● 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 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company achieved a revenue of 7.838 billion yuan in H1 2025, representing a year-on-year growth of 11.36%. However, the net profit attributable to shareholders decreased by 2.88% to 479 million yuan. The report maintains profit forecasts for 2025-2027, expecting net profits of 1.189 billion yuan, 1.671 billion yuan, and 2.002 billion yuan respectively, with corresponding EPS of 1.05 yuan, 1.48 yuan, and 1.78 yuan. The current stock price corresponds to P/E ratios of 25.6, 18.2, and 15.2 for the respective years [5][6] Financial Performance - In H1 2025, the company generated 6.279 billion yuan in revenue from anode materials, with sales exceeding 260,000 tons, a year-on-year increase of 32.83%. The gross margin for anode materials was 25.59%. Revenue from cathode materials was 1.418 billion yuan, with sales exceeding 10,000 tons, a year-on-year increase of 4.30%, and a gross margin of 11.70%, up by 5.72 percentage points [6][7] - The company has established anode material production capacity of 575,000 tons per year and cathode material production capacity of 73,000 tons per year. The overseas base in Indonesia has completed the first phase of an 80,000-ton anode material project, with the second phase under construction. Additionally, the company is advancing projects in Morocco for cathode and anode materials with capacities of 50,000 tons and 60,000 tons per year respectively [6][7] Product Development - The company has made breakthroughs in solid-state and semi-solid-state battery materials, developing the industry's first lithium-carbon composite anode material compatible with solid-state batteries, which has received technical recognition from customers. The sulfide solid electrolyte product has achieved a particle size below 500nm, meeting customer application requirements for ionic conductivity and cycle performance. The oxide electrolyte product has secured orders in the hundred-ton range, with matching cell installation capacity exceeding 1GWh [7] - The newly developed CVD silicon-carbon products have entered the pilot testing stage and have been recognized by several major global power customers, with mass production and shipment expected in 2025. The company has also launched a comprehensive solution for solid-state battery materials, introducing the "Beian FLEX series" semi-solid-state battery core materials and the "Beian GUARD series" solid-state battery core materials [7]