Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.41 CNY [2][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 7.534 billion CNY, a year-on-year increase of 18.04%, and a net profit of 307 million CNY, up 27.76% year-on-year [7]. - The company is focusing on new materials such as NL and lithium supplementation, which are expected to drive future growth [7]. - The report highlights the company's leading position in lithium battery materials, with a significant increase in sales volume, particularly in cobalt lithium products [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 13,297 million CNY, 17,671 million CNY, 19,224 million CNY, and 21,259 million CNY, respectively, with a year-on-year growth rate of -23.2%, 32.9%, 8.8%, and 10.6% [3][8]. - Net profit attributable to the parent company is forecasted to be 494 million CNY in 2024A, 773 million CNY in 2025E, 887 million CNY in 2026E, and 999 million CNY in 2027E, with corresponding growth rates of -6.3%, 56.4%, 14.8%, and 12.6% [3][8]. - Earnings per share (EPS) are projected to be 0.98 CNY for 2024A, 1.53 CNY for 2025E, 1.76 CNY for 2026E, and 1.98 CNY for 2027E [3][8]. Market Position and Growth Drivers - The company has solidified its leading position in the lithium battery materials market, with a sales volume of 60,700 tons in the first half of 2025, a year-on-year increase of 35.50% [7]. - The report emphasizes ongoing project developments, including the expansion of production capacity and the establishment of new production lines, which are expected to enhance the company's competitive edge [7]. - The company is actively optimizing its product applications and exploring cutting-edge technologies, including solid-state batteries and lithium supplementation materials, to maintain its industry leadership [7].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-056 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 本公司董事会、全体董事及相关股东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： 自 2025 年 7 月 21 日至 2025 年 8 月 29 日期间，其通过集中竞价交易方式减持了 公司股份 3,223,250 股，占公司总股本的 0.64%。 现将有关权益变动情况公告如下： 一、本次权益变动的基本情况 人基本 注册地址 浙江省宁波市北仑区梅山七星路 88 号 1 幢 401 室 A 区 A1178 信息 | 减持股数 | | | | | | | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | | 变动期间 | 变动方式 | | | 股份种类 | | | | | （股） | | | | | | （%） | | | 权益变 | 2025 | 年 | 7 月 | | | | | | 集中竞价 | | | ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-056 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 本公司董事会、全体董事及相关股东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： 2025 年 8 月 29 日，公司收到股东宁波海诚出具的《股份减持进展告知函》， 自 2025 年 7 月 21 日至 2025 年 8 月 29 日期间，其通过集中竞价交易方式减持了 公司股份 3,223,250 股，占公司总股本的 0.64%。 现将有关权益变动情况公告如下： 本次权益变动为厦门厦钨新能源材料股份有限公司（以下简称"公司"） 股东宁波海诚领尊创业投资合伙企业（有限合伙）（以下简称"宁波 海诚"）按照之前已披露的股份减持计划进行减持，不触及要约收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对 公司治理结构及未来持续经营产生重大影响。 本次权益变动前，宁波海诚持有公司股份 33,504,761 股，占公司总股 本的 6.64%，其中：股份减持计划披露 ...

Group 1 - The smart electric vehicle ETF (516380) has seen a significant price increase, with a rise of over 4.7% during trading, currently up 3.67% [1] - Key component stocks such as XianDao Intelligent and Guoxuan High-Tech have reached their daily price limits, while other stocks like BETTERI and CATL have also shown substantial gains [1] - XianDao Intelligent reported impressive Q2 results with revenue of 3.512 billion yuan, a year-on-year increase of 43.86%, and a net profit of 375 million yuan, up 456.29% year-on-year [3] Group 2 - The lithium battery business is the main revenue source for XianDao Intelligent, with an improving order trend as domestic manufacturers expand production and battery capacity in Europe and Southeast Asia comes online [3] - The demand for new energy vehicles is projected to grow, with a report indicating that sales in China's new energy vehicle market will reach 1.262 million units in July 2025, a year-on-year increase of 27.3% [3] - The solid-state battery industry is accelerating, with significant technological advancements and commercialization progress, indicating a potential demand explosion in emerging fields such as eVTOL and humanoid robots [4] Group 3 - The automotive sector is expected to see a comprehensive valuation increase as the smart and connected vehicle segment expands, with higher penetration rates of advanced driving features into the mid-to-low-end market [4] - The integration of AI in the automotive industry is anticipated to further expand the scale of related industries, leading to rapid growth in earnings per share (EPS) for relevant sectors and stocks [4] - The smart electric vehicle ETF focuses on leading companies in both electrification and automotive intelligence, covering key sectors such as smart cockpit, intelligent driving, cameras, and automotive electronics [5]

Group 1 - The company achieved revenue of 7.53 billion yuan in the first half of 2025, representing a year-on-year increase of 18.0%, with a net profit attributable to shareholders of 310 million yuan, up 27.8% year-on-year [1] - In Q2 2025, the company reported revenue of 4.56 billion yuan, with year-on-year and quarter-on-quarter increases of 47.8% and 53.1% respectively, and a net profit of 190 million yuan, reflecting increases of 47.6% year-on-year and 63.0% quarter-on-quarter [1] - The demand in the consumer sector is improving, with lithium cobalt oxide shipments surging, benefiting from national replacement subsidies and increased battery capacity in 3C consumer devices [1] Group 2 - The company's profitability has been continuously recovering, supported by strong performance in the lithium cobalt oxide business and effective cost control, with ROE and ROA increasing by 0.8 and 0.5 percentage points respectively [2] - The company is a leading global producer of lithium cobalt oxide and is expected to significantly enhance profitability with the anticipated volume increase of the "NL structure" technology in 2026 [2] - Revenue projections for the company are 17.6 billion yuan, 20.3 billion yuan, and 23.1 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 830 million yuan, 1.01 billion yuan, and 1.14 billion yuan for the same years [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved total revenue of 7.534 billion yuan in H1 2025, representing a year-on-year increase of 18.04%. The net profit attributable to shareholders was 307 million yuan, up 27.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 291 million yuan, an increase of 32.24% year-on-year [2][4]. - In Q2 2025, the company reported revenue of 4.557 billion yuan, a year-on-year increase of 47.8% and a quarter-on-quarter increase of 53%. The net profit attributable to shareholders was 190 million yuan, up 48% year-on-year, and the net profit after deducting non-recurring gains and losses was 179 million yuan, an increase of 53% year-on-year [2][4]. - The company sold 28,800 tons of lithium cobalt oxide, a year-on-year increase of 56.64%. The sales of power cathode materials (including ternary materials and lithium iron phosphate) reached 31,900 tons, up 20.76% year-on-year. In the hydrogen energy materials segment, sales were 1,974.61 tons, an increase of 6.16% year-on-year [10]. - The company is expected to maintain positive growth in sales, benefiting from differentiated competition in high-voltage and high-power ternary materials and hydrothermal lithium iron phosphate [10]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 7.534 billion yuan, with a net profit of 307 million yuan and a net profit after deducting non-recurring gains and losses of 291 million yuan [2][4]. - For Q2 2025, revenue was 4.557 billion yuan, with a net profit of 190 million yuan and a net profit after deducting non-recurring gains and losses of 179 million yuan [2][4]. Sales and Market Position - The company sold 28,800 tons of lithium cobalt oxide, 31,900 tons of power cathode materials, and 1,974.61 tons of hydrogen energy materials, indicating strong market demand and a solid industry position [10]. - The company is expected to benefit from the rising cobalt prices, which may further enhance profitability [10]. Future Outlook - The traditional business is expected to see growth due to increased market share and production rates, with a focus on AI applications driving product premium [10]. - New products in the NL cathode materials segment are progressing well, with positive feedback from downstream manufacturers [10]. - The company is well-positioned in the solid-state battery segment, with ongoing developments in lithium sulfide electrolytes and oxide solid-state electrolytes [10].

Group 1 - The company will participate in the 2025 semi-annual performance briefing for the new energy industry on September 3, 2025, from 15:00 to 17:00 [1][2] - The briefing will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [2][3] - Key personnel attending the meeting include the Chairman, General Manager, Chief Financial Officer, Board Secretary, and an Independent Director [2] Group 2 - Investors can submit questions from August 27, 2025, to September 2, 2025, before 16:00, through the Roadshow Center website or via the company's email [3] - The company will address commonly asked questions during the briefing [2][3] - After the briefing, investors can view the meeting's details and main content on the Roadshow Center website [3]

重要内容提示： 证券代码：688778 证券简称：厦钨新能 公告编号：2025-055 厦门厦钨新能源材料股份有限公司 关于参加 2025 年半年度科创板新能源行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 （三）会议召开方式：上证路演中心网络互动 三、参加人员 会议召开时间：2025 年 9 月 3 日（星期三）下午 15:00-17:00 投资者可于 2025 年 8 月 27 日（星期三）至 9 月 2 日（星期二）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 xwxn@cxtc.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 厦门厦钨新能源材料股份有限公司（以下简称"公司"）已于 2025 年 8 月 21 日发布《公司 2025 年半年度报告》，为便于广大投资者更全面深入地了解公 司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 3 日（星期三） 下午 15:00-17:00 参加 2025 年半年度科创板新能源 ...

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Xiamen Tungsten New Energy, including stock price movements, financing activities, and revenue growth [1][2][3] Group 2 - As of August 25, Xiamen Tungsten New Energy's stock price increased by 1.08%, with a trading volume of 474 million yuan [1] - The company had a net financing buy of -3.64 million yuan on August 25, with a total financing and securities balance of 381 million yuan [1] - The financing balance of 375 million yuan represents 1.32% of the circulating market value, indicating a high level compared to the past year [1] Group 3 - For the first half of 2025, Xiamen Tungsten New Energy reported a revenue of 7.534 billion yuan, a year-on-year increase of 19.58%, and a net profit of 307 million yuan, up 28.36% [2] - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 612 million yuan distributed over the past three years [3] Group 4 - As of June 30, 2025, the number of shareholders increased by 3.41% to 14,700, while the average circulating shares per person decreased by 3.29% to 28,584 shares [2][3] - Notable institutional shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with increases in their holdings [3]

Core Insights - Xiamen Tungsten New Energy (688778.SH) reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [2][3] - The net profit attributable to shareholders reached 307 million yuan, up 27.76% compared to the same period last year [2][3] - Basic earnings per share increased by 7.02% to 0.61 yuan [2] Financial Performance - Revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the previous year, marking an 18.04% increase [3] - Gross profit totaled 339 million yuan, reflecting a 35.47% increase from 250 million yuan in the prior year [3] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, a 27.76% increase [3] - The net cash flow from operating activities was 648 million yuan, down 32.25% from 957 million yuan in the previous year, primarily due to increased material procurement costs [4] Product Performance - Lithium battery cathode materials sales reached 60,700 tons, a 35.50% increase year-on-year [4] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) were 31,900 tons, up 20.76% [4] - Hydrogen materials sales amounted to 1,974.61 tons, reflecting a 6.16% increase [4] Research and Development - Total R&D expenditure was 243 million yuan, a 15.27% increase year-on-year [5] - R&D spending accounted for 3.23% of revenue, a slight decrease of 0.08 percentage points compared to the previous year [5] - The company is focusing on R&D in the fields of range-extended, hybrid, mid-to-high-end electric vehicles, and low-altitude applications [5] - Xiamen Tungsten has achieved supply of cathode materials for oxide-based solid-state batteries and is collaborating with leading domestic and international companies for sulfide-based solid-state battery materials [5]