中伟股份盐湖锂矿的战略布局 2、成本支撑：当价格低于6万元/吨时，高成本锂辉石矿减产形成底部支撑。南美盐湖提锂现金成本仅 4,000-6,000美元/吨，显著低于锂辉石矿的6,000-8,000美元/吨。 3、需求端回暖：新能源汽车销量持续增长，叠加春节前补库需求，推动碳酸锂采购量上升。 碳酸锂作为动力电池的核心原材料，其价格波动牵动整个新能源产业链。2025年8月19日，碳酸锂期货 主力合约LC511价格近9万元/吨，较前期低点涨幅超50%。带动了拥有锂矿企业的资产价值重估。 碳酸锂价格上涨驱动因素 1、供应端收缩：江西地区锂矿资源审查导致部分产能停产，智利环保政策要求盐湖企业卤水抽水量减 少25%，直接影响雅宝和SQM等巨头的生产计划。 随着碳酸锂价格回升至8万元/吨以上，中伟股份盐湖资产正经历三重价值重估： 1、成本优势释放：阿根廷盐湖项目完全成本约4-4.5万元/吨，当前价格下毛利率达45%-50%，经济优势 显著 2、资源稀缺性溢价：全球优质盐湖资源有限且多被国际巨头控制，中伟股份全资控股的1000万吨LCE 资源具有战略价值。 3、产业链协同效应：作为年产能超20万吨的前驱体供应商，盐湖锂矿布局实 ...

Core Viewpoint - The company is strategically investing in lithium brine resources in Argentina, which is expected to enhance its resource value as lithium carbonate prices rise [2] Group 1: Company Strategy - The company is involved in lithium brine projects in Argentina through both controlling and participating stakes, specifically in the JAMA and Solaroz projects [2] - The company anticipates controlling over 10 million tons of lithium carbonate equivalent (LCE) resources from these projects [2] Group 2: Market Conditions - The company is capitalizing on the current low cycle in the lithium market by investing in these brine resources [2] - As lithium carbonate prices increase, the value of the company's lithium resources is also significantly rising, reinforcing its strategic resource value [2]

正极材料前驱体产品。图源：中伟股份招股书 本报（chinatimes.net.cn）记者胡雅文 北京报道 中伟股份（300919.SZ）近日发布2025年半年报，上半年镍、钴、磷、钠四系产品销售量超过18.8万 吨，同比增长33.91%。营业收入为213.23亿元，同比增长6.16%；归母净利润为7.33亿元，同比下降 15.2%。 中伟股份是三元前驱体龙头企业。前驱体是生产正极材料过程中的"半成品"，它与锂盐发生化学反应可 以制成正极材料，在生产过程中属于中间产物，因此被叫做前驱体。如今，越做越大的中伟股份正面临 盈利能力下降的问题。2025年上半年，它的毛利率从去年同期的12.77%下降至12.1%，下降了0.67个百 分点。中伟股份的镍系、钴系前驱体的毛利率一直较为可观，但随着三元电池市场增速受限，上半年电 池材料业务营收同比下降。同时，营收增长主力——新能源金属业务的毛利率却仅有7.44%，拖累了整 体毛利率表现。8月19日，《华夏时报》记者已就相关问题致函中伟股份，截至发稿未得回复。 今年前7个月，8系三元前驱体的均价为87642元/吨，同比下降0.8%。上海钢联新能源事业部镍分析师白 琼告诉记者， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经记者 | 陶知闲 数据来源：Wind、智通财经研究部 当潮水退去，这个曾经的三元前驱体全球霸主，正深陷失血、失速与失守的三重困局。 失速的龙头：当增长引擎突然熄火 作为连续五年蝉联全球三元前驱体市占率第一（2024年20.3%）的行业巨头（公司主要从事新能源电池正极材料与前驱体业务），中伟股份2025年上半 年营收213.23亿元，同比微增6.16%，归属净利润为7.33亿元，同比减少15%，扣非净利润为6.53亿元，同比减少14.77%。 智通财经细拆业务板块发现，2025年上半年中伟股份三元前驱体营收仅74.91亿元，同比大跌15%。较2022年同期的117亿元峰值，三年间蒸发36%收入， 溃败速度远超行业水平。 核心业务营收的下滑直接导致中伟股份市场份额的失守。根据ICC鑫椤资讯数据显示，2024年中国三元前驱体产量为85.1万吨，同比增长0.7%；全球三元 前驱体产量为96.3 万吨，同比下滑1.7%。而中伟股份市占率由2023年的27%（鑫椤资讯数据）下滑至20.3%。 更令人担心的是，正极材料结构性绞杀正在发生。当磷 ...

Core Insights - Zhongwei New Materials Co., Ltd. reported a revenue of 21.32 billion yuan for the first half of 2025, representing a year-on-year growth of 6.16% [1][2] - The company's net profit attributable to shareholders decreased by 15.20% to 733 million yuan, while the net profit after deducting non-recurring gains and losses fell by 14.77% to 653 million yuan [1][2] - Basic earnings per share were reported at 0.79 yuan, down from 0.92 yuan in the same period last year [1][2] Revenue Breakdown - The battery materials segment generated revenue of 9.63 billion yuan, a decline of 5.55% year-on-year, attributed to intensified market competition and product structure adjustments [2][3] - The new energy metals segment showed strong performance with revenue reaching 9.27 billion yuan, marking a significant increase of 44.01% year-on-year, becoming the main driver of revenue growth [2][3] - Other business segments reported revenue of 2.42 billion yuan, down 29.90% compared to the previous year [2] Cost and Expenses - Sales expenses decreased by 4.17% to 48 million yuan, while management expenses increased by 10.12% to 551 million yuan [3][4] - Financial expenses surged by 51.09% to 581 million yuan, indicating rising costs in financing [3][4] Company Overview - Zhongwei New Materials was established in 2014 and went public in September 2020, focusing on the research, production, and sales of new energy battery cathode materials and precursors, including nickel-based, cobalt-based, phosphate-based, and sodium-based materials, as well as new energy metal products [4]

Group 1 - The company achieved a revenue of 21.32 billion yuan in the first half of 2025, representing a year-on-year growth of 6.16%, with a net profit attributable to shareholders of 733 million yuan, driven by increased sales of new energy metals [1] - The company has established a comprehensive R&D platform covering the entire production process and product lifecycle, focusing on battery cathode materials and precursors, with a diversified product matrix including nickel, cobalt, phosphorus, and sodium [1][2] - The company is advancing its industrial ecological strategy by extending its operations upstream to nickel, lithium, and phosphorus resources, while also expanding downstream into lithium battery black powder recycling, creating a vertically integrated industrial ecosystem [2] Group 2 - The company reported a positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%, while maintaining a leading market share in core products [2] - The company is enhancing its global supply capabilities by strategically positioning its operations in different regions, such as Indonesia for resource advantages, South Korea for customer market orientation, and Morocco for regional and resource advantages [3] - In Indonesia, the company is focusing on nickel mining resources and smelting capacity to build a stable supply chain and enhance global resource allocation capabilities [3]

中伟股份（300919.SZ）8月19日在投资者互动平台表示，固态电池前驱体绝大部分使用的是高镍及超高 镍材料，公司的高镍及超高镍材料对于硫化物、氧化物、聚合物这三种形式的固态电池均适用。随着固 态电池技术的发展，公司的高镍及超高镍材料将迎来巨大增长空间。根据Frost ＆ Sullivan数据，2024年 公司高镍、超高镍三元前驱体全球市场份额分别为31.7%、89.5%。公司目前已推出"9系单晶正极材料 前驱体""超小粒径富锂锰基材料前驱体"等多款产品，均通过相关认证并实现几十吨级以上供货。此 外，在固态电池电解质材料领域，公司主要聚焦于氧化物和硫化物两大技术路线，并致力于通过前驱 体-正极材料-固态电解质等关键环节的协同研发，构建全流程的技术能力。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：现在固态电池非常热门，请问贵公司在固态电池领域 的布局如何？是否有相关产品，产品技术如何？跟头部固态电池产商的合作情况怎么样？ ...

Core Viewpoint - Dongwei Securities report indicates that Zhongwei Co., Ltd. experienced a decline in net profit attributable to shareholders in H1 2025, amounting to 730 million yuan, a decrease of 15.2% year-on-year [1] Group 1: Financial Performance - In Q2 2025, the net profit attributable to shareholders was 430 million yuan, reflecting a quarter-on-quarter decline of 12% and a year-on-year decline of 38% [1] - The company's output of nickel, cobalt, phosphorus, and sodium products reached 188,000 tons in H1 2025, representing a year-on-year increase of 34% [1] - The expected output for ternary precursors and four-cobalt products for the full year is around 230,000 tons, indicating a year-on-year growth of 15% [1] Group 2: Profitability and Market Position - The company is projected to achieve a profit contribution of 1.3 to 1.4 billion yuan from a single-ton profit of 6,000 yuan per ton [1] - In Q2, nickel prices further declined, while the cost of fire-smelting ore increased, leading to a forecast of marginal profits from metal nickel, with an expected contribution of 200 to 300 million yuan for the year [1] - As the largest precursor manufacturer in China, the company is expected to maintain a rising self-supply rate of nickel, with a target price of 46 yuan based on a 25x PE ratio for 2025, maintaining a "buy" rating [1]

Core Viewpoint - The company, Zhongwei Co., Ltd., reported a revenue of 21.32 billion yuan for the first half of 2025, marking a 6.16% increase, with a notable second-quarter net profit growth of 38.24% [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 733 million yuan and a net profit excluding non-recurring items of 653 million yuan [1] - Sales volume of nickel, cobalt, phosphorus, and sodium products exceeded 188,000 tons, representing a year-on-year growth of 33.91% [1] Group 2: Product and Technology Development - Zhongwei Co., Ltd. has established a diversified product matrix including nickel, cobalt, phosphorus, and sodium materials, with high-nickel materials accounting for nearly 70% of shipments [2] - The company has made significant advancements in cobalt materials, entering high-value markets such as high-end electronics and AI terminals [2] - The company has achieved breakthroughs in solid-state battery precursor materials and is developing customized precursors for different solid-state battery routes [4] Group 3: Research and Development - The company has invested a total of 3.639 billion yuan in R&D since 2022, establishing a comprehensive R&D system from fundamental research to intelligent manufacturing [3] - It has created several industry-first products, including ultra-high nickel ternary precursors and low-cost sodium-ion battery precursors [3] Group 4: Sustainability and ESG Performance - Zhongwei Co., Ltd. has developed a green low-carbon closed-loop system, integrating resource extraction, refining, material production, and recycling [5][6] - The company achieved an upgrade in its MSCI ESG rating from BBB to AA, ranking first in its industry, reflecting its commitment to sustainable practices [7] Group 5: Market Position and Future Outlook - The company has expanded its international presence, with overseas revenue accounting for 50.58% as of June 30, 2025, and has established partnerships with major global battery manufacturers [6] - The demand for new energy materials is expected to experience structural growth, positioning Zhongwei Co., Ltd. favorably in the next round of competition in the global new energy industry [8]

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]