丨证券研究报告丨 [Table_Summary] 当升科技发布 2025 年三季报，2025Q3 实现收入 29.67 亿元，同比增长 49.54%，环比增长 17.52%；归母净利润 1.92 亿元，同比增长 8.02%，环比下滑 4.43%；扣非净利润 1.36 亿元， 同比增长 29.36%，环比下滑 26.42%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 [Table_scodeMsg1] 公司研究丨点评报告丨当升科技（300073.SZ） [Table_Title] 当升科技2025 三季报分析：三元出货积极增长， 铁锂盈利改善显著 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 当升科技（300073.SZ） cjzqdt11111 [Table_Title 当升科技 2025 2] 三季报分析：三元出货积极增 长，铁锂盈利改善显著 [Tab ...

图片来自企业官网 本报记者 张蓓 见习记者 黄指南 深圳报道 行业洗牌叠加战略底部，容百科技在亏损期绑定宁德时代，或许是兼顾生存与发展的最优解。 11月17日，宁波上市公司容百科技（688005.SH）发布公告，披露与电池龙头宁德时代签署《合作协 议》，后者明确将其列为钠电正极粉料第一供应商。 11月16日晚间，容百科技公告与宁德时代达成全面合作，核心条款直指钠电正极粉料供应。 公告内容显示，在满足技术、质量核心要求的前提下，宁德时代将其列为第一供应商，年度采购占比不 低于60%；年采购量达50万吨及以上时，容百科技将通过降本提供更优惠价格，同时在原材料、产能端 优先保障供货。 本次双方签署的协议有效期至2029年末，到期无异议将会自动续约，意味着双方锁定近四年合作框架， 容百科技借此深度嵌入宁德时代钠电产业化进程。 这份合作协议的行业价值，已远超常规供货框架的范畴。从产业发展背景来看，宁德时代旗下钠新电池 已率先完成GB38031-2025《电动汽车用动力蓄电池安全要求》新国标认证，成为全球首款通过新国标 认证的钠离子电池，为钠电池商业化落地扫除了核心政策壁垒。 当前钠电行业仍面临正极材料良率低、产能稀缺的 ...

Core Viewpoint - LG Chem has secured a significant contract worth 3.76 trillion KRW (approximately 25.7 billion USD) for the supply of cathode materials for electric vehicle batteries, effective from November 15, 2025, to July 31, 2029, indicating strong demand in the EV sector [3]. Group 1: Contract Details - The newly acquired contract corresponds to an estimated battery shipment volume of about 60 GWh [4]. - LG Chem's existing U.S. customers include major automakers such as Toyota, General Motors, Tesla, and Hyundai [4]. - In October 2023, LG Chem signed a long-term supply contract with Toyota North America, expected to reach 2.86 trillion KRW by 2030 [4]. Group 2: Previous Agreements - In February of the previous year, LG Chem entered an eight-year supply agreement with General Motors valued at 25 trillion KRW, covering the period from 2026 to 2035 [5]. - In September of the previous year, LG Chem signed an agreement with Prime Planet Energy & Solutions (PPES) to supply cathode materials starting in 2026 [5]. Group 3: Production Capacity and Developments - LG Chem currently has a cathode material production capacity of 150,000 tons across South Korea, China, and other regions, with a new plant under construction in Tennessee, USA, expected to produce 60,000 tons annually by 2026 [6]. - The company has also signed long-term supply contracts for core lithium battery materials with Huayou Cobalt, totaling 164,000 tons over five years [7]. Group 4: Strategic Shifts - LG Chem has decided to exit the battery separator business and plans to lay off about 1,000 employees globally, focusing resources on strengthening its core areas such as cathode materials [7]. - The company is also exploring next-generation battery technologies, including sodium-ion batteries, and has signed a joint development agreement with Sinopec [7]. Group 5: LG Energy Solution's Strategy - LG Energy Solution is shifting its strategy towards lithium iron phosphate (LFP) technology and expanding into the energy storage system (ESS) market to mitigate risks associated with fluctuating electric vehicle demand [8]. - The company plans to start mass production of LFP batteries in South Korea by 2027, marking its first domestic production of LFP batteries [8]. - As of the end of Q3 this year, LG Energy Solution has accumulated nearly 120 GWh of orders for energy storage batteries, primarily from North America and Europe [8]. Group 6: Market Context - Both LG Chem and LG Energy Solution's strategic shifts reflect their pursuit of new breakthroughs amid intense competition from Chinese and domestic rivals [9]. - U.S. government policies aimed at supply chain incentives are prompting companies like General Motors and Tesla to reduce reliance on Chinese suppliers, which may benefit the South Korean lithium battery industry [9].

证券日报网讯天原股份（002386）11月19日在互动平台回答投资者提问时表示，公司磷酸铁锂正极材料 可以用于储能电池和固态电池，负极材料目前在开展中试；重要参股公司宜宾锂宝三元正极材料可以用 于固态电池。 ...

Group 1 - The company Tianyuan Co., Ltd. confirmed that its lithium iron phosphate cathode materials can be used in energy storage batteries and solid-state batteries [2] - The company is currently conducting pilot tests on its anode materials [2] - A significant equity investee, Yibin Lithium Treasure, produces ternary cathode materials that are applicable for solid-state batteries [2]

容百科技（ [Table_StockNameRptType] 688005） 公司点评 盈利短期波动，新业务加速突破 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： | 2025-11-18 | | | [Table_BaseData] 收盘价（元） | | 35.40 | | 近 12 个月最高/最低（元） | 40.20/17.34 | | | 总股本（百万股） | 715 | | | 流通股本（百万股） | | 715 | | 流通股比例（%） | | 99.99 | | 总市值（亿元） | | 253 | | 流通市值（亿元） | | 253 | [公司价格与沪深 Table_Chart] 300 走势比较 -37% -14% 10% 34% 57% 11/24 2/25 5/25 8/25 容百科技 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com [Table_CompanyReport] 相关报告 1.新业务多点开花，三元 ...

来源：市场资讯 （来源：广东电池） 为更好地了解锂电正极材料行业的发展情况和市场走向，广东省电池行业协会对22家锂电正极材料上市 企业2025年1-9月的业绩相关情况进行了梳理分析。 业绩情况 根据22家正极材料企业的主营业务占比情况；将湖南裕能、德方纳米等9家企业归为磷酸铁锂正极材料 企业；将中伟股份、容百科技等13家企业归为三元正极材料企业。 2025年前三季度，22家正极材料的营收总额达到2244.19亿元，9家磷酸铁锂企业的营收平均值为64.56亿 元，13家三元材料企业的营收平均值为127.93亿元；22家企业的净利润总额为79.25亿元（含亏损额度在 内），其中，9家磷酸铁锂企业的净利润平均值为-0.88亿元，13家三元正极材料企业的净利润平均值为 6.70亿元。 2025年第三季度，22家正极材料企业的营收总额达到832.93亿元，9家磷酸铁锂企业的营收平均值为 24.13亿元，13家三元材料企业的营收平均值为47.37亿元；22家企业的净利润合计为30.67亿元（含亏损 额度在内），9家磷酸铁锂企业的净利润平均值为-0.02亿元，13家三元正极材料企业的净利润平均值为 2.37亿元。 总体来看 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - In Q3 2025, the company achieved operating revenue of 12.823 billion yuan, a quarter-on-quarter increase of 18.71% and a year-on-year increase of 39.27%. The net profit attributable to shareholders was 810 million yuan, with a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85%. The net profit after deducting non-recurring gains and losses was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05%. The strong performance reflects the company's resource profitability elasticity and competitive positioning in the downstream industry chain [2][4] Summary by Sections Revenue and Profitability - The company reported operating revenue of 12.823 billion yuan in Q3 2025, with a quarter-on-quarter growth of 18.71% and a year-on-year growth of 39.27% [2][4] - The net profit attributable to shareholders reached 810 million yuan, marking a quarter-on-quarter increase of 39.3% and a year-on-year increase of 109.85% [2][4] - The net profit after deducting non-recurring items was 792 million yuan, with a quarter-on-quarter increase of 42.67% and a year-on-year increase of 114.05% [2][4] Segment Performance - The tungsten and molybdenum segment generated revenue of 5.7 billion yuan in Q3 2025, with a quarter-on-quarter increase of 19% and a profit of 1.058 billion yuan, reflecting a quarter-on-quarter increase of 43% [11] - The energy new materials segment achieved revenue of 5.525 billion yuan, with a quarter-on-quarter increase of 21% and a profit of 273 million yuan, marking a quarter-on-quarter increase of 27% [11] - The rare earth magnetic materials segment reported revenue of 1.579 billion yuan, with a quarter-on-quarter increase of 11% and a profit of 60 million yuan, reflecting a quarter-on-quarter increase of 2% [11]

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [1][6]. Core Views - The lithium battery sector has shown strong performance, with the index rising 1.94% in October 2025, outperforming the Shanghai Composite Index, which fell by 1.46% [6][10]. - The sales of new energy vehicles (NEVs) in China exceeded 50% for the first time in October 2025, with 1.715 million units sold, marking a year-on-year increase of 19.93% [6][14]. - The report highlights a significant increase in the prices of upstream raw materials, including lithium carbonate and lithium hydroxide, which are expected to continue fluctuating upwards in the short term [6][40]. Summary by Sections 1. Market Review - In October 2025, the lithium battery index outperformed the Shanghai Composite Index, with 54 stocks rising and 50 falling within the sector [10][12]. - Key stocks such as Haike New Energy and Tianji Shares saw substantial gains, while companies like Funeng Technology experienced notable declines [10][12]. 2. New Energy Vehicle Sales and Industry Prices - NEV sales in China reached 1.715 million units in October 2025, with a market share of 51.63%, driven by supportive policies and improved vehicle cost-performance ratios [6][14]. - The report notes that the total NEV sales for 2025 are projected to continue growing, supported by favorable macroeconomic policies [14][17]. 3. Industry and Company News - The report outlines significant collaborations in the industry, including partnerships between leading companies like CATL and logistics providers to enhance supply chain efficiency [54]. - It also mentions strategic agreements aimed at advancing electric vehicle technology and expanding market reach [54]. 4. Industry Chain Prices - The report details the price trends of key materials, indicating that lithium carbonate prices have risen to 85,000 CNY/ton, a 15.65% increase from early October 2025 [6][40]. - Other materials such as cobalt and lithium hydroxide have also seen price increases, reflecting the ongoing demand and supply dynamics in the industry [6][40].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Short - term: In November, downstream production scheduling increases slightly month - on - month, lithium carbonate production decreases slightly, and imports rebound slightly. Supply growth is lower than demand, and inventory depletion is expected to accelerate. The inventory - to - sales ratio in November is expected to further decline. The price will remain high next week. Some funds flow in to layout long - term long positions, and the 2605 contract is more popular [6]. - Medium - term: In December, demand enters the off - season and is difficult to grow significantly. Overseas mine shipments increase, which may ease the tight supply - demand situation. After the production scheduling in mid - to - late November is more certain, the market may start to trade the marginal loosening of supply - demand. The resumption of production at Jianxiaowo does not support the price to reach new highs [6]. - Futures strategy: If funds speculate on the improvement of supply - demand driven by energy storage next year and push the price close to the previous high, short - hedging can be considered. Pay attention to the spot trading situation next week. For unilateral trading, there is still short - term rebound momentum, and consider laying out short positions when entering the previous high pressure range; for arbitrage, wait and see; for options, sell out - of - the - money call options to cooperate with the profit - taking of futures long positions [6]. Summary According to Relevant Catalogs Demand Analysis New Energy Vehicles - China: In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and the penetration rate reached 49.7%. From January to September, sales were 11.228 million, a year - on - year increase of 34.9%. In October, the retail sales of new energy vehicles in the passenger car market were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The cumulative retail sales this year were 10.27 million, a year - on - year increase of 23%. The power battery cell production from January to October increased by 44.5% year - on - year to 985.5 GWh, and increased by 0.2% month - on - month in November [12]. - Global: From January to September 2025, global new energy vehicle sales increased by 23.5% year - on - year to 14.479 million. European sales increased by 28.5% year - on - year to 2.746 million, while US sales increased by 11.4% year - on - year to 1.232 million. China's new energy vehicle exports from January to September 2025 were 1.727 million, an 86% year - on - year increase [17]. Energy Storage Market - Domestic energy storage orders are strong due to "export rush" demand and中标 projects in the Middle East, South America, and Australia. From January to October, China's energy storage battery cell production was 409.4 GWh, a 55% year - on - year increase. The inventory of energy storage battery cells is at a three - year low, and the delivery cycle is extended. Production in November and December is expected to maintain positive month - on - month growth, supporting lithium carbonate consumption [21]. November Battery and Cathode Production Scheduling - In October, battery production increased by 8% month - on - month, with ternary batteries increasing by 2.3% and lithium iron phosphate batteries increasing by 10%. In November, battery production is expected to increase by 1.1% month - on - month, with ternary batteries increasing by 0.6% and lithium iron phosphate batteries increasing by 1.1%. The production scheduling in December is expected to be flat, showing the characteristic of an off - season not being off - peak [26]. Supply Analysis Weekly Lithium Carbonate Production Resumes Growth - From January to October, domestic lithium carbonate production was 776,000 tons, a 43% year - on - year increase. The production scheduling in November is 92,000 tons. Compared with May, the operating rate of integrated production capacity increased by 10%, and the operating rate of contract - manufacturing capacity increased by 30% (mainly lithium pyroxene production). The resumption of production at Jianxiaowo is in progress [31]. Monthly Lithium Carbonate Production by Raw Material in China - Data shows the production trends of lithium carbonate from different raw materials such as salt lakes, lithium pyroxene, lithium mica, and recycling [33]. Limited Supply Increment of Lithium Carbonate in November - From January to September 2025, China's lithium carbonate imports were 173,000 tons, a 5% year - on - year increase. In October, Chile's lithium carbonate exports to China were 16,200 tons. Lithium salt imports in November are expected to have limited month - on - month growth. Australian shipments from September to October are higher than the average from January to October, and African Mali will have arrivals in November and December [41]. Supply - Demand Balance and Inventory Lithium Carbonate Supply - Demand Balance Estimation - Not elaborated in detail in the provided content, only a graph of China's lithium carbonate supply - demand balance is shown [43]. Continuous Inventory Depletion of Lithium Carbonate, Reaching the Peak in November - This week, the social inventory decreased by 3,405 tons, with smelter inventory decreasing by 1,336 tons, downstream inventory decreasing by 1,280 tons, and other inventory decreasing by 790 tons. The Guangzhou Futures Exchange warehouse receipts decreased by 289 tons this week, and the decline significantly narrowed. The spot basis returned to par, but the spread between 2601 - 2605 widened, reflecting the market's optimistic expectation for the far - month [49].