Dowstone(SZ:300409) Xin Lang Cai Jing·2025-08-14 11:58Core Viewpoint - The company has decided to suspend the implementation of its ternary precursor project and the research institute project due to significant changes in the market environment, including a slowdown in the domestic electric vehicle market and increased competition from lithium iron phosphate materials [1][4]. Group 1: Project and Market Changes - The ternary precursor project, with an investment of 1.706 billion yuan, has only progressed 18.67% as of June 30, 2025 [1]. - The domestic electric vehicle market is experiencing a slowdown, while overseas market growth is hindered by political factors [1]. - Lithium iron phosphate materials are gaining market share in the mid-to-low-end segment due to their cost and safety advantages, putting pressure on the ternary materials market [1][4]. Group 2: Financial Performance - In the first half of 2025, the company reported revenue of 3.654 billion yuan, a decrease of 11.64% year-on-year, while net profit attributable to shareholders increased by 108.16% to 230 million yuan [2]. - The increase in profit is attributed to strict cost control, with total expenses for the first half of 2025 amounting to 386 million yuan, a reduction of 46.1 million yuan compared to the previous year [2]. Group 3: R&D Investment Trends - R&D expenses for the company decreased significantly by 41.39% year-on-year in the first half of 2025, with a reduction of 19 million yuan in the first quarter alone [2]. - The company's R&D spending in 2024 was 239 million yuan, down 16.7%, with an R&D intensity of only 3.1%, significantly below the industry average of 5%-8% [2]. - The decline in R&D investment is concerning as the company is undergoing a critical technology transformation towards solid-state battery materials [2]. Group 4: Shareholder Actions - The actual controller of the company, Rong Jihua, plans to reduce his holdings by up to 15.4166 million shares, representing 1.97% of the total share capital [3]. - This reduction comes at a time when the company's stock price has increased by approximately 20% since the beginning of 2025, raising investor concerns about the controller's confidence in the company's short-term prospects [3].