根据市场公开信息及8月20日披露的机构调研信息，知名私募华夏未来近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 本公司是2013年成立的资本管理机构，主要经营范围包括：私募基金发行及管理、项目投资、投资管 理、投资顾问、投资咨询等。核心投研团队全部来自国内大型基金管理公司。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）天赐材料 （华夏未来资本管理有限公司参与公司业绩说明会） 调研纪要：公司预计未来电解液及六氟磷酸锂的产品价格将逐步趋向于良性的恢复，主要受核心原材料 碳酸锂的价格波动影响及下游需求的持续提升。固态电池材料布局包括硫化物及氧化物固态电解质路 线，硫化物路线处于中试阶段，计划明年完成中试产线建设。六氟磷酸锂市场供需处于相对平衡阶段， 新增产能投放节奏会结合市场需求变化综合考虑。摩洛哥项目已签署投资协议，目前处于土地选址、勘 察、项目详设等前期阶段。LIFSI添加比例有望从2%提升到2.2%-2.5%。已完成三代半及四代磷酸铁锂 产品的开发，正处于产线量产调试阶段。碳酸锂原材料主要来源于锂矿资源加工和废旧电 ...

Group 1: Tianshan Co., Ltd. - Tianshan Co., Ltd. anticipates a narrowing decline in cement demand despite ongoing challenges in the real estate market and infrastructure investment [1] - The company has seen a continuous decrease in costs due to restructuring and scale effects, with further cost reduction potential [1] - Tianshan is executing national capacity management policies and optimizing its capacity structure, with a successful project in Tunisia contributing approximately 42 million yuan in profit [1] - The capital expenditure plan for 2025 is expected to decrease steadily, focusing on overseas business and resource optimization [1] - Major projects like the Zhongjiwu and New Tibet Railway are expected to boost cement demand in Xinjiang, with the company capable of providing specialized cement products [1] - The company aims to enhance performance, standardize operations, and improve investor communication for better market value perception [1] Group 2: Kunming Pharmaceutical Group - Kunming Pharmaceutical Group has made progress in channel reform, centralized procurement implementation, and brand building [2] - The company is facing challenges in channel reform but has begun to see growth in its blood circulation products since Q2 [2] - Brand strategy adjustments are focusing on niche markets, with core product sales improving [2] - Sales expenses are being optimized, and a performance-oriented incentive system is being established [2] - The company's 14th Five-Year Plan emphasizes health for the elderly, developing three core product categories and promoting traditional Chinese medicine internationally [2] - New product lines are set to launch gradually in the second half of the year, with a focus on innovative sales scenarios [2] Group 3: Tianci Materials - Tianci Materials expects a gradual recovery in the prices of electrolyte and lithium hexafluorophosphate products, influenced by lithium carbonate price fluctuations and increasing downstream demand [3] - The company is developing solid-state battery materials, with the sulfide route in pilot testing and plans to complete pilot production lines next year [3] - The market for lithium hexafluorophosphate is currently balanced, with new capacity being released based on market demand [3] - The Moroccan project is in the early stages of land selection and project design after signing an investment agreement [3] - The company has completed the development of third and fourth generation lithium iron phosphate products, currently in mass production testing [3] - Tianci is focusing on sourcing lithium carbonate from lithium ore processing and waste battery recycling, aiming to enhance and expand waste battery sourcing channels [3]

根据市场公开信息及8月20日披露的机构调研信息，知名私募高毅资产近期对1家上市公司进行了调研， 相关名单如下： 1）天赐材料 （上海高毅资产管理合伙企业(有限合伙)参与公司业绩说明会） 调研纪要：公司预计未来电解液及六氟磷酸锂的产品价格将逐步趋向于良性的恢复，主要受核心原材料 碳酸锂的价格波动影响及下游需求的持续提升。固态电池材料布局包括硫化物及氧化物固态电解质路 线，硫化物路线处于中试阶段，计划明年完成中试产线建设。六氟磷酸锂市场供需处于相对平衡阶段， 新增产能投放节奏会结合市场需求变化综合考虑。摩洛哥项目已签署投资协议，目前处于土地选址、勘 察、项目详设等前期阶段。LIFSI添加比例有望从2%提升到2.2%-2.5%。已完成三代半及四代磷酸铁锂 产品的开发，正处于产线量产调试阶段。碳酸锂原材料主要来源于锂矿资源加工和废旧电池回收业务， 将持续完善和开拓废旧电池来源渠道。2025年上半年信用减值主要依据会计政策对应收账款账期余额进 行计提。 机构简介： 上海高毅资产管理合伙企业（有限合伙）是国内投研实力较强、管理规模较大、激励制度领先的平台型 私募基金管理公司，专注于资本市场，致力于为优秀的投资经理配备一流 ...

Group 1 - The company Tianqi Lithium expects the prices of electrolyte and lithium hexafluorophosphate to gradually recover, influenced by fluctuations in lithium carbonate prices and sustained demand from downstream [1] - The solid-state battery material layout includes sulfide and oxide solid electrolytes, with the sulfide route currently in the pilot testing stage, aiming to complete pilot production line construction by next year [1] - The market supply and demand for lithium hexafluorophosphate is relatively balanced, and the pace of new capacity release will be considered in conjunction with market demand changes [1] Group 2 - The Moroccan project has signed an investment agreement and is currently in the preliminary stages of land selection, surveying, and project design [1] - The LIFSI additive ratio is expected to increase from 2% to between 2.2% and 2.5% [1] - The company has completed the development of third and fourth generation lithium iron phosphate products, which are currently in the mass production debugging stage [1] Group 3 - The main sources of lithium carbonate raw materials are lithium ore processing and waste battery recycling, with ongoing efforts to improve and expand waste battery sourcing channels [1] - Credit impairment in the first half of 2025 will be primarily based on accounting policies related to the aging of accounts receivable [1]

Summary of Tianqi Materials Conference Call Company Overview - **Company**: Tianqi Materials - **Industry**: Lithium battery materials, specifically focusing on electrolyte and lithium iron phosphate production Key Points and Arguments Financial Performance - In Q2 2025, Tianqi Materials reported a net profit of 118 million yuan, with non-recurring gains of approximately 10.18 million yuan [3] - The company achieved over 310,000 tons of electrolyte production against a target of 700,000 tons for the year [3] - Despite a slight decline in electrolyte prices, the company maintained stable unit profitability due to reduced costs of core raw materials like lithium hexafluorophosphate [3] Revenue Growth Expectations - For Q3 2025, the company anticipates a revenue increase of approximately 15% in the electrolyte segment, driven by rising raw material prices and improved capacity utilization [2][4] - Lithium iron phosphate and lithium iron output are expected to grow over 40% and 30% respectively [2] Market Dynamics - The recovery in electrolyte prices is primarily attributed to the increase in prices of lithium carbonate and lithium hexafluorophosphate, alongside improved capacity utilization [5] - The company expects a 30% increase in electrolyte demand in 2026, reaching 2.5 to 2.6 million tons [2][9] Production and Capacity Plans - Tianqi Materials plans to gradually release new production capacity before 2027, including upgrades to existing facilities and a new 35,000-ton overseas facility [2][12] - A 100-ton pilot production line for lithium sulfide solid-state batteries is under construction, expected to commence production in April or May next year [2][10] Solid-State Battery Developments - The company has completed standardization certification for solid-state battery materials and is developing additives to reduce capacity degradation [2][10][11] Supply Chain and Pricing Strategy - Long-term contracts with major clients are not fixed in price but are adjusted based on market conditions, particularly the price of lithium carbonate [7] - The company aims to increase the gross margin of electrolytes to between 4,000 and 4,500 yuan per ton [8] Resource Recycling and Cost Management - The company plans to complete a 40,000-ton black powder recycling project, which is expected to produce 6,000 tons of lithium iron phosphate at a low cost, significantly improving gross margins [27] - The self-supply of lithium carbonate is primarily based on recycling, with an expected total of about 10,000 tons next year [26] European Market Strategy - Tianqi Materials is focusing on OEM strategies in the European market to minimize fixed asset investments [12][14] - A factory in Morocco is in the early stages of development, expected to be completed by the end of 2027 [13] Risk Management - The company reported a total impairment loss of 40 million yuan in Q2, primarily related to credit asset impairments from lithium carbonate and lithium iron phosphate [15] - Inventory and asset impairments are largely due to accounting standards and have minimal impact on gross margins [16] Future Outlook - The company expects to maintain a balanced market for electrolytes, with a target price increase of 1,500 to 2,000 yuan per ton to stabilize the market [18] - The overall demand for lithium iron phosphate is projected to be between 200,000 to 250,000 tons next year, with significant increases in production to meet market needs [24] Conclusion - Tianqi Materials is positioned for growth in the lithium battery materials sector, with strategic plans for production expansion, market adaptation, and cost management to enhance profitability and meet rising demand in the coming years.

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.028 billion CNY, with a net profit attributable to shareholders of 267 million CNY, representing a year-on-year growth of 12.79% [2] - The net profit after deducting non-recurring gains and losses was 234 million CNY, showing a year-on-year increase of 26.01% [2] - Basic earnings per share were 0.14 CNY per share [2] Group 2: Market Outlook - The company anticipates that the prices of electrolyte and lithium hexafluorophosphate products will gradually recover due to fluctuations in core raw material prices and increasing downstream demand [3] - The industry is currently in a bottom phase, with capital expenditures decreasing, leading to a healthier development outlook [2] Group 3: Product Development and Production Capacity - The company is advancing its solid-state battery materials, with sulfide solid electrolytes currently in the pilot testing stage, aiming for completion of pilot production capabilities by next year [3] - The company has completed the development of third and fourth-generation lithium iron phosphate products, which are now in the mass production debugging phase [5] - The current LIFSI additive ratio in electrolyte products is approximately 2%, with expectations to increase to 2.2%-2.5% due to rising market demand [5] Group 4: Supply Chain and Production Strategy - The supply-demand situation for lithium hexafluorophosphate is relatively balanced, with major suppliers operating at high capacity while less competitive capacities remain underutilized [3] - The company is focusing on self-sourcing lithium carbonate from lithium ore processing and waste battery recycling, with plans to enhance the supply of recycled materials [5] - The company is maintaining a balanced production capacity utilization rate and will consider new capacity releases based on market demand changes [3] Group 5: Project Development - The company has signed an investment agreement with the local government for its project in Morocco, which is currently in the early stages of land selection and project design [4]

Group 1: Macroeconomic Insights - In July, the growth rate of broad fiscal expenditure slowed to 12.1% from 17.6% in June, with an estimated year-on-year growth of 7.6% after excluding special bonds, which is still higher than the nominal GDP growth of 3.9% in Q2, indicating that fiscal easing supports nominal growth [2] - The broad fiscal deficit recorded 352.5 billion yuan, an increase of approximately 213.4 billion yuan year-on-year, highlighting the continued liquidity injection into the real economy through special bonds and capital injections [2] Group 2: Market Activity and Investment Trends - A-share market activity has rebounded, with trading volumes increasing and the number of active retail investors reaching a year-to-date high, indicating sustained interest from retail investors [3] - Private equity product registrations were high, with 666 new products registered in early August, a 6% increase from July, suggesting robust private investment activity [3] - Foreign and insurance capital are expected to be significant sources of incremental investment, with insurance capital's market entry ratio increasing in Q2 2025 [3] Group 3: Industry Developments - The State Administration of Radio and Television's new measures aim to enhance the supply of quality content for television, which is expected to boost viewership and commercial levels in the film and television industry [8] - The strategic importance of rare earths is highlighted, with expectations of price increases due to supply-demand imbalances in 2025-2026, driven by geopolitical factors and domestic policies [9] - The automation of warehousing through robotics is anticipated to transform the logistics industry, with a focus on enhancing efficiency and reducing costs [10] Group 4: Company-Specific Insights - China Everbright Bank has been rated as "Accumulate" with a target price of 4.62 HKD, benefiting from group resources and a strong non-interest income base [12] - Crystal International, a leading garment manufacturer, has been rated "Buy" with a target price of 7.38 HKD, supported by its global presence and strategic acquisitions [13] - Dingdong Maicai, a fresh e-commerce leader, has been rated "Accumulate" with a target price of 2.77 USD, focusing on product strength and market expansion [13] Group 5: Financial Performance Highlights - The financial performance of various companies shows promising growth, with notable increases in revenue and net profit across sectors such as energy, pharmaceuticals, and technology [18][20][22] - For instance, Longyuan Power reported a revenue of 156.57 billion yuan in H1 2025, with a net profit of 33.75 billion yuan, exceeding expectations due to favorable wind power pricing [21] - The performance of companies like Huazhong Medicine and Meihua Biological indicates stable growth and potential for future profitability, supported by innovative product pipelines and market demand [24][33]

东吴证券8月19日发布研报称，给予天赐材料（002709.SZ，最新价：20.6元）买入评级。评级理由主要 包括：1） 2025Q2业绩符合预期、盈利水平稳定；2）2025Q2出货同比高增长、2025年有望增长40%； 3）Q2电解液盈利持平、2025H2涨价盈利改善可期；4）正极板块受产能利用率影响亏损扩大、日化业 务稳定贡献利润；5）费用控制稳定、经营性现金流好转。风险提示：价格上涨不及预期，下游需求不 及预期，原材料价格波动。 （文章来源：每日经济新闻） ...

营业收入变动幅度为28.97%,原因:电池材料产品的销量上升，收入增加。 据证券之星公开数据整理，近期天赐材料（002709）发布2025年中报。截至本报告期末，公司营业总收 入70.29亿元，同比上升28.97%，归母净利润2.68亿元，同比上升12.79%。按单季度数据看，第二季度 营业总收入35.4亿元，同比上升18.52%，第二季度归母净利润1.18亿元，同比下降3.94%。本报告期天 赐材料公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1054.48%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率18.69%，同比减0.83%，净利率3.77%，同比减 13.94%，销售费用、管理费用、财务费用总计4.84亿元，三费占营收比6.89%，同比减15.03%，每股净 资产6.74元，同比增0.68%，每股经营性现金流0.21元，同比增12.52%，每股收益0.14元，同比增16.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 54.5 Z | 70.29 亿 | 28.97% | ...

天赐材料坚定推进"一体化"与"全球化"双核心战略，通过持续加强研发和产业一体化布局，增强自身核 心竞争力，为在激烈的市场环境中保持有利竞争地位提供强有力支撑和保障，为全年高质量发展奠定坚 实基础。 中证报中证网讯(王珞)8月18日晚，国内电解液龙头天赐材料（002709）公布2025年半年度业绩报告。 公告显示，公司2025年上半年实现营收70.29亿元，同比增长28.97%；归母净利润2.68亿元，同比增长 23.79%；经营现金流净额4.09亿元，同比增长12.26%。2025年上半年，在以旧换新等消费激励政策驱动 下，叠加全球储能装机增势稳定，锂电产业链需求持续提升，盈利水平显著修复。 多板块协同显效 报告期内，国内新能源汽车与动力电池产量持续增长，带动电解液需求稳步提升。天赐材料配套布局电 解液和磷酸铁锂关键原料的生产能力，核心原材料自供优势进一步凸显。 公司通过开展锂离子电池材料循环再生业务，持续降本增效；同步拓展新技术及产品开发，包括钠离子 电池材料、固态电池电解质及轻量化材料等，培育新的利润增长点。同时，公司特种化学品产品正负极 粘结剂及锂电池用胶类产品业务正在快速起量中，截至报告期末，电池用胶 ...