Core Viewpoint - Tinci Materials (002709.SZ), a lithium-ion battery materials producer, has made progress in its Hong Kong listing application, aiming to enhance its global strategy and financing channels [1][2][5]. Group 1: Listing Progress - On September 22, Tinci Materials announced that it has submitted its listing application to the Hong Kong Stock Exchange [2]. - The company aims to deepen its global strategy and create an international capital operation platform through this listing [5]. - Currently, Tinci's overseas revenue is relatively low, with 2025 H1 overseas revenue at 313 million yuan, accounting for 4.45% of total revenue [2][5]. Group 2: Business Developments - Tinci Materials' subsidiary, Jiujiang Tinci, signed a long-term supply agreement for no less than 800,000 tons of electrolyte with Ruipu Lanjun Energy Co., Ltd. by the end of 2030 [4][7]. - This agreement is expected to foster a stable long-term partnership and positively impact the company's performance from 2026 to 2030 [7]. Group 3: Financial Performance - In H1 2025, Tinci Materials achieved a revenue of 7.029 billion yuan, a year-on-year increase of 28.97%, and a net profit of 268 million yuan, up 12.79% [8]. - The electrolyte business showed strong growth, with revenue of 6.302 billion yuan, reflecting a 33.18% increase year-on-year [8]. - The company has maintained stable unit profitability in the electrolyte market despite a slight decline in market prices [8].

Industry Overview - The 7th High Energy Density Solid-State Battery Key Materials Technology Conference was held in Suzhou on September 23-24, focusing on solid electrolytes, anode and cathode materials, interface engineering, smart manufacturing, and industrialization progress [1] - The conference aimed to provide a platform for information exchange among companies, research institutions, and end-users in sectors such as new energy vehicles, energy storage, and consumer electronics, promoting collaboration in production, learning, and research [1] Market Trends - According to Guotai Junan, the industrialization of solid-state batteries is expected to accelerate from 2025 onwards, with a collaborative model emerging between automakers and battery manufacturers in China [1] - The development of materials, including main materials like solid electrolytes, anode and cathode materials, and auxiliary materials such as binders and additives, is rapidly advancing [1] - Multiple automakers and battery manufacturers have announced plans for mass production of solid-state batteries, with 2027 projected to be a pivotal year for the industry [1] Company Developments - Tianqi Materials is currently in the pilot testing stage for its sulfide-based solid electrolyte [1] - Funeng Technology has completed sample delivery of sulfide all-solid-state batteries to a leading humanoid robot client [1]

Core Viewpoint - Tinci Materials has officially initiated its IPO process in Hong Kong, aiming to raise funds for global expansion and enhance its international competitiveness [1][3]. Group 1: IPO Details - Tinci Materials submitted its listing application to the Hong Kong Stock Exchange on September 22, 2023, after previously terminating its GDR plan [1]. - The company plans to allocate 80% of the raised funds to support global business development, with 60% directed towards a lithium-ion battery materials project in Morocco [3]. Group 2: Financial Performance - In the first half of 2025, Tinci Materials reported a revenue of 7.03 billion yuan, a year-on-year increase of 28.97%, with a net profit of 268 million yuan, up 12.79% [3]. - Domestic revenue accounted for 95.55% of total revenue, while overseas revenue was only 4.45% [3]. Group 3: Market Strategy - The company emphasizes the importance of overseas market expansion as a key focus for future growth, particularly in light of the competitive landscape in the lithium battery industry [2][3]. - Tinci Materials aims to enhance its international brand image and governance through the IPO, which is seen as a critical step in its globalization strategy [3]. Group 4: Legal Issues - Tinci Materials is currently involved in a lawsuit against Yongtai Technology, claiming infringement of proprietary technology, which may impact its IPO process [4][5]. - The company has previously faced legal challenges related to intellectual property, highlighting the importance of IP protection in the lithium battery materials sector [5].

Core Insights - The report highlights the significant growth potential in the pet medical market, driven by increasing pet ownership and the aging of pets, with a projected market size of 549 billion yuan by 2024 and a potential growth to 1,011 billion yuan by 2030 [10][12] - The report emphasizes the advantages of nationwide chain pet medical institutions in terms of medical technology and platform management, which are crucial for providing comprehensive diagnostic services and maintaining competitive advantages [13][14] - The report identifies the current competitive landscape in the pet medical industry, noting the presence of major players such as New Ruipeng, Ruipai, and Ruichen, and suggests that the industry is transitioning from aggressive expansion to improving operational quality [11][14] Industry Overview - The pet medical industry is positioned at the downstream of the pet industry chain, directly serving pets and their owners through various medical services [9] - The report indicates that the pet medical consumption market is expected to grow at a compound annual growth rate of 10.68% due to increasing consumer willingness to spend on pet healthcare [10] - The current chain rate of pet medical institutions in China is approximately 21.1%, indicating room for growth compared to the 30% chain rate in the U.S. market [11] Company Insights - New Ruipeng is identified as the largest nationwide pet chain medical institution in China, with over 1,500 hospitals across more than 100 cities [14] - Ruipai Pet Hospital has nearly 600 locations and has seen significant growth in patient volume, supported by capital expansion [14] - Ruichen Pet Hospital, a newer entrant, has established over 200 hospitals in major cities, indicating a competitive and expanding market [14]

Group 1 - Qianyu Medical's shareholder QM5 LIMITED plans to transfer approximately 6.6693 million shares, accounting for 2% of the company's total share capital [1] - Guizhou Platinum Industry intends to raise no more than 1.291 billion yuan for technological innovation platform construction, industrial transformation, and working capital [1] - Guangdong Construction has won a bid for the Guangzhou Financial City East District project with a contract value of 1.924 billion yuan [1] Group 2 - Sanfu New Science plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 15 million yuan [3] - Baiyun Mountain's subsidiary has entered the II phase of clinical trials for children's Xiao Chai Hu granules, aimed at treating pediatric gastrointestinal colds [4] - Lepu Medical has signed a strategic cooperation agreement with Hanhai Information for market promotion and operation rights in mainland China [5] Group 3 - Daotong Technology plans to transfer 46% of its stake in Saifang Technology for a total consideration of 109 million yuan [7] - Rizhao Port's shareholder Shandong Energy Group intends to reduce its stake by up to 3% [8] - Saiwei Electronics reports that the National Integrated Circuit Fund has reduced its stake by 6.3481 million shares, representing 0.87% of the total share capital [10] Group 4 - Changji Logistics proposes a cash dividend of 0.31 yuan per share for the 2025 interim period [11] - Xuelong Group's shareholder plans to reduce its stake by up to 1.95% [13] - Lianxiang Co. plans to reduce its stake by a total of 3.74% [15] Group 5 - Yingfeite's actual controller plans to reduce its stake by up to 2.82% [16] - Baolong Technology's director plans to reduce his stake by up to 0.11% [17] - China Electric Research's shareholder plans to transfer 2% of the company's shares through an inquiry transfer [18] Group 6 - Oriental Pearl plans to participate in establishing an investment fund with a total fundraising scale of 714 million yuan [19] - Tianqin Equipment's shareholder plans to reduce its stake by up to 1% [21] - Crystal Optoelectronics' shareholder plans to reduce its stake by up to 0.99% [22] Group 7 - Changchun Technology expects a net profit increase of 131.39% to 145.38% for the first three quarters of 2025 [22] - Jinhai Tong's shareholder plans to reduce its stake by up to 1% [24] - Zhongdian Electric's shareholder plans to reduce its stake by up to 3% [26] Group 8 - Zhixiang Jintai has signed exclusive cooperation agreements for two monoclonal antibody injections [27] - Chuangli Group's director plans to reduce his stake by up to 0.7% [28] - Henghui Security's shareholders plan to reduce their stake by a total of 2.34% [29] Group 9 - Tianci Materials' subsidiary has signed a supply cooperation agreement for no less than 800,000 tons of electrolyte products [29] - Tianci Materials has submitted an application for H-share listing on the Hong Kong Stock Exchange [30] - Zhongke Haixun has signed a strategic cooperation agreement with Beibu Gulf Port Group [30] Group 10 - China CNR has elected Sun Yongcai as the chairman of the board [31] - Baiwei Storage plans to issue H-shares and list on the Hong Kong Stock Exchange [32] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan [33] Group 11 - Zhongjing Electronics plans to raise no more than 700 million yuan for various projects [35] - Dingxin Communications clarifies that its technology authorization from Pingtouge is unrelated to AI intelligent reasoning chips [37] - Rihai Intelligent's major shareholder plans to reduce its stake by up to 2.77% [38] Group 12 - Rihai Optical's actual controller plans to reduce his stake by up to 3% [39] - Xilong Science's actual controllers plan to reduce their stake by a total of 3% [40] - Honggong Technology plans to sign a project contract with a maximum investment of 450 million yuan [41] Group 13 - Mankang Pharmaceutical has signed a strategic cooperation agreement with Nanjing Haijing Pharmaceutical [42] - Mankang Pharmaceutical plans to raise no more than 1.033 billion yuan through a private placement [42] - Kaidi Co.'s shareholder plans to reduce its stake by up to 38,030 shares [43] Group 14 - Hesheng Co. has launched a stock option and restricted stock incentive plan totaling 3.6 million shares [44] - ST Yigou's shareholder plans to reduce its stake by up to 2.85% [46] - Jinziham's subsidiary plans to invest up to 300 million yuan in Zhongzheng Microelectronics [49]

Battery Industry - Envision AESC appointed Wan Biao as the global CEO, bringing over 20 years of management experience from Huawei and Honor [1] - Honeycomb Energy successfully delivered a 30MWh liquid-cooled energy storage system to Slovenia, featuring a dual-layer cooling design that reduces cell temperature differences by 50% and increases throughput by 10% over its lifecycle [2] - Jiuwu High-Tech signed a procurement contract worth 81.5 million yuan for a membrane treatment system with Guotou Xinjiang Lithium Industry [5] - Shengxin Lithium Energy plans to acquire a 21% stake in Qicheng Mining for 1.456 billion yuan to enhance its lithium resource supply capacity [6] - Suzhou Xiesheng completed a Pre-A round financing of 10 million yuan, indicating strong market recognition of its technology and development plans [7] - Tianci Materials submitted an application for an IPO in Hong Kong and signed a supply agreement for at least 800,000 tons of electrolyte with Ruipu Lanjun by December 31, 2030 [9] - Chongqing Lide Energy Technology signed a contract for a 5,500-ton solid-state battery composite lithium metal anode material project in Sichuan, utilizing advanced lithium distillation technology [11] Equipment Industry - Dazhu Laser established a lithium battery technology company with a registered capital of 30 million yuan, focusing on battery manufacturing and related technologies [13]

Core Viewpoint - Tianqi Materials has submitted an IPO application for listing on the Hong Kong Stock Exchange, aiming to raise funds primarily for global business expansion and R&D activities, following a previous attempt to list on the Swiss Stock Exchange that was terminated due to market conditions [1][6]. Company Overview - Established in 2000 and headquartered in Guangzhou, Tianqi Materials focuses on providing lithium-ion battery materials, daily chemical materials, and specialty chemicals [2]. - The company has successfully expanded its business into cathode materials and adhesives for lithium batteries, positioning itself in emerging fields such as smart driving and AI thermal management [2]. Financial Performance - Revenue from lithium battery materials accounted for 93.3%, 91.6%, 87.7%, and 89.7% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company's revenue for the reporting periods was 22.317 billion, 15.405 billion, 12.518 billion, and 7.029 billion yuan, with net profits of 5.714 billion, 1.891 billion, 484 million, and 268 million yuan [4]. - The average selling price of lithium battery materials dropped significantly from approximately 48,300 yuan per ton in 2022 to about 23,000 yuan in 2023, a decline of 52.32%, and further to about 13,800 yuan in 2024, a 40% decrease [5]. Market Position and Strategy - Tianqi Materials has 15 operational production bases in China and plans to establish new bases in Morocco and the United States [3]. - The company aims to enhance its global strategy and competitive position through the IPO, which will be its sixth round of financing, totaling approximately 6.25 billion yuan raised from previous rounds [6][8]. Shareholder Structure - The chairman and general manager, Xu Jinfeng, holds approximately 36.5% of the company's shares, with family members holding an additional 3% [7]. Industry Context - The stock price of Tianqi Materials has reflected the overall lithium battery industry trends, with a significant decline from a peak of 170.51 yuan in October 2021 to a low of 12.86 yuan in September 2024, representing a drop of over 92.46% [9]. - The trend of lithium companies seeking listings in Hong Kong is increasing, with several companies already announcing their plans [9].

Core Viewpoint - Company Tinci Materials has submitted an IPO application for listing on the Hong Kong Stock Exchange, aiming to raise funds primarily for global business development and R&D activities, following a previous attempt to list GDRs in Switzerland that was terminated due to market conditions [1][2][6]. Group 1: Company Overview - Tinci Materials, established in 2000 and headquartered in Guangzhou, focuses on providing lithium-ion battery materials, daily chemical materials, and specialty chemicals [2]. - The company has successfully expanded its business into cathode materials and adhesives for lithium batteries, positioning itself in emerging fields such as smart driving and AI thermal management [2][3]. Group 2: Financial Performance - Revenue from lithium battery materials constituted 93.3%, 91.6%, 87.7%, and 89.7% of total revenue for the years 2022, 2023, 2024, and the first half of 2025, respectively [2]. - Tinci Materials reported revenues of 22.317 billion, 15.405 billion, 12.518 billion, and 7.029 billion yuan for the respective years, with net profits declining significantly due to falling average selling prices of lithium battery materials [4]. Group 3: Market Conditions - The average selling price of lithium battery materials dropped from approximately 48,300 yuan per ton in 2022 to about 23,000 yuan in 2023, a decrease of 52.32%, and is projected to fall further to around 13,800 yuan in 2024, a 40% decline from 2023 [4]. - The gross margin for lithium battery materials fell from 38.6% in 2022 to 17% in the first half of 2025, impacting the overall gross margin which decreased from 38% to 18.7% during the same period [4]. Group 4: Client and Supplier Relationships - Major clients include battery manufacturers, automotive manufacturers, and consumer electronics manufacturers, with revenue from the top five clients accounting for 70.8%, 71.2%, 58.7%, and 58.7% over the reporting periods [5]. - Most raw materials are sourced domestically, with the top five suppliers contributing 36.9%, 36.0%, 33.8%, and 33.6% of total procurement costs during the respective periods [5]. Group 5: Financing and Shareholder Structure - The IPO aims to enhance the company's global strategy and international market competitiveness, with the chairman holding approximately 36.5% of the shares [6][9]. - Tinci Materials has completed five rounds of direct financing since its A-share listing in 2014, raising a total of approximately 6.25 billion yuan [6][7].

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 9月22日， 天赐材料 公告称，公司全资子公司九江天赐与瑞浦兰钧签订了《合作协议》，自本协议生效之日起至 2030年12月31日止， 瑞浦兰钧（含瑞浦兰钧温州基地及下属各关联公司/基地）向九江天赐采购总量不少于80万吨 的电解液产品 ， 且九江天赐能满足瑞浦兰钧月度最高需求时不低于2万吨供应量。电解液产品之核心原材料六氟磷酸 锂的价格由双方另行协商确定。 | TINCI | | 天赐材料(002709) | | --- | --- | --- | | 证券代码:002709 | 证券简称:天赐材料 | 公告编号:2025-105 | 次协议的签署标志着天赐材料在电解液领域的进一步拓展，瑞浦兰钧作为知名能源公司，其采购需求也显示了电解液市 场的增长潜力。 天赐材料表示，此次合作不仅是对现有资源的优化配置，也将为公司未来的发展奠定坚实基础。随着新能源市场的不断 发展，电解液作为核心原材料，其市场前景被普遍看好。 2025年中期，天赐材料实现收入70.29亿元，归母净利润2.68亿元。 会议详情： END ...

Core Viewpoint - The company Tianqi Materials has submitted an application for H-share listing on the Hong Kong Stock Exchange, with the submission date being September 22, 2025 [1] Group 1 - The company has officially announced the submission of its H-share listing application [1] - The application materials have been published on the Hong Kong Stock Exchange website [1]