上 市 公 司 交通运输 | 市场数据： | 2025 年 11 月 24 日 | | --- | --- | | 收盘价（港币） | 149.40 | | 恒生中国企业指数 | 9079.42 | | 52 周最高/最低（港币） | 176.00/123.70 | | H 股市值（亿港币） | 1,201.88 | | 流通 H 股（百万股） | 798.27 | | 汇率（港币/人民币） | 0.9103 | 一年内股价与基准指数对比走势： -10% 10% 30% 50% 11/25 12/25 01/25 02/25 03/25 04/25 05/25 06/25 07/25 08/25 09/25 10/25 HSCEI 中通快递-W 资料来源：Bloomberg 相关研究 - 2025 年 11 月 25 日 中通快递-W (02057) ——盈利改善与行业分化加剧有望共振 报告原因：有业绩公布需要点评 买入（维持） 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 王易 A0230525050001 wangyi@swsresearch.co ...

编号：2025-004 投资者关系活动类别 ☑ 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 参与单位名称及人员姓名 新加坡保宁资本 黄静 时间 2025 年 11 月 20 日 地点 公司会议室 上市公司接待人员姓名 财务总监兼董事会秘书 李小俊 证券事务代表 潘金良 投资者关系活动主要内容 介绍 一、公司基本情况介绍： 公司是华润集团科技及新兴产业板块一级业务单元，是 华润集团发展新材料业务的核心载体，2021 年 10 月在深交 所创业板上市，是国务院国资委确定的"双百"试点企业。 公司以聚酯瓶片 PET 和特种聚酯 PETG 为主营业务，在 常州、珠海等地设有生产基地，聚酯瓶片产能 210 万吨、PETG 年产能 5 万吨，是聚酯材料领域的重要企业。 公司产品销售区域遍布全球，拥有包括可口可乐、依云、 农夫山泉、怡宝、五粮液等众多国内外优质客户。公司生产 的"华蕾"牌瓶级聚酯切片为业界知名食品级聚酯切片品牌， 在饮料、食用油、酒类包装、医用采血管、膜片材等领域得 到广泛应用。同时公司大力发展新材料业务，PETG 一期 5 万吨项目于 2022 年顺利投产，产品具 ...

11月20日，中国证券报·中证金牛座记者从业内独家获悉，由于我国磷酸铁锂行业陷入连续多年整体性 亏损的窘境，产业无序竞争、低价内卷现象威胁全行业生存根基与持续发展大局，中国化学与物理电源 行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通知》建议，企业应将协 会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾销。记者独家 获悉，中国化学与物理电源行业协会将自本月起，每月定期披露行业平均成本区间，为企业报价提供权 威监管依据。同时，协会建议企业履行信息报送义务，企业每月定期向协会如实、完整提交产能、产 量、库存等经营数据，作为行业资源配置等重要参考依据。 （文章来源：中国证券报） 日前，"磷酸铁锂材料行业成本研究"研讨会在北京召开。自2022年以来，磷酸铁锂材料行业陷入产能过 剩、同质化竞争泥潭，成本与价格矛盾突出，已成为锂电产业链利润承压最为严重的环节。未来产业链 高质量发展需要加大行业反内卷力度，遏制低于成本的恶性竞争。 ...

Core Viewpoint - The lithium iron phosphate (LFP) industry in China is facing significant challenges due to prolonged overall losses, disordered competition, and price undercutting, prompting the China Chemical and Physical Power Industry Association to issue a notification to standardize pricing based on cost indices [1][3]. Group 1: Industry Challenges - The LFP industry has been trapped in a cycle of overcapacity and homogeneous competition since 2022, leading to a severe contradiction between costs and prices, which has become the most pressured segment in the lithium battery supply chain [1][3]. - The association will begin disclosing the average industry cost range monthly, providing authoritative regulatory guidance for companies' pricing strategies [1]. Group 2: Recommendations and Actions - The notification advises companies to use the disclosed average cost range as a critical reference for pricing and to avoid engaging in price dumping below cost [1]. - Companies are encouraged to fulfill their obligation to report information, including capacity, output, and inventory data, to the association on a monthly basis, which will serve as an important reference for resource allocation within the industry [1].

11月20日，中国证券报.中证金牛座记者从业内独家获悉，由于我国磷酸铁锂行业陷入连续多年整体性 亏损的窘境，产业无序竞争、低价内卷现象威胁全行业生存根基与持续发展大局，中国化学（601117） 与物理电源行业协会将发布《关于参考磷酸铁锂成本指数及规范行业发展的通知》。该《通知》建议， 企业应将协会11月18日披露的行业平均成本区间作为报价的重要参考，不要突破成本红线开展低价倾 销。记者独家获悉，中国化学与物理电源行业协会将自本月起，每月定期披露行业平均成本区间，为企 业报价提供权威监管依据。同时，协会建议企业履行信息报送义务，企业每月定期向协会如实、完整提 交产能、产量、库存等经营数据，作为行业资源配等重要参考依据。 日前，"磷酸铁锂材料行业成本研究"研讨会在北京召开。自2022年以来，磷酸铁锂材料行业陷入产能过 剩、同质化竞争泥潭，成本与价格矛盾突出，已成为锂电产业链利润承压最为严重的环节。未来产业链 高质量发展需要加大行业反内卷力度，遏制低于成本的恶性竞争。 ...

记者从业内获悉，由于我国磷酸铁锂行业陷入连续多年整体性亏损的窘境，产业无序竞争、低价内卷现 象威胁全行业生存根基与持续发展大局，中国化学与物理电源行业协会将发布《关于参考磷酸铁锂成本 指数及规范行业发展的通知》。该《通知》建议，企业应将协会11月18日披露的行业平均成本区间作为 报价的重要参考，不要突破成本红线开展低价倾销。记者独家获悉，中国化学与物理电源行业协会将自 本月起，每月定期披露行业平均成本区间，为企业报价提供权威监管依据。同时，协会建议企业履行信 息报送义务，企业每月定期向协会如实、完整提交产能、产量、库存等经营数据，作为行业资源配等重 要参考依据。（中证金牛座） ...

（编辑 王雪儿） 证券日报网讯 万凯新材11月18日在互动平台回答投资者提问时表示，瓶片行业于7月份启动反内卷以 来，公司严格落实行业倡议，公司部分装置按照年度检修计划及运行安排开展检修，整体装置负荷有所 下降。目前，PET行业整体供需结构持续改善，行业加工费水平呈现良好的回升态势，经营情况稳中向 好。关于股价波动，受到市场环境、行业情绪及资金面等多重因素综合作用所致，敬请注意投资风险。 公司将继续坚持稳健经营，以经营业绩和长期价值增长回馈投资者。 ...

Core Viewpoint - The hydrogen industry in China is facing challenges such as disorderly competition, indicator speculation, and low-price dumping, prompting the establishment of the "Healthy Development Initiative for the Electrolyzer Industry" by the Hydrogen Energy Promotion Association and 40 leading manufacturers to address these issues and promote healthy competition [1][2]. Group 1: Industry Challenges - The rapid expansion of production capacity for water electrolysis hydrogen production equipment has not been matched by downstream market demand, leading to fierce price wars among manufacturers [2]. - The average bidding price for alkaline electrolyzers in China has dropped from 10 million yuan per unit in 2021 to 6.5 million yuan per unit in 2024, with recent bids falling to between 2.54 million and 2.85 million yuan per unit, representing a decline of over 60% from last year's average [2]. - The negative impact of price competition is extending to overseas markets, with some international clients demanding prices based on low Chinese bids, potentially harming the global market for hydrogen [2]. Group 2: Proposed Solutions - The initiative emphasizes the need for rational industry development, discouraging false planning and blind pessimism, while advocating for industry collaboration [1]. - It calls for strict adherence to truthful reporting of key metrics such as electrolyzer efficiency and lifespan, promoting healthy competition within a reasonable profit margin [1]. - The focus should shift from scale expansion to technological innovation, with an emphasis on establishing standards to regulate market order and maintain the national brand image [1][3]. Group 3: Industry Perspectives - Industry leaders are advocating for a shift from a price-centric approach to a value-driven development philosophy, emphasizing the importance of performance validation and technological innovation [3]. - There is a call for credible standards and third-party testing platforms to ensure that electrolyzer data is accurate and reliable, which is essential for the industry's long-term health [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 11.78 billion with a year-on-year growth of 1.6% and a net profit attributable to shareholders of 915 million, reflecting a year-on-year increase of 30.9% for the first three quarters of 2025 [3][4]. - In Q3, the company reported a revenue of 4.387 billion, representing a year-on-year growth of 18.9%, and a net profit of 25 million, recovering from a loss of 112 million in the same period last year [4]. - The gross margin for Q3 was 10.8%, up by 3.1 percentage points year-on-year but down by 3.5 percentage points quarter-on-quarter [11]. - The company is expected to maintain its profitability advantage despite the overall industry losses, with a production and sales rate of over 100% for float glass [11]. - The company has a significant capacity in photovoltaic glass production, with an expected increase in sales and stable profitability despite some production challenges [11]. - The report anticipates a revaluation of the company's photovoltaic glass assets, with an expected net profit of 1.2 billion for 2025, corresponding to a PE ratio of 15.8 times [11]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 11.78 billion and a net profit of 915 million, marking a 1.6% and 30.9% increase year-on-year, respectively [3][4]. - The Q3 revenue was 4.387 billion, with a year-on-year growth of 18.9%, and a net profit of 25 million, recovering from a loss of 112 million in the previous year [4]. Cost and Margin Analysis - The gross margin for Q3 was 10.8%, which is a 3.1 percentage point increase year-on-year but a 3.5 percentage point decrease quarter-on-quarter [11]. - The company is expected to benefit from cost advantages in float glass production and has a high proportion of large-scale photovoltaic glass production lines [11]. Market Outlook - The report highlights the potential for industry price stabilization due to recent government discussions aimed at addressing overcapacity and pricing issues in the glass industry [11]. - The company is positioned to benefit from a revaluation of its photovoltaic glass assets, with expectations of continued profitability growth in the coming years [11].

Production and Capacity Expansion - The company sold 64.86 thousand tons of phosphate-based cathode materials in the first nine months of the year, representing a year-on-year increase of 78.49% [2] - The company plans to cautiously manage its capacity expansion based on market conditions [3] - The company has achieved full self-supply of iron phosphate and currently has no external procurement needs [4] Pricing and Market Demand - The company is actively negotiating with customers for price increases due to strong demand and rising raw material costs [3] - The market demand for the company's products remains robust, with both production and sales performing well [2] New Product Development - New product shipments, including the CN-5 and YN-9 series, are expected to see significant growth compared to last year [3] - The company is committed to continuous innovation and iteration of its products to meet market trends [3] Industry Context and Challenges - The industry association has issued an initiative to maintain healthy and orderly development in the lithium iron phosphate materials sector, as many peers are still operating at a loss [3] - The company is closely monitoring the association's subsequent measures [3] Project Progress and Future Plans - The company is actively advancing the environmental assessment procedures for its Spain project [4] - The company expects to achieve full production at the Huangjiapo phosphate mine by the fourth quarter of this year, with a ramp-up period required before reaching full capacity [4] Fundraising and Investment Projects - The company is in the process of issuing shares to specific investors and is currently responding to inquiries from the Shenzhen Stock Exchange [3] - Some fundraising projects have already commenced with self-raised funds [3]