Company Overview - Black Cat Holdings, established on July 12, 2001, and listed on September 15, 2006, is located in Jingdezhen, Jiangxi Province. The company primarily engages in the production and sales of carbon black, refined tar products, and white carbon black [1][2]. Financial Performance - For the first half of 2025, Black Cat Holdings reported a revenue of 4.296 billion yuan, a year-on-year decrease of 12.56%. The net profit attributable to shareholders was -115 million yuan, reflecting a significant year-on-year decline of 110.97% [2]. - The company has cumulatively distributed 753 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Stock Performance - As of September 25, Black Cat Holdings' stock price was 11.42 yuan per share, with a market capitalization of 8.398 billion yuan. The stock has increased by 7.33% year-to-date, with a 7.13% rise over the last five trading days [1]. - The stock has seen a net outflow of 17.6971 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 10.60% to 38,900, with an average of 18,883 shares held per shareholder, a decrease of 9.51% [2]. - Notable institutional shareholders include Guotai Asset Management and South China Asset Management, with some new entrants in the top ten shareholders [3]. Industry Context - Black Cat Holdings operates within the basic chemical industry, specifically in the rubber and carbon black sectors. The company is associated with various concepts, including carbon black, small-cap stocks, coal chemical, tire manufacturing, and energy conservation and environmental protection [2].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-09-24 | 002068 | 量猫股份 | 11.20 | 20.00 | | 224.00 国联民生证券股份 | 方正证券股份有限 | | | | | | | | 有限公司无锡盛岸 | 公司广东分公司 | | | | | | | | 西路证券营业部 | | | 2025-09-24 | 002068 | 属猫股份 | 11.20 | 190.00 | | 2,128.00万宏源证券有限 | 方正证券股份有限 | | | | | | | | 公司上海金山区蒙 | 公司广东分公司 | | | | | | | | 山路证券型业部 | | 9月24日，黑猫股份大宗交易成交210万股，成交额2352万元，占当日总成交额的3.49%，成交价11.2 元，较市场收盘价11.66元折价3.95%。 ...

Group 1 - The core point of the news is that Heimao Co., Ltd. experienced a stock decline of 5.04%, with a current share price of 10.93 yuan and a total market capitalization of 8.037 billion yuan [1] - Heimao Co., Ltd. is primarily engaged in the production and sales of carbon black, coal tar refined products, and white carbon black, with carbon black accounting for 75.93% of its main business revenue [1] - The company was established on July 12, 2001, and went public on September 15, 2006, located in Jingdezhen, Jiangxi Province [1] Group 2 - Among the top ten circulating shareholders of Heimao Co., Ltd., a fund under Southern Fund has recently entered the list, holding 4.0689 million shares, which is 0.55% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a total scale of 64.953 billion yuan and has achieved a year-to-date return of 27.06% [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 322 days, with the best fund return during the tenure being 137.06% [3]

证券之星消息，9月22日橡胶板块较上一交易日上涨1.25%，黑猫股份领涨。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。橡胶板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 831834 | 三维装备 | 17.80 | -7.29% | 15.08万 | 2.70亿 | | 920098 | 科隆新材 | 66'62 | -3.29% | 1.64万 | 4954.11万 | | 603033 | 三维股份 | 12.36 | -2.22% | 9.26万 | 1.14亿 | | 873665 | 科强股份 | 14.40 | -2.04% | 8288.67 | 1201.30万 | | 871694 | 中裕科技 | 21.20 | -1.67% | 9775.44 | 2090.44万 | | 832225 | 利通科技 | 23.08 | -1.54% | 1.87万 | 4340.65万 | | 002381 ...

Group 1 - The rubber products sector experienced a short-term surge, with notable stocks such as Black Cat Co., Ltd. hitting the daily limit up [1] - Other companies in the sector, including Yongdong Co., Ltd., Kexin Innovation Source, Yuanxiang New Materials, Quecheng Co., Ltd., and Sanlisi, also saw significant increases in their stock prices [1]

Market Overview - On September 18, the rubber sector increased by 0.88%, led by Sanwei Equipment, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Key Performers in Rubber Sector - Yiwai Equipment (831834) closed at 26.00, up 30.00% with a trading volume of 141,700 shares and a transaction value of 332 million [1] - Kexin New Source (300731) closed at 49.72, up 9.39% with a trading volume of 228,800 shares and a transaction value of 1.122 billion [1] - Sanwei Co. (603033) closed at 13.22, up 6.27% with a trading volume of 299,200 shares and a transaction value of 392 million [1] - Zhenan Technology (300767) closed at 23.70, up 5.52% with a trading volume of 316,300 shares and a transaction value of 754 million [1] Fund Flow Analysis - The rubber sector saw a net inflow of 39.38 million from main funds, while retail investors experienced a net outflow of 116 million [2] - Speculative funds had a net inflow of 76.45 million [2] Individual Stock Fund Flow - Zhenan Technology (300767) had a main fund net inflow of 68.72 million, with a retail net outflow of 64.88 million [3] - Kexin New Source (300731) had a main fund net inflow of 60.62 million, with a retail net outflow of 21.22 million [3] - Sanwei Co. (603033) had a main fund net inflow of 9.68 million, with a retail net outflow of 11.59 million [3]

Summary of Solid-State Battery Conference Call Industry Overview - The focus is on the solid-state battery industry, particularly addressing the solid-solid interface issues and innovations in materials and equipment systems [1][2][3]. Key Points and Arguments 1. **Manufacturing Techniques**: Solid-state batteries utilize dry forming, isostatic pressing, structured materials, and laser equipment to enhance ionic conductivity and reduce side reactions, thereby improving overall performance and commercialization [1][7]. 2. **International vs. Domestic Strategies**: - International companies like QuantumScape and Solid Power have advanced in high-end equipment and are in pilot to small-scale production stages, employing Atomic Layer Deposition (ALD) technology for interface modification [1][5]. - Domestic companies focus on technological innovation using cost-effective methods such as dry processes and structured materials, currently in small-scale to pilot stages [5][11]. 3. **Key Manufacturing Processes**: - **Solvent-free Dry Forming**: This method has the highest application certainty and is valued at tens of millions, with high technical barriers and a significant degree of localization [11]. - **Isostatic Pressing**: This technology addresses interface contact issues systematically and is also valued at tens of millions, currently in the technical verification or small-scale procurement phase [11]. - **Structured Materials**: These include structured copper foils and supporting membranes, which are in the scale testing or introduction phase, valued in the tens of millions [11]. - **Laser Equipment**: Used for cutting and processing, currently in scale testing or introduction stages, with a high degree of localization [11]. - **Atomic Layer Deposition (AOD)**: Although primarily used in semiconductor or photovoltaic fields, its potential in lithium batteries is significant, with domestic leaders collaborating with top companies [12]. 4. **Interface Modification Techniques**: - Techniques such as coating, doping, controlled reactions, and alloying are crucial for enhancing performance by increasing contact area and blocking adverse reactions [13][14]. - ALD is highlighted as one of the most effective methods for improving interface stability and ionic conductivity [15]. 5. **Challenges in Solid-State Batteries**: - Key challenges include ionic conduction barriers due to the absence of liquid electrolytes, side reactions from active materials, mechanical matching issues, high interface resistance, and dendrite growth risks [9][10]. - Solutions require advanced material selection, precise processing techniques, and innovative design to ensure reliability, safety, and long cycle life [10]. Additional Important Insights - **Market Leaders**: Companies like QuantumScape and Solid Power are leading the global solid-state battery development due to their deep ties with automotive manufacturers and measurable progress [12]. - **Emerging Players**: Domestic companies such as CATL and BYD are beginning sample trials and pilot line setups, indicating a slower but growing presence in the market [12]. - **Key Equipment Suppliers**: Companies like Xian Dai Intelligent and Li Yuan Heng are significant players in the dry and isostatic equipment sectors, contributing to the supply chain [17][18]. - **Potential Growth Companies**: Firms like DeLong Laser and Yanhang Precision are noted for their roles in the solid-state battery supply chain, with potential for growth despite some uncertainties [23][24]. This summary encapsulates the critical aspects of the solid-state battery industry as discussed in the conference call, highlighting the technological advancements, market dynamics, and key players involved.

Group 1 - The core point of the article is that a major shareholder of Black Cat Co., Ltd. has reduced its stake in the company through a block trade [1] - The shareholder, Jingdezhen Jinggangshan Beiqi Innovation Development Investment Center, reduced its holdings by 218,500 shares, which represents 0.03% of the total share capital [1] - After the reduction, the shareholder's total shares decreased from 81,106,517 to 80,888,017, resulting in a change in ownership percentage from 11.03% to 11.00% [1]

证券代码：002068 证券简称：黑猫股份 公告编号：2025-036 江西黑猫炭黑股份有限公司 关于公司持股5%以上股东减持股份触及1%整数倍 的公告 公司持股5%以上的股东景德镇井冈山北汽创新发展投资中心（有限合伙） 保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述 或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江西黑猫炭黑股份有限公司（以下简称"黑猫股份"或"公司"）于近日收到持 股 5%以上股东景德镇井冈山北汽创新发展投资中心（有限合伙）（以下简称"景 北创投"）出具的《关于减持江西黑猫炭黑股份有限公司股份触及 1%整数倍的告 知函》，获悉 2025 年 9 月 12 日，景北创投通过集中竞价方式累计减持公司股份 共计 218,500 股（股票来源为认购公司非公开发行股票所取得的股份），减持股 份占公司总股本的 0.03%（以下简称"本次减持"）。本次减持后，景北创投持 有公司股份 80,888,017 股，持股比例由 11.03%变动至 11.00%，变动触及 1%的 整数倍。现将具体情况公告如下： 一、股东本次减持基本情况 1、股东名称：景德 ...

Market Overview - On September 12, the rubber sector declined by 0.61%, with Li Tong Technology leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the rubber sector included: - Yanggu Huatai (300121) with a closing price of 15.74, up 5.85% and a trading volume of 245,100 shares, totaling 372 million yuan [1] - Yuanxiang New Materials (301300) closed at 40.88, up 1.49% with a trading volume of 8,829 shares, totaling 35.86 million yuan [1] - Zhen'an Technology (300767) closed at 22.26, up 1.37% with a trading volume of 142,900 shares, totaling 316 million yuan [1] Fund Flow Analysis - The rubber sector experienced a net outflow of 7.28 million yuan from main funds, while retail funds saw a net inflow of 48.35 million yuan [2] - The overall net outflow from retail investors was 41.07 million yuan [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Yanggu Huatai (300121) had a main fund net inflow of 29.59 million yuan, while retail investors had a net outflow of 24.07 million yuan [3] - Zhen'an Technology (300767) saw a main fund net inflow of 18.52 million yuan, with retail investors experiencing a net outflow of 19.85 million yuan [3] - Longxing Technology (002442) had a main fund net inflow of 4.65 million yuan, while retail investors had a net outflow of 2.56 million yuan [3]