Financial Performance - The company's revenue for Q3 2025 was ¥2,154,495,723, a decrease of 1.60% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥153,350,466, representing a 49.86% increase in losses year-over-year[5]. - Total operating revenue decreased to ¥6,036,125,522.94 from ¥6,530,387,334.82, a decline of approximately 7.57% year-over-year[24]. - Net profit for the period was a loss of ¥658,706,139.08, compared to a loss of ¥931,805,692.28 in the previous period, showing an improvement of approximately 29.2%[25]. - The total comprehensive income for the period was -429,742,079.60 CNY, compared to -1,105,304,058.40 CNY in the previous period, indicating an improvement[26]. - Basic and diluted earnings per share were both -1.94 CNY, compared to -2.93 CNY in the previous period[26]. Cash Flow - The net cash flow from operating activities was -¥1,042,326,893.66, a significant decline of 340.05% compared to the previous year[10]. - Cash inflow from operating activities totaled 3,878,477,070.80 CNY, up from 3,234,006,725.30 CNY in the previous period, representing an increase of approximately 19.9%[28]. - Cash outflow from operating activities was 4,920,803,964.46 CNY, compared to 3,470,872,979.10 CNY in the previous period, reflecting a significant increase of about 41.9%[29]. - The net cash flow from operating activities was -1,042,326,893.66 CNY, worsening from -236,866,253.80 CNY in the previous period[29]. - Cash inflow from investing activities was 4,116,491,630.56 CNY, down from 4,785,455,064.04 CNY in the previous period[29]. - The net cash flow from investing activities was -313,304,540.86 CNY, compared to 821,752,735.01 CNY in the previous period, indicating a decline[29]. - Cash inflow from financing activities was 2,914,873,180.29 CNY, compared to 2,007,620,137.96 CNY in the previous period, showing an increase of approximately 45%[29]. - The net cash flow from financing activities was 86,683,492.90 CNY, a recovery from -1,066,459,630.35 CNY in the previous period[29]. - The ending cash and cash equivalents balance was 684,576,392.54 CNY, down from 1,557,755,756.57 CNY in the previous period[29]. Assets and Liabilities - Total assets at the end of the reporting period were ¥16,906,415,882.15, down 5.07% from the end of the previous year[5]. - Total assets decreased to ¥16,906,415,882.15 from ¥17,808,896,717.39, a reduction of about 5.06%[22]. - Current liabilities decreased to ¥6,905,792,593.93 from ¥7,961,946,928.34, a decline of approximately 13.27%[22]. - Non-current liabilities increased to ¥3,575,453,463.63 from ¥2,963,443,922.53, an increase of about 20.66%[22]. - Total equity attributable to shareholders decreased by 6.21% to ¥5,201,122,722.51 compared to the end of the previous year[5]. - Total equity decreased to ¥6,425,169,824.59 from ¥6,883,505,866.52, a decline of approximately 6.64%[22]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 52,809[12]. - The largest shareholder, Kong Lingyong, holds 12.97% of shares, amounting to 36,346,579 shares, with 12,000,000 shares pledged[12]. - The total number of shares held by the top ten unrestricted shareholders includes significant holdings by Ji Xuewen (8.02%) and Qin Dongdong (4.01%) among others[13]. - The company has not reported any changes in the shareholding structure due to stock lending or borrowing activities among the top ten shareholders[13]. - The total number of restricted shares at the end of the period remains at 28,430,552 shares, with no new restrictions imposed[16]. - The company has not received any disclosures regarding related party relationships among the top shareholders[13]. Research and Development - Research and development expenses decreased by 37.55% to ¥141,264,417.86 compared to the same period last year[9]. - Research and development expenses decreased to ¥141,264,417.86 from ¥226,221,968.11, a reduction of about 37.6% year-over-year[24]. Investment Income - The company recorded a loss of -¥38,589,530.41 in investment income, a decline of 194.83% year-over-year due to derivative investment losses[9].

Core Viewpoint - 德方纳米's stock price has shown significant growth this year, with a notable increase in trading activity and a positive outlook in the lithium battery materials sector [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%, while 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 - 德方纳米's stock price has increased by 15.78% year-to-date, with a 6.30% rise over the last five trading days, 13.78% over the last 20 days, and 23.23% over the last 60 days [2]. - The stock was trading at 42.70 yuan per share with a market capitalization of 11.964 billion yuan as of October 29 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 48,300, a rise of 5.63%, with an average of 5,210 circulating shares per person, down 5.33% from the previous period [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 2.613 million shares, a decrease of 254,200 shares from the previous period [3].

持股5%以上股东吉学文先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：300769 证券简称：德方纳米 公告编号：2025-071 深圳市德方纳米科技股份有限公司 关于持股 5%以上股东减持股份权益变动触及 1%及减持计划提前终止的公告 4、公司于 2025 年 10 月 27 日办理完成 2025 年员工持股计划预留受让股票 478,900 股非交易过户手续， 公司回购专户的股份数量变更为 161,700 股。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年7月10日 在巨潮资讯网（www.cninfo.com.cn）披露了《关于持股5%以上股东减持股份的 预披露公告》（公告编号：2025-046），持有本公司股份24,888,262股（占剔除 回购专户股份2,807,600股后公司总股本的8.9726%）的股东吉学文先生计划自本 公告披露之日起15个交易日之后的3个月内以集中竞价和/或大宗交易方式减持 公司股份不超过8,321,400股（占剔除回购专户股份2,807,600 ...

证券代码：300769 证券简称：德方纳米 公告编号：2025-070 深圳市德方纳米科技股份有限公司 关于 2025 年员工持股计划预留授予非交易过户完成的公告 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。 深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年9月29日 召开第四届董事会第二十次会议，批准实施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，根据《关于上市公司实施员工持股计划试点的 指导意见》《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司 规范运作》等规定，现将本次预留授予事项进展情况公告如下： 一、 本员工持股计划的股票来源 根据《2025 年员工持股计划》规定，本员工持股计划的股票来源为公司以 集中竞价交易方式回购 A 股普通股（以下简称"标的股票"）。 公司于 2023 年 12 月 4 日分别召开第四届董事会第八次会议和第四届监事会 第七次会议，审议通过《关于回购公司股份方案的议案》，决定以集中竞价交易 方式回购股份用于股权激励或员工持股计划，回购资金总额不低于 10,000 万元 （含）且 ...

Summary of Conference Call on Battery Materials Industry Industry Overview - The focus is on the battery materials industry, particularly in China, with a favorable supply-demand setup anticipated for 2026 [1][2][3]. Key Insights - **Supply-Demand Dynamics**: The supply-demand setup for battery materials is expected to improve, with a forecasted 25% growth in total battery demand for 2026. This is anticipated to increase the utilization rate of battery materials by 3-15 percentage points, reaching 60-90% [2][3]. - **Order of Preference**: The preferred order of battery materials based on utilization forecasts and valuations is as follows: LiPF6 (electrolyte) > separators > LFP cathode > anodes > NCM cathodes. Current valuations of battery material stocks range from 6.3x to 125.4x 2026 estimated P/E [3][4]. - **Price Negotiation Risks**: Historical data indicates that there is no direct correlation between utilization rates and pricing for battery materials. Price negotiations with battery makers are crucial, and significant price hikes may not occur until next year [4][17]. Company Ratings and Forecasts - **Upgrades and Downgrades**: - Tinci and Yunan Energy have been upgraded to Overweight from Equal-weight, with price targets set at RMB 38.00 and RMB 53.00, respectively. - Shenzhen Dynanonic, Ronbay, and Putailai have been downgraded to Underweight from Equal-weight, with price targets of RMB 21.00, RMB 13.00, and RMB 20.00, respectively [6][18]. LFP Cathodes Insights - **Demand Growth**: LFP cathode demand has exceeded expectations, with production volumes growing over 50% year-on-year for two consecutive years. The demand is expected to continue growing by approximately 30% in 2026, driven by robust ESS and EV battery production [14][15]. - **Supply and Utilization**: Despite significant capacity additions, the utilization rate for LFP materials has improved, reaching around 70% recently. This is expected to remain above 70% in 2026, which should aid in price negotiations with battery makers [16][17]. Financial Performance of Dynanonic - **Market Share Losses**: Dynanonic has seen its market share in the domestic LFP market decline from over 20% in 2021 to approximately 7% in 2025. The company is also facing inventory losses and is no longer perceived to have a cost advantage over peers [18][19]. - **Earnings Revisions**: The 2025 net profit forecast for Dynanonic has been revised down due to ongoing losses, while 2026 earnings forecasts have been slightly increased to account for potential processing fee hikes [20][21]. Conclusion - The battery materials industry is poised for growth in 2026, with improved supply-demand dynamics and utilization rates. However, companies like Dynanonic face challenges that could impact their market position and profitability. The focus on price negotiations and the ability to adapt to market changes will be critical for success in this evolving landscape [2][4][18].

证券代码：300769 证券简称：德方纳米 公告编号：2025-069 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 ...

证券代码：300769 证券简称：德方纳米 公告编号：2025-068 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 ...

Group 1 - The stock price of Defang Nano has dropped by 5.06% to 39.24 CNY per share, with a trading volume of 674 million CNY and a turnover rate of 6.55%, resulting in a total market capitalization of 10.995 billion CNY [1] - Defang Nano's stock has experienced a continuous decline over three days, with a cumulative drop of 3.39% during this period [1] - The company, established on January 25, 2007, specializes in the research, production, and sales of lithium-ion battery materials, with 95.17% of its main business revenue coming from phosphate-based cathode materials [1] Group 2 - Among the top ten circulating shareholders of Defang Nano, a fund under Dongfang Fund has entered the list, holding 1.084 million shares, which accounts for 0.43% of the circulating shares [2] - The Dongfang New Energy Vehicle Theme Mixed Fund (400015) has incurred a floating loss of approximately 2.2656 million CNY today, with a total floating loss of 1.5718 million CNY during the three-day decline [2] - The fund, established on December 28, 2011, has a current scale of 7.858 billion CNY and has achieved a year-to-date return of 52.04%, ranking 696 out of 8160 in its category [2]

Core Points - The stock price of Defang Nano increased by 2.02% on October 16, reaching 42.89 CNY per share, with a market capitalization of 12.017 billion CNY [1] - Year-to-date, Defang Nano's stock price has risen by 16.30%, but it has decreased by 4.69% in the last five trading days [2] - The company specializes in the research, production, and sales of lithium-ion battery materials, with 95.17% of its revenue coming from phosphate-based cathode materials [2] Financial Performance - For the first half of 2025, Defang Nano reported a revenue of 3.882 billion CNY, a year-on-year decrease of 10.58%, while the net profit attributable to shareholders was -391 million CNY, an increase of 24.24% year-on-year [2] - The company has distributed a total of 307 million CNY in dividends since its A-share listing, with 175 million CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 5.63% to 48,300, with an average of 5,210 circulating shares per person, a decrease of 5.33% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several funds, with notable changes in their holdings [3]

Core Points - 德方纳米 reported a revenue of 3.882 billion yuan for the first half of 2025, a year-on-year decrease of 10.58% [1] - The net profit attributable to shareholders was -391 million yuan, an improvement from -516 million yuan in the same period last year [1] - The net cash flow from operating activities was -763 million yuan, compared to -420 million yuan in the previous year [1] Fundraising Activities - 德方纳米 raised a total of 4.847 billion yuan through three rounds of fundraising [4] - In 2020, the company issued 11,764,705 shares at 102.00 yuan per share, raising approximately 1.2 billion yuan after expenses [2] - In 2022, the company issued 12,549,019 shares at 255.00 yuan per share, raising approximately 3.2 billion yuan after expenses [3] Financial Performance - In 2024, 德方纳米 reported a revenue of 7.613 billion yuan, a significant decline of 55.15% year-on-year [4] - The net profit attributable to shareholders for 2024 was -1.338 billion yuan, an improvement from -1.636 billion yuan in the previous year [4] - The net cash flow from operating activities in 2024 was 143 million yuan, a decrease of 97.61% year-on-year [4]