投资者关系活动记录表 证券代码：002254 证券简称：泰和新材 2 投资者关系活动记录表 投资者关系活动记录表 编号：2025-075 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 国投证券 王华炳 时间 2025 年 11 月 24 日 地点 公司会议室 上市公司接待人 员 董事会秘书董旭海、董事会办公室人员 投资者关系活动 主要内容介绍 投资者：现在的装置开得咋样？ 答：跟前段时间差不多。氨纶今年开工率整体来看比去年略 低，一是在改造，提品质；二是控制库存。间位和去年差不 多，对位比去年略高一些。 投资者：氨纶产能多少万吨？ 答：10 万吨。 投资者：本部和宁夏分别多少？ 答：本部 1.5 万吨，宁夏 8.5 万吨。 投资者：现在两边的开工率？ 答：不一定，都是动态调整的。 投资者：宁夏那边上半年还亏钱？ 答：对。 投资者：后面是不是做一些改造？ 1 投资者关系活动记录表 | 答：有几方面，包括提品质、降成本。 | | --- | | 投资者：改完在成本方面还有一些竞争力？ | | 答：改造完成本会降 ...

Core Viewpoint - Puxin plans to invest 2.5 billion yuan in a new integrated base film coating project to meet increasing demand from downstream customers and strengthen its competitive advantage in the industry [1][2][3] Group 1: Investment and Expansion Plans - The company intends to increase its investment in its wholly-owned subsidiary Sichuan Zhuoqin New Materials Technology Co., Ltd. by 760 million yuan for the construction of the second phase of the integrated base film coating project [1][2] - The total investment for the project is 2.5 billion yuan, which will add an annual production capacity of 2 billion square meters for base films and 3 billion square meters for coatings [1][2] - The project has been approved by the company's board of directors and will be funded through the company's own funds, Sichuan Zhuoqin's own funds, and bank loans [2] Group 2: Sales and Market Performance - From January to September 2025, the company achieved base film sales of 1.048 billion square meters, a significant increase of 235% year-on-year, while the coating processing shipment volume reached 7.38 billion square meters, up 56.8% [3][5] - The company has successfully achieved domestic production of core equipment for base film production, enhancing its supply assurance capabilities for downstream customers [3] Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of 10.83 billion yuan, a year-on-year increase of 10.06%, and a net profit attributable to shareholders of 1.7 billion yuan, up 37.25% [5] - The company's non-net profit increased by 39.82% year-on-year, reaching 1.59 billion yuan [4][5] Group 4: Future Goals and Strategies - The company aims to achieve a shipment target of 2 to 2.5 billion square meters for base films and 13 billion square meters for coating films by 2026 [6] - A stock option incentive plan has been implemented to align the interests of core members with the company's performance goals, with specific profit targets set for the years 2025 to 2027 [6]

Core Viewpoint - Shanghai Putailai New Energy Technology Group Co., Ltd. has approved the use of up to 1 billion yuan of temporarily idle raised funds for cash management, ensuring that the funds will be returned to the special account for raised funds within 12 months [1][2]. Group 1: Cash Management Announcement - The company held a board meeting on November 14, 2024, where it approved the cash management proposal [1]. - All investment products purchased with temporarily idle raised funds have been returned to the special account by November 14, 2025, within the stipulated time frame [2]. - The company has notified its sponsor institution and representative regarding the return of the raised funds [3]. Group 2: Investment in Sichuan Zhuoqin - The company has approved an investment of 760 million yuan to increase capital in its wholly-owned subsidiary, Sichuan Zhuoqin New Materials Technology Co., Ltd., for the construction of the membrane coating integration project (Phase II Subproject II) [5][7]. - The total investment for the project is 2.5 billion yuan, and the transaction does not require shareholder approval [8][9]. - The project aims to meet the growing demand for high-performance coated separators in the lithium battery and energy storage markets, leveraging the company's existing production capacity and technology [12][13]. Group 3: Project Feasibility and Market Position - The project is positioned to capitalize on the increasing demand for lithium battery separators, driven by the rapid growth of the global new energy vehicle market and energy storage sector [13][14]. - The company has a competitive advantage due to its integrated approach of "materials + processes + equipment," which enhances production efficiency and market competitiveness [14][15]. - The project is expected to improve the company's service capabilities to downstream customers by providing a one-stop procurement solution for "base film + coating" [15][17]. Group 4: Economic Impact and Strategic Alignment - The investment is aligned with the company's long-term development strategy and is expected to enhance profitability [17][18]. - The project will strengthen the company's market expansion capabilities in the downstream battery sector, responding to the increasing delivery demands from customers [17].

Core Viewpoint - Puxin plans to invest 760 million yuan in its subsidiary Sichuan Zhuoqin New Materials Technology Co., Ltd. to expand its coating membrane capacity, driven by strong market demand and existing production capabilities [1] Group 1: Project Overview - The total investment for the integrated coating membrane project is 2.5 billion yuan, covering an area of approximately 68,500 square meters, with an expected annual production capacity of 2 billion square meters for base membranes and 3 billion square meters for coating membranes [1] - The project aims to enhance the company's integrated solutions for lithium battery separators, addressing the growing demand for high-performance, consistent, and stable coated separators in the power and energy storage battery markets [1] Group 2: Industry Demand and Competitive Landscape - High-performance coated separators are essential for improving battery energy density, safety, and cycle life, with demand benefiting from the expansion of downstream markets [1] - The separator market is highly competitive, with ongoing production efficiency improvements due to equipment upgrades and strong economies of scale, providing latecomers with significant advantages [2] Group 3: Company Performance and Strategy - Puxin has successfully advanced the localization of core production equipment for base membranes, achieving industry-leading single-line production efficiency [2] - In the first three quarters of 2025, the company expects to gradually release efficient base membrane capacity, with sales projected to exceed 1 billion square meters, representing a significant year-on-year growth [2] - The company reported a coated separator processing shipment volume of 7.38 billion square meters, a year-on-year increase of 56.8%, indicating strong market share growth [2][3]

Core Viewpoint - Company Puxin Technology (603659.SH) plans to invest 760 million yuan in its wholly-owned subsidiary Sichuan Zhuoqin New Materials Technology Co., Ltd. to enhance its production capacity for membrane coating integration projects, responding to the growing demand from downstream customers [1] Group 1: Investment and Financials - The total investment for the membrane coating integration project is set at 2.5 billion yuan [1] - The company aims to utilize its existing capacity and technology to capture market opportunities and meet the increasing demand from customers [1] Group 2: Project Objectives - The project focuses on enhancing the integrated capacity of membrane coating, specifically targeting lithium battery separators [1] - It aims to provide integrated solutions that meet the rising demand for high-performance, high-consistency, and high-stability coated separators in the power battery and energy storage battery markets [1]

山西证券表示，六氟磷酸锂供给端方面，头部企业虽已满负荷生产，但受制于前几年产能过剩导致的行 业出清，大量中小企业产能难以快速复产，行业整体供应紧张。预计未来六氟磷酸锂产品价格仍有上行 空间，产业链盈利能力有望持续修复，建议关注六氟磷酸锂产业链。 招商证券最新研报指出，产业反馈湿法隔膜主流企业都已满产，三方价格也可以看到，湿法隔膜、涂覆 膜、干法隔膜价格均开始反弹。目前隔膜行业盈利能力处于历史低位，行业前两大公司近两个季度出现 亏损。尽管需求向好，但由于隔膜资产重、扩产周期较大，主流企业扩产意愿低；行业资本开支2023年 以来逐渐下行，后续产能释放有限，2026年供给可能更紧张。 VC等添加剂也是不容忽视的部分。招商证券表示，由于库存紧缺，部分电解液厂、电池厂已开始上门 要货。 公开资料显示，华盛锂电已有1.8万吨添加剂产能，并正在建设3万吨扩产项目；天赐材料在其年报中也 表示，公司自产主要产品的核心关键原材料，包括目前的电解质、添加剂、正极材料前驱体等。 万联证券认为，2025年Q3，新能源汽车销量延续高增长，锂电池产业链整体业绩持续改善。锂电产业 链排产活跃，材料价格逐步企稳回暖，公司业绩呈现回升趋势，盈利 ...

Core Viewpoint - Puxin Technology, a leading domestic lithium battery anode material company, shows significant investment value with a comprehensive industry chain layout in anode materials and coated separators [1] Group 1: Business Performance - In Q3 2025, Puxin Technology achieved a revenue of 10.83 billion, ranking 9th in the industry, surpassing the industry average of 6.52 billion and the median of 4.845 billion [2] - The net profit for the same period was 1.872 billion, ranking 1st in the industry, significantly higher than the industry average of 198 million and the median of 16.084 million [2] Group 2: Financial Ratios - As of Q3 2025, Puxin Technology's debt-to-asset ratio was 54.36%, slightly higher than the previous year's 54.27% and above the industry average of 51.96% [3] - The gross profit margin for Q3 2025 was 32.45%, an increase from 29.09% in the previous year, and higher than the industry average of 10.89% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 80.40% to 124,500, while the average number of circulating A-shares held per account decreased by 44.57% to 17,200 [5] - The top ten circulating shareholders included Hong Kong Central Clearing Limited and other notable entities, with some shareholders reducing their holdings [5] Group 4: Management Compensation - The chairman Liang Feng's salary for 2024 remained at 1.6 million, unchanged from 2023, with the same salary for the general manager Chen Wei [4] Group 5: Future Outlook - Analysts from CICC noted that Puxin Technology's performance in Q3 2025 met expectations, with stable profits from coating and improving profits from anodes, projecting a production increase of 30,000 tons for anodes [5][6] - Dongwu Securities highlighted that the company is expected to ship 140,000 tons of anodes in 2025 and 250,000 to 300,000 tons in 2026, with stable contributions from various business segments [6]

Core Viewpoint - The performance of Putailai (603659.SH) has significantly improved due to the continuous growth of the global power and energy storage battery market, as evidenced by its third-quarter report for 2025, showing substantial increases in revenue and profit [2][4]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 10.83 billion yuan, a year-on-year increase of 10.06%, and a net profit of 1.7 billion yuan, up 37.25% [5]. - In the third quarter alone, Putailai reported operating revenue of 3.742 billion yuan, a 6.66% increase year-on-year, with net profit and deducting non-recurring gains and losses reaching 645 million yuan and 598 million yuan, respectively, marking increases of 69.3% and 61.97% [5][6]. - The net cash flow from operating activities for the first three quarters was 1.669 billion yuan, reflecting a 55.14% year-on-year growth [6]. R&D and Innovation - The company has been actively promoting new products, technologies, and processes since 2025, with R&D expenses amounting to 640 million yuan, a 10.68% increase year-on-year, representing a 5.9% R&D expense ratio [10]. - As of June 2025, Putailai and its subsidiaries have obtained a total of 1,295 patents, covering critical areas such as anode materials, membrane coating, and automation equipment [10]. Business Segments - Putailai's main business includes anode materials, coated membranes, and automation equipment for the new energy battery industry, with significant growth in various segments [7]. - In the first half of 2025, the new energy battery materials and services segment generated 5.378 billion yuan in revenue, a 15.59% increase year-on-year, with coated membrane processing volume reaching 4.773 billion square meters, up 63.85% [7][8]. - The PVDF and fine chemicals segment saw sales volume of 14,607 tons, a substantial increase of 68.19% in the same period [7]. Market Position and Strategy - The company has strengthened its market position by enhancing inventory management and cash flow management, leading to improved profitability [6]. - Putailai's market share in the coated membrane sector continues to grow, capturing 42.62% of the domestic wet membrane shipment volume [7].

Core Insights - The company reported a revenue of 10.83 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.06%, and a net profit of 1.7 billion yuan, up 37.25% year-on-year [1] - In Q3 alone, the company achieved a revenue of 3.742 billion yuan, representing a 6.66% year-on-year growth, with a net profit of 645 million yuan, marking a significant 69.30% increase year-on-year [1] - The growth in performance is attributed to the robust demand in the downstream power and energy storage battery markets, alongside the company's focus on R&D and innovation [1] Business Segments - The company has established a closed-loop industrial chain in the membrane industry, including base films, coating materials, binders, coating and base film equipment, and coating processing [2] - The capacity utilization rate in the base film industry is currently high, but there is still room for improvement in some manufacturers' capacity utilization [2] - The company has received over 200 million yuan in orders for solid-state battery production equipment since 2022, with a focus on both dry and wet processing technologies [2] Product Development - The company is advancing the application of silicon-carbon anodes, which can significantly enhance energy density and are already in mass use in consumer electronics and drones [3] - The company aims to achieve a shipment target of 250,000 to 300,000 tons for anode materials next year, with additional targets for coating membranes and base films set at 10 billion and 12 billion square meters respectively [3]

Core Viewpoint - The company focuses on the upstream key materials and automation equipment and services for lithium batteries, without plans to produce batteries itself [1] Group 1: Business Focus - The company’s business encompasses key materials for lithium batteries, including anode materials, coated separators, PVDF and binders, nano-alumina, bormite, aluminum-plastic packaging films, and composite current collectors [1] - The company provides automation equipment and coating processing services for the new energy battery industry [1] Group 2: Strategic Development - The company aims to leverage its core competitive advantages in the long lithium battery industry chain, focusing on collaborative development across various business segments [1] - The company is committed to responding quickly to customer needs with high-quality services [1]