天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-094 | | --- | --- | --- | | 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 2025 年半年度拟计提资产减值准备的公告 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。 2025 年 8 月 15 日，广州天赐高新材料股份有限公司（以下简称"公司"）召 开了第六届董事会第三十四次会议与第六届监事会第二十七次会议审议通过了 《关于 2025 年半年度拟计提资产减值准备的议案》，现将有关情况公告如下： 一、本次拟计提资产减值准备情况概述 广州天赐高新材料股份有限公司依据《企业会计准则》及公司会计政策相关 规定，为了客观、公允地反映公司截至 2025 年 6 月 30 日的财务状况，对存在减 值迹象的资产进行分析、评估并进行减值测试。经测试，对确实发生减值的资产 拟计提资产减值准备，预计 2025 年半年度合计计提减值金额约为 6,333.01 万元， 本次计提资产减值准备情况未经会计师事务所审计 ...

单位：万元 非经营性资金占用 资金占用方名称 占用方与上市公司 的关联关系 上市公司核算的 会计科目 2025 年期 初占用资金 余额 2025年半年 度占用累计 发生金额 （不含利 息） 2025 年 半年度 占用资 金的利 息(如有) 2025年半 年度偿还 累计发生 金额 2025 年半 年度期末 占用资金 余额 占用形成原 因 占用性质 控股股东、实际控 制人及其附属企业 小计 0.00 0.00 0.00 0.00 0.00 前控股股东、实际 控制人及其附属企 业 小计 0.00 0.00 0.00 0.00 0.00 其他关联方及附属 企业 小计 0.00 0.00 0.00 0.00 0.00 总计 0.00 0.00 0.00 0.00 0.00 | | | 往来方与上市公司 | 上市公司核算的 | 2025 年期 | 2025年半年 度占用累计 | 2025 年 半年度 | 2025年半 年度偿还 | 2025 年半 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 资 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-092 | | --- | --- | --- | | 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 关于修订《公司章程》及相关议事规则的公告 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 8 月 15 日召开第六届董事会第三十四次会议，审议通过了《关于修订<公司章程>及相 关议事规则的议案》。现将具体情况公告如下： 一、修订说明 根据《中华人民共和国公司法（2023 年修订）》《关于新公司法配套制度 规则实施相关过渡期安排》《上市公司章程指引（2025 年修订）》等法律、法 规及规范性文件的规定，修订《公司章程》《股东会议事规则》及《董事会议事 规则》，同时废止公司《监事会议事规则》。 修订前后的《公司章程》对比如下： | 修订前 | 修订后 | | --- | --- | | 第一条 为维护广州天赐高新材料股份 | | | | 第一条 为维护广州天赐 ...

关于制定及修改公司相关内部制度的公告 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 8 月 15 日召 开第六届董事会第三十四次会议，审议通过《关于制定及修改公司相关内部制度 的议案》。现将具体情况公告如下： 一、本次修订、制定原因及依据 全面贯彻落实最新法律法规要求，确保公司治理与监管规定保持同步，进一 步规范公司运作机制，提升公司治理水平，根据《中华人民共和国公司法（2023 年修订）》《上市公司章程指引（2025 年修订）》《深圳证券交易所股票上市规则 （2025 年修订）》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作（2025 年修订）》等最新法律法规、规范性文件的要求，公司结合 实际情况，对现行公司部分治理制度进行了制定、修订和完善。 | 序号 | 制度名称 | 类型 | 是否提交股东 大会审议 | | --- | --- | --- | --- | | 1 | 《关联交易管理制度》 | 修订 | 是 | | 2 | 《募集资金管理制度》 | 修订 | 是 ...

广州天赐高新材料股份有限公司第六届董事会审计委员会 关于 2025 年半年度计提资产减值准备合理性的说明 根据《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《企业会计准则》等相关制度的规定，作为广州天赐高新材料股份有限公 司（以下简称"公司"）董事会审计委员会委员，对公司《关于 2025 年半年度拟 计提资产减值准备的议案》进行审议，基于审慎的判断，发表如下说明： 公司本次计提资产减值准备符合《企业会计准则》及公司相关会计政策的规 定，是根据相关资产的实际情况进行减值测试后基于谨慎性原则而做出的，计提 资产减值准备依据充分、公允地反映了公司财务状况、资产价值及经营成果，使 公司关于资产价值的会计信息更加真实可靠，具有合理性。 董事会审计委员会（签字）： 陈丽梅 南俊民 李志娟 2025 年 8 月 15 日 （以下无正文，为第六届董事会审计委员会关于 2025 年半年度拟计提资产减值 准备合理性的说明的签署页） （此页无正文，为第六届董事会审计委员会关于 2025 年半年度拟计提资产减值 准备合理性的说明的签署页） ...

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"）2025年8月15日召开的 第六届董事会第三十四次会议审议通过了《关于召开2025年第三次临时股东大会 的议案》，决定于2025年9月10日（星期三）召开2025年第三次临时股东大会，现 将召开本次股东大会的有关安排公告如下： 一、召开会议的基本情况 1、股东大会届次： 2025 年第三次临时股东大会 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-095 | | --- | --- | --- | | 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 关于召开 2025 年第三次临时股东大会通知的公告 2、会议召集人：公司董事会。公司第六届董事会第三十四次会议于 2025 年 8 月 15 日召开，审议通过了《关于召开 2025 年第三次临时股东大会的议案》。 3、会议召开的合法、合规性：本次股东大会的召开程序符合《中华人民共 和国公司法》《上市公司股东大会规则》等法律、法规 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-088 | | --- | --- | --- | | 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 第六届监事会第二十七次会议决议的公告 本公司及监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。 2025 年 8 月 15 日，广州天赐高新材料股份有限公司（以下称"公司"）第六 届监事会第二十七次会议以通讯形式召开。应参加本次会议表决的监事 3 人，实 际参加本次会议表决的监事 3 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。 本次监事会审议并通过了相关议案，并形成决议如下： 一、审议通过了《关于审议 2025 年半年度报告全文及摘要的议案》 经核查，公司监事会成员一致认为，公司董事会编制和审核公司《2025 年 半年度报告全文及摘要》的程序符合法律、行政法规和中国证券监督管理委员会、 深圳证券交易所的有关规定，报告内容真实、准确、完整地反映了公司的实际情 况，不存在虚假记载、误导性陈述或者 ...

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-087 | | --- | --- | --- | | 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 第六届董事会第三十四次会议决议的公告 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。 2025 年 8 月 15 日，广州天赐高新材料股份有限公司（以下简称"公司"）第 六届董事会第三十四次会议以通讯的形式召开。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《关于审议 2025 年半年度报告全文及摘要的议案》 公司董事、监事、高级管理人员对 2025 年半年度报告签署了书面确认意见， 公司监事会提出了无异议的书面审核意见。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 《2025 年半年度报告全文》与本决议同日在公司指定信息披露媒体巨潮资 讯网（ht ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board and management affirm the report's accuracy and completeness, with no plans for cash dividends or capital reserve conversions in the reporting period - Company management guarantees the **truthfulness, accuracy, and completeness** of the report content, free from false records, misleading statements, or major omissions[6](index=6&type=chunk) - The company's 2025 semi-annual profit distribution plan proposes **no cash dividends, no bonus shares, and no conversion of capital reserves into share capital**[7](index=7&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms and company entities, including major subsidiaries, related parties, and core business terms like lithium-ion battery materials and electrolytes - The report provides **clear abbreviations** for the company's numerous subsidiaries and related parties, facilitating investor understanding of its complex equity structure and business layout[13](index=13&type=chunk)[14](index=14&type=chunk) - Key raw materials for core products such as "**lithium-ion battery materials**," "**electrolytes**," and "**lithium hexafluorophosphate**" are defined, aiding comprehension of the company's main business[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%8A%96) [Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Guangzhou Tinci Materials Technology Co., Ltd. (stock abbreviation: Tinci Materials, stock code: 002709) is a company listed on the Shenzhen Stock Exchange, with Xu Jinfu as its legal representative Basic Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Tinci Materials | | **Stock Code** | 002709 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Full Name** | Guangzhou Tinci Materials Technology Co., Ltd. | | **Legal Representative** | Xu Jinfu | [Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first half of 2025, the company achieved operating revenue of **7.029 billion CNY**, a **28.97%** year-on-year increase; net profit attributable to shareholders was **268 million CNY**, up **12.79%**. Basic earnings per share were **0.14 CNY/share**, an increase of **16.67%**, primarily driven by increased sales of battery materials Key Financial Performance Indicators | Key Financial Indicators | Current Period (2025 H1) | Prior Period (2024 H1) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (CNY)** | 7,028,730,109.87 | 5,450,027,206.35 | 28.97% | | **Net Profit Attributable to Shareholders (CNY)** | 267,900,543.30 | 237,525,982.08 | 12.79% | | **Net Profit Excluding Non-recurring Items (CNY)** | 234,603,380.29 | 186,173,873.04 | 26.01% | | **Net Cash Flow from Operating Activities (CNY)** | 409,143,054.97 | 364,460,390.32 | 12.26% | | **Basic Earnings Per Share (CNY/share)** | 0.14 | 0.12 | 16.67% | | **Weighted Average Return on Net Assets** | 2.04% | 1.79% | Increase by 0.25 percentage points | | **Total Assets (CNY)** | 24,439,346,520.11 | 23,953,389,261.08 | 2.03% (vs. end of prior year) | - During the reporting period, non-recurring gains and losses totaled **33.30 million CNY**, primarily from government subsidies and fair value changes in financial assets[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Principal Business](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's main business involves R&D, production, and sales of fine chemical new materials, with core products including lithium-ion battery materials (electrolytes, lithium iron phosphate) and daily chemical materials and specialty chemicals. During the reporting period, there were no significant changes in the company's business or products, and it strategically expanded into battery material recycling and new technologies like sodium-ion and solid-state batteries - The company's core business is divided into two major segments: **lithium-ion battery materials** and **daily chemical materials and specialty chemicals**[29](index=29&type=chunk) - In the lithium-ion battery materials sector, the company not only produces electrolytes and lithium iron phosphate but also extends upstream to key raw materials like lithium hexafluorophosphate, additives, and iron phosphate, while also developing battery recycling businesses[30](index=30&type=chunk) - The company simultaneously expands into new technology directions, including **sodium-ion battery materials** and **solid-state battery electrolytes**[30](index=30&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies include strong R&D innovation, integrated industrial chain and circular economy layout, global production and service network, experienced management team with a robust incentive system, and stringent product quality control - The company possesses strong R&D capabilities, with **1,141 patent applications** filed and **587 granted** as of the end of the reporting period, actively pursuing global patent layout via PCT[33](index=33&type=chunk) - The company builds **cost advantages** through self-production of core raw materials and recycling, and strengthens its industry position by entering markets such as cathode materials and battery adhesives through M&A[36](index=36&type=chunk) - The company actively promotes internationalization, having established subsidiaries in the US and Germany, and is advancing integrated capacity construction in Morocco and Texas, USA, to expand its overseas footprint[39](index=39&type=chunk) [Analysis of Principal Business](index=11&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue increased by **28.97%** year-on-year, primarily driven by higher battery material sales. Lithium-ion battery materials revenue reached **6.302 billion CNY**, growing **33.18%** and accounting for **89.66%** of total revenue. Daily chemical materials and specialty chemicals revenue increased by **12.93%**, with an overall gross profit margin of **18.69%**, largely stable compared to the prior year Key Financial Performance Overview | Financial Indicator | Current Period | Prior Period | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue (CNY)** | 7,028,730,109.87 | 5,450,027,206.35 | 28.97% | Increased sales of battery materials | | **Operating Cost (CNY)** | 5,715,055,817.13 | 4,422,889,645.44 | 29.22% | Increased sales of battery materials | | **R&D Investment (CNY)** | 438,865,660.69 | 305,703,901.19 | 43.56% | Increased R&D investment in new lithium battery materials | Revenue by Business Segment | Business Segment | Revenue (CNY) | Revenue Share | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | **Lithium-ion Battery Materials** | 6,301,924,155.80 | 89.66% | 33.18% | | **Daily Chemical Materials and Specialty Chemicals** | 613,915,272.14 | 8.73% | 12.93% | Gross Profit Margin by Business Segment | Business Segment | Gross Profit Margin | Year-on-Year Change | | :--- | :--- | :--- | | **Lithium-ion Battery Materials** | 17.05% | Decrease by 0.06 percentage points | | **Daily Chemical Materials and Specialty Chemicals** | 30.27% | Decrease by 0.51 percentage points | | **Overall Gross Profit Margin** | 18.69% | Decrease by 0.16 percentage points | [Analysis of Non-Principal Business](index=13&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, non-principal business activities impacted total profit, with fair value changes of **16.17 million CNY** from hedging instruments, asset impairment losses of **58.30 million CNY** primarily from inventory write-downs, and other income of **29.74 million CNY** mainly from government subsidies and VAT deductions Impact of Non-Principal Business on Profit | Item | Amount (CNY) | % of Total Profit | Reason for Formation | | :--- | :--- | :--- | :--- | | **Investment Income** | 8,652,894.51 | 2.46% | Primarily income from time deposits | | **Fair Value Change Gains/Losses** | 16,171,156.59 | 4.60% | Primarily fair value changes of hedging instruments | | **Asset Impairment** | -58,298,552.73 | -16.59% | Primarily provision for inventory write-downs | | **Other Income** | 29,736,105.32 | 8.46% | Primarily government subsidies and VAT additional deductions | [Analysis of Assets and Liabilities](index=13&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) As of the end of the reporting period, total assets were **24.439 billion CNY**, a **2.03%** increase from the prior year-end. The asset structure remained stable, primarily comprising fixed assets (**30.63%**) and accounts receivable (**20.88%**). On the liability side, short-term borrowings increased by **1.57 percentage points** to **7.92%**, and contract liabilities significantly grew due to increased customer prepayments - Total assets slightly increased by **2.03%** from the end of the prior year, reaching **24.439 billion CNY**[53](index=53&type=chunk) - Fixed assets, accounts receivable, and construction in progress are the main components of asset structure, accounting for **30.63%**, **20.88%**, and **8.87%** respectively[53](index=53&type=chunk) - Contract liabilities **significantly increased** from the beginning of the period, primarily due to increased customer prepayments during the reporting period[53](index=53&type=chunk) [Analysis of Investment Status](index=14&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total investment was **363 million CNY**, down **24.46%** year-on-year, with major non-equity projects still under construction. The company actively manages risks through commodity futures and foreign exchange hedging, and **77.27%** of 2022 convertible bond funds have been utilized [Overall Investment Situation](index=14&type=section&id=1%E3%80%81%E6%80%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company's total investment was **363 million CNY**, a **24.46%** decrease from **480 million CNY** in the prior year, covering asset acquisition, construction in progress, equity, and financial asset investments Investment Overview | | Investment Amount in Current Period (CNY) | Investment Amount in Prior Period (CNY) | Change Rate | | :--- | :--- | :--- | :--- | | **Total Investment** | 362,983,621.61 | 480,496,769.81 | -24.46% | [Major Non-Equity Investments](index=14&type=section&id=3%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%AD%A3%E5%9C%A8%E8%BF%9B%E8%A1%8C%E7%9A%84%E9%87%8D%E5%A4%A7%E7%9A%84%E9%9D%9E%E8%82%A1%E6%9D%83%E6%8A%95%E8%B5%84%E6%83%85%E5%86%B5) The company is advancing several major projects, including the 'Jiujiang Tinci 200,000-ton Lithium Battery Material Project' and 'Jiangmen Tinci 200,000-ton Lithium Battery Electrolyte Project,' with progress rates of **72.95%** and **42.22%** respectively as of the reporting period end Ongoing Major Non-Equity Investment Projects | Project Name | Investment Method | Cumulative Investment Amount as of Period End (CNY) | Project Progress | | :--- | :--- | :--- | :--- | | **Jiujiang Tinci - 200,000-ton Lithium Battery Material Project** | Self-built | 684,593,053.66 | 72.95% | | **Jiangmen Tinci - 200,000-ton Lithium Battery Electrolyte Project** | Self-built | 324,200,596.56 | 42.22% | [Financial Asset Investments](index=15&type=section&id=4%E3%80%81%E9%87%91%E8%9E%8D%E8%B5%84%E4%BA%A7%E6%8A%95%E8%B5%84) To mitigate risks from lithium carbonate price and foreign exchange rate fluctuations, the company engaged in commodity futures and foreign exchange hedging, largely achieving its risk management objectives. Additionally, speculative commodity futures trading generated **4.26 million CNY** in income during the reporting period - The company conducted commodity futures (lithium carbonate) and foreign exchange hedging to mitigate raw material price and exchange rate fluctuation risks. During the reporting period, commodity hedging generated **12.24 million CNY** in fair value change gains, while foreign exchange hedging resulted in **0.32 million CNY** in fair value change losses[63](index=63&type=chunk) - The company engaged in speculative commodity futures trading, realizing actual gains of **4.26 million CNY** during the reporting period[65](index=65&type=chunk) [Use of Raised Funds](index=17&type=section&id=5%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The net proceeds from the company's 2022 public issuance of convertible bonds were **3.395 billion CNY**, with **2.623 billion CNY** (or **77.27%**) cumulatively utilized as of the reporting period end. Some projects' benefits fell short of expectations due to market demand and raw material price fluctuations, while others were delayed due to process upgrades - The net proceeds from the 2022 convertible bonds were **3.395 billion CNY**, with **77.27%** cumulatively utilized as of the end of the reporting period[68](index=68&type=chunk)[71](index=71&type=chunk) - Several investment projects funded by raised capital underperformed expectations due to lower-than-anticipated demand and raw material price fluctuations[73](index=73&type=chunk) - The '41,000-ton/year Lithium-ion Battery Material Project (Phase I)' completion date was extended to **December 31, 2025**, due to process innovation and upgrades[76](index=76&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E5%85%AB%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Jiujiang Tinci, a key subsidiary, significantly contributed to the company's performance, primarily engaged in fine chemical business. It reported total assets of **12.163 billion CNY**, operating revenue of **4.845 billion CNY**, and net profit of **56.26 million CNY** during the period Key Subsidiary Financial Performance | Company Name | Type | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | **Jiujiang Tinci** | Subsidiary | 4,844,854,630.02 | 56,256,836.34 | [Risks and Countermeasures](index=20&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from policy changes, technological iteration, extended payment terms, price volatility, exchange rate fluctuations, environmental safety, project management, and geopolitical factors in overseas projects. Countermeasures include market diversification, R&D investment, dynamic credit management, futures hedging, increased self-sufficiency, and enhanced project management - **Technological Iteration Risk**: New technologies like solid-state and sodium-ion batteries may impact traditional electrolyte business. The company has increased R&D investment in solid/semi-solid electrolytes and built patent reserves[81](index=81&type=chunk) - **Price Fluctuation Risk**: Overcapacity in the lithium battery material industry leads to product price volatility. The company mitigates this by increasing the proportion of high-margin product exports and raw material self-sufficiency[84](index=84&type=chunk) - **Overseas Project Risk**: Projects in the US and Morocco face local environmental requirements and geopolitical uncertainties. The company will maintain close communication with local governments, monitor regulations, and prepare contingency plans[89](index=89&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Equity Incentive and Employee Stock Ownership Plans](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company continued its 2021, 2022, and 2024 equity incentive plans, canceling or repurchasing unvested stock options and restricted shares. The 2024 employee stock ownership plan was also implemented, covering **99 core employees** and holding **0.21%** of the total share capital - The company repurchased and canceled certain equity interests from the 2021 and 2022 equity incentive plans that did not meet the exercise/unlocking conditions[104](index=104&type=chunk)[109](index=109&type=chunk) - The company launched a new phase of its stock option incentive plan at the end of 2024 and completed the initial grant registration in **January 2025**[110](index=110&type=chunk)[113](index=113&type=chunk) - The 2024 employee stock ownership plan has been implemented, with **99 participating employees** holding **3,947,000 shares**, representing **0.21%** of the total share capital[114](index=114&type=chunk) [Environmental, Social, and Governance (ESG)](index=27&type=section&id=%E5%9B%9B%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company prioritizes ESG management, issuing compliance and ESG-related policies, including an 'Anti-Bribery and Anti-Corruption Policy.' Environmental efforts through process improvements led to a cumulative **3,820-ton** carbon emission reduction at the Jiujiang base, while social initiatives include poverty alleviation and education support - The company and its **9** major subsidiaries are included in the list of enterprises required to disclose environmental information by law[117](index=117&type=chunk) - The company issued an "**Anti-Bribery and Anti-Corruption Policy**" to strengthen corporate governance[118](index=118&type=chunk) - Through process technological upgrades, the Jiujiang production base cumulatively reduced carbon emissions by approximately **3,820 tons** during the reporting period[119](index=119&type=chunk) [Significant Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Litigation Matters](index=30&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the reporting period, the company was involved in several significant lawsuits. The company's commercial secret infringement case against Jinshi Resources was withdrawn. The case against Yongtai Technology, involving **888 million CNY**, is in its first-instance phase, while Jiujiang Tinci's commercial secret infringement case has entered the second-instance judgment phase Overview of Major Litigation Cases | Basic Litigation Information | Amount Involved (million CNY) | Litigation Progress | | :--- | :--- | :--- | | **Company vs. Jinshi Resources Commercial Secret Infringement Case** | 90.802 | Withdrawn | | **Company vs. Yongtai Technology Commercial Secret Infringement Case** | 888.25 | First-instance phase | | **Jiujiang Tinci Commercial Secret Infringement Case (Criminal)** | - | Second-instance phase | [Significant Contracts and Guarantees](index=32&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) As of the reporting period end, the company and its subsidiaries had external guarantees totaling **67.90 million CNY** and guarantees for subsidiaries totaling **1.589 billion CNY**. The total actual guarantee amount represented **12.65%** of the company's net assets, with no significant entrustment, contracting, or leasing matters Guarantee Balances | Guarantee Type | Actual Guarantee Balance at Period End (million CNY) | | :--- | :--- | | **External Guarantees (excluding subsidiaries)** | 67.90 | | **Guarantees for Subsidiaries** | 1,588.70 | | **Total** | 1,656.60 | - The total actual guarantee amount represents **12.65%** of the company's net assets[142](index=142&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Capital Changes](index=35&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital decreased from **1.919 billion shares** to **1.914 billion shares**, primarily due to a **384-share** increase from convertible bond conversions and the repurchase and cancellation of **4.4813 million restricted shares** under equity incentive plans. Additionally, two share repurchase programs were completed, totaling approximately **242 million CNY** - During the reporting period, the company's total share capital decreased by **4,480,905 shares** due to convertible bond conversions and equity incentive repurchases and cancellations, with the period-end total share capital at **1,914,344,146 shares**[149](index=149&type=chunk)[150](index=150&type=chunk) - The company completed two share repurchase programs, with the first phase totaling approximately **120 million CNY** and the second phase approximately **122 million CNY**[153](index=153&type=chunk)[154](index=154&type=chunk) [Shareholder Information](index=36&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) As of the reporting period end, the company had **182,334 common shareholders**. Controlling shareholder Xu Jinfu held **36.50%** of shares. Among the top ten shareholders, Hong Kong Securities Clearing Company Limited held **2.94%**, and Wanxiang A123 Systems Co., Ltd. held **1.73%** - As of the end of the reporting period, the company had a total of **182,334 shareholders**[159](index=159&type=chunk) Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End (shares) | | :--- | :--- | :--- | | **Xu Jinfu** | 36.50% | 698,668,092 | | **Hong Kong Securities Clearing Company Limited** | 2.94% | 56,332,817 | | **Wanxiang A123 Systems Co., Ltd.** | 1.73% | 33,070,163 | | **Lin Fei** | 1.71% | 32,786,972 | [Bond-Related Information](index=39&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Convertible Corporate Bonds](index=39&type=section&id=%E5%9B%9B%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8) In **September 2022**, the company issued **3.4105 billion CNY** in convertible corporate bonds ('Tinci Convertible Bonds') with a **5-year** term. As of the reporting period end, the bond balance was **3.410 billion CNY**, with cumulative conversion to shares totaling **0.3941 million CNY**. The conversion price was adjusted multiple times due to equity distributions and share repurchases, with the latest price at **28.50 CNY/share**. The company's main credit rating is **AA**, with a stable outlook - The company issued **3.4105 billion CNY** in convertible corporate bonds, abbreviated as 'Tinci Convertible Bonds,' in **September 2022**[170](index=170&type=chunk) - As of the end of the reporting period, the unconverted bond amount was **3.410 billion CNY**, representing **99.99%** of the total issuance[175](index=175&type=chunk) - Due to equity distributions and the repurchase and cancellation of restricted shares, the convertible bond's conversion price was adjusted multiple times, with the latest price at **28.50 CNY/share** as of the end of the reporting period[176](index=176&type=chunk)[177](index=177&type=chunk) - According to China Chengxin International Credit Rating Co., Ltd., the company's main credit rating is **AA**, with a stable outlook[178](index=178&type=chunk) [Financial Report](index=42&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Consolidated Balance Sheet](index=42&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of **June 30, 2025**, total assets were **24.439 billion CNY**, a **2.03%** increase from the beginning of the period. Total liabilities were **11.125 billion CNY**, with a debt-to-asset ratio of **45.52%**. Equity attributable to parent company owners was **13.097 billion CNY**, a slight decrease from the beginning of the period. Non-current assets (**13.264 billion CNY**) accounted for a larger proportion than current assets (**11.176 billion CNY**) Consolidated Balance Sheet Highlights | Item | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | 24,439,346,520.11 | 23,953,389,261.08 | | **Total Liabilities** | 11,125,307,585.50 | 10,628,818,637.80 | | **Equity Attributable to Parent Company Owners** | 13,096,740,479.10 | 13,103,593,054.20 | | **Debt-to-Asset Ratio** | 45.52% | 44.37% | [Consolidated Income Statement](index=45&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, total operating revenue reached **7.029 billion CNY**, a **28.97%** year-on-year increase. Total operating costs were **6.670 billion CNY**, up **29.22%**. R&D expenses significantly grew by **43.56%** to **439 million CNY**. Net profit attributable to parent company shareholders was **268 million CNY**, an increase of **12.79%** Consolidated Income Statement Highlights | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | **Total Operating Revenue** | 7,028,730,109.87 | 5,450,027,206.35 | | **Total Operating Cost** | 6,670,326,670.31 | 5,200,814,216.24 | | **R&D Expenses** | 438,865,660.69 | 305,703,901.19 | | **Total Profit** | 351,445,564.64 | 321,188,556.52 | | **Net Profit Attributable to Parent Company Shareholders** | 267,900,543.30 | 237,525,982.08 | [Consolidated Cash Flow Statement](index=48&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) During the reporting period, net cash flow from operating activities was **409 million CNY**, a **12.26%** year-on-year increase, indicating robust core business cash generation. Net cash outflow from investing activities was **829 million CNY**, primarily for acquiring fixed and other long-term assets. Net cash inflow from financing activities was **125 million CNY**, mainly due to reduced dividend distribution. Period-end cash and cash equivalents decreased by **299 million CNY** from the beginning of the period Consolidated Cash Flow Highlights | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 409,143,054.97 | 364,460,390.32 | | **Net Cash Flow from Investing Activities** | -829,130,490.36 | -847,722,499.81 | | **Net Cash Flow from Financing Activities** | 125,160,773.91 | -413,434,570.93 | | **Net Increase in Cash and Cash Equivalents** | -298,575,422.10 | -895,506,435.11 | [Summary of Financial Statement Notes](index=57&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company's financial statements adhere to Chinese Enterprise Accounting Standards, prepared on a going concern basis. Key policies include revenue recognition upon customer control transfer, financial instrument classification based on business model and cash flow characteristics, inventory valuation using weighted average cost and lower of cost or net realizable value, and impairment testing for long-term assets when indicators arise. The company and several subsidiaries benefit from a **15%** high-tech enterprise income tax preferential rate - Revenue recognition points: Domestic sales are recognized when goods arrive at the customer's designated location or upon customer acceptance; international sales are recognized when goods are loaded onto the vessel and pass the ship's rail[376](index=376&type=chunk) - Financial asset impairment uses the expected credit loss model, with loss provisions for accounts receivable always measured at the expected credit loss over their entire lifetime[267](index=267&type=chunk)[272](index=272&type=chunk) - The company and several subsidiaries, including Jiujiang Tinci, Chizhou Tinci, and Dongguan Tengwei, are recognized as high-tech enterprises, enjoying a **15%** preferential corporate income tax rate[424](index=424&type=chunk)[425](index=425&type=chunk) [Other Submitted Data](index=156&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%B6%E4%BB%96%E6%8A%A5%E9%80%81%E6%95%B0%E6%8D%AE) [Investor Relations Activities](index=156&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E7%99%BB%E8%AE%B0%E8%A1%A8) During the reporting period, the company actively engaged with investors, conducting multiple investor relations activities in **April 2025**, including site visits, phone calls, and online platforms, primarily discussing the company's operating performance for **FY2024** and **Q1 2025** - In **April 2025**, the company communicated with investors through various channels, including site visits, phone calls, and online platforms, covering the interpretation of the **2024 annual report** and **Q1 2025 quarterly report**[733](index=733&type=chunk)

Core Insights - The report highlights the ongoing recovery in the domestic financial market, with significant investments in infrastructure and a focus on emerging sectors such as energy storage and commercial aerospace [3][4][8]. Industry Updates - The price of lithium hexafluorophosphate continues to rise due to supply-demand mismatches, with related stocks including Tianqi Lithium (002709) and Xinzhou Bang (300037) [9]. - Energy storage companies are experiencing improved profitability as they push back against market saturation, with notable stocks being Goodwe (688390) and Penghui Energy (300438) [9]. - The commercial aerospace sector remains vibrant, with accelerated satellite internet construction and launch schedules, involving companies like Zhenlei Technology (688270) and Zongshen Power (001696) [10]. Company Focus - Weichai Heavy Machinery (000880) reported a revenue of 2.746 billion yuan and a net profit of 144 million yuan for the first half of 2025, marking a year-on-year growth of 52.62%, and plans to implement a stock split [12]. - Dongfang Wealth (300059) achieved a revenue of 6.856 billion yuan and a net profit of 5.567 billion yuan in the first half of 2025, reflecting a year-on-year increase of 37.27% [12]. - Guanghong Technology (300735) recently secured over 50 million euros in new product orders [12]. - 4S Small Commodity City (600415) reported a revenue of 7.713 billion yuan and a net profit of 1.691 billion yuan for the first half of 2025, showing a growth of 16.78% [12]. Market Review and Outlook - The market experienced a rebound on August 15, with the ChiNext Index leading the gains. The total trading volume across the Shanghai and Shenzhen markets was 2.24 trillion yuan, a decrease of 34.6 billion yuan from the previous trading day [14]. - The report notes a positive market sentiment, with a broad range of stocks rising, particularly in the financial and technology sectors, indicating a favorable environment for attracting new capital [14]. - The report suggests that as long as trading volumes remain above 2 trillion yuan, there will be opportunities for rotation among popular sectors such as AI, finance, and robotics [14].