][7] - If considering outsourcing, total capacity could potentially reach **420,000 tons** [2][7] - The **Shanxi Phase IV** project, with a capacity of **200,000 tons**, is expected to be operational by Q3 2026 [7][40] 4. Pricing Trends - Recent price increases for small customers have been around **10%**, with average prices at **24,000 CNY/ton** (excluding tax) [9] - Large customers are also expected to see price increases of about **10%**, although this has not fully materialized yet [9] - Future price trends will depend on regulatory policies and supply conditions, with potential for price increases if supply remains tight [13] 5. Cost Structure and Challenges - Costs for new overseas capacity are significantly higher than domestic, with electricity costs up **50%** and labor costs doubling, leading to an overall cost increase of over **70%** [11] - The company anticipates a potential cost increase of around **100 CNY** due to various factors, including exchange rates [13] 6. Market Dynamics - The industry is not seeing substantial capacity expansion, with no new projects over **100,000 tons** expected to enter the market quickly [10] - Major players continue to dominate the market, and new entrants face significant barriers, including a minimum **two-year construction period** and substantial capital requirements [10] 7. New Product Development - The company has established a **500-ton** annual production base for silicon-carbon materials, focusing on enhancing fast-charging capabilities and cycle life [3][17] - New energy storage products are expected to significantly improve profitability in the coming year, outpacing the development of power-related new products [18] 8. Customer Demand and Order Coverage - Demand for energy storage products is expected to grow significantly, with projections indicating an increase in their share from **20%-30%** this year to **30%-40%** next year [28] - Orders cover the entire product range, indicating strong market demand [22] 9. Profitability and Cost Management - The profitability gap between outsourced production and in-house production is approximately **1,000 CNY**, with in-house production yielding around **3,000 CNY** per ton [20][35] - Cost reduction measures are expected to take effect by the end of Q1 2026 due to long inventory cycles [25] 10. Regulatory and Market Conditions - Overseas capacity construction is slow due to regulatory requirements, with full completion expected by the end of 2026 [27] - The overall industry is experiencing supply tightness across all segments, including anode materials [29] Additional Important Insights - The company is balancing production volume and unit profitability, focusing on market demand rather than aggressive price cuts to gain market share [23] - The pricing negotiations with large customers are expected to conclude by the end of the year, with financial impacts visible in January 2026 [34]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance of the company met expectations, and profit improvement is anticipated [1] - The company reported a revenue of 5.5 billion yuan for the first three quarters of 2025, a year-on-year increase of 52%, with a net profit attributable to shareholders of 710 million yuan, up 23% year-on-year [8] - The company expects to achieve an annual shipment of over 330,000 tons, a year-on-year increase of over 50% [8] - The target price is set at 126 yuan, with a projected P/E ratio of 25 times for 2026 [8] Financial Performance Summary - Total revenue for 2023 is projected at 4.391 billion yuan, with a year-on-year decrease of 8.18% [1] - The net profit attributable to shareholders for 2023 is estimated at 722.9 million yuan, down 43.94% year-on-year [1] - The latest diluted EPS for 2023 is 2.77 yuan, with a P/E ratio of 30.13 [1] - For 2024, total revenue is expected to rise to 5.229 billion yuan, a year-on-year increase of 19.10% [9] - The net profit for 2024 is projected at 838.33 million yuan, a year-on-year increase of 15.97% [9] - The company anticipates a significant increase in revenue and profit in the following years, with 2025 revenue expected to reach 8.438 billion yuan, a 61.36% increase year-on-year [1][9]

证券代码：001301 证券简称：尚太科技 公告编号：2025-115 石家庄尚太科技股份有限公司 关于举办 2025 年三季度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 石家庄尚太科技股份有限公司（以下简称"公司"）已于2025年10月28日在 巨潮资讯网上披露《2025年半年度报告》。为便于广大投资者更加全面深入地了 解公司经营业绩、发展战略等情况，公司将于2025年11月3日（星期一）15:30-16:30 通过深圳证券交易所"互动易"平台"云访谈"栏目举办2025年三季度业绩网上 说明会。 一、业绩说明会相关安排 1、召开时间：2025年11月3日（星期一）下午 15:30-16:30。 董事会 欢迎广大投资者积极参与公司本次网上业绩说明会。 特此公告。 石家庄尚太科技股份有限公司 2、召开方式：本次业绩说明会将采用网络远程的方式举行。 3、参与方式：本次业绩说明会将采用图文的方式举行，投资者可登录深圳 证券交易所"互动易"平台（http://irm.cninfo.com.cn），进入公司"云访谈"栏 目参与本次网上业绩说明会 ...

2025年10月28日，尚太科技(001301.SZ)发布2025年第三季报。截至2025年10月27日，共有36个机构投 资者披露持有尚太科技A股股份，合计持股量达5566.70万股，占尚太科技总股本的21.34%。其中，前 十大机构投资者包括长江晨道(湖北)新能源产业投资合伙企业(有限合伙)、香港中央结算有限公司、招 银国际资本管理(深圳)有限公司-深圳市招银朗曜成长股权投资基金合伙企业(有限合伙)、中国邮政储蓄 银行股份有限公司-东方新能源汽车主题混合型证券投资基金、招银国际资本管理(深圳)有限公司-招银 成长叁号投资(深圳)合伙企业(有限合伙)、泰康人寿保险有限责任公司-分红-个人分红-019L-FH002深、 泰康人寿保险有限责任公司-分红-个人分红-019L-FH002深、泰康人寿保险有限责任公司-传统-普通保险 产品-019L-CT001深、泰康人寿保险有限责任公司-传统-普通保险产品-019L-CT001深、中国工商银行股 份有限公司-农银汇理新能源主题灵活配置混合型证券投资基金，前十大机构投资者合计持股比例达 19.21%。相较于上一季度，前十大机构持股比例合计下跌了1.43个百分点。 险资 ...

石家庄尚太科技股份有限公司（以下简称"公司"）第二届监事会第二十一次 会议于2025年10月20日发出会议通知，2025年10月27日以现场方式召开。本次会 议的通知通过专人送达、电话、微信等方式送达全体监事。本次会议由监事会主 席孙跃杰召集和主持，应出席监事3名，实际出席监事3名。本次会议的召集、举 行和召开符合国家有关法律、法规及《公司章程》的规定。 证券代码：001301 证券简称：尚太科技 公告编号：2025-113 石家庄尚太科技股份有限公司 第二届监事会第二十一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 三、备查文件 1、公司第二届监事会第二十一次会议决议； 特此公告。 石家庄尚太科技股份有限公司 监事会 二、监事会会议审议情况 经与会监事审议，做出以下决议： （一）审议通过《关于<2025年第三季度报告>的议案》。 公司编制的《2025年第三季度报告》全文符合法律、行政法规、中国证监会 和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司2025年第三 季度的经营情况，不存在虚假记载、误导性陈述 ...

证券代码：001301 证券简称：尚太科技 公告编号：2025-112 石家庄尚太科技股份有限公司 石家庄尚太科技股份有限公司（以下简称"公司"）第二届董事会第二十三次 会议于2025年10月20日发出会议通知，2025年10月27日以现场方式召开。本次会 议的通知通过专人送达、电话、微信等方式送达全体董事。本次会议由董事长欧 阳永跃召集和主持，应出席董事6名，实际出席董事6名，公司高级管理人员列席 了本次会议。董事会会议的举行和召开符合国家有关法律、法规及《公司章程》 的规定。 二、董事会会议审议情况 经与会董事审议，做出以下决议： （一）审议通过《关于<2025 年第三季度报告>的议案》。 公司编制的《2025 年第三季度报告》全文符合法律、行政法规、中国证监 会和深圳证券交易所的规定，报告内容真实、准确、完整地反映了公司 2025 年 第三季度的经营情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日在《中国证券报》《证券时报》《上海证券报》《证券 日报》《经济参考报》及巨潮资讯网（www.cninfo.com.cn）上披露的《2025 年第 三季度报告》（公告编号：2025-114）。 ...

石家庄尚太科技股份有限公司 2025 年第三季度报告 证券代码：001301 证券简称：尚太科技 公告编号：2025-114 □是 否 1 石家庄尚太科技股份有限公司 2025 年第三季度报告 石家庄尚太科技股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度财务会计报告是否经过审计 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 2,117,783,433.00 | 3 ...