Core Viewpoint - The stock of Shenzhen Xinzhoubang Technology Co., Ltd. has shown a significant increase of 37.81% year-to-date, despite a recent decline of 11.42% over the past five trading days [1] Group 1: Stock Performance - As of November 25, Xinzhoubang's stock price rose by 2.04% to 51.05 CNY per share, with a trading volume of 4.90 billion CNY and a turnover rate of 1.80%, resulting in a total market capitalization of 38.174 billion CNY [1] - The stock has experienced a net inflow of 381.13 million CNY from major funds, with large orders accounting for 24.21% of purchases and 23.63% of sales [1] Group 2: Financial Performance - For the period from January to September 2025, Xinzhoubang reported a revenue of 6.616 billion CNY, reflecting a year-on-year growth of 16.75%, and a net profit attributable to shareholders of 748 million CNY, up by 6.64% [2] - Cumulative cash dividends since the A-share listing amount to 2.149 billion CNY, with 1.121 billion CNY distributed over the past three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 19.44% to 45,600, 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 ChiNext ETF and the entry of new shareholders such as Hong Kong Central Clearing Limited [3]

Core Insights - The report highlights a significant growth in electric vehicle (EV) sales across nine European countries in October 2025, with a total of 257,000 new energy vehicles sold, representing a year-on-year increase of 38.7% and a penetration rate of 31.5%, up by 7.7 percentage points [1][2] Summary by Region - **Germany**: In October 2025, BEV sales reached 52,000 units, up 47.7% year-on-year, while PHEV sales were 31,000 units, up 60.0%. Germany plans to restart its EV subsidy program in January 2026, which is expected to support sales [2][3] - **United Kingdom**: BEV sales in October 2025 were 37,000 units, a 23.6% increase year-on-year, and PHEV sales were 18,000 units, up 27.2%. The UK has resumed EV subsidies and is under pressure from ZEV assessment targets, which may lead to continued sales growth [2][3] - **France**: Following the implementation of the social leasing plan on September 30, 2025, BEV sales surged to 34,000 units in October, marking a 63.2% year-on-year increase and achieving a record penetration rate of 24.4% [3] - **Italy**: In October 2025, BEV sales were 6,000 units, up 25.1%, while PHEV sales reached 10,000 units, a significant increase of 128.6%. The EV subsidy in Italy was officially launched on October 22, which is expected to boost future sales [3] - **Spain**: Spain saw BEV sales of 9,000 units in October 2025, a remarkable increase of 90.1%, and PHEV sales of 13,000 units, up 145.6%. The country has experienced rapid growth in EV sales since the beginning of 2025 [3] Investment Recommendations - The report suggests investment opportunities in lithium batteries, lithium materials, battery structural components, power/electric drive systems, automotive safety components, and charging infrastructure, with specific companies recommended for each category [4]

Summary of Conference Call Transcript Industry Overview - **Sector**: China Electrolyte Sector - **Key Material**: LiPF6 (Lithium Hexafluorophosphate) - **Market Dynamics**: The supply-demand balance for LiPF6 is expected to improve in 2026, with a significant price increase anticipated due to rising demand for energy storage systems (ESS) batteries and limited new capacity additions [2][3][9] Core Insights - **Price Trends**: - LiPF6 retail price surged from Rmb57,000/tonne in early September to Rmb158,000/tonne [2][9] - Projected 2026 prices for LiPF6 and electrolytes are Rmb90,000/tonne and Rmb24,000/tonne respectively, indicating YoY increases of 44% and 18% [2][12] - **Capacity and Demand**: - Effective capacity growth for LiPF6 is estimated at less than 20% in 2026, primarily from top producers [3][16] - Demand for electrolytes is projected to rise over 30% in 2026, driven by ESS battery demand [3][8] Company-Specific Insights Tinci Materials - **Sales Volume Growth**: Expected to increase by 42% YoY to 920kt in 2026 [4] - **Net Profit Sensitivity**: For every Rmb10,000/t increase in LiPF6 price, Tinci's net profit is estimated to rise by approximately Rmb800 million [4][23] - **Earnings Estimates**: - 2026E net profit forecast doubled to Rmb3 billion, reflecting strong demand and price increases [23][32] - Price target raised from Rmb38.0 to Rmb60.0, implying a 27x PE for 2027E [5][32] Capchem - **Sales Volume Growth**: Expected to rise by 35% YoY to 440kt in 2026 [4] - **Net Profit Sensitivity**: For every Rmb10,000/t increase in LiPF6 price, Capchem's net profit is estimated to increase by Rmb130 million [4][23] - **Earnings Estimates**: - Slight increase in 2026-28E earnings by 2-5% due to higher additive prices [25][33] - Price target raised from Rmb66.0 to Rmb75.0, reflecting a 35x PE for 2026E [5][33] Market Positioning - **Competitive Landscape**: Tinci and Capchem are positioned as leading producers with integrated supply chains, enhancing their competitive edge [4][8] - **Valuation Metrics**: - Tinci and Capchem are trading at 28x and 25x 2026E PE, below the sector average of 35x, indicating potential undervaluation [8][27] Additional Considerations - **Capacity Expansion Plans**: - Tinci plans to launch 35kt of new capacity in H226, while Capchem's Jiangxi Shilei aims to expand from 24kt to 37kt [3][16] - **Market Sentiment**: Recent stock price declines attributed to concerns over LiPF6 price realization and demand seasonality [8][27] Conclusion - The electrolyte sector, particularly for LiPF6, is poised for significant growth driven by increasing demand from the ESS battery market. Tinci and Capchem are well-positioned to capitalize on these trends, with revised earnings estimates reflecting a positive outlook for both companies.

格隆汇11月25日｜新宙邦在互动平台表示，公司通过投资石磊氟材料完成对六氟磷酸锂的布局，石磊氟 材料现有六氟磷酸锂产能为2.4万吨/年，当前公司六氟磷酸锂整体自供比例为50%-70%，这一体量能够 较好地满足公司现阶段电解液生产的主要需求，剩余部分通过与长期合作伙伴采购补充，既保障了供应 链稳定性，也实现了成本优化，便于灵活应对市场波动。待2025年底石磊氟材料完成技改后六氟磷酸锂 自供率有望维持在现有水平并适度提升，平衡成本控制与外部合作关系。 ...

Core Insights - The electrolyte additive industry is crucial for improving electrolyte performance and enhancing battery overall performance, despite accounting for only 5%-10% of the total electrolyte volume [1][5] - China's electrolyte additive market is expected to grow rapidly, with shipments increasing from 198,000 tons in 2019 to 1,470,000 tons by 2024, and projected to reach 1,670,000 tons in 2025 [1][9] - The domestic market size for electrolyte additives is anticipated to reach approximately 7.189 billion yuan in 2024, with a potential to exceed 8.5 billion yuan in 2025 due to rising prices [1][10] Industry Overview - Electrolyte additives are defined as minor components added to electrolytes to enhance electrochemical performance, improve cathode deposition quality, or boost overall battery performance [2] - The additives can be categorized into six functional types: film-forming, flame-retardant, high/low-temperature modification, overcharge protection, conductivity, and water/acid removal [3][4] Policy Support - The Chinese government has introduced multiple policies to support the development of the electrolyte additive industry, including guidelines for energy electronics and new energy vehicle battery recycling [5][6] Industry Chain - The industry chain is well-defined, with upstream raw materials like ethylene carbonate and fluorides, midstream manufacturing focusing on functional additives, and downstream applications in electric vehicle batteries, energy storage, and consumer electronics [6][7] - The rapid growth of the new energy vehicle and energy storage sectors is a key driver for the entire industry chain [6][7] Current Development Status - The demand for electrolyte additives is accelerating towards composite, functional, and high-performance products, with domestic production rates for conventional additives like VC and FEC exceeding 90% [9][12] - The market for electrolyte additives is expected to experience a significant price increase, particularly for key products like VC and FEC, driven by supply-demand dynamics [9][10] Competitive Landscape - The industry is characterized by high concentration, with leading companies like Huasheng Lithium Battery and Tianci Materials leveraging technological barriers and vertical integration to dominate the market [11][12] - Companies are focusing on expanding production capacity and entering global supply chains to enhance competitiveness [11][12] Future Trends - The electrolyte additive industry is expected to evolve towards high-end technology, concentrated competition, and integrated supply chains, with a focus on developing new multifunctional additives [12][13] - The differentiation in downstream demand for power and energy storage batteries will drive the product structure towards customization and high added value [14]

Production Capacity and Utilization - Current production capacity for fluorinated liquids includes 3,000 tons/year for HFE and 2,500 tons/year for PFPE [2] - The company's battery chemical production capacity is 283,100 tons with a utilization rate of 83.54% [19][27] - Organic fluorochemical production capacity utilization is at 62.33%, while electronic information chemical utilization is at 49.67% [27] Market Position and Strategy - The company ranks among the top two in market share for lithium battery electrolyte, with continuous improvement in customer recognition [3] - The company emphasizes a long-term value creation strategy over short-term profit maximization, focusing on comprehensive supply chain management [3] - The company is expanding its fluorinated liquid product capacity through a project aimed at producing 30,000 tons of high-end fluorochemical products [2] Raw Material and Pricing Dynamics - Recent price increase for lithium hexafluorophosphate is 100,000 CNY per ton, potentially increasing gross profit by 3 billion CNY if fully utilized [3] - The company maintains a raw material self-sufficiency rate of over 50%, with plans to adjust this as new capacities come online [3] - The company is actively managing price transmission in response to raw material cost fluctuations, ensuring product value is reflected [20][21] Research and Development Focus - The company is committed to R&D investments aimed at product and technology innovation, enhancing product quality and solutions for customers [6] - Ongoing research includes advancements in liquid and solid-state battery technologies, with a focus on interface conduction challenges [9] Future Outlook and Market Trends - The company is optimistic about the long-term growth of the lithium battery and semiconductor markets, despite short-term fluctuations due to policy changes in the US and Europe [12] - The company is preparing for increased demand in the data center cooling market, with ongoing certification processes for its liquid cooling products [26] Financial Management and Shareholder Value - The company has implemented a market value management system, including stock buybacks and consistent dividend payments to enhance shareholder returns [12] - The management is focused on maintaining core competitiveness and sustainable growth to deliver long-term value to investors [28]

Group 1 - The lithium battery electrolyte index experienced a significant adjustment on November 21, with constituent stocks generally declining [1] - Notable declines were observed in companies such as Haike Xinyuan, Dufengduo, Tianji Co., Huasheng Lithium Battery, and Xinzhou Bang, which had the largest drops [1]

Core Points - The company announced that from November 7, 2025, to November 20, 2025, its stock price has closed at or above 130% of the conversion price of the "Zhoubang Convertible Bonds" for 10 trading days [2] - If the stock price continues to meet the condition of being at least 130% of the conversion price for 15 out of any 30 consecutive trading days, the company’s board has the right to redeem all or part of the unconverted "Zhoubang Convertible Bonds" at face value plus accrued interest [2] Summary by Sections - **Stock Performance**: The company's stock has maintained a closing price of at least 53.37 yuan per share, which is 130% of the conversion price of 41.05 yuan per share for 10 trading days [2] - **Conditional Redemption Clause**: The company may trigger the conditional redemption of the convertible bonds if the stock price conditions are met, as outlined in the bond issuance prospectus [2]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-086 | | --- | --- | --- | | 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 自 2025 年 11 月 7 日至 2025 年 11 月 20 日，深圳新宙邦科技股份有限公司 （以下简称"公司"）股票已有 10 个交易日的收盘价格不低于"宙邦转债"当 期转股价格（41.05 元/股）的 130%（含 130%）（即 53.37 元/股）。若在未来触 发"宙邦转债"的有条件赎回条款（即，在本次发行的可转债转股期内，如果公 司股票在任意连续三十个交易日中至少十五个交易日的收盘价格不低于当期转 股价格的 130%（含 130%）），届时根据《深圳新宙邦科技股份有限公司向不 特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）中 有条件赎回条款的相关规定，公司董事会有权按照债券面值加当期应计利息的价 格赎回全部或部分未转股的"宙邦转债"。 敬请广大投资者详细了解可转换公司债券相关规定，并及时关注公司后续公 告，注意投资风险。 一、"宙邦转债"基本情况 （一）发行情况 ...

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 from companies such as Xinzhou Bang, Huasheng Lithium Battery, Tianji Stock, Duofluor, and Haike Xinyuan, which fell by 4.82%, 4.80%, 4.54%, 3.81%, and 3.03% respectively [1]