证券代码：000155 证券简称：川能动力 四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20251126 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 长城基金、正心谷、瓴仁投资、弘尚资产、格传投资、鹏华基 金、交银施罗德、Sage par、星石投资、青骊投资、瀚亚投资、 嘉实基金、新华基金、拾贝投资、天时股权、川恒集团、北京 金九瑞和、汐泰投资、海南川溪私募基金管理有限公司、中信 证券、东方财富 时间 2025 年 11 月 26 日 (周三) 上午 10:30-12:00 地点 公司 1622 会议室 上市公司接待 人员姓名 资本运营副总监、证券事务代表、董事会办公室 投资者关系活 动主要内容介 绍 一、问答交流环节 1、公司基本情况介绍 答：公司聚焦绿色能源核心产业，主营业务包括新能源发 电和锂电业务，其中：新能源发电业务主要为风力发电和光伏 发电项目开发、建设和运营，以及垃圾焚烧发电项目的投资运 营及环卫一体化；锂电业务主要为碳酸锂、氢氧化锂产品的生 产和销售，以及李家沟锂矿采选。 ...

Core Viewpoint - The A-share market is expected to return to a "technology growth" theme by 2026, with a continued trend of high performance growth in the technology sector [1] Group 1: Technology Sector - The performance growth trend in the technology sector has not reversed, and the valuation differentiation between growth and value is not at an extreme [1] - The TMT (Technology, Media, and Telecommunications) sector remains relatively under-traded overall, despite some overheating in AI hardware areas like electronics and communications [1] - There are potential rebound opportunities in media and computer sectors as AI application sectors lag behind [1] Group 2: Traditional Industries - The "anti-involution" policy is expected to improve the fundamentals of certain industries, with traditional sectors like coal and steel likely to see a recovery in profitability driven by policy support [1] - Emerging industries such as photovoltaics and lithium batteries may stabilize in supply-demand dynamics after capacity clearing [1] Group 3: Consumer Sector - The consumer sector is anticipated to experience a mild recovery, with structural opportunities in service consumption and travel industries supported by demand recovery and policy backing [1] Group 4: Index Overview - The CSI A500 ETF (159338) tracks the CSI A500 Index (000510), which selects 500 stocks with large market capitalization and good liquidity from the Shanghai and Shenzhen stock exchanges [1] - The index emphasizes balanced industry allocation, focusing on both growth and cyclical sectors, and highlights leading companies in niche industries and representative firms in the new economy [1]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - On November 25, 2025, the 2601 contract of lithium carbonate futures rose 4.47% to 95,400 yuan/ton. The average price of battery - grade lithium carbonate decreased by 100 yuan/ton to 92,050 yuan/ton, the average price of industrial - grade lithium carbonate decreased by 100 yuan/ton to 89,650 yuan/ton, and the price of battery - grade lithium hydroxide (coarse particles) decreased by 100 yuan/ton to 81,180 yuan/ton. The warehouse receipt inventory increased by 105 tons to 26,615 tons [3]. - In terms of supply, the weekly production increased by 585 tons to 22,130 tons. In October, the import of lithium carbonate increased by 22% to 24,000 tons. In terms of demand, the weekly production of ternary materials increased by 118 tons to 19,002 tons, and the weekly inventory increased by 79 tons to 19,290 tons; the weekly production of lithium iron phosphate increased by 118 tons, and the weekly inventory decreased by 2,154 tons. In terms of inventory, the social inventory of lithium carbonate has been destocked for 14 consecutive weeks to 118,400 tons, and the inventory turnover days have decreased to 26.8 days [3]. - The weekly inventory continued the destocking trend last week, but the marginal change shows that the weekly destocking has slowed down. The weighted contract positions are still large, with risks of continued position reduction and transfer. Although the market sentiment was boosted by news on November 25, the fundamentals may weaken marginally, leading to a short - term downward risk in prices. It is recommended to wait for opportunities to go long after over - decline or the full release of negative factors [3]. 3. Summary According to Relevant Catalogs 3.1 Daily Data Monitoring - Futures: The closing price of the main contract was 95,400 yuan/ton, up 4,920 yuan; the closing price of the continuous contract was 95,340 yuan/ton, up 5,140 yuan. - Lithium ore: The price of lithium spodumene concentrate (6%, CIF China) was 1,067 US dollars/ton, down 4 US dollars; the prices of various types of lithium mica and phospho - lithium - aluminum stone remained unchanged. - Lithium carbonate and lithium hydroxide: The prices of battery - grade lithium carbonate, industrial - grade lithium carbonate, and various types of lithium hydroxide decreased by 100 yuan/ton, except for the price of battery - grade lithium hydroxide (CIF China, Japan, and South Korea), which decreased by 0.05 US dollars/kg [5]. - Lithium hexafluorophosphate: The price was 160,500 yuan/ton, up 2,500 yuan. - Price differences: The price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate remained at 2,400 yuan/ton; the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate remained at - 10,870 yuan/ton; the price difference between CIF China, Japan, and South Korea battery - grade lithium hydroxide and SMM battery - grade lithium hydroxide decreased by 276 yuan [5]. - Precursors and cathode materials: The prices of various ternary precursors and cathode materials decreased, with the exception of some materials whose prices remained unchanged. - Cells and batteries: The prices of most cells and batteries remained unchanged, while the prices of some products increased slightly [5]. 3.2 Chart Analysis 3.2.1 Ore Prices - The report presents charts of the prices of lithium spodumene concentrate (6%, CIF), lithium mica (1.5% - 2.0%), lithium mica (2.0% - 2.5%), and phospho - lithium - aluminum stone (6% - 7%, 7% - 8%) from 2024 to 2025, showing their price trends over time [6][8]. 3.2.2 Lithium and Lithium Salt Prices - The report shows charts of the prices of metallic lithium, battery - grade lithium carbonate average price, industrial - grade lithium carbonate average price, battery - grade lithium hydroxide, industrial - grade lithium hydroxide, and lithium hexafluorophosphate from 2024 to 2025, reflecting their price changes [11][15]. 3.2.3 Price Differences - The report includes charts of price differences such as the price difference between battery - grade lithium hydroxide and battery - grade lithium carbonate, the price difference between battery - grade lithium carbonate and industrial - grade lithium carbonate, and other relevant price differences from 2024 to 2025 [18]. 3.2.4 Precursors and Cathode Materials - The report provides charts of the prices of ternary precursors and cathode materials (including various types of ternary materials and lithium iron phosphate, manganese acid lithium, cobalt acid lithium) from 2024 to 2025, showing their price trends [23][25]. 3.2.5 Lithium Battery Prices - The report presents charts of the prices of 523 square ternary cells, square lithium iron phosphate cells, cobalt acid lithium cells, and square lithium iron phosphate batteries from 2024 to 2025, reflecting their price changes [31]. 3.2.6 Inventory - The report shows charts of the inventory of downstream, smelters, and other links of lithium carbonate from April to November 2025, reflecting the inventory changes [35]. 3.2.7 Production Costs - The report provides a chart of the production costs of lithium carbonate (including cash production profits from different raw materials) from 2024 to 2025, showing the cost - profit situation [39].

Group 1: National Policies and Initiatives - The National Space Administration has issued a plan to promote high-quality and safe development of commercial aerospace from 2025 to 2027, encouraging the strengthening of satellite and rocket manufacturing, expanding application services, and enhancing measurement and control operations [1] - The National Data Bureau supports the establishment of a comprehensive service system for data trading, emphasizing the role of data exchanges in product incubation, compliance assurance, and market integration [2] - The Ministry of Science and Technology aims to implement major national scientific tasks to achieve breakthroughs in key technologies, enhancing collaboration between enterprises and research institutions [5] Group 2: Corporate Developments - Moore Threads announced the results of its initial public offering, with a total of 33,600 winning numbers for subscriptions, allowing each winning number to subscribe for 500 shares [4] - Huayou Cobalt signed a supply agreement with Yiwei Lithium Energy for high-nickel ternary cathode materials, expected to supply approximately 127,800 tons from 2026 to 2035, enhancing its market share in lithium battery materials [5] - Shangwei New Materials elected Peng Zhihui as chairman and appointed Tian Hua as CEO during its board meeting [6][7] - Shida Group is advancing its investments in intelligent computing, leveraging policy advantages from digital initiatives in Fujian [7] - Heng Rui Medicine received approval for clinical trials of its innovative drug HRS-8364 for treating advanced solid tumors, with no similar drugs approved in the market [8] - Spring Autumn Electronics plans to acquire all shares of Asetek A/S for up to 573 million Danish Krone, focusing on liquid cooling technology for PCs [9] - Tianfu Communication's major shareholder transferred 3.011 million shares for 422 million yuan, with no impact on the company's control structure [10] - Century Huatong obtained a loan commitment of up to 900 million yuan from China Merchants Bank for stock repurchase [11] - Demingli plans to raise up to 3.2 billion yuan for expanding SSD and DRAM production projects [12] - Dayang Electric is investing 10 million yuan in an industrial fund focused on robotics and related technologies [13] - Guosheng Technology intends to acquire 100% of Fuyue Technology for 240.6 million yuan, which specializes in high-precision lithium battery components [13]

Core Insights - The lithium battery industry in China has shown significant production growth in 2025 compared to 2024, with domestic battery production reaching 170.6 GWh in October, a year-on-year increase of 50.84% and a month-on-month increase of 12.83% [1][2] - The production of lithium iron phosphate (LFP) cathode materials also increased, reaching 26.69 million tons in October, marking a year-on-year growth of 45.92% and a month-on-month growth of 8.36% [1][2] Production - In the first ten months of 2025, domestic battery and LFP cathode material production significantly exceeded the same period in 2024 [2] - The capacity utilization rate for LFP cathode materials was reported at 63.54%, surpassing the figures from 2024 [1][2] Pricing - Prices for key raw materials and battery cells have seen a moderate increase. As of November 21, 2025, industrial-grade lithium carbonate prices exceeded 92,400 CNY per ton, with a weekly increase of 10.13% [3] - The price of LFP (power type) reached 38,100 CNY per ton, with a weekly increase of 8.09% [3] - Lithium hexafluorophosphate prices rose from approximately 60,000 CNY per ton at the end of September to 160,000 CNY per ton by November 21, reflecting a weekly increase of 13.39% [3] Demand - Several provinces in China have introduced capacity price compensation mechanisms, with Heilongjiang Province aiming for over 6 GW of new energy storage installations by 2027 [4] - In October 2025, the monthly shipment of LFP batteries reached 67.5 GWh, a year-on-year increase of 43.62% and a month-on-month increase of 8.52%, marking a new high for the year [4] - The export volume of Chinese power batteries in October 2025 was 19.4 GWh, representing a year-on-year increase of 79.63% and a month-on-month increase of 10.23% [4] Investment Recommendations - The report suggests focusing on companies that are well-positioned in the power battery and energy storage sectors, particularly those with strong overseas layouts [5] - Companies to watch include CATL (300750.SZ), EVE Energy (300014.SZ), Xinwangda (300207.SZ), Hunan Youneng (301358.SZ), and Rongbai Technology (688005.SH) [5]

Market Overview - The market experienced a rebound yesterday, with the Shanghai and Shenzhen stock exchanges recording a trading volume of 1.81 trillion, an increase of 84.4 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index rose by 0.87%, the Shenzhen Component Index increased by 1.53%, and the ChiNext Index gained 1.77% [1] Lithium Battery Sector - CICC indicates that a new upward cycle for lithium batteries has begun, with energy storage expected to be a key driver [2] - Since 2025, the lithium battery industry has shown signs of bottom reversal due to stabilizing prices and improved supply-demand structure [2] - Investment strategies include focusing on energy storage demand, new technologies like solid-state batteries, and the revival of charging station construction [2] Aerospace and Defense Sector - Huatai Securities released a 2026 outlook for the aerospace and defense sector, noting that the military's equipment construction will shift from quantity to quality during the 14th Five-Year Plan [3] - The focus will be on new fourth-generation equipment, with an emphasis on unmanned systems, low-cost munitions, and military AI [3] - The report highlights opportunities in commercial aerospace, low-altitude economy, deep-sea technology, and military-civilian technology applications [3] Building Materials Sector - Galaxy Securities published a 2026 strategy report for the building materials industry, indicating a recovery in the building materials index and fundamentals in 2025 [4] - The report emphasizes structural investment opportunities due to traditional industry capacity reduction and the continued high demand in emerging sectors [4] - Key areas of focus include the renovation of existing properties, urban renewal, and the performance of leading companies in high-performance fiberglass and consumer building materials [4]

绿色发展，正在成为时代主旋律。 党的二十届四中全会公布的"十五五"规划建议明确提出，加快经济社会发展全面绿色转型，建设美丽中 国。在这场关乎未来的转型竞赛中，有一个既不沿边也不靠海的中部省份，凭借着深厚的绿色家底和前 瞻行动、战略定力，正展现出越来越不容忽视的存在感。 它就是江西。 江西省九 江市鄱阳湖湿地白鹤栖息地。视觉中国 图 眼下，2025世界绿色发展投资贸易博览会暨中国绿色食品博览会（以下简称"绿发会"），即将在江西南 昌开幕。来自68个国家和地区的嘉宾、2500余家参展商、900余家采购商、300余家投资商将齐聚赣鄱大 地，共同见证江西以"绿"为桥的转型实践，并探讨绿色发展的未来路径。 这背后，是江西用16年时间将绿发会打造成"生态搭台、经贸唱戏"超级平台的坚守，更是这座中部大省 在红色基底上不断增强绿色动能、崛起为绿色发展先行者的生动注脚。 01 绿发会是经党中央批准，江西唯一保留的省部级展会，首届于2009年举办。经过连续多年的成功举办， 绿发会的知名度、影响力持续扩大，不仅成为江西对内对外开放的重要平台，也成为观察中国绿色发展 的一个重要窗口。 那么，它为何能够花落江西？ 首先，江西拥有堪称" ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 3.742 billion yuan in Q3 2025, representing a year-on-year increase of 6.66% but a quarter-on-quarter decline of 3.37% [2][4]. - The net profit attributable to the parent company reached 645 million yuan, showing a significant year-on-year growth of 69.30% and a quarter-on-quarter increase of 13.54% [2][4]. - The non-recurring net profit was 598 million yuan, reflecting a year-on-year increase of 61.97% and a quarter-on-quarter growth of 15.49% [2][4]. Financial Performance Summary - In Q3 2025, the company's negative electrode business emphasized product structure, with a slight decline in shipment expectations, but unit profitability is expected to improve due to process optimizations [12]. - The company benefited from strong downstream demand for power and energy storage batteries, achieving breakthroughs in both sales volume and market share in the diaphragm coating business, with stable profitability anticipated [12]. - The base film business is experiencing positive growth and remains profitable, leading the industry, while equipment business revenue is estimated to have slightly declined [12]. - The company expects continued improvement in profitability, driven by new product launches and cost reductions from its Sichuan base, with stable growth in diaphragm coating, lithium battery equipment, and PVDF businesses [12]. - Forecasted net profits for 2025 and 2026 are 2.3 billion yuan and 3.3 billion yuan, respectively, corresponding to P/E ratios of 25X and 17X [12].

Core Viewpoint - The lithium battery industry is experiencing a structural differentiation in production expansion, with a shift from a total capacity race to a focus on specifications and cost optimization [2][3][10]. Group 1: Market Trends - The lithium battery supply chain is showing signs of recovery as prices for lithium hexafluorophosphate and VC have significantly rebounded from their lows, leading to a resurgence in market sentiment [2]. - Current production expansion is characterized by strong structural differentiation, with segments like lithium iron phosphate (LFP), anode materials, copper foil, and coated separators increasing capacity, while high-nickel ternary and electrolyte sectors are more cautious [2][10]. Group 2: Company Actions - Fulin Precision's investment of 4 billion yuan in a new high-pressure, high-density lithium iron phosphate project in Sichuan reflects a strategic shift towards high-end specifications and energy density requirements [3]. - Shangtai Technology plans to invest approximately 4.07 billion yuan in a 200,000-ton anode material project in Shanxi, indicating optimism about future installation volumes and energy storage demand [5]. - Companies like Huasheng Lianying are also betting on the recycling market for anode materials, showcasing a commitment to developing a recycling system [6]. Group 3: Production Strategies - The expansion in the separator and copper foil segments focuses on integration and high-end products, with companies like Putailai enhancing their capabilities to strengthen ties with leading battery manufacturers [7]. - Cangzhou Mingzhu has been actively realizing multiple production lines in the fourth quarter, while Defu Technology targets high-value special copper foil to meet the demands of AI servers and high-end PCBs [8][9]. Group 4: Cautious Expansion - In contrast to the aggressive expansion in other segments, the electrolyte and high-nickel ternary sectors are exhibiting restraint, with leading companies opting for technological upgrades rather than large-scale new projects [10]. - The shift in strategy reflects a preference for improving balance sheets during price recovery rather than blindly pursuing new capacity, with a focus on product line adjustments and new system development [10]. Group 5: Future Outlook - The current trend of headquarter-led, phased, and technology-focused expansion is expected to mitigate the risk of overall oversupply in the short term [11]. - Future industry dynamics will depend on identifying specific expansion specifications, segments, and timelines to determine which companies will succeed in the competitive landscape [12].

Core Insights - The Chinese lithium battery industry has entered a new phase of high-quality development, focusing on long-termism, technological innovation, and global layout [2][3][5] - Key industry leaders discussed the importance of maintaining industry self-discipline and avoiding price wars that harm reputation and competitiveness [5][12][13] Group 1: Industry Characteristics - Lithium batteries are integral to the energy sector, with rising global electricity demand and a significant increase in China's new electricity consumption [6] - The penetration rate of new energy vehicles in China remains high, with emerging fields like electric commercial vehicles and data centers contributing to growth [6][7] Group 2: Innovation and Technology - The growth potential of the lithium battery sector is heavily reliant on innovation capabilities, with past advancements driven by breakthroughs in materials and systems [8][10] - Current innovation deficiencies could weaken future competitiveness, necessitating long-term investment in materials and chemical systems [10] Group 3: Manufacturing and Employment - The manufacturing sector must maintain reasonable profit expectations and promote high-quality employment, allowing workers to grow their skills and wealth [11] - Some companies are criticized for using outdated testing methods and production lines, which may yield short-term financial gains but are ultimately unsustainable [11][12] Group 4: Company Strategies - Companies like Tianci Materials and Rongbai Technology are focusing on technological differentiation and global expansion to adapt to the new cycle of value return [16][17][26] - Tianci Materials has achieved significant market share in electrolyte production and is investing in solid-state battery technology and innovative materials [17][19] Group 5: Future Trends - The storage market is expected to grow significantly, driven by advancements in battery technology and the decreasing costs of solar power [27] - By 2035, the demand ratio for lithium iron phosphate and sodium-ion battery materials is projected to shift to 4:6, indicating a trend towards more cost-effective materials [29] Group 6: Globalization and ESG - Companies are adopting global strategies, with a focus on vertical integration and establishing a global presence to meet increasing demand [30][31] - ESG (Environmental, Social, Governance) considerations are becoming a foundational aspect of corporate strategies, promoting sustainable development and enhancing the industry's global image [31]