深圳市星源材质科技股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 （二）按劳分配与责、权、利相匹配的原则。 （三）薪酬与公司长远利益相结合的原则。 （四）薪酬标准公开、公正、透明的原则。 第二章 薪酬管理机构 第四条 董事会薪酬与考核委员会负责制定公司董事、高级管理人员的考核 标准并进行考核，制定、审查董事、高级管理人员的薪酬决定机制、决策流程、 支付与止付追索安排等薪酬政策与方案，并向董事会提出相关建议。 第一条 为完善对深圳市星源材质科技股份有限公司（以下简称"公司"）董 事和高级管理人员的薪酬管理，建立科学有效的激励与约束机制，有效调动公司 董事和高级管理人员的工作积极性，提高公司的经营管理效益，根据《中华人民 共和国公司法》《上市公司章程指引》《上市公司治理准则》等法律、行政法规、 部门规章和规范性文件以及《深圳市星源材质科技股份有限公司章程》（以下简 称"《公司章程》"）的规定，制定本制度。 第五条 公司股东会负责审议董事薪酬方案，公司董事会负责审议高级管理 人员薪酬方案。在董事会或者薪酬与考核委员会对董事个人进行评价或者讨论其 报酬时，该董事应当回避。 第二条 本制度适用于《公司章程》 ...

深圳市星源材质科技股份有限公司 2025 年度独立董事述职报告 （孙珍珍） 各位股东及股东代表： 大家好！ 我作为深圳市星源材质科技股份有限公司（以下简称"公司"）的独立董事，根据 《公司法》《证券法》《上市公司独立董事管理办法》《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等法律法规、规范性文件和《公司章程》 的规定和要求，在 2025 年度工作中，本着客观、公正、独立的原则，勤勉尽责，积极出 席公司 2025 年召开的相关会议，认真审议董事会各项议案，对公司重大事项发表了独立 意见，切实维护了公司和股东特别是中小股东的利益，较好地发挥了独立董事参与决策、 监督制衡、专业咨询作用。 现将本人 2025 年度任职期间履职情况述职如下： 一、基本情况 本人孙珍珍，女，中国国籍，无境外永久居留权，2008年取得武汉工程大学化学工 程与工艺专业学士学位，2011年取得重庆理工大学材料加工专业硕士研究生学位，2014 年取得高分子化工中级职称，2020年取得高分子化工高级工程师职称。2011年至2013年 任职深圳光华伟业股份有限公司研发部，2013年至2015年任职湖北光合生物科技有限 ...

深圳市星源材质科技股份有限公司董事会 2026 年 3 月 31 日 董事会关于独立董事独立性情况的专项意见 深圳市星源材质科技股份有限公司 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 2 号——创业板上市公司规范运作》等相关规定，独立董事应当每年对独立 性情况进行自查，并将自查情况提交董事会。董事会应当每年对在任独立董事独 立性情况进行评估并出具专项意见，与年度报告同时披露。基于此，深圳市星源 材质科技股份有限公司（以下简称"公司"）董事会，就公司现任独立董事林志 伟、孙珍珍、唐长江的独立性情况进行评估并出具如下专项意见： 根据公司现任独立董事林志伟、孙珍珍、唐长江自查及其在公司的履职情况， 董事会认为上述独立董事均能够胜任独立董事的职责要求，其未在公司担任除独 立董事以外的任何职务，也未在公司主要股东公司担任任何职务，与公司以及主 要股东之间不存在妨碍独立董事进行独立客观判断的关系，不存在影响独立董事 独立性的情况。公司现任独立董事均符合《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律 法规、规范性文件和《公司章程 ...

深圳市星源材质科技股份有限公司 2025 年年度报告全文 证券代码：300568 证券简称：星源材质 公告编号：2026-014 深圳市星源材质科技股份有限公司 2025 年年度报告 2026 年 3 月 1 深圳市星源材质科技股份有限公司 2025 年年度报告全文 2025 年年度报告 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。 公司负责人陈秀峰、主管会计工作负责人王浩及会计机构负责人(会计主 管人员)沈慧声明：保证本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本报告的董事会会议。 （一）报告期内，公司净利润下降的主要原因包括： 1、因市场竞争加剧，公司锂电池隔膜产品的毛利率较上年同期有所下降， 影响整体盈利水平； 2、为拓展全球产能布局，公司加速推进海外锂电池隔膜生产基地建设， 相关投入导致当期成本及费用显著增加； 3、2025 年国际货币市场的汇率波动，导致公司汇兑损失对当期净利润 有直接影响； 4、公司部分资产存在减值迹象，依据相关规定，对相关资产进行减值测 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - High oil prices are benefiting the renewable energy sector, with expectations for increased demand and profitability in lithium batteries [1]. - The report highlights significant growth in energy storage and electric vehicle markets, driven by government policies and technological advancements [4][5]. Industry Trends - The energy storage sector is experiencing robust growth, with countries like Croatia and Spain investing heavily in solar and storage projects. The report anticipates a global energy storage installation growth of over 60% in 2026, with a compound annual growth rate of 30-50% from 2027 to 2029 [4][5]. - In the electric vehicle market, there was a notable decline in retail sales in early March, but expectations for recovery are set for April, with a projected annual growth of around 3% [4][5]. - The report also notes a significant increase in lithium prices, with battery-grade lithium carbonate reaching 158,000 CNY/ton, reflecting a 4.8% increase [4]. Company Performance - Notable company performances include: - Ningde Times: 2025 revenue of 804 billion CNY, a 4% year-on-year increase, with a net profit of 32.6 billion CNY, down 19% [4]. - BYD: 2025 revenue of 804 billion CNY, with a net profit of 32.6 billion CNY, reflecting a 19% decrease [4]. - Other companies like Ganfeng Lithium and CATL are also highlighted for their strong market positions and growth potential [4][5]. Investment Strategy - The report suggests a focus on companies leading in energy storage and lithium battery production, such as Ningde Times, Ganfeng Lithium, and others, due to their strong growth prospects and market leadership [4][5]. - It emphasizes the importance of technological advancements and government policies in driving the growth of the renewable energy sector, particularly in energy storage and electric vehicles [4][5].

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [1] Core Insights - The lithium battery industry is entering a peak season, with the overall supply chain in a phase of quantity leading and price following. Despite a short-term decline in domestic new energy vehicle sales, export data for new energy vehicles is strong, and the electrification rates of commercial vehicles and heavy trucks are continuously increasing, leading to good performance in battery sales [3][10] - In the natural gas sector, Sinopec's pricing scheme for 2026-2027 has been released, with a 2.9% year-on-year increase in natural gas production in January-February 2026, while imports decreased by 1.1%. The pricing scheme aims to enhance the stability of costs against international price fluctuations [5][18] Summary by Sections Lithium Batteries - The lithium battery industry is experiencing a recovery, with demand shifting from solely relying on power batteries to a dual drive of power and energy storage. In February 2026, global lithium battery production reached 202.6 GWh, a year-on-year increase of 42.2%, with energy storage battery production at 70 GWh, up 150% [10] - Domestic sales of new energy vehicles in January-February 2026 were 1.126 million units, a decrease of 27.5% year-on-year, while exports reached 583,000 units, an increase of 110% [10] - The demand for lithium batteries is driving production in the supply chain, with a month-on-month increase in production of materials. However, rising costs on the supply side are leading to price increases in the battery industry [12][14] Natural Gas - Sinopec's pricing scheme for 2026-2027 has increased the proportion of controllable resources, reducing the unpredictability of costs due to international gas price fluctuations. The basic volume proportion has increased from 35% to 50% [18][19] - In January-February 2026, China's natural gas production increased by 2.9% year-on-year, while imports decreased by 1.1%. The production growth rate has slowed, and the decline in imports may be influenced by weak downstream demand [5][24] - The report suggests focusing on natural gas upstream coalbed methane extraction companies, such as Xinnatural Gas and Shouhua Gas, as well as low-valuation high-dividend city gas companies with gas source advantages [6][24]

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - The automotive market is showing a seasonal recovery. The recovery of the fuel - vehicle market is hindered by reduced terminal discounts and oil - price fluctuations, while the new - energy vehicle penetration rate has recovered to over 50%. The vehicle market may not recover growth until the second half of the year. Domestic sales will decline year - on - year, exports will increase year - on - year, and the annual wholesale sales of the vehicle market will remain flat year - on - year [1][114]. - High oil prices stimulate the demand for alternative energy, which is beneficial to the recovery of the domestic market and the increase in overseas exports of Chinese new - energy vehicles. Emerging fields such as low - altitude economy are brewing new opportunities, and the energy - using scenarios are undergoing a systematic reconstruction [1][114]. - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have gradually become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Non - American regions' new - energy vehicle markets have good development potential, and self - owned brands' market share continues to expand [2][115]. 3. Summaries According to Relevant Catalogs 3.1 Financial Market Tracking - The report presents the weekly price - change percentages of relevant sectors and listed companies. For example, BYD's weekly price - change percentage is 2.20%, and Seres' is - 4.35% [10][14]. 3.2产业链数据跟踪 3.2.1 China New - Energy Vehicle Market Tracking - **Sales**: In the first 22 days of March, the retail sales of new - energy passenger vehicles were 495,000, a year - on - year decrease of 17%. Since the beginning of the year, the cumulative retail sales of new - energy passenger vehicles were 1.556 million, a year - on - year decrease of 23%. The report also shows data on China's new - energy vehicle sales, including internal sales, exports, and sales of EVs and PHVs [109][15]. - **Inventory Changes**: The report provides data on the monthly new additions to the channel inventory and manufacturer inventory of new - energy passenger vehicles [25][26]. - **Delivery Volumes of Chinese New - Energy Vehicle Manufacturers**: It shows the monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal [28][29]. 3.2.2 Global and Overseas New - Energy Vehicle Market Tracking - **Global Market**: The report shows data on global new - energy vehicle sales, penetration rate, and sales of EVs and PHVs [37][38]. - **European Market**: It presents data on European new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in countries like the UK, Germany, and France [44][45]. - **North American Market**: Data on North American new - energy vehicle sales, penetration rate, and sales of EVs and PHVs are provided [58][59]. - **Other Regions**: The report shows new - energy vehicle sales, penetration rate, and sales of EVs and PHVs in regions such as Japan, South Korea, and Thailand. In January, the new - energy vehicle sales in Europe, North America, and other regions were 290,000 (year - on - year + 20%), 85,000 (year - on - year - 32%), and 130,000 (year - on - year + 130%) respectively. The sales in the Thai market in January were 44,000, a year - on - year increase of 229% and a month - on - month increase of 187% [62][63]. 3.2.3 Power - Battery Industry Chain - The report provides data on power - battery loading volume (by material), export volume (by material), weekly average price of power - battery cells, cell material cost, and the operating rates and prices of various battery materials such as ternary materials, phosphoric acid iron lithium, and negative electrode materials [78][80]. 3.2.4 Other Upstream Raw Materials - It shows the daily prices of rubber, glass, steel, and aluminum [102][103]. 3.3 Hot News Summaries 3.3.1 Industry Dynamics: China - In the first 22 days of March, the retail sales of the national passenger - vehicle market were 920,000, a year - on - year decrease of 16% and a month - on - month increase of 19%. The wholesale sales of national passenger - vehicle manufacturers were 1.084 million, a year - on - year decrease of 14% and a month - on - month increase of 62%. The retail sales of the national new - energy passenger - vehicle market were 495,000, a year - on - year decrease of 17% and a month - on - month increase of 66%. The wholesale sales of national new - energy passenger - vehicle manufacturers were 543,000, a year - on - year decrease of 15% and a month - on - month increase of 71% [109]. 3.3.2 Enterprise Dynamics - On March 25, the core power system of XPeng HT Aero's X3 - F (Land Aircraft Carrier) flying car was officially mass - produced at the CALB Chengdu factory. - On March 26, Leapmotor launched its new global model A10, which will be sold in nearly 40 countries and regions. - On March 27, BYD released its 2025 annual report. Its revenue in 2025 was about 803.964 billion yuan, a year - on - year increase of 3.46%. The overseas turnover was 310.7 billion yuan, accounting for about 38.6% of the total revenue [111][112][113]. 3.4 Industry Views - As reported by the Passenger Car Association, from March 1 - 22, the national passenger - vehicle retail sales decreased by 16% year - on - year, and the national new - energy passenger - vehicle retail sales decreased by 17% year - on - year. Since the beginning of the year, they have decreased by 18% and 23% respectively. The structural growth factors include high oil prices stimulating the demand for alternative energy and emerging fields like low - altitude economy bringing new opportunities [114]. 3.5 Summary and Outlook - The penetration rate of the Chinese new - energy vehicle market has rapidly increased in the past few years, reaching over 50% in 2025. Since the second half of 2025, exports have become a new growth point. The trade environment in Europe and the United States is challenging, while countries along the Belt and Road and the Middle East have good development prospects. Self - owned brands' market share continues to expand, and companies with strong product strength, smooth overseas expansion, and high supply stability will be the core beneficiaries [2][115].

Group 1: Aerospace Electrical Connectors and Micro Motors - The report covers Aerospace Electric (航天电器), a leading company in military connectors and micro motors, which is expected to benefit from the acceleration of aerospace equipment construction in China [2][3] - The company is projected to see a steady growth in demand for military connectors and micro motors due to increasing requirements for performance in new generation equipment [3] - The estimated EPS for the company from 2025 to 2027 is expected to be 0.67, 0.96, and 1.23 yuan respectively, with a target price set at 73.49 yuan, indicating a "buy" rating [2][3] Group 2: Gold Retail - Laopu Gold - Laopu Gold (老铺黄金) is positioned as a high-end brand with significant brand equity, expected to maintain growth in single-store sales [5][6] - The company forecasts net profits of 90.14, 107.33, and 126.54 billion yuan for 2026 to 2028, reflecting strong growth potential [5] - In 2025, the company achieved a revenue of 313.75 billion yuan, a year-on-year increase of 220.3%, with a net profit of 48.68 billion yuan, up 230.5% [6][7] Group 3: Pharmaceutical Glass Packaging - Lino Pharmaceutical Packaging - Lino Pharmaceutical Packaging (力诺药包) is a leading company in the pharmaceutical glass industry, transitioning from an OEM to an ODM model, focusing on product design and channel development [17][19] - The market for pharmaceutical glass is expected to grow, with a projected CAGR of 8.51% from 2023 to 2026, driven by increasing health awareness and aging population [18] - The company has established long-term partnerships with major pharmaceutical manufacturers, enhancing its competitive advantage [19] Group 4: Heavy-Duty Trailers - CIMC Vehicles - CIMC Vehicles (中集车辆) is benefiting from the growth of new energy heavy trucks, with significant growth potential in both domestic and North American markets [20][22] - The company expects revenues of 209.6, 230.3, and 255.6 billion yuan for 2026 to 2028, with a net profit forecast of 12.6, 14.5, and 16.4 billion yuan respectively [20] - The company has maintained a leading market share in the semi-trailer sector, with a focus on expanding its presence in Southeast Asia and enhancing profitability through strategic initiatives [22] Group 5: Dairy Products - Miaokelando - Miaokelando (妙可蓝多) is focusing on growth in its cheese business, with a revenue increase of 22.84% in 2025 [24][26] - The company is expected to continue its growth trajectory, driven by both consumer and B2B channels, with a focus on product innovation and market expansion [27] - The overall revenue for 2025 was 56.33 billion yuan, reflecting a year-on-year increase of 16.29% [25] Group 6: Life Insurance - China Life - China Life (中国人寿) reported a significant increase in net profit by 44.1% in 2025, driven by strong performance in both insurance and investment services [28][29] - The company is expected to maintain a positive outlook with a target price of 53.41 yuan, reflecting a P/EV of 0.95 times [28] - The investment asset scale reached 7.4 trillion yuan by the end of 2025, with a notable increase in equity investments [29] Group 7: Financial Technology - Changliang Technology - Changliang Technology (长亮科技) is a leader in the banking IT sector, focusing on digital transformation and international expansion [36][37] - The company has established a strong presence in Southeast Asia, with a growing number of clients and contracts [37] - Despite a slight revenue decline in 2024, the company maintains a robust order backlog, indicating future growth potential [37]

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 16.65 CNY, compared to the current price of 14.60 CNY [3][11]. Core Views - The company is positioned as a leader in the separator industry and is expected to benefit significantly from the current upcycle in the lithium battery sector, with profitability anticipated to continue recovering through 2026 [1][11]. - The separator industry has reached a profitability inflection point due to a surge in downstream demand, with expectations of sustained growth in shipment volumes and pricing [1][11]. - The company is actively expanding its solid-state battery technology, having achieved mass production of solid electrolyte materials, which enhances safety and performance in battery applications [11][12]. Financial Summary - Revenue projections for the company are as follows: 3,013 million CNY in 2023, increasing to 6,455 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.4% [8][11]. - Net profit (attributable to the parent company) is expected to recover from a low of 34 million CNY in 2025 to 611 million CNY by 2027, indicating a significant rebound in profitability [8][11]. - The company’s separator business is projected to generate revenues of 40.8 billion CNY in 2025, 52.8 billion CNY in 2026, and 64.2 billion CNY in 2027, with corresponding gross margins improving to 30% by 2026 [11][12]. Market Position and Growth - The company is expected to achieve a separator shipment volume of approximately 5 billion square meters in 2025, representing a year-on-year growth of 26% and a market share of 15% [11]. - The company is accelerating its overseas capacity expansion, including a project in Malaysia with an annual production capacity of 2 billion square meters of separators [11]. - The separator prices are entering an upward trend, with a reported increase of 14.7% for 7um wet separators from their low point earlier in the year, indicating a favorable supply-demand balance [11]. Valuation Metrics - The report assigns a price-to-earnings (P/E) ratio of 45x for 2026, based on comparable companies in the industry, which supports the target price of 16.65 CNY [11][12]. - The company’s net asset return (ROE) is projected to improve from 0.3% in 2025 to 5.6% in 2027, reflecting enhanced profitability as the market conditions improve [8][11].

证券代码：300568 证券简称：星源材质 公告编号：2026-012 深圳市星源材质科技股份有限公司 关于公司2026年限制性股票激励计划内幕信息知情人 及激励对象买卖公司股票情况的自查报告 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。 深圳市星源材质科技股份有限公司（以下简称"公司"）于 2026 年 3 月 12 日召开第六届董事会第二十二次会议，审议通过了《关于公司<2026 年限制性股 票激励计划（草案）>及其摘要的议案》，具体内容详见公司于 2026 年 3 月 13 日在巨潮资讯网（http://www.cninfo.com.cn）等指定信息披露媒体上披露的相关 文件。公司针对 2026 年限制性股票激励计划（以下简称"本次激励计划"或"激 励计划"）采取了充分的保密措施，并对激励计划的内幕信息知情人进行了登记。 四、备查文件 一、核查的范围与程序 （一）核查对象为本次激励计划的内幕信息知情人及激励对象； （二）本次激励计划的内幕信息知情人均填报了《内幕信息知情人登记表》； （三）公司通过中国证券登记结算有限责任公司深圳分公司就核查对象在自 查 ...