北京当升材料科技股份有限公司 2024 年度述职报告 尊敬的各位股东及股东代表： 在报告期内，本人严格按照《中华人民共和国公司法》 （以下称"《公司法》"） 《中华人民共和国证券法》（以下称"《证券法》"）《上市公司独立董事管理 办法》以及《公司章程》《公司独立董事工作制度》等规定和要求，本着对全体 股东负责的态度，积极参与公司各项重大决策并审慎发表独立意见，积极维护公 司及全体股东的合法权益。现将本人 2024 年度履职情况报告如下： （夏定国） 北京当升材料科技股份有限公司 独立董事 2024 年度述职报告 一、出席会议情况 本人自2024年4月担任公司独立董事以来，出席公司董事会会议、董事会战 略和可持续发展委员会会议、提名委员会会议、股东大会、半年度经营总结会等 重要会议共16次，不存在委托他人、缺席或连续两次未出席董事会会议的情况。 对于公司董事会讨论的议案，本人会提前主动获取会议资料，并进行认真审议， 结合自身专业知识，在市场开发、技术研发、产业布局等领域为公司提出专业意 见和建议。对于各项议案，本人能够明确地表达自己的看法，并审慎地提出自己 的独立意见，切实保护了全体股东尤其是中小股东的权益。本 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index of over 20% [6][11]. Core Views - The company achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36%, and a net profit attributable to shareholders of 0.594 billion yuan, down 62.45% year-on-year. The decline in revenue is attributed to falling prices of upstream raw materials like lithium carbonate, which affected the prices of cathodes [4][6]. - The company leads the industry in single-ton net profit, with an estimated net profit of approximately 0.08 million yuan per ton in 2024, indicating strong profitability despite industry pressures [4]. - The company’s sales volume of lithium iron phosphate cathodes reached 710,600 tons in 2024, a year-on-year increase of 40%, maintaining the top market share for five consecutive years [4][5]. - The company is actively pursuing a global strategy, with its first overseas production base in Spain, planning a capacity of 50,000 tons of lithium battery cathode materials [5]. Financial Performance and Forecast - The company is projected to achieve revenues of 32.373 billion yuan, 39.205 billion yuan, and 44.640 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 43.25%, 21.10%, and 13.86% [6][8]. - The net profit attributable to shareholders is expected to reach 1.849 billion yuan, 2.415 billion yuan, and 2.950 billion yuan for the same years, with significant growth rates of 211.49%, 30.63%, and 22.15% [6][8]. - The company’s earnings per share (EPS) is forecasted to increase from 0.78 yuan in 2024 to 3.90 yuan by 2027 [8].

Core Viewpoint - The article highlights the recent developments in the supply contracts for lithium battery cathode materials, particularly focusing on the partnership between Changsheng Technology and SK On, which is expected to enhance revenue and market position for Changsheng Technology in the high-nickel and medium-nickel cathode materials sector [2]. Group 1: Supply Contracts and Revenue Impact - Changsheng Technology signed a supply contract with SK On to deliver 17,000 tons of various lithium battery cathode materials from 2025 to 2027, with potential additional negotiations for 110,000 tons from 2026 to 2028 [2]. - The revenue impact from this contract is projected to exceed 1.7 billion yuan, based on current prices for high and medium nickel ternary cathode materials [2]. - The partnership is a renewal of previous contracts, with SK On's contribution to Changsheng Technology's revenue decreasing over the past three years, but the new orders are expected to increase this contribution [2]. Group 2: Market Dynamics of Cathode Materials - The market share of ternary cathode materials has been pressured by lithium iron phosphate (LFP) cathode materials, with the installation ratio of ternary batteries to LFP batteries shifting from 4:6 to 2:8 from 2023 to early 2024 [3]. - The slowdown in demand for ternary materials is attributed to a shift in the market towards mid-to-low-end electric vehicles and the growth of the energy storage market, which predominantly uses LFP materials [3]. - Despite the slowdown, ternary cathode materials maintain a stronger price position compared to LFP materials due to higher technical barriers and a more diversified international customer base [3]. Group 3: Future Growth Potential - The future growth of ternary cathode materials largely depends on the expansion of downstream applications, particularly in high-energy density and high-performance sectors such as VR/AR devices, humanoid robots, and aerospace applications [5]. - Emerging battery technologies, including solid-state and semi-solid-state batteries, are favoring high-nickel ternary materials, indicating potential growth in these new applications [5]. - Although these applications are still in the developmental stage, their maturation and market adoption could lead to increased demand for ternary cathode materials [5].