Core Viewpoint - The company is experiencing significant challenges in the lithium battery cathode materials industry due to slower-than-expected growth in the overseas electric vehicle market and intensified competition in both domestic and international markets [1][3]. Financial Performance - In 2024, the company reported operating revenue of 7.593 billion yuan, a decrease of 49.8% compared to 2023 [3]. - The net profit attributable to shareholders was 471.83 million yuan, down 75.48% year-on-year [3]. - The net profit excluding non-recurring gains and losses was 272.69 million yuan, reflecting an 86.23% decline from the previous year [1][3]. - Cash flow from operating activities increased by 30.74% to 1.598 billion yuan [1]. Strategic Focus - The company is committed to a strategic approach of "increasing volume domestically while expanding externally, optimizing resource capacity, and achieving breakthroughs in cobalt, manganese, and sodium solid materials" [1]. - The focus is on enhancing quality and efficiency in core business areas, including technological innovation, customer development, and sustainable practices [1]. Product Development - The company maintains an innovation-driven development philosophy, continuously creating new materials, technologies, and battery routes [2]. - A comprehensive product layout has been established in high nickel, medium nickel high voltage, lithium cobalt oxide, lithium iron phosphate (manganese), and next-generation battery materials [3]. Market Expansion - The company is accelerating the marketization of next-generation battery materials, leading the industry in the commercialization of solid-state lithium battery materials [4]. - During the reporting period, nearly 1,000 tons of solid-state lithium battery materials were shipped, representing several-fold growth year-on-year [4]. - Collaborations with key customers in various applications, including drones and eVTOL low-altitude aircraft, have resulted in significant orders [4].

证券研究报告 当升科技 (300073 CH) 24 年业绩承压，25 年铁锂三元均改善 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 01 日│中国内地 | 电力设备与新能源 | 公司 2024 年收入 75.93 亿元，同比-49.80%，归母净利润 4.72 亿元，同比 -75.48%，扣非 2.73 亿元，同比-86.23%，归母低于我们此前 5.44 亿的预 测，主要系海外三元订单下滑及三元加工费下行。考虑公司海外三元订单出 现回暖，铁锂产能快速释放并实现盈利，我们认为公司 25 年出货量有望快 速增长，维持"增持"评级。 24Q4 三元正极盈利韧性强，海外订单回暖支撑 25 年需求 我们推测公司 24Q4 三元正极出货量 1 万吨，环比基本持平，盈利能力方面， 虽 24Q4 正极材料加工费整体下行，我们推算公司三元锂单吨净利仍保持 1 万元左右，盈利韧性较强。公司 24 年受三元海外订单下滑影响导致营收承 压，25 年 3 月公司相继公告与海外客户的长协，与 LG 达成 25-27 年供应 11 万吨的协议，与 SK ...

证券研究报告·公司点评报告·电池 当升科技（300073） 2024 年年报点评：Q4 减值导致三元亏损，铁 锂放量盈利转正 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 15127 | 7593 | 10806 | 12793 | 15159 | | 同比（%） | (28.86) | (49.80) | 42.32 | 18.39 | 18.49 | | 归母净利润（百万元） | 1,924.27 | 471.83 | 600.22 | 728.58 | 1,018.64 | | 同比（%） | (14.80) | (75.48) | 27.21 | 21.39 | 39.81 | | EPS-最新摊薄（元/股） | 3.80 | 0.93 | 1.19 | 1.44 | 2.01 | | P/E（现价&最新摊薄） | 10.93 | 44.57 | 35.04 | 28.86 | 20.65 | [Tab ...

Core Viewpoint - The annual report of Beijing Dongsheng Material Technology Co., Ltd. (Dongsheng Technology) reveals a significant decline in revenue and net profit for 2024, attributed to multiple challenges including market fluctuations and intensified competition in the lithium battery materials sector [2][3]. Financial Performance - Dongsheng Technology reported a total revenue of 7.593 billion yuan in 2024, a sharp decrease of 49.8% year-on-year, and a net profit of 472 million yuan, down 75.48% compared to the previous year [2][3]. - The company's revenue and net profit figures for 2024 nearly halved compared to 2023, where revenue was 15.127 billion yuan and net profit was 1.924 billion yuan [3]. - The main factors contributing to the decline include a slowdown in the overseas electric vehicle market, bankruptcy of a key customer (Northvolt Ett AB), and intensified price competition in the domestic lithium iron phosphate materials market [3]. Business Segments - The demand for Dongsheng Technology's main products, including high-nickel ternary materials and lithium iron phosphate materials, has shrunk in 2024 [3]. - The international market, previously a growth driver, has seen a significant drop in sales due to reduced subsidies for electric vehicles in Europe and inventory reduction by automakers [3]. - The domestic battery industry is facing overcapacity, leading to continuous price declines for cathode materials and increased pressure on profit margins [3]. Cost and Expenses - The total operating cost for 2024 was 7.203 billion yuan, a decrease of 43.76% year-on-year, but the gross profit margin fell from 16.82% in 2023 to 12.38% in 2024 [3]. - Sales and management expenses were reported at 37.6089 million yuan and 210 million yuan, respectively, indicating challenges in market expansion and rising internal management costs [3]. Management Response - Chairman Chen Yanbin is leading a PhD-level management team to accelerate technological innovation and adjust the customer structure [4]. - The company has made breakthroughs in cutting-edge fields such as ultra-high nickel materials and solid-state battery electrolytes, maintaining a leading position in patent applications [4]. - Dongsheng Technology is diversifying its customer base beyond the reliance on the power battery market to include energy storage and small power applications [4]. Production and Cash Flow - The company is optimizing production schedules through subsidiaries, resulting in a 12% year-on-year increase in inventory turnover [5]. - Operating cash flow net amount reached 1.598 billion yuan, a year-on-year increase of 30.7%, indicating strong resilience against risks [5]. Future Strategy - For 2025, Dongsheng Technology plans to enhance research and development of solid-state battery materials and has developed nano-level solid-state electrolyte materials [5]. - The company aims to strengthen upstream resource collaboration, with plans to establish an integrated supply chain from mining to materials by 2025, mitigating the impact of raw material price fluctuations on profitability [5]. Dividend Announcement - Dongsheng Technology announced a cash dividend of 2 yuan per 10 shares, totaling 101 million yuan, which accounts for 21.47% of net profit, reflecting management's confidence in long-term development [6].

Core Viewpoint - The independent director of Beijing Dangsheng Material Technology Co., Ltd. reports on the company's governance and strategic direction, emphasizing the importance of protecting shareholder rights and maintaining technological leadership in the lithium battery cathode materials industry [2][3]. Meeting Attendance - The independent director attended 16 important meetings since April 2024, including board meetings and shareholder meetings, without any absences or delegations [2]. - All board resolutions were approved without dissent, ensuring the protection of all shareholders, particularly minority shareholders [2]. Strategic and Sustainable Development Committee - The independent director actively participated in the Strategic and Sustainable Development Committee, providing insights on technology product development and market diversification [2]. - Recommendations were made to focus on emerging technologies such as lithium-rich manganese-based and non-metallic cathodes, as well as the application of artificial intelligence in research [2][3]. Company Investigation - The independent director conducted site visits to the company's technology research center to better understand its advanced products and technologies [3]. - The company is encouraged to adopt an "innovation-driven, technology-leading" development philosophy to maintain its competitive edge in the market [3]. Investor Rights Protection - The independent director monitored the company's operational status and ensured compliance with information disclosure regulations to protect shareholder interests [3][4]. - Emphasis was placed on timely and accurate information disclosure to safeguard the rights of shareholders and market investors [3]. Knowledge Enhancement - The independent director committed to continuous learning of relevant laws and regulations to effectively fulfill supervisory responsibilities [4]. - Adherence to guidelines for independent directors was maintained, ensuring the provision of objective and independent opinions on board proposals [4]. Other Work Situations - No proposals were made to convene board meetings or to hire or dismiss accounting firms [5]. - There were no independent requests for external audit or consulting services [5].

关于北京当升材料科技股份有限公司 关联资金往来情况的专项审计说明 目 录 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕2360 号 北京当升材料科技股份有限公司全体股东： 我们接受委托，审计了北京当升材料科技股份有限公司（以下简称当升科技 公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表， 有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审 计了后附的当升科技公司管理层编制的 2024 年度《非经营性资金占用及其他关 联资金往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供当升科技公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为当升科技公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解当升科技公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 当升科技公司管理层的责任是提供真实、合法、完整的相关资料，按照《上 市公司监管指引第 8 号——上市公司资金往来、对外担保的监管要求》（ ...

北京当升材料科技股份有限公司 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 目 录 一、内部控制审计报告…………………………………………第 1—2 页 二、资质证书……………………………………………………第 3—8 页 内部控制审计报告 天健审〔2025〕2503 号 北京当升材料科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了北京当升材料科技股份有限公司（以下简称当升科技公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是当升 科技公司董事会的责任。 二、注册会计师的责任 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 ...

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、审议程序 （一）董事会审议情况 北京当升材料科技股份有限公司 2024 年度利润分配及资本公积金转增预案的公告 证券代码：300073 证券简称：当升科技 公告编号：2025-025 北京当升材料科技股份有限公司 弃权 0 票的结果审议通过了《2024 年度利润分配及资本公积金转增预案》，同 意将本项议案提交公司股东大会审议。 （二）监事会审议情况 弃权 0 票的结果审议通过了《2024 年度利润分配及资本公积金转增预案》，同 意将本项议案提交公司股东大会审议。 二、利润分配和资本公积金转增预案情况 经天健会计师事务所（特殊普通合伙）审计，公司 2024 年度归属于上市公 司股东的净利润 471,830,842.83 元，母公司 2024 年度净利润为 344,261,431.79 元，本年度提取法定盈余公积金 34,426,143.18 元，截至 2024 年 12 月 31 日， 公司合并报表累计未分配利润为 5,345,021,573.39 元，母公司累计未分配利润 为 113,198,021.32 元 ...

北京当升材料科技股份有限公司 2024 年年度股东大会通知 证券代码：300073 证券简称：当升科技 公告编号：2025-031 北京当升材料科技股份有限公司 关于召开 2024 年年度股东大会通知的公告 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"当升科技"或"公司"）第六届 董事会第十一次会议决定于2025年5月9日下午2:00召开公司2024年年度股东大 会，现将会议有关事项通知如下： 一、召开会议基本情况 《关于召开2024年年度股东大会的议案》，本次会议召开符合有关法律、行政法 规、部门规章、规范性文件和《公司章程》的规定。 开。 （1）现场投票：股东本人出席现场会议或通过授权委托他人出席现场会议。 北京当升材料科技股份有限公司 2024 年年度股东大会通知 （2）网络投票：本次股东大会将通过深圳证券交易所交易系统和互联网投 票系统向公司股东提供网络形式的投票平台，公司股东可以在网络投票时间内通 过上述系统行使表决权。公司股东只能选择现场投票和网络投票中的一种表决方 式，表决结果以第一次有效投票结果为准。 ...

北京当升材料科技股份有限公司 2024 年度内部控制审计报告 目 录 | | | 二、资质证书……………………………………………………第 3—8 页 内部控制审计报告 天健审〔2025〕2503 号 北京当升材料科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了北京当升材料科技股份有限公司（以下简称当升科技公司）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是当升 科技公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计 ...