Core Insights - The company reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [1][2] - The net profit attributable to the parent company was 307 million yuan, up 27.76% compared to the same period last year [1][2] - The net profit excluding non-recurring gains and losses was 291 million yuan, reflecting a 32.24% increase year-on-year [1][2] Financial Performance - Total revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the same period last year, marking an 18.04% increase [2] - Total profit amounted to 339 million yuan, a 35.47% increase from 250 million yuan in the previous year [2] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, indicating a 27.76% growth [2] - The net profit after excluding non-recurring items was 291 million yuan, compared to 220 million yuan last year, a 32.24% increase [2] - The net cash flow from operating activities decreased by 32.25% to 648 million yuan from 957 million yuan [2] Product Sales and Market Position - The company sold 60,700 tons of lithium battery cathode materials, a 35.50% increase year-on-year [2] - Sales of lithium cobalt oxide reached 28,800 tons, up 56.64%, with high-voltage lithium cobalt oxide (4.5V and above) seeing significant growth [2] - In the power sector, the company maintained its technological advantage in high-voltage and high-power ternary materials, achieving sales of 31,900 tons, a 20.76% increase [3] - Sales of hydrogen energy materials reached 1,974.61 tons, reflecting a 6.16% year-on-year growth [3] Expansion and Projects - The construction of a factory in France with an annual capacity of 40,000 tons for ternary materials is progressing smoothly [3] - The project for producing 40,000 tons of cathode material precursors in France is advancing with technical authorization work [3] - The expansion project at the company's Xiamen base for producing 30,000 tons of lithium-ion battery materials has completed civil construction and is awaiting fire safety inspection [3] - The comprehensive workshop project at the Haijing base, with a planned annual capacity of 15,000 tons, has seen some workshops complete construction acceptance [3]

证券代码：688778 证券简称：厦钨新能 公告编号：2025-051 厦门厦钨新能源材料股份有限公司 关于 2025 年半年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 每股分配比例：每 10 股派发现金红利 2.00 元（含税），不进行资本公 积金转增股本，不送红股。 ? 本次利润分配方案拟以厦门厦钨新能源材料股份有限公司（以下简称"公 司"）2025 年半年度实施权益分派股权登记日登记的总股本扣除公司回购证券账 户中股份为基数分配利润，具体日期将在权益分派实施公告中明确。 ? 如在本公告披露之日起至实施权益分派的股权登记日前公司总股本发生 变动的，公司拟维持每股分配比例不变，相应调整分配总额，并另行公告具体调 整情况。 ? 本次利润分配方案无需提交股东大会审议。 一、利润分配方案的内容 截 至 2025 年 6 月 30 日 ， 公 司 母 公 司 报 表 中 期 末 未 分 配 利 润 为 度实现归属于母公司所有者的净利润为 306,894,646.16 元（未经审计）， ...

瑞财经 王敏 8月20日，厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能"）发布2025年半年度报 告，营收净利双增。 2025年上半年，公司实现营业收入75.34亿元，同比增长18.04%；实现归属于母公司所有者的净利润 3.07亿元，同比增长27.76%；实现归属于母公司所有者的扣除非经常性损益的净利润2.91亿元，同比增 长32.24%。 厦钨新能董事长为杨金洪，1967年出生，中国国籍，无境外永久居留权，有色金属冶金专业，博士学 历，教授级高级工程师，享受国务院政府特殊津贴。 杨金洪于1989年7月至1997年12月，历任厦门钨品厂钨车间职员、班长、钨车间副主任、生产科副科 长；1998年1月至2000年9月，历任厦门钨业生产科副科长、钨车间主任；2000年10月至2002年8月，任 赣州虹飞钨钼材料有限公司副总经理；2002年8月至2018年4月，历任厦门钨业总经理助理、厦门钨业海 沧分公司生产副总经理、常务副总经理、总经理，厦门钨业副总裁；2018年3月至2019年5月，任新能源 有限执行董事；2019年5月至2020年4月，任新能源有限董事长；2020年4月至今，任公司党委书记、董 事长。 ...

Core Insights - The company, Xiamen Tungsten New Energy (688778.SH), reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance [1][2] Financial Performance - Total revenue reached 7.534 billion yuan, an increase of 1.151 billion yuan compared to the same period last year, representing a year-on-year growth of 18.04% [1] - Net profit attributable to shareholders was 307 million yuan, up by 66.688 million yuan from the previous year, reflecting a year-on-year increase of 27.76% [1] - Operating cash flow showed a net inflow of 648 million yuan [1] Key Financial Ratios - The latest debt-to-asset ratio stands at 41.49% [2] - Gross margin is reported at 9.99%, which is an increase of 0.41 percentage points from the previous quarter and 0.42 percentage points from the same period last year, marking two consecutive years of growth [2] - Return on equity (ROE) is at 3.46%, an increase of 0.64 percentage points year-on-year [2] - Diluted earnings per share (EPS) is 0.61 yuan, up by 0.04 yuan from the previous year, representing a year-on-year increase of 7.02% [2] - Total asset turnover ratio is 0.49 times, an increase of 0.03 times year-on-year, reflecting a growth of 5.38% [2] - Inventory turnover ratio is reported at 2.30 times [2] Shareholder Structure - The number of shareholders is 14,700, with the top ten shareholders holding a total of 297 million shares, accounting for 70.55% of the total share capital [2] - The largest shareholder is Xiamen Tungsten Co., Ltd., holding 50.26% of the shares [2]

Group 1 - Dongwu Securities issued a report on August 21, giving a "buy" rating to Xiamen Tungsten New Energy (688778.SH, latest price: 57.3 yuan) [2] - The rating is supported by the alignment of H1 2025 performance with preliminary reports [2] - In the first half of the year, lithium cobalt oxide sales saw significant growth, benefiting from rising cobalt prices, leading to a net profit increase of over 10,000 yuan per ton [2] - The profitability of ternary batteries remained stable in Q2 2025, while iron-lithium continued to reduce losses [2] - The company demonstrated a competitive advantage in solid-state lithium sulfide technology [2] - Operating cash flow improved quarter-on-quarter in Q2, and capital expenditures slowed down [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that in Q2, the profit increment was contributed by lithium cobalt oxide, while the profitability of ternary materials remained stable [7] - The company is expected to benefit from the rising prices of cobalt, with a projected sales volume of over 60,000 tons for lithium cobalt oxide in 2025, representing a year-on-year growth of over 30% [7] - The report maintains the profit forecast for 2025-2027, expecting net profits of 806.44 million, 930.15 million, and 1,117.73 million yuan respectively, with corresponding P/E ratios of 35.86, 31.09, and 25.87 [1][7] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 7.53 billion yuan, a year-on-year increase of 18%, and a net profit of 310 million yuan, up 27.8% year-on-year [7] - The gross profit margin for the first half of 2025 was 10%, with Q2 showing a slight increase to 10.3% [7] - The company’s operating cash flow for the first half of 2025 was 650 million yuan, a decrease of 31.3% year-on-year [7] Sales and Production Insights - The sales volume of lithium cobalt oxide in the first half of 2025 reached 28,800 tons, a year-on-year increase of 57% [7] - The ternary material sales volume for the first half of 2025 was approximately 31,900 tons, showing a year-on-year growth of 21% [7] - The report indicates that the company is advancing solid-state battery core materials, particularly lithium sulfide, which is expected to enhance profitability [7] Market Data - The closing price of the company's stock is 57.30 yuan, with a market capitalization of approximately 28.92 billion yuan [5] - The company has a price-to-book ratio of 2.72 and a debt-to-asset ratio of 41.49% [6][5]

Group 1 - The company did not use any raised funds for permanent working capital supplementation or bank loan repayment during the first half of 2025 [1] - There were no raised funds used for ongoing or new projects, including asset acquisitions, in the first half of 2025 [1] - The company reported no usage of surplus raised funds during the first half of 2025 [1] Group 2 - The company has complied with the regulations regarding the disclosure of raised funds, ensuring timely, truthful, accurate, and complete reporting without any violations [2] - The company adjusted the amount of raised funds allocated to investment projects based on the actual net amount raised and project conditions, with clear agreement from independent directors and the supervisory board [3][4] Group 3 - The company provided a loan of 73,600,000 yuan from raised funds to its wholly-owned subsidiary for the expansion project of lithium-ion battery materials, with a loan term of 10 years [4] - The project for expanding the production of lithium-ion battery materials has a total investment of 99,000,000 yuan, with construction having commenced in January 2023 [7] Group 4 - The company postponed the expected completion date of the lithium-ion battery materials expansion project from June 2024 to December 2025, based on actual construction progress [5][6] - The postponement does not alter the project’s implementation subject, total investment, or construction scale, ensuring no change in the direction of raised funds [6] Group 5 - The company adjusted its expected daily related transactions for 2025 to 70,720,690 yuan, an increase of 862,000 yuan from the original estimate [10] - The adjustments were made in response to the restructuring of the indirect controlling shareholder and the actual business needs, ensuring fair pricing and no adverse impact on the company's independence [8][11] Group 6 - The company’s indirect controlling shareholder, the Fujian Provincial Government State-owned Assets Supervision and Administration Commission, transferred 80% of its stake in Fujian Metallurgy (Holding) Co., Ltd. to the Fujian Industrial Holding Group, creating new related parties for the company [9][14] - The company confirmed that the daily related transactions are based on voluntary, equal, and mutually beneficial principles, ensuring no harm to the interests of the company and its shareholders [18] Group 7 - The company held a supervisory board meeting where various reports, including the half-year report and profit distribution plan, were approved [24][27] - The company decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors, and made corresponding amendments to its articles of association [29][30]

Group 1 - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 100.70 million RMB, based on the total share capital after deducting shares held in the repurchase account [2][63][75] - The company achieved a net profit of approximately 306.89 million RMB for the first half of 2025, representing a year-on-year increase of 27.76% [64][69] - The company’s total revenue for the first half of 2025 reached approximately 7.53 billion RMB, reflecting an 18.04% year-on-year growth [69] Group 2 - The company’s lithium battery cathode material sales reached 60,700 tons in the first half of 2025, a 35.50% increase year-on-year [68] - The company’s total profit for the first half of 2025 was approximately 339 million RMB, marking a 35.47% increase compared to the previous year [69] - The company’s research and development investment amounted to approximately 243 million RMB, accounting for 3.23% of total revenue [71] Group 3 - The company plans to use up to 500 million RMB of temporarily idle raised funds for cash management, with a validity period until December 31, 2025 [46][56] - The company has established a governance structure that includes a board of directors, a supervisory board, and management, ensuring effective decision-making processes [77][78] - The company has implemented various measures to achieve carbon neutrality, including completing carbon footprint certifications and reducing CO2 emissions by over 3.78 million kg [73]

8月20日厦钨新能发布2025半年度分配预案，拟10派2元（含税），预计派现金额合计为1.01亿元。派现 额占净利润比例为32.81%，这是公司上市以来，累计第5次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派2元（含税） | 1.01 | 0.40 | | 2024.12.31 | 10转增2派4元（含税） | 1.68 | 0.96 | | 2023.12.31 | 10派7元（含税） | 2.94 | 1.14 | | 2022.12.31 | 10转增4派5元（含税） | 1.50 | 0.49 | | 2021.12.31 | 10派5元（含税） | 1.26 | 0.42 | 证券时报·数据宝统计显示，公司今日公布了半年报，共实现营业收入75.34亿元，同比增长18.04%，实 现净利润3.07亿元，同比增长27.76%，基本每股收益为0.61元。 资金面上看，该股今日主力资金净流入726.63万元，近5日主力资金净流出2386.90万元。 两融数 ...

（文章来源：证券日报） 证券日报网讯 8月20日晚间，厦钨新能发布公告称，2025年半年度公司实现营业收入7，533，703， 523.34元，同比增长18.04%；归属于上市公司股东的净利润为290，572，138.28元，同比增长32.24%。 ...