广州天赐高新材料股份有限公司 关于不向下修正"天赐转债"转股价格公告 天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-098 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 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： 截至 2025 年 8 月 29 日，公司股票在连续 30 个交易日中已出现连续 15 个 交易日的收盘价低于当期转股价格的 85%（24.23 元/股）的情形，已触发"天赐 转债"转股价格向下修正条件。 经公司第六届董事会第三十五次会议审议通过，公司董事会决定本次不向 下修正"天赐转债"的转股价格，且自本次董事会审议通过次一交易日起至 2025 年 12 月 31 日期间，如再次触发转股价格向下修正条款的，亦不提出向下修正方 案。下一触发转股价格修正条件的期间从 2026 年 1 月 1 日重新起算，若再次触发 "天赐转债"转股价格的向下修正条款，届时公司将再次召开董事会决定是否行 使"天赐转债"转股价格的向下修正权利。 ...

Group 1 - Tianqi Materials reported a revenue of 7.03 billion yuan for the first half of 2025, a year-on-year increase of 28.97% [2][3] - The net profit attributable to shareholders was 268 million yuan, up 12.79% year-on-year, while the net profit excluding non-recurring items was 235 million yuan, reflecting a growth of 26.01% [2][3] - Basic earnings per share increased to 0.14 yuan, a rise of 16.67% compared to the previous year [3] Group 2 - New Zobang achieved a revenue of 4.25 billion yuan, marking an 18.58% increase year-on-year, with a net profit of 484 million yuan, up 16.36% [5][6] - The net profit excluding non-recurring items was 466 million yuan, showing an 8.16% increase [5][6] - Basic earnings per share rose to 0.64 yuan, a 16.36% increase from the previous year [6] Group 3 - Ruida New Materials reported a revenue of 975 million yuan, a decline of 7.36% year-on-year, with a net profit of 82 million yuan, down 24.19% [7][8] - The net profit excluding non-recurring items was 79 million yuan, reflecting a decrease of 27.57% [7][8] - The company experienced a negative cash flow from operating activities of 80 million yuan [8] Group 4 - Yongtai Technology reported a revenue of 2.61 billion yuan, a year-on-year increase of 21.97%, with a net profit of 59 million yuan, up 56.17% [10][11] - The net profit excluding non-recurring items was 23 million yuan, down 15.08% [10][11] - Basic earnings per share increased to 0.06 yuan, a 50% rise compared to the previous year [11] Group 5 - Shida Shenghua reported a revenue of 3.01 billion yuan, a year-on-year increase of 14.87%, but a net loss of 56 million yuan, a decline of 248.03% [13][14] - The net loss excluding non-recurring items was 57 million yuan, down 282.11% [13][14] - The company reported a positive cash flow from operating activities of 90 million yuan [14] Group 6 - Duofluor reported a revenue of 4.33 billion yuan, a decline of 6.65% year-on-year, with a net profit of 51 million yuan, down 16.55% [15][16] - The net profit excluding non-recurring items was a loss of 4.81 million yuan, reflecting a decrease of 179.71% [15][16] - Basic earnings per share decreased to 0.0441 yuan, down 15.19% [16] Group 7 - Tianji Co. reported a revenue of 1.07 billion yuan, a year-on-year increase of 19.16%, but a net loss of 52 million yuan, an improvement of 59% compared to the previous year [18][19] - The net loss excluding non-recurring items was 56 million yuan, down 56.04% [18][19] - The company reported a negative cash flow from operating activities of 131 million yuan [19] Group 8 - Huayu Pharmaceutical reported a revenue of 882 million yuan, a decline of 1.73% year-on-year, with a net loss of 5.81 million yuan, a decline of 116.23% [21][22] - The net loss excluding non-recurring items was 21.59 million yuan, down 247.06% [21][22] - The company reported a negative cash flow from operating activities of 169 million yuan [22] Group 9 - Haike New Source reported a revenue of 2.32 billion yuan, a year-on-year increase of 27.92%, but a net loss of 42 million yuan, an improvement of 61.21% [23][24] - The net loss excluding non-recurring items was 49 million yuan, down 56.57% [23][24] - The company reported a negative cash flow from operating activities of 248 million yuan [24] Group 10 - Hualu Hengsheng reported a revenue of 15.76 billion yuan, a decline of 7.14% year-on-year, with a net profit of 1.57 billion yuan, down 29.47% [26][27] - The net profit excluding non-recurring items was 1.56 billion yuan, reflecting a decrease of 30.29% [26][27] - Basic earnings per share decreased to 0.739 yuan, down 29.48% [27] Group 11 - Huasheng Lithium reported a revenue of 349 million yuan, a year-on-year increase of 72.02%, but a net loss of 72 million yuan [29] - The net profit excluding non-recurring items was a loss of 78 million yuan [29] - The company reported a negative cash flow from operating activities of 183 million yuan [29] Group 12 - Fuxiang Pharmaceutical reported a revenue of 514 million yuan, a decline of 24.58% year-on-year, with a net loss of 6.91 million yuan, an increase of 69.23% [31][32] - The net loss excluding non-recurring items was 32 million yuan, reflecting a decrease of 34.91% [31][32] - The company reported a negative cash flow from operating activities of 10 million yuan [32] Group 13 - Furui Co. reported a revenue of 2.59 billion yuan, a decline of 3.03% year-on-year, but a net profit of 246 million yuan, an increase of 10.92% [34][35] - The net profit excluding non-recurring items was 250 million yuan, reflecting a growth of 15.71% [34][35] - The company reported a positive cash flow from operating activities of 447 million yuan [35] Group 14 - The overall performance of companies in the electrolyte and raw material sector has been poor, with most companies reporting unsatisfactory financial results [36] - Except for Tianqi and New Zobang, other companies in the electrolyte sector have shown average performance [36] - Companies in the lithium hexafluorophosphate sector have reported significant losses, with net profits declining across the board [36]

Core Viewpoint - Tianqi Materials has shown a positive stock performance and financial growth, indicating strong market interest and operational efficiency in the fine chemical new materials sector, particularly in lithium-ion battery materials [1][2]. Group 1: Stock Performance - On August 29, Tianqi Materials' stock rose by 2.00%, reaching 20.89 CNY per share, with a trading volume of 257 million CNY and a turnover rate of 0.90%, resulting in a total market capitalization of 39.991 billion CNY [1]. - Year-to-date, the stock price has increased by 6.47%, with a 2.35% rise over the last five trading days, 10.35% over the last 20 days, and 21.31% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Tianqi Materials reported a revenue of 7.029 billion CNY, reflecting a year-on-year growth of 28.97%, and a net profit attributable to shareholders of 268 million CNY, up by 12.79% [2]. - Since its A-share listing, the company has distributed a total of 2.756 billion CNY in dividends, with 1.922 billion CNY distributed over the past three years [2]. Group 3: Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 3.47% to 182,300, while the average number of circulating shares per person increased by 3.60% to 7,595 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 56.3328 million shares, an increase of 3.2657 million shares from the previous period [2].

——主题量化投资系列之二 自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现，并在 2025 年逐步被纳入制度化框架。基于这一宏观政策信号，本文将系统解析内卷的经 济机制及其在产业链中的具体表现，并在此逻辑框架下，运用量化方法构建一 套可回测、可实施的选股策略，以捕捉政策主导下的结构性投资机会。 风险提示：本报告结果通过历史数据统计、建模和测算完成，在政策、市场环境 发生变化时模型存在失效的风险。 任瞳 S1090519080004 rentong@cmschina.com.cn 刘凯 S1090524120001 liukai11@cmschina.com.cn 研究助理 董晓宇 dongxiaoyu@cmschina.com.cn 基于"反内卷"的量化投资策略研究 敬请阅读末页的重要说明 证券研究报告 | 金融工程 2025 年 08 月 28 日 q 近年来，中国经济在转型升级的关键阶段逐渐暴露出产业内卷、低水平重复 竞争、结构性产能过剩等系统性问题，严重抑制了资源效率与企业盈利能 力。自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现， 并在 2025 年逐步被纳入制度 ...

Core Viewpoint - The battery industry is experiencing positive developments, with the solid-state battery technology advancing and a consensus on price discipline emerging among certain segments, which is expected to improve the competitive landscape [3]. Group 1: Market Performance - As of August 28, 2025, the China Securities Battery Theme Index rose by 0.23%, with notable increases in component stocks such as Putailai (6.19%), Goodwe (4.29%), Keda (3.65%), and Sungrow (3.35%) [1]. - The Battery ETF by Harvest (562880) showed a trading turnover of 5.18% and a transaction volume of 17.0666 million yuan, with an average daily transaction of 13.8565 million yuan over the past week [3]. Group 2: Industry Developments - The solid-state battery industrialization process is accelerating, with multiple companies initiating pilot production lines and planning to achieve mass production by 2026 [3]. - Since 2025, breakthroughs in solid-state battery technology have been reported, with several automakers planning to adopt all-solid-state batteries around 2027, indicating a faster industrialization process [3]. Group 3: Key Stocks and Weightings - As of July 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index accounted for 51.66% of the index, including Sungrow, CATL, and Sanhua Intelligent Controls [3]. - The performance of key stocks includes Sungrow (3.35% increase, 10.28% weight), CATL (-0.97%, 9.64%), and Sanhua Intelligent Controls (1.54%, 6.31%) [5].

Core Viewpoint - The performance of domestic lithium battery electrolyte companies showed a divergent trend in the first half of the year, with two companies reporting profit growth while three experienced declines, including one that reported a loss [1]. Company Performance Summary - **New Zobang**: Revenue of 4.248 billion yuan, up 18.58% year-on-year; net profit of 484 million yuan, up 16.36% [2]. - **Tianqi Materials**: Revenue of 7.029 billion yuan, up 28.97% year-on-year; net profit of 268 million yuan, up 12.79% [2]. - **Ruitai New Materials**: Revenue of 975 million yuan, down 7.36% year-on-year; net profit of 82 million yuan, down 24.19% [2]. - **Duofluor**: Revenue of 4.328 billion yuan, down 6.65% year-on-year; net profit of 51 million yuan, down 16.55% [2]. - **Shida Shenghua**: Revenue of 3.011 billion yuan, up 14.87% year-on-year; net loss of 56 million yuan, a decline of 248.03% [2]. Market Dynamics - The lithium battery electrolyte industry is facing overcapacity and intense competition, leading to a significant decline in product prices and overall profitability [9][10]. - The average price of lithium iron phosphate electrolyte fluctuated between 17,600 to 23,600 yuan per ton in the first half of the year, marking a low point compared to the past three years [11]. - The market concentration of the domestic electrolyte market is increasing, with Tianqi Materials holding over 30% market share, followed by BYD and New Zobang, together accounting for 62.4% of the market [12]. Strategic Responses - Major electrolyte companies are seeking new growth points through overseas expansion and technological innovation [14]. - Tianqi Materials plans to publicly issue H-shares and apply for a listing on the Hong Kong Stock Exchange to support overseas projects [15]. - Companies are investing in the development of solid-state electrolytes and sodium-ion battery materials, with New Zobang achieving stable delivery of solid-state electrolytes and sodium-ion battery electrolytes [16].

Group 1: New Materials Industry Overview - The new materials sector is positioned as a foundational growth area within the chemical industry, expected to see significant policy, demand, and technological catalysts by August 2025, with a notable focus on electronic information, new energy, aerospace, biotechnology, and environmental protection [1] - The basic chemical sector has experienced a 48.1% increase over the past year, significantly outperforming the CSI 300 index, indicating rising market interest in high-growth new materials companies [1] Group 2: Electronic Information Sector - OpenAI's CEO Sam Altman highlighted that trillions of dollars will be invested in AI infrastructure, driving demand for semiconductors, storage materials, and high-performance components [2] - The global data center physical infrastructure market is projected to reach $63.1 billion by 2029, with a compound annual growth rate (CAGR) of 15% from 2024 to 2029, benefiting semiconductor and display materials companies [2] - Domestic companies such as Guocera Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, while Dinglong Co. achieved 1.732 billion yuan in revenue, up 14% year-on-year, with a net profit growth of 42.78% [2] Group 3: Aerospace Materials Sector - The aerospace sector is witnessing a surge in rocket launches and production, with companies like Guangwei Composite achieving 1.201 billion yuan in revenue, a 3.87% increase year-on-year [3] - The U.S. companies Blue Origin and SpaceX are advancing technologies for Mars communication and reusable launch systems, benefiting domestic material and smart manufacturing companies [3] Group 4: New Energy Materials Sector - The Chinese government is taking steps to regulate the photovoltaic industry, emphasizing the importance of new energy materials as a core support element [3] - Zhongcai Technology reported a revenue of 13.33 billion yuan in the first half of 2025, a 26% increase year-on-year, while Tianci Materials achieved 7.029 billion yuan, up 28.97% year-on-year [3] Group 5: Biotechnology New Materials Sector - Companies like Kasei Bio and Blue Sky Technology are expanding their operations in synthetic biotechnology and lithium extraction projects, respectively, with Kasei Bio reporting a revenue of 1.671 billion yuan, a 15.68% increase year-on-year [4] - The sector is seeing rapid technological innovation and diverse applications, leading to improved profitability for chemical new materials companies [4] Group 6: Environmental Protection Materials Sector - New regulations in Xinjiang are aimed at controlling environmental risks associated with hazardous waste, promoting information-based supervision [4] - Jiaao Environmental reported a revenue of 1.298 billion yuan in the first half of 2025, a significant increase of 71%, although it faced an expanded net loss of 78 million yuan [4] Group 7: Industry Data and Performance - The new materials index has significantly outperformed the CSI 300 index over the past year, with sub-indices for semiconductor materials, OLEDs, liquid crystals, and carbon fibers showing strong performance [5] - Leading companies in the semiconductor materials sector, such as Guocera Materials and Dinglong Co., maintain "buy" or "hold" ratings, reflecting optimistic profit forecasts driven by accelerated downstream applications [5]

Group 1 - The core viewpoint of the articles highlights the financial performance and market activity of Tianqi Materials, indicating a positive growth trend in revenue and net profit [1][3] - As of August 25, 2025, Tianqi Materials' stock closed at 20.95 yuan, reflecting a 2.65% increase with a trading volume of 660,400 hands and a transaction amount of 1.376 billion yuan [1] - The company's latest financial report shows total operating revenue of 7.029 billion yuan, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 268 million yuan, up 12.79% year-on-year [1] Group 2 - Tianqi Materials has made investments in 42 companies and participated in 62 bidding projects, indicating active engagement in business expansion [2] - The company holds 41 trademark registrations and 536 patents, showcasing its focus on intellectual property and innovation [2] - Tianqi Materials has 64 administrative licenses, reflecting its compliance and operational capabilities within the industry [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [6][15]. Core Insights - The company reported a revenue of 7.03 billion yuan for the first half of 2025, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 268 million yuan, up 12.79% year-on-year [1]. - The steady growth in electrolyte shipments and improved profitability in the first half of 2025 are attributed to enhanced capacity utilization of core raw materials, which helped maintain unit profitability despite a slight decline in market prices [2]. - The company is actively pursuing a global industrial layout, including plans for a Hong Kong IPO and partnerships for large-scale production in North America and Morocco [3][4]. Financial Performance Summary - For the first half of 2025, the company's revenue from lithium-ion battery materials reached 6.30 billion yuan, a 33.2% increase year-on-year, with a gross margin of 17.05%, down 0.06 percentage points [2]. - The company's revenue from daily chemical materials and specialty chemicals was 614 million yuan, reflecting a 12.93% year-on-year growth, with a gross margin of 30.27%, down 0.51 percentage points [2]. - The report forecasts a decline in net profit for 2025 to 795 million yuan, a 36.0% downward adjustment, with further projections for 2026 and 2027 [4][5]. Production and Capacity Expansion - The company is advancing its production capabilities in solid-state battery materials and sodium-ion battery materials, with plans to complete pilot production lines by 2026 [4]. - A joint venture with Honeywell is being established to accelerate the production of electrolytes and lithium hexafluorophosphate in North America [3]. Valuation Metrics - The report provides a summary of key financial metrics, including projected revenues and net profits for 2025 to 2027, with a notable increase in revenue expected in subsequent years [5][11]. - The company's price-to-earnings (P/E) ratio is projected to be 49 for 2025, decreasing to 20 by 2027, indicating a potential improvement in valuation as earnings recover [5][14].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].