转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院石墨负极材料行业研究小组发布的《中国锂电池石墨负极材料行 业发展前景预测与投资战略规划分析报告》 石墨负极材料行业主要上市公司：贝特瑞(920185);杉杉股份(600884);璞泰来(603659);翔丰华(300890);尚太 科技(001301);国民技术(300077);中科电气(300035);科达制造(600499)等 行业概况 1、定义 石墨(Graphite)，是碳的一种同素异形体，具有耐高温、抗腐蚀、导电、导热等性能，是锂离子电池中一 种重要的负极材料。 根据原材料的来源分，石墨负极材料可分为天然石墨负极材料和人造石墨负极材料两大类。二者在性 能、成本和应用场景上具有一定的差异。 | 方面/种类 | 天然石墨负极材料 | 人造石墨负极材料 | | --- | --- | --- | | 原材料 | 天然石墨矿(如鳞片石墨) | 石油焦、针状焦等碳材料高温石墨化制成 | | 核心优势 | 比容量高(约 360mAh/g)、成本低 | 循环稳定性好、体积膨胀率低(<10%) | | 主要缺点 | 循环寿命较短、需要包覆改性 | 生产成本高、 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02237 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | 本月底法定/註冊股本總額： HKD 2,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年 ...

Core Insights - Domino's Pizza has experienced significant success in lower-tier cities in China, breaking sales records with new store openings, while struggling in first-tier cities [2][5][9] - The company reported a remarkable increase in revenue, with a net profit of 65.92 million yuan in the first half of 2025, marking a year-on-year growth of 504.42% [9][11] - The shift in consumer preference towards Domino's in lower-tier markets is attributed to its competitive pricing and appealing menu options [12][14] Sales Performance - The opening day sales of Domino's first store in Shenyang reached 520,000 yuan, and within 198 days, it generated over 31 million yuan in revenue, setting a global annual sales record [2][9] - Subsequent openings in cities like Handan and Xuzhou also broke sales records, with daily sales exceeding 540,000 yuan and 680,000 yuan respectively [2][9] - In the first half of 2025, Domino's generated 2.593 billion yuan in revenue, with 659.24 million yuan in net profit, indicating a strong recovery from previous losses [9][11] Market Dynamics - Domino's has expanded aggressively into lower-tier cities, opening 275 new stores in 2023, primarily in non-first-tier markets, which contributed to a 46.6% increase in sales compared to the previous year [11][12] - The company has seen a significant increase in customer engagement, with over 14 million new members added in the past year [29] - The competitive landscape in the pizza market is intensifying, with brands like Pizza Hut and local players also targeting lower-tier cities with aggressive pricing strategies [22][28] Consumer Behavior - The appeal of Domino's in lower-tier cities is driven by its unique menu offerings and promotional activities, which resonate well with younger consumers [12][14] - Consumers in these markets are drawn to the novelty of the brand and the perceived value, often sharing positive experiences on social media [14][29] - However, there are concerns about sustaining customer loyalty as the novelty wears off, and the brand faces challenges in maintaining sales momentum [15][29]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 中国石墨集团有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02237 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | | 本月底結存 | | | 2,000,000,0 ...

Core Insights - Graphene composite fibers, made from graphene or its derivatives combined with various materials, are emerging as a promising new material due to their superior properties such as electrical conductivity, thermal conductivity, and high strength compared to traditional fibers [1][3] - The Chinese graphene industry is rapidly expanding, with production capacity expected to reach 5,200 tons in 2024 and 6,000 tons in 2025, while the market size is projected to grow from 13,284 million yuan in 2024 to 18,265 million yuan in 2025 [1][4] Industry Definition and Characteristics - Graphene composite fibers exhibit significant advantages over conventional fibers in mechanical strength, thermal and electrical conductivity, flame resistance, antibacterial properties, infrared emission, UV protection, and corrosion resistance [3] - The performance of graphene composite fibers is influenced by the type of graphene used, the method of polymer composite, the amount of graphene added, and the spinning and post-processing techniques [3] Industry Classification - Graphene composite fibers can be categorized into three main types: graphene/inorganic metal composite fibers, graphene/inorganic non-metal composite fibers, and graphene/polymer composite fibers, with the latter further divided into graphene/organic small molecule composite fibers and graphene/polymer composite fibers [3] Industry Development History - The global graphene composite fiber market is in its early development stage, with leading companies in the U.S., South Korea, and Japan dominating technology research and industrialization, posing significant competition for domestic companies in China [3] Supply and Demand Scale - In 2024, China's graphene composite fiber production capacity is expected to be 5,200 tons, with an industry output of 98.5 tons and a low capacity utilization rate of less than 2%. By 2025, production is projected to increase to 140.8 tons [4] - The demand for graphene composite fibers in China is anticipated to reach 98.4 tons in 2024 and 140.5 tons in 2025, with market sizes of 13,284 million yuan and 18,265 million yuan, respectively [4] Market Segmentation - The demand for graphene composite fibers is primarily concentrated in the textile and apparel sector, which is expected to account for 83.8% of the total market in 2024, with a projected demand of 11,132 million yuan [5] - Other industrial applications, including supercapacitors and electromagnetic shielding, are expected to represent 16.2% of the market, with a demand of 2,152 million yuan in 2024 [5] Competitive Landscape - The domestic graphene composite fiber industry is becoming increasingly competitive, with key players including Nantong Qiangsheng Graphene Technology, Hangzhou Gaoxin Technology, and others. Nantong Qiangsheng is the largest producer with a capacity of 5,000 tons [5] Market Trends - As the application fields of graphene composite fibers expand beyond traditional textiles into emerging sectors, consumer awareness and acceptance of fibers with antibacterial, conductive, and high-strength properties are expected to drive market growth [5]

Core Viewpoint - The announcement of export controls on lithium batteries and artificial graphite anode materials by the Ministry of Commerce and the General Administration of Customs has led to a significant increase in the stock price of China Graphite, reflecting market optimism about the company's position in the industry [1] Industry Summary - On October 9, the Chinese government announced export controls on lithium batteries and related materials, effective from November 8, 2025, targeting rechargeable lithium-ion batteries with an energy density of 300Wh/kg or greater, as well as equipment for manufacturing these batteries [1] - China is the world's largest producer (80% of global output), processor (75% of anode material production), and consumer of graphite, indicating a strong position in the global supply chain with a complete industry chain from mining to application [1] Company Summary - China Graphite (02237) specializes in the sale of flake graphite concentrate and spherical graphite, focusing on processing raw graphite into these products [1] - The company's stock rose over 15% in early trading, reflecting positive market sentiment following the government's announcement [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国石墨集团有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02237 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000 | 本月底法定/註冊股 ...

Core Viewpoint - Graphene composite fibers are emerging as a potential growth area in the new materials sector due to their superior properties such as electrical conductivity, thermal conductivity, and high strength, combined with the flexibility and processability of traditional fibers. The demand for these materials is expected to continue expanding, supported by national policies and significant investment in research and development [1][4]. Industry Overview - Graphene composite fibers are defined as fiber materials made by combining graphene or its derivatives with one or more materials. They exhibit significant advantages over conventional fibers in mechanical strength, thermal and electrical conductivity, flame resistance, antibacterial properties, far-infrared emission, UV resistance, and corrosion resistance [2][3]. - The production methods for graphene composite fibers can be categorized into three main types: surface treatment, in-situ polymerization, and physical blending, each with its own advantages and disadvantages [2][3]. Market Size and Growth - In 2024, China's graphene composite fiber production capacity is projected to reach 5,200 tons, with an industry output of 98.5 tons and a demand of 98.4 tons, resulting in a market size of 13,284 million yuan. The capacity utilization rate is currently low, at less than 2%. By 2025, production capacity is expected to increase to 6,000 tons, with output and demand reaching 140.8 tons and 140.5 tons, respectively, leading to a market size of 18,265 million yuan [5][6]. - The global graphene composite fiber market was valued at 61.96 million USD in 2023, expected to decrease to 52.88 million USD in 2024, and projected to grow to approximately 6.933 billion USD by 2025. Asia dominates the market, accounting for 58.79% of the global market share in 2024 [4][5]. Application Areas - The demand for graphene composite fibers is primarily concentrated in the textile and apparel sector, which is expected to account for 83.8% of the total domestic market size in 2024, with a demand scale of 11,132 million yuan. Other industrial applications, including supercapacitors and electromagnetic shielding, are projected to account for 16.2% of the market [7][8]. - In the textile and apparel sector, the unique properties of graphene composite fibers will be increasingly utilized, leading to a wider variety of products, including sportswear, underwear, and outdoor clothing. Companies are expected to enhance R&D efforts to improve product comfort and durability [15][16]. Competitive Landscape - The graphene composite fiber industry in China has a well-established industrial chain, from raw material supply to production and application. Major companies include Nantong Qiangsheng Graphene Technology Co., Ltd., Hangzhou Gaoxing Technology Co., Ltd., and others, with Nantong Qiangsheng being the largest producer with a capacity of 5,000 tons [12][13]. - As technology advances and market competition intensifies, companies are expected to focus on product quality and brand development, leading to a proliferation of high-quality graphene composite fiber products [12][14]. Future Trends - The market for graphene composite fibers is anticipated to grow significantly, with projections indicating that by 2031, the market size in China could reach 237,936 million yuan. The textile and apparel sector is expected to dominate, with a projected size of 198,438.6 million yuan, while other industrial applications could reach 39,497.4 million yuan [16].

Core Viewpoint - The demand for graphite thermal paper in China has been continuously growing due to the explosive growth of e-commerce and logistics, the upgrade in demand for high-precision thermal paper in sectors like healthcare and finance, and the shift towards environmentally friendly products driven by regulatory policies [1][10]. Industry Overview - Graphite thermal paper is a specialized type of thermal paper made from graphite powder and thermal materials, which exhibits specific color changes when heated. It is widely used in labels, receipts, medical applications, logistics, and electronic communications [4][5]. - The production of graphite thermal paper involves a supply chain that includes raw materials such as graphite, thermal resins, color developers, and base paper, which are processed into high-quality products through advanced manufacturing techniques [5][6]. Market Demand and Growth - The production volume of graphite thermal paper in China is projected to reach 172,000 tons in 2024, representing a year-on-year increase of 10.6% [1][11]. - The rapid growth of the logistics sector, particularly in e-commerce, has significantly increased the demand for thermal paper labels, with the express delivery volume expected to reach 95.64 billion pieces in the first half of 2025, a year-on-year growth of 19.3% [9][10]. Competitive Landscape - The Chinese graphite thermal paper industry features numerous participants, including large international companies and many regional small and medium-sized enterprises. Major companies include Guangdong Crown High-tech Co., Ltd., Shandong Chenming Paper Group Co., Ltd., and Xianhe Co., Ltd. [12][13]. - Guangdong Crown High-tech Co., Ltd. reported a revenue of 1.905 billion yuan from thermal paper and sublimation paper in 2024, reflecting a year-on-year increase of 12.18% [13]. Development Trends - Technological innovation is expected to drive product upgrades, with the application of nanotechnology enhancing the heat resistance, stability, and durability of graphite thermal paper [14]. - Environmental regulations are prompting companies to adopt greener production methods, which may lead to the elimination of non-compliant firms and an overall improvement in the industry's environmental standards [15]. - The demand for graphite thermal paper is diversifying, with stable growth anticipated in the financial sector and increasing needs in logistics, healthcare, and retail, driven by advancements in smart manufacturing and Industry 4.0 [16].

Financial Performance - For the first half of 2025, the total revenue of China Graphite Group Limited was approximately RMB 398 million, representing a year-on-year increase of 9.3%[18]. - The net loss for the first half of 2025 was approximately RMB 119 million, an improvement compared to a net loss of RMB 162 million in the same period last year[18]. - The company recorded improved revenue and profit performance compared to the same period last year due to efforts from the sales team and cost control measures[17]. - The group’s revenue for the six months ended June 30, 2025, was RMB 39,795,000, an increase of 9.3% compared to RMB 36,437,000 for the same period in 2024[97]. - Gross profit for the same period was RMB 5,985,000, representing a significant increase of 104.5% from RMB 2,923,000 in 2024[97]. - The net loss attributable to the company's owners for the six months was RMB 11,890,000, compared to RMB 16,218,000 in the previous year, reflecting a reduction of 26.5%[97]. Revenue Breakdown - Revenue from the sale of spherical graphite and by-products was approximately RMB 48 million, a decrease of 52.9% year-on-year[18]. - Revenue from the sale of flake graphite concentrate was approximately RMB 303 million, an increase of 20.7% year-on-year[18]. - The sales of unprocessed marble contributed approximately RMB 46 million to the total revenue for the first half of 2025[18]. - Revenue from the sale of spherical graphite and its by-products decreased from approximately RMB 10.2 million in the first half of 2024 to about RMB 4.8 million in the first half of 2025[37]. - Revenue from the sale of flake graphite concentrate increased from approximately RMB 25.1 million in the first half of 2024 to about RMB 30.3 million in the first half of 2025[37]. - For the six months ended June 30, 2025, total revenue from the sale of flake graphite and its by-products was RMB 49,580,000, with external customer revenue contributing RMB 39,795,000[124]. Cost and Expenses - The gross profit for the first half of 2025 was approximately RMB 60 million, an increase of 106.9% year-on-year, with a gross margin of 15.0%, up 7.0 percentage points year-on-year[18]. - Total mining costs for the first half of 2025 amounted to RMB 13,999,000, compared to RMB 10,450,000 in the same period of 2024, reflecting increased operational expenses[30]. - The sales cost for the first half of 2025 was approximately RMB 33.8 million, a slight increase from about RMB 33.5 million in the first half of 2024, aligning with revenue growth[40]. - Selling and distribution expenses rose to approximately RMB 3.3 million in the first half of 2025, an increase of about 32.0% from RMB 2.5 million in the first half of 2024[44]. - General and administrative expenses decreased to approximately RMB 12.0 million in the first half of 2025, down about 8.4% from RMB 13.1 million in the first half of 2024[45]. - The total expenses for the six months ended June 30, 2025, were RMB 52,273,000, slightly down from RMB 52,377,000 in the same period of 2024[134]. Market and Industry Outlook - The rapid development of the new energy vehicle and new materials industries presents significant opportunities for the graphite industry, despite increased competition and cost pressures[17]. - The company maintains an optimistic outlook for the graphite market, despite current industry adjustments, due to the strategic importance of natural graphite in China's "dual carbon" policy[26]. - The company continues to face challenges such as low-price competition and inefficient resource utilization in the natural graphite industry[17]. Production and Operations - The company has adjusted its production strategy to focus on product quality and cost reduction measures in response to industry challenges[17]. - In the first half of 2025, spherical graphite sales volume was 705 tons, a year-on-year decrease of 23.6%, impacted by weak demand for downstream anode materials and price competition[20]. - Flake graphite concentrate sales volume reached 12,409 tons in the first half of 2025, representing a year-on-year increase of 22.8%, leading to a strategic reallocation of resources towards this segment[20]. - The company is actively constructing a new beneficiation and processing plant at North Mountain, funded by proceeds from its initial public offering[21]. Financial Position and Liquidity - As of June 30, 2025, the company's cash and cash equivalents were approximately RMB 61.4 million, an increase from RMB 32.5 million as of December 31, 2024[52]. - The current ratio remained stable at 1.7 for both the first half of 2025 and 2024, while the debt-to-asset ratio improved from 9.8% to 3.5%[54]. - The net loss margin improved from approximately 9.8% on December 31, 2024, to about 3.5% on June 30, 2025, due to an increase in cash and cash equivalents from approximately RMB 325 million to RMB 614 million[56]. - The group had no contingent liabilities as of June 30, 2025, and December 31, 2024, with no significant lawsuits affecting business performance[59]. - The group faced various financial risks, including interest rate risk, credit risk, and liquidity risk, but deemed these risks manageable[60][64][65]. Governance and Compliance - The company has complied with all applicable corporate governance codes, except for the separation of roles for the chairman and CEO as per code C.2.1[86]. - The audit committee consists of four members, including independent non-executive directors, ensuring oversight of financial reporting and risk management[90]. - The company has confirmed no significant violations of applicable laws and regulations during the first half of 2025[85]. - The board comprises two executive directors and four independent non-executive directors, maintaining a robust level of independence[87]. Shareholder Information - As of June 30, 2025, the company has a total of 1,600,000,000 shares issued, with Mr. Zhao holding 1,200,000,000 shares, representing 75.0% ownership[78]. - Sandy Mining Limited, wholly owned by Mr. Zhao, is the beneficial owner of 75.0% of the issued shares, equating to 1,200,000,000 shares[81]. - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[143].