Core Viewpoint - The company, Huitian New Materials, has signed a strategic cooperation agreement with Chongqing Tailan New Energy Co., Ltd. to leverage their respective strengths in the solid-state battery and key materials sector [1] Group 1: Strategic Cooperation - The agreement aims to utilize both companies' management, technology, channels, and platforms to enhance business operations and financial integration in the solid-state battery and key materials field [1] - This strategic cooperation agreement does not require approval from the company's board of directors or shareholders, nor does it need approval from relevant authorities [1]

Core Viewpoint - The company, Huitian New Materials (300041.SZ), has signed a strategic cooperation agreement with Chongqing Tailan New Energy Co., Ltd. to leverage their respective strengths in the solid-state battery and key materials sector [1] Group 1: Strategic Cooperation - The agreement aims to utilize both parties' management, technology, channels, and platforms to enhance business operations and financial integration in the solid-state battery field [1] - Huitian New Materials will prioritize Tailan New Energy as a strategic supplier for adhesive products, ensuring a competitive supply of solid-state battery adhesives [1] Group 2: Technical Collaboration - The collaboration will focus on addressing the technical challenges associated with solid-state batteries, particularly in ion conductivity, solid-solid interfaces, and the adhesion of powder-based anodes and cathodes [1] - Both companies will work together on key technical issues in the adhesive sector for solid-state batteries, with Huitian New Materials providing access to testing platforms to support cutting-edge research [1]

回天新材(300041.SZ)公告，公司(乙方)与重庆太蓝新能源有限公司(简称"太蓝新能源"、甲方)签订了 《战略合作协议》，拟充分发挥双方在各自领域的管理、技术、渠道、平台等优势，围绕固态电池及其 关键材料领域的业务经营、产融结合等开展战略合作。 本次合作方太蓝新能源是集固态电池研发、制造、销售于一体的国家高新技术企业，多年来深耕固态电 池及关键材料领域，现已拥有超过800件固态电池相关专利，核心技术与关键工艺设备实现自主可控。 根据协议，双方将围绕固态电池领域的胶粘剂开展合作，联合攻关关键技术课题。甲方将优先开放测试 平台，为双方前沿性研究提供支持，加速科技成果产业化进程。甲方将乙方列为胶粘剂战略供应商，在 采购胶粘剂产品时优先选择乙方;乙方需保障固态电池胶粘剂的产能供应，并提供具备成本竞争力的产 品，满足甲方生产需求。 此外，在业务合作稳定推进的基础上，双方计划在未来联合设立产业基金，重点投资固态电池产业上下 游相关标的，共同构建完善的产业生态，实现资源共享与协同发展。 ...

人民财讯11月3日电，回天新材（300041）11月3日公告，11月3日，公司与重庆太蓝新能源有限公司(简 称"太蓝新能源")签订了《战略合作协议》，拟充分发挥双方在各自领域的管理、技术、渠道、平台等 优势，围绕固态电池及其关键材料领域的业务经营、产融结合等开展战略合作。本协议自签订生效之日 起，有效期为三年。 ...

回天新材(300041.SZ)公告称，公司与重庆太蓝新能源有限公司签订《战略合作协议》，双方拟在固态 电池及关键材料领域开展战略合作。协议内容包括协同研发、产品销售和资本合作等方面。该协议为框 架性协议，最终合作及进展存在不确定性，预计对公司2025年度财务状况和经营成果不构成重大影响。 ...

证券代码：300041 证券简称：回天新材 公告编号：2025-65 债券代码：123165 债券简称：回天转债 湖北回天新材料股份有限公司 关于签署战略合作协议的公告 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、本次签署的《战略合作协议》属于协议双方为开展后续长期合作所达成 的战略合作的框架性协议，最终是否达成合作及后续进展尚存在不确定性，若双 方达成合作，则协议有关条款的落实需以后续签署的相关正式合同为准。 2、本协议不涉及具体交易金额，双方具体合作项目与金额均以日后实际合 作中签订的各项正式合同/协议为准，本协议的签署预计对公司2025年度的财务 状况和经营成果不构成重大影响。 公司名称：重庆太蓝新能源有限公司 1 注册地址：重庆两江新区鱼嘴镇渝冠大道225号暖风机生产车间（含食堂） 法定代表人：李彦 注册资本：641.8168万人民币 3、公司将根据本次事项的后续进展情况及时履行相应的审批程序和信息披 露义务。 一、协议签署概况 2025年11月3日，湖北回天新材料股份有限公司（以下简称"公司"）与重 庆太蓝新能源有限公司（以下简称 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [10] Core Views - The company reported a significant year-on-year increase in performance for the first three quarters of 2025, with revenue reaching 3.285 billion yuan, up 8.49%, and net profit attributable to shareholders at 216 million yuan, up 32.38% [1] - The product structure is continuously optimized, with rapid growth in the automotive and electronics sectors, contributing to improved profitability [2][3] - The company’s gross profit margin increased by 4.59 percentage points year-on-year to 22.88%, indicating enhanced profitability [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.285 billion yuan, with a net profit of 216 million yuan and a non-recurring net profit of 182 million yuan, reflecting year-on-year increases of 32.38% and 60.37% respectively [1] - In Q3 2025, the company recorded a revenue of 1.117 billion yuan, a 10.02% increase year-on-year, and a net profit of 73 million yuan, up 179.06% year-on-year [1] - The company’s sales gross margin improved to 22.88%, with a net profit margin of 6.57%, up 1.18 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 4.437 billion yuan, 5.065 billion yuan, and 5.699 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 11.24%, 14.16%, and 12.52% respectively [3] - Net profit attributable to shareholders is projected to be 230 million yuan, 311 million yuan, and 406 million yuan for the same years, with growth rates of 126.08%, 34.89%, and 30.79% respectively [3]

Core Viewpoint - Hubei Huitian New Materials Co., Ltd. reported significant growth in Q3 2025, with a notable increase in both revenue and net profit, driven by advancements in lithium battery materials and other key product segments [2][9]. Group 1: Q3 Performance Highlights - The company achieved a revenue of 1.117 billion yuan in Q3 2025, representing a year-on-year increase of 10% [2] - The net profit attributable to shareholders reached 73.4 million yuan, a substantial year-on-year growth of 179%, indicating a faster profit release compared to revenue growth [2] - For the first three quarters, total revenue was 3.285 billion yuan, up 8.49% year-on-year, while net profit increased by 32.38% to 216 million yuan [2] Group 2: Margin and Business Growth - The gross margin improved by over 6 percentage points in Q3, with an overall increase of over 4 percentage points for the first three quarters, driven by three main business segments: lithium battery adhesives, packaging adhesives, and photovoltaic adhesives [3] - The automotive adhesive business saw a sales revenue increase of over 30% year-on-year, attributed to factors such as industry trends, customer base expansion, product breakthroughs, and capacity support [4] Group 3: Capacity Expansion and R&D - The current production capacity for PAA lithium battery negative adhesives is approximately 15,000 tons per year, with an additional 36,000 tons under construction, expected to be completed by 2026 [5] - The company is actively involved in the solid-state battery sector, with existing products applicable to semi-solid batteries and ongoing research for all-solid-state batteries [6] Group 4: Electronic Adhesives and Market Trends - The electronic adhesive business experienced over 20% growth in both sales volume and revenue, driven by high demand in consumer electronics and automotive electronics [7] - The company anticipates further improvements in gross margins through raw material procurement optimization and new product launches, despite current low pricing trends in photovoltaic adhesives [8]

Group 1: Company Performance Overview - In Q3 2025, the company achieved revenue of 1.117 billion, a year-on-year increase of 10%, and a net profit of 73.4 million, up 179% year-on-year, indicating a significant acceleration in profit growth compared to revenue [2][3] - For the first nine months of 2025, the company reported total revenue of 3.285 billion, a growth of 8.49%, and a net profit of 216 million, up 32.38%, with a non-recurring net profit of 182 million, increasing by 60.37% [3] Group 2: Business Segment Performance - The adhesive products, including electronic adhesives, automotive adhesives, photovoltaic adhesives, and packaging adhesives, all showed steady growth, with automotive adhesives achieving over 30% growth in sales and revenue [4][5] - The lithium battery segment, particularly the negative electrode adhesives, saw significant market expansion, contributing to the overall performance improvement [3][4] Group 3: Margin and Cost Management - The company's gross margin improved by over 6 percentage points in Q3, driven by the lithium battery and packaging segments, with ongoing efforts to optimize business structure and manage raw material procurement [4][10] - The company anticipates continued improvement in gross margin and profit levels through strategic management of costs and product mix [4][10] Group 4: Future Outlook and Capacity Expansion - The company has a current production capacity of approximately 15,000 tons/year for lithium battery negative electrode adhesives, with an additional 36,000 tons/year under construction, expected to be operational by next year [7] - The electronic adhesive segment is projected to maintain a high capacity utilization rate of around 75% for 2025, with no immediate plans for capacity expansion [9] Group 5: Market Trends and Strategic Initiatives - The company is actively engaging in R&D for solid-state battery applications and has established a strong position in the photovoltaic adhesive market, with a 10% increase in sales year-on-year [8][10] - The management is focused on optimizing expenses and improving operational efficiency, expecting smoother cost management in Q4 compared to previous years [10]

Market Overview - The chemical products sector increased by 0.02% compared to the previous trading day, with Pioneer New Materials leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Top Performers - Pioneer New Materials (300163) closed at 4.99, up 19.95% with a trading volume of 2.0563 million shares and a transaction value of 9.53 billion [1] - Financial Meeting (002407) closed at 23.95, up 10.01% with a trading volume of 2.2174 million shares and a transaction value of 51.80 billion [1] - Taihe Technology (300801) closed at 30.42, up 7.61% with a trading volume of 228.9 thousand shares and a transaction value of 6.63 billion [1] Underperformers - Zhengdan Co. (300641) closed at 20.36, down 8.08% with a trading volume of 265.6 thousand shares and a transaction value of 54.6 million [2] - Donglai Technology (688129) closed at 21.29, down 6.58% with a trading volume of 33.8 thousand shares and a transaction value of 72.80 million [2] - Yiyun Co. (603790) closed at 20.51, down 3.75% with a trading volume of 32.2 thousand shares and a transaction value of 66.93 million [2] Capital Flow - The chemical products sector saw a net inflow of 229 million from institutional investors, while retail investors contributed a net inflow of 294 million [2] - The sector experienced a net outflow of 523 million from speculative funds [2] Individual Stock Capital Flow - Financial Meeting (002407) had a net inflow of 94.7 million from institutional investors, while it saw a net outflow of 54.2 million from speculative funds and a net outflow of 40.5 million from retail investors [3] - Pioneer New Materials (300163) had a net inflow of 72.78 million from institutional investors, with net outflows of 20.87 million from speculative funds and 51.91 million from retail investors [3] - Taihe Technology (300801) had a net inflow of 52.93 million from institutional investors, with net outflows of 40.73 million from speculative funds and 12.20 million from retail investors [3]