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。 一、董事会会议召开情况 北京当升材料科技股份有限公司（以下称"公司"）第六届董事会第十六次 会议于 2025 年 8 月 26 日以通讯表决的方式召开。会议通知已于 2025 年 8 月 15 日以邮件的方式发出。本次会议应出席董事 9 名，实际出席董事 9 名，公司董事 长陈彦彬先生主持会议，公司高级管理人员列席了本次会议。本次会议的召集、 召开程序符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1、审议通过了《﹤2025 年半年度报告﹥及摘要》 北京当升材料科技股份有限公司 第六届董事会第十六次会议决议公告 证券代码：300073 证券简称：当升科技 公告编号：2025-063 北京当升材料科技股份有限公司 第六届董事会第十六次会议决议公告 董事会经审核后认为，《2025年半年度报告》及《2025年半年度报告摘要》 的内容真实、准确、完整，没有虚假记载、误导性陈述或者重大遗漏。相关财务 信息也已经公司董事会审计委员会审议通过，并同意将该报告提交公司董事会审 议。 北京当升材料科 ...

当升科技公告，2025年上半年营业收入44.32亿元，同比增长25.17%。归属于上市公司股东的净利润 3.11亿元，同比增长8.47%。基本每股收益0.6143元/股，同比增长8.46%。公司2025年半年度不派发现金 红利，不送红股，不以公积金转增股本。 ...

北京当升材料科技股份有限公司 2025 年半年度报告 北京当升材料科技股份有限公司 2025 年半年度报告 2025 年 8 月 北京当升材料科技股份有限公司 2025 年半年度报告 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或者重大遗漏，并承担个别和连带的法律责任。 本报告全文同时刊载于中国证监会指定网站。本公司没有董事、高级管理人员声明对 2025 年半年 度报告内容的真实性、准确性和完整性无法保证或存在异议的情形。 公司负责人陈彦彬、主管会计工作负责人李洪发及会计机构负责人刘菲声明：保证本半年度报告中 财务报告的真实、准确、完整。 所有董事均已出席了审议 2025 年半年度报告的董事会会议。 非标准审计意见提示 □ 适用 √ 不适用 对半年度报告涉及未来计划等前瞻性陈述的风险提示 √ 适用 □ 不适用 本报告如有涉及未来计划等前瞻性陈述，均不构成公司对投资者的实质承诺，投资者及相关人士均 应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 公司是否需要遵守特殊行业的披露要求 √ 是 □ 否 □ 参照披露 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry is facing significant attention due to capacity clearing amid concerns of overcapacity, with a recent meeting held to discuss solutions [1][5]. Group 1: Industry Meeting - A meeting was held on August 22 at the Crowne Plaza Hotel in Shenzhen, attended by representatives from 10 LFP industry companies and the LFP Materials Subcommittee [3][5]. - The meeting aimed to address overcapacity issues and explore low-carbon transformation paths for the entire industry chain [5][7]. Group 2: Industry Capacity and Demand - The LFP industry has experienced a slowdown in new capacity construction due to overcapacity in the cathode materials sector, leading to a period of low demand for LFP equipment [7]. - By the first half of 2025, China's LFP production is expected to reach 1.632 million tons, a year-on-year increase of 66.6%, with total available capacity rising to 5.32 million tons [8]. - Despite overall capacity being abundant, there is a structural mismatch in supply and demand, with high-quality capacity being scarce while low-end capacity is excessive [8]. Group 3: Capacity Elimination - The meeting discussed the need to accelerate the exit of outdated capacities, particularly those unable to keep up with product upgrades or facing financial difficulties [8]. - Factors leading to the elimination of certain LFP capacities include failure to meet new product requirements, bankruptcy, and inadequate production line designs [8].

Core Viewpoint - The article discusses the current state of the lithium iron phosphate (LFP) industry, focusing on the need for capacity clearance due to overcapacity and the upcoming expansion driven by high demand in the energy storage sector [1][3]. Industry Overview - A meeting was held on August 22 at the Crowne Plaza Hotel in Shenzhen, attended by representatives from 10 LFP industry companies and the Lithium Iron Phosphate Materials Subcommittee of the China Chemical and Physical Power Industry Association [6][9]. - The subcommittee was established in May 2023 to promote standardization, eliminate outdated capacity, and strengthen international cooperation in the LFP industry [9]. Capacity and Demand Dynamics - The meeting addressed the issue of overcapacity in the LFP sector, which is critical for current power batteries and energy storage systems [12]. - In the first half of 2025, China's LFP production reached 1.632 million tons, a year-on-year increase of 66.6%, with total available capacity rising to 5.32 million tons [12]. - The supply-demand situation is characterized by "overall surplus but structural tightness," where high-quality capacity is scarce while low-end capacity is excessive [12]. Challenges for Industry Players - Leading companies maintain over 70% utilization rates due to their technological, financial, and supply chain advantages, while smaller firms face idle capacity due to lower product quality [12]. - The article identifies three types of LFP capacities likely to be eliminated: those unable to keep up with product upgrades, those affected by bankruptcies or cash flow issues, and those with poorly designed production lines [13].

Core Viewpoint - The meeting held on August 22 in Shenzhen focused on addressing the issue of excess capacity in the lithium iron phosphate (LFP) industry, with industry representatives discussing strategies for capacity elimination and low-carbon transformation across the supply chain [1][7]. Group 1: Industry Context - The LFP materials sub-association was established in May this year to promote standardization, eliminate outdated capacity, and strengthen international cooperation, aiming to help China lead the global LFP industry [7]. - The meeting included representatives from 10 LFP industry companies, highlighting the collaborative effort to tackle industry challenges [4]. Group 2: Capacity and Demand Dynamics - The LFP industry is currently experiencing a structural supply-demand imbalance, characterized by overall excess capacity but a shortage of high-quality production [11]. - By the first half of 2025, China's LFP production is expected to reach 1.632 million tons, a year-on-year increase of 66.6%, with total available capacity rising to 5.32 million tons [11]. - Leading companies maintain over 70% operational rates due to their technological and financial advantages, while smaller firms struggle with underutilization due to lower product quality [11]. Group 3: Capacity Elimination Trends - The current "anti-involution" trend may lead to the elimination of certain LFP capacities, including those unable to keep pace with product upgrades, those affected by bankruptcies or cash flow issues, and those with poorly designed production lines [12].

Core Viewpoint - The lithium iron phosphate (LFP) industry is focusing on capacity clearance due to overcapacity issues, with a recent meeting held to discuss solutions and strategies for the industry [1][6]. Group 1: Industry Overview - The LFP materials sub-association was established in May this year to promote standardization, eliminate outdated capacity, and enhance international cooperation [6]. - The meeting included representatives from 10 LFP industry companies, discussing the challenges of overcapacity and the need for a low-carbon transition across the entire supply chain [3][6]. Group 2: Capacity and Demand Dynamics - The LFP industry is experiencing a structural supply-demand contradiction, with an expected production of 1.632 million tons in the first half of 2025, a year-on-year increase of 66.6%, and total available capacity rising to 5.32 million tons [8]. - Despite overall capacity being abundant, there is a mismatch where high-quality capacity is scarce while low-end capacity is excessive, leading to low effective utilization rates across the industry [8]. Group 3: Capacity Elimination Trends - Several types of LFP capacities are likely to be eliminated, including those unable to keep up with product upgrades, those affected by bankruptcies or cash flow issues, and those with poorly designed production lines that do not meet current standards [9].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of 37.807 billion RMB, current share price at 25.90 RMB, and a price target of 36.50 RMB indicating a potential upside of 41% [3][5] - **Putailai (603659.SS)**: Also rated "Buy", market cap of 38.591 billion RMB, current share price at 18.05 RMB, with a price target of 24.00 RMB, suggesting a 33% upside [3][6] - **Yunnan Energy (002812.SZ)**: Rated "Neutral", market cap of 28.307 billion RMB, current share price at 31.72 RMB, with a price target of 33.00 RMB, indicating only a 4% upside [3][6] 2. **Profitability Metrics**: - **Hongfa**: Projected net profit for 2025E is 1,921 million RMB, with a consensus of 1,893 million RMB, showing a 1% difference [3] - **Putailai**: Expected net profit for 2025E is 2,420 million RMB, with a consensus of 2,431 million RMB, indicating a 0% difference [3] - **CSSC (600150.SS)**: Projected net profit for 2025E is 7,305 million RMB, with a consensus of 7,173 million RMB, showing a 2% difference [3][7] 3. **Valuation Metrics**: - **P/BV Ratios**: Hongfa has a P/BV of 3.3x for 2025E, while CSSC has a P/BV of 3.0x, indicating relative valuation differences within the sector [3][5] - **ROE**: Hongfa's ROE is projected at 18% for 2025E, while CSSC's is at 14% [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in P/E ratios, market caps, and growth projections [5][6][7]. 5. **Market Trends**: - The battery supply chain is experiencing limited pricing opportunities, with production schedules closely correlated with battery index performance [8][9]. Other Important but Potentially Overlooked Content - The report emphasizes the importance of understanding the macroeconomic environment and its impact on the industrial sector, particularly in the context of supply chain dynamics and pricing pressures [8][9]. - Analysts from UBS Securities Asia Limited are involved in the research, indicating a potential conflict of interest due to business relationships with covered companies [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the performance and outlook of companies within the China Industrials sector.

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext New Energy Index, with a notable increase of 1.22% as of August 15, 2025, and significant gains in constituent stocks such as Defu Technology (up 5.95%) and Xinyuan (up 3.46%) [1] - The China Chemical and Physical Power Industry Association has initiated a "anti-involution" action in the energy storage industry, with 152 companies responding within two days, covering various technologies including lithium-ion batteries and flow batteries [1] - CITIC Securities anticipates that the battery sector's performance may exceed expectations in the short term due to improved supply and demand dynamics, with battery prices stabilizing and upstream raw material costs decreasing [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the ChiNext New Energy Index account for 62.13% of the index, with major companies including CATL and Sungrow [2] - The ChiNext New Energy ETF closely tracks the performance of the ChiNext New Energy Index, reflecting the operational characteristics of listed companies in the new energy sector on the Shenzhen Stock Exchange [2]

（文章来源：证券日报） 证券日报网讯 8月12日晚间，当升科技发布公告称，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》等多项议案。 ...