Investment Rating - The investment rating for Hunan YN is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in revenue and profit for Q3 2025, with revenue reaching 8.868 billion yuan, a year-on-year increase of 73.97% and a quarter-on-quarter increase of 16.76%. The net profit attributable to shareholders was 340 million yuan, up 235.31% year-on-year and 61.26% quarter-on-quarter. The net profit excluding non-recurring items was 324 million yuan, reflecting a year-on-year increase of 238.85% and a quarter-on-quarter increase of 44.16% [2][4]. Financial Performance - For the first three quarters of 2025, the sales volume of phosphate-based cathode materials was 784,900 tons, representing a year-on-year increase of 64.86%. In Q3 2025 alone, the company achieved a shipment of approximately 304,000 tons of lithium iron materials, maintaining a high growth trend both year-on-year and quarter-on-quarter, indicating strong downstream demand and product competitiveness [11]. - The gross profit per ton is expected to remain stable, with the overall expense ratio improving, including sales expense ratio at 0.17%, management expense ratio at 1.54%, R&D expense ratio at 0.90%, and financial expense ratio at 0.59%, leading to an overall period expense ratio of around 3.2% [11]. - The company anticipates continued improvement in profitability due to rising lithium carbonate prices, increased proportion of new products, and cost scale effects from high capacity utilization [11]. Future Outlook - The company is expected to maintain production growth, with a positive outlook on profitability driven by the anticipated price increases and integrated layout. It is projected that the net profit attributable to shareholders will reach around 3 billion yuan in 2026, corresponding to a PE ratio of 18X [11].

证券日报网讯湖南裕能11月24日发布公告，在公司回答调研者提问时表示，向上游布局磷矿资源是公司 完善一体化布局的重要环节，公司自取得磷矿采矿许可证以来，有序推进矿山建设，目前整体进展较为 顺利，黄家坡磷矿在四季度陆续出矿。 （文章来源：证券日报） ...

Core Insights - The company, Hunan YN, reported that industry demand has remained at a high level since the fourth quarter, with full production and sales, maintaining a leading capacity utilization rate in the industry [2] - The company plans to cautiously manage its capacity layout based on market conditions in the future [2]

证券日报网讯湖南裕能11月24日发布公告，在公司回答调研者提问时表示，今年上半年，公司应用在储 能端的产品占比约39%。进入三季度，储能端的需求持续攀升，公司应用在储能端的产品占比也有所提 高。 （文章来源：证券日报） ...

证券日报网讯湖南裕能（301358）11月24日发布公告，在公司回答调研者提问时表示，公司CN-5系 列、YN-9系列和更高端系列等新产品较好地契合了储能电池向大电芯演进的市场趋势、动力电池提升 快充性能等应用需求，今年以来出货占比快速提高。全年来看，新产品出货量较去年将有大幅提升。 ...

（文章来源：证券日报） 证券日报网讯湖南裕能11月24日发布公告，在公司回答调研者提问时表示，基于下游旺盛的需求，公司 对行业需求前景坚定看好。在动力电池领域，乘用车和商用车电动化渗透率提升，以及新能源汽车单车 平均带电量逐步提高，动力电池市场有望继续保持增长。在储能领域，随着大电芯技术应用进一步提升 储能系统经济性，电力市场化改革及容量电价补偿等政策支持，AI数据中心等新兴应用场景对配储需 求增强，叠加海外储能需求快速提升等，多重积极因素共同推动储能市场进入高速发展通道。磷酸盐正 极材料作为锂电产业链的关键环节，有望在动力及储能电池需求的驱动下延续强劲增长态势。 ...

证券日报网讯湖南裕能11月24日发布公告，在公司回答调研者提问时表示，公司已在西班牙布局年产5 万吨锂电池正极材料项目，许多国内、国外客户都表达了浓烈的兴趣，与公司保持了积极的沟通。 （文章来源：证券日报） ...

南财智讯11月24日电，湖南裕能在投资者关系活动中表示，公司向上游磷矿资源延伸是完善一体化布局 的重要举措，自取得采矿许可证后有序推进矿山建设，黄家坡磷矿已于四季度陆续出矿。此外，公司在 西班牙布局年产5万吨锂电池正极材料生产基地，目前与国内外多家客户保持积极沟通，项目进展顺 利。 ...

Group 1 - The core viewpoint of the article highlights that Hunan YN has maintained high demand in the industry since the fourth quarter, achieving full production and sales with a leading capacity utilization rate [1] - In the first half of the year, approximately 39% of the company's products were used in the energy storage sector, and this percentage has increased further in the third quarter due to rising demand in the energy storage segment [1]

南财智讯11月24日电，湖南裕能在投资者关系活动中表示，基于下游旺盛需求，公司对行业前景持乐观 态度。在动力电池领域，乘用车和商用车电动化渗透率提升以及单车带电量增加将推动市场持续增长； 在储能领域，大电芯技术应用、电力市场化改革、容量电价补偿政策及AI数据中心等新兴场景带动配 储需求增强，叠加海外储能需求快速上升，储能市场正进入高速发展通道，磷酸盐正极材料有望延续强 劲增长态势。 ...