Core Viewpoint - The lithium hexafluorophosphate market is experiencing a shift from explosive growth to a stable development phase, with a production increase of 38% year-on-year in the first half of 2025, indicating a maturation of the market and a balance between supply and demand [2][4]. Market Performance - In the first half of 2025, the production of lithium hexafluorophosphate reached 125,000 tons, reflecting a 38% year-on-year growth, which is a decrease from the explosive growth rates seen in 2021 and 2022, as well as a decline from the 31% growth in 2024 [2][4]. - The robust demand from the electric vehicle sector and the booming energy storage industry has sustained this growth, with an estimated total production for the year potentially reaching 250,000 tons [4]. Market Structure - The market is characterized by increasing concentration, with the leading company, Tianqi Lithium, holding a 37% market share due to its cost advantages and production capacity [6]. - The top five companies, including Tianqi Lithium, Molybdenum, and New Tai New Materials, collectively account for 78% of the market share, indicating a trend where resources and orders are increasingly concentrated among major players, squeezing the survival space for smaller firms [6]. Future Challenges - The industry faces challenges related to capacity digestion and cost management, as the previous expansion phase leads to potential overcapacity and price competition [7]. - Smaller firms must navigate their survival strategies, either by seeking differentiated technology routes or through mergers and acquisitions to consolidate resources [7]. Future Outlook - The market is transitioning from a focus on quantity to a focus on quality, emphasizing efficiency, technology, and customer loyalty as key competitive factors [8].

Core Viewpoint - Tianqi Materials plans to publicly issue H-shares and list on the Hong Kong Stock Exchange, but faces significant challenges due to declining lithium carbonate prices and deteriorating financial performance [1][2]. Financial Performance - In 2024, Tianqi Materials reported revenue of 12.518 billion, a year-on-year decrease of 18.74%, and a net profit of 484 million, down 74.40%, marking the second consecutive year of significant decline in both revenue and profit [2]. - The company's cash collection ratio has remained below 50% for a long time and is on a downward trend, significantly lower than comparable companies like Xinzhou Bang [2][4]. Debt and Financing - Although the overall debt ratio has remained stable at around 45%, the interest-bearing debt ratio has increased from 6.27% in 2021 to 26.83% by the end of 2024, indicating increasing pressure on the company's cash flow [4][7]. - Tianqi Materials has raised over 5 billion through private placements and convertible bonds in recent years, yet this has not alleviated the ongoing financial pressure [7]. Mergers and Acquisitions - In December 2021, Tianqi Materials acquired assets from its controlling shareholder at a high premium of 250%, and in June 2023, it further acquired additional shares at a slightly lower valuation, despite the industry's downturn [8][9]. - The acquired company, Zhejiang Tianshu, failed to meet its profit commitments in 2024, achieving only 31.94% of the promised net profit [9]. Market Position and Legal Issues - Tianqi Materials' market share in the domestic electrolyte sector has declined from 36.4% in 2023 to 31.6% in 2024, raising concerns about its competitive position [13]. - The company is involved in ongoing litigation with competitors, including a lawsuit against Jinshi Resources for alleged technology theft, and a counterclaim from Yongtai Technology for defamation and abuse of market dominance [10][12].

Core Viewpoint - The high-performance materials industry in China is experiencing rapid growth driven by policy support, market demand, and technological innovation, becoming a crucial pillar for economic stability. The industry is expected to reach a total output value of 8.48 trillion yuan in 2024, maintaining double-digit growth for 14 consecutive years, with a market size projected to be 8.78 trillion yuan [1][10]. Group 1: Industry Definition and Classification - High-performance materials are defined as newly emerged materials with superior properties or special functions, or traditional materials that have significantly improved performance or gained new functions. They are essential for extreme environments and high-end applications, primarily used in aerospace, energy, electronics, medical, and defense sectors. The main categories include advanced basic materials, key strategic materials, and frontier new materials [1][12]. Group 2: Development Environment and Policies - The Chinese government has implemented various policies to promote the research and development of high-performance materials, recognizing them as a foundational and strategic industry. Key policies include encouraging foreign investment in new materials and prioritizing the development of advanced materials such as graphene and biodegradable materials [5][6]. Group 3: Current Industry Status - The high-performance materials industry in China has evolved from a weak foundation to a robust sector, with expectations for future development to focus on intelligence and sustainability, integrating high technology with emerging industries [7][23]. Group 4: Industry Chain - The industry chain for high-performance materials includes upstream sectors such as steel, non-ferrous metals, rare earths, petrochemical products, and polymers; midstream focuses on R&D and production; and downstream applications span new information technology, renewable energy, automotive, home appliances, medical, environmental protection, aerospace, and rail transportation [12][14]. Group 5: Competitive Landscape - The market is characterized by competition among foreign enterprises, large state-owned enterprises, and private companies. Foreign firms dominate the high-end market, while domestic companies primarily serve the mid-range market. Notable companies include Wanhua Chemical, Ganfeng Lithium, Hengli Petrochemical, and North Rare Earth [16][18]. Group 6: Key Enterprises - Major players in the high-performance materials sector include: - Wanhua Chemical, which operates globally and focuses on various chemical and new material sectors [17][19]. - Ganfeng Lithium, which covers the entire lithium battery supply chain from resource extraction to battery manufacturing [18]. - Hengli Petrochemical, recognized for its extensive production capabilities in petrochemicals and new materials [21]. - North Rare Earth, which has established a significant production base for rare earth materials [18]. Group 7: Future Development Trends - The high-performance materials industry is transitioning from self-sufficiency in low-end products to independent R&D of mid-to-high-end products, with increasing domestic competitiveness. The rapid development of emerging industries like renewable energy and smart manufacturing is driving innovation in high-performance materials, leading to new application scenarios and a promising market outlook [23][25].

Core Viewpoint - The company Tianqi Materials has withdrawn a lawsuit against Jinshi Resources and its subsidiary regarding the infringement of technical secrets related to lithium hexafluorophosphate, indicating new developments in the case and the intention to file another lawsuit in the future [1][2][3]. Group 1: Lawsuit Background - The lawsuit initiated in 2023 involved Tianqi Materials claiming that Jinshi Resources and Jiangshan Jinshi infringed on its commercial secrets concerning lithium hexafluorophosphate technology [2]. - Tianqi Materials has been researching lithium hexafluorophosphate since 2005, developing core technical secrets including production formulas [2][4]. - The company became the largest electrolyte manufacturer in China in 2017 after entering the supply chains of ATL and CATL [2]. Group 2: Legal Proceedings - After the Guangzhou Intellectual Property Court accepted the case, Jinshi Resources raised jurisdictional objections, which were ultimately dismissed by the Supreme People's Court, transferring the case to the Hangzhou Intermediate People's Court [3]. - Tianqi Materials' withdrawal of the lawsuit was approved by the Hangzhou Intermediate People's Court, which found the request compliant with legal regulations [3]. Group 3: Technical Secrets and Allegations - The dispute centers around the production formula and process of lithium hexafluorophosphate, a key raw material for electrolytes [2][4]. - Chen Chunfa, a former employee of Tianqi Materials, is a defendant in the case, having previously worked on the production and process changes of lithium hexafluorophosphate [5]. - Tianqi Materials claims that Jinshi Resources' patent application closely resembles its own technology, suggesting a breach of trade secrets [5]. Group 4: Market Context - The lithium materials market has faced supply-demand imbalances and significant price declines, with lithium hexafluorophosphate currently priced around 50,000 yuan per ton, down approximately 90% from its historical peak [6].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源 ：企业公告 天赐材料称，该次投资协议的签署旨在通过与摩洛哥当地政府建立长期、稳定的战略合作关系，充分整 合优势资源，进一步完善公司海外布局，推进全球化战略。 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ END 7 月7日晚，天赐材料公告，计划公开发行H股股票并申请在香港联交所主板挂牌上市。 天赐材料 表示，为深入推进公司全球化战略布局，打造国际化资本运作平台，满足海外业务的持续发 展需要和提质增效要求，根据相关法律、法规的要求，计划公开发行H股股票并申请在香港联交所主板 挂牌上市。截至目前，正积极与相关中介机构就本次发行的相关工作进行商讨，除本次董事会审议通过 的相关议案外，其他关于本次发行的具体细节尚未最终确定。 当前，天赐材料正积极向海外市场寻求业绩增量。 今年6月12日晚天赐材料公告，近日公司及全资孙 公司TinciMaterialsJorfLasfarSAS（以下简称"项目公司"）与 摩洛哥王国 签署了投资协议，拟通过 项 ...

Core Viewpoint - The legal dispute between Jinshi Resources and Tianci Materials has seen a significant development, with Tianci Materials withdrawing its lawsuit against Jinshi Resources, while Jinshi Resources maintains its stance on protecting intellectual property rights and is prepared to take legal action if necessary [1][2]. Group 1: Legal Proceedings - On July 9, Jinshi Resources announced that Tianci Materials and Jiujiang Tianci had applied to withdraw their lawsuit, which was approved by the Hangzhou Intermediate People's Court [1]. - The Guangzhou Intellectual Property Court had previously accepted a case filed by Tianci Materials against Jinshi Resources and its subsidiary for alleged infringement of trade secrets [1]. - Jinshi Resources raised a jurisdictional objection, which was initially dismissed by the Guangzhou court, but the Supreme People's Court later ruled in favor of Jinshi Resources, transferring the case back to the Hangzhou court [1]. Group 2: Company Position and Evidence - Jinshi Resources emphasized its commitment to intellectual property protection and innovation, stating that it has submitted substantial evidence to demonstrate that the claimed "trade secrets" are publicly known within the industry and do not qualify as legal trade secrets [2]. - The company expressed its core values of "doing good and mutual benefit," aiming to promote the common development and prosperity of the entire industry chain [2].

Group 1 - Enjie Co., Ltd. expects a loss of 82.65 million to 107 million yuan in the first half of 2025, compared to a profit of 291 million yuan in the same period last year [1] - The primary reasons for the expected loss include a decline in the profit margin of lithium battery separator films, losses in certain business segments, increased overseas operating expenses, and a provision for inventory impairment based on prudence [1] - The company needs to adjust its strategy to cope with intensified industry competition and should focus on subsequent performance improvement measures [1] Group 2 - Tianci Materials has filed a request to withdraw a lawsuit regarding a technical secret dispute, which has been approved by the Hangzhou Intermediate People's Court [2] - The withdrawal of the lawsuit is not expected to have a significant adverse impact on the company's current or future profits, and the company plans to file a new lawsuit based on the situation [2] - The outcome of this case may influence the company's future rights protection strategy, necessitating attention to the progress of new litigation and potential risks [2] Group 3 - Multiple silicon wafer manufacturers have raised their prices, with increases ranging from 8% to 11.7% for different sizes of wafers [3] - The price hike is attributed to the upward pressure from rising upstream silicon material costs, although the demand growth at the downstream level is slowing, raising concerns about market acceptance [3] - The ability to pass on price increases to end-users will test the collaborative capacity of the industry chain, and short-term price negotiations are expected to continue [3]

Group 1 - The company, Guangzhou Tinci Materials Technology Co., Ltd., has filed a civil lawsuit against Chen Chunfa, Jinshi Resources Group Co., Ltd., and its subsidiary Jiangshan Jinshi New Materials Technology Co., Ltd. for infringing on its trade secrets related to lithium hexafluorophosphate product technology [2][3] - The Guangzhou Intellectual Property Court accepted the case on August 7, 2023, but the defendant raised an objection regarding jurisdiction, which was ultimately rejected by the court [3] - The case was later transferred to the Hangzhou Intermediate People's Court after the Supreme People's Court of the People's Republic of China ruled on the jurisdiction issue [3] Group 2 - During the proceedings, the company submitted a request to withdraw the lawsuit based on new developments in the case, which was approved by the Hangzhou Intermediate People's Court [4] - The withdrawal of the lawsuit is not expected to have a significant adverse impact on the company's current or future profits [4] - The company plans to potentially file another lawsuit based on the evolving circumstances of the case and will fulfill its information disclosure obligations accordingly [4]

Core Viewpoint - The company Jinshi Resources (603505.SH) announced that the Hangzhou Intermediate People's Court in Zhejiang Province has approved the withdrawal of a lawsuit filed by Guangzhou Tianci High-tech Materials Co., Ltd. and Jiujiang Tianci High-tech Materials Co., Ltd. [1] Summary by Relevant Sections - **Lawsuit Details** - The plaintiffs initially sought a total compensation of 90 million RMB for economic losses and an additional 802,000 RMB for legal fees and other expenses [1] - **Court Decision** - The court has granted the plaintiffs' request to withdraw the lawsuit, indicating that the case will not impact the company's current or future profits [1]

天赐材料（002709） 一、本案的基本情况 广州天赐高新材料股份有限公司（以下简称"公司"）及全资子公司九江天赐 高新材料有限公司作为原告，就陈春财、金石资源集团股份有限公司（以下简称 "金石资源"）及其全资子公司江山金石新材料科技有限公司（以下简称"江山 金石"）侵犯公司商业秘密（六氟磷酸锂产品技术秘密信息）的侵权行为向广州 知识产权法院提起民事诉讼，广州知识产权法院已于 2023 年 8 月 7 日立案受理。 具体内容详见 2023 年 8 月 10 日在《证券时报》《中国证券报》《上海证券报》 《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）的《关于公司提起诉讼 的公告》（公告编号：2023-110）。 广州知识产权法院受理该案件后，被告金石资源对管辖权提出了异议，经审 理，广州知识产权法院驳回了被告对本案提出的管辖权异议。金石资源向中华人 民共和国最高人民法院提起了上诉，最终经中华人民共和国最高人民法院终审裁 定，该案件移送浙江省杭州市中级人民法院管辖。具体内容详见 2024 年 7 月 12 日在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （htt ...