Group 1 - The company currently does not have a product layout for electronic fluorinated liquids [2] - In the first half of 2025, the company's revenue from electronic information materials is projected to be 240 million yuan [2]

Group 1 - Tianqi Materials reported a revenue of 7.03 billion yuan for the first half of 2025, a year-on-year increase of 28.97% [2][3] - The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, reflecting a growth of 26.01% [2][3] - Basic earnings per share increased to 0.14 yuan, a rise of 16.67% compared to the previous year [3] Group 2 - New Zobang achieved a revenue of 4.25 billion yuan, marking an 18.58% increase year-on-year, with a net profit of 484 million yuan, up 16.36% [5][6] - The net profit excluding non-recurring items was 466 million yuan, showing an 8.16% increase [5][6] - Basic earnings per share rose to 0.64 yuan, a 16.36% increase from the previous year [6] Group 3 - Ruida New Materials reported a revenue of 975 million yuan, a decline of 7.36% year-on-year, with a net profit of 82 million yuan, down 24.19% [7][8] - The net profit excluding non-recurring items was 79 million yuan, reflecting a decrease of 27.57% [7][8] - The company experienced a negative cash flow from operating activities of 80 million yuan [8] Group 4 - Yongtai Technology reported a revenue of 2.61 billion yuan, a year-on-year increase of 21.97%, with a net profit of 59 million yuan, up 56.17% [10][11] - The net profit excluding non-recurring items was 23 million yuan, down 15.08% [10][11] - Basic earnings per share increased to 0.06 yuan, a 50% rise compared to the previous year [11] Group 5 - Shida Shenghua reported a revenue of 3.01 billion yuan, a year-on-year increase of 14.87%, but a net loss of 56 million yuan, a decline of 248.03% [13][14] - The net loss excluding non-recurring items was 57 million yuan, down 282.11% [13][14] - The company reported a positive cash flow from operating activities of 90 million yuan [14] Group 6 - Duofluor reported a revenue of 4.33 billion yuan, a decline of 6.65% year-on-year, with a net profit of 51 million yuan, down 16.55% [15][16] - The net profit excluding non-recurring items was a loss of 4.81 million yuan, reflecting a decrease of 179.71% [15][16] - Basic earnings per share decreased to 0.0441 yuan, down 15.19% [16] Group 7 - Tianji Co. reported a revenue of 1.07 billion yuan, a year-on-year increase of 19.16%, but a net loss of 52 million yuan, an improvement of 59% compared to the previous year [18][19] - The net loss excluding non-recurring items was 56 million yuan, down 56.04% [18][19] - The company reported a negative cash flow from operating activities of 131 million yuan [19] Group 8 - Huayu Pharmaceutical reported a revenue of 882 million yuan, a decline of 1.73% year-on-year, with a net loss of 5.81 million yuan, a decline of 116.23% [21][22] - The net loss excluding non-recurring items was 21.59 million yuan, down 247.06% [21][22] - The company reported a negative cash flow from operating activities of 169 million yuan [22] Group 9 - Haike New Source reported a revenue of 2.32 billion yuan, a year-on-year increase of 27.92%, but a net loss of 42 million yuan, an improvement of 61.21% [23][24] - The net loss excluding non-recurring items was 49 million yuan, down 56.57% [23][24] - The company reported a negative cash flow from operating activities of 248 million yuan [24] Group 10 - Hualu Hengsheng reported a revenue of 15.76 billion yuan, a decline of 7.14% year-on-year, with a net profit of 1.57 billion yuan, down 29.47% [26][27] - The net profit excluding non-recurring items was 1.56 billion yuan, reflecting a decrease of 30.29% [26][27] - Basic earnings per share decreased to 0.739 yuan, down 29.48% [27] Group 11 - Huasheng Lithium reported a revenue of 349 million yuan, a year-on-year increase of 72.02%, but a net loss of 72 million yuan [29] - The net profit excluding non-recurring items was a loss of 78 million yuan [29] - The company reported a negative cash flow from operating activities of 183 million yuan [29] Group 12 - Fuxiang Pharmaceutical reported a revenue of 514 million yuan, a decline of 24.58% year-on-year, with a net loss of 6.91 million yuan, an increase of 69.23% [31][32] - The net loss excluding non-recurring items was 32 million yuan, reflecting a decrease of 34.91% [31][32] - The company reported a negative cash flow from operating activities of 10 million yuan [32] Group 13 - Furui Co. reported a revenue of 2.59 billion yuan, a decline of 3.03% year-on-year, but a net profit of 246 million yuan, an increase of 10.92% [34][35] - The net profit excluding non-recurring items was 250 million yuan, reflecting a growth of 15.71% [34][35] - The company reported a positive cash flow from operating activities of 447 million yuan [35] Group 14 - The overall performance of companies in the electrolyte and raw material sector has been poor, with most companies reporting unsatisfactory financial results [36] - Except for Tianqi and New Zobang, other companies in the electrolyte sector have shown average performance [36] - Companies in the lithium hexafluorophosphate sector have reported significant losses, with net profits declining across the board [36]

关于子公司之间担保额度进行内部调剂的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 本次担保额度调剂后，多氟多新材料股份有限公司（以下简称"多氟多"或"公司"）为合并报表范围内子 公司及参股公司提供担保额度总计仍为不超过人民币298,300万元，其中为资产负债率超过70%的子公 司提供担保的额度不超过人民币72,000万元。敬请投资者注意投资风险。 一、担保额度内部调剂概述 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002407 证券简称：多氟多 公告编号:2025-072 多氟多新材料股份有限公司 成立日期：2017年06月07日 注册资本：21,000万人民币 公司第七届董事会第二十八次会议、2024年度股东大会分别审议通过《2025年度公司对外提供担保额度 预计的议案》，同意公司自2024年年度股东大会之日起至2025年年度股东大会结束之日止，为合并报表 范围内子公司及参股公司提供担保。担保额度总计不超过人民币298,300万元，占公司最近一期经审计 净资产的35.00%。其中为资产负债率低于70%的子公司提供担保的额 ...

Core Viewpoint - The company, Duofuduo, has experienced a decline in stock performance and financial metrics, indicating potential challenges in its operations and market position [1][2]. Financial Performance - For the first half of 2025, Duofuduo reported a revenue of 4.328 billion yuan, a year-on-year decrease of 6.09% [2]. - The net profit attributable to shareholders was 51.33 million yuan, reflecting a significant year-on-year decline of 27.01% [2]. - Cumulative cash dividends since the company's A-share listing amount to 2.034 billion yuan, with 1.04 billion yuan distributed over the past three years [2]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders decreased by 4.80% to 160,200, while the average number of circulating shares per person increased by 5.04% to 6,743 shares [2]. - On August 27, 2023, Duofuduo's stock price fell by 3.09%, with a trading volume of 668 million yuan [1]. - The financing buy-in on the same day was 62.23 million yuan, while the financing repayment was 76.14 million yuan, resulting in a net financing outflow of 13.91 million yuan [1]. Financing and Margin Trading - As of August 27, 2023, the total margin trading balance for Duofuduo was 827 million yuan, with the financing balance accounting for 5.26% of the circulating market value [1]. - The company’s margin trading balance is above the 50% percentile level for the past year, indicating a relatively high level of leverage [1]. - On the same day, the company repaid 6,100 shares in short selling and sold 5,200 shares, with a short selling amount of 68,500 yuan [1].

证券日报网讯8月27日晚间，多氟多（002407）发布公告称，公司及控股子公司不存在违规担保的情 形，亦无逾期对外担保、涉及诉讼的担保及因担保被判决败诉而应承担的损失。 ...

证券代码：002407 证券简称：多氟多 公告编号:2025-072 多氟多新材料股份有限公司 关于子公司之间担保额度进行内部调剂的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 本次担保额度调剂后，多氟多新材料股份有限公司（以下简称"多氟多"或"公 司"）为合并报表范围内子公司及参股公司提供担保额度总计仍为不超过人民币 298,300 万元，其中为资产负债率超过 70%的子公司提供担保的额度不超过人民币 72,000 万元。敬请投资者注意投资风险。 一、担保额度内部调剂概述 公司第七届董事会第二十八次会议、2024 年度股东大会分别审议通过《2025 年度公司对外提供担保额度预计的议案》，同意公司自 2024 年年度股东大会之日 起至 2025 年年度股东大会结束之日止，为合并报表范围内子公司及参股公司提供 担保。担保额度总计不超过人民币 298,300 万元，占公司最近一期经审计净资产的 35.00%。其中为资产负债率低于 70%的子公司提供担保的额度不超过人民币 192,000 万元；为资产负债率超过 70%的子公司提供担保的额度不超过 ...

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report focuses on the in - depth research of Do - fluoride. In 2025, the company faced challenges in profitability due to intense industry competition and low product prices. However, it has plans to improve profitability and has positive prospects in some business segments such as the lithium battery segment [26]. 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Do - fluoride, belonging to the chemical products industry. The reception time was on August 26, 2025, and the listed company's reception staff included the board secretary Peng Chao, the securities department minister Wang Bei, and the investor relations director Guo Ruikuan [16]. 3.2. Detailed Research Institutions - A large number of institutions participated in the research, including securities companies (such as Yangtze Securities Co., Ltd., Tianfeng Securities Co., Ltd.), asset management companies (such as Beijing Yutian), investment companies (such as Boyu Capital), fund management companies (such as Debon), and other types of institutions (such as BYD Co., Ltd.) [17]. 3.3. Research Institution Proportion - No relevant content provided. 3.4. Main Content Data - **Company's First - Half Operating Performance**: In the first half of 2025, the company achieved an operating income of 4328 million yuan, a year - on - year decrease of 6.65%; the net profit attributable to shareholders of the listed company was 51 million yuan, a year - on - year decrease of 16.55%; the basic earnings per share was 0.04 yuan per share. The company will take measures to enhance profitability [26]. - **Business Segment Revenue and Profit Contribution**: In the first half of the year, the revenue proportions of the four major business segments were: fluorine - based new materials 30.39%, electronic information materials 5.55%, new energy materials 34.97%, and new energy batteries 25.30%. The contributions to gross profit of fluorine - based new materials, new energy materials, and new energy batteries (with revenue accounting for more than 10% of the company's total) were 8.62%, 19.53%, and 9.74% respectively [26]. - **Lithium Hexafluorophosphate**: The company's lithium hexafluorophosphate shipments in the first half of the year were about 23,000 - 24,000 tons, and the annual shipments are expected to be about 50,000 tons. The price fluctuated greatly in the first half of the year, with a gross profit margin of about 15% - 20%. The price increase is mainly driven by raw material costs, and the company's profitability in this business is expected to recover in the second half of the year [26][27][28]. - **Lithium Battery**: The battery segment shipped about 3.2 GWh in the first half of the year, and the shipments in the second half are expected to increase by about 50%, with an expected annual shipment of about 8.5 GWh. The "Fuxin" large - cylindrical battery had a single - month shipment of more than 8.8 million in July, and it is expected to exceed 10 million in August. After capacity release, it will significantly improve the company's performance [28][29]. - **Solid - State Battery**: The company focuses on multiple material routes such as polymers and sulfides in the solid - state battery field, has carried out R & D cooperation, and has not yet carried out large - scale industrialization investment [29]. - **Boron Isotope Products**: These products are used in strategic emerging industries such as atomic energy, medical health, and semiconductors. The current profit contribution is relatively small, but it is expected to become an important driver of future performance growth [29][30]. - **Electronic Information Materials**: Affected by the downturn in the photovoltaic industry, the segment is adjusting its business, focusing on expanding semiconductor and chip customers, and has the ability of domestic substitution in the industrial chain [30]. - **Advance Payment Policy**: The company implements a differentiated advance payment policy, mainly in the battery business segment and for long - term overseas orders of lithium hexafluorophosphate [30][31].

Summary of the Conference Call for Multi-Fluoro Co., Ltd. Company Overview - **Company**: Multi-Fluoro Co., Ltd. - **Industry**: New Energy Materials, Lithium Battery, Electronic Information Materials Key Points and Arguments Financial Performance - In the first half of 2025, Multi-Fluoro reported a revenue of 4.328 billion yuan, a decrease of 6.65% year-on-year [4] - Net profit attributable to shareholders was 51.33 million yuan, down 16.55% year-on-year [4] - Revenue breakdown: - Inorganic New Materials: 1.315 billion yuan (30.35%) - Electronic Information Materials: 240 million yuan (5.5%) - New Energy Materials: 1.514 billion yuan (34.97%) - New Energy Batteries: 1.095 billion yuan (35.3%) [4] Sales and Production - New energy materials and batteries saw significant sales growth: - New energy materials sales increased by 31.4% - New energy batteries sales surged by 136% [2] - Lithium battery shipments reached 3GWh in the first half, with expectations of over 50% growth in the second half, totaling 8.5GWh for the year [10] - The company plans to maintain a production capacity of 5.5 million tons of lithium hexafluorophosphate in 2025, with no new capacity plans unless market conditions improve [5][6] Market Dynamics - The electronic information materials segment faced a 45% decline in sales due to the downturn in the photovoltaic industry [2][4] - The company is shifting focus towards semiconductor and chip clients, despite longer certification cycles [3][24] - The small power battery market is expected to grow significantly, with strong demand for two-wheeled vehicles and energy storage [14] Pricing and Cost Management - The rise in lithium carbonate prices has alleviated cost pressures, with expectations for improved profitability in Q4 2025 [12] - The company does not have plans for proactive price increases but will adjust prices in line with lithium carbonate fluctuations [12] - Aiming for a gross margin target of 10-15%, with challenges to exceed 20% [13] Strategic Initiatives - Multi-Fluoro is exploring the Southeast Asian market for small power batteries, where demand is high and supply is currently insufficient [2][14] - The company has a planned 20,000-ton expansion project that can be initiated quickly if market demand increases [7] - The company is also involved in solid-state battery development, focusing on material compatibility and cost reduction [20][21] Challenges and Future Outlook - The electronic information materials segment is expected to continue facing challenges due to the photovoltaic sector's struggles [23] - The company anticipates that the overall market conditions will improve, allowing for potential capacity expansion in 2026 if demand rises [6][25] - The company is cautious about the construction of new facilities in South Korea due to regulatory and market uncertainties [11] Conclusion - Multi-Fluoro Co., Ltd. is navigating a complex market landscape with a focus on expanding its new energy materials and battery segments while managing cost pressures and shifting strategic priorities towards semiconductor applications. The company remains optimistic about future growth opportunities, particularly in the small power battery market and potential recovery in the lithium market.

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributing the decrease to intense industry competition and low market prices despite an increase in the production and sales volume of some key products [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 4.328 billion yuan, a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders was 51 million yuan, down 16.55% year-on-year [1] - Basic earnings per share were 0.04 yuan [1] Group 2: Business Segments and Contributions - Revenue contributions from various segments: Fluorine-based new materials accounted for 30.39%, electronic information materials 5.55%, new energy materials 34.97%, and new energy batteries 25.30% [2] - Gross profit contributions from these segments were 8.62%, 19.53%, and 9.74% respectively [2] Group 3: Product Performance and Strategies - The shipment volume of lithium hexafluorophosphate in the first half was approximately 23,000 to 24,000 tons, with an expected annual shipment of around 50,000 tons [2] - The gross margin for lithium hexafluorophosphate fluctuated between 15% and 20% due to price volatility driven by raw material costs [2] - The company employs a mixed procurement strategy for lithium carbonate, adjusting inventory based on market price dynamics [2] Group 4: Future Outlook and Developments - The battery segment shipped around 3.2 GWh in the first half, with expectations for an increase in the second half [2] - The company is focusing on solid-state battery development in collaboration with top domestic universities and research institutions, currently optimizing material performance and cost [2] - The company plans to expand its production capacity for boron isotope products, which currently contribute minimally to profits but are expected to drive growth as capacity increases [2] - The electronic information materials segment is facing challenges due to a downturn in the photovoltaic industry, but the company aims to expand its client base in the semiconductor and chip sectors [2]

Financial Performance - In the first half of 2025, the company achieved a revenue of 4.328 billion CNY, a decrease of 6.65% year-on-year [2] - The net profit attributable to shareholders was 51 million CNY, down 16.55% year-on-year, with basic earnings per share at 0.04 CNY [2] - Despite increased production and sales of lithium hexafluorophosphate, the company's profitability declined due to persistently low market prices [2] Business Segment Performance - Revenue contributions from major business segments: - Fluorine-based new materials: 30.39% - Electronic information materials: 5.55% - New energy materials: 34.97% - New energy batteries: 25.30% [3] - Gross profit contributions from segments with over 10% revenue share: - Fluorine-based new materials: 8.62% - New energy materials: 19.53% - New energy batteries: 9.74% [3] Lithium Hexafluorophosphate Insights - The shipment volume of lithium hexafluorophosphate in the first half was approximately 23,000 to 24,000 tons, with an expected annual shipment of around 50,000 tons [3] - The gross margin for lithium hexafluorophosphate fluctuated between 15% and 20% [3] - Price fluctuations are primarily driven by raw material costs, with expectations for profitability to improve in the second half of the year due to rising product prices and increased capacity utilization [3] Battery Segment Developments - The battery segment shipped approximately 3.2 GWh in the first half, with a projected increase of about 50% in the second half, aiming for an annual total of 8.5 GWh [3][4] - The demand for lithium batteries is rapidly growing, with significant orders leading to production expansion [4] - In July, the company shipped over 8.8 million cylindrical batteries, with expectations to exceed 10 million in August [4] Solid-State Battery and Boron Isotope Products - The company is focusing on polymer and sulfide materials for solid-state batteries, collaborating with top domestic research institutions [4] - Boron isotope products are crucial in strategic industries such as nuclear energy, healthcare, and semiconductors, with a current production capacity of 100 tons and plans for 1,000 tons [4] - Although the current profit contribution from boron isotopes is limited, future capacity expansion is expected to significantly enhance profitability [4] Electronic Information Materials - The electronic information materials segment is currently affected by a downturn in the photovoltaic industry, leading to low capacity utilization and price challenges [5] - The company plans to pivot towards semiconductor and chip clients to enhance its market position [5]