证券日报网讯1月9日，宝泰隆（601011）在互动平台回答投资者提问时表示，目前公司不涉及人造石墨 负极材料的生产。 ...

格隆汇1月9日丨宝泰隆(601011.SH)在投资者互动平台表示，目前公司不涉及人造石墨负极材料的生 产。 ...

格隆汇1月9日丨宝泰隆(601011.SH)在投资者互动平台表示，目前公司不涉及人造石墨负极材料的生 产。 ...

(文/孙梅欣 编辑/张广凯） 从家族内斗到公开重组，随着近期方大炭素宣布终止参与"杉杉系"合并重组，这家百亿知名企业的重组 之路再起波澜。 在杉杉集团即将确定新一轮重整结果之际，方大炭素元旦刚过就发布公告，宣布终止参与杉杉集团及其 全资子公司宁波朋泽贸易有限公司的实质合并重整。 这意味着，刚刚在去年11月宣布参与到杉杉集团重组的这家新材料企业，也退出了重组"战局"。 公开宣布退出，方大炭素的损失也不小。公司在公告中称，方大炭素按照杉杉集团管理人发布的公告要 求，缴纳了5000万元的尽职调查保证金，开展尽职调查，并和杉杉集团管理人进行了尽调内容、标的资 产估值等一系列关键事项进行了沟通，可以说花了时间也出了力。 但最终，方大炭素认为"尽职调查时间短，尽职调查不充分，无法对标的资产做出合理价值判断"，结合 整合后的风险因素审慎评估，最终决定终止参与杉杉系的实质合并和重整。 虽然直到今年1月才宣布退出，但早前已有消息称，在2025年12月杉杉集团第二轮意向投资人述标之 前，方大炭素就已经退出。当时一同退出的，还有湖南盐业集团、天齐锂业等竞标企业。 需要提到的是，方大炭素宣布退出之后，公司股价反倒出现一波上涨，在新年 ...

格隆汇12月30日｜华鑫证券研报指出，尚太科技为负极龙头，受益于行业景气度提升。伴随储能电池等 下游需求爆发，锂电池产业链景气度回暖，公司作为行业龙头企业，受益于行业景气度回升。随着行业 资本开支放缓，下游需求持续高速增长，行业供需结构持续优化，价格优化，公司盈利有望进入上行通 道。公司当前产能高负荷运作，新项目投产带来新的增长点。预计2026Q3进入投产阶段，公司将形成 超过50万吨的人造石墨负极材料一体化产能规模，新增产能将主要投向高性能、差异化产品领域，为公 司营收与利润增长提供重要支撑。基于公司成本优势显著，认为公司中长期发展具备向上空间，维 持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Insights - The company is benefiting from the recovery in the lithium battery industry, driven by explosive demand in downstream applications such as energy storage batteries. This has led to an improved supply-demand structure and price optimization, positioning the company for a potential profit upturn [3][4] - The company has successfully increased its market share with high-performance anode materials, achieving a 58.71% increase in sales volume in the first three quarters of 2025 compared to the same period in 2024, outpacing the industry average growth rate [4] - The company is operating at high capacity utilization, with new projects in Malaysia and Shanxi expected to contribute to future growth. The Malaysian project focuses on overseas market expansion, while the Shanxi project leverages cost advantages to enhance profitability [5] - Profit forecasts for the company indicate a net profit of 1 billion, 1.3 billion, and 1.7 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 3.94, 5.10, and 6.41 yuan, suggesting significant growth potential [6][10] Summary by Relevant Sections Industry Outlook - The lithium battery industry is experiencing a recovery, with increased capital expenditure and sustained high growth in downstream demand, which is expected to optimize the supply-demand structure [3] Company Performance - The company has demonstrated strong performance with a focus on high-performance products and excellent cost management, achieving a gross margin of 22.47% in the first three quarters of 2025, which is above the industry average [4] Capacity and Growth - The company is advancing new projects that will enhance its production capacity, aiming for over 500,000 tons of integrated anode material capacity by 2026, primarily targeting high-performance and differentiated products [5] Financial Projections - The company is projected to achieve significant revenue growth, with expected revenues of 7.13 billion, 9.12 billion, and 11.28 billion yuan for 2025, 2026, and 2027 respectively, reflecting a growth rate of 36.3%, 28.0%, and 23.7% [10]

Core Viewpoint - Shangtai Technology has received approval from the China Securities Regulatory Commission to issue convertible bonds worth up to 1.734 billion yuan, aimed at funding a project to produce 200,000 tons of lithium battery anode materials annually [1][2]. Group 1: Company Overview - Shangtai Technology is a leading manufacturer of lithium-ion battery anode materials, with a fully integrated production process that includes raw material preprocessing, granulation, pre-carbonization, graphitization, carbonization, and finished product processing [1][2]. - The company has been focusing on expanding its production capacity to meet the growing demand from downstream customers and to strengthen its market position [1][3]. Group 2: Financial Performance - As of September 30, 2025, the total assets of Shangtai Technology reached 11.02 billion yuan, an increase of 18.94% compared to the end of 2024 [1][5]. - The company reported a revenue of 5.506 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 52.09%, with a net profit of 711 million yuan, up 23.08% [5][6]. Group 3: Production Capacity and Utilization - The company plans to invest approximately 3.993 billion yuan in the new project, which is expected to be completed within 18 months and will add 200,000 tons of anode material capacity [2][4]. - Shangtai Technology's production capacity utilization rates for graphitization furnaces and anode materials have remained high, with rates of 97.63% and 120.39% respectively in the first three quarters of 2025 [3][6]. Group 4: Research and Development - The company has invested a total of 562 million yuan in R&D over the past four years, with annual R&D expenses exceeding 100 million yuan [5][6]. - R&D expenses have shown significant growth, with a year-on-year increase of 94.00% in 2022 and 40.50% in 2024 [6].

Group 1 - China Baoan announced its participation as the lead investor in the restructuring of Shanshan Group and its wholly-owned subsidiary Ningbo Pengze, aiming for industrial synergy [1] - Bettery, a subsidiary of China Baoan, is a leading player in the global anode materials market, with revenue reaching 6.279 billion yuan in the first half of 2025, a year-on-year increase of 32.83% [1] - In the first three quarters of this year, China Baoan and Bettery achieved revenues of 16.812 billion yuan and 12.384 billion yuan, respectively, with year-on-year growth of 14.87% and 20.6% [1] Group 2 - The restructuring process of Shanshan Group began in February 2025, with total debts confirmed at 33.55 billion yuan and additional contingent debts of 8.439 billion yuan as of September 29 [2] - A previous restructuring proposal of 3.284 billion yuan was rejected, leading to a renewed recruitment process that prioritized investors with backgrounds in polarizers and/or anode industries [2] - Other companies, such as Fangda Carbon and Hunan Salt Industry, have also expressed interest in participating in the restructuring to enhance their industrial layouts [2]

Industry Overview - Graphite is a crucial anode material in lithium-ion batteries, characterized by high-temperature resistance, corrosion resistance, electrical conductivity, and thermal conductivity [1] - Graphite anode materials are categorized into natural and synthetic types, each with distinct performance, cost, and application scenarios [1][2] Production and Supply Chain - The upstream supply chain includes raw material suppliers like natural graphite mines and carbon materials for synthetic graphite, while the midstream consists of manufacturers of graphite anode materials, and the downstream includes various battery producers [5][8] - China's natural graphite production reached 91 million tons in 2023, with a projected increase to approximately 95 million tons in 2024 [15] Market Trends - The market share of synthetic graphite anode materials has been increasing, with over 90% of the total anode material shipments being synthetic by mid-2025 [25] - The total output of graphite anode materials in China is expected to exceed 200 million tons by 2024, with a growth rate of 26% [24] Competitive Landscape - Leading companies in the graphite anode materials sector include BETTERI, Sanyuan, and others, with BETTERI's revenue from graphite-related business exceeding 10 billion yuan [29] - The industry is concentrated in regions like Guangdong, Shanghai, and Zhejiang, with many representative companies located in Guangdong [30] Future Outlook - The demand for graphite anode materials is anticipated to surge, particularly driven by the growth in electric vehicle batteries and energy storage systems, with projections indicating that shipments could exceed 5 million tons by 2030 [36][37] - The industry is expected to see further innovation and consolidation, with leading firms investing in high-end synthetic graphite and other advanced materials [34]

Core Points - The Ministry of Commerce announced the suspension of certain export control measures related to dual-use items to the United States, effective immediately until November 27, 2026 [1] - The specific items affected include gallium, germanium, antimony, and superhard materials, with stricter scrutiny on graphite dual-use items [1] - Earlier, on November 7, the Ministry of Commerce and the General Administration of Customs also announced the suspension of several regulations concerning lithium batteries, artificial graphite anode materials, and rare earths until November 10, 2026 [1] Summary by Category - **Export Control Adjustments** - The Ministry of Commerce has decided to suspend the implementation of the second clause of Announcement 2024 No. 46, which generally prohibits the export of certain dual-use items to the U.S. [1] - This includes stricter end-user and end-use reviews for graphite dual-use items [1] - **Related Announcements** - On November 7, the Ministry of Commerce and the General Administration of Customs announced the suspension of multiple announcements (2025 No. 55, 56, 57, 58, and 2025 No. 61, 62) concerning lithium batteries and other materials [1]