Core Viewpoint - The domestic power battery installation capacity reached 56.6 GWh in March this year, with a year-on-year and month-on-month growth of over 61%, where lithium iron phosphate batteries accounted for over 82% of the total, marking a significant increase in demand and technological upgrades in the industry [1][2][3]. Group 1: Development of High-Pressure Lithium Iron Phosphate - High-pressure lithium iron phosphate is becoming the mainstream product, with powder compact density reaching approximately 2.60 g/cm³ and electrode compact density around 2.75 g/cm³ [4][5]. - The evolution of lithium iron phosphate has progressed to the fourth generation, with earlier generations (first to third) having lower compact densities [3][5]. - The market is shifting towards higher density products due to increasing performance requirements, with some leading companies already investing in fourth and fifth generation products [5][6]. Group 2: Market Demand and Technological Advancements - By 2025, the demand for high-pressure lithium iron phosphate products is expected to rise due to enhanced requirements for battery cycle life and the maturity of ultra-fast charging technologies [7][8]. - Major companies like CATL and others are actively developing fast-charging batteries, indicating a strong market push for high-pressure lithium iron phosphate [9][10]. - The competition is intensifying as companies strive to improve battery performance while maintaining high energy density, leading to a technological arms race in the industry [11][12]. Group 3: Financial Performance of Key Players - Companies like Fulin Precision have reported significant revenue growth attributed to high-pressure lithium iron phosphate materials, with a revenue increase of 47.02% year-on-year and a net profit growth of 173.11% [13][14]. - Hunan Youneng and Longpan Technology are also focusing on high-pressure lithium iron phosphate, with varying degrees of success in production and sales [15][16][17]. - The financial performance of these companies indicates a trend where those with advanced high-pressure lithium iron phosphate technologies are gaining a competitive edge in the market [22]. Group 4: Price Trends and Market Dynamics - Since the fourth quarter of 2024, there has been a noticeable increase in the prices of lithium iron phosphate products, particularly high-pressure variants, with price increases expected to continue into 2025 [24][27]. - The price of high-pressure lithium iron phosphate is projected to rise by 500-1500 RMB per ton, with a premium of 2000-3000 RMB over standard third-generation products [27][28]. - The supply-demand balance for high-pressure lithium iron phosphate is expected to remain tight in the short term, indicating potential for sustained price premiums [28]. Group 5: Future Outlook and Strategic Considerations - The transition towards high-pressure lithium iron phosphate is expected to catalyze a reshaping of the industry, with increased production capacity anticipated post-2026 [28]. - Companies that have mastered the technology for high-pressure lithium iron phosphate will need to optimize production efficiency and secure customer relationships to maintain their market position [30][32]. - The competitive landscape may lead to price reductions as companies vie for market share, potentially eroding the premium pricing advantage of high-pressure lithium iron phosphate [32].

北京市中伦（深圳）律师事务所 关于深圳市德方纳米科技股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年五月 北京市中伦（深圳）律师事务所 关于深圳市德方纳米科技股份有限公司 2024 年年度股东大会的 法律意见书 致：深圳市德方纳米科技股份有限公司 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》以及中国证券监督管理委员会（以下简称"中国证监会"）发布 的《上市公司股东会规则》的规定，北京市中伦（深圳）律师事务所（以下简称 "本所"）接受深圳市德方纳米科技股份有限公司（以下简称"公司"）的委托， 指派本所律师列席公司 2024 年年度股东大会（以下简称"本次股东大会"）， 本所指派的律师通过现场和实时视频方式对本次股东大会的相关事项进行见证 并出具本法律意见书。 | 一、本次股东大会的召集、召开程序 2 | | --- | | 二、出席本次股东大会人员资格 2 | | 三、本次股东大会的表决程序 3 | | 四、结论意见 8 | 为出具本法律意见书，本所律师审查了公司提供的包括但不限于如下相关文 件： 1. 公司现行有效的公司章程； 2. 公司于 2025 年 ...

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。 一、会议召开情况 1、召开时间： 现场会议召开时间：2025 年 5 月 19 日（星期一）14:30 网络投票时间：2025 年 5 月 19 日 证券代码：300769 证券简称：德方纳米 公告编号：2025-035 深圳市德方纳米科技股份有限公司 2024 年年度股东大会决议公告 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 19 日上午 9:15--9:25，9:30--11:30，下午 13:00--15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为：2025 年 5 月 19 日 9:15 至 15:00 期间的任意 时间。 2、召开地点：广东省深圳市南山区留仙大道 3370 号南山智园崇文园区 1 号楼 10 层公司会议室。 3、召开方式：采用现场投票与网络投票相结合的方式召开。 4、召集人：深圳市德方纳米科技股份有限公司（以下简称"公司"）董事会。 5 ...

华泰联合证券有限责任公司 关于深圳市德方纳米科技股份有限公司 2024 年年度跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：德方纳米 | | --- | --- | | 保荐代表人姓名：肖耿豪 | 联系电话：0755-82492010 | | 保荐代表人姓名：董瑞超 | 联系电话：0755-82492010 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | | 是，已对德方纳米从 2024 年 1 月 1 日至 12 | | （1）是否及时审阅公司信息披露文件 | 月 31 日披露的定期报告和临时报告等各类信 | | | 息披露文件均及时进行了审阅 | | （2）未及时审阅公司信息披露文件的次数 | 0 次 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括 | 是，已督导公司建立健全防止关联方占用公司 | | 但不限于防止关联方占用公司资源的制度、 | 资源的制度、募集资金管理制度、内部审计制 | | 募集资金管理制度、内控制度、内部审计制 | 度、关联交易 ...

保荐总结报告书 华泰联合证券有限责任公司 关于深圳市德方纳米科技股份有限公司 2021 年度向特定对象发行股票并在创业板上市之 保荐总结报告书 | 保荐机构名称 华泰联合证券有限责任公司 | | --- | | 保荐机构编号 Z26774000 | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、深圳证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小 | | | 镇 B7 栋 401 | | 主要办公地址 | 广东省深圳市福田区莲花街道益田路 5999 号基金大厦 27 层及 28 层 | | 法 ...

Core Viewpoint - The article highlights the rapid expansion of lithium iron phosphate (LFP) production capacity by various companies globally, driven by increasing demand for LFP materials in electric vehicles and energy storage systems. Group 1: Company Developments - Lithium Source Technology's Indonesian production base has successfully shipped LFP products, marking it as the first Chinese LFP manufacturer to commence overseas mass production. The total planned capacity is 120,000 tons, with the first phase of 30,000 tons already completed and the second phase of 90,000 tons ready to commence [1]. - In December 2024, Lithium Source revised its long-term supply agreement with LG Energy Solution (LGES), increasing the sales volume of LFP materials from 160,000 tons to 260,000 tons before 2028 [1]. - A subsidiary of Lithium Source signed an agreement with Ford's Blue Oval to supply LFP materials from 2026 to 2030 [1]. Group 2: Industry Trends - ICL announced the operation of its LFP battery material pilot production base in St. Louis, Missouri, marking a significant advancement in LFP production technology in the U.S. The facility has a total investment of $20 million and a pilot manufacturing capacity of 1 ton [2]. - The article notes that various Chinese LFP manufacturers are expanding overseas, with companies like Hunan Youneng, Hubei Wanrun, and others announcing plans to build LFP production facilities in countries such as the U.S., Morocco, and Spain [2][3]. - The U.S. has imposed a 125% tariff on domestic energy storage manufacturers, leading to a cumulative tariff of 173.4%, which has increased the demand for overseas LFP materials and batteries [3]. Group 3: Expansion Overview - A summary table lists various companies and their overseas expansion plans, including: - Lithium Source Technology in Indonesia with a planned capacity of 120,000 tons [3]. - De Fang Nano in Spain, investing €285 million for LFP production [3]. - Hunan Youneng planning a 50,000-ton LFP project [3]. - Hubei Wanrun aiming for a 50,000-ton capacity in the U.S. [3]. - Zhongwei Co. in Morocco with a projected capacity of 120,000 tons of precursor materials and 60,000 tons of LFP [3]. - Huayou Cobalt in Morocco and Indonesia with various production targets [3]. - Tianqi Materials investing $280 million in Morocco for a 300,000-ton lithium battery materials project [3].

Core Insights - 德方纳米 reported a significant decline in revenue and net profit for the year 2024, with revenue at 7.61 billion yuan, down 55.15% year-on-year, and a net loss of 1.34 billion yuan, an improvement from the previous year's loss of 1.64 billion yuan [1][2] Financial Performance Summary - **2024 Financial Results**: - Revenue: 7.61 billion yuan, a decrease of 55.15% from 16.97 billion yuan in 2023 [2] - Net Profit attributable to shareholders: -1.34 billion yuan, improved by 18.25% from -1.64 billion yuan in 2023 [2] - Net Profit excluding non-recurring items: -1.37 billion yuan, improved by 17.80% from -1.67 billion yuan in 2023 [2] - Operating cash flow: 143 million yuan, down 97.61% from 5.99 billion yuan in 2023 [2] - Basic earnings per share: -4.81 yuan, improved by 18.06% from -5.87 yuan in 2023 [2] - **Q1 2025 Financial Results**: - Revenue: 2.00 billion yuan, an increase of 5.90% from 1.89 billion yuan in Q1 2024 [3] - Net Profit attributable to shareholders: -167 million yuan, improved by 9.51% from -185 million yuan in Q1 2024 [3] - Net Profit excluding non-recurring items: -182 million yuan, improved by 4.98% from -192 million yuan in Q1 2024 [3] - Operating cash flow: -920 million yuan, a decline of 28.26% from -718 million yuan in Q1 2024 [3] Asset and Equity Summary - **2024 Year-End Assets**: - Total assets: 17.81 billion yuan, down 14.11% from 20.73 billion yuan in 2023 [2] - Net assets attributable to shareholders: 5.55 billion yuan, down 22.16% from 7.12 billion yuan in 2023 [2] - **Q1 2025 Year-End Assets**: - Total assets: 17.49 billion yuan, a decrease of 1.81% from 17.81 billion yuan at the end of 2024 [3] - Net assets attributable to shareholders: 5.39 billion yuan, down 2.81% from 5.55 billion yuan at the end of 2024 [3]

Core Insights - The company reported a significant decline in revenue for 2024, with total revenue of 7.613 billion yuan, a year-on-year decrease of 55.15% [1] - Despite the revenue drop, the company managed to reduce its net loss to 1.338 billion yuan, indicating an improvement compared to the previous year [1] - In Q1 2025, the company experienced a revenue growth of 5.90% year-on-year, reaching 2.004 billion yuan, with a slight recovery in gross margin [1] Financial Performance - The company's main product, phosphate-based cathode materials, saw a production volume of 236,600 tons in 2024, an increase of 15.31% year-on-year, while sales volume reached 225,700 tons, up by 5.52% [1] - The decline in overall performance was attributed to a significant drop in the prices of key raw materials, particularly lithium, and intensified market competition, leading to a substantial decrease in product prices and gross margins [1] R&D and Innovation - The company emphasized its commitment to research and development, investing 248 million yuan in R&D in 2024, focusing on key areas to enhance its technological leadership [2] - The company is advancing the development and mass production of new products, including next-generation lithium iron phosphate and high-performance additives, to strengthen its technological barriers [2] - The company aims to leverage five strategic pillars: customer enhancement, raw material cost reduction, manufacturing cost reduction, performance premium, and service value addition, to enhance its core competitiveness and ensure long-term sustainable growth [2]

Group 1: Company Performance and Production Capacity - The current production capacity for lithium iron phosphate is 265,000 tons/year, manganese lithium phosphate is 110,000 tons/year, and lithium supplement enhancer is 5,000 tons/year. Additionally, there is a trial production capacity of 80,000 tons/year for phosphate-based cathode materials [3] - In Q1 2025, the sales volume of phosphate-based cathode materials reached 61,500 tons, representing a year-on-year increase of 36.85% and a quarter-on-quarter increase of 5.65% [5] - The fourth-generation high-density lithium iron phosphate product has achieved mass shipment, primarily applied in the power sector, with an increasing shipment ratio as projects are implemented [5] Group 2: Revenue and Profit Improvement Strategies - The company aims to improve revenue and profit through product structure optimization, accelerating new product applications, and enhancing operational management to reduce costs and increase efficiency [3] - Measures include global capacity layout expansion, strengthening innovation capabilities, and focusing R&D resources on key areas to build technological barriers [3] - The company plans to enhance its competitive edge and profitability by accelerating technological breakthroughs and improving management capabilities [4] Group 3: Market and Risk Management - The company is actively addressing raw material cost fluctuations, particularly lithium carbonate, by diversifying supply channels and enhancing inventory management [4] - The industry faces challenges from intensified market competition and structural oversupply, which may pressure short-term profitability but could drive long-term technological advancements [4] - The company is committed to risk management by continuously upgrading technology, improving product performance, and establishing stable supplier relationships [4] Group 4: International Expansion and Trade Adaptation - The company is focused on expanding its international market presence and accelerating the construction of overseas bases while managing risks associated with the international trade environment [5] - The company leverages its advantages in core materials for lithium-ion batteries to explore international markets and promote sustainable development [5] Group 5: ESG and Sustainable Development - The company views ESG investments as a strategic choice for long-term competitiveness, with initial costs expected to yield financial returns and social value over time [7] - The company integrates its operational goals with national carbon neutrality targets, implementing various strategies to reduce energy consumption and carbon emissions [8] - Continuous third-party verification of greenhouse gas emissions and carbon footprint assessments supports the company's carbon reduction efforts [8] Group 6: Future Product Development and Market Trends - The lithium supplement enhancer product is expected to see a 500% increase in shipment volume in 2024, with further growth anticipated in 2025 [5] - The company is committed to enhancing the performance of lithium batteries through innovative materials that improve energy density, cycle life, and charging efficiency [5] - The company is exploring the recycling of lithium from retired batteries as a significant future resource for lithium supply [6]

Core Viewpoint - 德方纳米's Q1 performance shows signs of improvement with a positive gross margin, indicating a potential turning point in operations [1][3]. Financial Performance - In 2024, the company expects revenue of 7.6 billion yuan, a year-on-year decrease of 55%, with a net profit loss of 1.34 billion yuan, showing a reduction in losses [1]. - Q1 2025 revenue is projected at 2 billion yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 85%, with a net profit loss of 170 million yuan, indicating a reduction in losses [1]. - The gross margin for Q1 2025 is 0.3%, a quarter-on-quarter increase of 0.3 percentage points [1]. Production and Sales - In 2024, the company anticipates a slight increase in shipment volume to 226,000 tons, a year-on-year increase of 6%, with expectations for Q1 2025 shipments to reach 60,000 to 65,000 tons, a quarter-on-quarter increase of 38% [2]. - The company has a total capacity of 450,000 tons, with effective capacity of 260,000 tons for lithium iron phosphate and 110,000 tons for manganese iron phosphate [2]. Pricing and Margins - The average price for lithium iron phosphate in 2024 is expected to be 37,000 yuan per ton, a year-on-year decrease of 59%, with a gross margin of -4.6% [3]. - In Q1 2025, the average price is expected to recover to 36,000 yuan per ton, with a gross margin turning positive at 0.3% [3]. Cost Management - The company has strengthened cost control, with operating expenses in 2024 amounting to 780 million yuan, a year-on-year decrease of 39.3% [4]. - Q1 2025 operating expenses are reported at 170 million yuan, a year-on-year decrease of 31.7% [4]. Investment Recommendations - The company has adjusted its net profit expectations for 2025-2026 to -150 million yuan and 270 million yuan, respectively, while projecting a net profit of 610 million yuan for 2027, indicating a recovery trend [4].