深圳市德方纳米科技股份有限公司 证券代码：300769 证券简称：德方纳米 公告编号：2025-066 关于授予 2025 年员工持股计划预留份额的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为满足公司可持续发展需要，不断吸引和留住优秀人才，深圳市德方纳米科 技股份有限公司（以下简称"公司"）2025 年员工持股计划（以下简称"本员 工持股计划"）设置预留份额，股票来源为公司以集中竞价交易方式回购 A 股 普通股（以下简称"标的股票"），暂存于公司回购专用证券账户，待确定认购 对象后再办理非交易过户。截至目前，2025 年员工持股计划预留份额所涉标的 股票 640,600 股。公司于 2025 年 9 月 29 日召开第四届董事会第二十次会议，审 议通过《关于授予 2025 年员工持股计划预留份额的议案》，现将有关事项公告 如下： 一、本员工持股计划进展情况 1、公司于 2025 年 6 月 27 日召开 2025 年第一次临时股东大会，批准实施本 员工持股计划。本员工持股计划筹集资金总额不超过 40,457,516 元，份额上限为 40,457,5 ...

3、本次预留授予遵循依法合规、自愿参与、风险自担的原则，不存在以摊 派、强行分配等方式强制员工参与的情形。 4、本次预留授予所涉资金来源为参加对象自筹出资，包括但不限于参加对 象合法薪酬、自有资金以及通过法律法规允许的其他方式取得的资金，不涉及公 司向参加对象提供财务资助或为参加对象贷款提供担保，不涉及杠杆资金，不涉 及第三方为参加对象提供奖励、资助、补贴、兜底等安排。 5、本次预留授予有利于吸引和留住优秀人才，满足公司可持续发展需要， 不会损害公司及中小股东合法权益。 深圳市德方纳米科技股份有限公司 深圳市德方纳米科技股份有限公司董事会薪酬与考核委员会 关于 2025 年员工持股计划预留授予事项的核查意见 深圳市德方纳米科技股份有限公司（以下简称"公司"）董事会薪酬与考 核委员会对 2025 年员工持股计划（以下简称"本员工持股计划"）预留授予事 项发表核查意见如下： 1、本次预留授予处于有效期内，已取得 2025 年第一次临时股东大会的授 权，审议程序合法、有效。 2、本次预留授予人员包括公司董事、高级管理人员以及公司（含子公司） 部分核心员工，均与公司（含子公司）签署劳动/劳务/聘用合同，符合《关于上 ...

格隆汇9月29日丨德方纳米(300769.SZ)在互动平台表示，公司产品广泛应用于动力及储能电池领域，终 端场景涵盖纯电动汽车、插电混动汽车、电动重卡、电动船舶及工程机械等。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of long-term demand expectations as a key driver for valuation and performance in the lithium battery and photovoltaic sectors [24][28] - It highlights the significant impact of short-term marginal conditions, particularly pricing and production/output data, on market sentiment and stock performance [41][48] Summary by Sections 1. Stock Price Review - The lithium battery market began its upward trend in late 2019, driven by European carbon emission assessments and the rise of new energy vehicle consumption in China [11] - The photovoltaic market saw significant growth from 2020 to 2021 due to global carbon reduction targets and supply constraints, leading to a surge in prices and stock performance [15] - The inverter segment experienced explosive growth driven by demand from energy storage solutions, but faced a sharp decline in 2023 due to inventory issues [19] 2. Key Drivers - **Long-term Demand Expectations - Lithium Batteries** - The report notes that the adjustment of long-term demand expectations directly influences performance and valuation, with significant growth observed in 2020 due to rising demand for new energy vehicles [24] - **Long-term Demand Expectations - Photovoltaics** - The report indicates that from 2020 to 2021, demand expectations for photovoltaics were revised upwards, leading to a bullish market sentiment, but concerns about peak demand in 2023 led to a decline in valuations [29] - **Long-term Demand Expectations - Inverters** - The inverter market's performance was closely tied to demand expectations, with significant growth in 2022 driven by European energy needs, but a subsequent drop in orders in 2023 [33] 3. Short-term Marginal Conditions - **Pricing** - The report highlights that price changes in lithium and silicon materials significantly affect stock prices, with stock prices often leading material price increases [41] - **Production/Output** - Monthly production and shipment data are critical indicators for stock performance, particularly in the energy storage sector, where visibility is limited [48] - **Quarterly Profit Growth Expectations** - Market participants often use quarterly profit growth expectations to gauge industry health, with stock prices typically peaking ahead of profit expectations [49] 4. Other Insights - The report notes that valuation levels are not the primary indicators of market peaks, as fundamental expectations play a more crucial role in determining market trends [59] 5. Outlook - The report expresses optimism for the energy storage market, projecting significant growth in global installations driven by improved demand expectations and favorable market conditions [62][65]

Company Overview - 德方纳米科技股份有限公司 is located in Nanshan District, Shenzhen, Guangdong Province, and was established on January 25, 2007. The company was listed on April 15, 2019. Its main business involves the research, production, and sales of lithium-ion battery materials [1] - The company's revenue composition includes 95.17% from phosphate-based cathode materials and 4.83% from other supplementary products [1] Financial Performance - As of June 30, 2025, 德方纳米 reported a revenue of 3.882 billion yuan, a year-on-year decrease of 10.58%. The net profit attributable to shareholders was -391 million yuan, an increase of 24.24% year-on-year [2] - The company has distributed a total of 307 million yuan in dividends since its A-share listing, with 175 million yuan distributed over the past three years [3] Stock Performance - On September 22, 德方纳米's stock price decreased by 2.01%, trading at 38.05 yuan per share, with a total market capitalization of 10.661 billion yuan [1] - Year-to-date, the stock price has increased by 3.17%, but it has seen a decline of 8.36% over the last five trading days [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 48,300, a rise of 5.63%. The average circulating shares per person decreased by 5.33% to 5,210 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 2.613 million shares, a decrease of 254,200 shares from the previous period [3]

Core Viewpoint - The company, 德方纳米 (Deyang Nano), announced that it has no overdue debts, is not involved in any lawsuits, and has not been judged to bear any guarantee responsibilities due to losing a lawsuit [1] Summary by Relevant Categories Company Financial Health - The company confirmed that it has no overdue debts, indicating a stable financial position [1] Legal Matters - There are no ongoing lawsuits involving the company, which suggests a low legal risk environment [1] - The company has not been held liable for any guarantee responsibilities due to adverse legal judgments [1]

证券代码：300769 证券简称：德方纳米 公告编号：2025-063 深圳市德方纳米科技股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 对外担保概述 深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年4月25日 召开第四届董事会第十七次会议，并于2025年5月19日召开2024年年度股东大会， 会议分别审议通过了《关于向金融机构申请综合授信额度的议案》《关于对外担 保额度预计的议案》，公司及合并报表范围的子公司（含授权期限内新设立或纳 入合并范围的全资子公司、控股子公司）拟向银行、融资租赁公司等金融机构申 请综合授信额度，总额度合计不超过人民币1,500,000.00万元（不包含低风险业 务额度），最终额度以金融机构实际审批的授信额度为准，授信品种包括但不限 于本外币借款、银行承兑汇票、信用证、保函等，各金融机构实际授信额度可在 总额度范围内调剂。公司拟为合并报表范围的子公司向业务相关方（包括但不限 于银行、融资租赁公司等金融机构及其他业务合作方）申请综合授信额度（包括 但不限于本外币借款、银行承兑汇票 ...

Company Overview - 德方纳米科技股份有限公司, established on January 25, 2007, and listed on April 15, 2019, is located in Nanshan District, Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of lithium-ion battery materials [1][2]. Financial Performance - As of June 30, 2025, 德方纳米 reported a revenue of 3.882 billion yuan, a year-on-year decrease of 10.58%. The net profit attributable to shareholders was -391 million yuan, an increase of 24.24% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 307 million yuan, with 175 million yuan distributed over the past three years [3]. Stock Performance - On September 19, 德方纳米's stock price increased by 2.02%, reaching 40.32 yuan per share, with a trading volume of 227 million yuan and a turnover rate of 2.27%. The total market capitalization is 11.297 billion yuan [1]. - Year-to-date, the stock price has risen by 9.33%, with a 2.89% decline over the last five trading days, an 11.01% increase over the last 20 days, and a 21.04% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 48,300, a rise of 5.63%. The average number of tradable shares per person decreased by 5.33% to 5,210 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 2.613 million shares (a decrease of 254,200 shares), and new entrant 东方新能源汽车主题混合, holding 1.084 million shares [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.882 billion yuan in the first half of 2025, a year-on-year decrease of 10.58%, with a net profit attributable to shareholders of -391 million yuan and a non-recurring net profit of -429 million yuan. In Q2 2025 alone, the revenue was 1.878 billion yuan, down 23.31% year-on-year and 6.27% quarter-on-quarter, with a net profit of -224 million yuan and a non-recurring net profit of -247 million yuan [2][4]. Summary by Sections Financial Performance - The company achieved a production volume of 125,300 tons for phosphate-based cathode materials in the first half of the year, representing a year-on-year increase of 8.51%, and sales volume of 122,400 tons, up 15.78%. However, due to a year-on-year decline in lithium prices leading to intensified competition, revenue continued to decline. Specifically, revenue from phosphate-based products was 3.664 billion yuan, down 13.79%, with a gross margin of -1.49%, an increase of 0.43 percentage points year-on-year. Other business revenue was 218 million yuan, up 139.38%, with a gross margin of -12.98% [10]. Product Development - In Q2 2025, the company's negative electrode material shipments continued to improve, driven by favorable industry demand. The estimated overall single-ton profitability remained stable. The fourth-generation high-pressure dense lithium iron phosphate product has achieved mass production, while the fifth-generation high-performance lithium iron phosphate has a powder density of 2.70-2.75 g/cm³ and a sheet density exceeding 2.75 g/cm³, currently in trial production. The company has established an annual production capacity of 110,000 tons for manganese iron phosphate, with the first-generation product in mass production and the second-generation product validation progressing smoothly. Additionally, a capacity of 5,000 tons per year for lithium supplement agents has been built, with orders delivered in fast-charging, long-life energy storage, and semi-solid batteries [10]. Financial Data - In Q2 2025, the company recognized an asset impairment of 75 million yuan, with a credit impairment reversal of 9 million yuan and an investment net income of 20 million yuan. The net cash inflow from operating activities was 158 million yuan, with capital expenditures of 137 million yuan [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][19]. Core Insights - The company's profits are under pressure due to price impacts, but high-end lithium iron phosphate (LiFePO4) research and development is progressing smoothly [2]. - The company reported a revenue of 3.882 billion yuan for H1 2025, a year-on-year decrease of 10.58%, with a net loss attributable to shareholders of 391 million yuan, an improvement from a loss of 516 million yuan in the same period last year [8]. - The company is increasing its R&D investment, with a total of 102 million yuan spent and 61 new patent applications filed during the reporting period [8]. Financial Performance Summary - Total revenue is projected to increase from 7.613 billion yuan in 2024 to 14.359 billion yuan in 2027, with a compound annual growth rate (CAGR) of 19.6% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 1.338 billion yuan in 2024 to a profit of 434 million yuan in 2027, reflecting a significant turnaround [4]. - Earnings per share (EPS) is forecasted to rise from -4.77 yuan in 2024 to 1.55 yuan in 2027 [4]. Product Development and Market Position - The company has the largest established production capacity for manganese iron lithium at 110,000 tons per year, with products already in mass production [8]. - The first-generation manganese iron lithium product has achieved batch delivery, and the second-generation product is progressing well in validation [8]. - The company’s lithium supplement enhancer is the first in the world to achieve mass production, with a capacity of 5,000 tons per year, leading the industry in both scale and progress [8].