天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-083 | | --- | --- | --- | | 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 年第二次临时股东大会的提示性公告 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。 广州天赐高新材料股份有限公司（以下简称"公司"）2025年7月4日召开的第 六届董事会第三十三次会议审议通过了《关于召开2025年第二次临时股东大会的 议案》，决定于2025年7月23日（星期三）召开2025年第二次临时股东大会，具体 内容详见公司于2025年7月8日在巨潮资讯网（http://www.cninfo.com.cn）披露的 《关于召开2025年第二次临时股东大会通知的公告》（公告编号：2025-079）。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 年第二次临时股东大会 2、会议召集人：公司董事会。公司第六届董事会第三十三次会议于 2025 年 7 月 4 ...

Core Viewpoint - The phosphoric iron market is experiencing significant growth in the first half of 2025, with a production increase of 74.2% year-on-year, reaching 1.403 million tons, which is a notable rise compared to the 43.9% growth in 2024 [1]. Group 1: Market Production and Growth - The production of phosphoric iron in the first half of 2025 is 1.403 million tons, reflecting a year-on-year growth of 74.2% [1]. - The growth rate in 2025 is significantly higher than the 43.9% increase observed in the entire year of 2024 [1]. Group 2: Company Performance - Hunan Yuno and Wanrun New Energy are the only two companies with production exceeding 100,000 tons, leading the first tier of producers [3]. - Four companies, including Bangpu Recycling and Zhongwei Xinyang, have production levels above 50,000 tons, placing them in the second tier [3]. Group 3: Capacity Utilization - There is a significant disparity in capacity utilization among companies, with leading companies like Hunan Yuno and Yuntu New Energy showing higher utilization rates [6]. - In the first tier, companies such as Hunan Yuno and Guizhou Yayou are leading in capacity utilization, while several companies in the second tier have utilization rates exceeding 50% [6]. Group 4: Self-Use vs. External Sales - The majority of phosphoric iron produced is for self-use, with the market split being 58% for self-use and 42% for external sales in the first half of 2025 [8]. - Companies like Hunan Yuno and Wanrun New Energy primarily focus on self-use, and the proportion of self-supplied phosphoric iron is on the rise [8].

Group 1 - Yaxin Security plans to reduce its shareholding by up to 3%, totaling no more than 12 million shares, from August 8, 2025, to November 7, 2025 [1] - Shangwei Co. intends to issue up to 180 million shares to its controlling shareholder, raising no more than 1.144 billion yuan for digital upgrades and working capital [1][2] - Anker Innovations is exploring the possibility of overseas share issuance to enhance its global strategy and brand image, with no specific plan confirmed yet [3] Group 2 - AVIC Xi'an Aircraft Industry Group's chairman resigned due to work changes, effective immediately upon submission of the resignation [4] - Tianci Materials signed a procurement cooperation agreement to supply at least 550,000 tons of electrolyte products to Chuangneng New Energy from 2025 to 2030, enhancing market share and profitability [5][6] - Guangshentang's innovative drug GST-HG131 has been included in the list of breakthrough therapies, but this does not guarantee market approval or immediate financial impact [7][8] Group 3 - Chaozhuo Aerospace plans to reduce its shareholding by up to 3%, totaling no more than 896,000 shares, from August 7, 2025, to November 6, 2025 [9] - Taiji Group intends to repurchase shares worth between 80 million and 120 million yuan, with a maximum price of 28.03 yuan per share, to be used for cancellation [11][12] - Xibu Materials plans to invest 125 million yuan in a private placement by its subsidiary to raise 147 million yuan for working capital and loan repayment [13] Group 4 - Shantui Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [14] - *ST Huawang intends to acquire 55.5% of Niwei Power for 666 million yuan, entering the new energy hybrid vehicle sector [15] - Tailin Bio's controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 1.8195 million shares, for personal funding needs [17] Group 5 - Huicheng Vacuum plans to reduce its shareholding by up to 3%, totaling no more than 3 million shares, from August 7, 2025, to November 6, 2025 [18][19] - Kesi Co.'s actual controller plans to reduce its shareholding by up to 3%, totaling no more than 14.27 million shares, for personal funding needs [20][21] - Zhongchong Co.'s controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 4.56 million shares, for funding needs [22][23] Group 6 - Shanhigh Environmental plans to raise no more than 718 million yuan through a private placement to supplement working capital and repay bank loans [24][25] - Zhongrong Electric plans to invest 114 million yuan in the construction of the Sinok New Energy Technology Park, expected to be completed by the end of 2027 [26] - Kaisen New Materials' shareholder plans to transfer 4.75% of its shares, totaling 20 million shares, for personal funding needs [27] Group 7 - Xinxin Standard's controlling shareholder plans to reduce its shareholding by up to 3%, totaling no more than 6.7792 million shares, for personal funding needs [28] - Chuhuan Technology plans to invest 9.99 million yuan in a partnership focused on high-end manufacturing, including semiconductors and new materials [29] - Shankai Intelligent's stock will resume trading after a share transfer agreement with Changjiang Aerospace, which will become the controlling shareholder [30]

Group 1 - Tianqi Materials signed a framework agreement with Chuangneng New Energy to supply at least 550,000 tons of electrolyte products by December 31, 2030, indicating a long-term cooperation intention [1] - The actual supply volume will depend on the execution of the agreement, which may be influenced by industry policies, market conditions, and economic factors, introducing uncertainty [1] - This large order is expected to stabilize the company's capacity utilization, but the execution of the agreement may lead to fluctuations in performance contributions [1] Group 2 - Hoshine Silicon Industry's controlling shareholder, Ningbo Hoshine Group, plans to transfer 5.08% of the company's shares (60 million shares) to Xiao Xiugan for a total price of 2.634 billion yuan [2] - The share transfer does not involve a change in control, but the large transfer may raise market concerns regarding the stability of the equity structure [2] - The transaction is subject to review and registration by the Shanghai Stock Exchange, introducing uncertainty in the process [2] Group 3 - Zhuhai Guanyu achieved a significant legal victory as the Supreme People's Court ruled to revoke a previous judgment and dismissed ATL's lawsuit, marking a key progress in the patent dispute [3] - A total of 14 ATL patents have been declared or ruled invalid, with 12 cases withdrawn by ATL and 4 cases dismissed by the court [3] - This outcome strengthens the company's patent ownership advantage and enhances market confidence in its technological barriers, with no negative impact on daily operations or future profits [3]

Company Focus - Postal Savings Bank plans to invest 10 billion yuan to establish China Post Financial Asset Investment Co., Ltd [2] - Anker Innovation is currently researching and evaluating equity financing in the Hong Kong capital market [2] - Hoshine Silicon Industry's controlling shareholder intends to transfer 5.08% of the company's shares to Xiao Xiukun for a total price of 2.634 billion yuan [2] - Shantui Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange [2] Investment & Contracts - Jindi Co., Ltd. signed an industrial project investment contract with the Bishan District government for no less than 1.5 billion yuan [2] - Tuoxin Pharmaceutical intends to increase capital by 10 million yuan in Jingsan Biological, which has achieved the preparation of high-purity ergotamine [2] Equity Changes - Wuchan Huaneng plans to acquire 100% equity of Nantah Lake Technology for 1.457 billion yuan [3] - A shareholder of Aisecurity plans to reduce their holdings by no more than 3% of the company's shares [2] Performance & Earnings - Tiande Yu expects a net profit of 152 million yuan for the first half of the year, a year-on-year increase of 50.89% [4] - Pinming Technology anticipates a year-on-year net profit increase of 232%-303% for the first half of 2025 [4] Contracts & Project Wins - Pinggao Electric won a project from the State Grid with a total amount of approximately 1.45 billion yuan [4] Financing & Capital Increase - Shangwei Co., Ltd. plans to issue shares to its controlling shareholder Fuhua Chemical to raise no more than 1.144 billion yuan [2] Stock Price Movements - Zhongchen Technology's revenue from humanoid robot-related products accounts for no more than 1% of total revenue [2]

天赐材料（002709） 一、协议签订情况概况 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、该协议为电解液供应的框架性协议，协议采购量为双方预测的需求量， 实际以协议执行情况为准，存在一定的不确定性； 2、在协议履行的过程中如遇行业政策、市场环境、经济等不可预计或不可 抗力等因素的影响，有可能存在协议无法如期或全部履行的风险； 3、最近三年披露的框架协议的后续进展情况详见公告正文。 | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-082 | | --- | --- | --- | | 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 关于与楚能新能源签订生产材料采购合作协议的公告 2025 年 7 月 15 日，广州天赐高新材料股份有限公司（以下简称"公司"） 全资子公司九江天赐高新材料有限公司（以下简称"九江天赐"）与武汉楚能新 能源有限公司、孝感楚能新能源创新科技有限公司、宜昌楚能新能源创新科技有 限公司（以下合称"楚能新能源"）签订了《生产材料采购合作协议》（以下简称 " ...

Core Viewpoint - The company Tianqi Materials (002709) has signed a procurement cooperation agreement with Chuangneng New Energy, committing to supply no less than 550,000 tons of electrolyte series products by the end of 2030 [1] Group 1 - The agreement is a framework agreement, and the actual procurement volume will depend on the execution of the agreement, indicating uncertainty [1] - The implementation of this agreement is expected to have a positive impact on the company's operating performance from 2025 to 2030, with specific financial impacts to be determined based on the agreement's execution [1]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [4]. Core Insights - In June 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid growth year-on-year, with production reaching 1.268 million units and sales at 1.329 million units, representing year-on-year growth of 26.4% and 26.7% respectively [3]. - The penetration rate of new energy vehicles in June was 45.8%, a decrease of 2.9 percentage points from the previous month, while the cumulative penetration rate for the first half of the year was 44.3% [3]. - The global power battery installation volume from January to May 2025 was 401.3 GWh, a year-on-year increase of 38.5%, with the top five companies holding a combined market share of 73.9% [3]. - In June 2025, the installation volume of lithium iron phosphate batteries reached 47.4 GWh, a year-on-year increase of 49.7%, accounting for 81.5% of the total installation volume [3]. Summary by Sections New Energy Vehicle Sales - In June 2025, NEV sales reached 1.329 million units, with pure electric vehicle sales at 859,000 units (up 40.4% year-on-year) and plug-in hybrid sales at 470,000 units (up 7.8% year-on-year) [3]. - Cumulatively, from January to June 2025, NEV production and sales were 6.968 million and 6.937 million units, reflecting year-on-year growth of 41.4% and 40.3% respectively [3]. Battery Installation Volume - The total power battery installation volume in June 2025 was 58.2 GWh, with a year-on-year increase of 35.9% [3]. - Cumulatively, from January to June 2025, the total installation volume was 299.6 GWh, representing a year-on-year growth of 47.3% [3]. Export Data - In June 2025, power battery exports reached 15.8 GWh, accounting for 65% of total exports, with a year-on-year increase of 16.6% [3]. - Cumulatively, from January to June 2025, power battery exports totaled 81.6 GWh, reflecting a year-on-year growth of 26.5% [3]. Investment Recommendations - The report suggests focusing on leading companies in the battery and materials sectors that show fundamental improvements, particularly those with technological and capacity advantages in solid-state electrolytes and new types of electrodes [3]. - Key investment targets include CATL, EVE Energy, Keda Technology, and others [3].

Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, driving strong growth in the upstream electrolyte market, with China's dominant position in the global market further strengthened [1]. Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 941,000 tons, a year-on-year increase of 54.57%, while global electrolyte production was 1,005,000 tons, with a year-on-year growth of 46.71% [2]. - It is projected that global electrolyte production will exceed 2.1 million tons in 2025 [2]. Market Trends - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the year-on-year growth of nearly 55% in China and over 46% globally in the first half of 2025 indicates strong market momentum even at high base levels [4]. - The domestic market is highly competitive, particularly among second-tier companies, with market shares closely contested [4]. Competitive Landscape - The market concentration continues to rise, with leading companies holding significant advantages. Tianqi Materials leads with over 30% market share, followed by BYD and New Zhongbang [7]. - The top three companies (Tianqi, BYD, New Zhongbang) collectively hold a market share of 62.4%, firmly controlling the market [8]. - Second-tier manufacturers, including Xianghe Kunlun and Zhuhai Saiwei, have market shares around 4-5%, indicating fierce competition [8]. Global Market Dynamics - Only Yienke has entered the global top thirteen rankings, while other overseas companies are falling behind, leading to a gradual decrease in their market share [9]. - The electrolyte market in the first half of 2025 continued its high growth trend, with Chinese companies maintaining a core position in the global supply chain [11]. Future Outlook - As the global electrification process deepens, technological iterations (such as new lithium salts and solid-state electrolyte exploration) and cost control capabilities will be key for companies to maintain and enhance competitiveness [11]. - The industry concentration is expected to further tilt towards leading companies, with China's electrolyte industry continuing to empower the development of the global electric vehicle industry through its scale and technological advantages [11].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" recommendation for several companies within the sector [2][14]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Beauty Care Index rising by 1.5% from July 4 to July 11, 2025, which is below the market average [3][5]. - The introduction of new products in the regenerative medicine sector, particularly in the "童颜针" (youthful needle) category, is expected to enhance consumer interest and expand the market [2][8]. - The report highlights strong anticipated earnings growth for several key companies in the cosmetics sector for the second quarter of 2025, with notable increases in revenue and net profit for brands like 上美股份 (Shangmei), 丸美股份 (Marubi), and 珀莱雅 (Proya) [9][10][11]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing varied performance, such as the Shenwan Cosmetics Index increasing by 2.6% [3][5]. - The report notes that the demand for cosmetics is recovering, with a 4.1% year-on-year increase in retail sales for the first five months of 2025 [19][20]. Company Performance - 上美股份 (Shangmei) is expected to see a revenue increase of 16% and a net profit increase of 25% in the first half of 2025 [10]. - 丸美股份 (Marubi) anticipates a 22% revenue growth and a 28% increase in net profit for the second quarter of 2025 [10]. - 珀莱雅 (Proya) is projected to achieve a 10% revenue growth and a 15% increase in net profit for the second quarter of 2025 [10]. - 毛戈平 (Mao Geping) expects a significant revenue increase of 38% and a net profit increase of 35% in the first half of 2025 [10]. - 若羽臣 (Ruoyuchen) forecasts a remarkable 70% revenue growth and a 75% increase in net profit for the second quarter of 2025 [10]. Market Trends - The report emphasizes the ongoing trend of domestic brands gaining market share, with national brands occupying five of the top ten positions in the skincare market [32]. - The regenerative medicine sector is expanding, with new products enhancing consumer engagement and market growth potential [2][8]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as 上美股份 (Shangmei), 珀莱雅 (Proya), and 丸美股份 (Marubi) [14]. - It suggests monitoring companies that leverage e-commerce and social media platforms effectively, such as 若羽臣 (Ruoyuchen) and 毛戈平 (Mao Geping) [14].