Summary of Shida Shenghua Conference Call Company Overview - Shida Shenghua has established an integrated industrial chain covering lithium salts, additives, silicon-based anodes, and high-end materials, with major revenue and profit sources from bases in Dongying, Zoucheng, Wuhan, and Quanzhou, Fujian [2][4][28] Key Points and Arguments Lithium Hexafluorophosphate (LiPF6) Project - The company’s 100,000-ton liquid lithium hexafluorophosphate project is expected to reach full production by Q2 2026, with an estimated shipment of 18,000 tons in 2025, including approximately 5,000 tons for export [2][6] - The estimated all-in cost for liquid lithium hexafluorophosphate in 2025 is about 55,000 CNY/ton, which is expected to drop to below 51,000 CNY/ton at full capacity, indicating a significant cost advantage [2][9][10] - Prices for lithium hexafluorophosphate have been rising since late August 2025, with expectations for continued increases due to growing market demand [2][11] Electrolyte and Production Capacity - The company anticipates shipments of 230,000 to 250,000 tons of electrolyte in 2026, corresponding to about 30,000 tons of lithium hexafluorophosphate, with self-produced lithium hexafluorophosphate reaching approximately 36,000 tons [2][12] - The total production capacity for electrolytes at the Wuhan and Dongying bases is 500,000 tons, with expectations for increased operational load in 2026 [2][16] Market Strategy and Customer Relationships - Shida Shenghua's strategy focuses on increasing market share by maximizing production load to enhance efficiency, especially given the recent investments from major clients like CATL [2][15][17] - The company is actively expanding its customer base, targeting both existing large clients and other major battery manufacturers to support future sales goals [2][8] Silicon-Based Anode Materials - The company’s silicon-based anode materials utilize a third-generation silicon-oxygen process, with total expected shipments of 7,000 to 7,500 tons in 2026, and a sales price range of 350,000 to 400,000 CNY [3][22] - The business is projected to become profitable in 2026, with net profits of approximately 20,000 CNY per ton for mixed materials [24] Financial Performance and Future Outlook - The company reported losses of approximately 40 to 50 million CNY in Q1 and Q2, with a narrowing loss in Q3. Profitability in Q4 will depend on improvements in lithium hexafluorophosphate prices [28] - The carbonates business is currently in a state of oversupply but is expected to see price increases due to rising demand [20] Pricing Mechanisms and Market Trends - Long-term contracts for electrolytes are based on formula pricing, with spot prices nearing 70,000 CNY/ton and expected to exceed 80,000 CNY/ton soon [13][14] - The pricing for lithium hexafluorophosphate is projected to stabilize in Q4 2025 and Q1 2026, with potential increases in Q2 2026 [21] Additional Important Information - The company’s carbonates business operates at a capacity of 736,000 tons, with 480,000 tons allocated for shipment and the remainder for internal supply [20] - The company’s investment in the 100,000-ton liquid lithium hexafluorophosphate facility is approximately 610 million CNY, translating to an investment cost of less than 200 million CNY per ton [29]

Market Overview - The battery sector experienced a decline of 0.53% on the previous trading day, with Defu Technology leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in the Battery Sector - Haike Xinao (301292) saw a closing price of 26.44, with a significant increase of 12.46% and a trading volume of 317,800 shares, amounting to 788 million yuan [1] - Jinyinhai (300619) closed at 37.67, up 12.35%, with a trading volume of 224,800 shares and a turnover of 810 million yuan [1] - Qiaocheng Ultrasonic (688392) closed at 103.40, rising by 11.97% with a trading volume of 72,800 shares, totaling 728 million yuan [1] Top Losers in the Battery Sector - Defu Technology (301511) closed at 32.27, down 5.95%, with a trading volume of 288,100 shares and a turnover of 928 million yuan [2] - Keda Li (002850) closed at 174.01, decreasing by 5.05%, with a trading volume of 87,900 shares and a turnover of 1.526 billion yuan [2] - Anfu Technology (603031) closed at 39.85, down 4.18%, with a trading volume of 71,500 shares and a turnover of 285 million yuan [2] Capital Flow in the Battery Sector - The battery sector experienced a net outflow of 3.121 billion yuan from institutional investors, while retail investors saw a net inflow of 3.336 billion yuan [2][3] - Notable net inflows from retail investors included Tianqi Materials (002709) with 2.12 billion yuan and Greenmei (002340) with 2.11 billion yuan [3] - Major net outflows from institutional investors included Shida Shenghua (603026) with 94.291 million yuan and Jinyinhai (300619) with 71.922 million yuan [3]

Group 1 - The solid-state battery industry is experiencing significant growth, with an upcoming event showcasing over 200 exhibitors and 20,000 professional attendees [2] - The event will feature awards and council meetings, indicating a strong community and recognition within the industry [2] Group 2 - In the lithium battery electrolyte sector, companies are showing varied revenue and profit trends, with some experiencing growth while others face declines [3][6] - Tianqi Materials reported a revenue increase of 28.97% in H1 2025, while Rui Tai New Materials and Duo Fluorine saw revenue declines of 7.36% and 6.65% respectively [4][21] - The overall gross margin for lithium battery electrolyte companies is declining, with the highest margin reported by Juhua Co. at 28.72% and the lowest by Shida Shenghua at 4.76% [3][6] Group 3 - Tianqi Materials achieved a revenue of 70.29 billion yuan in H1 2025, with a net profit of 2.68 billion yuan, reflecting a slight decrease in profit margins [11][12] - New Zhou Bang's revenue reached 42.48 billion yuan, with a net profit of 4.84 billion yuan, both showing positive growth despite slight margin declines [16][17] - Rui Tai New Materials reported a revenue of 9.75 billion yuan, down 7.36%, with a net profit of 0.82 billion yuan, down 24.19% [21][20] Group 4 - Duo Fluorine's revenue was 43.28 billion yuan, a decrease of 6.65%, with a net profit of 0.51 billion yuan, down 16.55% [24][23] - Yongtai Technology reported a revenue of 26.09 billion yuan, up 21.97%, with a net profit of 0.59 billion yuan, up 56.17% [28][27] - Shida Shenghua's revenue was 30.11 billion yuan, up 14.87%, but it faced a net loss of 0.56 billion yuan, a significant decline [32][31] Group 5 - Juhua Co. achieved a revenue of 133.3 billion yuan, a growth of 10.36%, with a net profit of 20.51 billion yuan, reflecting a substantial increase of 146.97% [35][34] - Fengshan Group reported a revenue of 6.19 billion yuan, up 18.74%, with a net profit of 0.30 billion yuan, a remarkable increase of 235.40% [39][40]

Group 1 - A total of 59 stocks reached the daily limit up today, with 12 stocks achieving consecutive limit ups [1] - 20 stocks attempted to limit up but failed, resulting in a limit up rate of 75% (excluding ST and delisted stocks) [1] - Focus stocks include controllable nuclear fusion concept stocks, with Hezhong Intelligent achieving 6 consecutive limit ups in 10 days, and Antai Technology achieving 3 consecutive limit ups [1] Group 2 - Lithium hexafluorophosphate concept stocks also showed strong performance, with Tianji Shares achieving 5 consecutive limit ups in 6 days, and Shida Shenghua achieving 3 consecutive limit ups in 5 days [1] - New Kai Lai concept stocks saw Shen Zhen Ye A achieving 4 consecutive limit ups in 8 days, and Xin Lai Ying Cai achieving a 20% limit up with 2 consecutive limit ups [1]

每经AI快讯，10月13日，六氟磷酸锂板块走强。板块整体涨超3%，天际股份、石大胜华、多氟多涨 停。 （文章来源：每日经济新闻） ...

10月13日消息，截止13:50，六氟磷酸锂板块强势，石大胜华、天际股份、多氟多涨停，宏源药业、天 赐材料等个股涨幅居前。 责任编辑：小浪快报 ...

Core Insights - The stock of Shida Shenghua has experienced significant volatility, achieving three trading limit increases within five trading days, resulting in a cumulative increase of 26.23% and a turnover rate of 39.10% [2] - As of October 10, the stock's latest margin trading balance is 331 million yuan, with a financing balance of 329 million yuan, reflecting a day-over-day increase of 15.45 million yuan, or 4.93% [2] - The stock has been featured on the Dragon and Tiger List due to a cumulative deviation in price increase of 20% over three consecutive trading days, with institutional net purchases amounting to 33.51 million yuan [2] Trading Performance - On October 10, the stock recorded a daily decline of 7.48% with a turnover rate of 7.08% and a net outflow of 47.08 million yuan in principal funds [2] - The stock's performance over the past five trading days includes a 10% increase on September 30 and September 29, with net inflows of 71.45 million yuan and 109.99 million yuan respectively [2] - The stock's total market capitalization reached 12.575 billion yuan, with a circulating market value of 10.953 billion yuan [2] Company Background - Shida Shenghua New Materials Group Co., Ltd. was established on December 31, 2002, with a registered capital of 2.327 billion yuan [2]

Investment Rating - The investment rating for the chemical industry is "Positive" (maintained) [1] Core Views - The supply-demand situation for lithium hexafluorophosphate has improved, and prices are expected to rise further in the short term. As of October 10, 2025, the price of lithium hexafluorophosphate was 64,500 CNY/ton, up 29% since the end of June 2025, while the price of battery-grade lithium carbonate was 73,500 CNY/ton, up 20% [4][22][24] - The lithium battery industry is experiencing a surge in production, with a 10% month-on-month increase in October, driven by seasonal demand and a boom in energy storage [23] - The overall inventory of lithium hexafluorophosphate is at a low level, with only 1,500 tons available as of October 10, 2025, which is at the 35th percentile since 2019 [24] Summary by Sections Chemical Market Tracking and Event Commentary - The chemical industry index underperformed the CSI 300 index by 2.02% during the reporting period [15] - Among 529 stocks in the chemical sector, 370 stocks rose (69.94%), while 146 stocks fell (27.6%) [15] - The top ten gainers included companies like Chengxing Shares and Yueyang Xingchang, while the top ten losers included companies like Bluefeng Biochemical and Yiyuan Shares [15] Key Product Tracking - The chemical fiber market remains stable, with polyester filament prices showing slight fluctuations [28][29] - The price of urea has continued to decline, with the average price dropping to 1,609 CNY/ton, a decrease of 2.54% [43] - Phosphate rock prices have remained stable, with the average price for 30% grade phosphate rock at 1,017 CNY/ton [44] Recommended and Beneficiary Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical [6] - Beneficiary stocks in the lithium hexafluorophosphate sector include Tianji Shares, Shida Shenghua, and Duofluor [24][25]

Core Viewpoint - The company, Shida Shenghua New Materials Group Co., Ltd., is set to hold a half-year performance briefing on October 16, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [2][3][4]. Group 1: Meeting Details - The meeting will take place on October 16, 2025, from 09:00 to 10:00 [5]. - It will be held at the Shanghai Stock Exchange Roadshow Center, accessible online [4][5]. - Investors can participate through the internet and submit questions in advance from October 9 to October 15, 2025 [6]. Group 2: Company Communication - The company aims to provide a comprehensive understanding of its half-year performance and financial indicators during the briefing [2][3]. - The company will address commonly raised questions from investors during the session [3][6]. - Contact information for inquiries includes a designated email and phone number for investor relations [6].

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Zitian Tui (300280) is in the delisting adjustment period with only 2 trading days remaining until the last trading day[1] Market Alerts - Kesi Technology (688788) and Pinming Technology (688109) have recent announcements but no specific details provided[1] - Magu Technology (688448) is experiencing severe abnormal fluctuations[1] Trading Updates - Multiple companies including Dongjing (002199) and Guosheng Jinkong (002670) have announcements dated October 9, 2025, indicating ongoing trading activities[1] - Companies like Hunan Yuneng (301358) and Wanrun New Energy (688275) have announcements from October 1, 2025, indicating recent trading updates[1] Financial Disclosures - Several companies have disclosed their financial information, with specific announcements linked to their respective stock codes[1] - The report includes links to detailed announcements for various companies, providing transparency in their financial activities[1]