【私募调研记录】鸿道投资调研五矿新能、天孚通信

Group 1: Company Insights - Hongdao Investment recently conducted research on two listed companies, Wenkang New Energy and Tianfu Communication, highlighting their performance and strategic initiatives [1][2] - Wenkang New Energy reported improved profitability in Q2 due to better market conditions and increased production capacity utilization, with a focus on solid-state battery development in collaboration with a research team [1] - Tianfu Communication achieved a revenue of 2.456 billion yuan in the first half of 2025, marking a 57.84% year-on-year increase, driven by the demand for high-speed active products and expansion into new markets [2] Group 2: Financial Performance - Wenkang New Energy's board is considering convertible bond conversion based on actual conditions, indicating a strong debt repayment capability [1] - Tianfu Communication's net profit reached 899 million yuan, a 37.46% increase year-on-year, despite a decline in gross margin due to changes in product mix [2] Group 3: Strategic Developments - Wenkang New Energy is focusing on lithium iron phosphate products for power batteries and has initiated technology layouts in the energy storage sector [1] - Tianfu Communication is expanding its production capacity in Thailand, with phase one already operational and phase two in the testing phase, aiming for large-scale production next year [2]