Core Viewpoint - The stock price of Xiamen Tungsten New Energy fell by 4.20% to 50.37 yuan on July 30, with a trading volume of 352 million yuan, indicating market volatility and investor sentiment [1] Company Performance - Xiamen Tungsten New Energy specializes in the research, production, and sales of lithium-ion battery cathode materials, which are widely used in the fields of new energy vehicles, energy storage, and consumer electronics [1] - The company's preliminary performance report for the first half of 2025 shows a revenue of 7.534 billion yuan, representing a year-on-year growth of 18.04%, and a net profit of 307 million yuan, reflecting a year-on-year increase of 27.76% [1] Market Activity - On July 30, the net outflow of main funds from the company amounted to 2.9381 million yuan, suggesting a potential shift in investor interest [1]

证券时报·数据宝统计显示，截至7月30日，共2家科创板公司发布了2025年上半年业绩快报。 天德钰预计2025年上半年实现营业收入12.08亿元，同比增长43.35%，实现净利润1.52亿元，同比增长 50.89%，基本每股收益为0.3800元，加权平均净资产收益率为6.78%。 科创板公司业绩快报 | 代码 | 简称 | 营业总收入（万 | 同比 | 净利润（万 | 净利润同比 | 半年报预约披露日 | | --- | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | 元） | （%） | 期 | | 688252 | 天德钰 | 120815.19 | 43.35 | 15237.42 | 50.89 | 2025.08.26 | | 688778 | 厦钨新 能 | 753370.35 | 18.04 | 30689.46 | 27.76 | 2025.08.21 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 厦钨新能预计2025年上半年实现营业收入75.34亿元，同比增长18.04%，实现净利润3.0 ...

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Group 1: Core Insights - The core viewpoint of the article highlights the growth in the shipment volumes of lithium battery cathode materials in China for the first half of 2025, with significant increases in different categories of cathodes [2][4][6]. Group 2: Shipment Volumes of Different Cathode Materials - In the first half of 2025, the shipment volume of ternary cathode materials reached 321,000 tons, representing a year-on-year growth of 4.2% [2]. - The top 10 companies in ternary cathode shipments include Ruixiang New Materials, Rongbai Technology, and Bamo Technology [3]. Group 3: Phosphate Iron Lithium Cathodes - The shipment volume of phosphate iron lithium cathodes was 1,606,000 tons in the first half of 2025, showing a remarkable year-on-year increase of 68.5% [4]. - The leading companies in this category are Hunan Youneng, Wanrun New Energy, and Defang Nano [5]. Group 4: Cobalt Lithium Cathodes - The shipment volume of cobalt lithium cathodes was 53,500 tons in the first half of 2025, with a year-on-year growth of 24.2% [6]. - The top 5 companies in cobalt lithium shipments include Xiamen Tungsten New Energy and Bamo Technology [7].

Group 1: Company Insights - The company Honghua Digital Science has announced a forecast for its 2025 half-year report, expecting revenue between 1.02 billion to 1.06 billion yuan, representing a year-on-year increase of 25.01% to 29.91% [3] - The net profit attributable to shareholders is projected to be between 240 million to 260 million yuan, reflecting a year-on-year growth of 19.90% to 29.89% [3] - The company benefits from the accelerated transition from traditional printing to digital printing, leading to sustained order growth and expansion of domestic and international customer bases [1][3] Group 2: Industry Trends - The digital printing equipment sector is experiencing rapid growth, with a projected revenue increase of 114.66% year-on-year for 2024, driven by technological advancements and channel expansion [3] - The textile and printing industry is undergoing a transformation, with digital printing becoming essential for responding to fast fashion demands and reducing processing costs [3] - The construction materials industry in Xinjiang is benefiting from geographical advantages, with cement prices maintaining better stability than the national average, supported by the commencement of the China-Kyrgyzstan-Uzbekistan railway [1][14][41] Group 3: Market Strategy - In Q2 2025, active funds increased their stock positions, particularly in the communication, banking, military, and non-bank sectors, while reducing exposure to food and beverage, automotive, and electric sectors [2][6] - The IPO market is showing signs of recovery, with a significant increase in the number of accepted applications and first-day gains remaining above 220% [9][11] - The construction of the China-Kyrgyzstan-Uzbekistan railway is expected to generate a cement demand of approximately 400-600 million tons, benefiting local cement producers [40][41]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company holds a leading position in lithium cobalt oxide, with strong downstream demand expected to drive both volume and profit growth. Additionally, advancements in NL new structure cathode materials, lithium sulfide, and lithium supplementation agents are anticipated to contribute to new growth points in the future [2][13]. - The company achieved stable revenue growth in the first half of 2025, with a projected revenue of approximately 7.534 billion yuan, representing a year-on-year increase of 18.04%. The net profit attributable to the parent company is expected to be around 307 million yuan, up 27.76% year-on-year [13]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 17,311 million yuan - 2024A: 13,297 million yuan - 2025E: 19,458 million yuan - 2026E: 23,279 million yuan - 2027E: 27,855 million yuan - Net profit (attributable to the parent) is projected as: - 2023A: 527 million yuan - 2024A: 494 million yuan - 2025E: 780 million yuan - 2026E: 942 million yuan - 2027E: 1,141 million yuan - Earnings per share (EPS) estimates are: - 2023A: 1.05 yuan - 2024A: 0.98 yuan - 2025E: 1.55 yuan - 2026E: 1.87 yuan - 2027E: 2.26 yuan [4][14]. Market Performance - The current stock price is 49.90 yuan, with a target price set at 54.11 yuan, indicating potential upside [6][7]. - The company has a market capitalization of 25,184 million yuan and a total share capital of 505 million shares [7][8]. Growth Drivers - The company benefits from the national subsidy replacement policy and the increased demand for 3C consumer devices due to enhanced AI functionalities, leading to a significant increase in lithium cobalt oxide sales, which reached 28,800 tons in the first half of 2025, up 56.64% year-on-year [13]. - The company is also advancing in new technology development, including: - Lithium supplementation agents with high stability now in mass production - NL new structure cathode materials that offer improved stability and performance - Solid-state battery technologies with promising results from new synthesis processes [13].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's H1 2025 performance slightly exceeded market expectations, with total revenue of 7.53 billion yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 310 million yuan, up 28% [7] - The sales volume of lithium cobalt oxide saw significant growth, benefiting from rising cobalt prices, with a projected sales volume of over 60,000 tons for 2025, representing a year-on-year increase of over 30% [7] - The company is positioned well in the solid-state battery market with its lithium sulfide product, leveraging advanced technology and integrated production processes [7] Financial Summary - The company's total revenue is projected to reach 17.06 billion yuan in 2025, with a year-on-year growth of 28.33% [8] - The net profit attributable to shareholders is expected to be 806.44 million yuan in 2025, reflecting a growth of 63.22% compared to the previous year [8] - The earnings per share (EPS) is forecasted to be 1.60 yuan in 2025, with a price-to-earnings (P/E) ratio of 30.13 [8]

Core Viewpoint - The company maintains a strong leadership position in lithium cobalt oxide, with robust downstream demand expected to drive both volume and profit growth [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved approximately 7.534 billion yuan in revenue, representing an 18.04% year-on-year increase, and a net profit attributable to shareholders of around 307 million yuan, up 27.76% year-on-year [2]. - The company has adjusted its EPS forecasts for 2025-2027 to 1.55 yuan, 1.87 yuan, and 2.26 yuan, respectively, reflecting stable growth in performance [2]. - The target price has been revised upwards to 54.11 yuan, based on a 35 times PE ratio for 2025 [2]. Group 2: Market Demand and Product Performance - The demand for lithium cobalt oxide has surged, with sales reaching 28,800 tons in the first half of 2025, a significant increase of 56.64% year-on-year, driven by national subsidy policies and the enhanced battery capacity of 3C consumer electronics [2]. - The company continues to strengthen its competitive advantage in high voltage and high power ternary materials, achieving a 20.76% year-on-year increase in sales of power battery cathode materials, totaling 31,900 tons in the first half of 2025 [3]. Group 3: Technological Advancements - The company has made significant progress in new technology development, including the successful batch supply of high-stability lithium supplementation materials and advancements in NL new structure cathode materials, which offer improved stability and energy density [3]. - The development of a new synthesis process for lithium sulfide has shown promising results in pilot tests, indicating potential cost reduction [3].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [2][6]. Core Viewpoints - The solid-state battery industry is accelerating its development, with several companies planning to launch new products in the coming years. Notable advancements include: 1. XWANDA plans to launch its first-generation all-solid-state battery by 2026, with small-scale production already achieved for products with energy densities of 320Wh/kg and 360Wh/kg [3]. 2. Honeycomb Energy aims to mass-produce its first-generation semi-solid battery with an energy density of 300Wh/kg by 2025 [3]. 3. A new model from SAIC MG, the MG4, is expected to be priced around 100,000 RMB and will feature a semi-solid battery solution [4]. - The 2025 International Low Altitude Economy Expo will take place from July 23 to 26 in Shanghai, showcasing advancements in power systems and industry layouts [5]. Summary by Sections Industry Development - The solid-state battery sector is experiencing rapid advancements, with key players like XWANDA and Honeycomb Energy making significant progress in product development and production timelines [3][4]. - The MG4 model from SAIC is set to utilize a semi-solid battery, indicating a shift towards more efficient battery technologies in the automotive sector [4]. Company Insights - XWANDA has confirmed its plans for future solid-state battery products, building on a decade of experience in the field [4]. - Honeycomb Energy is also progressing with its semi-solid battery technology, targeting higher energy densities in upcoming models [4]. - A total of 400Wh/kg energy density is anticipated for the first-generation sulfide solid-state battery from Funeng Technology, which has established partnerships with major automotive and technology companies [5]. Market Opportunities - Investment suggestions include focusing on core incremental segments of solid-state batteries, such as equipment and lithium sulfide, as well as the short-term impact of semi-solid applications on the supply chain [3]. - Companies like Xiamen Tungsten and Haopeng Technology are highlighted as potential investment opportunities due to their involvement in the solid-state battery supply chain [8].

Core Viewpoint - Xiamen Tungsten Co., Ltd. announced the preliminary financial results of its subsidiary, Xiamen Tungsten New Energy Materials Co., Ltd. for the first half of 2025, highlighting significant changes due to the acquisition of a 47% stake in Ganzhou Haopeng Technology Co., Ltd. [1][2] Financial Data Summary - Xiamen Tungsten New Energy reported its financial data in ten-thousand yuan (万元) for the first half of 2025, which includes adjustments due to the acquisition mentioned above [1]. - The financial data presented is preliminary and has not been audited by an accounting firm, with the final results to be confirmed in the regular report for the first half of 2025 [2].