Investment Rating - The report gives an "Overweight" rating for the solid-state battery industry, indicating that it is expected to outperform the overall market [3][4]. Core Insights - The solid-state battery industry is entering the early stages of industrialization, with significant technological changes in lithium metal anodes and dry processing equipment [3]. - There is a pressing demand for material and equipment innovation, with domestic solid-state battery production capacity planning to exceed 50GWh and a total investment of approximately 15 billion yuan planned for 2025 [4]. - Sulfide materials are becoming the mainstream technology route for solid-state batteries, with a notable increase in demand for sulfide electrolytes and dry processing equipment [4]. - Leading battery manufacturers are making breakthroughs in lithium metal preparation technology, enhancing energy density significantly [4]. Summary by Sections Industry Overview - The solid-state battery industry is expected to achieve product finalization by the end of 2025, with vehicle testing starting in 2026 and entering a cost-reduction phase in 2027 [4]. Technological Developments - The report highlights the high ionic conductivity of sulfide solid-state batteries, which is driving many manufacturers to focus on this technology route [4]. - Key innovations include the dry processing method, which is seen as crucial for mass production of solid-state batteries [4]. Investment Opportunities - The report suggests focusing on battery companies with strong R&D capabilities, solid-state material companies with high demand elasticity, and solid-state equipment companies [4]. - Recommended companies include CATL, Yiwei Lithium Energy, BYD, Guoxuan High-Tech, and others in the materials and equipment sectors [4][5].

证券代码：688778 证券简称：厦钨新能 公告编号：2025-036 厦门厦钨新能源材料股份有限公司 关于 2025 年 1-5 月经营情况的自愿性披露公告 一、2025 年 1-5 月主要经营情况 2025 年 1-5 月，厦门厦钨新能源材料股份有限公司（以下简称"公司"） 新能源材料产品实现销量约为 4.76 万吨，同比增长约 20.95%，其中：随着国家 将手机、平板电脑、智能手表手环等消费品纳入"两新"政策支持品类，以及 AI 功能在 3C 产品应用的不断创新，带动公司钴酸锂需求进一步提升，2025 年 1-5 月公司实现钴酸锂销量约为 2.23 万吨，同比增长约 53%；新能源汽车市场延 续良好表现，据中国汽车工业协会统计，2025 年 1-5 月，我国新能源汽车产销 量分别完成 569.9 万辆和 560.8 万辆，同比分别增长 45.2%和 44%，公司实现三 元材料（含磷酸铁锂及其他）销量为 2.36 万吨，同比增长约 2%，其中磷酸铁锂 连续数月出货达千吨级，销量同比实现显著增长。 二、相关风险提示 上述主要经营数据为公司初步核算数据，仅供投资者参考，具体准确的数据 以公司后续正式披露的定 ...

Summary of Solid-State Battery Industry Research Update Industry Overview - The solid-state battery industry is experiencing significant advancements, particularly in the development of sulfide solid-state batteries, which are favored for their superior conductivity compared to oxide alternatives. Major companies like CATL and BYD are actively pursuing the sulfide route, accelerating product launches and industry progress [1][5][7]. Key Points Cost Reduction Potential - Solid-state batteries have substantial cost reduction potential by utilizing higher voltage platforms and higher capacity electrode materials. For instance, CATL's next-generation solid-state battery may achieve 500 Wh/kg, which could reduce material consumption by 60% compared to current lithium iron phosphate batteries [2][5]. Market Trends - The solid-state battery technology is transitioning from pilot to mass production, with automotive-grade batteries reaching a 60 Ah application state, indicating readiness for road testing and commercial production. CATL and BYD are expected to undergo mid-term assessments by the Ministry of Industry and Information Technology and the Ministry of Finance in September 2025 [1][8]. Sulfide Electrolyte Development - The sulfide electrolyte technology is rapidly evolving, with several companies showcasing products with conductivity nearing that of liquid electrolytes. Companies like Ruigu New Materials, Yuyuan Tianci, and Solid State Technology are leading in this field, with a 300 kg production line already operational [1][9][10]. Production Techniques - Various production techniques for sulfide electrolytes are being explored, including liquid-phase, solid-phase, carbothermal reduction, and CVD methods. The CVD method, used by Xiamen Tungsten New Energy, is noted for its potential to achieve low-cost production [1][11]. Equipment Market - Key players in the solid-state battery equipment market include Honggong Technology and Nacronor, focusing on material automation processing and rolling equipment, respectively. Investment in solid-state battery sectors should prioritize sulfide electrolyte materials and related equipment [3][12]. Investment Recommendations - Investment opportunities should focus on companies involved in sulfide electrolyte materials and related equipment, such as Xiamen Tungsten New Energy, Guanghua Technology, and Yuyuan New Materials, which show significant growth potential and reasonable valuations [3][13][14]. Industry Challenges - Smaller battery companies face challenges in leveraging solid-state technology due to strict electrochemical laws, making it difficult to achieve breakthroughs without substantial technological advancements [4]. Future Outlook - The solid-state battery industry is currently transitioning from small-scale trials to mid-scale production, with expectations for increased product output and capacity expansion in the coming year [15]. Notable Company Developments - Xiamen Tungsten is expected to achieve significant performance improvements in its lithium cobalt oxide products, while Yuyuan New Materials has made rapid advancements in high-purity lithium sulfide production, collaborating closely with major clients like CATL and Huawei [21][22][23]. Emerging Players - Companies like Sanxiang New Materials in the halide electrolyte sector are also showing promise, with significant growth expected in the coming years if breakthroughs are achieved [24][25]. Conclusion - The solid-state battery industry is poised for rapid growth, driven by advancements in sulfide technology and increasing investments in production capabilities. Key players are well-positioned to capitalize on these trends, making it a compelling area for investment.

Group 1 - The core viewpoint of the news highlights the positive momentum in the new energy sector, particularly driven by advancements in solid-state battery technology and increased promotional efforts for new energy vehicles [1][2]. - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) saw significant gains, with stocks like Xinyu Ren (688573) up 15.43% and Liyuanheng (688499) up 10.71%, indicating strong market interest [1]. - The promotion intensity for new energy vehicles reached 11% in May 2025, a 1.6 percentage point increase from the previous month, reflecting a recovery in the market and reduced pressure from price wars [1]. Group 2 - Haitong International Securities anticipates that the automotive market will continue to experience "increased revenue without increased profit" in the second half of the year, with stricter regulations limiting mid-tier companies' ability to compete on price [2]. - The top ten weighted stocks in the Sci-Tech Innovation Board New Energy Index account for 51.28% of the index, with companies like JinkoSolar (688223) and Trina Solar (688599) leading the list [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 57 CNY, based on a 30x P/E for 2025 [6]. Core Insights - The company has been a leader in lithium battery cathode materials for over 20 years, particularly in cobalt lithium, with a global market share of approximately 47% in 2024 [1][34]. - The company is expanding its product offerings to include ternary and iron-lithium cathode materials, which are gaining market traction due to their competitive advantages [1][2]. - New materials such as NL cathode materials and lithium sulfide solid electrolytes are being actively developed, positioning the company for leadership in next-generation battery technologies [1][4][5]. Summary by Sections Business Overview - The company specializes in the research, production, and sales of new energy battery materials, with key products including high-voltage cobalt lithium, high-voltage ternary materials, and iron-lithium [12]. - Cobalt lithium is recognized for its superior performance and has maintained a leading market position due to its high voltage and energy density, making it suitable for high-end consumer electronics [13][27]. Product Development - The cobalt lithium segment is expected to benefit from stable demand growth, driven by the increasing average capacity of consumer electronics [2]. - Ternary materials are gaining traction in applications such as drones, thanks to their high power and voltage advantages [2][41]. - The NL materials are poised for rapid adoption in consumer electronics and drones once downstream testing is completed [3]. Financial Performance - The company forecasts a significant increase in net profit from 800 million CNY in 2025 to 1.19 billion CNY in 2027, reflecting year-over-year growth rates of 62%, 18%, and 26% respectively [5]. - In 2024, the company achieved a revenue of 13.30 billion CNY, with a net profit of 494 million CNY, indicating a slight decline compared to the previous year [24]. Market Position - The company holds a dominant position in the cobalt lithium market, with a sales volume of 46,184 tons in 2024, representing a year-on-year growth of 33.52% [34]. - The ternary materials segment also saw a significant increase in sales, driven by the demand from the new energy vehicle sector [24][41]. Future Outlook - The global cobalt lithium market is projected to grow at a compound annual growth rate (CAGR) of over 9.1% from 2024 to 2032, driven by high-end consumer electronics and portable energy storage systems [32]. - The company is well-positioned to capitalize on this growth through its advanced technology and established customer relationships [5][34].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 57 CNY, based on a 30x P/E for 2025 [6]. Core Viewpoints - The company has a strong position in the lithium battery cathode materials market, particularly as a global leader in lithium cobalt oxide, with a market share of approximately 47% in 2024 [1][34]. - The company is expected to benefit from stable demand for lithium cobalt oxide, optimization of customer structure for ternary materials, and an increase in market share for lithium iron phosphate [5]. - New product developments, including NL cathode materials and sulfide electrolytes, are anticipated to open new growth avenues for the company [5]. Summary by Sections Company Overview - The company has over 20 years of experience in lithium battery cathode materials and is recognized as a global leader in lithium cobalt oxide [1]. - In 2024, the company shipped 46,200 tons of lithium cobalt oxide, reflecting a year-on-year growth of 33.52% [24][34]. Product Segments - **Lithium Cobalt Oxide**: The company maintains a leading position with high voltage products that are favored in the consumer electronics sector [1][34]. - **Ternary Materials**: The company has developed high voltage and high power ternary materials, which are gaining traction in applications such as drones [2][41]. - **NL Materials**: These materials are expected to meet the rising demands for high voltage, high energy density, and high cycle life in battery applications [3]. - **Lithium Sulfide**: The company is leveraging its technological expertise to produce lithium sulfide with both performance and cost advantages [4]. Financial Projections - The company forecasts net profits of 800 million CNY, 945 million CNY, and 1.19 billion CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 62%, 18%, and 26% [5]. - Revenue for 2024 is projected at 13.30 billion CNY, with a decline of 23.19% year-on-year, followed by a recovery in subsequent years [24]. Market Dynamics - The global demand for lithium cobalt oxide is expected to grow steadily, driven by the increasing average capacity of consumer electronics [2]. - The company has established stable partnerships with leading global battery manufacturers, which supports its sales growth in lithium cobalt oxide [2].

Group 1 - The legal opinion letter is issued by Fujian Zhili Law Firm regarding the 2024 annual shareholders' meeting of Xiamen Xatong New Energy Materials Co., Ltd. [1] - The meeting was convened by the company's board of directors, and the announcement was published in designated media on April 26, 2025 [3][4] - The meeting adopted a combination of on-site and online voting methods, with specific voting times outlined for both methods [4][5] Group 2 - The attendance of shareholders at the meeting was confirmed, with a total of 287,950,262 shares represented, accounting for 68.4339% of the total shares [4][5] - The voting results for various proposals were documented, with significant support for the approval of the 2024 financial reports and profit distribution plans [5][6][7] - The meeting's resolutions included the approval of asset acquisitions and guarantees for subsidiaries, with high approval rates from non-related shareholders [7][8] Group 3 - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results comply with relevant laws and regulations [8]

Meeting Details - The shareholders' meeting of Xiamen Xatong New Energy Materials Co., Ltd. was held on May 26, 2025, at the Tongque Tai Jinling Hotel in Tongling, Anhui [1] - A total of 85 ordinary shareholders attended the meeting, representing 287,950,262 voting rights, which accounts for 68.4339% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved during the meeting [1] - The voting results for the proposals showed overwhelming support, with the following key votes: - Proposal 1: 287,829,828 votes in favor (99.9581%), 112,773 against (0.0391%), and 7,661 abstentions (0.0028%) [1] - Proposal 2: 287,828,239 votes in favor (99.9576%), 112,773 against (0.0391%), and 9,250 abstentions (0.0033%) [2] - Proposal 3: 287,015,606 votes in favor (99.6754%), 925,406 against (0.3213%), and 9,250 abstentions (0.0033%) [1] - Proposal 4: 287,823,637 votes in favor (99.9560%), 117,375 against (0.0407%), and 9,250 abstentions (0.0033%) [3] Legal Compliance - The meeting was conducted in accordance with the Company Law of the People's Republic of China and the company's articles of association, ensuring that all procedures and voting results were legally valid [4]

关于厦门厦钨新能源材料股份有限公司 2024 年年度股东大会的 法 律 意 见 书 福建至理律师事务所 地址：福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 邮政编码：350025 电话：（86 591）88065558 网址：http://www.zenithlawyer.com 1 福建至理律师事务所 关于厦门厦钨新能源材料股份有限公司 2024 年年度股东大会的法律意见书 闽理非诉字[2025]第 104 号 致：厦门厦钨新能源材料股份有限公司 福建至理律师事务所（以下简称"本所"）接受厦门厦钨新能源材料股份有 限公司（以下简称"公司"）之委托，指派魏吓虹、陈宓律师出席公司 2024 年 年度股东大会（以下简称"本次会议"），并依据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上市公 司股东会规则》（中国证券监督管理委员会公告〔2025〕7 号，以下简称《股东 会规则》）、《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 （2025 年 5 月修订）》）等有关法律、法规、规范性文件以及《厦门厦钨新能源 材料股份有限公司章程 ...

证券代码：688778 证券简称：厦钨新能 公告编号：2025-035 厦门厦钨新能源材料股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 （五） 公司董事、监事和董事会秘书的出席情况 1、 公司在任董事9人，出席7人，董事曾新平先生、董事兼总经理姜龙先生因工 作原因未能出席会议； 2、 公司在任监事3人，出席1人，监事曾连秀女士、监事李温萍女士因工作原因 未能出席会议； 3、 公司董事会秘书和其他高管列席了本次会议。 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 26 日 （二） 股东大会召开的地点：安徽铜陵铜雀台金陵大酒店 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 85 | | --- | --- | | 普通股股东人数 | 85 | | 2、出席会议的股东所持有的表决权数量 | 287,950,262 | ...