来源：上海证券报·中国证券网 上证报中国证券网讯（记者 孔令仪）2月26日，贝特瑞发布2025年度业绩快报。报告期内，公司实现营 业收入169.83亿元，同比增长19.29%；利润总额为13.58亿元，同比增长18.78%。贝特瑞表示，公司营 收、利润总额均重回正增长区间，经营规模稳步回升。 贝特瑞表示，依托行业复苏契机，公司加快推进印尼、摩洛哥等海外产能布局，持续完善全球化产能布 局，为业务增长提供坚实支撑。报告期内，公司负极材料销量约60万吨，同比实现大幅增长。同时，公 司自主研发的CVD硅碳材料已获得全球多家主流动力电池客户的认证，并于2025年实现规模化量产出 货。 公开资料显示，贝特瑞目前已搭建起适配固态电池的完整材料矩阵，并正式推出贝安FLEX半固态、 GUARD全固态系列产品，涵盖高镍正极、硅基负极、固态电解质、锂碳复合负极等关键材料，形成固 态电池材料整体解决方案。 贝特瑞表示，公司正在持续深化技术研发与产业化协同。一方面紧密贴合下游应用场景需求，从材料端 开展研发，针对不同应用场景下的电芯性能要求，进行综合性能匹配与优化；另一方面持续强化产业化 配套能力，在技术成熟后快速实现产业化落地，切实 ...

Core Viewpoint - The company, Suotong Development, reported significant growth in its financial performance for the first half of 2025, driven by increased demand and rising prices in the prebaked anode market, alongside expansion in production capacity [1][2]. Financial Performance - The company achieved operating revenue of 8.306 billion yuan, a year-on-year increase of 28.28% [1] - The net profit attributable to shareholders reached 523 million yuan, reflecting a remarkable year-on-year growth of 1568.52% [1] - Basic earnings per share were reported at 1.05 yuan [1] - A cash dividend of 2.1 yuan per 10 shares (tax included) is proposed [1] Production and Sales - Prebaked anode production totaled 1.7605 million tons, up 12.23% year-on-year [1] - Sales of prebaked anodes reached 1.6901 million tons, an increase of 9.82% year-on-year [1] - Export sales of prebaked anodes were 445,600 tons, growing by 13.18% [1] - Domestic sales of prebaked anodes amounted to 1.2445 million tons, with an increase of 8.66% [1] - Lithium battery anode production was 42,900 tons, up 84.91% year-on-year [1] - Sales of lithium battery anodes reached 44,000 tons, a growth of 120.00% [1] - Capacitor production was 775 million units, increasing by 3.52% [1] - Sales of capacitors were 788 million units, reflecting an 8.47% increase [1] Capacity Expansion - The company is progressing with a joint venture project in Guangxi for 600,000 tons of prebaked anodes, with construction nearing completion [2] - A joint venture project in Jiangsu for 320,000 tons of prebaked anodes is also underway, aimed at meeting Southeast Asian market demand [2] - The company signed a joint development agreement with EGA for its first overseas prebaked anode project [2] Technological Development - The company is exploring solid-state battery technology, having signed a technical development contract with Beijing Institute of Technology for sulfide solid electrolyte and silicon-based anode interface technology [2] - Previous collaborations with Beijing Institute of Technology have led to the development of silicon-carbon and silicon-oxygen composite anode materials, resulting in patent applications [2] - The company has completed small-scale development of CVD silicon-carbon materials based on biomass carbon sources and is advancing research on resin-based carbon sources [2]

Summary of TianNai Technology Conference Call Industry Overview - Solid-state battery technology primarily includes three routes: sulfide, oxide, and polymer. Sulfide systems have high ionic conductivity but are costly and pose safety risks. Oxide and polymer systems offer advantages in cost and mechanical performance, with domestic commercialization favoring oxide systems. [2][3][4] Key Points - **Market Forecast**: It is expected that all-solid-state batteries will achieve large-scale commercial application by 2030, with oxide and polymer processes likely becoming mainstream due to safety and cost factors in the next five years. Sulfide systems may face challenges. [2][4] - **Technological Advancements**: TianNai Technology enhances the electronic conductivity of liquid lithium-ion batteries using carbon nanotubes and is developing dry processing techniques and composite current collectors. These innovations are significant for the development of solid or semi-solid lithium-ion power systems. [2][3][5] - **Composite Current Collectors**: The introduction of carbon nanotubes as fiber reinforcements in polymer membranes significantly improves strength and conductivity, achieving electronic conduction levels comparable to pure metal current collectors. [6] - **Demand for Single-Walled Carbon Nanotubes**: The demand for single-walled carbon nanotubes is expected to increase significantly in 2026 due to the poor intrinsic electronic conductivity of high-nickel cathode materials and the need for more conductive additives in dry processing. [8] Financial and Operational Insights - **Production Facilities**: TianNai Technology's U.S. factory is expected to commence operations by the end of 2025, while the German factory will start in three months. The U.S. investment tax policy is anticipated to accelerate equipment production. [3][18] - **Collaborations**: The company collaborates with major battery firms like Panasonic and LG, with plans for significant orders from LG in the future, particularly for lithium iron phosphate batteries. [20] Challenges and Risks - **Safety and Cost Issues**: Solid-state battery technology faces challenges related to safety and cost, particularly with sulfide systems. The commercial viability of solid-state systems requires breakthroughs in key materials and processes. [10][16] - **Market Dynamics**: The introduction of porous copper foil and composite current collectors is limited by cost factors, which may hinder widespread adoption until prices become acceptable. [9] Future Outlook - **Growth Projections**: Significant growth in shipment volumes is expected in 2025 and 2026, particularly for high-end products driven by fast-charging technology. Current monthly production capacity is about four tons, with projections of 30,000 tons for single-walled and multi-walled carbon nanotubes by 2026. [22] - **New Cathode Materials**: Progress in new cathode materials is promising, with fast-charging certifications underway. These materials outperform existing products in low-temperature conditions. [23] Competitive Landscape - **Technological Edge**: TianNai Technology possesses a strong technological advantage in fast-charging technology and focuses on continuous R&D to maintain its competitive edge. [25][26] - **Talent Importance**: The company emphasizes the significance of talent in driving technological advancements and achieving a leading position in the industry. [27]