Core Viewpoint - Shenzhen continues to lead as China's "foreign trade capital," with significant growth in exports of new energy vehicles, lithium batteries, and photovoltaic products, particularly driven by private enterprises in the lithium battery sector [2] Group 1: Industry Overview - The lithium battery industry is crucial for applications in consumer electronics, new energy vehicles, and energy storage, with four main materials: cathode, anode, electrolyte, and separator [3] - Historically, Japanese companies dominated the global lithium battery market, holding 93% market share in 2000, but Chinese companies have begun to break this monopoly [3][4] Group 2: Key Players in Shenzhen - Shenzhen has produced a group of leading companies in lithium battery materials, referred to as the "Four Swordsmen": Keda Li, Better Ray, New Zobon, and Xingyuan Material, each excelling in critical material sectors [2][6] - Keda Li has grown from a small startup to a leading manufacturer of battery precision structural components, achieving a market value exceeding 30 billion RMB, with a revenue of 6.645 billion RMB in the first half of 2023, up 22.01% year-on-year [7] - New Zobon, a top electrolyte supplier, reported a revenue of 2.002 billion RMB in Q1 2025, a 32.14% increase year-on-year, and holds over 10% market share in China [8][9] Group 3: Market Dynamics and Challenges - The "Four Swordsmen" have faced challenges from international competition and market fluctuations but have maintained strong positions in their respective fields [12] - Xingyuan Material and Better Ray experienced revenue fluctuations in Q1 2025, with Xingyuan's revenue at 0.889 billion RMB, a 24.44% increase, while Better Ray's revenue decreased by 3.88% to 3.392 billion RMB [9] Group 4: Strategic Expansion - The "Four Swordsmen" are actively expanding their global presence, with Keda Li investing in production bases in Europe and New Zobon establishing multiple international facilities [10][11] - Better Ray is also pursuing international projects in Indonesia and Morocco to enhance its global competitiveness in the lithium battery materials market [11]

据证券之星公开数据整理，近期星源材质（300568）发布2025年中报。截至本报告期末，公司营业总收 入18.98亿元，同比上升14.78%，归母净利润1.0亿元，同比下降58.53%。按单季度数据看，第二季度营 业总收入10.09亿元，同比上升7.43%，第二季度归母净利润5372.68万元，同比下降60.22%。本报告期 星源材质三费占比上升明显，财务费用、销售费用和管理费用总和占总营收同比增幅达34.62%。 本次财报公布的各项数据指标表现一般。其中，毛利率25.09%，同比减20.4%，净利率6.4%，同比减 56.25%，销售费用、管理费用、财务费用总计2.92亿元，三费占营收比15.37%，同比增34.62%，每股净 资产7.33元，同比增0.91%，每股经营性现金流0.4元，同比增132.79%，每股收益0.08元，同比减55.56% | l源材质 最新财务摘要 | | --- | | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 16.54亿 | 18.98 Z | 14.78% | | 归母净利润 ...

Group 1 - The company's performance in H1 2025 met market expectations, with revenue of 1.9 billion yuan, a year-on-year increase of 15%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year decrease of 59% [1] - In Q2 2025, the company reported revenue of 1.01 billion yuan, with a quarter-on-quarter increase of 7% and a year-on-year increase of 13%, while the net profit attributable to shareholders was 50 million yuan, showing a quarter-on-quarter decrease of 60% but a year-on-year increase of 15% [1] - The company expects to maintain a 25% growth in shipments for 2025, with an estimated shipment of 50 billion square meters by the end of the year [1] Group 2 - The company is developing solid-state battery membrane products, including oxide composite and polymer composite solid-state electrolyte membranes, and has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [2] - In Q2 2025, the company's operating cash flow improved significantly, reaching 750 million yuan, an 11% increase quarter-on-quarter, while capital expenditure was 180 million yuan, a decrease of 13% year-on-year [2] - The company maintains profit forecasts for 2025-2027, with net profits expected to be 400 million, 510 million, and 690 million yuan respectively, corresponding to a PE ratio of 41x, 33x, and 24x [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows signs of bottoming out in single-unit profitability, with a focus on solid-state electrolyte membranes to create a second growth curve [8] - The company is expected to maintain a 25% growth in shipments for 2025, with a projected total of 5 billion square meters [8] - The company has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [8] Financial Performance Summary - Total revenue for 2023 is projected at 3,013 million yuan, with a year-on-year growth of 4.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 576.33 million yuan, reflecting a year-on-year decrease of 19.87% [1] - The earnings per share (EPS) for 2023 is estimated at 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.78 [1] Future Projections - Revenue is expected to grow to 4,139 million yuan in 2025, representing a year-on-year increase of 16.90% [1] - The net profit attributable to shareholders is projected to reach 402.69 million yuan in 2025, with a year-on-year growth of 10.68% [1] - The EPS for 2025 is forecasted at 0.30 yuan, with a P/E ratio of 41.19 [1] Operational Insights - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 7.5 billion yuan in Q2 2025, an increase of 11% quarter-on-quarter [8] - The company is expected to release new production capacity in Q3 and Q4 2025, contributing to the anticipated growth in shipments [8] - The company has maintained a low inventory level, with inventory at 830 million yuan at the end of Q2 2025, slightly down from Q1 [8]

Core Insights - The company, Xingyuan Material, reported a significant decline in net profit for the first half of 2025, amounting to approximately 100 million yuan, which represents a year-on-year decrease of 58.53% [2] - Despite the drop in net profit, the company achieved a revenue of approximately 1.898 billion yuan, reflecting a year-on-year growth of 14.78% [2] - The company's net profit after deducting non-recurring items was approximately 43.56 million yuan, showing a substantial decline of 75.41% year-on-year [2] Company Overview - Xingyuan Material specializes in the research, production, and sales of lithium-ion battery separators and is recognized as a national high-tech enterprise in the fields of new energy, new materials, and electric vehicles [2]

对于社保基金，本期较上一季度持股减少的社保基金共计1个，即全国社保基金六零四组合，，持股减 少占比达1.67%。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比小幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 2025年8月20日，星源材质(300568.SZ)发布2025年半年度报告。截至2025年8月19日，共有16个机构投 资者披露持有星源材质A股股份，合计持股量达9110.83万股，占星源材质总股本的6.78%。其中，前十 大机构投资者包括香港中央结算有限公司、全国社保基金六零四组合、招商银行股份有限公司-南方中 证1000交易型开放式指数证券投资基金、华泰证券资管-张建-华泰尊享稳进63号单一资产管理计划、深 圳市速源控股集团有限公司、深圳市速源投资企业(有限合伙)、常州东方产业引导创业投资有限责任公 司、中国工商银行股份有限公司-汇添富中证新能源汽车产业指数型发起式证券投资基金(LOF)、易方达 创业板中盘200ETF、易米低碳经济股票发起A，前十大机构投资者合计持股比例达6.74%。相较于上一 季度，前十大机构持股 ...

Group 1 - The core viewpoint of the article is that Xingyuan Material (SZ 300568) reported its semi-annual performance, showing a significant increase in revenue but a substantial decrease in net profit [2] Group 2 - For the first half of 2025, the company achieved an operating income of approximately 1.898 billion yuan, representing a year-on-year increase of 14.78% [2] - The net profit attributable to shareholders of the listed company was around 100 million yuan, reflecting a year-on-year decrease of 58.53% [2] - The basic earnings per share were 0.08 yuan, which is a year-on-year decrease of 55.56% [2]

Core Viewpoint - Xingyuan Material (SZ 300568, closing price: 12.35 yuan) announced on the evening of August 19 that its sixth board meeting was held via communication voting, where the 2025 semi-annual report and its summary were reviewed [2] Group 1 - For the first half of 2025, the company's revenue composition shows that lithium-ion battery separators accounted for 99.08%, while other businesses contributed 0.92% [2]

智通财经APP讯，星源材质(300568.SZ)发布2025年半年度报告，该公司营业收入为18.98亿元，同比增 长14.78%。归属于上市公司股东的净利润为1亿元，同比减少58.53%。归属于上市公司股东的扣除非经 常性损益的净利润为4356.49万元，同比减少75.41%。基本每股收益为0.08元。 ...

深圳市星源材质科技股份有限公司 2024 年限制性股票激励计划预留部分激励对象名单 一、激励对象名单及分配情况汇总表： | 姓名 | 职务 | 获授限制性股票 | 占预留授予限制性 | 占公司当前股 | | --- | --- | --- | --- | --- | | | | 数量（万股） | 股票总数的比例 | 本总额比例 | | 中层管理人员、核心技术 | | 37 | 100.00% | 0.03% | | （业务）人员（共5人） | | | | | 二、限制性股票激励计划预留部分激励对象分配名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 高东波 | 中层管理人员 | | 2 | 林浚暐 | 核心技术（业务）人员 | | 3 | 陈雪栋 | 核心技术（业务）人员 | | 4 | 李旦 | 核心技术（业务）人员 | | 5 | 林敬 | 核心技术（业务）人员 | 2025 年 8 月 20 日 特此公告。 深圳市星源材质科技股份有限公司董事会 ...