XWXN(SH:688778) Chang Jiang Shang Bao·2025-11-20 03:20Core Viewpoint - Xiamen Tungsten New Energy plans significant expansion by investing in two new projects, totaling 1.762 billion yuan, to enhance production capacity for high-performance battery materials and hydrogen energy materials [1][2][4] Investment Projects - The company intends to invest 1.525 billion yuan in a project to produce 50,000 tons of high-performance battery materials, with construction expected from November 2025 to December 2029 [2][3] - A second project will focus on producing 5,000 tons of hydrogen energy materials and 7,000 tons of functional materials, with an estimated investment of 237 million yuan [2][3] Financial Health - As of September 2025, the company reported cash and cash equivalents of 1.546 billion yuan and trading financial assets of 500 million yuan, indicating a strong financial position [4] - The company's asset-liability ratio stands at 45.86%, suggesting manageable debt levels [4] Market Position and Sales Performance - Xiamen Tungsten New Energy is a leading player in the lithium cobalt oxide market, achieving a revenue of 13.059 billion yuan in the first three quarters of 2025, a year-on-year increase of 29.80% [5] - The company sold 99,900 tons of lithium battery cathode materials, marking a 40.41% increase year-on-year, with cobalt acid lithium sales reaching 46,900 tons, up 45.38% [5] Strategic Partnerships - The company has secured long-term supply agreements with major industry players, including a strategic cooperation framework with Zhongwei Co., which anticipates a supply of approximately 115,000 tons of various battery materials annually from 2025 to 2028 [6] - Another agreement with Greenme aims to supply 150,000 tons of battery raw materials annually from 2026 to 2028, further ensuring raw material availability [6]