证券代码：300073 证券简称：当升科技 北京当升材料科技股份有限公司 投资者关系活动记录表 北京当升材料科技股份有限公司 投资者关系活动记录表 机、eVTOL 低空飞行器等市场中也具有广阔的应用前景，磷酸（锰） 铁锂则主要应用在中低续航电动车和储能领域。随着新能源锂电行 业的发展，三元材料和磷酸（锰）铁锂未来都有着广阔的市场前景。 公司作为高端锂电池正极材料供应商，已完成三元材料和磷酸（锰） 铁锂的多元化产品布局。三元材料持续放量，多项产品作为行业标 杆深度融入全球高端新能源车企及一线品牌动力电池供应链，磷酸 （锰）铁锂产品销量同比实现跨越式大幅提升，连续月度出货量近 万吨，深度绑定中创新航、中汽新能、瑞浦兰钧、宜春清陶、Power Co 等国内外客户，在动力、储能及 EV 领域实现应用。公司今后将 努力提升在这两个细分领域的市占率，谢谢。 二、公司如何展望 2025 年及未来的市场前景？ 答：您好，2025 年上半年，公司锚定年度经营业绩目标，在技 术创新突破、客户开发、产能建设提速等方面取得了显著成果，实 现营业收入 443,249.77 万元，同比增长 25.17%；实现归属于上市 公司股东的净利润 ...

中伟股份（300919.SZ） 优于大市 钴系磷系材料出货快速提升，三元前驱体领先地位稳固 证券研究报告 | 2025年09月10日 公司 2025H1 实现归母净利润 7.33 亿元、同比-15%。公司 2025H1 营收 213.23 亿元，同比+6%；归母净利润 7.33 亿元，同比-15%；毛利率为 12.10%，同比 -0.67pct，净利率为 3.30%，同比-2.46pct。公司 2025Q2 实现营收 105.35 亿元， 同比-2%、环比-2%；实现归母净利润 4.25 亿元，同比-12%、环比+38%；毛利率 为 12.27%，同比+0.15pct、环比+0.33pct，净利率为 3.46%，同比-2.42pct，环 比+0.32pct。 公司磷系材料出货增长显著。2025H1公司磷酸铁实现营收6.70亿元，同比+172%； 毛利率-7.34%；磷酸铁产量 7.18 万吨，同比+388%。公司积极推动 3 代、4 代磷 酸铁快速量产，材料压实密度性能达行业先进，推动磷酸铁业务减亏至扭亏。同 时，公司加速磷酸铁锂量产进程，深化磷系资源开发效率。 公司钴系产品表现亮眼，三元前驱体出货有所波动。 ...

证券研究报告 | 2025年09月10日 中伟股份（300919.SZ） 优于大市 钴系磷系材料出货快速提升，三元前驱体领先地位稳固 公司 2025H1 实现归母净利润 7.33 亿元、同比-15%。公司 2025H1 营收 213.23 亿元，同比+6%；归母净利润 7.33 亿元，同比-15%；毛利率为 12.10%，同比 -0.67pct，净利率为 3.30%，同比-2.46pct。公司 2025Q2 实现营收 105.35 亿元， 同比-2%、环比-2%；实现归母净利润 4.25 亿元，同比-12%、环比+38%；毛利率 为 12.27%，同比+0.15pct、环比+0.33pct，净利率为 3.46%，同比-2.42pct，环 比+0.32pct。 公司钴系产品表现亮眼，三元前驱体出货有所波动。消费电子市场回暖，提振四 氧化三钴需求。2025H1 公司四氧化三钴实现营收 14.52 亿元，同比+30%；产量 为 1.60 万吨，同比+34%。受益钴价格上涨，公司四氧化三钴盈利能力显著提升， 2025H1 毛利率为 25.88%，同比+16.21pct。海外需求波动影响公司三元前驱体出 货。2025H ...

Core Viewpoint - Shenzhen Sufang New Energy Technology Co., Ltd. has completed a tens of millions RMB angel round financing, which will be used for the research and development of lithium-rich manganese-based cathode materials and production line construction [1] Company Overview - Sufang New Energy was established in 2023 and focuses on developing ultra-low voltage drop lithium-rich manganese-based cathode materials. The founder, Liu Qi, is a tenured professor at City University of Hong Kong with over 10 years of experience in lithium-ion battery research [1][5] - The company has successfully overcome the voltage decay issue of lithium-rich manganese-based cathode materials and has already put a hundred-ton production line into operation [1][5] Product Development - Sufang New Energy has developed high-pressure pure lithium-rich manganese-based cathode materials that have been sent to several leading battery manufacturers for sampling [1][3] - The company has also launched a lithium-rich manganese-based cathode lithium supplement product, aiming for commercial breakthroughs in mid-to-low voltage applications [1] Technical Achievements - The voltage decay of lithium-rich manganese-based materials occurs mainly within the first 200 cycles, which is a critical threshold for their application as main materials [3] - The company employs a multi-level precise doping method to stabilize the honeycomb structure of lithium-rich manganese-based materials during production, with research results published in the journal Nature Energy [1][3] Market Strategy - Sufang New Energy is pursuing a two-pronged strategy: long-term investment in high-pressure pure lithium-rich manganese-based cathode materials and the introduction of lithium supplement products to accelerate commercialization [4] - The company aims to develop a lithium-rich manganese-based material that can perform comparably to existing high-nickel ternary materials at 4.5V, with a cost advantage of approximately 30% [4] Future Prospects - The company has initiated a new round of financing to advance research and the construction of a thousand-ton production line [5] - The development trend in lithium-ion batteries includes increasing energy density and reducing costs, with lithium-rich manganese-based materials recognized as the next generation of high-energy cathode materials [5]