Core Viewpoint - The company Zhongke Electric (300035.SZ) has achieved mass production of hard carbon anode materials required for sodium-ion batteries and is supplying these materials to leading industry clients [1] Group 1 - The anode materials business of the company is specifically targeting the sodium-ion battery market [1] - The company has successfully commenced mass production of hard carbon anode materials [1] - The company is now supplying its products to top-tier clients in the industry [1]

Core Insights - The company reported a revenue of 2.291 billion yuan for Q3 2025, reflecting a year-on-year increase of 41.44% and a quarter-on-quarter increase of 13.71% [1] - The net profit attributable to shareholders was 129 million yuan, showing a year-on-year growth of 13.25% but a quarter-on-quarter decline of 6.06% [1] - The company’s gross margin for Q3 2025 was 14%, with pressures on margins due to price adjustments of core products [2] Financial Performance - Revenue for Q3 2025 reached 2.291 billion yuan, up 41.44% year-on-year and 13.71% quarter-on-quarter [1] - Net profit attributable to shareholders was 129 million yuan, increasing by 13.25% year-on-year but decreasing by 6.06% quarter-on-quarter [1] - Non-recurring net profit also stood at 129 million yuan, with a year-on-year increase of 10.09% and a quarter-on-quarter decrease of 17.32% [1] Profitability and Cost Management - The profit growth rate significantly outpaced revenue growth, indicating improved scale efficiency and product structure optimization [2] - The company achieved a total expense ratio of 6.8%, with substantial improvements in sales, management, R&D, and financial expense ratios [2] - The main profit contribution is expected from the negative electrode business, while the magnetic and electrical equipment business remains marginally profitable [2] Future Outlook - The company anticipates strong production and demand in Q4 2025 and 2026, with continued improvements in profitability driven by new product iterations and cost reduction expectations [2] - The company is actively developing new products, including hard carbon, silicon-carbon, and lithium metal, with a positive mid-term outlook [2] - The forecast for net profit attributable to shareholders in 2026 is projected to reach 850 million yuan [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.291 billion yuan for Q3 2025, representing a year-on-year increase of 41.44% and a quarter-on-quarter increase of 13.71% [2][4]. - The net profit attributable to shareholders was 129 million yuan, showing a year-on-year growth of 13.25% but a quarter-on-quarter decline of 6.06% [2][4]. - The company's gross margin for Q3 2025 was 14%, which faced pressure due to price adjustments of core products [11]. - The company has shown significant improvement in its expense ratios, with total period expense ratio at 6.8%, indicating effective cost control measures [11]. - The company is expected to maintain strong production levels in Q4 2025 and 2026, benefiting from new product iterations and cost reduction expectations [11]. Financial Performance - The company achieved a revenue of 2.291 billion yuan in Q3 2025, with a gross profit margin of 14% [2][4]. - The net profit attributable to the parent company was 129 million yuan, with a non-recurring net profit also at 129 million yuan [2][4]. - The company reported a significant improvement in its expense ratios, with sales, management, R&D, and financial expense ratios at 1.09%, 1.75%, 2.16%, and 1.80% respectively [11].

Core Viewpoint - Zhongke Electric has experienced a significant decline in stock price, dropping 5.25% on November 21, with a total decrease of 16.63% over the past five days, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Company Overview - Zhongke Electric, established on April 6, 2004, and listed on December 25, 2009, is located in Yueyang Economic and Technological Development Zone, Hunan Province. The company primarily engages in the research, production, sales, and service of industrial magnetic application technologies and products [1]. - The revenue composition of Zhongke Electric is as follows: 92.50% from lithium battery anode materials, 8.53% from electromagnetic equipment, and 2.71% from other sources [1]. Shareholder Information - Among the top ten circulating shareholders of Zhongke Electric, a fund under Jiashi Fund holds 4.0354 million shares of Jiashi Intelligent Automotive Stock (002168), representing 0.69% of the circulating shares. The fund has incurred a floating loss of approximately 4.9635 million yuan today and a total floating loss of 18.8452 million yuan over the past five days [2]. - Jiashi Intelligent Automotive Stock (002168) was established on February 4, 2016, with a current scale of 4.211 billion yuan. Year-to-date returns are 54.78%, ranking 274 out of 4208 in its category, while the one-year return is 40.23%, ranking 549 out of 3972 [2]. Fund Management - The fund manager of Jiashi Intelligent Automotive Stock is Yao Zhipeng, who has been in the position for 9 years and 208 days. The total asset scale under management is 20.359 billion yuan, with the best fund return during his tenure being 202.14% and the worst being -7.7% [3].

Core Insights - The graphite electrode sector experienced a decline of 3.51% as of the market close on November 18, with major stocks like Putailai and Baotailong hitting the daily limit down [1][2] - The sector saw a net outflow of 1.26 billion yuan from main funds, with 15 stocks experiencing outflows, and 5 stocks seeing outflows exceeding 100 million yuan [1] Market Performance - The top gainers in the graphite electrode sector included Guomin Technology and Fangda Carbon, which rose by 3.61% and 2.04% respectively [1] - Other concept sectors that performed well included Xiaohongshu and Pinduoduo, with increases of 3.16% and 3.14% respectively, while sodium-ion batteries and fluorochemical concepts saw declines of 3.76% [1] Fund Flow Analysis - The stock with the highest net outflow was Putailai, with a net outflow of 321.46 million yuan, followed by Zhongke Electric and Baotailong with outflows of 195.29 million yuan and 159.50 million yuan respectively [1][2] - Stocks with the highest net inflows included Fangda Carbon and Guomin Technology, with inflows of 156.57 million yuan and 69.36 million yuan respectively [2]

Group 1 - The core point of the news is that Zhongke Electric's stock price dropped by 5.28% to 25.27 CNY per share, with a trading volume of 897 million CNY and a turnover rate of 5.93%, resulting in a total market capitalization of 17.321 billion CNY [1] - Zhongke Electric, established on April 6, 2004, and listed on December 25, 2009, is primarily engaged in the research, production, sales, and service of industrial magnetic application technologies and products [1] - The company's main business revenue composition includes 92.50% from lithium battery anode materials, 8.53% from electromagnetic equipment, and 2.71% from other sources [1] Group 2 - Among the top ten circulating shareholders of Zhongke Electric, Huaxia Fund's Huaxia CSI 1000 ETF (159845) reduced its holdings by 9,100 shares in the third quarter, now holding 3.7244 million shares, which accounts for 0.64% of the circulating shares [2] - The estimated floating loss for Huaxia CSI 1000 ETF today is approximately 5.2514 million CNY [2] - The fund was established on March 18, 2021, with a latest scale of 45.469 billion CNY, achieving a year-to-date return of 27.69% and a one-year return of 24.25% [2]

Core Viewpoint - Zhongke Electric's stock price has shown significant volatility, with a year-to-date increase of 77.82% but a recent decline of 3.68% over the past five trading days [1] Financial Performance - For the period from January to September 2025, Zhongke Electric achieved a revenue of 5.904 billion yuan, representing a year-on-year growth of 52.03% [2] - The net profit attributable to shareholders for the same period was 402 million yuan, reflecting a substantial year-on-year increase of 118.85% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongke Electric reached 79,300, an increase of 12.77% compared to the previous period [2] - The average circulating shares per person decreased by 11.32% to 7,354 shares [2] Dividend Distribution - Since its A-share listing, Zhongke Electric has distributed a total of 807 million yuan in dividends, with 383 million yuan distributed over the past three years [3] Major Shareholders - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 28.0514 million shares, an increase of 14.0421 million shares from the previous period [3] - Southern CSI 1000 ETF ranks as the sixth largest circulating shareholder with 6.2707 million shares, a decrease of 52,500 shares [3]

Group 1: Industry Overview - The lithium battery anode material industry showed a positive growth trend in the first three quarters of 2025, with most listed companies reporting significant revenue increases, except for Shanhe Intelligent, which experienced a decline [2][5] - The fastest revenue growth among listed companies was recorded by Shangtai Technology, with a year-on-year increase of 52.09% [2][5] - The overall net profit of the lithium battery anode industry increased significantly, with over half of the listed companies turning from negative to positive net profit, except for Xiangfenghua, which saw a decline [5][6] Group 2: Company Performance Beiterui - Beiterui achieved a revenue of 123.8 billion yuan in the first three quarters of 2025, a year-on-year increase of 20.6%, with a net profit of 7.68 billion yuan, up 14.37% [12][13] - The gross margin decreased by 0.59 percentage points, while the net margin increased by 1.2 percentage points [12][13] Singshan Co., Ltd. - Singshan reported a revenue of 148.1 billion yuan, a year-on-year increase of 11.48%, and a net profit of 2.84 billion yuan, up 1121.72% [15][16] - Both gross and net margins improved, with gross margin rising by 1.42 percentage points and net margin by 1.83 percentage points [15][16] Putailai (Zicheng Technology) - Putailai achieved a revenue of 108.3 billion yuan, a year-on-year increase of 10.06%, and a net profit of 17 billion yuan, up 37.25% [20][21] - The gross margin increased by 3.36 percentage points, and the net margin rose by 2.59 percentage points [20][21] Zhongke Electric (Zhongke Xingcheng) - Zhongke Electric reported a revenue of 59.04 billion yuan, a year-on-year increase of 52.03%, and a net profit of 4.02 billion yuan, up 118.85% [24][25] - The gross margin decreased by 0.93 percentage points, while the net margin increased by 2.12 percentage points [24][25] Shangtai Technology - Shangtai Technology achieved a revenue of 55.06 billion yuan, a year-on-year increase of 52.09%, and a net profit of 7.11 billion yuan, up 23.08% [28][29] - Both gross and net margins showed a downward trend, with gross margin decreasing by 2.73 percentage points and net margin by 3.04 percentage points [28][29] Xiangfenghua - Xiangfenghua reported a revenue of 11.31 billion yuan, a year-on-year increase of 8.16%, but a net profit decline of 64.64%, amounting to 0.2 billion yuan [33][34] - Both gross and net margins decreased, with gross margin down by 7.38 percentage points and net margin down by 3.62 percentage points [33][34] Yicheng New Energy - Yicheng New Energy achieved a revenue of 30.10 billion yuan, a year-on-year increase of 12.79%, but reported a net loss of 2.65 billion yuan, although this was a 55.2% improvement from the previous year [36][37] - Both gross and net margins improved, with gross margin up by 1.71 percentage points and net margin up by 16.1 percentage points [36][37] Suotong Development - Suotong Development reported a revenue of 127.6 billion yuan, a year-on-year increase of 28.66%, and a net profit of 6.54 billion yuan, up 201.81% [39][40] - Both gross and net margins increased, with gross margin up by 4.84 percentage points and net margin up by 3.49 percentage points [39][40] Shanhe Intelligent - Shanhe Intelligent achieved a revenue of 50.57 billion yuan, a year-on-year decrease of 2.08%, but a significant net profit increase of 177.57%, amounting to 0.97 billion yuan [41][42] - The gross margin decreased by 0.41 percentage points, while the net margin increased by 1.09 percentage points [41][42] Guomin Technology - Guomin Technology reported a revenue of 9.58 billion yuan, a year-on-year increase of 16.73%, but a net loss of 0.74 billion yuan, although this represented a 50.63% reduction in losses [44][45] - Both gross and net margins improved, with gross margin up by 0.03 percentage points and net margin up by 12.32 percentage points [44][45]

Core Viewpoint - The announcement details a share transfer agreement involving the major shareholders of Zhongke Electric, indicating a significant change in ownership structure with the potential for new strategic direction [1] Group 1: Share Transfer Details - Zhongke Electric's controlling shareholders, Yu Xin and Li Aiwu, along with their associates, plan to transfer a total of 34,278,187 unrestricted circulating shares, representing 5.001% of the company's total equity, to Kaibo (Chengdu) New Energy Equity Investment Fund [1] - The agreed transfer price is set at 23.34 yuan per share, amounting to a total transaction value of approximately 800,052,884.58 yuan, including tax [1] - If the transaction is successfully completed, Kaibo Chengdu Fund will become a shareholder holding more than 5% of the company [1]

关于引入战略投资者暨公司股东协议转让部分股份 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：300035 证券简称：中科电气 公告编号：2025-059 湖南中科电气股份有限公司 二、本次协议转让的进展情况 湖南中科电气股份有限公司（以下简称"公司"、"中科电气"）控股股东暨实际 控制人余新、李爱武夫妇及其一致行动人余强、李小浪以及公司股东罗新华、黄越华、 黄雄军与凯博（成都）新能源股权投资基金合伙企业（有限合伙）（以下简称"凯博成 都基金"）于 2025 年 10 月 30 日签订了《股份转让协议》，公司控股股东暨实际控制 人余新、李爱武夫妇及其一致行动人余强、李小浪以及公司股东罗新华、黄越华、黄雄 军拟通过协议转让方式向凯博成都基金转让其合计持有的公司34,278,187股无限售条件 流通股股份（以下简称"本次协议转让"），占公司总股本的 5.001%。本次协议转让 的价格为 23.34 元/股，转让总价款（含税）共计人民币 800,052,884.58 元。上述交易如 最终能顺利实施，凯博成都基金将成为公司持股 5%以上股东。具体 ...