Group 1 - The core point of the announcement is that the company has received a decision from the National Market Supervision Administration stating that no further antitrust review will be conducted on the establishment of a joint venture with Huayang New Materials Technology Group [2] - The joint venture, Shanxi Suotong Huayang Carbon Materials Co., Ltd., aims to build a 200kt/a high current density energy-saving carbon material and waste heat power generation project in Yangquan City, Shanxi Province [1][2] - The establishment of this joint venture is intended to enhance the company's prebaked anode production capacity, strengthen market competitiveness, and improve the overall efficiency of the industrial cluster [1][2] Group 2 - The company will fulfill its information disclosure obligations in accordance with relevant securities regulatory requirements as the situation progresses [2] - Investors are encouraged to pay attention to the company's announcements on the Shanghai Stock Exchange and designated information disclosure media [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6][11]. Core Insights - The company reported a revenue of 12.762 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.66%. The net profit attributable to shareholders was 654 million yuan, up 201.81% year-on-year, while the net profit after deducting non-recurring items reached 642 million yuan, marking a 373.83% increase [1][6]. - In Q3 alone, the company achieved a revenue of 4.456 billion yuan, a 29.38% increase year-on-year. However, the net profit attributable to shareholders decreased by 29.47% to 131 million yuan, while the net profit after deducting non-recurring items surged by 419.16% to 120 million yuan [2]. - The company plans to establish a joint venture with Huayang Group to build a 200kt/a high current density energy-saving carbon material and waste heat power generation project in Shanxi Province, with an estimated total investment not exceeding 900 million yuan, where the company will hold an 85% stake [2][6]. Financial Forecast - The company is projected to have earnings per share (EPS) of 1.92, 2.58, and 3.21 yuan for the years 2025, 2026, and 2027 respectively, with price-to-earnings (PE) ratios of 13, 10, and 8 [3].