Summary of Conference Call on China Battery Materials Industry Overview - **Industry Focus**: The conference call centers on the electrolyte/LiPF6 sector within the battery materials industry, particularly in China. - **Market Dynamics**: After a four-year downturn, the market is expected to shift back to a tight balance by the second half of 2026, driven by supply discipline and resilient battery demand, especially in energy storage systems (ESS) [1][2][11]. Key Insights Supply and Demand Projections - **Supply Growth**: Estimated supply growth for LiPF6 is projected at 9% year-over-year (YoY) for FY26, with major new capacity expected to come online in the second half of 2026 [2][11]. - **Demand Growth**: Demand for LiPF6 is anticipated to grow by 31% YoY in FY26, with ESS battery demand expected to rise by 45% YoY [2][44]. - **Utilization Rates**: Utilization rates are expected to increase to 81% in 2026, up from 51% in 2024 [3][12][48]. Price Dynamics - **Average Selling Price (ASP)**: The average selling price of LiPF6 is projected to reach Rmb100,000 per ton in 2026, representing a 48% increase from Rmb67,500 per ton in 2025 [3][52]. - **Price Recovery**: Recent price increases have been noted, with spot prices rising from Rmb63,000 per ton before the Golden Week to over Rmb100,000 per ton [12][51][76]. Market Structure - **Concentration of Market**: The market is expected to become more concentrated, with the top five producers (CR5) projected to control 75% of the market by 2028, up from 68% in 2024 [3][57][59]. - **Capacity Expansion**: Leading players like Tinci Materials and Do-Fluoride are expected to expand their capacities, with Tinci planning to add 35ktpa in 2H26 and Do-Fluoride adding 20ktpa by FY27 [57][94]. Investment Recommendations - **Stock Coverage Initiation**: Coverage has been initiated on Tinci Materials (Buy, target price Rmb62) and Do-Fluoride (Buy, target price Rmb45), with Tinci preferred due to its cost competitiveness and market share growth [5][13]. - **Risks Identified**: Key risks include weaker battery demand, cost inflation, and the potential commercialization of solid-state batteries, which could impact electrolyte demand [5][63][64]. Market Concerns and Debates - **Solid-State Battery Impact**: The potential commercialization of solid-state batteries poses a long-term risk to LiPF6 demand, although mass production is not expected soon [4][72]. - **Demand Sustainability**: There are varying expectations regarding the sustainability of ESS battery demand, with forecasts ranging from 20% to 60% YoY growth [65][69]. Conclusion - The electrolyte/LiPF6 market is poised for recovery, with significant growth in both supply and demand anticipated through 2026. The investment outlook is positive for leading companies in the sector, although risks related to demand fluctuations and technological advancements must be monitored closely.

Group 1 - The price of lithium iron phosphate (LFP) has rebounded, increasing by approximately 10% since October, driven by strong demand from automakers and battery manufacturers, as well as a surge in global energy storage needs [1] - Major companies have their LFP orders booked until the first half of next year, with production lines operating at full capacity [1] - The rapid development of new technologies, such as high-voltage LFP, is prompting midstream material companies to upgrade their technologies and adjust their production capacity structures [1] Group 2 - As of October 31, 2025, the CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various sectors of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [2] - The top ten weighted stocks in the index account for 53.56% of the total index, with companies like CATL, BYD, and Ganfeng Lithium among the leaders [2][4] Group 3 - The CSI New Energy Vehicle Industry Index has shown a strong performance, with a 1.23% increase, and individual stocks like Rongbai Technology and Tianhua New Energy seeing significant gains of 20% and 13.13% respectively [1][2] - The New Energy Vehicle ETF (515700) has also benefited from the recovery in lithium battery market sentiment, rising by 1.05% [1]

Core Viewpoint - As of November 14, the total market financing balance is 2.47 trillion yuan, a decrease of 134.56 billion yuan from the previous trading day, indicating a trend of reduced market leverage [1] Group 1: Market Financing Overview - The financing balance in the Shanghai market is 1.25 trillion yuan, down by 54.28 billion yuan, while the Shenzhen market's financing balance is 1.21 trillion yuan, decreasing by 79.72 billion yuan [1] - The financing balance for the Beijing Stock Exchange is 7.84 billion yuan, a reduction of 56.59 million yuan [1] Group 2: Individual Stock Performance - On November 14, 1,484 stocks received net financing purchases, with 377 stocks having net purchases exceeding 10 million yuan, and 13 stocks exceeding 100 million yuan [1] - WuXi AppTec leads with a net purchase of 207 million yuan, followed by XianDao Intelligent and SMIC with net purchases of 202 million yuan and 186 million yuan, respectively [1] Group 3: Industry and Sector Analysis - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan include electronics, power equipment, and non-ferrous metals, each with three stocks listed [1] - Among the major net purchase stocks, 9 are from the main board, 3 from the ChiNext board, and 1 from the Sci-Tech Innovation board [1] Group 4: Financing Balance and Market Capitalization - The average ratio of financing balance to circulating market value is 4.47%, with Heertai having the highest ratio at 8.67% [2] - Other stocks with significant financing balance ratios include Xingye Silver Tin at 6.06%, SMIC at 5.93%, and XianDao Intelligent at 5.62% [2]

Core Viewpoint - The company has decided to exercise its right to redeem the "Tinci Convertible Bonds" early due to market conditions and company circumstances, with a redemption price set at 100.29 yuan per bond, effective from December 3, 2025 [2][11][18]. Summary by Sections Convertible Bond Issuance and Redemption - The company issued 34,105,000 convertible bonds on September 23, 2022, with a total issuance amount of 3,410,500,000 yuan [3]. - The redemption price is set at 100.29 yuan per bond, including interest and tax, with the redemption registration date on December 2, 2025, and the redemption date on December 3, 2025 [2][11][12]. Conversion and Adjustment of Bond Terms - The conversion period for the bonds started on March 29, 2023, and will end on September 22, 2027 [3]. - The conversion price has been adjusted multiple times, with the latest adjustment reducing it from 48.25 yuan to 28.88 yuan per share, effective November 15, 2023 [6][10]. Conditions for Early Redemption - The early redemption clause was triggered as the company's stock price exceeded 130% of the conversion price for at least 15 trading days [10]. - The company’s board approved the early redemption on November 11, 2025, authorizing management to handle all related matters [2][10]. Redemption Process and Timeline - The bonds will stop trading on November 28, 2025, and the conversion will cease on December 3, 2025 [16]. - The funds from the redemption will be credited to bondholders' accounts by December 10, 2025 [16]. Additional Information for Bondholders - Bondholders must process conversion requests through their respective securities firms, with a minimum conversion unit of one bond [17]. - The company will publish daily announcements regarding the redemption until the redemption date [16].

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：2025-121 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"的第三次提示性公告 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： ● 赎回价格：100.29元/张（含息、税） 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第三十七次会 议，审议通过了 ...

证券日报网讯 11月16日晚间，天赐材料发布公告称，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。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。 （文章来源：证券日报） ...

Core Insights - The 2025 High-Performance Lithium Battery Annual Conference will take place from November 18 to 20 in Shenzhen, focusing on the trends and future opportunities in the lithium battery industry [1][2]. Industry Trends - The conference will feature 12 specialized sessions covering key topics across the entire industry chain, with over 1,500 executives from more than 1,000 mainstream companies discussing the industry's past 15 years and future challenges [2]. - The industry is shifting from low-level competition to higher standards, emphasizing long-life technology and innovative solutions to user pain points [8]. Keynote Speakers - Notable speakers include Zeng Yuqun, Chairman of CATL, and Wang Mingwang, Founder of Sunwoda, who will address the conference [3][9]. Innovation and Technology - CATL emphasizes the need for a new powder electrochemistry theory to solidify its leading position in the industry, moving beyond existing electrochemical theories [5]. - The industry faces challenges from blind capacity expansion and the need for original technological innovation to create core competitive advantages [13]. Market Dynamics - The competition in the energy storage and electric vehicle sectors is increasingly driven by consumer demand rather than just price competition [16]. - The lithium battery industry is experiencing a wave of globalization, with companies needing to adapt to local markets and regulations for sustainable growth [31]. Future Outlook - The recycling economy is expected to grow significantly by 2030, with millions of vehicles needing processing, marking a pivotal moment for circular economy practices [36]. - Solid-state battery technology is progressing, with advancements in semi-solid and quasi-solid batteries showing potential for various applications [39]. Strategic Recommendations - Companies are advised to adopt a three-step strategy for internationalization, focusing on product exports, localized production, and global optimization of resources [25]. - The integration of artificial intelligence in equipment manufacturing is seen as essential for improving efficiency and achieving breakthroughs in production [47].

| 证券代码：002709 | 证券简称：天赐材料 | 公告编号：2025-121 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 天赐材料（002709） 广州天赐高新材料股份有限公司 关于提前赎回"天赐转债"的第三次提示性公告 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 ...

| 股票代码：002709 | 股票简称：天赐材料 | | --- | --- | | 债券代码：127073 | 债券简称：天赐转债 | 国投证券股份有限公司 关于广州天赐高新材料股份有限公司 提前赎回"天赐转债"的临时受托管理事 务报告（2025 年度第三次） 二〇二五年十一月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、 《广州天赐高新材料股份有限公司（作为发行人）与安信证券股份有限公司 （作为受托管理人）之广州天赐高新材料股份有限公司公开发行可转换公司债 券受托管理协议》（以下简称"《受托管理协议》"）、《广州天赐高新材料股 份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）等相关公开信息披露文件，由债券受托管理人国投证券股份有限公司 （原名安信证券股份有限公司，以下简称"国投证券"）编制。 本报告仅对本次债券受托管理的有关事项进行说明，不构成针对本次债券 的任何投资建议。投资者应对相关事宜做出独立判断，而不应将本报告中任何 内容据以作为受托管理人所作的承诺或声明。在任何情况下，投资者依据本报 告所进行的任何作为或不作为，国投证券不承担任何 ...

Core Viewpoint - The lithium battery materials sector, particularly electrolyte materials, has become a focal point of market attention due to significant price increases and rising demand driven by long-term contracts and supply shortages [1][2]. Group 1: Price Increases and Market Dynamics - On November 12, the price of vinyl carbonate (VC) surged by 14.81%, leading the price increases in the lithium battery materials sector [1]. - The Wind electrolyte sector saw a daily increase of 10.41% on November 13, with lithium battery stocks dominating the top performers [1]. - The price of lithium hexafluorophosphate (LiPF6) rose sharply from approximately 61,000 CNY/ton at the end of September to 107,500 CNY/ton by the end of October, marking a monthly increase of 76% [7][9]. Group 2: Supply and Demand Factors - Recent data indicates that some electrolyte and battery manufacturers have depleted their VC inventories, leading to a demand surge for replenishment [2]. - Major companies like Tianqi Materials have signed long-term supply contracts, securing significant sales volumes for the coming years [11][12]. - The concentration of LiPF6 production capacity among a few companies (60% held by Tianqi Materials, Molybdenum, and Tianji) has heightened market expectations for price increases due to limited new capacity [9]. Group 3: Investment Outlook and Earnings Projections - Investment institutions have significantly raised their earnings forecasts for companies in the sector, with Tianqi Materials' 2026 profit estimate increased by 234% to 5.179 billion CNY [2][14]. - The Wind lithium battery electrolyte index has approached its 2021 cycle peak following the price increases in November [2][26]. - Despite the stock price surges, the overall supply-demand balance in the electrolyte sector has not yet returned to the levels seen in 2021 and 2022, indicating potential volatility in future earnings [24][29]. Group 4: Stock Performance and Market Sentiment - From November 1 to November 13, the average stock price increase for companies in the Wind electrolyte sector was 43.76%, with some companies like Huasheng Lithium and Haike New Source seeing increases of 149.53% and 90.95%, respectively [20][22]. - The current market sentiment is optimistic, with expectations for continued price increases in related materials, although the stock valuations may be high relative to current earnings [28][29].