多氟多分析师会议：调研日期-20250826

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The report focuses on the in - depth research of Do - fluoride. In 2025, the company faced challenges in profitability due to intense industry competition and low product prices. However, it has plans to improve profitability and has positive prospects in some business segments such as the lithium battery segment [26]. 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Do - fluoride, belonging to the chemical products industry. The reception time was on August 26, 2025, and the listed company's reception staff included the board secretary Peng Chao, the securities department minister Wang Bei, and the investor relations director Guo Ruikuan [16]. 3.2. Detailed Research Institutions - A large number of institutions participated in the research, including securities companies (such as Yangtze Securities Co., Ltd., Tianfeng Securities Co., Ltd.), asset management companies (such as Beijing Yutian), investment companies (such as Boyu Capital), fund management companies (such as Debon), and other types of institutions (such as BYD Co., Ltd.) [17]. 3.3. Research Institution Proportion - No relevant content provided. 3.4. Main Content Data - Company's First - Half Operating Performance: In the first half of 2025, the company achieved an operating income of 4328 million yuan, a year - on - year decrease of 6.65%; the net profit attributable to shareholders of the listed company was 51 million yuan, a year - on - year decrease of 16.55%; the basic earnings per share was 0.04 yuan per share. The company will take measures to enhance profitability [26]. - Business Segment Revenue and Profit Contribution: In the first half of the year, the revenue proportions of the four major business segments were: fluorine - based new materials 30.39%, electronic information materials 5.55%, new energy materials 34.97%, and new energy batteries 25.30%. The contributions to gross profit of fluorine - based new materials, new energy materials, and new energy batteries (with revenue accounting for more than 10% of the company's total) were 8.62%, 19.53%, and 9.74% respectively [26]. - Lithium Hexafluorophosphate: The company's lithium hexafluorophosphate shipments in the first half of the year were about 23,000 - 24,000 tons, and the annual shipments are expected to be about 50,000 tons. The price fluctuated greatly in the first half of the year, with a gross profit margin of about 15% - 20%. The price increase is mainly driven by raw material costs, and the company's profitability in this business is expected to recover in the second half of the year [26][27][28]. - Lithium Battery: The battery segment shipped about 3.2 GWh in the first half of the year, and the shipments in the second half are expected to increase by about 50%, with an expected annual shipment of about 8.5 GWh. The "Fuxin" large - cylindrical battery had a single - month shipment of more than 8.8 million in July, and it is expected to exceed 10 million in August. After capacity release, it will significantly improve the company's performance [28][29]. - Solid - State Battery: The company focuses on multiple material routes such as polymers and sulfides in the solid - state battery field, has carried out R & D cooperation, and has not yet carried out large - scale industrialization investment [29]. - Boron Isotope Products: These products are used in strategic emerging industries such as atomic energy, medical health, and semiconductors. The current profit contribution is relatively small, but it is expected to become an important driver of future performance growth [29][30]. - Electronic Information Materials: Affected by the downturn in the photovoltaic industry, the segment is adjusting its business, focusing on expanding semiconductor and chip customers, and has the ability of domestic substitution in the industrial chain [30]. - Advance Payment Policy: The company implements a differentiated advance payment policy, mainly in the battery business segment and for long - term overseas orders of lithium hexafluorophosphate [30][31].