无锡帝科电子材料股份有限公司 关于子公司重大诉讼事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 无锡帝科电子材料股份有限公司（以下简称"公司"）之控股子公司浙江索 特材料科技有限公司（以下简称"浙江索特"）因与浙江光达电子科技有限公司 （以下简称"光达电子"）侵害发明专利权纠纷（以下简称"原案件"）向浙江 省高级人民法院提起诉讼并获受理（案号：（2025）浙知民初 3 号），具体内容 详见公司于 2025 年 11 月 6 日披露的《关于子公司重大诉讼事项的公告》（公告 编号：2025-074）。 近日，公司获悉浙江索特收到浙江省温州市中级人民法院发送的《民事起诉 状》，光达电子就恶意提起知识产权诉讼损害责任纠纷向浙江省温州市中级人民 法院提起民事诉讼并获受理（案号：（2025）浙 03 知民初 74 号）；同时，浙江 索特已经向承办法院提出案件管辖权异议，并申请将本案件移送至杭州市中级人 民法院进行审理；另外，浙江索特向浙江省高级人民法院提交了变更诉讼请求， 申请原案件诉讼请求中增加"被告立即停止制造、销售、许诺销售侵犯原告 20118003 ...

Core Viewpoint - The company reported a significant decline in net profit for the first three quarters of 2025, despite an increase in revenue, indicating potential operational challenges and financial strain [1][2]. Financial Performance - The company achieved operating revenue of 12.72 billion yuan, representing a year-on-year growth of 10.55% [1][2]. - The net profit attributable to shareholders was 29.46 million yuan, showing a substantial decline of 89.94% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 126.62 million yuan, down 68.93% year-on-year [1][2]. - The net cash flow from operating activities was 49.21 million yuan, reflecting a significant decrease of 91.52% year-on-year [1][2]. Fundraising and Projects - The company raised a total of 399 million yuan, with a net amount of 350.56 million yuan after deducting issuance costs [3]. - The raised funds are allocated for projects including the relocation and expansion of a production line for conductive silver paste and the establishment of a research and development center [3]. - A planned issuance of shares for 2024 aims to raise up to 264.5 million yuan, with proceeds designated for expanding production capacity and supplementing working capital [3].

南亚雄指出，光伏行业陷入当前困局的一个关键点在于——创新未得到保护。"当领先企业投入大量研 发资源形成技术知识与知识产权优势，却被第三方通过其他非法途径直接使用，这对光伏乃至整个制造 业的长期发展伤害极大。我们期待业内外在这一轮光伏'反内卷'过程中能够觉醒，意识到尊重和保护知 识产权的重要性。" 据南亚雄介绍，作为光伏银浆领域的创新引领者，帝科股份在今年上半年将光伏材料业务的使命升级为 既要"引领创新"也要"守护创新"，以推动光伏行业高质量发展。 "最具代表性的动作是，帝科股份推出高阻水丁基密封胶，以适配新一代异质结融合电池、钙钛矿叠层 电池、铜基金属化电池的需求，实现更高品质、更可靠的封装材料保护，并与光伏电池高效、少银金属 化方案协同，护航技术创新与高质量可持续发展。"南亚雄说道。 尽管当前光伏行业陷入困境，但南亚雄仍坚定看好其发展前景。"光伏是一个巨大的市场，光储一体化 之后，其无疑是核聚变真正实现有效量产前最靠谱、最具经济性的能源形态，能够支撑AI时代的到 来。从这个维度讲，光伏行业的未来依然前途光明，大家要保持信心。" 11月19日，在由《中国经营报》主办的"变革破局共生共赢——2025中国新能源产 ...

Core Viewpoint - The domestic photovoltaic demand in Q3 2025 has weakened due to the end of the rush for installation, but the financial performance of the main industry chain and glass segments has significantly improved, with a focus on potential price increases for components and further profit release for silicon material companies in Q4 2025 [1] Industry Summary - **Main Industry Chain Recovery**: The upstream of the main industry chain has significantly recovered, while the component prices are yet to show a clear upward trend. After the end of the rush for installation in the first half of 2025, photovoltaic demand has weakened, but the performance of silicon materials and silicon wafers has greatly improved due to anti-involution efforts [2] - **Stable Processing Fees and Glass Profit Improvement**: The shipment of slurry in Q3 2025 has slightly increased quarter-on-quarter, with overall gross margins remaining stable. Attention is drawn to the pace of mass production of low-cost metal slurry from this year to the first half of next year, as well as the second growth curve of leading companies. Leading glass and film companies have strengthened their advantages due to a higher proportion of overseas shipments and continuous cost reductions [3] - **High Demand for Energy Storage**: Despite a certain degree of weakness in inverter exports due to the European off-season in Q3 2025, domestic energy storage bidding has increased significantly year-on-year, driving demand for centralized inverters and energy storage systems. The large-scale energy storage market remains robust, with strong performance in emerging markets such as Australia and Southeast Asia [4] - **Focus on Q4 2025 Financial Recovery**: The overall profit and operating cash flow of the sector have improved significantly in Q3 2025. The average transaction price of silicon materials is expected to continue to rise quarter-on-quarter in Q4 2025, and with the support of anti-involution efforts, component prices are likely to gradually increase. The outlook for energy storage remains positive, with expectations of high growth in domestic large-scale energy storage installations and demand recovery in Europe [5] Company Recommendations - **Silicon Material Segment**: Recommended companies include Tongwei Co., Ltd. (600438), Daqo New Energy (688303) [6] - **High-Efficiency Component Leaders**: Recommended companies include JinkoSolar (688223), Aiko Solar (600732) [6] - **Copper Slurry and Second Growth Curve**: Recommended companies include Dike Co., Ltd. (300842), Juhe Materials (688503) [6] - **Glass Segment**: Recommended companies include Xinyi Solar (00968), Flat Glass Group (601865) [6] - **Energy Storage**: Recommended companies include Deye Technology (605117), Tongrun Equipment (002150), Ginlong Technologies (300763), Sangfor Technologies (300827), Yunnan Energy (688348), and Canadian Solar (688472) [6]

Core Viewpoint - The BC Battery Index experienced a strong intraday surge, with significant activity among its major constituent stocks, indicating positive market sentiment in the battery sector [1]. Group 1: Stock Performance - Saiwu Technology reached its daily limit up, showcasing robust investor interest [1]. - Zhonglai Co., Ltd. increased by 2.57%, reflecting a positive trend in its stock performance [1]. - Yonghe Intelligent Control rose by 2.35%, indicating strong market confidence [1]. - Haimeixing saw a gain of 1.61%, contributing to the overall positive movement in the index [1]. - Dike Co., Ltd. experienced a 1.41% increase, further highlighting the active trading environment [1].

11月18日，帝科股份跌5.13%，截至发稿，报63.80元/股，成交2.69亿元，换手率3.19%，总市值92.69亿 元。 东财价值启航混合发起式A（018096）基金经理为罗申。 截至发稿，罗申累计任职时间280天，现任基金资产总规模4166.42万元，任职期间最佳基金回报 6.34%， 任职期间最差基金回报-10.71%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，无锡帝科电子材料股份有限公司位于江苏省无锡市宜兴市屺亭街道永盛路8号，成立日期 2010年7月15日，上市日期2020年6月18日，公司主营业务涉及高性能电子材料的研发、生产和销售。主 营业务收入构成为：光伏导电浆料74.86%，材料销售21.31%，存储芯片2.26%，其他1.43%，半导体封 装浆料0.14%。 从基金十大重仓股角度 数据显示，东财基金旗下1只基金重仓帝科股份。东财价值启航混合发起式A（018096）三季度持有股 数1万股，占基金净值比例为4.85 ...

证券日报网讯11月14日晚间，帝科股份（300842）发布公告称，公司及子公司无逾期对外担保，亦无涉 及诉讼的担保以及因担保被判决败诉而应承担损失的情形。 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

证券代码：300842 证券简称：帝科股份 公告编号：2025-078 无锡帝科电子材料股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 担保情况概述 无锡帝科电子材料股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开的第三届董事会第十四次会议、第三届监事会第十六次会议以及于 2025 年 11 月 13 日召开的 2025 年第二次临时股东大会，分别审议通过了《关于为子 公司提供担保额度预计的议案》，同意公司为公司合并报表范围内的子公司提供 担保，预计担保额度不超过人民币 16 亿元。担保额度有效期自本次股东大会审 议通过之日起 12 个月内，该额度在授权期限内可循环使用。在此额度范围内， 公司将不再就每笔担保事宜另行提交董事会、股东大会审议。在相应权限范围内， 公司董事会授权/提请股东大会授权董事长代表公司签署有关的法律文件，授权 经营管理层具体办理相关事宜。在不超过已审批担保总额度的情况下，公司管理 层可根据实际经营情况在总担保额度范围内适度调整各子公司（含授权期限内新 设立或纳入合 ...

Core Insights - The company reported a revenue of 12.724 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.55%, while the net profit attributable to shareholders decreased by 89.94% to 29 million yuan [1] - In Q3 2025, the company achieved a revenue of 4.384 billion yuan, with a year-on-year growth of 11.76% and a quarter-on-quarter increase of 2.33%, but the net profit attributable to shareholders was -40 million yuan, a decline of 167.32% year-on-year and 214.7% quarter-on-quarter [1] Financial Performance - The company maintained stable processing fees for silver paste, which helped offset the weak production of downstream batteries, resulting in overall stable sales of photovoltaic paste [2] - The company incurred a loss of 137 million yuan from silver futures and leasing contracts, impacting the financial statements, while a credit impairment loss was reversed by 18 million yuan [3] Strategic Developments - The acquisition of Jiangsu Jinkai's equity will make it a subsidiary and enhance the company's storage industry chain integration [3] - The company previously acquired Yinmeng Holdings, which focuses on storage chip application development, with a revenue of 189 million yuan in H1 2025, indicating rapid growth in the storage chip business [3] - The acquired company has committed to net profits of no less than 1 million yuan, 35 million yuan, 48 million yuan, and 61 million yuan for the years 2025 to 2028, reflecting confidence in the future of the storage business [3] Growth Potential - The company is optimistic about the second growth curve of its storage business and the profitability elasticity brought by the increased volume of high copper paste [3]