Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The lithium battery materials prices have long-term growth potential, and energy storage demand is expected to continue improving [1][4] - The power equipment sector shows positive fundamental changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [8] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -1.4% over the last month, 20.6% over the last three months, and 24.4% over the last year, outperforming the CSI 300 index [3] - The report highlights the ongoing supply-side reforms in the photovoltaic industry, with a focus on stabilizing prices amid fluctuating demand [4] Wind Power - The offshore wind pricing policies are favorable, with competitive bidding prices ranging from 0.3 to 0.391 CNY/kWh, indicating a supportive environment for project acceleration [5][6] - The onshore wind market is expected to maintain year-on-year growth, with an average annual demand for wind turbines projected to reach around 140GW [6] Energy Storage - As of November 18, 2025, there are 40.15GW/167.24GWh of GWh-level energy storage projects under construction or in operation, with significant projects located in Inner Mongolia, Xinjiang, and Gansu [6] - Trina Solar's energy storage business is experiencing continuous growth in orders, with a recent contract for 2.66GWh of storage products signed with clients across North America, Europe, and Latin America [6] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery developments, with significant production capabilities being established [7] - A major agreement between Rongbai Technology and CATL for sodium battery materials is expected to enhance the industrialization of sodium batteries [7] AIDC - NVIDIA's third-quarter performance exceeded expectations, with a revenue of $57.01 billion, driven by strong demand for data center products [7] - The ongoing development in AIDC is anticipated to drive demand for power equipment technology upgrades [7] Power Grid - Five flexible interconnection projects have been approved, with a total investment of 24.4 billion CNY, aimed at enhancing inter-provincial power support capabilities [8] - The report emphasizes the growth potential in power infrastructure driven by the increasing penetration of clean energy [8]

Core Insights - The 2025 (15th) High-Performance Lithium Battery Annual Conference highlighted the importance of new battery technology commercialization as a key factor in determining the industry's upward expectations [2] - Industry leaders emphasized the need to bridge the gap between laboratory innovations and mass production capabilities, focusing on practical breakthroughs in battery structure, process compatibility, environmental constraints, cost control, and safety compliance [2] Group 1: New Battery Technologies - Sulfide all-solid-state batteries have shown potential in military and aviation applications, but face challenges in market demand and application scenarios [3] - Zhongke Gonen has developed a new boron-catalyzed synthesis method for sulfide electrolytes, achieving high ionic conductivity and improved air stability [5] - The company has also designed a novel sulfide electrolyte structure with excellent water and oxygen stability, significantly reducing harmful gas emissions [5] Group 2: Manufacturing Innovations - Bolewei has established a comprehensive equipment system for dry electrode production, emphasizing the importance of consistent density and thickness in large-scale manufacturing [9][10] - The company has developed multiple roller pressing technologies to enhance the efficiency and quality of solid-state electrolyte film production [8][10] Group 3: Environmental Control in Battery Production - The energy consumption of environmental control in battery manufacturing is significant, accounting for 43% of total energy use, prompting the need for energy-efficient solutions [11] - Industrial high-temperature heat pump technology is being explored as a viable path to achieve zero-carbon heating in industrial processes [11][12] Group 4: Safety and Compliance - The production of sulfide solid-state batteries requires stringent environmental controls to manage H₂S emissions, with new solutions being developed to ensure compliance with safety standards [16][17] - The industry is moving towards verifiable processes and monitoring systems to replace traditional management practices in dust and gas safety [17] Group 5: Material Innovations - Keleiming has improved the shear strength and thermal stability of its HSI insulation materials, meeting new national standards and enhancing battery safety [20] - The company has successfully implemented a printing technology that significantly improves the performance and production efficiency of battery components [21]

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 ...

Core Perspective - Pingdingshan, a resource-based city historically reliant on coal, is undergoing a significant transformation during the 14th Five-Year Plan, shifting its identity from a "coal city" to an "innovation city" and "materials capital" through the development of new industries and innovation ecosystems [2][4][6]. Group 1: Economic Transformation - The city is focusing on breaking its dependency on coal by fostering innovation and creating a first-class innovation ecosystem, which includes the establishment of the Baigui Lake Science and Innovation City [4][5]. - Pingdingshan is promoting the development of a "three-in-one" collaborative model involving coal chemical, salt chemical, and nylon chemical industries, aiming to create a trillion-level industrial cluster [6]. Group 2: Innovation and Technology - Significant breakthroughs in technology have been achieved, including solid-state electrolyte membranes and sodium-ion battery materials, with the city leading in the number of innovative enterprises in the province [5][6]. - The city is set to produce over 3 million tons of nylon by 2024, positioning itself as a leader in nylon production in Asia [6]. Group 3: Cultural and Tourism Development - Pingdingshan is accelerating the integration of culture and tourism, launching new models and experiences to attract younger demographics and enhance consumer engagement [7]. - The third sector's added value is projected to grow by 22.57% compared to the end of the 13th Five-Year Plan, reflecting the city's efforts to diversify its economy [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that a turning point in separator prices is imminent, and the company is positioning itself in solid-state electrolyte membranes to create a second growth curve [1] - The Q3 performance of the company is in line with market expectations, with a revenue of 2.96 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 13.5%, while the net profit attributable to shareholders is 110 million yuan, down 67.3% year-on-year [9] - The company is expected to see a gradual recovery in prices starting from September, with a clear turning point in unit profitability anticipated in 2026 [9] - The company is actively developing solid-state battery membranes and has signed a strategic cooperation agreement to enhance its product offerings in this area [9] Financial Summary - Total revenue forecast for 2023 is 3,013 million yuan, with a year-on-year growth of 4.62%, and is expected to reach 6,390 million yuan by 2027, reflecting a growth rate of 18.81% [1][10] - The net profit attributable to shareholders is projected to decline to 148.87 million yuan in 2025, a decrease of 59.08% year-on-year, before rebounding to 665.20 million yuan by 2027 [1][10] - The latest diluted EPS is expected to be 0.11 yuan in 2025, with a P/E ratio of 115.37 [1][10] - The company has managed to control expenses effectively, with a significant reduction in capital expenditures [9]

Core Viewpoint - The company has successfully developed solid electrolyte membrane products and has begun sending samples to leading battery manufacturers [1] Company Summary - The company, Xingyuan Material (300568.SZ), is actively engaging with top-tier battery enterprises by providing samples of its newly developed solid electrolyte membrane products [1]

Core Viewpoint - The company has successfully developed solid-state electrolyte membrane products, which have been sent to leading battery manufacturers for sampling [1] Company Summary - The company, Xingyuan Material (300568.SZ), is actively engaging with top-tier battery enterprises by providing samples of its newly developed solid-state electrolyte membrane products [1]

Core Insights - The article highlights the transformation of Pingdingshan from a coal-dominated economy to a diversified industrial hub, focusing on innovation and high-quality development in various sectors, particularly in nylon and semiconductor industries [2][3][7]. Industry Developments - The Henan Electronic Semiconductor Industrial Park is synthesizing third-generation semiconductor silicon carbide powder with a purity of up to 99.9999998%, positioning itself at the top globally [1]. - Pingdingshan is developing a "Nylon City" with over 200 projects, aiming for a production capacity exceeding 3 million tons by 2024, contributing to 37% of the global nylon 66 industrial silk used in tires [3]. - The city is also focusing on seven major industrial clusters and twelve key industrial chains, including new materials, advanced equipment manufacturing, and energy storage [3]. Innovation and Research - Pingdingshan is enhancing its innovation ecosystem by gathering innovative enterprises, platforms, and talent in the Bai Gui Lake Science and Innovation City, which is expected to lead high-quality development [7]. - Significant breakthroughs in solid-state electrolyte membranes, sodium-ion battery materials, and organic photovoltaic materials have been achieved, with the city’s innovative enterprises leading in research and development [8]. Cultural and Economic Integration - The city is accelerating the integration of culture and tourism, launching new models and experiences to attract younger demographics, thereby revitalizing the local economy [10]. - The third industry’s added value is projected to grow by 22.57% compared to the end of the 13th Five-Year Plan, reflecting the city's shift towards a more vibrant and diverse economic landscape [10].

Group 1 - The company, BWS (碧水源), does not currently produce solid electrolyte membranes [2] - An investor inquired about the production of solid electrolyte membranes on an investor interaction platform [2] - The inquiry was made on September 8, indicating ongoing interest in the company's product offerings [2]

Core Viewpoint - The company, Xingyuan Material, is facing dual challenges of cyclical adjustments and technological transformation in the lithium battery separator industry, which is transitioning from rapid growth to rational competition. Financial deterioration, concerns over overseas expansion, and uncertainties surrounding solid-state battery technology are revealing deep-seated risks for the company [1]. Financial Performance - The company's gross margin is projected to drop sharply from 45.57% in 2022 to 28.07% in 2024, with further decline to 26.50% in the first half of 2025, nearing the industry's breakeven point [2]. - Revenue is expected to grow by 17.5% to 3.506 billion yuan in 2024, but net profit is forecasted to decline by 36.9% to 371 million yuan. In the first half of 2025, revenue is anticipated to increase by 15% to 1.9 billion yuan, while net profit may be halved to 100 million yuan, with non-recurring net profit plummeting by 75% [2]. Competitive Landscape - The ongoing decline in profitability reflects the company's limitations in cost control and technological barriers. Unlike integrated companies like CATL and Enjie, Xingyuan Material lacks bargaining power in raw material procurement and is forced to bear more cost pressure in price wars [3]. - The company faces significant competition in the domestic market, leading it to view overseas expansion as a critical strategy. In 2024, the overseas gross margin is expected to reach 49.38%, compared to only 26.50% domestically [3]. Debt and Expansion Risks - As of March 2025, the company's total short-term and long-term borrowings exceed 11 billion yuan, with cash reserves below 3 billion yuan and a debt-to-asset ratio exceeding 70%. This "debt-driven" expansion model poses multiple risks, including the pace of capacity release and potential losses from overcapacity [3][4]. - The company is expanding its production capacity in Sweden, Malaysia, and North Carolina, but faces the risk of a "build-lose-refinance" cycle if overseas capacity does not match market demand [4]. Geopolitical and Currency Risks - The company is exposed to geopolitical and currency fluctuation risks, particularly in the context of increasing localization demands in the U.S. and Europe. The construction of the North Carolina facility faces high costs and uncertainties related to labor negotiations and environmental approvals [4]. - The company's overseas revenue is dollar-denominated, and fluctuations in the USD/CNY exchange rate could erode profit margins if not effectively hedged [4]. Technological Transition Challenges - The company is investing in solid-state electrolyte membranes, but this transition faces uncertainties, including the choice of technology route, production bottlenecks, and the establishment of a pricing system for solid-state membranes [5][6]. - The solid-state battery technology landscape is complex, with various competing technologies, and the company’s current technological advancements may not align with market demands, risking substantial R&D investments [6]. New Business Ventures - In addition to its core business, the company is exploring semiconductor materials and electronic skin technologies, but these new ventures have long cultivation periods and may not provide immediate financial relief amid current pressures [7]. - The semiconductor materials sector is characterized by high technical barriers and lengthy certification processes, while the electronic skin market is still in its infancy, with significant uncertainties regarding market size and technology alignment [7]. Strategic Outlook - The company is at a crossroads, needing to navigate the cyclical downturn in its traditional business while pursuing technological breakthroughs in solid-state batteries and new materials. The heavy debt burden and the uncertain progress of new ventures pose significant challenges to its future [8].