调研速递|尚太科技接受投资者调研，上半年多项指标增长亮点多

Core Viewpoint - The company has demonstrated significant operational improvements in the first half of 2025, with strong growth in key financial metrics and ongoing project advancements in the battery materials sector [2][3]. Group 1: Operational Performance - In the first half of 2025, the company achieved a total asset increase to 10.408 billion, a 12.34% rise from the end of 2024 [2] - Net assets grew to 6.528 billion, reflecting a 4.19% increase year-over-year [2] - Sales volume of anode materials surged to 141,200 tons, marking a 68.49% year-on-year growth [2] - Net profit attributable to shareholders reached 479 million, a 34.37% increase compared to the same period in 2024 [2] Group 2: Project Development - The company is making steady progress in solid-state battery and overseas projects, with plans for mass production in the silicon-based anode materials sector by Q3 2025 [3] - The Malaysian project for 50,000 tons of lithium battery anode materials and the Shanxi project for 200,000 tons are set to commence construction in Q3 and Q4 of 2025, respectively [3] - The integrated production capacity for artificial graphite anode materials is expected to exceed 500,000 tons by mid to late 2026 [3] Group 3: Cash Flow and Cost Management - The company reported a decline in operating cash flow due to factors such as customer payment methods and increased business scale [4] - To address raw material price fluctuations, the company is passing costs to customers and enhancing production efficiency [4] - Inventory levels have risen due to expanded production capacity, with current inventory turnover efficiency being constrained [4]