Financial Performance - The company's revenue for Q1 2025 reached ¥1,597,772,310.33, representing a 49.92% increase compared to ¥1,065,768,467.04 in the same period last year[5] - Net profit attributable to shareholders surged to ¥134,475,970.27, a remarkable increase of 465.80% from ¥23,767,522.15 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥125,727,918.49, up 285.41% from ¥32,622,166.28 in the previous year[5] - Total operating revenue for the current period reached ¥1,597,772,310.33, a significant increase of 50% compared to ¥1,065,768,467.04 in the previous period[19] - Operating profit for the current period was ¥187,941,350.40, up from ¥49,345,667.63, reflecting a growth of approximately 280%[20] - Net profit for the current period was ¥177,186,526.04, compared to ¥40,901,663.48 in the previous period, indicating an increase of about 333%[20] Assets and Liabilities - The company's total assets increased by 9.35% to ¥12,393,462,416.13 from ¥11,334,232,487.72 at the end of the previous year[5] - Total assets increased to ¥12,393,462,416.13, up from ¥11,334,232,487.72, representing a growth of approximately 9.4%[18] - Total liabilities rose to ¥6,895,824,878.43, compared to ¥6,013,693,080.41, marking an increase of about 14.7%[18] - The total equity attributable to shareholders increased to ¥4,807,929,723.50, up from ¥4,673,542,148.88, showing a positive trend in shareholder value[18] Cash Flow - The net cash flow from operating activities was negative at -¥518,719,754.89, worsening by 114.59% compared to -¥241,723,951.18 in the previous year[8] - Cash inflow from operating activities totaled $537.46 million, up from $278.56 million in the previous period, representing a 93.1% increase[22] - Cash outflow from operating activities was $1.06 billion, compared to $520.29 million last period, resulting in a net cash flow from operating activities of -$518.72 million, worsening from -$241.72 million[22] - Cash inflow from investment activities decreased to $108.82 million from $461.77 million, a decline of 76.4%[22] - Cash outflow from investment activities increased to $266.12 million from $375.54 million, leading to a net cash flow from investment activities of -$157.30 million, down from $86.23 million[22] - Cash inflow from financing activities rose to $1.66 billion, up from $1.33 billion, marking a 25% increase[23] - Cash outflow from financing activities decreased to $823.27 million from $891.68 million, resulting in a net cash flow from financing activities of $833.13 million, compared to $436.16 million previously[23] - The net increase in cash and cash equivalents was $157.54 million, down from $281.25 million[23] - The ending balance of cash and cash equivalents was $497.43 million, compared to $728.77 million at the end of the previous period[23] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 73,929, with the largest shareholder holding 11.76% of the shares[10] - The number of shares held by the top 10 unrestricted shareholders includes 20,153,250 shares held by Yu Xin, representing 4.43% of total shares[12] - The total number of restricted shares held by Yu Xin and Li Aiwu is 60,459,750 and 22,786,312 respectively, both locked until January 2, 2026[14] - The company has not reported any changes in the number of preferred shareholders or restricted shares during the period[13] Research and Development - Research and development expenses nearly doubled, reaching ¥73,158,747.31, a 99.87% increase from ¥36,602,816.03 year-on-year, indicating a strong focus on innovation[8] - Research and development expenses rose to ¥73,158,747.31, more than doubling from ¥36,602,816.03 in the previous period, highlighting a focus on innovation[19] Inventory and Borrowings - The company reported a significant increase in inventory, which rose by 40.38% to ¥3,020,455,813.74, attributed to increased stocking levels[8] - Short-term borrowings increased by 58.98% to ¥2,427,056,840.81, reflecting the need for additional funds to support inventory[8] - The company reported a significant increase in short-term borrowings, which rose to ¥2,467,056,840.81 from ¥1,526,638,588.39, reflecting a strategy to leverage debt for growth[18] Accounting and Auditing - The company did not undergo an audit for the first quarter report[24] - The company will implement new accounting standards starting from 2025[24]

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].

湖南中科电气股份有限公司（以下简称"公司"或"中科电气"）于2024年4月25日 召开第六届董事会第七次会议、第六届监事会第七次会议，审议通过了《关于使用部分 闲置募集资金暂时补充流动资金的议案》，同意公司控股子公司湖南中科星城石墨有限 公司（以下简称"湖南中科星城"）使用不超过人民币25,000万元闲置募集资金暂时补 充流动资金，同意公司全资子公司贵州中科星城石墨有限公司（以下简称"贵州中科星 城"）使用不超过人民币29,000万元闲置募集资金暂时补充流动资金，使用期限自本次 董事会审议通过之日起不超过十二个月，在本次使用部分闲置募集资金暂时补充流动资 金期限届满之前，及时归还至募集资金专用账户。具体内容详见公司2024年4月27日在 中国证监会指定的创业板信息披露网站披露的《关于使用部分闲置募集资金暂时补充流 动资金的公告》。 在本次使用期间内，湖南中科星城实际使用闲置募集资金24,800万元暂时补充流动 资金，贵州中科星城实际使用闲置募集资金26,700万元暂时补充流动资金。截至2025年 4月18日，湖南中科星城及贵州中科星城已将上述用于暂时补充流动资金的募集资金全 部归还至募集资金专户，并将上述募集 ...

证券代码：300035 证券简称：中科电气 公告编号：2025-013 湖南中科电气股份有限公司 关于公司控股子公司安徽海达新材料有限公司 解散清算的公告 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 湖南中科电气股份有限公司（以下简称 "公司"）控股子公司安徽海达新材料有限 公司（以下简称"海达新材料"）于近日召开临时股东会，会议决议对海达新材料解散 并清算，现将具体情况公告如下： 一、海达新材料基本情况 公司名称：安徽海达新材料有限公司 注册资本：壹亿零贰佰零伍万圆整 公司类型：其他有限责任公司 经营范围：电子专用材料制造；电子专用材料销售；石墨及碳素制品制造；石墨及 碳素制品销售；石墨烯材料销售；电池制造；合成材料制造（不含危险化学品）；电子 专用材料研发；新材料技术研发；新材料技术推广服务；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；技术进出口；货物进出口（除许可业务外，可自 主依法经营法律法规非禁止或限制的项目） 股权结构：公司全资子公司湖南中科星城科技有限公司（以下简称"中科星城科技"） 认缴出资额52,050,000.00元，占海达 ...

一、对外担保的审批情况 湖南中科电气股份有限公司（以下简称"公司"、"中科电气"）为更好地实施公 司发展战略，满足公司及下属子公司湖南中科星城石墨有限公司（以下简称"湖南中科 星城"）、贵州中科星城石墨有限公司（以下简称"贵州中科星城"）、贵安新区中科 星城石墨有限公司（以下简称"贵安新区中科星城"）、云南中科星城石墨有限公司（以 下简称"云南中科星城"）、四川中科星城石墨有限公司（以下简称"四川中科星城"） 日常经营和业务发展资金需要，提高融资效率、降低融资成本，在综合分析公司及子公 司的盈利能力、偿债能力和风险控制能力后，于 2024 年 10 月 28 日第六届董事会第九 次会议及 2024 年 11 月 13 日 2024 年第二次临时股东大会审议通过了《关于公司与子公 司间提供担保的议案》，同意公司及上述子公司间提供担保总额不超过 105 亿元，有效 期自公司 2024 年第二次临时股东大会审议批准之日起一年。其中，公司拟为子公司湖 南中科星城、贵州中科星城、贵安新区中科星城、云南中科星城、四川中科星城提供的 担保金额不超过 100 亿元，分配到各子公司的具体担保额度由公司根据子公司的实际经 营情况 ...

Summary of Conference Call Notes Company Overview - The company discussed is Zhongke Electric, which has transitioned from magnetic equipment to the anode materials industry, with over 90% of its revenue now coming from this core business [2][5][8]. Industry Insights - The anode materials market is experiencing a competitive landscape where leading companies hold 60%-70% of the market share, with secondary companies like Shangtai and Zhongke increasing their market presence [2][12]. - The lithium battery industry is seeing a marginal improvement in supply-demand dynamics, particularly in the anode materials sector, due to a decrease in petroleum coke prices, which alleviates cost pressures [3][12]. Key Points and Arguments - **Profitability Outlook**: Zhongke Electric is expected to achieve profits of 310 million, 600 million, and 860 million yuan from 2024 to 2026, indicating a strong growth trajectory [2][7][17]. - **Cost Management**: The company has implemented cost reduction and efficiency improvement measures since 2024, leading to a significant decrease in overall expense ratios, particularly in R&D [9][8]. - **Market Position**: The company has established joint ventures with leading lithium battery manufacturers to enhance production capacity and reduce costs, aiming for 260,000 tons of artificial graphite capacity and 240,000 tons of graphitization capacity by the end of 2025 [2][14]. - **Fast-Charging Anode Materials**: Fast-charging anode materials are becoming crucial due to the rise of 5C fast-charging vehicles, with Zhongke Electric and other leading firms positioned to benefit from this trend [2][4][15]. Additional Important Content - **Future Capacity Expansion**: The company plans to build an additional 100,000 tons of anode material capacity in Morocco, expected to be operational by 2026 [14]. - **Product Development**: The focus on high-performance fast-charging products is expected to drive revenue growth, with significant applications in the electric vehicle and energy storage sectors [15][17]. - **Market Dynamics**: The supply-demand relationship for anode materials is projected to improve by 2025 due to limited new capacity growth, which is expected to lag behind demand growth [13]. Financial Performance - The company’s gross margin has been under pressure but is expected to recover starting from 2023-2024 due to improved cost management and operational efficiency [2][8]. - Despite recent stock price fluctuations due to tariffs and market sentiment, the company’s valuation is anticipated to normalize as the export ratio of lithium materials to the U.S. remains low [7]. This summary encapsulates the key insights and projections regarding Zhongke Electric and the anode materials industry, highlighting the company's strategic initiatives and market positioning.

二、对外担保的进展情况 近日，公司与兴业银行股份有限公司长沙分行（以下简称"兴业银行"）签订了《最 高额保证合同》；与中信银行股份有限公司贵阳分行（以下简称"中信银行"）签订了 《最高额保证合同》；与长沙银行股份有限公司宁乡支行（以下简称"长沙银行"）签 订了《最高额保证合同》；与中国光大银行股份有限公司岳阳分行（以下简称"光大银 证券代码：300035 证券简称：中科电气 公告编号：2025-010 湖南中科电气股份有限公司 关于公司与子公司间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内容的真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、对外担保的审批情况 湖南中科电气股份有限公司（以下简称"公司"、"中科电气"）为更好地实施公 司发展战略，满足公司及下属子公司湖南中科星城石墨有限公司（以下简称"湖南中科 星城"）、贵州中科星城石墨有限公司（以下简称"贵州中科星城"）、贵安新区中科 星城石墨有限公司（以下简称"贵安新区中科星城"）、云南中科星城石墨有限公司（以 下简称"云南中科星城"）、四川中科星城石墨有限公司（以下简称"四川中科星城"） 日常经营和业务发展资金需要，提高融资效率、 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 20.24 CNY based on a target P/E ratio of 23X for 2025 [5][18]. Core Insights - The report highlights that the decline in upstream raw material prices may eliminate the negative impact on the company's anode profitability, with an expected improvement in the industry supply-demand dynamics by 2025. The company's anode products are widely used in downstream sectors such as new energy vehicles, energy storage, and 3C electronics, supported by a well-established integrated layout and significant cost advantages. The growth of high-end products like fast-charging and silicon anodes is anticipated to continue providing excess returns [1][2][3]. Summary by Sections Company Overview - The company, originally established in 2004, entered the anode materials sector in 2016 through the acquisition of a graphite company, forming a synergistic business model of "magnetic equipment + anode materials." As of the first half of 2024, over 90% of the company's revenue comes from its anode business [2][13]. Financial Performance - The company forecasts a substantial increase in net profit for 2024, estimating a range of 288-325 million CNY, representing a year-on-year growth of 590% to 680%. The expected net profit for 2024 is projected at 307 million CNY, with a significant improvement in operational efficiency and cost reduction measures contributing to this growth [2][33]. Market Dynamics - The report indicates that the supply expansion in the anode market is slowing down, which may lead to a rebound in prices. The demand for fast-charging products is increasing, and the company is well-positioned to benefit from this trend due to its partnerships with leading battery manufacturers [3][47]. Profitability and Cost Structure - The company's integrated cost structure is highlighted, with the estimated graphite cost at approximately 6,000 CNY per ton. The report emphasizes the importance of cost control and operational efficiency in enhancing profitability, particularly as the company increases its production capacity and product offerings [3][4][18]. Future Outlook - The company is expected to see its net profit grow to 603 million CNY in 2025 and 863 million CNY in 2026, with corresponding EPS of 0.88 CNY and 1.26 CNY. The anticipated growth rates for net profit are 96.3% and 43.1% for 2025 and 2026, respectively [1][4][18].

| | 增持 （维持） | | --- | --- | | 股价（2025年03月24日） | 17.04 元 | | 目标价格 | 24.03 元 | | 52 周最高价/最低价 | 19.8/7.47 元 | | 总股本/流通 A 股（万股） | 68,543/58,335 | | A 股市值（百万元） | 11,680 | | 国家/地区 | 中国 | | 行业 | 新能源汽车产业链 | | 报告发布日期 | 2025 年 03 月 25 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | -4.27 | 13.07 | 20 | 85.83 | | 相对表现% | -2.72 | 13.95 | 21.23 | 74.83 | | 沪深 300% | -1.55 | -0.88 | -1.23 | 11 | 中科电气 300035.SZ 公司研究 | 动态跟踪 盈利逐步改善，海外市场持续拓展 2023-12-29 比亚迪发布快充新技术，公司有望积极受 益 核心观点 盈利预测与投资建议 ⚫ 由于负极材料价格 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to benefit from the new fast-charging technology released by BYD, which will enhance the demand for negative electrode materials [4][9] - The company has established deep partnerships with leading battery manufacturers, ensuring a stable future supply [9] - Cost reduction and efficiency improvement measures are showing positive results, leading to a gradual improvement in profitability [9] Financial Performance Summary - Revenue for 2022 was 5,257 million, with a projected decrease to 4,908 million in 2023, followed by a recovery to 5,348 million in 2024 and growth to 7,590 million in 2025 [7] - The net profit attributable to the parent company is expected to rise significantly from 42 million in 2023 to 301 million in 2024, and further to 609 million in 2025 [7] - Earnings per share are forecasted to improve from 0.06 in 2023 to 0.44 in 2024 and 0.89 in 2025 [7] Valuation and Price Target - The target price for the company is set at 24.03 yuan, based on a price-to-earnings ratio of 27 times for 2025 [5] - The company's valuation is compared with peers, showing a range of price-to-earnings ratios from 15.0 to 86.07 among comparable companies [10] Market Performance - The company's absolute performance over the past week was -4.27%, while it showed a 20% increase over the past three months [2]