Group 1 - The core viewpoint is that the lithium battery industry chain is entering a prosperous phase driven by the explosive demand from downstream sectors such as energy storage, with lithium hexafluorophosphate prices soaring by 195% from October 1 to December 29, reaching approximately 180,000 yuan/ton [1] - The company's lithium hexafluorophosphate production capacity is currently 24,000 tons/year, expected to increase to 36,000 tons/year by the end of 2025 after technical upgrades, with an additional capacity flexibility of 10%-20% [1] - The price increase of lithium hexafluorophosphate is gradually being transmitted to downstream electrolyte prices, which have risen by about 64% to approximately 26,000 yuan/ton as of December 29, benefiting the company [1] Group 2 - The domestic fluorinated liquid market is entering a phase of growth driven by both domestic substitution and expanding demand, particularly following 3M's exit from the market, creating opportunities for local companies [2] - The company has established production capacities of 3,000 tons/year for hydrogen fluoride ether and 2,500 tons/year for perfluoropolyether, with a 30,000 tons/year high-end fluorochemical project progressing steadily [2][3] Group 3 - The company is expected to benefit significantly from the domestic substitution of fluorinated liquids and industry expansion, with long-term capacity gradually being released, which will open up new growth potential [3] Group 4 - The company is proactively expanding into new materials, particularly solid-state battery electrolytes, with its affiliate achieving mass production of oxide electrolytes and progressing towards small-scale supply of sulfide and polymer electrolytes [4] - The acceleration of the solid-state battery industrialization process and the nearing production milestones for the company's electrolyte business are expected to create new growth opportunities in battery materials [4] Group 5 - Profit forecasts indicate that the company's net profit attributable to shareholders is expected to be 1.2 billion yuan, 1.5 billion yuan, and 1.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.57 yuan, 2.06 yuan, and 2.55 yuan, and PE ratios of 33, 25, and 20 times [5] - The company's electrolyte business is expected to improve profitability, while the fluorochemical business is set to grow due to the surge in demand from the semiconductor and data center sectors, maintaining a "buy" rating [5]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-107 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 2025年第四次临时股东会决议公告 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。 特别提示： 1、本次股东会不存在增加、变更、否决议案的情况； 2、本次股东会不涉及变更前次股东会决议的情况； 3、本次股东会以现场与网络投票相结合的方式召开。 一、会议召开和出席情况 （一）会议召开情况 1、现场会议召开时间：2025 年 12 月 30 日（星期二）14:00 2、网络投票时间： 通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 30 日 9:15-9:25，9:30-11:30，13:00-15:00 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 12 月 30 日 9:15 至 15:00 的任意时间 3、现场会议召开地点：深圳市坪山区昌业路深圳新宙邦科技大厦 16 层会议 室 4、会议召集人：公司第六届董 ...

法律意见书 二〇二五年十二月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于深圳新宙邦科技股份有限公司 2025 年第四次临时股东会的 北京市中伦（深圳）律师事务所 关于深圳新宙邦科技股份有限公司 2025 年第四次临时股东会的 法律意见书 致：深圳新宙邦科技股份有限公司 法律意见书 根据《中华人民共和国公司法》（下称"《公司法》"）、《上市公司股东 会规则》（下称"《股东会规则》"）和《深圳新宙邦科技股份有限公司章程》 （下称"《公司章程》"）的规定，北京市中伦（ ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is benefiting from the price elasticity of hexafluorophosphate lithium, which has surged by 195% since October 1, 2025, reaching approximately 180,000 yuan/ton by December 29, 2025. This price increase is expected to positively impact the company's profitability as it has a production capacity of 24,000 tons/year, which is projected to increase to 36,000 tons/year by the end of 2025 [4] - The domestic fluorinated liquid market is entering a phase of dual drivers: domestic substitution and demand expansion, particularly following the exit of 3M. The company has established production capacities for hydrogen fluoride ether (3,000 tons/year) and perfluoropolyether (2,500 tons/year), with a high-end fluorochemical project of 30,000 tons/year underway [5] - The company is strategically expanding into new materials, particularly solid-state battery electrolytes, with its affiliate achieving mass production of oxide electrolytes. The acceleration of the solid-state battery industrialization process is expected to open new growth avenues for the company's battery materials business [6] Financial Projections - The company is projected to achieve net profits of 1.2 billion yuan, 1.5 billion yuan, and 1.9 billion yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 1.57 yuan, 2.06 yuan, and 2.55 yuan for the same years, corresponding to price-to-earnings (PE) ratios of 33, 25, and 20 times [7][9]

Core Viewpoint - The stock of Shenzhen New Zobon Technology Co., Ltd. has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth in the electronic chemical and functional materials sector [1][2]. Group 1: Stock Performance - As of December 30, the stock price increased by 2.06%, reaching 52.95 CNY per share, with a trading volume of 570 million CNY and a turnover rate of 2.03% [1]. - Year-to-date, the stock has risen by 42.93%, with a 0.86% increase over the last five trading days, 2.90% over the last 20 days, and 5.58% over the last 60 days [2]. Group 2: Company Overview - Shenzhen New Zobon Technology Co., Ltd. was established on February 19, 2002, and went public on January 8, 2010. The company specializes in the research, production, sales, and service of new electronic chemicals and functional materials [2]. - The main revenue sources are battery chemicals (66.43%), organic fluorine chemicals (17.03%), electronic information chemicals (16.03%), and other (0.50%) [2]. Group 3: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 6.616 billion CNY, representing a year-on-year growth of 16.75%. The net profit attributable to shareholders was 748 million CNY, with a growth of 6.64% [2]. - Since its A-share listing, the company has distributed a total of 2.149 billion CNY in dividends, with 1.121 billion CNY distributed in the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 45,600, a rise of 19.44%, while the average circulating shares per person decreased by 16.27% to 11,840 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by E Fund's Growth Enterprise Board ETF and the entry of new shareholders such as Hong Kong Central Clearing Limited [3].

Core Insights - The development of AI has led to significant power consumption issues, making liquid cooling solutions increasingly essential for data centers and high-density computing environments [1] - The Chinese liquid cooling server market is projected to reach $2.37 billion in 2024, representing a year-on-year growth of 67.0%, and is expected to grow to $3.39 billion in 2025, with a compound annual growth rate (CAGR) of 46.8% from 2024 to 2029, ultimately reaching $16.2 billion by 2029 [1] - The demand for liquid cooling fluids is also expected to surge alongside the growth of the liquid cooling market [1] Liquid Cooling Fluids - Various options for liquid cooling fluids are available, with glycol, propylene glycol, and water being predominant in cold plate cooling, while oil, silicone, and fluorinated liquids are used in immersion cooling [2] - Fluorinated liquids are becoming a critical component in both immersion and cold plate cooling systems due to their surface tension, insulation properties, and material compatibility, especially in high-power density AI server applications [2] - The exit of 3M from the market presents growth opportunities for domestic companies in the high-performance fluorinated liquid segment [2] Investment Recommendations - The rise of AI has created significant power and cooling challenges, positioning liquid cooling as a vital solution, with liquid cooling fluids expected to grow rapidly [2] - Companies that are early entrants into the liquid cooling supply chain are likely to benefit, with specific recommendations to focus on firms such as Dongyangguang, Xinzhoubang, Runhe Materials, Juhua Co., Yonghe Co., Haohua Technology, Jinshi Resources, Dongyue Group, Yongtai Technology, Huayi Group, Sanmei Co., Unity Co., Bayi Shikong, Changlan Technology, Xin'an Co., and Jitai Co. [2]

Core Viewpoint - The lithium battery industry is entering a new growth cycle in 2025, with all segments experiencing price increases and improved supply-demand structures, leading to sustained industry prosperity [1]. Group 1: Price Trends and Supply-Demand Dynamics - The electrolyte industry is witnessing a slow expansion in production capacity from 2023 to 2024, with insufficient new capacity to meet the high demand expected in 2025, resulting in a tightening supply situation and price increases [3]. - The average price of lithium battery electrolyte for lithium iron phosphate applications rose from 19,000 yuan/ton at the beginning of 2025 to 35,000 yuan/ton by December, marking an increase of over 84% within the year [4]. - Core raw material hexafluorophosphate lithium saw its price surge from less than 50,000 yuan/ton at the beginning of the year to over 180,000 yuan/ton by December 25 [5]. Group 2: Order Trends and Capacity Expansion - 2025 is expected to be a "year of procurement" for battery companies, driven by the ongoing "chip shortage" and the need to secure electrolyte materials as a competitive advantage [7]. - Major battery manufacturers, including CATL and others, have collectively added over 500 GWh of new production capacity this year, which corresponds to a demand for approximately 650,000 to 800,000 tons of electrolyte [8]. - CATL signed a five-year supply contract with South Korean electrolyte manufacturer Enchem for a total of 350,000 tons of electrolyte, valued at over 7 billion yuan [11]. Group 3: Globalization and Market Positioning - The lithium battery electrolyte industry is experiencing a globalization trend, with companies shifting from product export to capacity and technology export, seeking international capital to support their global strategies [15]. - Three leading electrolyte companies have announced plans for IPOs in Hong Kong, aiming to enhance their global strategic layout and strengthen their competitive position in international markets [16]. - The top three electrolyte companies in China, including Tianqi Materials and Sinoma, have seen significant growth, with a 53.1% year-on-year increase in electrolyte shipments from January to September [16].

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Insights - The fluorochemical index increased by 7.76% during the week of December 22-26, outperforming the Shanghai Composite Index by 5.88% [6][25] - The market for fluorinated refrigerants is expected to continue its upward trend, with stable prices for fluorite and a potential recovery in the market [4][19] - Jinshi Resources plans to acquire a 15.7147% stake in Noah Fluorochemical, entering the liquid cooling sector [10][19] Summary by Sections Fluorochemical Market Overview - The average market price for fluorite (97% wet powder) was 3,290 CNY/ton as of December 26, remaining stable compared to the previous week [19][33] - The average price for December was 3,300 CNY/ton, down 10.13% year-on-year, while the average price for 2025 is projected at 3,481 CNY/ton, a decrease of 1.80% from 2024 [19][33] Refrigerant Pricing Trends - As of December 26, refrigerant prices were as follows: R32 at 63,000 CNY/ton, R125 at 47,500 CNY/ton, R134a at 58,000 CNY/ton, R410a at 54,000 CNY/ton, and R22 at 16,000 CNY/ton [21][24] - The external trade prices for these refrigerants remained stable, with R32 at 61,000 CNY/ton and R134a at 50,000 CNY/ton [21][24] Market Dynamics - The confidence of refrigerant companies and distributors in seasonal demand has increased, leading to price hikes for various refrigerant products [22][23] - The current low inventory levels are expected to drive further transactions and gradual price increases as demand recovers [23] Recommended Stocks - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhoubang [11][23]

12月26日，新宙邦盘中上涨2.01%，截至10:36，报54.74元/股，成交6.75亿元，换手率2.31%，总市值 409.34亿元。 资金流向方面，主力资金净流入2393.11万元，特大单买入6250.10万元，占比9.25%，卖出4279.95万 元，占比6.34%；大单买入1.67亿元，占比24.65%，卖出1.62亿元，占比24.03%。 新宙邦今年以来股价涨47.77%，近5个交易日涨10.99%，近20日涨4.15%，近60日涨13.71%。 新宙邦所属申万行业为：电力设备-电池-电池化学品。所属概念板块包括：电解液、六氟磷酸锂、4680 电池、氟化工、固态电池等。 截至9月30日，新宙邦股东户数4.56万，较上期增加19.44%；人均流通股11840股，较上期减少16.27%。 2025年1月-9月，新宙邦实现营业收入66.16亿元，同比增长16.75%；归母净利润7.48亿元，同比增长 6.64%。 分红方面，新宙邦A股上市后累计派现21.49亿元。近三年，累计派现11.21亿元。 机构持仓方面，截止2025年9月30日，新宙邦十大流通股东中，易方达创业板ETF（159915）位居第六 大 ...

Core Insights - The report highlights a sustained high growth in electric vehicle (EV) sales across nine European countries in November 2025, with a total of 281,000 new energy vehicles sold, representing a year-on-year increase of 38.6% and a penetration rate of 34.3%, up by 9.0 percentage points [1][2]. Group 1: Sales Performance - In November 2025, battery electric vehicle (BEV) sales reached 190,000 units, marking a year-on-year increase of 40.5%, while plug-in hybrid electric vehicle (PHEV) sales totaled 91,000 units, up by 35.0% [1][2]. - Germany's BEV sales were 56,000 units, a significant year-on-year increase of 58.5%, and PHEV sales were 32,000 units, up by 57.4% [2][3]. - France's BEV sales reached 34,000 units, reflecting a year-on-year growth of 47.5%, with a penetration rate of 25.8%, an increase of 8.4 percentage points [3]. Group 2: Market Drivers - The implementation of subsidies in France and Italy has led to a rapid increase in BEV sales, with Italy experiencing a remarkable year-on-year growth of 131.4% in BEV sales, totaling 15,000 units [3]. - The UK has restarted EV subsidies and is under pressure from zero-emission vehicle (ZEV) targets, which is expected to sustain growth in EV sales in the coming months [2][3]. - Norway is anticipated to see a surge in electric vehicle purchases as the year-end approaches, driven by consumer demand [1][2]. Group 3: Future Outlook - The European Commission's proposal to adjust the 2035 emission reduction targets is not expected to hinder the long-term trend of electrification in Europe; instead, it may promote sales of small electric vehicles [4]. - New generations of pure electric models are set to be launched by various automakers from late 2025 to the first half of 2026, which is likely to boost the European EV market [4]. Group 4: Investment Recommendations - Investment recommendations include companies involved in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure [4]. - Specific companies recommended for investment in lithium batteries include CATL, EVE Energy, and Xinwangda, while lithium material companies include Hunan Youneng and Tianci Materials [4].