KBC(SH:688598) Shang Hai Zheng Quan Bao·2025-09-23 11:06Core Insights - The company is focusing on the development of porous carbon materials for silicon-carbon anodes, addressing issues such as volume expansion and battery cycle stability during charge and discharge processes [1][2] - The company has completed iterations of various pitch-based porous carbon products and developed low-cost modified resin-based porous carbon products, which are currently being evaluated by downstream customers [1][2] - The demand for high energy density and super-fast charging in lithium batteries, semi-solid, and solid-state batteries is rapidly increasing, indicating a potential for porous carbon to be scaled into diverse applications [1] - The company emphasizes technological innovation and has established multiple research and innovation platforms to enhance the industrialization of advanced carbon-based materials [1] Product Development and Market Strategy - The company has significantly improved the conductivity, compressive strength, and electrochemical performance of pitch-based porous carbon products, offering a cost-performance advantage over resin-based alternatives [2] - The company has established strong customer relationships with leading silicon-carbon enterprises, providing customized porous carbon product solutions [2] - In the transportation sector, the company is implementing a dual strategy of "domestic deep cultivation + overseas breakthroughs" to expand market coverage and influence, focusing on the global automotive industry's upgrade and upcoming Euro 7 emission standards [2] Financial Performance - In the first half of 2025, the company achieved a revenue of 411 million yuan, a year-on-year increase of 19.69%, with transportation and lithium battery sectors contributing significantly to this growth [3] - Revenue from the transportation sector reached 102 million yuan, while the lithium battery sector generated 199 million yuan, with combined revenue from these new businesses growing by 305.35% and accounting for over 70% of total revenue [3] - The company's photovoltaic segment has seen a decline in revenue contribution from 59.87% in 2024 to below 30%, focusing on high-quality customers and reducing bad debt risks [3] - The company plans to continue expanding the application of carbon-based materials in transportation and lithium battery sectors through ongoing product innovation and market expansion [3]