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].

Core Viewpoint - Globalization is no longer a choice for companies but a consensus for industrial development and the ultimate direction, especially in the current highly competitive environment [2]. Group 1: Globalization Progress in China's Lithium Battery Industry - The 24潮产业研究院 (TTIR) analyzed 13 leading companies in China's lithium battery industry, showing that their total overseas revenue increased from 39.156 billion yuan in 2020 to 228.740 billion yuan in 2024, a growth of 484.18% [3][5]. - However, in 2024, the overseas revenue of these companies decreased by 7.14% year-on-year, and the proportion of overseas revenue to total revenue only increased by 6.48 percentage points over five years [5]. Group 2: Company-Specific Performance - Companies like 阳光电源, 中伟股份, 恩捷股份, and 科达利 have shown strong growth in overseas revenue from 2020 to 2024, with 中伟股份 maintaining over 30% growth for four consecutive years [5]. - Conversely, companies such as 天齐锂业, 贝特瑞, 格林美, 宁德时代, and 华友钴业 experienced negative growth in 2024, with 天齐锂业 facing the most significant decline of 81.13% [5][7]. Group 3: Investment and Capacity Planning - As of now, major companies like 宁德时代, 华友钴业, and others have planned or established significant overseas operations, with total investment budgets nearing 370 billion yuan [9]. - 宁德时代 is leading in overseas investment, planning to build five factories with a total investment budget of approximately 178.948 billion yuan [9]. Group 4: Challenges in Globalization - The globalization process is facing challenges, including project delays and terminations due to changing market conditions and legal disputes, as seen with 国轩高科 and other companies [10][12]. - The global lithium battery industry is experiencing a downturn, affecting the globalization efforts of Chinese companies, with many projects being postponed or canceled [12][13]. Group 5: Future Outlook - The future of globalization in the lithium battery sector is uncertain, with potential for more projects to be delayed or terminated due to ongoing global economic and policy fluctuations [14][15]. - Companies must balance their investment strategies with the need for financial health to survive in a competitive landscape [15].

截至8月15日收盘，PEEK材料概念上涨5.31%，位居概念板块涨幅第1，板块内，38股上涨，横河精密 20%涨停，金田股份、联泓新科等涨停，双一科技、会通股份、新瀚新材等涨幅居前，分别上涨 15.39%、11.49%、10.16%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | PEEK材料 | 5.31 | 兵装重组概念 | -1.89 | | 液冷服务器 | 4.47 | 芬太尼 | 0.10 | | PCB概念 | 4.28 | 超级品牌 | 0.34 | | 光刻胶 | 3.76 | 猪肉 | 0.35 | | 富士康概念 | 3.66 | 啤酒概念 | 0.40 | | PET铜箔 | 3.66 | 乳业 | 0.44 | | BC电池 | 3.58 | 中韩自贸区 | 0.56 | | PVDF概念 | 3.55 | 托育服务 | 0.58 | | 铜缆高速连接 | 3.45 | F5G概念 | 0.59 | | 互联网保险 | 3.33 | 水泥概念 | 0.60 | PEEK材料概念资金流 ...

Group 1 - Tianqi Materials (SZ002709) has received preliminary approval for the environmental assessment of its subsidiary, Jiujiang Tianqi New Power Materials Technology Co., Ltd., which plans to expand its production capacity to 40,000 tons of lithium difluorosulfamide. The total investment for this project is 96.16 million yuan [1] - The "A-share Green Report" project, launched by the Daily Economic News in collaboration with the public environmental research center (IPE), aims to enhance the transparency of environmental information for listed companies. It monitors environmental performance based on authoritative data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that 10 listed companies have recently exposed environmental risks [1] Group 2 - Tianqi Materials' main business is in the fine chemical industry, which accounts for 100% of its revenue [2] - The company's market capitalization is 37.234 billion yuan, with projected revenues of 15.405 billion yuan for 2023, 12.518 billion yuan for 2024, and 3.489 billion yuan for Q1 2025 [3] - The net profit attributable to shareholders is expected to be 1.891 billion yuan for 2023, 484 million yuan for 2024, and 150 million yuan for Q1 2025 [3]

Core Insights - The battery theme index in China has seen a strong increase of 3.41%, with key stocks such as Keda (科士达) hitting the daily limit up, and other companies like Yalong (阳光电源) and Silver Wheel (银轮股份) also experiencing significant gains [1] - The battery ETF managed by Harvest (嘉实) has shown a 37.75% increase in net value over the past year, with a maximum monthly return of 31.11% since its inception [2] - The solid-state battery sector is gaining attention due to its high energy density and safety, with the industry entering a critical phase of industrialization supported by policy, technological advancements, and growing demand [2] Market Performance - As of August 15, 2025, the battery ETF has a turnover rate of 3.16% and a transaction volume of 9.8276 million yuan [2] - The top ten weighted stocks in the battery theme index account for 51.66% of the index, with Yalong (阳光电源) and CATL (宁德时代) being the top two [3][5] Stock Performance - Key stock performances include: - Yalong (阳光电源) up by 6.88% with a weight of 10.28% - CATL (宁德时代) up by 0.55% with a weight of 9.64% - Sanhua Intelligent Control (三花智控) up by 4.53% with a weight of 6.31% [5] Investment Opportunities - Investors without stock accounts can access the battery industry investment opportunities through the battery ETF Harvest linked fund [7]

Group 1 - The chemical sector experienced a significant rise on August 15, with the chemical ETF (516020) increasing by 1.51% [1] - Key stocks in the sector included Lianhong Xinke, which surged over 7%, and Xinjubang and Jinfakeji, both rising over 6% [1] - The basic chemical sector attracted over 7 billion yuan in net inflows, ranking fifth among 30 major sectors [2][3] Group 2 - Recent retail prices for refrigerants like R32 and R227ea have been rising, with R32 expected to average 56,000 to 58,000 yuan per ton from August to October [3] - The chemical ETF (516020) is currently at a low valuation, with a price-to-book ratio of 2.07, indicating potential for long-term investment [3] - Analysts suggest that the "anti-involution" trend in the chemical industry may lead to the elimination of outdated production capacity, improving the competitive landscape and profitability [4] Group 3 - The chemical ETF (516020) tracks the CSI segmented chemical industry index, covering various sub-sectors and focusing on large-cap stocks [4] - Investors can also consider chemical ETF linked funds for exposure to the chemical sector [4]

*免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据证券时报8月14日报道，7月下旬以来，受储能需求激增、原料成本传导及行业集中度提升等因素影 响，国内六氟磷酸锂价格价格呈现持续上涨趋势。据长江有色金属网 ，2025年8月14日，六氟磷酸锂报 价区间为52900-55900元/吨，均价54400元/吨，较上一交易日跳涨1,000 元/吨。7月底至今累计涨幅达 8%。 天赐材料：公司是国内电解液龙头，六氟磷酸锂产能达11.2万吨，公司已构建了锂盐-添加剂-电解液一 体化产业链，并深度绑定宁德时代及特斯拉等头部客户。此外，公司硫化物路线的固态电解质已处于中 试阶段。 新宙邦：公司添加剂专利壁垒突出（VC/FEC市占率40%），海外客户营收占比持续提升，截至今年年 中公司六氟磷酸锂产能为6万吨。 分析认为，此次上涨受电解液企业集中备货、碳酸锂成本传导及储能需求超预期释放共同驱动，当前行 业库存已经降至1.5个月安全线下。储能装机量连续三个月同比增速超150%，带动磷酸铁锂电池需求激 增，电解液企业为应对金九银十旺季提前备货，单月采购量环比提升。中小企业受制于氟化锂原料紧 缺，实际有效 ...