Core Viewpoint - The company announces a temporary suspension of the conversion of its convertible bonds due to an upcoming equity distribution, in accordance with relevant regulations [1][2]. Group 1: Announcement Details - The company will suspend the conversion of its convertible bonds (code: 127073, name: Tian Ci Convertible Bonds) from May 14, 2025, until the equity distribution registration date [1]. - The conversion will resume on the first trading day after the equity distribution registration date [1]. - During the suspension period, the Tian Ci Convertible Bonds will continue to trade normally [1]. Group 2: Conversion Price Adjustment - The company outlines the formula for adjusting the conversion price in the event of equity changes, such as stock dividends, bonus shares, or cash dividends [2]. - The adjustment formulas include: - For stock dividends or bonus shares: P1 = P0 ÷ (1+n) - For new share issuance or rights issues: P1 = (P0 + A×k) ÷ (1+k) - For cash dividends: P1 = P0 - D [2]. - The company will publish announcements regarding any adjustments to the conversion price, including the adjustment date and method [3].

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-064 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司 关于"天赐转债"暂停转股的提示性公告 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： 天赐材料（002709） 特此公告。 1、债券代码：127073 债券简称：天赐转债 2、转股期限：2023 年 3 月 29 日至 2027 年 9 月 22 日 3、暂停转股时间：2025 年 5 月 14 日起至 2024 年度权益分派股权登记日止 4、恢复转股时间：2024 年度权益分派股权登记日后的第一个交易日 天赐材料（002709） 广州天赐高新材料股份有限公司董事会 广州天赐高新材料股份有限公司（以下简称"公司"）将于近日发布 2024 年 度权益分派实施公告，根据《广州天赐高新材料股份有限公司公开发行可转换公 司债券募集说明书》中"转股价格的确定及调整"条款（详见附件）及《深圳证券 交易所上市公司自律监管指南第 1 号——业务办理： ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 3.489 billion yuan for Q1 2025, representing a year-on-year increase of 41.64% but a quarter-on-quarter decrease of 4.56%. The net profit attributable to the parent company was 150 million yuan, up 30.8% year-on-year and up 2.74% quarter-on-quarter. The non-recurring net profit was 134 million yuan, showing a year-on-year increase of 33.35% and a quarter-on-quarter increase of 41.54% [2][4] Revenue and Profitability - In Q1 2025, the company's electrolyte shipments maintained a rapid year-on-year growth, with external sales of 6F and LiFSi increasing significantly. The overall estimated growth in electrolyte shipments continued to expand year-on-year. The gross margin for Q1 2025 was 19.21%, down 0.32 percentage points year-on-year and down 0.65 percentage points quarter-on-quarter. The profit per ton improved quarter-on-quarter, and with the supply expansion slowing down, the industry's willingness to maintain prices is strong, which is expected to further enhance profitability [10] Financial Indicators - The company's total inventory at the end of Q1 2025 was 1.412 billion yuan, an increase of 12.3% year-on-year and an increase of 3.5% quarter-on-quarter. The net cash flow from operating activities for Q1 2025 was -122 million yuan, turning negative year-on-year and quarter-on-quarter [10] Future Outlook - Looking ahead, with strong terminal demand, a slowdown in supply release, and increased external sales of lithium salts, the company's capacity utilization is expected to continue to improve. Following the anticipated price increase of 6F, combined with the industry being at a historical profit bottom and recovery in utilization rates, there is expected to be elasticity and sustainability in price increases. In the medium term, the company's expansion in lithium sulfide and solid electrolytes is progressing smoothly, with ongoing contributions to performance growth from its U.S. base. The company is expected to achieve a net profit attributable to the parent company of 1.13 billion yuan in 2025 [10]

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（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2024 年度股东大会（以下简称"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。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 北京市东城区建国门内大街 26 号新闻大 ...

广州天赐高新材料股份有限公司 2024 年度股东大会决议公告 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、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东会已通过的决议。 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-063 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 6、本次股东大会会议召开符合《中华人民共和国公司法》《深圳证券交 易所股票上市规则》《上市公司股东大会规则》等有关法律、行政法规、部门 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：2025 年 5 月 8 日（星期四）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：2025 年 5 月 8 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 2025 年 5 月 8 ...

Group 1 - The PEEK materials concept declined by 1.39%, ranking among the top declines in the concept sector, with notable declines from companies such as Xinhan New Materials, Zhongxin Fluorine Materials, and Jusa Long [1][2] - Among the PEEK materials concept stocks, 20 experienced net outflows of main funds, with a total outflow of 600 million yuan, and 7 stocks saw outflows exceeding 30 million yuan, led by Shuanglin Co., which had a net outflow of 194 million yuan [2][3] - The top gainers in the PEEK materials concept included Shengbang Co., Chaojie Co., and Tianci Materials, with increases of 5.17%, 1.63%, and 1.42% respectively [1][2] Group 2 - The PEEK materials concept had a significant net outflow of main funds, with the highest outflow from Shuanglin Co. at 194.47 million yuan, followed by Zhongxin Fluorine Materials at 87.81 million yuan and Guangqi Technology at 68.04 million yuan [2][3] - The trading volume for PEEK materials concept stocks showed varied turnover rates, with Zhongxin Fluorine Materials at 30.25% and Xinhan New Materials at 26.96% [2][3] - The overall market performance indicated that while PEEK materials faced declines, other concepts like Chengfei Concept and Large Aircraft saw gains of 7.01% and 3.06% respectively [2]

Core Insights - The electric vehicle sector showed a recovery in Q1 2025 after a decline in Q4 2024, with significant improvements in revenue and net profit [1][2][4] Group 1: Financial Performance - In Q1 2025, the sector's revenue reached 790.2 billion yuan, reflecting a 9% increase year-on-year but a 26% decrease quarter-on-quarter [1][2] - The net profit attributable to shareholders in Q1 2025 was 40.9 billion yuan, marking a 38% increase year-on-year and a 41% increase quarter-on-quarter [1][2] - The gross margin in Q1 2025 was 17%, a slight decrease of 1 percentage point year-on-year but an increase of 4 percentage points quarter-on-quarter [4] Group 2: Profit Contribution by Segment - In Q1 2025, the profit contribution from batteries was 38%, down 4 percentage points year-on-year, while the contribution from complete vehicles was 37%, down 7 percentage points [1][2] - The profit share from midstream materials remained stable at 8%, while lithium carbonate saw a 10% increase in profit contribution to 4% [1][2] Group 3: Market Trends and Outlook - The overall market for electric vehicles remained robust, with global sales reaching 5.82 million units in Q4 2024, a 33% increase year-on-year [2] - The industry is expected to grow by 25% in 2025, driven by a 25% increase in domestic electric vehicle sales and more than double growth in emerging markets and Europe for energy storage [4][5] - The report highlights a positive outlook for leading battery manufacturers and material suppliers, with specific recommendations for companies like CATL, BYD, and others [5]

Group 1: Fund Overview - Chunhou Xinchun (Fund Code: 011346) is a mixed fund under Chunhou Fund, established on June 1, 2021, with a total management scale of 2.117 billion yuan [1] - As of May 6, 2025, the fund achieved a return of 17.13% over the past six months, outperforming the benchmark growth rate of 0.23% and the CSI Mixed Fund Index return of -0.95%, ranking in the top 5 among mixed funds [1] - The fund's maximum drawdown over the past three years is 42.58%, and as of March 31, 2025, its scale reached 159 million yuan with a total of 225 million fund shares [1] Group 2: Company Research - On April 24, 2025, Chunhou Fund conducted research on the listed company Tianci Materials [2] - Tianci Materials reported a revenue of 12.518 billion yuan for 2024, with a net profit of 484 million yuan, a year-on-year decline of 74.40% [3] - In Q1 2025, Tianci Materials achieved a revenue of 3.489 billion yuan, with a net profit of 149 million yuan, a year-on-year increase of 30.8% [3] - The company sold over 500,000 tons of electrolyte in 2024, a year-on-year increase of approximately 26% [3] - The company is actively promoting local production capacity in the U.S. and has signed a cooperation agreement with Honeywell to establish a joint venture for large-scale production of electrolytes and lithium hexafluorophosphate in North America [3] - The company is developing solid-state electrolytes and has made progress in sodium-ion battery solutions, with existing production lines capable of rapid material switching [3] - Tianci Materials has a production capacity of 330,000 tons for iron phosphate, benefiting from an integrated layout and scale effects to reduce costs [3]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [51]. Core Insights - The Wind New Materials Index closed at 3504.57 points, up 1.44% week-on-week, with notable increases in semiconductor materials and carbon fiber indices [3][11]. - Domestic manufacturing upgrades are expected to drive demand for high-standard and high-performance materials, leading to rapid development in the new materials industry [4]. - Key companies such as Tongcheng New Materials and Huate Gas are highlighted for their significant progress in import substitution and integrated industrial chain development [4]. Market Overview - The semiconductor materials index rose to 5944.57 points, up 1.41%, while the carbon fiber index increased by 5.65% to 1239.4 points [3][11]. - The top gainers for the week included Runyang Technology (19.07%) and Akole (10.75%), while the biggest losers were Changyang Technology (-5.83%) and Ruile New Materials (-4.82%) [25][26]. Recent Industry Highlights - Tianqi Materials has made advancements in PEEK material production, with small batch orders already in supply, indicating a strong potential for domestic substitution in the chemical sector [4][29]. - Zhongke Goneng announced a breakthrough in sulfide all-solid-state batteries, enhancing the mechanical stability of solid electrolyte films, which is expected to accelerate the industrialization of solid-state batteries [4][29]. - Invista has decided to retain its nylon fiber business, focusing on the nylon 66 value chain, which positions it strongly in the market [29][30].

Core Viewpoint - The PEEK material concept stocks have shown remarkable gains despite the overall sluggishness of the A-share market, indicating a strong investor interest and potential growth in this sector [2][4]. Group 1: Stock Performance - Newhan New Materials (301076.SZ) rose by 20%, while Fuheng New Materials (832469.BJ) increased by over 15%, and Zhongxin Fluorine Materials (002915.SZ) gained 10% [2][3]. - Other notable performers include Huami New Materials (836247.BJ), Zhongyan Co., Ltd. (688716.SH), Water Co., Ltd. (002886.SZ), and Nanjing Julong (300644.SZ), all of which experienced significant increases [2]. Group 2: PEEK Material Overview - PEEK, or polyether ether ketone, is recognized for its high strength (eight times that of aluminum alloy) and low density (one-third of aluminum alloy), making it an excellent lightweight material [4]. - The demand for lightweight materials is increasing in emerging industries, particularly in electric vehicles and humanoid robots, which require reduced weight for improved energy efficiency and performance [4]. Group 3: Supply and Industry Development - Companies like Tianci Materials (002709.SZ) and Wanrun Co., Ltd. (002643.SZ) are advancing in the R&D and production of PEEK materials, with Tianci already in the pilot testing phase and receiving small batch orders [5]. - The domestic PEEK material industry is accelerating its industrialization process, with a decreasing reliance on imports, suggesting a shift towards local production capabilities [5]. - Analysts note that the combination of lightweight and high-strength characteristics of PEEK materials, along with cost reductions to 200,000 yuan/ton, indicates a favorable market environment for growth [5].