Core Insights - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery clients [1] - The company has overcome key technical challenges in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - Dangsheng Technology has successfully developed various electrolyte systems for solid-state electrolytes and has achieved scalable supply capabilities [1] Group 1: Product Development - The company continues to build a solid foundation for profitability with ternary structures, while the advantages of iron-lithium are gradually becoming apparent [1] - In the lithium cobalt oxide cathode segment, the company holds over 50% market share for 25H1 rate-type products [1] - The expected shipments for 2025-2027 are projected to be 0.6/0.85/1 million tons, representing year-on-year growth of 100%/42%/18% [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are anticipated to reach hundred-ton level shipments [1] - The company is developing liquid LRM with medium-high capacity (220-250 mAh/g) and solid-state LRM with high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] - Due to significant improvements in profitability, the company has raised its earnings forecasts for 2025-2027 while maintaining a "buy" rating [1]

Core Viewpoint - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery customers [1] Group 1: Product Development and Market Position - The company has overcome key technical issues in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - The company has successfully developed various electrolyte systems for solid-state electrolytes and achieved large-scale supply capabilities [1] - The market share of 25H1 rate-type lithium cobalt oxide cathodes exceeds 50%, with expected shipments of 0.6/0.85/1 million tons from 2025 to 2027, representing growth rates of 100%/42%/18% respectively [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are projected to reach hundred-ton level shipments [1] - The company has developed liquid LRM medium-high capacity (220-250 mAh/g) and solid LRM high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] Group 3: Financial Outlook - Due to significant improvements in profitability, the company has raised its profit forecasts for 2025-2027 and maintains a "buy" rating [1]

Core Viewpoint - The article highlights the advancements in solid-state battery technology, particularly focusing on the doping modification of existing solid electrolytes to enhance overall performance, which is crucial for the commercialization of solid-state batteries [1][2]. Group 1: Sulfide Route - The introduction of iodine in sulfide solid electrolytes is becoming a significant direction, improving compatibility with lithium metal anodes and suppressing lithium dendrite growth [3][6]. - The ionic conductivity of iodine-doped sulfide electrolytes has reached 10 mS/cm, operating under pressures below 5 MPa, meeting key application demands [5]. - The supply chain risk is highlighted, as each GWh of solid-state battery requires approximately 90 tons of iodine, contrasting with the 10 tons needed for 1 GW of perovskite solar panels [6][7]. Group 2: Oxide Route - The technology iteration in oxide solid electrolytes is shifting from LATP (Lithium Aluminum Titanium Phosphate) to LLZO (Lithium Lanthanum Zirconium Oxide), with LLZO showing superior performance metrics [8][9]. - LATP is favored for its lower cost, while LLZO offers higher ionic conductivity, a larger electrochemical window, and better chemical stability [9][10]. - The supply chain considerations for LLZO are complex, as it relies heavily on rare earth materials, with China dominating the supply of lanthanum but being highly dependent on imports for zirconium [10][11]. Group 3: Mass Production Challenges - The mass production of LLZO faces significant challenges, particularly in achieving "sintering densification" due to lithium volatility during high-temperature processing [15][16]. - Innovative approaches like ultra-fast sintering (UFS) and pressure-assisted methods are being explored to enhance densification while minimizing lithium loss [17][18]. - Companies are also investigating cost-effective methods, such as direct wet coating of electrolyte slurries on electrodes, to streamline production processes [20]. Group 4: Industry Progress - Companies like Dingsheng Technology have established pilot production lines for sulfide solid electrolytes, indicating progress in scalable supply capabilities [4]. - Domestic firms are actively pursuing innovations to address the challenges of solid-state battery commercialization, paving the way for more robust industrial applications [21].

证券日报网讯9月26日晚间，当升科技（300073）发布公告称，近日，公司完成了工商变更登记手续， 并领取了由北京市丰台区市场监督管理局换发的《营业执照》。 ...

证券代码：300073 证券简称：当升科技 公告编号：2025-068 北京当升材料科技股份有限公司 关于完成工商变更登记的公告 注册资本：54,429.3668 万元 北京当升材料科技股份有限公司 关于完成工商变更登记的公告 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。 北京当升材料科技股份有限公司（以下称"公司"）2024 年度向特定对象 发行股票于 2025 年 7 月 10 日全部完成，公司总股本由 506,500,774 股增加至 544,293,668 股。2025 年 8 月 12 日，公司 2025 年第三次临时股东大会审议通过 了《公司章程修订案》，决定对公司注册资本和总股本进行变更。按照《公司章 程》的相关规定，公司决定向北京市丰台区市场监督管理局申请办理相关变更手 续。 近日，公司完成了工商变更登记手续，并领取了由北京市丰台区市场监督管 理局换发的《营业执照》。新版《营业执照》相关信息如下： 统一社会信用代码：91110000633774479A 名称：北京当升材料科技股份有限公司 类型：其他股份有限公司（上市） 法定代表人：陈彦彬 成 ...

Core Viewpoint - The stock of Dangsheng Technology has experienced significant price increases this year, with a notable rise in trading volume and market capitalization, indicating strong investor interest and potential growth in the lithium battery materials sector [1][2]. Group 1: Stock Performance - As of September 26, Dangsheng Technology's stock price was 62.52 CNY per share, down 2.02% during the day, with a total market capitalization of 34.03 billion CNY [1]. - Year-to-date, the stock has increased by 55.99%, with a 13.96% rise over the past five trading days, 29.76% over the past 20 days, and 47.91% over the past 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Dangsheng Technology reported revenue of 4.432 billion CNY, representing a year-on-year growth of 25.17%, and a net profit attributable to shareholders of 311 million CNY, up 8.47% year-on-year [2]. - The company has distributed a total of 1.265 billion CNY in dividends since its A-share listing, with 821 million CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 86,700, with an average of 5,834 shares held per shareholder, a decrease of 2.13% from the previous period [2]. - Notable institutional shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with changes in their holdings reflecting market dynamics [2].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to build a solid profit foundation through its ternary materials, with significant advancements in solid-state materials expected to create key competitive advantages [8] - The forecast for the company's net profit has been raised significantly, with expected net profits of 800 million, 1.05 billion, and 1.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 70%, 31%, and 30% [8] - The company is focusing on expanding its market presence in Europe, with a target of 60% of international customers, primarily supplying to major players like LG and SK [8] Financial Projections - Total revenue is projected to recover from 7.59 billion yuan in 2024 to 19.99 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 35.61% from 2025 to 2027 [1][9] - The earnings per share (EPS) is expected to increase from 0.87 yuan in 2024 to 2.51 yuan in 2027, indicating a strong upward trend in profitability [1][9] - The company's price-to-earnings (P/E) ratio is projected to decrease from 73.61 in 2024 to 25.39 in 2027, suggesting improving valuation metrics as earnings grow [1][9] Market Position and Strategy - The company has achieved significant milestones in solid-state lithium battery materials, with 10-ton level shipments and collaborations with multiple solid-state battery clients [8] - The ternary cathode materials are expected to see shipments of 60,000, 80,000, and 110,000 tons from 2025 to 2027, with a year-on-year growth of 50%, 33%, and 38% respectively [8] - The company is also advancing in the production of lithium iron phosphate (LFP) materials, with expected shipments of 110,000, 200,000, and 300,000 tons from 2025 to 2027, reflecting a growth rate of 90%, 100%, and 50% [8]

Group 1 - The ChiNext Index has surpassed 3200 points, reaching a new high since January 6, 2022, with a year-to-date increase of 50% [1] - The ChiNext 50 ETF (159367) rose by 2.09%, with notable gains from stocks like Kunlun Wanwei (over 12%) and Xinyi Technology and Dangsheng Technology (over 7%) [1] - Since the launch on September 24 last year, the ChiNext series indices have surged, with the ChiNext 50 and Sci-Tech Innovation 50 indices increasing by over 100% [1] Group 2 - The ChiNext 50 Index selects the top 50 stocks by market capitalization and liquidity from the ChiNext Index, representing large-cap companies with strong growth potential [2] - The index covers industries such as batteries, securities, and communication equipment, reflecting the themes of "innovation, creation, and new technologies" [2] - The ChiNext 50 ETF (159367) has two core advantages: a 20% price fluctuation limit for greater trading flexibility and low management (0.15%) and custody fees (0.05%) to reduce investment costs [2] Group 3 - The artificial intelligence industry is experiencing a three-dimensional resonance of policy, technology, and demand, which is expected to continue driving technology investment as a main theme [1] - Companies within the ChiNext 50 Index that are related to the AI sector are likely to benefit from the high industry prosperity, contributing to the index's growth [1] - The demand for AI technologies in traditional industries is increasing, with expectations for explosive growth in reasoning demand ahead of disruptive applications [1]

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 1.94% as of September 25, 2025, with notable gains from companies such as Dongsheng Technology (300073) up 9.05%, Yiwei Lithium Energy (300014) up 7.35%, and China Baowu Steel Group (000009) up 6.98% [1] - The New Energy Vehicle ETF (515700) has risen by 1.81%, marking its fourth consecutive increase, with the latest price reported at 2.41 yuan [1] - Over the past week, the New Energy Vehicle ETF has accumulated a rise of 2.77%, ranking it in the top half among comparable funds [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), BYD (002594), and others, collectively accounting for 54.55% of the index [2] - The weight and performance of the top stocks are as follows: CATL (4.60%, 9.80%), Huichuan Technology (-0.02%, 9.63%), BYD (1.49%, 9.10%), and others [3] Group 3 - The New Energy Vehicle ETF has several off-market connections, including Ping An China Securities New Energy Vehicle ETF Initiated Connection A (012698), C (012699), and E (024504) [5]

Group 1 - On September 24, a total of 26 companies were investigated by institutions, with 18 companies being surveyed by funds, indicating a strong interest in these firms [1] - Among the companies surveyed, Mintai Aluminum (601677) received the most attention, with 12 funds participating in the investigation, followed by Antai Technology (000969) and Dongsheng Technology (300073), each with 9 funds [1] - The surveyed companies are distributed across various sectors, with the most represented industries being electric equipment, automotive, and non-ferrous metals, each having three companies listed [1] Group 2 - In terms of market performance, 7 out of the surveyed stocks increased in value over the past five days, with Jin Tai Yang (300606) leading with a rise of 12.67%, followed by New Coordinates (603040) at 10.47% and Honghua Digital Science (9.68%) [2] - Conversely, 11 stocks experienced declines, with Yun Aluminum (000807) dropping by 7.46%, followed by Jingjin Electric and Shuangjie Electric (300444) with declines of 6.91% and 3.66% respectively [2] - Notably, Dongsheng Technology saw a net inflow of funds amounting to 291 million yuan over the past five days, indicating strong institutional interest [2]