Core Viewpoint - The company has developed and positioned products in the field of solid-state batteries, specifically focusing on silicon-carbon anodes and lithium metal anodes, with a pilot production line for silicon-carbon anode materials completed and products passing evaluations from multiple clients, preparing for mass production [1] Group 1 - The company is actively engaged in the development of silicon-carbon anodes and lithium metal anodes for solid-state batteries [1] - A pilot production line for silicon-carbon anode materials has been completed [1] - Products have successfully passed evaluations from several clients and are ready to enter the mass production phase [1]

Core Viewpoint - The company is actively developing negative electrode materials for both liquid and solid-state lithium-ion batteries, with a focus on silicon-carbon and lithium metal negative electrodes, and is preparing for mass production of its silicon-carbon negative electrode materials after successful trials with multiple clients [1]. Group 1 - The company has confirmed that graphite-based negative materials are applicable in both liquid and solid-state lithium-ion batteries, with varying requirements based on battery technology and specifications [1]. - The company has completed the construction of a pilot production line for silicon-carbon negative materials, which have passed evaluations by several clients and are ready to enter the mass production phase [1].

活动现场，华宜清创先后与宜宾市南溪区政府、普什集团签署硅碳负极项目合作协议，与超威电源集 团、广州融捷能源科技有限公司达成战略合作，在产业链协同与市场拓展方面迈出关键一步。 人才是企业发展创新的第一生产力。活动上，还举行了"欧阳明高院士工作站青年人才发展基金2025年 支持计划"颁奖仪式，共计5位青年教师与14位学生获奖。同时，普什集团与华宜清创宣布共同向"欧阳 明高院士工作站青年人才发展基金"捐赠50万元，专项用于支持青年科技人才的培养与发展，彰显企业 对科技创新与社会责任的双重担当。 普什集团作为四川100强企业，正积极从传统配套业务向绿色科技与新兴材料领域拓展。此次与华宜清 创的合作，是集团在绿色低碳和科技创新方向上的具体实践，将持续为地方经济高质量发展贡献务实力 量。（徐丹宁） （文章来源：新华财经） 中国科学院院士、清华大学教授欧阳明高在致辞中强调，科技创新的精彩故事，必须要和地方合作、必 须要有落地成果。本次发布的硅碳负极材料，融合企业双方"生物质碳资源化利用"与"高性能硅碳负极 材料制备技术"，实现了生物质碳的高效利用与负极材料成本的有效降低，具有重要的产业与环保价 值，是创新链与产业链深度融合 ...

Core Viewpoint - Zhuhai New Materials experienced a stock price increase of 3.47% on November 11, with a trading volume of 314 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On November 11, Zhuhai New Materials had a financing buy-in amount of 45.64 million yuan and a financing repayment of 54.89 million yuan, resulting in a net financing outflow of 9.24 million yuan [1]. - The total financing and securities balance for Zhuhai New Materials reached 283 million yuan, accounting for 3.52% of its circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing [1]. - The company had no shares repaid in securities lending on November 11, with 3,600 shares sold short, amounting to 56,900 yuan at the closing price, and a securities lending balance of 439,900 yuan, which is below the 40th percentile of the past year, indicating a low level of short selling [1]. Financial Performance - For the period from January to September 2025, Zhuhai New Materials reported a revenue of 1.067 billion yuan, a year-on-year decrease of 26.90%, and a net profit attributable to shareholders of -333 million yuan, a slight decrease of 0.48% year-on-year [2]. - As of September 30, 2025, the number of shareholders increased to 16,900, up by 4.89%, while the average circulating shares per person decreased by 4.66% to 30,104 shares [2]. Dividend Information - Since its A-share listing, Zhuhai New Materials has distributed a total of 446 million yuan in dividends, with 335 million yuan distributed over the past three years [3]. Shareholder Composition - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of Zhuhai New Materials [3].

Core Viewpoint - The financial performance and trading activity of Dangsheng Technology indicate a mixed outlook, with significant financing activity and a notable increase in revenue, but also a decline in net profit growth compared to previous periods [1][2]. Financing Activity - On November 11, Dangsheng Technology experienced a financing buy-in of 130 million yuan, with a net financing outflow of 72.91 million yuan, resulting in a total financing balance of 1.515 billion yuan [1]. - The financing balance of 1.505 billion yuan accounts for 4.55% of the circulating market value, which is above the 60th percentile of the past year, indicating a high level of financing activity [1]. - The short-selling activity on the same day included a repayment of 9,700 shares and a sale of 2,400 shares, with a short-selling balance of 1.039 million yuan, also above the 70th percentile of the past year [1]. Financial Performance - For the period from January to September 2025, Dangsheng Technology reported a revenue of 7.399 billion yuan, reflecting a year-on-year growth of 33.92%, while the net profit attributable to shareholders was 503 million yuan, showing a growth of 8.30% [2]. - Cumulatively, the company has distributed 1.265 billion yuan in dividends since its A-share listing, with 821 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 0.37% to 86,400, while the average circulating shares per person increased by 0.37% to 5,856 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, increasing its holdings by 8.7215 million shares, while other ETFs have shown varying changes in their holdings [3].

Core Viewpoint - Tianwei Technology is advancing its new carbon nanotube cathode material project, which aims to enhance battery conductivity and high-rate charge/discharge capabilities, positioning itself as a significant player in the carbon nanotube application sector [1] Group 1: Project Overview - The project is being implemented by Sichuan Tianwei Jincheng Material Technology Co., Ltd., combining advanced carbon nanotube preparation technology with cathode materials [1] - The cathode materials are categorized into high-pressure series and high-rate series, primarily targeting power battery cells and high-end energy storage cells [1] - The company is currently conducting customer validation for its products [1] Group 2: Product Performance - The tested product features a sheet density of 2.70g+/cm³ and a 1C discharge capacity of 146mAh+/g, with energy density expected to improve with ongoing product iterations [1] - The product leverages Tianwei Technology's advantages in carbon nanotubes, utilizing a unique carbon tube composite process [1] - Compared to current market competitors, the product shows over 10% improvement in 5C rate performance, over 20% improvement in 10C rate performance, and over 100% capacity retention at -20℃ [1] Group 3: Production Plans - Tianwei Jincheng is currently under construction, with plans for a two-phase development of a 100,000-ton new cathode material production line [1] - The first phase of construction is expected to be completed by the first quarter of 2026 [1]

Core Viewpoint - The company has entered into an equipment purchase agreement to establish a smart coating carbonization processing plant in Anhui, China, aimed at producing high-quality natural graphite anode materials for the domestic lithium-ion battery market [1][2] Group 1: Equipment Purchase Agreement - The company’s indirect non-wholly owned subsidiary, Xinshi (Anhui) New Energy Materials Co., Ltd., has agreed to purchase equipment for RMB 42.2522 million (approximately HKD 46.2704 million) [1] - The equipment will be used in a factory that is under construction in Xuancheng Economic and Technological Development Zone, Anhui Province, with an expected production capacity of 15,000 metric tons of anode materials [1] - The factory is scheduled to commence production by the end of the second quarter of 2026 [1] Group 2: Strategic Alignment and Future Plans - The establishment of the factory aligns with China's "14th Five-Year Plan" for sustainable development, allowing the company to expand its presence in the battery materials supply chain [2] - The company is committed to ongoing investment in research and innovation, participating in two research projects led by the Nano and Advanced Materials Institute, focusing on liquid coating technology for natural graphite anode materials and porous carbon spheres for fast-charging silicon-based composite anodes [2] - The company believes that new production processes and the development of innovative anode products will create significant opportunities in the foreseeable future [2]

Core Viewpoint - Hunan Youneng (301358) reported a significant increase in sales of phosphate cathode materials, driven by strong downstream demand, with a year-on-year growth of 64.86% in sales volume for the first nine months of the year [1] Group 1: Sales Performance - The company sold 784,900 tons of phosphate cathode materials from January to September this year [1] - The sales performance indicates a robust market demand, with both production and sales thriving [1] Group 2: Future Capacity Planning - The company plans to cautiously manage its capacity layout based on market conditions [1]

Core Viewpoint - The company has made significant progress in the sodium battery anode material sector and is actively advancing its lithium iron phosphate (LFP) product development, with a strong order backlog and high capacity utilization [2]. Group 1: Sodium Battery Anode Material - The company has successfully developed sodium-based anode materials, achieving ton-level sales [2]. - Continuous investment in research and development is being made to enhance the sodium battery technology [2]. Group 2: Lithium Iron Phosphate Products - The fourth-generation lithium iron phosphate product has completed process validation and is now being delivered at scale [2]. - The company maintains a strong order backlog for its lithium iron phosphate products, ensuring high capacity utilization [2]. - Future updates regarding product advancements will be disclosed in compliance with legal and regulatory requirements [2].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][4] Core Insights - The company reported a revenue of 12.384 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 20.60%, while the net profit attributable to shareholders was 768 million yuan, up 14.37% year-on-year. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.189 billion, 1.671 billion, and 2.002 billion yuan respectively, with corresponding EPS of 1.05, 1.48, and 1.78 yuan [4][5] Revenue and Profit Growth - The company achieved a significant increase in sales of negative electrode materials, exceeding 260,000 tons, a growth of 32.83% year-on-year, with a gross margin of 25.59%. Sales of positive electrode materials surpassed 10,000 tons, growing by 4.30% year-on-year, with a gross margin of 11.70%, up 5.72 percentage points [5][6] Capacity Expansion - As of June 2025, the company has established a production capacity of 575,000 tons per year for negative electrode materials and 73,000 tons per year for positive electrode materials. The overseas production base in Indonesia has completed the first phase of an 80,000-ton negative electrode material project, with the second phase under construction. Additionally, the company is developing a 50,000-ton positive electrode and a 60,000-ton negative electrode capacity in Morocco [5][6] Technological Advancements - The company has made breakthroughs in solid-state and semi-solid-state battery materials, with the development of lithium-carbon composite negative electrode materials that match solid-state batteries. The oxide electrolyte products have received orders in the hundred-ton range, with matching cell installation exceeding 1 GWh. New products for CVD silicon-carbon are entering the trial production stage, with expectations for mass production in 2025 [6][8] Financial Summary and Valuation Metrics - The company’s financial metrics for 2023A to 2027E show a projected revenue increase from 25.119 billion yuan in 2023 to 18.736 billion yuan in 2027, with net profit expected to rise from 1.654 billion yuan to 2.002 billion yuan over the same period. The gross margin is projected to stabilize around 22.3% by 2027, with a P/E ratio decreasing from 24.1 in 2023 to 20.0 in 2027 [8][10]