Core Insights - The company reported a net profit attributable to shareholders of 192 million yuan in Q3 2025, representing an 8% year-on-year increase [1] - For the first three quarters of 2025, the company achieved revenue of 7.399 billion yuan, a 34% year-on-year increase, and a net profit of 503 million yuan, also up 8% year-on-year [1] - The company’s ternary cathode sales increased significantly, with an estimated sales volume of nearly 15,000 tons in Q3 2025, reflecting over a 50% year-on-year growth [1] Group 1: Ternary Cathode Performance - In Q3 2025, the company’s ternary cathode revenue reached 2.967 billion yuan, a 50% year-on-year increase and an 18% quarter-on-quarter increase [1] - The net profit per ton for ternary cathodes was approximately 10,000 yuan, showing a decline due to changes in domestic and international shipment structures [1] - The company has signed supply agreements with clients such as SK On and LG Energy, indicating deepening customer relationships [1] Group 2: Phosphate Cathode Growth - The company’s phosphate cathode sales reached nearly 23,000 tons in Q3 2025, with a 14% quarter-on-quarter growth, marking a turnaround to profitability [2] - High capacity utilization and cost control have contributed to the business scale advantages in phosphate cathodes [2] - The company is expanding its production capacity, with the first phase of the Panzhihua project expected to produce 120,000 tons annually, enhancing customer assurance capabilities [2] Group 3: Solid-State Battery Materials - The company is actively developing solid-state battery materials, having shipped over 1,000 tons of semi-solid battery cathode materials [2] - The company has achieved batch supply of over 20 tons for ultra-high nickel multi-materials and ultra-high capacity lithium-rich manganese-based materials for all-solid-state batteries [2] - A new type of solid-state electrolyte has been developed, which significantly reduces the pressure on all-solid-state batteries and addresses solid-solid interface contact issues [2]

证券日报网讯当升科技（300073）10月13日发布公告，在公司回答调研者提问时表示，为保障规模化生 产硫化物电解质，公司通过与供应链企业合作开发专用设备、搭建半自动化试验线，在关键工序局部构 建惰性气氛环境，降低投资成本，同时开发储备了高纯度、低成本硫化锂制备技术，确保原材料产品质 量可控与规模化供应。目前，公司已成功开发新型氯碘复合硫化物固态电解质和对水稳定的硫化物固态 电解质体系，有效提升离子电导率、改善结构稳定性以及与正负极材料的界面接触，同时将固态电池使 用外压显著降低，有效解决现阶段全固态电池应用过程中的痛点问题。 ...