证券代码：300769 证券简称：德方纳米 公告编号：2025-038 深圳市德方纳米科技股份有限公司 第四届监事会第十五次会议决议公告 本公司及监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、 监事会会议召开情况 深圳市德方纳米科技股份有限公司（以下简称"公司"）于 2025 年 6 月 5 日以电子邮件等方式向全体监事发出会议通知，并于 2025 年 6 月 6 日在公司会 议室以通讯方式召开第四届监事会第十五次会议。经全体监事同意，本次会议豁 免通知时限要求。 本次会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席王彬先生 召集并主持，部分高管列席会议。本次监事会会议的召集、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、 监事会会议审议情况 （一） 审议《关于<2025 年员工持股计划（草案）>及摘要的议案》 经审核，监事会认为：公司《2025 年员工持股计划（草案）》及摘要的制定 及内容符合《中华人民共和国公司法》《中华人民共和国证券法》《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 ...

证券代码：300769 证券简称：德方纳米 公告编号：2025-037 深圳市德方纳米科技股份有限公司 深圳市德方纳米科技股份有限公司（以下简称"公司"）于2025年6月5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6月6日在公司会议室 以通讯方式召开第四届董事会第十八次会议。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，公司监事、高级管理人员列席了本次会议。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 （一） 审议通过《关于<2025 年员工持股计划（草案）>及摘要的议案》 为完善公司、股东和员工之间的利益共享机制，提高员工的凝聚力和公司的 竞争力，公司根据《中华人民共和国公司法》《中华人民共和国证券法》《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》《公司章程》等相关规定，制定《2025 年员工持股计划（草案）》及摘要。 具体内容详见公司于同日在巨潮资 ...

1、本员工持股计划公告前，已召开职工代表大会充分征求意见，本员工持 股计划的制定及内容符合《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》等相关 规定。 2、拟参与本员工持股计划的人员符合《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》等相关规定，符合本员工持股计划规定的参加对象范围，主体资格 合法、有效。 深圳市德方纳米科技股份有限公司董事会薪酬与考核委员会 关于 2025 年员工持股计划相关事项的核查意见 深圳市德方纳米科技股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会对 2025 年员工持股计划（以下简称"本员工持股计划"）相关事项发表 核查意见如下： 4、本员工持股计划将进一步健全公司激励与约束机制，充分调动员工工作 积极性与创造性，有利于公司可持续发展，不会损害公司及中小股东合法权益。 深圳市德方纳米科技股份有限公司 董事会薪酬与考核委员会 2025 年 6 月 9 日 3、本员工持股计划不存在公司以摊派、强行分配等方式强制员工参与的情 形。 ...

Group 1 - A-shares indices opened higher, with sectors like pharmaceuticals, defense, and solid-state batteries leading the gains, while home appliances, real estate, and food & beverage sectors weakened [1] - The China Securities Index for the New Energy ETF Huaxia (159368) rose by 1.24%, with constituent stocks such as Mannesmann and Xian Dao Intelligent increasing over 5% [1] - Recent breakthroughs in solid-state battery research revealed the soft-short circuit to hard-short circuit transition mechanism at the nanoscale, which could accelerate the adoption of solid-state batteries over traditional lithium batteries [1] Group 2 - The New Energy ETF Huaxia (159368) is the only ETF tracking the New Energy Index in the market, covering solar, wind, biomass, nuclear energy, and components of the new energy vehicle industry [2] - The management fee for the New Energy ETF Huaxia (159368) is 0.15%, with a custody fee of 0.05%, totaling a low cost of 0.2%, making it accessible for investors [2] - The Carbon Neutrality ETF (159790) is the largest fund in the market focused on carbon neutrality themes, tracking the low-carbon economy index and benefiting from national carbon peak and neutrality goals [2]

Core Viewpoint - The lithium iron phosphate (LFP) industry is experiencing a significant downturn, with many companies halting or terminating projects due to oversupply, while leading firms are securing large orders, indicating a bifurcation in the market dynamics [2][3][4]. Group 1: Industry Dynamics - The LFP industry is currently in a down cycle, with companies like Zhongke Titanium White announcing the termination of their LFP projects due to severe oversupply conditions [2][3]. - The price of lithium iron phosphate has plummeted from 166,000 yuan/ton at the beginning of the year to 46,000 yuan/ton by year-end, reflecting a drastic decline in market conditions [3]. - Despite many companies pausing expansion, some capacity is still being released, leading to continued price declines, with current market prices for power-type LFP ranging from 31,750 to 34,750 yuan/ton [4]. Group 2: Major Contracts and Market Trends - Leading companies like Longpan Technology and Wanrun New Energy have recently signed significant contracts, with Longpan securing agreements worth over 5 billion yuan for LFP sales to major battery manufacturers [6][8]. - The demand for LFP is increasing, with a projected shipment of 2.46 million tons in 2024, representing a 49% year-on-year growth, capturing nearly 74% of the total cathode material shipments [9]. - The utilization rate of LFP production capacity is currently around 55%-60%, with improvements expected due to strong demand in energy storage and favorable policies [9]. Group 3: Technological Advancements - The industry is shifting towards high-pressure dense LFP products, which are becoming the mainstream due to their superior performance and efficiency [12][13]. - Only a few companies, such as Hunan Youneng and Fulin Precision, have mastered the technology for fourth-generation high-pressure dense LFP, indicating a significant technological barrier in the market [12]. - The market is expected to see a further concentration of production capacity among leading and low-cost firms, as traditional LFP competition remains intense [13]. Group 4: Supply and Demand Outlook - The overall capacity in the LFP market has reached 5.2985 million tons, with a projected demand of 3.1867 million tons by 2025, indicating a significant oversupply situation [14]. - Analysts predict that supply and demand will reach a balance by 2027, with a gradual recovery in capacity utilization rates expected thereafter [14]. - The price of LFP is anticipated to remain under pressure in the short term, primarily influenced by the declining prices of lithium carbonate [15].

Core Viewpoint - The industry is experiencing significant changes as companies in the cathode materials sector seek to adapt amidst a backdrop of overcapacity and financial losses, leading to project terminations and a shift towards more advanced materials like lithium manganese iron phosphate [1][4][10]. Group 1: Industry Dynamics - The effective capacity of lithium iron phosphate has increased from 500,000 tons in 2021 to 4.5 million tons by 2024, while the industry's capacity utilization rate has dropped from over 90% to 55% during the same period [4][6]. - Major companies like Hunan Yuno (湖南裕能) have maintained a relatively high capacity utilization rate, with figures of 96.82%, 89.77%, and 101.3% from 2022 to 2024, contrasting sharply with the overall industry trend [13]. Group 2: Company Actions - Zhongke Titanium White (中核钛白) announced the termination of its 500,000-ton lithium iron phosphate project, reallocating remaining funds to supplement working capital due to changes in market demand and profitability concerns [6][7]. - Other companies, including Longbai Group (龙佰集团) and Jingu Titanium Industry (金浦钛业), have also paused or terminated their investments in lithium iron phosphate projects, reflecting a broader trend of project cancellations in the industry [5][6]. Group 3: New Directions - Hunan Yuno is focusing on lithium manganese iron phosphate, which offers higher voltage, energy density, and better low-temperature performance compared to traditional lithium iron phosphate, with plans to invest 2.8 billion yuan in a 320,000-ton production project [10][12]. - The first phase of Hunan Yuno's lithium manganese iron phosphate project, with a capacity of 160,000 tons, has been completed and is currently utilized for high-pressure lithium iron phosphate production, ensuring operational efficiency [12][14].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

Group 1 - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for indices such as the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025, with 20, 8, and 3 stocks being adjusted respectively [1] - Companies like Nanfang Glass (000012.SZ), Defang Nano (300769.SZ), and Mengguli (301487.SZ) from the new energy sector were removed from the Shenzhen Component Index, while Dongfang Risen (300118.SZ) was removed from the ChiNext Index [1][2] - The adjustment aims to include high-quality companies and remove underperforming ones, promoting market competition and ensuring index quality [2] Group 2 - KWH Data (002335.SZ) was included in the Shenzhen Component Index for the first time, focusing on data centers, high-end power supplies, and clean energy, with a strong growth in orders for intelligent computing center products [3] - Zhongtung High-tech (000657.SZ), a tungsten industry company under Minmetals Group, also joined the Shenzhen Component Index, benefiting from the increasing demand for tungsten in the photovoltaic industry [3]

Investment Rating - The report maintains an "Increase" rating for the electric power equipment industry [1] Core Insights - The humanoid robot sector is expected to see significant growth, with a projected market size exceeding 15 trillion yuan and a production milestone of over 1 million units anticipated in 2025, driven by Tesla's leadership [9][10] - The electric vehicle market is experiencing a price war among manufacturers, with a projected annual sales growth of 30% [11] - The energy storage sector is poised for robust growth, particularly in emerging markets, with a compound annual growth rate (CAGR) of 20-40% expected from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power increasing by 3.8% and electric equipment declining by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, including significant funding and product launches from various companies [5] - The energy storage market in the U.S. is projected to double its installation capacity in 2025, with significant contributions from large-scale projects [11][15] Company Highlights - Companies like CATL, BYD, and LONGi Green Energy are highlighted as key players with strong growth potential in their respective sectors [8] - Tesla's humanoid robot production is expected to ramp up significantly, with thousands of units planned for release by the end of the year [9] - The report emphasizes the importance of supply chain leaders in the humanoid robot sector, recommending companies involved in core components such as actuators and sensors [10] Investment Strategy - The report suggests a bullish outlook on the humanoid robot sector, recommending investments in leading suppliers and technology companies [9] - For the electric vehicle market, it highlights the importance of maintaining competitive pricing and anticipates continued sales growth [11] - In the energy storage sector, the report recommends focusing on companies that are well-positioned to benefit from emerging market demands and technological advancements [11]

Core Viewpoint - Wanrun New Energy (688275.SH) has signed a five-year business cooperation agreement with CATL (300750) to supply approximately 1.32 million tons of lithium iron phosphate products from May 2025 to 2030, indicating a significant shift in the lithium iron phosphate market and competitive landscape among leading companies [1] Group 1: Company Overview - The agreement with CATL is expected to generate total revenue of approximately 42.3 billion to 44.2 billion yuan, with an average annual revenue contribution of 8.46 billion to 8.84 billion yuan, significantly exceeding Wanrun's projected revenue of 7.523 billion yuan for 2024 [1] - Wanrun New Energy reported a total revenue of 2.278 billion yuan in Q1 2025, representing a year-on-year increase of 97.3%, with lithium iron phosphate shipment volume increasing by 138% [2] - The company has sufficient production capacity for lithium iron phosphate, with existing capacities of 311,000 tons/year in Hubei, 37,000 tons/year in Anhui, and 120,000 tons/year in Shandong, along with a planned 50,000 tons capacity in the U.S. [2] Group 2: Industry Insights - The demand for lithium iron phosphate is rising due to the recovery in the electric vehicle and energy storage markets, with China's lithium iron phosphate battery shipments expected to exceed 900 GWh in 2024, a year-on-year increase of over 35% [2] - The collaboration with CATL aims to develop high-density lithium iron phosphate products, which could enhance profit margins and provide a competitive edge in the market [3] - The market is witnessing a concentration of orders among leading battery manufacturers, with Wanrun's average annual revenue from the agreement surpassing that of other suppliers to CATL, indicating a trend towards increased market share for leading companies [3][4]