证券分析师 李辉 SAC：S1350526010001 lihui01@huayuanstock.com 张峰 SAC：S1350525120003 zhangfeng03@huayuanstock.com 李佳骏 SAC：S1350526010004 lijiajun@huayuanstock.com 联系人 证券研究报告 电力设备 | 电池 非金融|首次覆盖报告 hyzqdatemark 2026 年 03 月 06 日 市场表现： | 基本数据 | | 2026 | 年 | 03 | 月 | 日 | 05 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 55.13 | | | | | 一 年 内 最 / 最 | 高 | | | | 68.05/26.46 | | | 低 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | 41,446.27 | | | | | 流通市值（百万元） | | | | | 29,683.03 | | | | | 总股本（百万股 ...

Core Insights - The company has made significant progress in business expansion, product development, and market performance, particularly in the solid-state battery materials sector and lithium battery electrolyte additives [1] Business Development - The company has established a joint venture, Sichuan Luocheng New Materials Technology Co., Ltd., with Sichuan Saike Power to promote the research and industrialization of solid-state battery adhesives and other new energy materials, currently in small-scale or pilot testing [2] - The company is investing in a production capacity of 5,000 tons per year for lithium battery electrolyte additives, with the VC project in preparation for production [2] Product Development - The core product, injectable Labetalol Hydrochloride (including new specifications), successfully renewed its contract and was included in the national medical insurance directory as of December 2025 [3] - New drugs such as Aclidinium Bromide capsules and Sodium Thiosulfate injection were approved in 2025, indicating successful consistency evaluation [3] - The company has also applied for production approval for Acetate Cetrorelix injection, which is currently under review [3] Financial Performance - The company's Q3 2025 report shows revenue of 472 million yuan, a year-on-year increase of 30.80%, and a net profit of 32.68 million yuan, up 16.22% year-on-year, with growth in both revenue and net profit for the third quarter [4] Stock Performance - As of January 16, 2026, the company's stock price increased by 3.26% over the week, with a net inflow of 43.65 million yuan from major funds, indicating active trading [5] - The stock price experienced a limit-up on November 14, 2025, driven by solid-state battery concepts and performance catalysts, highlighting significant divergence between retail and institutional investors [5] Company Status - By the end of Q3 2025, new institutional investors, such as Zhongou Yuexiang Life Mixed Fund, entered the top ten circulating shareholders, reflecting increased investor interest [6] - The number of shareholders showed a slight concentration trend by the end of 2025 [6]

（文章来源：证券日报） 证券日报网讯 2月9日，久日新材在互动平台回答投资者提问时表示，目前公司的电解液添加剂项目已 经过多批次运行验证，根据验证结果，后处理和干燥设备正在调整中。 ...

Group 1 - The company Hekang New Energy has no plans to engage in space photovoltaic business [1] - JinkoSolar stated that it will fulfill information disclosure obligations according to exchange regulations regarding contracts signed in daily operations [1] - Weining Health has not made any investments in brain-computer interface technology [1] Group 2 - Qianli Technology's subsidiary Qianli Zhijia has officially submitted an application for L3-level intelligent driving testing license [1] - Aokang Co. plans to sell part of its silver assets based on market conditions [1] - Changguang Huaxin denied rumors of a 4.5 billion strategic investment from Huawei [1] - Guancheng New Materials reported that the prices of different products for electrolyte additives have increased to varying degrees [1] - Wireless Media confirmed that it does not have any films for the Spring Festival release [1]

冠城新材（600067.SH）2月4日在投资者互动平台表示，目前邵武创鑫一、二期总年产能约900吨，不 同产品产能不同，后续公司将根据市场需求确定是否增加产能。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司电解液添加剂年产能有多少吨，是否有增 加产能的计划？ ...

Group 1 - The company, Huasheng Lithium Battery, is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and financing capabilities [1] - Huasheng Lithium Battery is a leading supplier of lithium battery electrolyte additives, with key products including vinylene carbonate (VC) and fluoroethylene carbonate (FEC) [1] - The company has maintained a high capacity utilization rate and is experiencing strong demand for its products, which are used in various sectors including electric vehicles and renewable energy [1] Group 2 - The company reported significant losses in its net profit attributable to shareholders, with losses of 23.91 million yuan, 174.7 million yuan, and 103 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, totaling over 300 million yuan in cumulative losses [2] - Despite the losses, the company's stock price surged to 155 yuan per share on November 15, 2025, with a market capitalization exceeding 20 billion yuan, reflecting a nearly fivefold increase in one month [2] - The company has a concentrated ownership structure, with the controlling shareholders being Shen Jinliang and Shen Ming, who together hold 14.63% of the shares [2]

Core Viewpoint - The company has established a production capacity of 10,000 tons per year for lithium bis(trifluoromethanesulfonyl)imide and plans to expand total capacity to 30,000 tons per year, actively engaging in the lithium battery materials supply chain and customer collaborations [2]. Group 1 - The company has successfully built a production capacity of 10,000 tons per year for lithium bis(trifluoromethanesulfonyl)imide [2]. - The company is planning to expand its total production capacity to 30,000 tons per year [2]. - The company has initiated product validation and joint development with multiple industry clients, establishing a corresponding quality control system [2]. Group 2 - The company has recently achieved some sales of its products [2]. - The company will continue to steadily advance the research and industrialization of related products [2]. - The company is actively following up on customer collaborations and market feedback [2].

Group 1 - The company, Haike Xinyuan, reported that its additive business is operating efficiently and is in a state of full production and sales, with no inventory backlog [2] - The company has achieved stable bulk delivery of its core additive products, relying on the collaborative production capacity layout between its Hubei base and Shandong headquarters [2] - The pricing strategy for products is based on a market-oriented principle of "following the market and dynamic adjustment," allowing for flexible adjustments based on raw material cost fluctuations, industry supply-demand changes, and downstream customer demand [2] Group 2 - The company aims to maintain its leading position in the electrolyte additive field through high-quality delivery and rapid response capabilities [2]

Core Viewpoint - The company acknowledges the differing financial performances of its production bases in Shandong and Hunan, attributing the variations to product types, initial investments, and sales conditions [1] Group 1: Company Performance - Shandong Jiuri primarily produces UV special monomers, while Hunan Jiuri focuses on photoinitiators, leading to different revenue and cost structures [1] - The company plans to unify the planning and organization of production across its bases, aiming to enhance product series and increase sales efforts to boost profit growth [1] Group 2: Project Updates - The Inner Mongolia Jiuri project, which has an annual production capacity of 9,250 tons of photoinitiators and intermediates, began gradual operations on March 15, 2022 [1] - The electrolyte additive project is currently in the trial production phase [1]

Core Viewpoint - The company addresses investor concerns regarding the financial performance differences between its production bases in Shandong and Hunan, highlighting the impact of product types, initial investments, and sales conditions on revenue and costs [1] Group 1: Production Bases - Shandong Jiuri primarily produces UV special monomers, while Hunan Jiuri focuses on photoinitiators, leading to varying financial outcomes [1] - The company plans to unify planning and production across its bases to enhance efficiency and profitability [1] Group 2: Future Plans - The company aims to improve its production bases and product range while increasing sales efforts to boost profit growth [1] - The Inner Mongolia Jiuri project, which has an annual production capacity of 9,250 tons of photoinitiators and intermediates, began gradual operations on March 15, 2022, with the electrolyte additive project currently in trial production [1]