证券代码：300568 证券简称：星源材质 公告编号：2025-053 深圳市星源材质科技股份有限公司 2025 年第三次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 年 5 月 8 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2025 年 5 月 8 日 9:15-15:00 期间的任意时间。 2、会议地点：深圳市光明区公明办事处田园路北（星源先进材料产业园 2 栋 10 楼会议室） 3、会议召开方式：采用现场投票表决与网络投票相结合的方式召开 4、会议召集人：公司董事会 5、会议主持人：董事长陈秀峰先生 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间 （1）现场会议开始时间：2025 年 5 月 8 日（星期四）14:30 （2）网络投票时间：2025 年 5 ...

证券代码：300568 证券简称：星源材质 公告编号：2025-054 深圳市星源材质科技股份有限公司（以下简称"公司"）于 2025 年 4 月 10 日 召开第六届董事会第十二次会议及第六届监事会第十次会议，于 2025 年 5 月 8 日召开 2025 年第三次临时股东大会，审议通过了《关于回购注销部分已授予但 尚未解除限售限制性股票的议案》。根据《公司 2022 年限制性股票激励计划》 （以下简称"《激励计划》"）的相关规定，因 2022 年限制性股票激励计划首次 授予的 13 名激励对象及预留授予的 4 名激励对象因个人原因已离职，董事会同 意公司回购注销该部分已授予但尚未解除限售的 47,999 股限制性股票，上述回 购注销完 成后， 公 司注册资 本由人 民 币 1,342,902,078 元变更至人 民币 1,342,854,079 元，公司股份总数由 1,342,902,078 股变更为 1,342,854,079 股。 由于本次公司回购注销部分限制性股票涉及总股本减少、注册资本变动，根 据《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律、法规的规 定，公司特此通知债权人，债权人 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [6][9]. Core Views - The company is a leading player in the global lithium battery separator market. Despite facing short-term performance pressure due to declining product prices, the report suggests that the prices have reached a low point with limited further downside. The company's products remain competitive, and its market share is increasing. The strategic focus on solid-state battery technology is expected to accelerate its participation in the development of new battery technologies [4][6]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 35.41 billion yuan, a year-on-year increase of 17.52%, while net profit attributable to shareholders was 3.64 billion yuan, a decline of 36.87%. The gross margin was 29.09%, down 15.33 percentage points year-on-year, and the net margin was 10.47%, down 9.23 percentage points [7]. - For Q1 2025, revenue was 8.89 billion yuan, up 24.44% year-on-year, but net profit attributable to shareholders fell by 56.39% to 0.47 billion yuan. The gross margin was 25.53%, down 10.46 percentage points year-on-year [7]. Market Strategy - The company is actively expanding its customer base and increasing production capacity, which is expected to enhance its market share. In 2024, it signed strategic cooperation agreements with major companies such as Samsung SDI and Volkswagen Powerco, and is advancing projects in various locations including Nantong, Foshan, Europe, and Malaysia [7]. - The company is also strategically positioning itself in the solid-state battery sector, collaborating with several firms on solid electrolyte membrane products. It has established partnerships for the development of semi-solid and all-solid-state batteries [7]. Earnings Forecast - The earnings forecast for the company indicates total revenue of 44.21 billion yuan in 2025, with a projected net profit of 4.44 billion yuan. The basic earnings per share (EPS) are expected to be 0.33 yuan for 2025, with a price-to-earnings (PE) ratio of 30 times [8].

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300750 | 宁德时代 | 2.50 | 0.80 | 75562.67 | | 300568 | 星源材质 | 9.53 | 9.54 | 20648.95 | | 300274 | 阳光电源 | 2.98 | 2.63 | 16278.79 | | 688556 | 高测股份 | 20.02 | 8.11 | 14290.13 | | 002560 | 通达股份 | 9.99 | 12.05 | 13282.80 | | 300870 | 欧陆通 | 2.32 | 5.45 | 9261.16 | | 300751 | 迈为股份 | 6.96 | 6.45 | 9039.35 | | 601012 | 隆基绿能 | 1.13 | 0.88 | 8760.28 | | 002851 | 麦格米特 | 3.43 | 9.16 | 8730.97 | | 300763 | 锦浪科技 | 3.95 | 4.68 | 6992.70 | | 60335 ...

近日，星源材质（300568）董秘李昇在接受采访时表示，公司正积极推进国际化战略，通过在全球范围 内的产能布局，加强与全球顶尖电池厂商和汽车厂商的合作，以巩固其在新能源锂电池隔膜行业的领先 地位。特别是在马来西亚、瑞典和美国的布局，彰显了星源材质深耕海外市场的决心与实力。 海外布局加速推进 今年4月，一纸公告揭示了星源材质马来西亚项目正在稳步推进。 星源材质4月11日公告，公司已与英诺威新材料科技(马来西亚)有限公司(简称"英诺威")、Bank Of China(Malaysia)Berhad及中信证券《募集资金四方监管协议》，协议旨在规范募集资金的管理和使用， 保护投资者利益。 协议规定，英诺威已在Bank Of China(Malaysia)Berhad开设募集资金专项账户，专户仅用于"高性能锂离 子电池湿法及涂覆隔膜马来西亚项目"的募集资金存储和使用，不得存放非募集资金或用作其他用途。 据了解，星源材质作为国内隔膜行业的领军企业，已经在隔膜领域深耕逾20年。近年来，公司积极响应 国际化战略，加速海外布局。星源材质早在2021年就开启了出海进程，成为国内首家实现隔膜批量出口 的企业。目前，公司已在全球范围 ...

Group 1 - The core viewpoint of the article highlights the significant growth and favorable valuation of the New Energy ETF, which has seen a notable increase in trading volume and fund size, indicating strong investor interest [3] - The New Energy ETF has a turnover rate of 2.42% during trading, with a transaction volume of 22.09 million yuan, and an average daily transaction volume of 36.57 million yuan over the past year, ranking it among the top two comparable funds [3] - The fund's size has increased by 42.11 million yuan in the past month, and its shares have grown by 51 million in the last six months, demonstrating substantial growth [3] Group 2 - The underlying index tracked by the New Energy ETF, the CSI New Energy Index, is currently valued at a historical low with a price-to-book ratio (PB) of 1.99, which is below 87.04% of the time over the past three years, indicating attractive valuation [3] - In the first quarter, China's newly installed photovoltaic capacity reached 59.71 GW, representing a year-on-year growth of 30.5%, with March alone seeing an installation of 20.24 GW, a remarkable increase of 124.39% year-on-year [3] - Analysts suggest that the photovoltaic sector is poised for a recovery in fundamentals, driven by a gradual rebound in demand and supply-side constraints, alongside potential benefits from upcoming reform policies [3] Group 3 - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include CATL, LONGi Green Energy, Sungrow Power Supply, China National Nuclear Power, Three Gorges Energy, TBEA, Eve Energy, Huayou Cobalt, Tongwei Co., and Ganfeng Lithium, collectively accounting for 44.26% of the index [3]

Core Insights - The electric vehicle sector showed a recovery in Q1 2025 after a decline in Q4 2024, with significant improvements in revenue and net profit [1][2][4] Group 1: Financial Performance - In Q1 2025, the sector's revenue reached 790.2 billion yuan, reflecting a 9% increase year-on-year but a 26% decrease quarter-on-quarter [1][2] - The net profit attributable to shareholders in Q1 2025 was 40.9 billion yuan, marking a 38% increase year-on-year and a 41% increase quarter-on-quarter [1][2] - The gross margin in Q1 2025 was 17%, a slight decrease of 1 percentage point year-on-year but an increase of 4 percentage points quarter-on-quarter [4] Group 2: Profit Contribution by Segment - In Q1 2025, the profit contribution from batteries was 38%, down 4 percentage points year-on-year, while the contribution from complete vehicles was 37%, down 7 percentage points [1][2] - The profit share from midstream materials remained stable at 8%, while lithium carbonate saw a 10% increase in profit contribution to 4% [1][2] Group 3: Market Trends and Outlook - The overall market for electric vehicles remained robust, with global sales reaching 5.82 million units in Q4 2024, a 33% increase year-on-year [2] - The industry is expected to grow by 25% in 2025, driven by a 25% increase in domestic electric vehicle sales and more than double growth in emerging markets and Europe for energy storage [4][5] - The report highlights a positive outlook for leading battery manufacturers and material suppliers, with specific recommendations for companies like CATL, BYD, and others [5]

Market Overview - The Shanghai Composite Index closed at 3342.67 points, above the annual line, with a gain of 0.80% [1] - The total trading volume of A-shares reached 15050.72 billion yuan [1] Stocks Breaking Annual Line - A total of 98 A-shares have surpassed the annual line today, with notable stocks including Jinpu Titanium, Sanxiang Impression, and Houpu Co., which have deviation rates of 9.12%, 8.94%, and 7.94% respectively [1] - Stocks with smaller deviation rates that just crossed the annual line include ChuanTou Energy, Hongta Securities, and Jinbin Development [1] Top Stocks by Deviation Rate - Jinpu Titanium (000545) saw a price increase of 9.81% with a turnover rate of 6.51%, latest price at 2.35 yuan, deviation rate of 9.12% [1] - Sanxiang Impression (000863) increased by 10.14% with a turnover rate of 3.85%, latest price at 4.02 yuan, deviation rate of 8.94% [1] - Houpu Co. (300471) rose by 8.78% with a turnover rate of 10.22%, latest price at 9.91 yuan, deviation rate of 7.94% [1] Additional Stocks with Notable Performance - Bojie Co. (002975) increased by 9.99% with a turnover rate of 3.33%, latest price at 32.81 yuan, deviation rate of 7.25% [1] - Hangxin Technology (300424) rose by 6.12% with a turnover rate of 11.08%, latest price at 15.78 yuan, deviation rate of 5.43% [1] - Other notable stocks include Zhonghang Shenfei (600760) and Hongye Futures (001236) with deviation rates of 4.48% and 3.52% respectively [1]

Group 1 - Major stock indices opened significantly higher on May 7, with financial and real estate sectors leading the gains [1] - The A500 Index ETF (159351) rose by 0.84%, with trading volume quickly surpassing 320 million yuan, and several constituent stocks, including Xingyuan Material and Maiwei Co., saw gains exceeding 6% [1] - The A500 Index ETF closely tracks the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] Group 2 - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity, along with a 0.1 percentage point cut in policy interest rates [1] - Huatai Securities expressed optimism for the Chinese stock market, anticipating a systematic decline in risk premiums and highlighting the importance of decreasing risk-free rates and capital market reforms as key drivers for new market entrants [1] Group 3 - Minsheng Securities noted that macroeconomic volatility in 2025 will lead to frequent market style shifts, urging investors to focus on the establishment of long-term mechanisms, including the cultivation of new external and internal demand [2] - The consumption sector, including tourism, dairy, food, and beer, is expected to benefit from the development of domestic demand, while resource products and capital goods will gain from the restructuring of global economic order [2] - Low-valuation financial sectors (banks, insurance) and the coal industry are seen as defensive, with ongoing support for intermediate and capital goods demand from the replenishment of manufacturing in Europe and the U.S. [2]

Summary of Key Points from the Conference Call Company Overview - **Company**: Xingyuan Material - **Industry**: Lithium battery separator manufacturing Financial Performance - **Q1 2025 Revenue**: 889 million RMB, up 24.44% YoY, but net profit down 56% to 46.7 million RMB due to industry competition, separator price decline, and increased financial costs [2][5] - **2024 Revenue**: 3.54 billion RMB, up 17.5% YoY, with net profit down 36.87% to 364 million RMB, primarily due to a drop in separator prices [3] - **2025 Expected Shipment Volume**: Approximately 5 billion square meters, with wet method accounting for 50%-60% and overseas shipments maintaining at 10%-20% [2][13] Capacity Expansion - **New Facilities**: The Foshan base has been completed, with European and ASEAN bases expected to start production in 2025 [2][6] - **Production Capacity**: The fifth-generation super wet method line has achieved an annualized capacity of 250 million square meters [7] - **Future Capacity Goals**: By 2027, total capacity is expected to approach 10 billion square meters, with dry method at about 3 billion square meters [4][32] Technological Innovations - **New Products**: Collaboration with Taihe New Materials to launch the square wheel series separator and the second-generation nanofiber products [7][8] - **Solid-State Battery Development**: Investment in New Yuan Bang has led to the establishment of oxide electrolyte production capacity at the hundred-ton level [8] Market Development - **International Partnerships**: Long-term contracts signed with major clients like Samsung SDI and Volkswagen Group subsidiaries [2][9] - **Impact of Northvolt Bankruptcy**: Full impairment provision of approximately 65 million RMB due to the bankruptcy of Northvolt, a key customer [11][12] Shareholder Returns - **Dividends and Buybacks**: Continued cash dividends of 0.5 RMB per 10 shares and repurchase of 8.58 million shares to enhance shareholder value [10] Price Trends and Profitability - **Separator Price Dynamics**: Dry method separator prices have increased due to market competition and quality improvements, while wet method prices have declined, impacting gross margins [4][13] - **Future Price Expectations**: Dry method prices are expected to remain stable due to limited new capacity, while wet method prices may fluctuate based on market conditions [16] Strategic Focus - **New Business Ventures**: Active exploration in semiconductor materials and solid-state batteries, positioning as a solid-state battery solution provider [4][38] - **Investment Plans**: Remaining investments focused on overseas projects, with total new project investments estimated at 2-4 billion RMB for equipment upgrades and smart technology [27] Conclusion - **Outlook for 2025**: Anticipated improvement in profitability driven by high-value customers and new business developments, with confidence in achieving better financial results in upcoming quarters [41]