Core Viewpoint - The stock of Xingyuan Material has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 29.06%, indicating volatility in the market [1][2]. Company Overview - Xingyuan Material, established on September 17, 2003, and listed on December 1, 2016, specializes in the research, production, and sales of lithium-ion battery separators, with 99.08% of its revenue coming from this core business [1]. - The company is located in Shenzhen, Guangdong Province, and operates within the electric equipment industry, specifically in battery and battery chemical products [1]. Financial Performance - For the period from January to September 2025, Xingyuan Material reported a revenue of 2.958 billion yuan, reflecting a year-on-year growth of 13.53%. However, the net profit attributable to shareholders decreased by 67.25% to 114 million yuan [2]. - The company has distributed a total of 791 million yuan in dividends since its A-share listing, with 490 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Xingyuan Material was 113,800, a decrease of 1.27% from the previous period. The average number of circulating shares per person increased by 1.29% to 10,668 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited and the newly entered Guangfa Guozheng New Energy Vehicle Battery ETF, indicating a shift in institutional holdings [3].

Summary of the Conference Call for Xingyuan Material Industry Overview - The lithium battery separator industry saw total shipments of approximately 1.2 billion square meters in Q3 2025, with a year-end target of 5 billion square meters [2][4] - Industry capacity utilization exceeded 70%, with leading companies nearing full production; however, downstream cost pressures have led to price system challenges, gradually improving the oversupply situation [2][6] - It is expected that by 2026, industry capacity utilization could reach over 80% [2][6] Company Performance - Xingyuan Material's dry separator monthly shipments stabilized at 130-140 million square meters, while wet separator shipments reached approximately 800 million square meters in Q3 2025 [2][7] - The company maintained a high capacity utilization rate, particularly for wet separators, which have been at full production since the beginning of 2025 [4][7] - Q3 gross margins were approximately 20% for both dry and wet separators, with an overall gross margin of about 18% [11] Market Dynamics - Domestic customer prices saw a decline in Q3 due to cost control pressures from leading battery cell manufacturers, while overseas demand for high-end products increased [8] - Positive signals for price increases were observed starting in September, with dry separator prices expected to be influenced by year-end bidding results [8][20] - The dry separator market structure is favorable, with no new capacity expected post-2023, leading to a balanced supply-demand situation [10] Future Outlook - Demand for the entire industry is projected to grow by over 20% in 2026, with capacity utilization expected to improve to over 80% [9] - The company plans to add 1 billion square meters of capacity in Malaysia in 2026, with an expected increase of 600-800 million square meters overall [14] - The company is optimistic about future pricing trends for dry separators, with a confirmed price increase of over 20% since late 2024 and further increases planned for 2025 [20] Customer and Product Insights - Major customers for dry separators include CATL, Xinwangda, and LG, while wet separators serve clients like Xinwand, Haicheng, and AEG [5][17] - New customer Qingtao Technology has begun significant purchases of LATP semi-solid battery solid electrolyte membranes, indicating potential for stable growth in this area [18] Investment and Expansion Plans - The company has no plans to expand wet separator capacity in the next two years, focusing instead on previously announced projects [15] - Ongoing projects include facilities in Foshan, Malaysia, the USA, and Sweden, with significant investments in overseas projects [24][28] Financial Considerations - The company is experiencing its first operational loss historically, but industry leaders have already entered loss phases [30] - The company anticipates that overseas production will gradually reflect performance growth in 2026, alongside improvements in industry capacity utilization and price recovery [30]

Core Insights - Star Source Material (300568.SZ) reported its Q3 2025 results, revealing that as of October 26, 2025, nine institutional investors held a total of 91.1557 million A-shares, accounting for 6.79% of the company's total share capital [1] - The institutional holding percentage decreased by 0.92 percentage points compared to the previous quarter [1] Institutional Investors - The institutional investors include Hong Kong Central Clearing Limited, Industrial and Commercial Bank of China - GF National Index New Energy Vehicle Battery ETF, and several asset management plans from Huatai Securities [1] - The total institutional holding percentage is now 6.79%, reflecting a decline from the previous quarter [1] Public Funds - One public fund, GF National Index New Energy Vehicle Battery ETF, increased its holdings by 0.65% compared to the last period [2] - Two public funds, Southern National 1000 ETF and ChiNext 200 ETF, reported a slight decrease in holdings [2] - A total of 164 public funds did not disclose their holdings this period, including several notable funds focused on new energy vehicles [2] Social Security Funds and Foreign Investment - One social security fund, the National Social Security Fund 604 Portfolio, did not disclose its holdings this period [3] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.30% compared to the previous period [3]

Core Insights - The company reported a revenue of 1.06 billion yuan for Q3 2025, representing a year-on-year increase of 11.36% [1] - Net profit for Q3 2025 was 13.976 million yuan, showing a significant year-on-year decrease of 86.96% [1] - For the first three quarters of 2025, the company achieved a total revenue of 2.958 billion yuan, which is a 13.53% increase compared to the same period last year [1] - However, net profit for the first three quarters was 114 million yuan, reflecting a year-on-year decrease of 67.25% [1]

智通财经APP讯，星源材质(300568.SZ)发布2025年三季度报告，该公司前三季度营业收入为29.58亿 元，同比增长13.53%。归属于上市公司股东的净利润为1.14亿元，同比减少67.25%。归属于上市公司股 东的扣除非经常性损益的净利润为1586.01万元，同比减少94.06%。基本每股收益为0.09元。 ...

Group 1 - The core point of the article is that Xingyuan Material (300568) reported its Q3 2025 financial results, showing a revenue increase but a significant decline in net profit [1] Group 2 - In Q3 2025, the company's operating revenue reached 1.06 billion yuan, representing a year-on-year growth of 11.36% [1] - The net profit for Q3 2025 was 13.976 million yuan, which is a year-on-year decrease of 86.96% [1] - For the first three quarters of 2025, the total operating revenue was 2.958 billion yuan, reflecting a year-on-year increase of 13.53% [1] - The net profit for the first three quarters of 2025 was 114 million yuan, showing a year-on-year decline of 67.25% [1]

Group 1 - Company Xingyuan Material (SZ 300568) reported Q3 performance on October 26, with revenue for the first three quarters of 2025 approximately 2.958 billion yuan, an increase of 13.53% year-on-year [1] - The net profit attributable to shareholders of the listed company was approximately 114 million yuan, a decrease of 67.25% year-on-year [1] - Basic earnings per share were 0.09 yuan, a decrease of 65.38% year-on-year [1] Group 2 - As of the report date, the market capitalization of Xingyuan Material was 17.2 billion yuan [2]

深圳市星源材质科技股份有限公司 章 程 2025 年 10 月 | | | 深圳市星源材质科技股份有限公司章程 第一章 总则 第一条 为维护深圳市星源材质科技股份有限公司（以下简称"公司"）及其股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司章程指引》、《境内企业境外发行证券和上市管理试行办法》（以下简称 "《境外上市管理办法》"）和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和国家其他有关法律、行政法规等规定成立的股份 有限公司。 公司以深圳市富易达电子科技有限公司（有限责任公司）依法整体变更方式设立， 并在深圳市市场监督管理局登记注册，取得企业法人营业执照。公司的企业社会信用 代码为：91440300754277719K。 第三条 公司于 2016 年 11 月 4 日经中国证券监督管理委员会（以下简称"中国证 监会"）批准，首次向社会公众发行人民币普通股 3,000 万股（以下简称"A 股"）， 于 2016 年 12 月 1 日在深圳证券交易所创业板上市。 公司于 ...

除上述修改的条款外，《公司章程》中其他条款保持不变。 深圳市星源材质科技股份有限公司董事会 《深圳市星源材质科技股份有限公司章程》修订条款比对表 根据《公司法》、《上市公司章程指引》和《深圳证券交易所创业板股 票上市规则》等有关规定，结合公司实际情况，拟对《公司章程》中的有关 条款进行修改。具体修改内容对照如下： | | | | 修改前 | | | | | | | | | | 修改后 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第六条 司 | | 公 | 注 | 册 | 资 本 | 为 | 人 | 民 币 | | 第六条 | 公 | 司 注 | 册 资 | 本 | 为 | 人 | 民 | 币 | | 1,341,891,639 | | | | | 元。前款所称人民币是指 | | | | 1,348,124,139 | | | | | 元。前款所称人民币是指 | | | | | | 中华人民共和国的 ...

证券代码：300568 证券简称：星源材质 公告编号：2025-100 深圳市星源材质科技股份有限公司 关于变更注册资本及修改《公司章程》的公告 上述限制性股票归属完成后，公司注册资本由人民币 1,341,891,639 元变更 为人民币 1,348,124,139 元，公司股份总数由 1,341,891,639 股变更为 1,348,124,139 股。根据《公司法》、《上市公司章程指引》和《深圳证券交易所创业板股票上 市规则》的有关规定，结合公司实际情况，拟对《公司章程》中的条款进行修改。 具体修改内容对照如下： | 修改前 | | | | | | | | | | | | | | 修改后 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 第六条 司 注 | | 公 | | 册 | 资 本 | 为 | 人 | 民 | 币 | 第六条 册 | | 公 | 司 | 注 | 资 ...