证券代码：002407 证券简称：多氟多 公告编号：2025-087 多氟多新材料股份有限公司 关于董事、控股股东一致行动人减持股份预披露的公告 李凌云女士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。 特别提示： 持有本公司股份 9,242,986 股（占剔除公司回购专用账户股份后总股本的比例 0.80%）的董事、控股股东一致行动人李凌云女士计划通过集中竞价、大宗交易方式 合计减持公司股份不超过 2,310,746 股（占剔除公司回购专用账户股份后总股本的比 例 0.20%）。 近日，多氟多新材料股份有限公司（以下简称"公司"）收到董事、控股股东一 致行动人李凌云女士出具的《股份减持计划告知函》，现将有关情况公告如下： 一、股东的基本情况 1、本次减持股东名称：李凌云女士 1、减持原因：自身资金需求。 2、股份来源：公司首次公开发行前已持有及二级市场上增持的股份。 3、拟减持的股份数量及减持比例：拟减持其所持有的公司股份不超过 2,310,746 股，占剔除公司回购专用账户股份后总股本的比例 0.20%。 ...

Group 1 - The lithium battery electrolyte index experienced a decline of 2% during intraday trading, indicating a downward trend in the sector [1] - Most component stocks in the index saw a decrease, with notable declines including Haike Xinyuan down 7.69%, Tianji Co. down 2.72%, Duofluoride down 2.36%, Shanshan down 2.24%, and Shida Shenghua down 1.79% [1]

Core Viewpoint - The chemical industry is currently experiencing a dual bottom in valuation and profitability, with signs of recovery in profit margins and a potential upward trend in the economic cycle driven by demand recovery and resource supply contraction [1][2]. Group 1: Industry Performance - As of December 3, 2025, the chemical sector index rose by 0.87%, with notable gains from stocks such as Hangzhou Oxygen Plant (up 4.48%) and Yara International (up 4.42%) [1]. - The basic chemical sector's net profit increased by 7.45% year-on-year for the first three quarters of 2025, indicating a recovery trend despite mixed performance across sub-sectors [1]. - The overall chemical industry remains at a low level of prosperity, but a gradual improvement in profit margins is becoming evident [1]. Group 2: Market Dynamics - The industry is expected to benefit from reduced supply-side pressures and a global monetary easing environment, particularly with the anticipated interest rate cuts by the Federal Reserve, which could stimulate downstream demand [1]. - The focus on "anti-involution" policies is crucial as multiple sub-industries face competitive pressures, and the industry is likely to accelerate the release of high-performance new materials driven by AI demand [1][2]. Group 3: Investment Opportunities - Investors can track the chemical sector through the Jia Shi Chemical ETF (159129), which closely follows the China Securities Index for the chemical industry [2]. - There are also opportunities for off-market investors to engage with the chemical sector via the Chemical ETF Connect Fund (013527) [3].

Investment Rating - The industry rating is "Overweight" (maintained) [5] Core Insights - The sodium-ion battery industry is transitioning from "industrialization year" to "scale application year" in 2025, with significant growth expected in various applications such as energy storage, start-stop systems, two-wheeled vehicles, and mid-low range electric vehicles [5][37] - The average price of sodium battery cells in 2025 is projected to be 0.52 yuan/Wh, expected to drop to 0.25 yuan/Wh by 2030 [5][37] - The global sodium battery market is anticipated to reach a scale of 1,051 GWh by 2030, with substantial contributions from energy storage and automotive sectors [5][39][40] Summary by Sections 1. Sodium-Ion Battery Material Segments - Key materials for sodium-ion batteries include layered oxides, polyanions, and Prussian blue, with polyanions expected to dominate the market by 2030 [5][16][51] - The production process for sodium-ion batteries is similar to that of lithium-ion batteries, with specific adjustments in material handling and processing [5][33][34] 2. Market Application Potential - The energy storage sector shows immense potential for sodium batteries, particularly in large-scale storage systems due to their long cycle life and safety features [5][37] - In the automotive sector, sodium batteries are expected to dominate the A00/A0 class microcars and economical family cars, with a projected market size of 410 GWh by 2030 [5][40][41] 3. Material Shipment Forecasts - For 2025, the total shipment of sodium battery positive materials is expected to reach 15,000 tons, with polyanion materials surpassing layered oxides in shipment volume [5][51] - The shipment of sodium battery negative materials is projected to be 141.9 million tons by 2030, with hard carbon remaining the mainstream choice [5][54] - The sodium battery electrolyte market is expected to see a shipment of 157.7 million tons by 2030, with prices decreasing from 28,000 yuan/ton in 2025 to 15,000 yuan/ton by 2030 [5][58] 4. Key Company Developments - CATL launched its sodium battery products in 2025, achieving energy densities of 175 Wh/kg and over 10,000 cycles, marking a significant advancement in battery technology [5][61] - BYD reported a sodium battery cell capacity of 200 Ah and a cycle life exceeding 10,000 cycles, showcasing superior performance compared to existing lithium batteries [5][64] - Transart Technology is expanding its sodium battery production capacity, targeting applications in electric two-wheelers and other sectors [5][66] - Weike Technology is focusing on the development and production of sodium battery products, emphasizing their application in energy storage and start-stop systems [5][67]

Investment Rating - The industry is rated as "Outperform" compared to the market [2]. Core Insights - The lithium battery industry has seen production exceed expectations, with domestic battery production reaching 170.6 GWh in October 2025, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [2]. - The prices of lithium battery materials are fluctuating, with industrial-grade lithium carbonate priced at 91,400 CNY/ton, down 1.08% week-on-week, while lithium iron phosphate (power type) increased by 2.62% to 39,100 CNY/ton [2]. - Domestic demand for lithium batteries is strong, with lithium iron phosphate battery shipments reaching 67.5 GWh in October 2025, a year-on-year increase of 43.62% [2]. - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, a year-on-year increase of 79.63% [2]. Summary by Sections Production - In the first ten months of 2025, domestic battery and lithium iron phosphate cathode material production significantly exceeded the same period in 2024 [2][3]. - The production capacity utilization rate for lithium iron phosphate cathode materials was 63.54%, higher than the same period in 2024 [2]. Prices - The prices of key raw materials for lithium batteries are mixed, with lithium carbonate prices decreasing while lithium iron phosphate prices are increasing [2]. - The average price of square lithium iron phosphate energy storage cells has shown a rising trend, with prices increasing by 0.01 CNY/Wh [2]. Domestic Demand - The monthly shipment of lithium iron phosphate batteries reached a record high in October 2025, with a total of 67.5 GWh shipped [2]. - New energy storage project bidding capacity in October 2025 was 12.7 GW/38.7 GWh, showing an 85% year-on-year increase [2]. Overseas Demand - The global sales of new energy vehicles reached 2.1078 million units in September 2025, a year-on-year increase of 23.53% [2].

Group 1 - The lithium battery electrolyte index experienced a decline of 3% during intraday trading [1] - Most component stocks in the index showed downward movement, with Shida Shenghua dropping by 7.48% [1] - Haike Xinyuan fell by 5.17%, Tianji Co. decreased by 4.57%, and Duofuduo dropped by 4.17% [1] - Aok Co. saw a decline of 3.52% [1]

Core Viewpoint - Duofluor New Materials Co., Ltd. has achieved significant recognition in the field of intellectual property, being included in the first batch of national-level industrial intellectual property operation centers and with its chairman re-elected as the president of the local intellectual property protection association, indicating a strategic shift towards leading regional development in intellectual property [1][8]. Group 1: Strategic Development - The company has transitioned from a passive approach to intellectual property rights to a proactive strategy, emphasizing the importance of intellectual property as a core pillar of its strategic decision-making [4][5]. - Since 2016, Duofluor has implemented a comprehensive intellectual property management system, introducing a "patent navigation" tool in 2022 to enhance its strategic development [4][5]. - The company recognizes the interdependence of product, capital, and intellectual property markets, viewing them as essential components for sustainable growth [5][6]. Group 2: Innovation and Commercial Value - Duofluor has applied for over 1,600 patents, with more than 1,000 granted, primarily consisting of high-barrier invention patents that have been successfully industrialized [6][7]. - The company has established itself as a leader in standardization, having revised over 100 national and industry standards and created a national recognized laboratory in the inorganic fluorine chemical field [6]. - Duofluor has become a key player in international standardization, leading the development of multiple international standards in the fluorine chemical sector, marking a shift from follower to rule-maker [6][7]. Group 3: Industry Leadership and Public Service - The company's ongoing efforts in intellectual property have not only strengthened its competitive edge but also earned it significant trust and recognition within the industry [8]. - Duofluor aims to share its practical experiences in intellectual property management to assist other companies in building risk prevention systems, thereby enhancing overall industry innovation [8][9]. - The company has outlined a strategic direction focusing on protecting innovation, connecting government and enterprises, and strengthening industry collaboration to foster a cooperative innovation environment [9]. Group 4: Commitment to Continuous Improvement - Duofluor is committed to advancing its intellectual property initiatives, including establishing a regional collaborative innovation platform and providing comprehensive services from technology layout to rights acquisition [10][11]. - The company emphasizes the importance of nurturing talent and enhancing grassroots participation in intellectual property development, while also calling for more supportive policies [11]. - Duofluor believes that a strong commitment to intellectual property will enable Chinese enterprises to thrive in the global market, continuing to leverage intellectual property as a strategic engine for growth [11].

Core Viewpoint - The lithium battery electrolyte index experienced a decline of 2% on December 2, indicating a downward trend in the sector [1] Company Performance - Shida Shenghua saw a drop of 4.80% in its stock price [1] - Duofuduo's stock decreased by 4.32% [1] - Tianci Materials experienced a decline of 2.71% [1] - Tianji Co. reported a decrease of 2.46% [1] - Aoke Co. saw a reduction of 2.43% in its stock price [1]

Group 1 - The chemical sector continues to rise, with the Chemical ETF (516020) showing a maximum intraday increase of 1.89% and closing up 0.76% as of the report [1][2] - Key stocks in the sector include phosphorous chemicals, rubber additives, lithium batteries, and coatings, with notable gains from companies like Hebang Biological, Tongcheng New Materials, and Tinci Materials [1][2] - The Chemical ETF has outperformed major indices this year, with a year-to-date increase of 27.76%, compared to the Shanghai Composite Index's 16.02% and the CSI 300 Index's 15.04% [1][3] Group 2 - The lithium battery sector is expected to see a threefold increase in shipments from 2025 to 2035, leading to price increases for lithium hexafluorophosphate, projected to exceed 250,000 yuan per ton by 2026 [4] - The current price-to-book ratio of the Chemical ETF is 2.32, indicating a relatively low valuation compared to the past decade, suggesting a favorable long-term investment opportunity [4] - The Chemical ETF (516020) tracks the CSI Sub-Industry Chemical Theme Index, with nearly 50% of its holdings in large-cap stocks, providing exposure to leading companies in various chemical sub-sectors [5] Group 3 - The chemical industry is currently at a valuation and profit bottom, with net profits of 116 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.45% [9] - Demand is expected to improve due to the Federal Reserve's potential interest rate cuts and stabilization of global political conditions, while cost pressures from oil and coal prices are anticipated to weaken [9] - The chemical sector is poised for a turning point driven by anti-involution policies, with a significant decrease in construction projects expected in the first half of 2025 [9]

Core Viewpoint - The company acknowledges the recent significant increase in its stock price and attributes it to various factors, including stable operations and improving market demand for lithium hexafluorophosphate, which has led to rising product prices [2]. Group 1 - The company reports stable daily operations and production [2]. - Since the fourth quarter, the market demand for lithium hexafluorophosphate has been continuously improving, contributing to a gradual increase in product prices [2]. - The company highlights that multiple factors influence its stock price and advises investors to make cautious investment decisions [2].