证券代码：920185 证券简称：贝特瑞 公告编号：2026-004 关于注销第二期股权激励计划部分股票期权的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 2026 年 1 月 8 日,贝特瑞新材料集团股份有限公司（以下简称"公司"）召开 第六届董事会第三十二次会议审议通过了《关于注销第二期股权激励计划部分股 票期权的议案》，根据《上市公司股权激励管理办法》《北京证券交易所上市公司 持续监管指引第 3 号—股权激励和员工持股计划》等法律法规、规范性文件和 《贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激 励计划》"）相关规定，公司拟注销本次股权激励计划部分激励对象已获授但尚 未行权或已过行权期的股票期权共 2,435,626 份。现将有关事项说明如下： 一、股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-003 贝特瑞新材料集团股份有限公司 关于第二期股权激励计划第四个行权期行权条件成就的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 贝特瑞新材料集团股份有限公司（以下简称"公司"）于 2021 年实施了《贝 特瑞新材料集团股份有限公司第二期股权激励计划（草案）》（以下简称"《激励 计划》"），目前《激励计划》规定的首次授予股票期权第四个行权期及预留股票 期权第四个行权期等待期已满，行权条件已经达成，公司于 2026 年 1 月 8 日召 开第六届董事会第三十二次会议审议通过了《关于第二期股权激励计划第四个行 权期行权条件成就的议案》，现将有关事项说明如下： 一、股权激励计划批准及实施情况 （一）股权激励计划已履行的相关审批程序 1、2021 年 4 月 6 日，公司召开第五届董事会第三十一次会议，审议通过《关 于制订<贝特瑞新材料集团股份有限公司第二期股权激励计划（草案）>的议案》 《关于认定公司核心员工的议案》《关于提名股权激励对象 ...

广东信达律师事务所 关于 贝特瑞新材料集团股份有限公司 第二期股权激励计划调整行权价格、第四个 行权期行权条件成就及注销部分期权的 法律意见书 中国·深圳 深圳市福田区益田路 6001 号太平金融大厦 11 楼、12 楼 广东信达律师事务所 法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11F/12F., Taiping Finance Tower, 6001 Titania Road, Futian District, Shenzhen, P.R. China 电话：（0755） 8826 5288 邮政编码：518038 网址：https://www.sundiallawfirm.com 广东信达律师事务所 关于贝特瑞新材料集团股份有限公司第二期股权激励计划 调整行权价格、第四个行权期行权条件成就及注销部分期权 的法律意见书 信达励字(2026)第 002 号 致：贝特瑞新材料集团股份有限公司 广东信达律师事务所（以下简称"信达"）接受贝特瑞新材料集团股份有限 公司（以下简称"公司"）的委托，担任公司第二期股权激励计划（以下简称"本 次激励计划"）行权价格调整（以下简称"本次调 ...

证券代码：920185 证券简称：贝特瑞 公告编号：2026-005 贝特瑞新材料集团股份有限公司 高级管理人员变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、高级管理人员任命的基本情况 根据《公司法》及《公司章程》等有关规定，贝特瑞新材料集团股份有限公司（以 下简称"公司"）于 2026 年 1 月 8 日召开第六届董事会第三十二次会议，审议通过了《关 于聘任公司董事会秘书的议案》，上述议案表决结果：同意 9 票，反对 0 票，弃权 0 票。 聘任黄舒欣女士为公司董事会秘书，任职期限至第六届董事会任期届满之日止，自 2026 年 1 月 8 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合 惩戒对象。 本次高级管理人员变动符合法律法规、部门规章、业务规则和《公司章程》等规定。 本次变动未导致董事会中兼任高级管理人员的董事和由职工代表担任的董事人数超过 公司董事总数的二分之一。 （二）人员变动对公司的影响 本次高级管理人员变动符合《公司法》《公司章程》等相关规定，不会对 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2026 年 1 月 8 日 2.会议召开地点：公司会议室 3.会议召开方式：现场与通讯方式相结合 证券代码：920185 证券简称：贝特瑞 公告编号：2026-001 贝特瑞新材料集团股份有限公司 第六届董事会第三十二次会议决议公告 会议应出席董事 9 人，出席和授权出席董事 9 人。 1.议案内容： 董事王道海、王轶超、彭明权、朱滔、于洪宇、陈建军因工作原因以通讯方 式参与表决。 二、议案审议情况 4.发出董事会会议通知的时间和方式：2025 年 12 月 31 日以以书面、邮件方 式发出 （一）审议通过《关于调整第二期股权激励计划行权价格的议案》 5.会议主持人：董事长贺雪琴先生 6.会议列席人员：部分高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开、议案审议程序等方面符合《公司法》和《公司章程》 的规定。 （二）会议出席情况 关联董事贺雪琴、黄友元、任建国回避表决。 4. ...

Investment Logic - The lithium carbonate price reached 107,000 yuan/ton on December 26, up 16% from the previous month; lithium hydroxide price was 89,000 yuan/ton, up 11% [3][45] - In November, domestic wholesale sales of new energy passenger vehicles reached 1.57 million units, with year-on-year and month-on-month growth of 19% and 5% respectively; cumulative sales from January to November reached 12.8 million units, up 30% year-on-year [4][71] Market Review - Since December 2025, the lithium battery sector has shown active performance, with most segments outperforming the CSI 300 and SSE 50 indices; lithium battery electrolyte led the gains with an 8% increase [5][72] - However, the monthly transaction volume of most lithium-related sectors has decreased, primarily due to a decline in overall market trading activity [5][72] - Over half of the lithium-related sectors are currently at high historical valuation percentiles, indicating strong market attention towards the lithium battery sector [5][72] Research Topic - The sodium-ion battery industry is entering a phase characterized by explosive shipments, scene implementation, and ecological closure, marking a significant commercialization period [6][73] - The energy storage sector has become the absolute mainstay of industry growth due to its long lifespan and wide temperature range; the two-wheeler market is rapidly penetrating under the wave of lead-acid battery replacement [6][73] - The application of sodium batteries in passenger vehicles has shown potential, particularly with CATL's 175Wh/kg "sodium new battery" achieving a breakthrough in mainstream models [6][73] Industry Insights - In November, new energy vehicle sales continued to show differentiation, with high growth in China and Europe, while the U.S. faced impacts from subsidy withdrawals; sales in China, Europe, and the U.S. reached 1.57 million, 300,000, and 80,000 units respectively, with year-on-year growth of 19%, 39%, and a decline of 42% [7][29] - Domestic energy storage installations rebounded strongly in November, reaching 11.6 GWh, with year-on-year and month-on-month growth of 31% and 213% respectively; cumulative installations from January to November reached 83.4 GWh, up 28% year-on-year [7][37] Sodium Battery Production - In January 2026, production for batteries, positive electrodes, negative electrodes, separators, and electrolytes is expected to increase by 29% to 52% year-on-year, with separators and electrolytes exceeding 50% growth [8][43] - The sodium battery industry is projected to see significant growth, with shipments expected to reach nearly 20 GWh by 2026, driven by advancements in technology and cost reductions [8][48] Investment Recommendations - The sodium battery industry is entering a new phase characterized by explosive growth and substantial market opportunities; key players include CATL and BYD, which are leading the technology and application of sodium batteries [9][20] - The investment focus should be on core materials, battery manufacturers, and companies involved in the complete ecosystem from materials to applications [9][24]

Core Viewpoint - The recent announcement by Fangda Carbon to withdraw from the restructuring of the Shanshan Group has added new uncertainties to the restructuring process of this well-known company valued in the billions, which is currently facing significant financial challenges [1][2]. Group 1: Company Restructuring - Fangda Carbon announced its withdrawal from the substantive merger and restructuring of Shanshan Group and its subsidiary, Ningbo Pengze Trading Co., Ltd., after previously participating in the restructuring process [1]. - The company incurred a loss of 50 million yuan as it had paid a due diligence deposit and engaged in various discussions regarding asset valuation and other key matters [1]. - The decision to withdraw was based on insufficient due diligence time and the inability to make a reasonable valuation of the target assets, leading to a cautious assessment of the associated risks [1]. Group 2: Financial Situation - Shanshan Group is facing a substantial debt burden, with liabilities estimated at around 50 billion yuan, and the total debts of the entire "Shanshan system" potentially exceeding 80 billion yuan [3]. - As of September 29, 2025, the confirmed debts of Shanshan Group and its subsidiary amounted to 33.55 billion yuan, with a short-term debt gap of 5.3 billion yuan [7]. - Despite the financial turmoil, Shanshan Co., Ltd. reported a revenue of 4.95 billion yuan for the third quarter of 2025, reflecting a year-on-year increase of 10.91%, and a net profit of 76.29 million yuan, which surged by 1253.04% [8]. Group 3: Market Reaction - Following Fangda Carbon's announcement to exit the restructuring, its stock price experienced a rise, increasing from 5.69 yuan per share on January 5 to 5.92 yuan per share by January 8 [2]. - Shanshan Co., Ltd. maintained a relatively stable stock performance, indicating that Fangda Carbon's withdrawal did not significantly impact its market position [2]. Group 4: Historical Context - The restructuring process has been complicated by internal family disputes following the death of the founder, Zheng Yonggang, which has led to a loss of trust among banks and market participants [6]. - The ongoing family power struggle culminated in a boardroom change in November 2024, but the company still faces significant operational challenges [6]. - The restructuring process has seen multiple rounds of investor recruitment, with the second round currently underway, as the company seeks to stabilize its financial situation [3][4].

Core Viewpoint - The lithium battery industry is poised for a significant growth cycle in 2026, characterized by strong demand recovery, accelerated global expansion, and disruptive technological advancements, leading to a "spiral rise" in both volume and price [3]. Group 1: Market Outlook - Global lithium battery production is expected to reach 2250 GWh by 2025, with a growth rate of 30% in 2026, particularly in the energy storage sector, which may see a remarkable growth rate of 48.3% [5]. - The demand surge will significantly impact the supply of battery cells and four key upstream materials, highlighting a potential supply gap that needs to be addressed for stable and efficient supply chains [5]. Group 2: Conference Details - The 2026 Lithium Key Materials and Application Market Summit will be held on March 19-20, 2026, in Changzhou, Jiangsu, organized by Xinluo Information [4]. - The summit will focus on three core topics: in-depth discussions on cutting-edge technologies and market supply-demand dynamics, the release of the authoritative 2025 lithium battery brand rankings, and B2B procurement matchmaking [5][6][7]. Group 3: Key Topics and Speakers - The main forum will cover topics such as the outlook for lithium ore resource supply, operational strategies for lithium carbonate in the current market environment, and advancements in high-energy-density power battery technology [9]. - Sub-forums will address critical materials for power batteries and energy storage, including market trends, solid-state battery technology, and the impact of policies on energy storage projects [10][11]. Group 4: Participation and Costs - The participation fee for the conference is set at 2800 yuan per person, with a limited-time free attendance option available for the first 200 registrants [17].

Market Size and Forecast - The global lithium battery cathode material shipment is expected to reach 4.798 million tons by 2025, a year-on-year increase of 48.5%, with lithium iron phosphate (LFP) shipments at 3.654 million tons, growing by 67.2%, accounting for 78% of the total [2] - The shipment of ternary materials is projected to be 880,000 tons, with a slight increase of 4.3%, making up 16% of the total [2] - The main growth driver for lithium battery cathode materials is LFP, benefiting from the growth of the electric vehicle and energy storage markets [2] - The global lithium battery anode material shipment is expected to reach 2.723 million tons by 2025, a year-on-year increase of 48%, with artificial graphite accounting for 89.3% of the total [4] - The global lithium battery electrolyte shipment is projected to be 2.396 million tons by 2025, with a year-on-year growth of 53% [8] - The global lithium battery separator shipment is expected to reach 38.49 billion square meters by 2025, a year-on-year increase of 48.6% [10] Price Trends and Forecasts - The price of lithium battery cathode materials is expected to enter an upward cycle between 2026 and 2027 due to significant increases in raw material prices and improved supply-demand relationships [13] - The price of lithium battery anode materials is projected to rise in 2026-2027, driven by a rebound in upstream raw material prices and a concentration of orders among leading companies [14] - The price of lithium battery electrolytes is expected to rise in 2026-2027, primarily due to strong demand for lithium hexafluorophosphate and limited production capacity [17] - The price of separators is anticipated to increase in 2026-2027 due to growing demand from the power and energy storage markets, despite having reached cost price levels [18] Top 10 Companies in 2025 - The top 10 companies for lithium battery ternary cathode materials in China include Nantong Ruixiang, Rongbai Technology, and Bamo Technology [21] - The top 10 companies for lithium battery lithium iron phosphate cathode materials in China include Hunan Youneng, Defang Nano, and Wanrun New Energy [23] - The top 10 companies for lithium battery anode materials in China include BTR, Sanyuan Technology, and Zhongke Xingcheng [25] - The top 10 companies for lithium battery electrolyte in China include Tianci Materials, New Zobon, and Ruifeng New Materials [26] - The top 10 companies for lithium battery separators in China include Enjie, Xingyuan Materials, and Jinli Technology [28]

Core Viewpoint - The Mesocarbon Microbeads (MCMB) industry in China is transitioning from rapid growth to high-quality development, with a projected market size of approximately 7.559 billion yuan in 2024, reflecting a year-on-year growth of 4.46% [1][6]. Industry Overview - MCMB is a key carbon material produced from heavy aromatic compounds like asphalt and coal tar through thermal treatment, characterized by its unique anisotropic liquid crystal structure [2]. - MCMB exhibits excellent electrical conductivity, thermal conductivity, chemical stability, thermal stability, and ease of graphitization, making it essential for applications in lithium-ion batteries, sodium-ion batteries, catalyst carriers, and composite materials [2]. Production Process - The production methods for MCMB are categorized into direct polymerization and indirect methods, with the latter further divided into suspension and emulsion methods. Direct polymerization is cost-effective but has inherent defects like low yield and high impurity content, while indirect methods yield higher quality products but are more complex and costly [4]. - The industry employs a gradient complementary structure of cost and performance, requiring companies to balance production methods based on market demands for yield, purity, and particle size precision [4]. Industry Chain - The upstream of the MCMB industry chain includes raw materials such as coal tar, petroleum pitch, and carbon black, while the midstream focuses on the production of MCMB. The downstream applications include lithium-ion batteries, high-strength composite materials, and chromatography column fillers [5]. - The "dual carbon" strategy and policies promoting new energy vehicles are driving the demand for power batteries, with a significant increase in lithium battery shipments, which reached 776 GWh in the first half of 2025, a year-on-year increase of 68% [5]. Market Size - The MCMB industry is at a critical turning point, with a market size projected at 7.559 billion yuan in 2024, growing by 4.46% year-on-year. Continuous optimization of production processes has improved particle size uniformity and enhanced performance in fast charging and low-temperature applications [6][7]. Key Companies' Performance - The MCMB industry is characterized by a concentration of leading companies like BETTERRY and Shanshan, which leverage technological advancements and scale advantages. BETTERRY leads in high-capacity products, while Shanshan dominates the mid-to-low-end market through cost control [8]. - BETTERRY has a production capacity of 16,500 tons of MCMB annually and holds over 70 national and international patents, achieving a particle size control precision of ±0.8 μm [8]. - Baotailong, another key player, has developed a unique business model integrating coal chemical processes with new materials, achieving over 90% self-sufficiency in raw materials [8]. Industry Development Trends 1. **Technological Innovation and Performance Breakthroughs**: The industry is advancing through continuous technological innovations, with traditional methods being optimized and new techniques like low-temperature plasma and microwave radiation showing promise [9]. 2. **Diversified Market Demand**: The demand for MCMB is growing due to the increasing sales of new energy vehicles and the explosive growth of the energy storage market, driven by policies and technological advancements [10]. 3. **Green Upgrading and Circular Economy**: The "dual carbon" goals are pushing the industry towards greener practices, with companies adopting closed-loop solvent recovery systems and focusing on waste reduction and recycling [10].