Core Viewpoint - The company has signed an investment cooperation agreement for a solid electrolyte material industrialization project, aiming to establish a production line with an annual capacity of 3,000 tons of solid electrolyte materials [1] Group 1: Project Details - The project includes plans for a 2,000 tons/year oxide solid electrolyte production line and a 1,000 tons/year sulfide solid electrolyte production line [1] - The agreement was signed with the Jiangsu Jintan Economic Development Zone Management Committee on October 29, 2025 [1] Group 2: Company Positioning - The company is a leading player in the global lithium battery cathode materials industry and has made early investments in the solid electrolyte field, covering various technological routes including sulfides, oxides, and halides [1] - The signing of this investment cooperation agreement is a key move for the company to deepen its production capacity based on its strong technical accumulation in solid lithium battery materials [1] Group 3: Strategic Implications - The project's location in Jintan, Jiangsu, will leverage the local comprehensive new energy industry chain's agglomeration effect, allowing the company to better seize opportunities in the solid-state battery industry [1]

Core Viewpoint - The company, as a leader in the lithium battery cathode materials industry, has signed an investment cooperation agreement to establish a solid electrolyte material production line with an annual capacity of 3,000 tons, enhancing its position in the solid-state battery sector [1] Group 1: Investment Agreement - The company signed an investment cooperation agreement with the Jiangsu Jintan Economic Development Zone Management Committee on October 29, 2025 [1] - The planned production line will include a 2,000 tons/year oxide solid electrolyte production line and a 1,000 tons/year sulfide solid electrolyte production line [1] Group 2: Strategic Importance - The investment agreement is a key measure for the company to deepen its production capacity based on its strong technical accumulation in solid-state lithium battery materials [1] - The project, located in Jintan, Jiangsu, will leverage the local comprehensive new energy industry chain's agglomeration effect to seize opportunities in the solid-state battery industry [1]

Market Overview - Major A-share indices collectively rose on October 29, with the Shanghai Composite Index closing above 4000 points. The market turnover reached 22,906.74 billion yuan, an increase of over 1200 billion yuan compared to the previous trading day. More than 2600 stocks closed higher, with 66 stocks hitting the daily limit up [1]. Institutional Ratings - A total of 328 buy ratings were issued by institutions today, covering 237 stocks. Chengdu Bank received the highest attention, with 7 institutions giving it a buy rating [1]. - Among the stocks rated by institutions, 86 had target prices predicted, with 52 stocks showing an upside potential of over 20%. Haisco had the highest upside potential at 82.87%, followed by Lihigh Food and Funeng Shares at 54.33% and 53.78%, respectively [3]. Performance of Rated Stocks - The stocks with the most buy ratings included China Ping An (5 ratings, +2.06%), Haitian Flavoring (4 ratings, +0.10%), and Ganyuan Food (4 ratings, +2.59%). Chengdu Bank, despite receiving 1 buy rating, saw a decline of 5.74% [2]. - Among the rated stocks, 234 have reported third-quarter earnings, with North Rare Earth showing the highest net profit growth of 280.27% year-on-year, achieving a net profit of 1.541 billion yuan [3]. Institutional Trading Activity - Institutions net bought 23 stocks today, with significant purchases in Yangguang Electric Power (1.055 billion yuan), Keda Guokong (273 million yuan), and Jingao Technology (158 million yuan) [4]. - Conversely, Tianji Shares faced the largest net sell-off by institutions, amounting to 117 million yuan, followed by Weilon Shares and Kaidi Shares, each with net sells exceeding 30 million yuan [5]. Notable Announcements - On October 29, Shanghai Zhiyuan Hengyue Technology announced a successful tender offer for shares of Aowei New Materials, acquiring 33.63% of the company, resulting in a total holding of 58.62% [7]. - China Power Construction signed a contract worth approximately 6.568 billion yuan for a complex hospital project in Peru, with a construction period of 1080 days [7]. - Dangsheng Technology signed an investment cooperation agreement for a solid electrolyte material project, planning to establish a production line with an annual capacity of 3000 tons [9].

Core Viewpoint - The company, Dangsheng Technology, is expanding its production capacity in the solid-state battery sector by signing an agreement to build a new production line for solid electrolyte materials, which is expected to enhance its market presence and operational results in the coming years [1][2]. Group 1: Project Development - Dangsheng Technology has signed an agreement with the Jiangsu Jintan Economic Development Zone to invest in a production line with an annual capacity of 3,000 tons of solid electrolyte materials [1]. - The project will be implemented by the company's wholly-owned subsidiary, Dangsheng Technology (Changzhou) New Materials Co., Ltd., covering approximately 200 acres [1]. - The production line will include a 2,000 tons/year oxide solid electrolyte line and a 1,000 tons/year sulfide solid electrolyte line, with capacity scaling based on market trends and customer demand [1]. Group 2: Technological Advancements - The company has developed a new type of sulfide electrolyte that significantly reduces the pressure on all-solid-state batteries while maintaining high ionic conductivity [1]. - This new electrolyte has been validated by several leading customers, receiving positive feedback on its performance [1]. - Dangsheng Technology is also collaborating with supply chain companies to develop specialized equipment and semi-automated testing lines to ensure the quality and scalability of raw materials [2]. Group 3: Market Performance - In the first three quarters of the year, Dangsheng Technology achieved revenue of 7.399 billion yuan, a year-on-year increase of 33.92%, and a net profit of 503 million yuan, up 8.3% [2]. - The company’s multi-material shipments exceeded 15,000 tons in the third quarter, with its lithium iron phosphate business also achieving profitability with shipments of 23,000 tons [3]. - International markets have become a significant growth driver, with long-term orders from international clients like LGES and SK On contributing to a substantial increase in sales [3].

北京当升材料科技股份有限公司 关于签订固态电解质材料产业化项目投资合作协议的公告 证券代码：300073 证券简称：当升科技 公告编号：2025-078 北京当升材料科技股份有限公司 关于签订固态电解质材料产业化项目 投资合作协议的公告 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、本投资合作协议须经甲、乙双方法定代表人或其授权代表人签字、加盖 公章，并经双方有权审批机构审批通过之日起生效。协议所涉及的具体合作事项 需另行签订相关正式合作协议，敬请广大投资者注意投资风险。 2、如本协议得到充分履行，公司固态电解质产能建设顺利开展，预计将对 公司后续年度的经营成果产生积极影响。 3、公司最近三年签署的框架协议不存在无进展的情况。 一、投资概述 为加快全固态电解质产业化进程，完善北京当升材料科技股份有限公司（以 下称"公司"或"当升科技"）固态锂电材料产能布局，公司与江苏金坛经济开 发区管理委员会于 2025 年 10 月 29 日签署《"固态电解质材料产业化项目"投 资合作协议》（以下称"投资合作协议"），项目实施主体是公司全资子公司当 升科技 ...

Group 1 - Economic growth targets are reinforced, with clear directions for new infrastructure investment and industrial upgrades, particularly in emerging industries such as renewable energy [1] - In November, lithium battery pre-production shows a slight month-on-month increase in the battery segment, while material segment declines due to capacity constraints [1] - First Solar's Q3 photovoltaic glass shipments increased significantly, with inventory levels dropping and overseas sales exceeding 30%, alongside a decrease in raw material costs [1] Group 2 - Hengdian East Magnetic expects a recovery in the photovoltaic industry by 2026, with a gap in silicon wafers and battery cells in the U.S. market, and the company is discussing capacity deployment plans [1] - As of October 29, the ChiNext New Energy ETF (159261.SZ) rose by 2.00%, with its related index, the New Energy Index (399266.SZ), increasing by 1.88% [1] - Major component stocks such as Sungrow Power Supply increased by 6.11%, EVE Energy by 2.85%, and others showed positive growth [1] Group 3 - Galaxy Securities highlights that the Sci-Tech Innovation New Energy Index focuses on dual drivers of smart mobility and green energy, covering sectors like new energy vehicles, photovoltaics, and wind power [1] - The Digital Industry Innovation Research Center notes that Shanxi Province, while based on coal, is accelerating the layout of new energy technologies, such as hydrogen energy storage demonstration projects, aligning with the technological paths of some index component stocks [1]

Core Insights - The company reported a net profit attributable to shareholders of 192 million yuan in Q3 2025, representing an 8% year-on-year increase [1] - For the first three quarters of 2025, the company achieved revenue of 7.399 billion yuan, a 34% year-on-year increase, and a net profit of 503 million yuan, also up 8% year-on-year [1] - The company’s ternary cathode sales increased significantly, with an estimated sales volume of nearly 15,000 tons in Q3 2025, reflecting over a 50% year-on-year growth [1] Group 1: Ternary Cathode Performance - In Q3 2025, the company’s ternary cathode revenue reached 2.967 billion yuan, a 50% year-on-year increase and an 18% quarter-on-quarter increase [1] - The net profit per ton for ternary cathodes was approximately 10,000 yuan, showing a decline due to changes in domestic and international shipment structures [1] - The company has signed supply agreements with clients such as SK On and LG Energy, indicating deepening customer relationships [1] Group 2: Phosphate Cathode Growth - The company’s phosphate cathode sales reached nearly 23,000 tons in Q3 2025, with a 14% quarter-on-quarter growth, marking a turnaround to profitability [2] - High capacity utilization and cost control have contributed to the business scale advantages in phosphate cathodes [2] - The company is expanding its production capacity, with the first phase of the Panzhihua project expected to produce 120,000 tons annually, enhancing customer assurance capabilities [2] Group 3: Solid-State Battery Materials - The company is actively developing solid-state battery materials, having shipped over 1,000 tons of semi-solid battery cathode materials [2] - The company has achieved batch supply of over 20 tons for ultra-high nickel multi-materials and ultra-high capacity lithium-rich manganese-based materials for all-solid-state batteries [2] - A new type of solid-state electrolyte has been developed, which significantly reduces the pressure on all-solid-state batteries and addresses solid-solid interface contact issues [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Views - The company's sales of ternary cathode materials continue to rise, with an estimated sales volume of nearly 15,000 tons in Q3 2025, representing a year-on-year increase of over 50% and a quarter-on-quarter increase of 7% [2]. - The company has signed supply agreements with clients such as SK On and LG Energy, indicating deepening customer cooperation [2]. - The company is actively expanding its layout in solid-state battery materials, having achieved cumulative shipments of over 1,000 tons for semi-solid battery cathode materials and over 20 tons for all-solid-state battery materials [3]. - The company has improved its profitability in the phosphate cathode segment, achieving a turnaround in Q3 2025 with sales of nearly 23,000 tons, a quarter-on-quarter increase of 14% [2]. Financial Performance - In Q3 2025, the company achieved a net profit of 192 million yuan, a year-on-year increase of 8%, with total revenue of 7.399 billion yuan, up 34% year-on-year [1]. - The company expects net profits for 2025-2027 to be 797 million, 1.082 billion, and 1.354 billion yuan respectively, reflecting year-on-year growth rates of 68%, 36%, and 25% [3]. - The earnings per share (EPS) are projected to be 1.46, 1.99, and 2.49 yuan for 2025, 2026, and 2027 respectively, with dynamic price-to-earnings (PE) ratios of 47.0, 34.6, and 27.7 [3][4]. Market Outlook - The demand for new energy vehicles in Europe is expected to recover, positively impacting the company's shipments [3]. - The company is enhancing its capacity utilization rates and optimizing its shipment structure, which is anticipated to improve the profitability of its ternary cathode materials [2].

Core Points - The company announced the resignation of independent director Gao Yonggang due to personal reasons [1] - Gao Yonggang has stepped down from all positions within the company, including his roles as chairman of the audit committee and member of the strategy and sustainability committee, as well as the compensation and assessment committee [1]

证券代码：300073 证券简称：当升科技 公告编号：2025-077 北京当升材料科技股份有限公司 北京当升材料科技股份有限公司 关于独立董事辞职的公告 北京当升材料科技股份有限公司（以下称"公司"）董事会近日收到独立董 事高永岗先生的书面辞职报告。高永岗先生因个人原因申请辞去公司第六届董事 会独立董事、董事会审计委员会主任、董事会战略和可持续发展委员会及薪酬与 考核委员会委员职务。辞职后，高永岗先生不再担任公司任何职务。 根据《中华人民共和国公司法》《上市公司独立董事管理办法》和《公司章 程》的相关规定，由于高永岗先生的辞职将导致公司独立董事人数少于董事会成 员的三分之一，因此高永岗先生的辞职将在公司股东会选举出新任独立董事后生 效。在此之前，高永岗先生仍将按照相关法律法规和《公司章程》的规定继续履 行独立董事职责及其在董事会各专门委员会中的相关职责。公司将尽快按照法定 程序补选独立董事。 截至本公告披露日，高永岗先生未持有本公司股份，亦不存在应当履行而未 履行的承诺事项。 高永岗先生在担任公司独立董事期间，恪尽职守，勤勉尽责。公司董事会对 高永岗在任职期间为公司发展做出的贡献表示衷心感谢！ 特此公告。 ...