证券日报网讯信德新材11月24日在互动平台回答投资者提问时表示，公司作为负极包覆材料领域行业龙 头，产品矩阵完善，拥有2大品类、4种规格、10余种型号覆盖不同软化点的成体系负极包覆材料产品， 是行业内少数可以做到覆盖主流产品软化点范围的负极包覆材料厂商。公司依托优秀的自主研发能力、 精细的质量控制体系和快速的市场反应机制积累了众多大客户的信任，与多家负极材料龙头企业签订了 战略合作协议或框架协议形成持续稳定的客户关系，拥有较高的市场占有率。 （文章来源：证券日报） ...

Core Viewpoint - The company, Xinde New Materials (信德新材), positions itself as a leading player in the anode coating materials sector, highlighting its comprehensive product matrix and strong market presence [1] Group 1: Industry Position - The company is recognized as an industry leader in the anode coating materials field, offering a complete product matrix with two major categories, four specifications, and over ten models that cover various softening points [1] - It is one of the few manufacturers capable of covering the mainstream product softening point range in the anode coating materials market [1] Group 2: Competitive Advantages - The company has built a strong reputation among major clients due to its excellent independent R&D capabilities, meticulous quality control system, and rapid market response mechanism [1] - It has established strategic cooperation agreements or framework agreements with several leading anode material companies, resulting in stable and continuous customer relationships [1] - The company enjoys a high market share in the anode coating materials sector [1]

Macro Research - The monetary policy framework continues to emphasize "appropriate monetary policy" and "maintaining reasonable growth in financial aggregates," with a shift towards combining counter-cyclical and cross-cyclical adjustments, reflecting the requirements of the 14th Five-Year Plan [1][2][3] - The central bank's focus is transitioning from merely short-term counter-cyclical support to a more forward-looking layout that optimizes efficiency and structural adjustments to better serve long-term economic goals [3][4] Strategy Research - The technology manufacturing sector remains highly prosperous, with rising prices in memory chips and an improved outlook for the lithium battery supply chain due to tight supply and demand [4][5] - Real estate demand is weak, with a significant decline in passenger vehicle sales, while coal demand has improved, leading to a substantial price increase [4][5] Energy Equipment and New Energy Research - The future expansion of the capacity pricing mechanism for energy storage is expected to enhance the economic viability of storage solutions across more provinces, significantly boosting demand in 2026 [8][9] - The introduction of a compensation standard for energy storage in Inner Mongolia at 0.28 yuan/kWh is anticipated to stimulate storage demand [10][25] Agriculture Research - The pet consumption sector showed strong performance during the Double 11 shopping festival, with domestic brands rising in rankings and companies like Zhongchong Co. performing exceptionally well [11][12][14] - The pet industry is experiencing a shift towards higher quality and more emotional consumption behaviors, indicating a trend of pet products becoming more integrated into family life [14][12]

Core Viewpoint - Xinde New Materials is a leading enterprise in the field of anode coating materials in China, with strong R&D capabilities and a complete industry chain advantage [1] Group 1: Business Performance - For Q3 2025, Xinde New Materials reported revenue of 842 million yuan, ranking 40th among 44 companies in the industry, while the industry leader, Zhongwei Co., achieved revenue of 33.297 billion yuan [2] - The net profit for the same period was 37.884 million yuan, ranking 21st in the industry, with the top performer, Putailai, reporting a net profit of 1.872 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 17.04%, an increase from 14.78% year-on-year, significantly lower than the industry average of 51.96% [3] - The gross profit margin for Q3 2025 was 10.91%, up from 3.15% year-on-year, exceeding the industry average of 10.89% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 18.03% to 12,600, while the average number of circulating A-shares held per account increased by 41.59% to 3,887.09 [5] Group 4: Business Highlights - In Q3 2025, the company shipped 20,000 tons of products, with a full-year shipment target of 80,000 tons, representing a 33% year-on-year increase [5] - The company expects to increase its high-end product ratio to 40-50% in 2026, which will further enhance unit profitability [5] - The gross profit margin for the anode coating materials business improved to 10.83%, with a significant year-on-year increase of 8.08 percentage points [6]

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 842 million yuan, a year-on-year increase of 48.94% [3] - The net profit attributable to shareholders was 31 million yuan, reflecting a year-on-year growth of 246.20% [3] - The net profit excluding non-recurring gains and losses was 11 million yuan, up 124.81% year-on-year [3] - In Q3, the net profit attributable to shareholders reached 21 million yuan, with a year-on-year increase of 405.28% and a quarter-on-quarter increase of 723.91% [3] Group 2: Factors Influencing Profitability - The improvement in profitability in Q3 was driven by increased sales of the main product, negative electrode coating materials, with a noticeable enhancement in product structure [3] - The sales of by-products peaked in Q3, leading to a significant improvement in profitability due to higher sales prices and strong market demand [3] Group 3: Product Pricing and Market Strategy - The average selling price of negative electrode coating materials increased in Q3 due to a higher proportion of mid-to-high-end products sold [3] - The company plans to adjust its sales strategy based on market demand, considering factors such as raw material prices and industry competition [4] Group 4: Production Capacity and Future Plans - The company currently has a total production capacity of 70,000 tons per year for negative electrode coating materials, with production bases in Dalian and Chengdu [5] - Future capacity planning will be based on market expansion and actual downstream demand, aiming for "precise expansion" while maintaining cost advantages [5] Group 5: New Product Development - The company aims to enhance its technical advantages in negative electrode coating materials, focusing on differentiated products for fast-charging and ultra-fast charging applications [6] - Significant R&D efforts are being directed towards the development of asphalt-based carbon fibers, with applications in photovoltaic, fiber optics, and semiconductor industries [6][7] Group 6: Inventory and Product Validation - The inventory of negative electrode coating materials is low, indicating a full production and sales state [7] - The validation of asphalt-based carbon fiber products is progressing well in various fields, with ongoing efforts in the semiconductor sector due to higher product requirements [7]

Summary of Xinde New Material's Conference Call Company Overview - **Company**: Xinde New Material - **Industry**: New Materials, specifically in the battery materials sector Key Financial Performance - **Q3 2025 Performance**: - Revenue: 842 million yuan, up 49% YoY and 24% QoQ - Net Profit: 30.72 million yuan, up 246% YoY - Adjusted Net Profit: 10.88 million yuan, up 125% YoY - Significant increase in net profit: 209.1 million yuan, up 405% YoY and 724% QoQ - Main drivers: Increased sales volume, improved product mix, peak sales of by-products, and stable raw material costs [2][3][4] Production and Capacity Expansion - **Annual Shipment Forecast**: Expected to reach 80,000 tons, with high-end products accounting for 35%-40% of total sales [2][3] - **Capacity Plans for 2026**: - Total effective capacity projected to reach 80,000-90,000 tons - Dalian base capacity to increase to 50,000 tons for high-end products - Sichuan base to add 6,000 tons of high-end capacity [6][13] - **Production Utilization**: Dalian base utilization reached 110% [4] Market Dynamics - **Industry Supply and Demand**: - Industry experiencing tight supply and demand - Xinde aims to meet 30%-40% market demand growth through expansion and partnerships [8] - **Market Demand Forecast for 2026**: Expected growth of 30%-40%, particularly in high-end products [9][18] Pricing Strategy - **Price Trends**: - Average price of negative electrode coating materials increased due to higher proportion of high-end products - Potential for price increases based on market demand and raw material cost fluctuations [5][20] Product Development and R&D - **Focus Areas**: - Continued emphasis on materials such as super-fast charging, asphalt carbon fiber, silicon carbon, and porous carbon - Ongoing projects in collaboration with major companies like Hengtong, Longi, and Tongwei [7][11][15] - **New Product Lines**: High-end fast charging products are being developed with dedicated production lines [24] Customer and Market Insights - **Customer Demand Trends**: - Increased demand for high-end materials from key clients like Putailai - Notable growth in demand for high-end fast charging materials [22][23] - **Inventory Levels**: - Low inventory levels for main products due to strong market demand, with by-product inventory at approximately 30,000 tons [10][26] Strategic Initiatives - **Future Growth Strategies**: - Plans for diversification through partnerships, acquisitions, or new constructions to meet market growth [13][17] - Focus on cost control and capacity enhancement to improve profitability [28] Conclusion Xinde New Material is positioned for significant growth in the coming years, driven by strong demand for high-end battery materials, strategic capacity expansions, and a focus on innovative product development. The company is actively monitoring market conditions to ensure competitiveness and market share enhancement.

Core Viewpoint - Xinde New Materials experienced a slight decline of 0.61% in stock price on October 13, with a trading volume of 97.69 million yuan, indicating a stable market presence despite fluctuations in stock performance [1]. Financing Summary - On October 13, Xinde New Materials had a financing buy-in amount of 10.10 million yuan, with a net financing buy of 0.58 million yuan after 9.53 million yuan in financing repayments [1]. - The total financing and securities balance reached 103 million yuan, accounting for 5.38% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high financing level [1]. - The company had no short-selling activity on October 13, with a short-selling balance of 0 yuan, also reflecting a high percentile level over the past year [1]. Business Performance - As of June 30, Xinde New Materials reported a total of 15,300 shareholders, an increase of 77.97% from the previous period, while the average circulating shares per person decreased by 43.81% to 2,745 shares [2]. - For the first half of 2025, the company achieved a revenue of 510 million yuan, representing a year-on-year growth of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, which is a significant increase of 169.28% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Xinde New Materials has distributed a total of 98.31 million yuan in dividends [3]. - As of June 30, 2025, notable changes in institutional holdings were observed, with certain funds like招商产业精选股票A and 招商瑞利灵活配置混合(LOF)A exiting the top ten circulating shareholders list [3].

Core Viewpoint - Xinde New Materials experienced a decline of 1.52% in stock price on October 10, with a trading volume of 135 million yuan, indicating potential volatility in the market [1] Financing and Margin Trading - On October 10, Xinde New Materials had a financing buy-in amount of 16.79 million yuan and a financing repayment of 15.52 million yuan, resulting in a net financing buy of 1.28 million yuan [1] - The total margin trading balance for Xinde New Materials reached 103 million yuan, accounting for 5.32% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - There were no shares sold or repaid in the securities lending market on October 10, with a total securities lending balance of 0, also reflecting a high percentile level over the past year [1] Company Overview - Xinde New Materials, established on November 7, 2000, and listed on September 9, 2022, is located in Dalian, Liaoning Province, and specializes in the research, production, and sales of anode coating materials [1] - The company's main revenue sources include anode coating materials (43.10%), naphthalene cracking fractions (34.33%), carbon black raw oil (21.75%), carbon fiber products (0.53%), resin (0.20%), and others (0.09%) [1] Financial Performance - As of June 30, the number of shareholders for Xinde New Materials increased to 15,300, a rise of 77.97%, while the average circulating shares per person decreased by 43.81% to 2,745 shares [2] - For the first half of 2025, Xinde New Materials reported a revenue of 510 million yuan, representing a year-on-year growth of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, which is a significant increase of 169.28% year-on-year [2] Dividend and Institutional Holdings - Since its A-share listing, Xinde New Materials has distributed a total of 98.31 million yuan in dividends [3] - As of June 30, 2025, notable changes in institutional holdings include the exit of two funds from the top ten circulating shareholders list [3]

Group 1 - The core viewpoint of the news is that Xinde New Materials has seen a significant stock price increase of 5.63%, reaching 40.88 CNY per share, with a total market capitalization of 4.17 billion CNY [1] - Xinde New Materials specializes in the research, production, and sales of negative electrode coating materials, with its main business revenue composition being: negative electrode coating materials 43.10%, pyrolytic naphthalene fractions 34.33%, carbon black raw oil 21.75%, carbon fiber products 0.53%, resin 0.20%, and others 0.09% [1] - The company was established on November 7, 2000, and was listed on September 9, 2022, indicating a relatively recent entry into the public market [1] Group 2 - According to data from the top ten heavy stocks of funds, Hongde Fund holds a significant position in Xinde New Materials, with its Hongde New Energy Industry Mixed Fund A (018029) holding 5,600 shares, accounting for 2.62% of the fund's net value [2] - The Hongde New Energy Industry Mixed Fund A has achieved a year-to-date return of 41.96%, ranking 1857 out of 8167 in its category, and a one-year return of 54.35%, ranking 1717 out of 8010 [2] - The fund manager, Sun Zeyu, has been in position for 1 year and 291 days, with the best fund return during his tenure being 51.38% [2]

Core Viewpoint - Major shareholders of Xinde New Materials (301349.SZ) have begun to reduce their holdings despite the company's seemingly strong performance in the first half of 2025, indicating underlying concerns about the sustainability of its business model and profitability [1][2]. Financial Performance - In the first half of 2025, Xinde New Materials reported revenue of 510 million yuan, a year-on-year increase of 41.31%, and a net profit attributable to shareholders of 9.81 million yuan, marking a significant turnaround from a loss of 14.16 million yuan in the same period of 2024, reflecting a growth rate of 169.28% [1][2]. - However, the company's net profit excluding non-recurring items was a loss of 3.78 million yuan, indicating that the core business has not yet achieved profitability [2]. Business Challenges - The company faces significant challenges with its core business profitability, as evidenced by a decline in revenue in 2024 to 810 million yuan, a year-on-year decrease of 15%, and a net loss of 33.04 million yuan, a decline of 180% [2]. - The financial structure is under pressure due to inventory buildup, high accounts receivable, and significant cash outflows, leading to liquidity challenges [2][3]. Inventory and Receivables - As of June 2025, Xinde New Materials had an inventory balance of 297 million yuan, a 41% increase from the end of 2024, and accounts receivable of 275 million yuan, a 65% year-on-year increase, indicating a mismatch with revenue growth [3][5]. - The increase in inventory may reflect overly optimistic market demand forecasts or slower customer pickup rates, leading to potential risks of inventory devaluation [5]. Cash Flow Issues - The company reported a negative operating cash flow of 166 million yuan in the first half of 2025, continuing a trend of cash outflows from operations in previous years, which raises concerns about its operational sustainability [7]. - The combination of inventory buildup and delayed receivables collection is straining the company's cash flow, which is critical for daily operations [7]. Profitability and Market Conditions - The gross margin of Xinde New Materials has been declining, dropping from 53% in 2020 to 11% in the first half of 2025, indicating a significant erosion of core profitability [7][9]. - The competitive landscape in the lithium battery materials sector has intensified, leading to downward pressure on prices and overall profitability, particularly affecting smaller firms like Xinde New Materials [9].