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%。 ...

（编辑 李家琪） 证券日报网讯 8月20日晚间，厦钨新能发布公告称，于2025年8月19日召开了公司第二届董事会第十六 次会议和第二届监事会第九次会议，审议通过了《关于公司及全资子公司继续使用部分暂时闲置募集资 金进行现金管理的议案》，同意公司及实施募投项目的全资子公司厦门璟鹭新能源材料有限公司使用额 度不超过人民币5亿元的暂时闲置募集资金进行现金管理，投资于安全性高、流动性好、发行主体有保 本约定的各种存款、理财产品或中国证券监督管理委员会认可的其他投资品种等，使用期限自董事会审 议通过之日起至2025年12月31日止，在上述额度及期限内，资金可以循环滚动使用。 ...

证券日报网讯 8月20日晚间，厦钨新能发布公告称，根据间接控股股东重组及实际业务开展需要，公司 调整2025年度日常关联交易预计额度。调整后，2025年日常关联交易预计金额为70，720.69万元，较原 预计总金额调增862.00万元。其中，向关联方采购原材料、接受劳务的关联交易金额为59，229.69万 元，向关联方销售商品、提供劳务的关联交易金额为3，610.00万元。公司2024年日常关联交易预计总 金额为69，858.69万元。 （编辑 何成浩） ...

（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，公司第二届监事会第九次会议审议通过了《2025年 半年度总经理工作报告》等多项议案。 ...