Core Viewpoint - The company, Baichuan Co., Ltd., provides a range of fluorochemical products primarily used in coatings, inks, and plasticizers [1] Product Categories - The company's chemical products include: - Acetate esters - Polyols - Alcohol ethers - Phthalic anhydride and its esters - Insulating resins - Acrylic esters [1]

Core Insights - On November 11, Baichuan Co., Ltd. saw a stock price increase of 2.33% with a trading volume of 399 million yuan [1] - The company reported a financing buy-in amount of 59.49 million yuan and a net financing buy of 26.52 million yuan on the same day [1] - As of November 11, the total margin balance for Baichuan Co. was 171 million yuan, representing 3.63% of its market capitalization [1] Financing Summary - On November 11, Baichuan Co. had a financing buy-in of 59.49 million yuan, with a current financing balance of 171 million yuan, which is above the 70th percentile of the past year [1] - The company had no short selling activity on November 11, with a short selling balance of 0 [1] Company Overview - Baichuan Co. was established on July 1, 2002, and listed on August 3, 2010, located in Jiangyin City, Jiangsu Province [1] - The company's main business segments include fine chemicals (75.51% of revenue), new materials (18.65%), and new energy (5.84%) [1] Financial Performance - For the period from January to September 2025, Baichuan Co. achieved a revenue of 4.277 billion yuan, reflecting a year-on-year growth of 9.40% [2] - The net profit attributable to shareholders for the same period was 4.81 million yuan, a significant decrease of 95.32% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Baichuan Co. was 78,200, a decrease of 3.01% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.10% to 6,638 shares [2] - The third-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.52 million shares, an increase of 2.68 million shares from the previous period [2]

Group 1 - The core point of the announcement is that Baichuan Co., Ltd. (002455) has not engaged in any external guarantees apart from mutual guarantees among its consolidated subsidiaries as of the date of the announcement [1] - There are no overdue guarantees reported by the company [1] - The company has not been involved in any litigation related to guarantees and has not incurred losses due to any judgment against it [1]

Group 1 - The graphite electrode concept increased by 2.28%, ranking 8th among concept sectors, with 18 stocks rising, including He Sheng Silicon Industry, which hit the daily limit, and Shangtai Technology, Suotong Development, and Baichuan Co., which rose by 8.08%, 7.82%, and 5.36% respectively [1] - The main capital inflow into the graphite electrode sector was 491 million yuan, with 11 stocks receiving net inflows, and 7 stocks seeing inflows exceeding 50 million yuan, led by He Sheng Silicon Industry with a net inflow of 363 million yuan [2][3] - The top stocks by net inflow ratio included He Sheng Silicon Industry at 24.70%, Suotong Development at 8.50%, and Xiangfenghua at 8.14% [3] Group 2 - The top gainers in the graphite electrode sector included He Sheng Silicon Industry with a daily increase of 10.01% and a turnover rate of 2.30%, followed by Suotong Development with a 7.82% increase and a turnover rate of 11.07% [3][4] - The stocks with the largest declines included Baotailong, which fell by 2.40%, and Fua'an Co. and Longjiang Transportation, which decreased by 1.73% and 1.62% respectively [1][4] - The overall performance of the graphite electrode sector reflects a positive trend in investor sentiment, as evidenced by the significant capital inflows and the number of stocks experiencing gains [2][3]

江苏百川高科新材料股份有限公司 关于公司合并报表范围内提供担保的进展公告 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。 证券代码:002455 证券简称:百川股份 公告编号:2025-083 债券代码:127075 债券简称:百川转 2 三、担保协议的主要内容 特别风险提示： 截至本公告日，公司除合并报表范围内母子孙公司之间互保外，未进行其他对外担保。无 逾期担保情况，无涉及诉讼的担保，未因担保被判决败诉而承担损失。 公司母子孙公司之间担保余额超过最近一期经审计净资产100%、有对资产负债率超过70% 的被担保对象进行担保，敬请投资者注意担保风险。 一、担保情况概述 （一）担保审议情况 江苏百川高科新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日召开的第七 届董事会第七次会议和 2025 年 9 月 12 日召开的 2025 年第三次临时股东会审议通过了《关于 公司合并报表范围内提供担保额度预计的议案》，鉴于公司 2024 年审议的担保额度有效期即 将届满，为满足并表范围内母子孙公司日常生产经营和业务发展资金需要，母子孙公司之间未 来 ...

Core Viewpoint - Baichuan Co., Ltd. indicated on November 4 that the company's product sales situation will be detailed in its regular reports [2] Group 1 - The company responded to investor inquiries on an interactive platform [2] - The company emphasized that details regarding product sales will be available in its periodic reports [2]

Core Viewpoint - The company has conducted research and developed products related to quasi-solid-state batteries, but has not yet invested in mass production. The technical team will continue to monitor market developments and will announce any future investment plans in a timely manner [2]. Group 1 - The company has engaged in relevant research and technology reserves for quasi-solid-state batteries [2]. - The company has developed related finished products but has not yet initiated mass production [2]. - The technical team will keep an eye on market trends for potential future investments [2].

Core Viewpoint - Baichuan Co., Ltd. reported a revenue of 1.367 billion yuan in Q3 2025, marking a year-on-year increase of 7.32%, with a total revenue of 4.277 billion yuan for the year-to-date, reflecting a growth of 9.40% [1] Group 1: Company Performance - The company is a leader in fine chemicals, new materials, and new energy, actively expanding its presence in the lithium battery materials sector [1] - Baichuan has established a complete lithium battery industry chain from upstream raw materials to downstream lithium-ion batteries [1] - The subsidiary Haiji New Energy is a key growth driver, focusing on the R&D, production, and sales of lithium-ion batteries and energy storage systems [1] Group 2: Technological Advancements - Haiji's quasi-solid-state battery has achieved significant upgrades in safety, lifespan, and temperature adaptability, with a thermal runaway threshold increased from 170°C to 230°C [2] - The quasi-solid-state battery can undergo over 10,000 cycles at 25°C, covering a lifespan of 10-15 years, thus reducing lifecycle costs [2] - The battery's energy density has improved by 25% compared to current liquid systems, with a mass energy density of ≥220Wh/kg and a volume energy density of ≥480Wh/L [2] Group 3: Market Outlook - The recent launch of the 135Ah 1C energy storage cell demonstrates robust charge and discharge performance, achieving energy efficiency of ≥95% [3] - Haiji New Energy's technological breakthroughs and multi-scenario applications are expected to create a differentiated competitive barrier [3] - The growth potential of the quasi-solid-state battery aligns with the scaling of the energy storage industry and emerging demands in low-altitude economy and high-end manufacturing [3]

Core Viewpoint - Baichuan Co., Ltd. announced a share transfer agreement involving its controlling shareholder, Zheng Tiejiang, who will transfer 3.25 million shares, representing 0.55% of the company's total equity, to his son, Zheng Yuanbo, at a price of 6.8 yuan per share, totaling 22.1 million yuan [1] Company Summary - The share transfer will occur on October 30, 2025, and the transfer price reflects a significant transaction between family members [1] - As of the report, Baichuan Co., Ltd. has a market capitalization of 4.2 billion yuan [1] Industry Summary - For the first half of 2025, Baichuan Co., Ltd.'s revenue composition is as follows: fine chemicals account for 75.51%, new materials for 18.65%, and new energy for 5.84% [1]

Core Insights - Baichuan Co., Ltd. reported a revenue of 4.277 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 9.40% [1] - The net profit attributable to shareholders of the listed company was 4.8067 million yuan, showing a significant year-on-year decrease of 95.32% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -24.2299 million yuan, with basic earnings per share at 0.01 yuan [1]