Summary of Tianqi Materials Conference Call Company Overview - **Company**: Tianqi Materials - **Industry**: Lithium battery materials, specifically focusing on electrolyte and lithium hexafluorophosphate (LiPF6) production Key Points Production and Capacity - **Electrolyte Production**: Expected production for Q4 is between 220,000 to 230,000 tons, with existing production lines operating at full capacity [2][3] - **LiPF6 Capacity**: Current annual capacity is 115,000 tons, fully utilized, with plans to upgrade to 40,000 tons before the Spring Festival and an additional 50,000 tons of LiFSI capacity by the end of 2026 to meet market demand and technological advancements [2][4][5] - **Phosphate Iron Production**: Operating at full capacity, with actual output between 200,000 to 250,000 tons from a 300,000-ton facility, achieving breakeven [2][6] Market Demand and Pricing - **Demand Growth**: Significant demand growth in Q4, despite intentional production control, with overall increases exceeding expectations [2][11] - **LiPF6 Pricing Mechanism**: Pricing in the 3C market is between 140,000 to 180,000 yuan per ton, with large lithium battery plants using historical pricing as a reference, leading to a lag in actual execution prices [2][9] - **FSI Addition Ratio**: Expected to reach around 3% in 2026, with potential increases for major clients like BYD, and long-term projections suggest it could reach 4%-5% within three years [2][12][13] Strategic Goals - **LiFSI Utilization**: Strategic goal to increase the use of LiFSI over LiPF6 in the next two to three years due to its superior performance and safety [2][10] Seasonal Impact and Future Outlook - **Q1 2026 Expectations**: Anticipated a decrease in shipments by less than 10% in Q1 2026 due to seasonal factors, with equipment maintenance planned during this period [2][8] - **Production Capacity for 2026**: Projected total electrolyte demand for 2026 is 1 million tons, with 450,000 tons expected in the first half and 600,000 tons in the second half [2][15] Innovations and Developments - **Solid-State Battery Materials**: Development of UV glue and other new materials for solid-state batteries, with all R&D results being patented to ensure technological leadership [2][7][16] - **Resource Recycling Plans**: Plans to establish a reserve of 5,000 to 10,000 tons of lithium carbonate and increase supply from African ores and recycling efforts [2][18] Cost and Supply Chain Management - **Cost Influences**: Price increases in sulfur, hydrofluoric acid, and phosphorus pentachloride will impact LiPF6 production costs, but the company maintains a competitive cost advantage [2][17] - **Inventory Management**: Maintaining approximately one month of carbon brick inventory to mitigate financial risks, with ongoing efforts to enhance supply chain efficiency [2][18] This summary encapsulates the critical insights from Tianqi Materials' conference call, highlighting production capacities, market dynamics, strategic goals, and future outlooks within the lithium battery materials industry.

Core Insights - The electrolyte additive industry is crucial for improving electrolyte performance and enhancing battery overall performance, despite accounting for only 5%-10% of the total electrolyte volume [1][5] - China's electrolyte additive market is expected to grow rapidly, with shipments increasing from 198,000 tons in 2019 to 1,470,000 tons by 2024, and projected to reach 1,670,000 tons in 2025 [1][9] - The domestic market size for electrolyte additives is anticipated to reach approximately 7.189 billion yuan in 2024, with a potential to exceed 8.5 billion yuan in 2025 due to rising prices [1][10] Industry Overview - Electrolyte additives are defined as minor components added to electrolytes to enhance electrochemical performance, improve cathode deposition quality, or boost overall battery performance [2] - The additives can be categorized into six functional types: film-forming, flame-retardant, high/low-temperature modification, overcharge protection, conductivity, and water/acid removal [3][4] Policy Support - The Chinese government has introduced multiple policies to support the development of the electrolyte additive industry, including guidelines for energy electronics and new energy vehicle battery recycling [5][6] Industry Chain - The industry chain is well-defined, with upstream raw materials like ethylene carbonate and fluorides, midstream manufacturing focusing on functional additives, and downstream applications in electric vehicle batteries, energy storage, and consumer electronics [6][7] - The rapid growth of the new energy vehicle and energy storage sectors is a key driver for the entire industry chain [6][7] Current Development Status - The demand for electrolyte additives is accelerating towards composite, functional, and high-performance products, with domestic production rates for conventional additives like VC and FEC exceeding 90% [9][12] - The market for electrolyte additives is expected to experience a significant price increase, particularly for key products like VC and FEC, driven by supply-demand dynamics [9][10] Competitive Landscape - The industry is characterized by high concentration, with leading companies like Huasheng Lithium Battery and Tianci Materials leveraging technological barriers and vertical integration to dominate the market [11][12] - Companies are focusing on expanding production capacity and entering global supply chains to enhance competitiveness [11][12] Future Trends - The electrolyte additive industry is expected to evolve towards high-end technology, concentrated competition, and integrated supply chains, with a focus on developing new multifunctional additives [12][13] - The differentiation in downstream demand for power and energy storage batteries will drive the product structure towards customization and high added value [14]

据天赐材料消息，11月21日，天赐材料位于美国德州贝敦的北美首座电解液工厂正式破土动工。该项目 总投资约2亿美元，建成后将形成年产20万吨电解液产能。据介绍，天赐材料北美基地是公司海外的首 座大型制造工厂。 ...

Group 1 - The core viewpoint of the article highlights that Tianqi Materials has projected an annual sales volume of 720,000 tons for electrolytes in 2025, exceeding the initial target of 700,000 tons [2] - In the previous year, Tianqi Materials achieved a sales volume of over 500,000 tons for its core product, electrolytes, representing a year-on-year growth of approximately 26% [2] - The company's revenue for the previous year was 12.518 billion yuan, a decrease of 18.74% compared to the previous year, while the net profit attributable to shareholders dropped significantly by 74.4% to 484 million yuan [2] Group 2 - For the first three quarters of this year, the company reported a revenue of 10.843 billion yuan, reflecting a year-on-year increase of 22.34%, with a net profit of 420 million yuan, up 24.33% [2] - In the third quarter alone, the net profit attributable to shareholders was 153 million yuan, marking a substantial year-on-year growth of 51.53% [2] - The company noted that the core raw material, lithium hexafluorophosphate, has reached a state of tight balance, and market prices have shown a certain degree of recovery, indicating a positive shift in the industry from a bottoming phase [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002709 证券简称：天赐材料公告编号：2025-130 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 关于提前赎回"天赐转债"的第八次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： ● 根据安排，截至2025年12月2日收市后仍未转股的"天赐转债"将被 强制赎回，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天赐转债"将在深圳证券交 易所摘牌。"天赐转债"持有人持有的"天赐转债"存在被质押或被冻结的，建议在停止交易日前解除质押 或冻结，以免出现因无法转股而被强制赎回的情形。 ● 风险提示：根据赎回安排，截至2025年12月2日收市后尚未实施转股的 "天赐转债"将按照100.29元/张的价格强制赎回，因目前二级市场价格与赎回价格差异较大，投资者如未 及时转股，可能面临损失，敬请投资者注意风险。 ● 特提醒"天赐转债"持有人注意在期限内转股或卖出。 广州天赐高新材料股份有限公司（以下简称"公司"）于2025年11月11日召开第六届董事会 ...

Group 1 - The core announcement is that Tianqi Materials will forcibly redeem the "Tianqi Convertible Bonds" if they are not converted by the market close on December 2, 2025 [2] - After the redemption, the "Tianqi Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [2] - Holders of the "Tianqi Convertible Bonds" who have their bonds pledged or frozen are advised to lift these restrictions before the trading suspension to avoid forced redemption due to inability to convert [2] Group 2 - The forced redemption price is set at 100.29 CNY per bond, which may lead to potential losses for investors if they do not convert in time, given the significant difference between the current market price and the redemption price [2]

Group 1 - The article highlights that 43 stocks appeared on the weekly trading list, with 24 showing net purchases from the Shenzhen Stock Connect, indicating strong investor interest [1] - The top three stocks with the highest net purchases were Jianglong Shipbuilding, Rongjie Co., and Aerospace Development, with net purchases of 147.36 million, 139.09 million, and 72.45 million respectively [1] - The average increase for stocks with net purchases was 11.15%, outperforming the Shanghai Composite Index, which fell by 3.90% during the same period [1] Group 2 - Among the stocks with net sales, 19 were identified, with the highest net sales recorded for Duofluoride and Tianci Materials, amounting to 439.53 million and 126.01 million respectively [2] - The stock with the largest increase was Jianglong Shipbuilding, which saw a cumulative rise of 64.97% over the week [1] - The trading turnover rate for Jianglong Shipbuilding was notably high at 251.43%, indicating significant trading activity [1]

Group 1: Market Performance - The sodium-ion battery concept sector declined by 6.54%, ranking among the top losers in the market [1] - Major stocks within this sector, such as Weike Technology, Fangda Carbon, and Xiangtan Chemical, hit the daily limit down [1] - Other notable decliners included Haike Xinyuan, Honggong Technology, and Xingyuan Materials, which also experienced significant drops [1] Group 2: Capital Flow - The sodium-ion battery sector saw a net outflow of 10.037 billion yuan from main funds, with 118 stocks experiencing net outflows [2] - The stock with the highest net outflow was Huayou Cobalt, with a net outflow of 900 million yuan, followed by Tianci Materials and Xianlead Intelligent with net outflows of 778 million yuan and 583 million yuan, respectively [2] - Conversely, stocks like CATL, Tianji Shares, and Baichuan Shares saw net inflows of 87.54 million yuan, 85.65 million yuan, and 31.32 million yuan, respectively [2]

Group 1 - The organic silicon sector experienced a decline of 6.57%, ranking among the top losers in the concept sector, with stocks like Morning Light New Materials and ST Hongda hitting the limit down [1] - Major stocks in the organic silicon sector that saw significant declines include Tian Ci Materials (-9.97%), Fu Xiang Pharmaceutical (-14.29%), and Xingfa Group (-4.26%) [2] - The sector faced a net outflow of 2.285 billion yuan from main funds, with Tian Ci Materials leading the outflow at 778 million yuan [1][2] Group 2 - Among the stocks with net inflows, Gao Meng New Materials and Yuan Xiang New Materials saw inflows of 47.68 million yuan and 5.31 million yuan, respectively [1][2] - The top gainers in the organic silicon sector included Gao Meng New Materials (+9.32%) and He Yuan Gas (+3.16%) [1] - The trading volume for stocks in the organic silicon sector showed significant turnover rates, with Fu Xiang Pharmaceutical at 28.49% and Tian Ci Materials at 10.81% [2]

天赐材料（002709） | 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-130 | | --- | --- | --- | | 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 关于提前赎回"天赐转债"的第八次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 根据安排，截至 2025 年 12 月 2 日收市后仍未转股的"天赐转债"将被 强制赎回，特提醒"天赐转债"持有人注意在限期内转股。本次赎回完成后，"天 赐转债"将在深圳证券交易所摘牌。"天赐转债"持有人持有的"天赐转债"存 在被质押或被冻结的，建议在停止交易日前解除质押或冻结，以免出现因无法转 股而被强制赎回的情形。 风险提示：根据赎回安排，截至 2025 年 12 月 2 日收市后尚未实施转股的 "天赐转债"将按照 100.29 元/张的价格强制赎回，因目前二级市场价格与赎回价 格差异较大，投资者如未及时转股，可能面临损失，敬请投资者注意风险。 特提醒"天赐转债"持有人注意在期限内转股或卖出。 赎回价格：100.2 ...