天奇股份：四季度铁锂回收产能饱和 实现阶段性稳定批量出货

Core Viewpoint - The lithium battery recycling industry is facing challenges such as insufficient raw material supply and underutilized capacity, but improvements are expected due to the lifting of black powder import restrictions and rising prices of key metals, leading to a recovery in gross margins for the company [1] Group 1: Industry Challenges - From 2025 onwards, the lithium battery recycling industry continues to encounter challenges including raw material supply shortages and underutilized capacity [1] Group 2: Financial Performance - The company's gross margin in the lithium battery recycling segment has turned from loss to profit, with a gradual improvement on a quarter-on-quarter basis, significantly narrowing previous losses [1] Group 3: Production Capacity - In the fourth quarter, the iron-lithium recycling capacity has reached saturation, achieving stable batch shipments at a certain stage [1]