Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is expected to achieve revenue of 13.3 billion RMB in 2024, a year-on-year decline of 23.19%, with a net profit attributable to shareholders of 494 million RMB, down 6.33% year-on-year [1] - The company has a differentiated competitive advantage, with expected sales growth of ternary materials and cobalt acid lithium higher than the industry average [1][3] - New technologies such as NL new structure and solid-state battery materials are anticipated to contribute to future growth [4] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 34.14 billion RMB, a year-on-year decline of 18.48%, while net profit attributable to shareholders was 1.27 billion RMB, up 10.01% year-on-year [2] - For Q1 2025, revenue is projected at 29.77 billion RMB, a decrease of 9.77% quarter-on-quarter, with net profit of 1.17 billion RMB, reflecting a year-on-year increase of 4.84% [2] Market Position - In 2024, the company sold 46,200 tons of cobalt acid lithium, a year-on-year increase of 33.52%, significantly outperforming the market growth rate of 18.8% [3] - Ternary material sales reached 52,400 tons, up 40.03% year-on-year, while the industry average growth was only 3.6% [3] Technology and Innovation - The company has developed NL new structure cathode materials that significantly outperform traditional cobalt acid lithium and ternary materials in energy density and charge-discharge rates [4] - The company is also advancing in solid-state battery technology, achieving ton-level production of solid electrolytes and stable product performance [4] Profitability Forecast - The company has revised down its shipment and profitability assumptions for phosphate lithium materials for 2025-2026, but expects improvements in 2027 due to scale effects [5] - Projected net profits for 2025, 2026, and 2027 are 666.88 million RMB, 809.48 million RMB, and 953.81 million RMB respectively [5]

Summary of Xiamen Tungsten New Energy Conference Call Company Overview - **Company**: Xiamen Tungsten New Energy - **Industry**: Lithium battery materials, specifically focusing on cathode materials such as lithium cobalt oxide, ternary materials, and lithium iron phosphate Key Points and Arguments 1. Q1 2025 Performance - Total shipment volume reached 24,800 tons, including 12,000 tons of lithium cobalt oxide, over 10,000 tons of ternary materials, and over 1,000 tons of lithium iron phosphate - Year-on-year increase in total volume was minimal, but lithium cobalt oxide saw significant growth, while ternary materials experienced a decline due to new customer integration and application areas from the previous year - Capacity utilization remains high within the industry [2][5][6] 2. Market Demand and Product Development - Anticipation of increased demand in consumer electronics for Q2 2025, leading to ongoing development of traditional materials, including 4.53V and 4.55V lithium cobalt oxide, and high-voltage ternary materials for traditional customers and drone applications - Focus on developing NU structure materials for application in Shanxi coal and low-altitude drone sectors [2][6][7] 3. Competitive Advantages - Company leads in traditional lithium cobalt oxide, with NU structure offering significant advantages; if widely adopted, it could lower the cost per watt-hour compared to lithium cobalt oxide, presenting a broad market opportunity - NU material has a high technical barrier with few competitors, which will help solidify market position [2][7] 4. Financial Performance and Market Share - In 2024, lithium cobalt oxide sales reached 46,000 tons, a 30% year-on-year increase, marking a historical high - Lithium iron phosphate market share in China reached 50%, an increase from 2023 - Ternary material shipments in 2024 were 51,400 tons, also a 30% increase, with significant improvements in industry ranking [3][4] 5. Production and Technology - The hydrothermal method for producing lithium iron phosphate has unique competitive advantages, achieving a powder compact density of 2.6 last year, expected to reach 2.65 this year, enabling true 5C fast charging performance - Plans to expand production scale of lithium iron phosphate cathode materials based on market profitability assessments [3][15] 6. Future Outlook - The company expects to maintain a low inventory and fast turnover strategy to mitigate the impact of raw material price fluctuations - Anticipates positive effects from rising cobalt prices on Q2 profitability, although Q1 showed no significant impact [3][14] 7. New Material Development - AL materials are expected to complement lithium cobalt oxide in the short term, with potential for long-term replacement - The company is exploring high-cost performance manganese sulfide preparation processes for domestic and international electronic manufacturers [2][7] 8. Customer Readiness and Market Trends - End customers, particularly several smartphone manufacturers, are prepared to adopt new materials, with expectations for product applications in 2025 - The company is cautious about the pace of integration, particularly with battery manufacturers [22][23] 9. Challenges and Industry Dynamics - The overall lithium iron phosphate industry remains unprofitable, with the company aiming for breakeven this year through unique competitive advantages and product applications - The company is also assessing the potential for expanding production based on market demand and profitability [20][29] 10. Strategic Positioning - The company is positioned to leverage its technological advancements to maintain and grow its market share in both traditional and emerging applications, including drones and consumer electronics [34][36] Additional Important Insights - The company has a strong foundation in metal smelting and preparation processes, which enhances its competitive edge in new product development [8] - The NR structure is viewed as a potential disruptor in the lithium cobalt oxide market, with significant performance advantages [17][18] - The company is cautious about expanding production capacity without clear market demand, ensuring that growth aligns with customer needs [28]

Core Insights - Xiamen Tungsten New Energy Materials Co., Ltd. (hereinafter referred to as "Xiamen New Energy") reported significant challenges in its 2024 annual report, including a complex international environment, rising trade protectionism, severe competition in the new energy vehicle industry, and declining prices of bulk raw materials, leading to a substantial drop in profitability [1] Financial Performance Summary - The company achieved operating revenue of 13.297 billion yuan, a decrease of 23.19% compared to 17.311 billion yuan in 2023 [2] - Revenue from the new energy battery materials sector was 13.201 billion yuan, down 22.97% year-on-year, indicating that despite increased product sales, falling raw material prices and product prices led to a revenue decline [2] - The revenue breakdown shows that lithium cobalt oxide revenue was 6.691 billion yuan (down 24.51%), ternary materials revenue was 6.102 billion yuan (down 21.31%), and hydrogen energy materials revenue was 408 million yuan (down 21.32%) [2] Profitability Analysis - The net profit attributable to shareholders was 494 million yuan, a decline of 6.33% from 527 million yuan in 2023 [3] - The net profit excluding non-recurring gains and losses was 447 million yuan, down 4.06% year-on-year [3] - Basic earnings per share were 1.18 yuan, down 5.60%, while diluted earnings per share were 1.06 yuan, down 4.50% [3] Expense Management - Sales expenses increased by 26.55% to 41.625 million yuan, likely due to heightened market expansion and product promotion efforts [4] - Management expenses decreased by 2.04% to 188 million yuan, indicating improved management efficiency [4] - Financial expenses saw a significant drop of 69.21% to 26.835 million yuan, attributed to reduced interest-bearing liabilities and financing costs [4] - R&D expenses totaled 419 million yuan, down 9.88%, but the proportion of R&D expenses to operating revenue increased to 3.15% from 2.68% in 2023, reflecting a continued focus on technological innovation [4] Cash Flow Analysis - The net cash flow from operating activities was 1.753 billion yuan, down 32.05%, primarily due to increased payments for material procurement [5] - The net cash flow from investing activities improved to -972 million yuan from -1.485 billion yuan, indicating a slowdown in investment pace [5] - The net cash flow from financing activities was -341 million yuan, an improvement of 63.39% from -931 million yuan, reflecting reduced loan repayments [5] R&D and Talent Development - R&D investment totaled 419 million yuan, with a focus on maintaining technological leadership despite a decrease in absolute terms [6] - The number of R&D personnel increased from 427 to 503, representing 15.04% of the total workforce, up from 14.44% [8] - Total R&D personnel compensation rose from 68.1195 million yuan to 96.3549 million yuan, with average compensation increasing from 159,500 yuan to 191,500 yuan [8]

厦门厦钨新能源材料股份有限公司 2024 年度独立董事述职报告（陈菡） 2024 年，作为厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能源" 或"公司"）的独立董事，本人严格按照《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》等法律、法规、 规范性文件要求，以及《厦门厦钨新能源材料股份有限公司章程》《厦门厦钨新 能源材料股份有限公司独立董事制度》等制度规定，勤勉尽责地履行了独立董事 的职责和义务，积极出席公司股东大会、董事会及其专门委员会相关会议、独立 董事专门会议，认真审议公司董事会及其专门委员会、独立董事专门会议各项议 案，并对公司相关会议审议的重要决策事项发表了公正、客观的独立意见，为公 司的经营决策和规范化运作提出了合理的意见和建议，切实维护了公司的整体利 益和全体股东尤其是中小股东的合法权益。 现将本人 2024 年度履行独立董事履职情况报告如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人陈菡，女，1983 年出生，中国国籍，无境外永久居留权，会计博士， 现任厦门国家会计学院副教授、硕士生导师，管理会计与财务管理研 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-023 厦门厦钨新能源材料股份有限公司 关于制定《市值管理制度》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。 厦门厦钨新能源材料股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开了第二届董事会第十四次会议，会议审议通过了《关于制定公司市值管理 制度的议案》。现将有关情况公告如下： 为进一步加强公司市值管理活动的合规性、科学性、有效性，积极响应《国 务院关于加强监管防范风险推动资本市场高质量发展的若干意见》中关于鼓励上 市公司建立市值管理制度的号召，根据《中华人民共和国公司法》《中华人民共 和国证券法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板 上市公司自律监管指引第 1 号--规范运作》《上市公司监管指引第 10 号--市值 管理》等法律法规、规范性文件和《公司章程》等规定，公司制定了《市值管理 制度》。 特此公告。 厦门厦钨新能源材料股份有限公司 董 事 会 2025 年 4 月 26 日 ...

厦门厦钨新能源材料股份有限公司 2024 年度独立董事述职报告（孙世刚） 2024 年，作为厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能源" 或"公司"）的独立董事，本人严格按照《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司治理准则》《上市公司独立董事规则》等法律、法规、规 范性文件要求，以及《厦门厦钨新能源材料股份有限公司章程》《厦门厦钨新能 源材料股份有限公司独立董事制度》等制度规定，勤勉尽责地履行了独立董事的 职责和义务，积极出席公司股东大会、董事会及其专门委员会相关会议、独立董 事专门会议，认真审议公司董事会及其专门委员会、独立董事专门会议各项议案， 并对公司相关会议审议的重要决策事项发表了公正、客观的独立意见，为公司的 经营决策和规范化运作提出了合理的意见和建议，切实维护了公司的整体利益和 全体股东尤其是中小股东的合法权益。 现将本人 2024 年度履行独立董事履职情况报告如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人孙世刚，男，1954 年出生，中国国籍，无境外永久居留权，中国科学 院院士，厦门大学教授，博士生导师，厦门大学自然科学学部主任，兼 ...

厦门厦钨新能源材料股份有限公司 2024 年度独立董事述职报告（何燕珍） 2024 年，作为厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能源" 或"公司"）的独立董事，本人严格按照《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司治理准则》《上市公司独立董事管理办法》等法律、法规、 规范性文件要求，以及《厦门厦钨新能源材料股份有限公司章程》《厦门厦钨新 能源材料股份有限公司独立董事制度》等制度规定，勤勉尽责地履行了独立董事 的职责和义务，积极出席公司股东大会、董事会及其专门委员会相关会议、独立 董事专门会议，认真审议公司董事会及其专门委员会、独立董事专门会议各项议 案，并对公司相关会议审议的重要决策事项发表了公正、客观的独立意见，为公 司的经营决策和规范化运作提出了合理的意见和建议，切实维护了公司的整体利 益和全体股东尤其是中小股东的合法权益。 现将本人 2024 年度履行独立董事履职情况报告如下： 一、独立董事的基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人何燕珍，女，1969 年出生，中国国籍，无境外永久居留权，管理学博 士，现任厦门大学管理学院副教授、厦门市政协委员。本人长期从 ...

厦门厦钨新能源材料股份有限公司 第二届独立董事专门会议第八次会议决议 一、独立董事专门会议召开情况 厦门厦钨新能源材料股份有限公司（以下简称"公司"）第二届董事会独立 董事专门会议第八次会议于 2025 年 4 月 24 日以现场方式在福建省厦门市展鸿 路 81 号波特曼财富中心召开。本次会议应到独立董事三人，实到独立董事三人， 经全体独立董事推选，本次独立董事专门会议由独立董事陈菡召集并主持会议。 本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司独立 董事管理办法》等法律法规、规范性文件和《厦门厦钨新能源材料股份有限公司 章程》《厦门厦钨新能源材料股份有限公司独立董事制度》《厦门厦钨新能源材 料股份有限公司独立董事专门会议制度》等的有关规定，会议决议合法、有效。 二、独立董事专门会议审议情况 与会独立董事签名： 黄令 何燕珍 陈菡 日 期：2025 年 4 月 24 日 （一）《2024 年度募集资金存放与实际使用情况的专项报告》； 表决结果：3 票同意，0 票反对，0 票弃权。 经审查，独立董事认为：公司编制的《2024 年度募集资金存放与使用情况的 专项报告》体现了公司募集资金存放和使用的 ...

厦门厦钨新能源材料股份有限公司（以下简称"公司"）于 2025 年 4 月 24 日召开第二届董事会第十四次会议，审议通过了《关于开展应收账款保理业务的 议案》，同意就公司及下属子公司在日常经营活动中产生的部分应收账款开展无 追索权应收账款保理业务，保理业务期限为本次董事会审议通过之日起 12 个月 内有效。具体每笔保理业务期限以单项保理合同约定为准。有效期内开展应收账 款保理业务的额度累计不超过 70,000 万元人民币或其他等值货币。具体情况如 下： 一、开展应收账款保理业务概述 证券代码：688778 证券简称：厦钨新能 公告编号：2025-017 厦门厦钨新能源材料股份有限公司 关于 2025 年度开展应收账款保理业务的公告 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。 为盘活公司应收账款，及时回收流动资金，提高资金使用效率，同意就公司 及下属子公司在日常经营活动中产生的部分应收账款开展无追索权应收账款保 理业务。保理业务期限为本次董事会审议通过之日起 12 个月内有效。具体每笔 保理业务期限以单项保理合同约定为 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-026 厦门厦钨新能源材料股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 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。 重要内容提示： 会议召开时间：2025 年 05 月 13 日 （星期二） 上午 10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 三、 参加人员 投资者可于 2025 年 05 月 06 日 （星期二） 至 05 月 12 日 （星期一）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 4 月 26 日发布《公司 2024 年年度报告》及《公司 2025 ...