锂电负极行业的2025年，是结构性复苏与行业分化并存的一年。当多数企业在"价格企稳"与"竞争加剧"的夹缝中艰难突围时，全球锂电负极龙 头贝特瑞的业绩表现，成为解读行业趋势的最佳样本。 2月26日，连续16年稳居全球负极材料榜首的贝特瑞发布2025年年度业绩快报，一组看似矛盾的数据，勾勒出龙头企业在行业转型期的坚守与 布局： 全年实现营业收入169.83亿元，同比增长19.29% ，展现出强劲的营收韧性； 归属于上市公司股东的净利润8.99亿元，同比微降3.32%，扣除 非经常性损益后的净利润6.99亿元，同比下滑23.43%， 利润端短期承压的背后，是全球化布局与技术研发的阶段性投入。 | | | | 早 1V : 76 | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | 营业收入 | 16,982,622,255.54 | 14.236.816.425.87 | 19.29% | | 利润总额 | 1.358.462.462.84 | 1.143.655.357.78 | 18.78% | | 归属于上市公司股东 | 899.297.523. ...

Core Viewpoint - The report highlights the performance of BETTERRY, a leading global lithium battery anode material company, which achieved a revenue of 16.983 billion yuan in 2025, marking a year-on-year growth of 19.29%, despite a slight decline in net profit attributable to shareholders by 3.32% [1][4]. Financial Performance - The total revenue for 2025 reached 16.983 billion yuan, up from 14.237 billion yuan in the previous year, reflecting a growth of 19.29% [3]. - The net profit attributable to shareholders was 899 million yuan, down from 930 million yuan, a decrease of 3.32% [3]. - The net profit after excluding non-recurring gains and losses was 699 million yuan, a decline of 23.43% compared to 913 million yuan in the previous year [3][4]. - Basic earnings per share decreased to 0.80 yuan from 0.83 yuan, a drop of 3.61% [3]. - Total assets increased to 35.924 billion yuan from 33.347 billion yuan, a growth of 7.73% [3]. Market Position and Product Development - BETTERRY maintained its position as the global leader in anode material shipments, with a market share that continues to lead the industry [1]. - The company reported a significant increase in anode material sales, reaching approximately 600,000 tons, driven by the growing demand in the electric vehicle and energy storage markets [1][4]. - The gross margin for the anode materials business improved by 8-10 percentage points year-on-year, becoming a core driver of revenue growth [4]. Strategic Initiatives - BETTERRY's global expansion strategy includes the completion of the second phase of its 80,000-ton anode material base in Indonesia and the steady progress of a 50,000-ton cathode and 60,000-ton anode project in Morocco [4]. - The company aims to increase its overseas production capacity to over 30% by 2026, leveraging advantages such as low electricity prices and tariff benefits [4]. Industry Context - The lithium battery anode material industry is experiencing a structural recovery, with global production increasing by 44% year-on-year and product prices stabilizing [4]. - The industry is witnessing increased differentiation, with BETTERRY's production capacity utilization exceeding 90% and strong ties to major clients like CATL and BYD [4]. - The company has achieved a breakthrough in mass production of silicon-based anodes, with shipments increasing by over 65% year-on-year, and has led the establishment of the first international standard for silicon-based anode materials [4].

公告指出，公司营业收入同比增长主要受益于新能源汽车及储能市场需求增长，负极材料产销量大幅提升。而归属于上市公司股东的扣除非经常性损益的净 利润同比下降，主要是财务费用及少数股东损益增加所致。 2月26日，贝特瑞新材料集团股份有限公司（证券代码：未提供）发布2025年年度业绩快报公告。根据公告，2025年公司实现营业收入16,982,622,255.54元， 较上年同期增长19.29%。受益于新能源汽车及储能市场需求增长，公司锂离子电池负极材料的产销量较上年同期出现较大幅度增长，负极材料销量约60万 吨。 截至2025年末，公司总资产为35,924,270,689.32元，较期初增长7.73%；归属于上市公司股东的所有者权益为12,603,756,654.27元，较期初增长3.08%；归属 于上市公司股东的每股净资产为11.18元，较期初增长3.04%。股本保持不变，为1,127,338,649股。 | | | | 1 12.1 / U | | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期 | 变动比例% | | 营业收入 | 16,982,622,255.54 | 14 ...

2月26日，贝特瑞发布业绩快报，2025年度实现营业收入169.83亿元，同比上涨19.29%；净利润8.99亿 元，同比下降3.32%。 公告显示，报告期内，公司营业收入同比增长，主要受益于新能源汽车及储能市场需求增长，公司锂离 子电池负极材料的产销量较上年同期出现较大幅度增长，负极材料销量约60万吨；公司归属于上市公司 股东的扣除非经常性损益的净利润同比下降，主要是财务费用及少数股东损益增加所致。 （企业公告） ...

● 本报记者 张兴旺 作为全球锂电负极材料龙头企业，贝特瑞正站在技术迭代与产业升级的关键节点。日前，贝特瑞董事长 贺雪琴在接受中国证券报记者采访时表示，公司以"成为电池材料整体解决方案全球领先企业"为战略目 标，专注于锂离子电池材料，打造产业链生态，逐步实现全球化运营。坚持创新驱动，在巩固传统优势 的同时，前瞻布局硅基负极、固态电池材料以及材料回收等赛道，以硬核实力支撑电池材料产业高质量 发展。 以研发创新为引擎 贝特瑞深耕锂离子电池负极材料、正极材料及先进新材料的研发创新与产业化应用，凭借深厚的技术沉 淀与前瞻布局，构建了天然石墨负极、人造石墨负极、硅基负极、三元正极、固态电解质等产品矩阵， 产品覆盖动力电池、储能电池、消费类电池三大领域。 贺雪琴认为，贝特瑞的核心竞争力，源于对材料科学的长期深耕与对产业需求的深刻洞察。主要体现在 三个方面：一是前瞻性的技术创新体系，公司不仅关注当下量产技术，更布局未来5年-10年的技术路 线；二是深度的产业链协同能力，从客户与终端市场的需求出发，与上下游伙伴紧密合作，共同定义产 品，快速实现技术迭代和产业化；三是全球化的优质客户矩阵与产能布局，服务全球主流电池厂商，并 基 ...

Core Viewpoint - The company is working on integrated project construction to improve its relatively low self-sufficiency rate in graphitization, driven by increasing demand in the downstream electric vehicle and energy storage markets [1] Group 1: Company Developments - The company reported that the shipment volume of lithium-ion battery anode materials is expected to continue its growth trend by Q4 2025, supported by rising demand in fast-charging electric vehicles and energy storage [1] - Due to insufficient in-house graphitization capacity, the company has increased outsourcing, which has led to certain cost pressures [1] - The company is implementing measures such as increasing R&D investment, enhancing product innovation, and launching differentiated products to improve cost control and market competitiveness [1] Group 2: Industry Context - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, which has not fundamentally changed, leading to intense market competition and some compression of profit margins [1]

Core Viewpoint - The company anticipates continued growth in the shipment of lithium-ion battery anode materials driven by increasing demand in the downstream electric vehicle market, particularly for fast-charging vehicles, and the energy storage market [1] Group 1: Market Demand and Supply - By Q4 2025, the company expects the shipment volume of lithium-ion battery anode materials to maintain a growth trend due to rising demand in the electric vehicle and energy storage sectors [1] - The anode materials industry is currently facing a structural and phase imbalance in supply and demand, leading to intense market competition and a certain degree of compression in profit margins [1] Group 2: Cost and Production Challenges - The company is experiencing cost pressures due to an increase in outsourced production as its own graphitization capacity is relatively insufficient [1] - The company is working on integrated project construction to improve its self-sufficiency in graphitization, which is currently low [1] Group 3: Strategic Initiatives - The company is increasing its R&D investment to enhance product innovation and is planning to launch differentiated products to further improve cost control and market competitiveness [1]

作为中国平煤神马集团在新能源新材料产业的核心运营平台，易成新能积极突破传统光伏产业，围 绕"高端碳材、新型储能"双轮驱动战略，围绕产业链上下游及核心产品，积极开展战略重组与产业并 购，推动企业快速做强做优做大，实现高质量转型。 2025年3月，易成新能收购山西梅山湖科技有限公司约65.55%股权，有效扩大高端碳材产能、降低生产 成本，进一步巩固主业竞争优势。随后，该公司又以自有资金收购控股股东所持河南平煤神马储能有限 公司80%股权，为易成新能加码新型储能赛道注入强劲动力。同时，通过增资子公司中原金太阳，加强 风光电站建设，深化"源网荷储一体化"项目布局。此外，易成新能还收购了开封时代新能源科技有限公 司部分股权，依托其先进的全钒液流电池核心技术，助力储能业务提质增效、抢占行业先机。 近日，2025中国经济高峰论坛暨第七届中国上市公司品牌500强发布会在北京举行，中国平煤神马集团 所属河南易成新能源股份有限公司（以下简称"易成新能"）凭借显著的战略转型成效与突出的行业影响 力，成功跻身榜单，成为河南省新能源领域唯一入榜企业。其党委书记、董事长杜永红获评"2025上市 公司品牌十大创新人物"，彰显了企业转型实力 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 25.53 CNY [7]. Core Insights - The company is expected to achieve significant growth in negative electrode shipments in 2025, driven by the gradual release of industry demand and enhanced cost control capabilities, indicating potential for profit improvement [3]. - The company is a leader in the negative electrode materials industry, and despite performance impacts during the industry's downturn, there is optimism regarding profit recovery as supply-demand dynamics improve [14]. Financial Summary - Total revenue is projected to grow from 4,908 million CNY in 2023 to 13,764 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 36.1% from 2024 to 2027 [5]. - Net profit attributable to the parent company is forecasted to increase from 42 million CNY in 2023 to 1,200 million CNY in 2027, with a notable growth rate of 626.6% in 2024 [5]. - Earnings per share (EPS) is expected to rise from 0.06 CNY in 2023 to 1.75 CNY in 2027, indicating a strong upward trend in profitability [5]. Production and Market Dynamics - The global lithium battery production is anticipated to reach 2,297 GWh in 2025, a year-on-year increase of 48.5%, while the production of negative electrode materials is expected to grow by 43.7% to 3.115 million tons [14]. - The company's subsidiary, Zhongke Xingcheng, is projected to produce 381,800 tons of negative electrode materials in 2025, capturing over 12% of the industry market share [14]. Debt and Financial Health - The company's asset-liability ratio reached 60.16% in Q3 2025, indicating a high level of leverage, which may pose challenges in terms of cash flow and debt repayment as new capacities are released [14]. - The net asset return (ROE) is expected to improve from 0.9% in 2023 to 17.2% in 2027, reflecting enhanced operational efficiency and profitability [5].

本报告导读： 公司在 2025 年实现负极出货量大幅增长，随着行业需求逐步释放和公司成本管控能 力进一步增强，看好公司盈利抬升的可能性。 出货量持续高增，盈利提升存潜力 中科电气(300035) 中科电气 2025 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 牟俊宇(分析师) | 0755-23976610 | moujunyu@gtht.com | S0880521080003 | 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,908 | 5,581 | 8,279 | 11,268 | 13,764 | | (+/-)% | -6.6% | 13.7% | 48.3% | 3 ...