证券代码： 300568 证券简称：星源材质 深圳市星源材质科技股份有限公司 投资者关系活动记录表 答：尊敬的投资者您好！公司与四川大学、广东工业大学开 展"产学研"合作，与华南理工大学 联合创建"博士后创新实 践基地"，并与清华大学、北京大学、上海交通大学、华中科技 大学、重庆大学、南方科技大学、南京理工大学、江苏产业研究 院等多所高校、科研机构开展高性能动力锂离子电池隔膜及多种 功能膜的设备、工艺、技术开发和人才培养工作。同时，为与国 际高校合作，吸纳国际领先人才，整合全球资源，搭建全球客户 服务网络，公司在德国、瑞典、日本、江苏等地分别设立了多个 2、储能设备出货量占有率 答：尊敬的投资者您好！公司具体经营数据敬请关注公司在 指定信息披露媒体披露的定期报告。感谢您的关注！ 3、星源香港 ipo 目前进展到什么阶段？ 答：尊敬的投资者您好！公司已于 2025 年 7 月 7 日向香港 联合交易所有限公司递交了发行境外上市外资股（H 股）并在香 港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登 了本次发行并上市的申请资料。公司将按规定对有关后续进展情 况及时履行信息披露义务。感谢您的关注！ 4、请问 ...

Macro Analysis - The 2025 Q3 monetary policy execution report affirms the resilience of the domestic economy and alleviates concerns about domestic inflation and global economic recession. The report suggests that monetary policy may increase its easing efforts marginally due to a slowdown in economic growth [1] - The report emphasizes the need for "counter-cyclical and cross-cyclical adjustments" in monetary policy, indicating a potential increase in the central bank's bond-buying operations in the secondary market [1] - There is a focus on the implementation of policies to support personal credit repair, which will be crucial for credit policy [1] Bond Market Analysis - In Q3 2025, major market indices saw an increase, with the China Convertible Bond Index rising by 9.8%. The total scale of convertible bonds held by funds increased by 43.79 billion yuan compared to the previous quarter [2] - The electric power equipment sector saw significant increases in convertible bond holdings, with the average yield of convertible bond funds at 13.67%, which is weaker than the Wind All A Index but stronger than the China Convertible Bond Index [2] Industry Research - The electronic communication industry is expected to benefit from optimistic AI computing power trends, with leading companies having secure valuations. The report highlights the growth potential in the storage and semiconductor sectors [4] - The report indicates that both North American and domestic computing power markets are likely to continue benefiting from these trends [4] Company Research - For Jin Hong Gas (688106.SH), the report projects a decline in net profit forecasts for 2025-2027, with expected profits of 168 million yuan (down 43.3%), 260 million yuan (down 32.1%), and 350 million yuan (down 22.2%) respectively. The company is expected to benefit from the steady progress of large on-site gas production projects [5] - Guanggang Gas (688548.SH) maintains its profit forecasts for 2025-2026 and introduces a new forecast for 2027, expecting net profits of 299 million yuan, 378 million yuan, and 472 million yuan respectively. The company is well-positioned in the electronic bulk and helium gas sectors [7] - He Yuan Gas (002971.SZ) also maintains its profit forecasts for 2025-2026 and adds a forecast for 2027, expecting net profits of 102 million yuan, 111 million yuan, and 121 million yuan respectively, focusing on the development of a centralized production base for electronic gases and chemicals [8] - Xingyuan Materials (300568.SZ) reports a year-on-year decline in net profit for the first three quarters of 2025, with revised profit forecasts for 2025-2027 at 172 million yuan (down 69.6%), 422 million yuan (down 38.9%), and 606 million yuan respectively. The company remains optimistic about its future as a leader in the lithium battery separator industry [9]

Core Viewpoint - The company reported a net profit of 114 million yuan for the first three quarters of 2025, indicating a significant decline in profitability, but anticipates recovery as the separator industry approaches a turning point, maintaining a buy rating [1] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.958 billion yuan, a year-on-year increase of 13.53% - The net profit attributable to shareholders was 114 million yuan, a year-on-year decrease of 67.25% - The non-recurring net profit was 16 million yuan, a year-on-year decrease of 94.06% - In the third quarter, revenue reached 1.060 billion yuan, a year-on-year increase of 11.36%, while net profit was 14 million yuan, a year-on-year decrease of 86.96% [2] Industry Outlook - The separator industry is nearing a turning point, with dry separators experiencing a price increase of nearly 30% by the first half of 2025 - The industry is currently benefiting from high capacity utilization due to strong demand, particularly in energy storage - The company plans to enhance profitability by increasing supply to high-value customers and raising prices for low-profit or loss-making customers [2] R&D and Product Development - The company is focusing on solid-state battery research and market development, with related products being sampled to leading battery manufacturers - The company’s affiliate has achieved a production capacity of hundreds of tons for oxide electrolytes and expects to have ton-level shipments of sulfide electrolytes by 2025 - Various types of rigid skeleton membranes have been developed for different solid-state battery applications, enhancing energy density and safety [3] Valuation - The company adjusted its earnings per share forecast for 2025-2027 to 0.11, 0.37, and 0.46 yuan respectively, reflecting a decrease in separator average prices - The corresponding price-to-earnings ratios are projected at 137.4, 40.9, and 33.0 times, while maintaining a buy rating [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company reported a net profit of 114 million RMB for the first three quarters of 2025, indicating a significant year-on-year decline of 67.25%. However, the report suggests that the profitability is expected to gradually recover as the industry approaches a turning point [4][7]. - The average price of separators has decreased, leading to adjustments in the earnings forecast for 2025-2027. The projected earnings per share (EPS) are adjusted to 0.11, 0.37, and 0.46 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 137.4, 40.9, and 33.0 [4][6]. - The report highlights the increasing demand for separators, particularly in the energy storage sector, and the company's strategy to optimize its customer structure and improve profitability through price adjustments [7][8]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2,957.87 million RMB, a year-on-year increase of 13.53%. However, the gross profit margin decreased to 22.58%, down 7.64 percentage points from the previous year [8]. - The company’s EBITDA for 2025 is projected to be 1,068 million RMB, with a significant decline in net profit expected [6][8]. Market Outlook - The separator industry is nearing a turning point, with dry separators expected to see price increases of nearly 30% by mid-2025. The report indicates that the high capacity utilization in the industry supports a favorable supply-demand situation [7][8]. - The company is focusing on research and development of solid-state batteries, with new products being sent to leading battery manufacturers for testing [7]. Valuation Metrics - The report provides updated valuation metrics, including a projected market capitalization of approximately 20,289.27 million RMB and an average trading volume of 1,273.43 million RMB over the past three months [3][6].

Core Viewpoint - The company currently does not have "bis(trifluoromethylsulfonyl)imide lithium" products, but it has a production capacity of 2,400 tons per year for "lithium bis(fluorosulfonyl)imide" through its subsidiary [1] Group 1 - The company's subsidiary, Hengyang Fubang, possesses an annual production capacity of 2,400 tons for "lithium bis(fluorosulfonyl)imide" [1] - The company's joint venture, Shenzhen Xinyuanbang Technology Co., Ltd., has established a comprehensive research, testing, and production platform for solid-state electrolyte materials, achieving mass production and sales at a scale of hundreds of tons [1] - Customer feedback for the solid-state electrolyte materials has been positive, and the company is actively collaborating with downstream customers to promote further industrial applications [1]

Core Viewpoint - The company is actively advancing the research and pilot testing of solid electrolyte materials, focusing on mainstream technology routes such as oxides and high-purity lithium sulfide [1] Group 1: R&D Progress - The company is currently in the pilot testing phase for some products and in the laboratory performance testing stage for others [1] - Key activities include optimizing material synthesis processes, controlling batch stability, assessing scalability, and validating key performance indicators [1] Group 2: Challenges and Strategies - The industrialization of solid electrolytes faces common challenges such as high process complexity, cost control difficulties, and interface engineering issues [1] - The company adheres to a prudent R&D strategy to ensure the feasibility of the technology route and its future commercialization potential [1] Group 3: Future Development - The company plans to advance development based on the maturity of validation, aiming to accelerate the transition from technical validation to industrial application [1] - All significant R&D progress will be disclosed in a timely manner in accordance with regulatory requirements [1]

Core Viewpoint - The company is actively engaged in both fundamental research and process development of solid electrolyte materials, while also emphasizing collaborative innovation in supporting functional materials [1] Group 1: Research and Development - The company is focusing on the conversion of technological achievements based on existing R&D results, aligning with the needs of industry chain customers and the maturity of technology [1] - The company aims to explore feasible pathways for integrating its R&D achievements into the solid battery material supply chain, striving to seize opportunities in the new technological transformation [1] Group 2: Market and Disclosure - The company will disclose all significant progress in strict accordance with regulatory requirements in a timely manner [1]

Group 1: Yahua Group - Yahua Group reported a net profit of 198 million yuan in Q3 2025, representing a year-on-year increase of 278.06% [1] - The company's Q3 revenue reached 2.624 billion yuan, up 31.97% year-on-year, while the revenue for the first three quarters of 2025 was 6.047 billion yuan, a 2.07% increase [1] - The significant rebound in performance is attributed to the rise in lithium salt prices due to the suspension of some lithium mines in Jiangxi and the company's proactive market strategies [1] Group 2: Changsheng Technology - Changsheng Technology signed an investment cooperation agreement to establish a production line for solid electrolyte materials with an annual capacity of 3,000 tons [2] - The project will cover approximately 200 acres and is expected to positively impact the company's future operating results [2] - This initiative is a crucial step in enhancing the company's capacity in solid lithium battery materials, leveraging the advantages of the Changzhou new energy industry chain [2] Group 3: Tianqi Lithium - Tianqi Lithium reported a net profit of 95.485 million yuan in Q3 2025, marking a turnaround from losses, despite a 29.66% decline in revenue to 2.565 billion yuan [3] - For the first three quarters, the company achieved a net profit of 180 million yuan, also a turnaround from losses, with revenue down 26.50% to 7.397 billion yuan [3] - The improvement in performance is mainly due to reduced impact from pricing mechanism mismatches, increased investment income from SQM, and gains from currency exchange due to a stronger Australian dollar [3]

Group 1 - The State-owned Assets Supervision and Administration Commission (SASAC) launched a special fund for strategic emerging industries with an initial scale of 51 billion yuan, aimed at supporting central enterprises in areas like artificial intelligence, aerospace, and quantum technology [4][5] - The National Foreign Exchange Administration announced nine policy measures to facilitate cross-border trade and support foreign trade development, including expanding trade facilitation policies and enhancing service trade fund utilization [4] - A three-year action plan for integrated medical and elderly care was issued by five departments, aiming to improve the policy framework and service system by the end of 2027 [4] Group 2 - The Ministry of Commerce and four other departments released an action plan to enhance urban commercial quality, emphasizing the integration of emerging technologies like AI and IoT in urban commercial systems [7] - The integration of AI and the consumer industry is seen as a key trend in technological development, with significant implications for consumption patterns and product forms [8] Group 3 - The first domestic humanoid robot powered by the open-source HarmonyOS was unveiled, indicating a shift towards a self-controlled robot ecosystem and the commercial viability of humanoid robots [10] - Eli Lilly announced a partnership with NVIDIA to build the largest AI pharmaceutical factory, expected to accelerate drug development processes, with the AI pharmaceutical market in China projected to grow from 730 million yuan to 5.86 billion yuan from 2024 to 2028, at a compound annual growth rate of 68.5% [11] Group 4 - Industrial Fulian reported a third-quarter revenue of 243.17 billion yuan, a year-on-year increase of 42.81%, with a net profit of 10.37 billion yuan, up 62.04% [13] - New Yi Sheng achieved a third-quarter revenue of 6.068 billion yuan, a 152.53% increase year-on-year, with a net profit of 2.385 billion yuan, up 205.38% [13] - Deep South Circuit reported a third-quarter revenue of 6.301 billion yuan, a 33.25% increase year-on-year, with a net profit of 966 million yuan, up 92.87% [14] Group 5 - Public funds are increasingly allocating resources to the technology growth sector, particularly in upstream computing and PCB fields, with a net inflow of 31 billion yuan into the technology growth sector in the third quarter [17] - Institutional investors net bought 1.055 billion yuan of Sunshine Power shares, with the company reporting a 56% year-on-year increase in net profit for the first three quarters [18] - Institutional investors net bought 158 million yuan of JA Solar Technology shares, with positive market trends in the photovoltaic sector [19]

Core Viewpoint - The company has signed an investment cooperation agreement for a solid electrolyte material industrialization project, aiming to establish a production line with an annual capacity of 3,000 tons of solid electrolyte materials [1] Group 1: Project Details - The project includes plans for a 2,000 tons/year oxide solid electrolyte production line and a 1,000 tons/year sulfide solid electrolyte production line [1] - The agreement was signed with the Jiangsu Jintan Economic Development Zone Management Committee on October 29, 2025 [1] Group 2: Company Positioning - The company is a leading player in the global lithium battery cathode materials industry and has made early investments in the solid electrolyte field, covering various technological routes including sulfides, oxides, and halides [1] - The signing of this investment cooperation agreement is a key move for the company to deepen its production capacity based on its strong technical accumulation in solid lithium battery materials [1] Group 3: Strategic Implications - The project's location in Jintan, Jiangsu, will leverage the local comprehensive new energy industry chain's agglomeration effect, allowing the company to better seize opportunities in the solid-state battery industry [1]