Group 1 - The battery chemicals sector experienced a significant surge, with companies such as Fengyuan Co. and Shida Shenghua hitting the daily limit up [1] - Huasheng Lithium Battery and Haike New Source saw increases of over 10% [1] - Other companies including Tianli Lithium Energy, Xinde New Materials, Xiangfenghua, Wukuang New Energy, and Defang Nano also showed positive performance [1]

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant recovery starting from Q3 2025, driven by strong downstream demand and improved capacity utilization across the sector [2][5]. Group 1: Industry Performance - In the first nine months of the year, Hunan Youneng reported LFP sales of 784,900 tons, a year-on-year increase of 64.86% [2]. - The overall capacity utilization in the LFP industry has improved, with major companies operating at high loads due to strong market demand [3][5]. - The cumulative installed capacity of power batteries in China reached 578 GWh from January to October, with LFP batteries accounting for 470.2 GWh, representing 81.3% of the total and a year-on-year growth of 59.7% [4]. Group 2: Market Dynamics - The LFP market is witnessing a "volume and price increase" trend, with companies like Andar Technology reporting a robust operational status and saturated orders [3]. - The demand for LFP batteries is being driven by the growth in the electric vehicle market and the acceleration of energy storage projects, particularly in renewable energy [4][5]. - The industry is expected to maintain high levels of prosperity until 2026, supported by policy incentives and strong market confidence [5]. Group 3: Financial Performance - Hunan Youneng achieved a net profit of 340 million yuan in Q3, a year-on-year increase of 235.31% [7]. - Companies like Wanrun New Energy and Longpan Technology have significantly reduced their losses, indicating an improvement in financial health [7]. - The overall profitability of LFP companies is expected to improve in 2026, as the industry moves towards a more balanced supply-demand structure [9]. Group 4: Future Outlook - Analysts predict that the LFP industry will see a reduction in losses and a return to profitability by mid-2026, as high-end capacity is gradually released to meet growing demand [9]. - The ongoing upgrade to high-pressure LFP technology is expected to enhance performance and broaden application scenarios, further supporting demand growth [5][6].

Core Points - The company approved a joint venture agreement with ICL Group Ltd.'s subsidiary Amsterdam Fertilizers B.V. on January 17, 2025, to jointly increase capital in the project company ICL BM, S.L. [2] - After the capital increase, Amsterdam Fertilizers will hold 80% of the project company, while the company will hold 20%, with the project primarily focused on the production of lithium iron phosphate, requiring a total investment of €285 million [2] - On November 12, the company announced the termination of the joint venture project due to changes in market conditions, international policies, and company strategy, which affected the project's economic viability and introduced significant uncertainty regarding expected returns [2]

Core Insights - The A-share market has seen a strong performance in lithium mining stocks, with several companies hitting the daily limit up [1] Group 1: Stock Performance - Yahua Group, Guocheng Mining, Yongxing Materials, Rongjie Co., and Dazhong Mining all reached the daily limit up of 10% [1] - Tibet Summit, Zhongmin Resources, and Shengxin Lithium Energy approached the daily limit up, with increases of 9.81%, 9.66%, and 9.50% respectively [1] - Hainan Mining, Yiwei Lithium Energy, Defang Nano, and Tibet Mining saw increases exceeding 7% [1] Group 2: Market Capitalization and Year-to-Date Performance - Yahua Group has a market capitalization of 25.4 billion and a year-to-date increase of 89.38% [2] - Guocheng Mining has a market capitalization of 27.4 billion and a year-to-date increase of 105.13% [2] - Yongxing Materials has a market capitalization of 29.1 billion and a year-to-date increase of 46.49% [2] - Rongjie Co. has a market capitalization of 13.7 billion and a year-to-date increase of 66.76% [2] - Dazhong Mining has a market capitalization of 38.5 billion and a year-to-date increase of 200.94% [2]

Core Viewpoint - The company has decided to terminate the joint venture project with Amsterdam Fertilizers due to changes in market conditions, international policies, and company strategy affecting the project's economic viability [1] Group 1: Joint Venture Agreement - The company signed a joint venture agreement with ICL Group Ltd.'s subsidiary, Amsterdam Fertilizers B.V. [1] - The joint venture aimed to jointly increase capital in ICL BM, S.L., with Amsterdam Fertilizers holding 80% and the company holding 20% after the capital increase [1] Group 2: Project Details - The project was primarily focused on the production of lithium iron phosphate [1] - The total investment for the project was estimated at €285 million [1] Group 3: Decision to Terminate - Both parties have actively promoted the joint venture project since signing the agreement [1] - Due to changes in external and internal factors impacting the project's economic feasibility, the expected returns have become highly uncertain [1] - After careful consideration and friendly communication, both parties agreed to terminate the joint venture project to optimize resource allocation and reduce investment risks [1]

Core Viewpoint - The company has decided to terminate its joint venture agreement with ICL Group Ltd.'s subsidiary Amsterdam Fertilizers, which was intended to increase capital in ICL BM, S.L., a project focused on lithium iron phosphate production [1] Group 1 - The company previously planned to sign a joint venture agreement with ICL Group Ltd.'s subsidiary Amsterdam Fertilizers [1] - After the capital increase, the company would have held a 20% stake in the project [1] - On November 12, 2025, the company's board approved the proposal to terminate the joint venture project [1] Group 2 - The company has authorized its management to negotiate and sign the relevant termination agreement with the joint venture partner [1]

Core Viewpoint - The company has decided to terminate its joint venture agreement with ICL Group Ltd.'s subsidiary Amsterdam Fertilizers, which was aimed at increasing capital in ICL BM, S.L. and producing lithium iron phosphate [1] Group 1 - The company initially planned to hold a 20% stake in the joint venture after the capital increase [1] - The board of directors approved the termination of the joint venture project on November 12, 2025 [1] - The management has been authorized to negotiate and sign the relevant termination agreement with the joint venture partner [1]

证券代码：300769 证券简称：德方纳米 公告编号：2025-077 深圳市德方纳米科技股份有限公司 关于终止与ICL合资项目的公告 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。 一、 原对外投资概述 四、 本次终止对外投资对公司的影响 截至本公告披露日，公司尚未向项目公司实际出资，仅产生部分差旅、咨询 等前期费用。本次终止合资项目是公司与合资方协商一致、审慎决策的结果，公 司与合资方之间均不存在违反合资协议约定需承担违约责任的情形。合资项目尚 处于前期准备阶段，尚未投入建设、运营，未产生实际效益。本次终止对外投资 事项不会对公司的财务状况和生产经营产生重大不利影响，不存在损害公司及全 体股东利益特别是中小股东利益的情形。 深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年1月17日 召开第四届董事会第十五次会议，会议审议通过了《关于与ICL签署合资企业协 议的议案》，同意公司与ICL Group Ltd.的子公司Amsterdam Fertilizers B.V.（以 下简称"Amsterdam Fertilizers"）签署《合资企业协议》 ...

深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年11月11 日以电子邮件等方式向公司全体董事发出会议通知，并于2025年11月12日在公司 会议室以通讯方式召开第四届董事会第二十二次会议。经全体董事同意，本次会 议豁免通知时限要求。 本次董事会会议应出席董事7人，实际出席董事7人。会议由公司董事长孔令 涌先生召集并主持，公司部分高级管理人员列席本次会议。本次董事会会议的召 集、召开符合《中华人民共和国公司法》等相关法律法规以及《公司章程》的规 定。 二、 董事会会议审议情况 1、审议通过《关于终止与 ICL 合资项目的议案》 公 司 与 ICL Group Ltd. 的 子 公 司 Amsterdam Fertilizers B.V. （ 以 下 简 称 "Amsterdam Fertilizers"）签署《合资企业协议》（以下简称"合资协议"）， 公司与Amsterdam Fertilizers拟共同增资ICL BM, S.L.,（以下简称"项目公司"）， 增资完成后项目公司由Amsterdam Fertilizers持股80%，公司持股20%，项目公司 主要生产磷酸铁锂，项目预计总投资为2. ...

Core Viewpoint - The lithium battery energy storage sector is experiencing a significant surge driven by policy support, market demand, and rising prices, indicating the onset of a new super cycle in the industry [1][5][24]. Policy Support - The National Development and Reform Commission and the National Energy Administration have issued guidelines to promote renewable energy consumption, aiming for an average of 200GW by 2030, which enhances the profitability of energy storage projects [3]. - Energy storage projects can now earn stable income by providing peak shaving services to the grid, increasing internal rates of return (IRR) from 5%-6% to 8%-10%, with some regions even reaching 12% [3][4]. - The cancellation of mandatory energy storage requirements has led to a 212% year-on-year increase in domestic energy storage bidding volumes [4]. Demand Explosion - The domestic market has seen a doubling of registered energy storage projects to 1125GWh in the first three quarters of 2025, indicating a shift from being an accessory to renewable energy to a primary focus [6]. - Overseas orders for Chinese energy storage companies surged by 246% year-on-year, with significant demand from the U.S. and Europe due to AI data centers and carbon neutrality goals [6][7]. Price Increases in Materials - The price of lithium hexafluorophosphate (6F) has increased by 50% from its bottom price of 45,000 yuan/ton, driven by rising demand and limited production capacity [16]. - Prices for battery-grade lithium carbonate and other additives have also seen significant increases, with VC prices rising by 50% since September [12][17]. - The supply-demand dynamics in the materials sector are expected to continue driving price increases, with structural shortages in key components like cathodes and separators [19][23]. Key Companies and Investment Opportunities - Companies involved in energy storage systems and power conversion systems (PCS) are positioned to benefit from the surge in global orders, with notable players including Sungrow Power and Huaneng Renewables [21]. - Leading battery cell manufacturers like CATL and EVE Energy are expected to see stable demand growth, with their production capacities fully utilized [22]. - Material producers such as Tianji and Huasheng Lithium are highlighted for their strong profit potential due to rising prices and demand [23]. Summary - The lithium battery energy storage sector is at the beginning of a super cycle, driven by favorable policies, robust demand, and rising material prices, with significant opportunities across the entire supply chain [24][25].