容百科技：2025年年度报告简版（英文版）

SectionIImportantNotes 1、Thisannualreportsummaryisderivedfromthefullannualreport.ForacomprehensivepictureoftheCompany’soperatingperformance,financialstatus,andfuturedevelopmentplans,investorsareencouragedtocarefullyreadthefullannualreportonthewebsitewww.sse.com.cn. 2、TheCompany’sBoardofDirectors,directors,andseniormanagementpersonnelguaranteetheauthenticity,accuracy,andcompletenessoftheannualreport,ensuringtherearenofalserecords,misleadingstatements,or significant omissions,and they bear individual and joint legalresponsibilities. 3、AlldirectorsoftheCompanyattendedtheBoardofDirectorsmeeting. 4、Pan-ChinaCertifiedPublicAccountantsLLPissuedastandardunqualifiedauditreportfortheCompany. 5、ProfitdistributionplanorcapitalreservecapitalizationplanforthereportingperiodapprovedbytheBoardofDirectors TheCompanydoesnotproposeanycashdividenddistribution,bonusshareissuance,orcapitalizationofcapitalreserveintosharecapitalfor2025. SectionIIDefinitions SectionIIIBasicInformationandKeyFinancialDataoftheCompany 1、CompanyProfile 1.1SummaryofCompanyStock "√Applicable""□Notapplicable" 1.2SummaryoftheCompany'sDepositaryReceipts "□Applicable""√Notapplicable" 1.3ContactPersonandContactInformation 2.1KeyAccountingDataandFinancialIndicatorsforthePastThreeYears Unit:YuanCurrency:RMB SectionIVManagementDiscussionandAnalysis 1.DiscussionandAnalysisofBusinessConditions Atpresent,theworldisundergoinganenergytransition,withthecostofnewenergybeginningtofallbelowthatoffossilfuels.CoupledwiththepromotionofintelligentdistributedpowergridsdrivenbyAI,theenergysectorisapproachinga“singularity”era.Meanwhile,againstthebackdropofintensifyinggeopoliticalconflictsandrisingtraditionalenergyprices,theglobalenergytransitionisgainingfurthermomentum. Industrydevelopmenthasledtodifferentiateddemandacrossvariousmaterialsystemsindifferentapplicationscenarios.Amongthem,ternarymaterialswillcontinuetodevelopinhigh-endpowerbatteries,solid-statebatteries,low-altitudeeconomy,andhumanoidrobotics.Lithiumironphosphate(LFP),lithiummanganeseironphosphate(LMFP),andsodium-ioncathodematerialsareexpandingtheirapplicationscopeinbothenergystorageandpowerbatterymarkets.TheCompanyexpectsthatby2035,theannualdemandforLFPandsodium-ioncathodematerialswilleachreachthescaleoftensofmillionsoftons,evolvingintomega-scaleindustries. TheCompanyhassuccessfullyseizedtheopportunityarisingfromthetransitionofthepowerbatterymarkettowardenergystoragebatteriesandhasachievedstrategicpositioningwithintheindustry.Ithastransformedfromasingle-materialenterpriseintoaplatform-basedmaterialsindustrialgroup.Duringthereportingperiod,theCompanysuccessfullycompletedthedevelopmentofnewhigh-voltage,high-nickelmaterials,whilemid-nickelproductspassedcertificationandproductionlineretrofittingwascompleted.Throughacombinationofin-houseR&DandM&A,theCompanyenteredtheLFPsectorwithinnovativeprocesses,fosteringnewproductiveforcesintheindustry.Leveraginginternalindustrialincubation,theCompanyadvancedtheindustrializationofsodium-ioncathodematerials.Meanwhile,itsLMFPbusinessmaintainedindustryleadership,achievingdoubledgrowthandenteringaphaseofrapidexpansion.Throughinvestmentsinoverseasrecyclingprojects,theCompanyhasmasteredadvancedrecyclingtechnologiesandevolvedintoanoperatorwithintheindustryecosystem.Inaddition,R&Doffrontier materialssuchaslithium-richmanganese-basedmaterials,nickel-manganesebinarymaterials,andsolid-stateelectrolyteshascontinuedtoprogresswithpositiveoutcomes. Duringthereportingperiod,theCompanyrecordedoperatingrevenueofRMB12.268billionandnetprofitattributabletoshareholdersoftheparentofRMB-187million.Thechangeinperformancewasprimarilyduetotheimpactofchangesinoverseasmarketenvironment,whichledtoadeclineinsalesvolumeinthefirstthreequartersandexertedphasedpressureonperformance.However,withthegradualoptimizationofproductstructureandramp-upofnewbusinesses,profitabilityimprovedquarterbyquarter,andtheCompanyachievedaturnaroundtoprofitabilityinthefourthquarteronastandalonebasis.Detailsofoperationsareasfollows: (I)Completionofnewhigh-nickelmaterialdevelopment,andmid-nickelproductionlineupgrade Duringthereportingperiod,affectedbychangesinoverseasmarketconditions,theCompany’sshipmentsofternarycathodematerialswereapproximately100,000tons,representingayear-on-yeardecline.Nevertheless,shipmentsofhigh-nickelcathodematerialsmaintainedaleadingpositionintheindustry.Againstthisbackdrop,theCompanyproactivelyadvancedproductstructureoptimizationandupgradinginlinewithmarkettrends.Thecore8-serieshigh-nickelproductscompletedanew-generationtechnologicalupgrade,adaptingtotheemergingmarketofextended-rangeelectricvehiclesfeaturinglargebatterycapacityandsmallfueltanks,andhaveenteredthecertificationstageofmainstreamend-vehiclemodelsupplychains.Theseproductsareexpectedtopartiallyreplacemid-nickelmaterialsstartingin2026andgraduallyrampupinvolume.Formid-nickelmaterials,theCompanycompletedproductdevelopmentandlarge-scaleproductionlineretrofitting,andpassedcustomeraudit,layingasolidfoundationforsubsequentlarge-scale c