证券代码：002709 证券简称：天赐材料 公告编号：2026-052 广州天赐高新材料股份有限公司 第七届董事会第一次会议决议的公告 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。 2026 年 3 月 31 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 七届董事会第一次会议在广州市黄埔区云埔工业区东诚片康达路公司办公楼二 楼培训厅以现场与通讯相结合的方式召开。应参加本次会议表决的董事 9 人，实 际参加本次会议表决的董事 9 人。本次会议的召集、召开程序均符合《中华人民 共和国公司法》和《公司章程》的规定。 本次董事会审议并通过了相关议案，形成决议如下： 一、审议通过了《关于选举公司第七届董事会董事长的议案》 天赐材料（002709） 同意选举徐金富先生为公司第七届董事会董事长，任期从本次董事会审议通 过之日起至第七届董事会届满日止。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 徐金富先生简历详见附件。 二、审议通过了《关于选举公司第七届董事会副董事长的议案》 同意选举徐三善先生为公司第七届董事会副董事长，任期从本次董事会审议 通过之日 ...

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-051 广州天赐高新材料股份有限公司 2025 年度股东会决议公告 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： 1、本次股东会无否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2026 年 3 月 31 日（星期二）下午 14:30 （2）网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2026 年 3 月 31 日上午 9:15—9:25,9:30—11:30 和下午 13:00—15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2026 年 3 月 31 日上午 9:15 至 2026 年 3 月 31 日下午 15:00 的任意时间。 2、现场会议召开地点：广州市黄埔区云埔工业区东诚片康达路 8 号公司办 公楼二楼培训厅 3、会议召开方式：现场会议与网络投票相结合的方式 4、会议召集人：公司董事会 5 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于广州天赐高新材料股份有限公司 2025 年度股东会的 法律意见书 国枫律股字[2026]A0096 号 致：广州天赐高新材料股份有限公司（贵公司） 北京国枫律师事务所（以下称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年度股东会（以下称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下称"《公司法》"）、《中华人民 共和国证券法》（以下称"《证券法》"）、《上市公司股东会规则》（以下称"《股 东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下称"《证券法律业 务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下称"《证券 法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《广州天赐高新 材料股份有限公司章程》（以下称"《公司章程》"）的规定，就本次会议的召集与召 开程序、召集人资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法 律意见书。 对本法律 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings briefing held on March 30, 2026, from 15:30 to 17:00 [1] - Participants included the Chairman Xu Jinfeng, CFO Gu Bin, Board Secretary Han Heng, and Independent Director Zhao Jianqing [1] Group 2: Key Discussion Points - There was a question regarding the absence of a long-term cooperation agreement with CATL, indicating a potential change in the cooperation model [1] - The company confirmed that a material supply agreement with CATL was signed in 2024 and executed by December 31, 2025 [1] - Future long-term agreements will be disclosed according to information disclosure rules, and investors are advised to pay attention to investment risks [1]

天赐材料（002709） 证券代码：002709 证券简称：天赐材料 公告编号：2026-050 广州天赐高新材料股份有限公司 关于董事和高级管理人员股份减持计划期限届满 暨实施结果的公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"） 于 2025 年 12 月 6 日 在中国证监会指定信息披露媒体巨潮资讯网（www.cninfo.com.cn）上披露了《关 于董事和高级管理人员股份减持计划的预披露公告》（公告编号：2025-140）。 徐三善先生、顾斌先生及史利涛先生拟自减持计划公告之日起十五个交易日后三 个月内以集中竞价方式减持本公司股份数量合计不超过 924,025 股，占公司总股 本比例 0.0456%。 | 姓名 | 减持方式 | | 减持期间 | | | 减持均价（元 | 减持股数 | 减持比例 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | /股） | （股） | | | 史利涛 | 集中竞价 | 2 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Insights - The company has shown significant improvement in profitability, with strong growth in electrolyte sales [5] - The demand for battery materials remains robust, leading to increased capacity utilization [6] - The daily chemical materials segment has become a new growth point, with ongoing efforts to expand both domestic and international markets [7] Summary by Sections Financial Performance - In 2025, the company achieved revenue of approximately 166.50 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of about 13.62 billion yuan, up 181.43% [4] - The forecast for 2026-2028 projects revenues of 301.6 billion yuan, 381.5 billion yuan, and 475.7 billion yuan respectively, with corresponding EPS of 2.92 yuan, 3.46 yuan, and 4.01 yuan [10][12] Product Performance - The company's core product, electrolyte, saw sales exceed 720,000 tons in 2025, representing a growth of approximately 44% [5] - The company has reached a near full production capacity of 850,000 tons for electrolytes and is expected to break through several key technologies in 2026 [5] Market Expansion - The daily chemical materials business achieved sales of over 120,000 tons in 2025, with a year-on-year growth of 10.69% [7] - The company is actively investing in the daily chemical sector and expanding its international channels [7]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy sector [5] Core Views - The report highlights a month-on-month increase in lithium battery production in April, with a production of 151.1 GWh, representing a 3.8% increase. The demand for batteries is supported by the rapid increase in domestic passenger vehicle battery capacity and the acceleration of commercial vehicle electrification [1][3] - The report anticipates a positive outlook for the lithium battery supply chain, with price increases across various components such as lithium hexafluorophosphate (6F), separators, copper foil, and lithium iron phosphate since the end of 2025, driven by low inventory levels and strong demand [1][10] - The report notes a robust domestic energy storage demand, with a 95% year-on-year increase in new energy storage installations in February 2026, and a shift in energy security logic driving storage demand growth [2] Summary by Sections Lithium Battery Production - In April, lithium battery production reached 151.1 GWh, up 3.8% month-on-month, with positive growth in cathode and anode materials [1] - The report emphasizes the strong demand for batteries due to the increasing battery capacity in domestic passenger vehicles and the penetration of commercial vehicles [1][3] Energy Storage - Domestic energy storage installations saw a significant increase, with 8.19 GWh added in February 2026, a 95% increase year-on-year [2] - The report indicates that the energy storage market is transitioning from a focus on AI power equipment shortages to energy security concerns [2] New Energy Vehicles - The report mentions that domestic new energy vehicle retail sales reached 1.96 million units in the first quarter of 2026, a 19% decrease year-on-year, primarily due to consumer hesitation during the vehicle replacement policy transition [3] - The report highlights a 54% year-on-year increase in new energy heavy truck sales, with a penetration rate of 30.6% [3] Price Increases Across Supply Chain - The report notes that various segments of the lithium battery supply chain are experiencing price increases, indicating a tightening supply-demand balance [4][10] - Specific price increases include a rise in the price of 6F to 106,500 CNY per ton and increases in separator and copper foil prices since late 2025 [9][10] Recommended Companies - The report recommends several companies within the lithium battery supply chain, including CATL, Yiwei Lithium Energy, and others, highlighting their potential for improved shipments and profitability [1][10][24]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the lithium battery materials sector and the electric vehicle (EV) industry, particularly in the context of rising oil prices and geopolitical tensions affecting energy supply chains [1][6][8]. Core Insights and Arguments Lithium Battery Materials - **Profit Recovery Cycle**: 2026 marks the beginning of a profit recovery cycle for lithium battery materials, with a shift from oversupply to a tight balance due to capacity clearance in 2025 [1][8]. - **High Oil Prices**: Expected oil prices between $80-100 per barrel are anticipated to strengthen the logic for electrification, driving global demand for power batteries significantly [1][6]. - **Supply and Demand Dynamics**: The effective capacity for lithium hexafluorophosphate (LiPF6) is projected to be around 290,000 tons in 2026, with a total demand of 240,000 tons, indicating a structural supply gap during peak seasons [1][9]. - **Price Recovery**: Prices for LiPF6 have rebounded by 70% from their lows, indicating a shift into a profit recovery phase [1][9]. Electric Vehicle Market - **Export Growth**: In the first two months of 2026, EV exports surged by 110%, with plug-in hybrid electric vehicles (PHEVs) becoming a new growth point, particularly led by Geely [1][4]. - **Heavy-Duty Electric Trucks**: The penetration rate of electric heavy-duty trucks reached 30%, supported by a government subsidy of 80,000 yuan per vehicle for trade-ins [1][5]. - **Market Trends**: The export of Chinese EVs is expected to perform strongly in regions like Central and South America, Europe, and Southeast Asia, with PHEVs replacing pure electric vehicles as a key growth driver [3][4]. Investment Opportunities - **Key Players**: Companies such as Tianqi Lithium, Molybdenum, and Enjie are highlighted as leaders in the lithium battery materials sector due to their integrated cost advantages [1][5][12]. - **Market Concentration**: The concentration ratio (CR5) for LiPF6 is expected to rise from 62% in 2024 to 81% in 2026, indicating a more consolidated market [9][12]. - **Core Competitors**: Notable companies include Tianqi Materials, which has a market share exceeding 35% in electrolytes, and Enjie, a leader in wet-process separators with over 50% domestic market share [12]. Additional Important Insights - **Cost Advantages**: The cost differential between fuel and electric vehicles is expected to drive demand for EVs, with significant savings in operational costs for electric vehicles compared to traditional fuel vehicles [8][9]. - **Supply Chain Resilience**: The geopolitical landscape and oil supply chain vulnerabilities are prompting a reevaluation of electrification as a viable alternative [6][8]. - **Future Outlook**: The overall market for lithium battery materials is expected to see a significant uptick in demand, with potential for several percentage points increase in growth forecasts due to high oil prices and robust domestic market performance [6][13][14]. This summary encapsulates the critical insights from the conference call, focusing on the lithium battery materials and electric vehicle sectors, highlighting market dynamics, investment opportunities, and future trends.

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - High oil prices are benefiting the renewable energy sector, with expectations for increased demand and profitability in lithium batteries [1]. - The report highlights significant growth in energy storage and electric vehicle markets, driven by government policies and technological advancements [4][5]. Industry Trends - The energy storage sector is experiencing robust growth, with countries like Croatia and Spain investing heavily in solar and storage projects. The report anticipates a global energy storage installation growth of over 60% in 2026, with a compound annual growth rate of 30-50% from 2027 to 2029 [4][5]. - In the electric vehicle market, there was a notable decline in retail sales in early March, but expectations for recovery are set for April, with a projected annual growth of around 3% [4][5]. - The report also notes a significant increase in lithium prices, with battery-grade lithium carbonate reaching 158,000 CNY/ton, reflecting a 4.8% increase [4]. Company Performance - Notable company performances include: - Ningde Times: 2025 revenue of 804 billion CNY, a 4% year-on-year increase, with a net profit of 32.6 billion CNY, down 19% [4]. - BYD: 2025 revenue of 804 billion CNY, with a net profit of 32.6 billion CNY, reflecting a 19% decrease [4]. - Other companies like Ganfeng Lithium and CATL are also highlighted for their strong market positions and growth potential [4][5]. Investment Strategy - The report suggests a focus on companies leading in energy storage and lithium battery production, such as Ningde Times, Ganfeng Lithium, and others, due to their strong growth prospects and market leadership [4][5]. - It emphasizes the importance of technological advancements and government policies in driving the growth of the renewable energy sector, particularly in energy storage and electric vehicles [4][5].

Core Viewpoint - The article discusses the potential for a resurgence in sectors such as energy and chemicals due to escalating geopolitical tensions in the Middle East, particularly the implications of the closure of the Strait of Hormuz on global supply chains and commodity prices [1][7]. Geopolitical Impact - The probability of the Strait of Hormuz remaining closed until mid-2026 is estimated at 58%, with a 63% chance of it being open by July 2026 according to predictive models [7]. - A closure of the Strait could lead to a nearly 20% reduction in oil supply, a 20% decrease in LNG supply, a 30% drop in urea, and significant reductions in sulfur and phosphate supplies [7]. Market Reactions - The article highlights that the current geopolitical climate is likely to benefit energy and chemical sectors, suggesting a second wave of growth for these industries [1]. - The financial markets are experiencing pressure, with indicators suggesting that if oil prices rise or the 10-year U.S. Treasury yield approaches 4.5%, it could trigger significant market reactions [10]. Investment Strategies - Companies are advised to focus on traditional energy and energy alternatives, particularly those with price transmission capabilities, such as power equipment and coal [20]. - The article suggests that the current market conditions may lead to a second bottoming out in the A-share market, with a focus on sectors that can withstand external shocks [12][13]. Sector Performance - The lithium battery supply chain is experiencing price increases, particularly for lithium carbonate and lithium iron phosphate, driven by supply and demand dynamics [22]. - The article notes that the Chinese innovative drug sector has seen significant growth, with over $60 billion in authorized transactions in the first quarter of the year, indicating a strong market for domestic pharmaceutical innovations [25].