反转！这家锂电企业业绩暴涨12倍

Core Viewpoint - Shanshan Co., Ltd. has significantly improved its performance in the first half of 2025, with a projected net profit increase of 810.41% to 1265.61% year-on-year, driven by its core businesses in negative materials and polarizers [2][4]. Financial Performance - The expected net profit for the first half of 2025 is between 160 million to 240 million yuan, while the non-recurring net profit is projected to be between 130 million to 195 million yuan, reflecting a year-on-year increase of 443.79% to 715.68% [2]. - The company's financial expenses and losses from equity investments in subsidiaries are expected to impact profits by 150 million to 170 million yuan, indicating that the core business performance would be even stronger without these factors [2][3]. Business Segments - The negative materials and polarizer segments are expected to contribute a combined net profit of 350 million to 450 million yuan, highlighting their importance to overall profitability [4]. - Shanshan is a pioneer in the lithium battery materials sector, focusing on artificial graphite technology, and has maintained a leading position in the industry through cost control and customer structure advantages [4]. Market Trends - The recovery of the new energy vehicle supply chain since 2024, along with increased demand in the energy storage sector, has led to a rebound in both prices and shipments of negative materials [5]. - The company has seen a significant increase in orders from major manufacturers, with a more than 40% quarter-on-quarter increase in shipments in Q2 [5]. Production Capacity - Shanshan has a total planned production capacity of 600,000 tons across its bases in Inner Mongolia, Sichuan, and Yunnan, with the Yunnan facility being the largest integrated negative material base globally [5][6]. - The company is also developing a 100,000-ton negative material base in Finland to cater to European customers and is collaborating with Moroccan firms to develop natural graphite projects [6]. Cost Management - The graphite processing stage accounts for approximately 36% of production costs, and Shanshan has achieved significant cost reductions through technological innovations [7]. - The company has developed a new fixed crucible furnace process to enhance efficiency and reduce costs, with the actual production capacity of the crucible furnace in Sichuan reaching 150,000 tons [8][9]. Product Development - Shanshan is expanding its product offerings with high-energy density 6C ultra-fast charging negative materials and 6C+ extreme fast charging materials, which have been supplied to leading domestic clients [10]. - The company has also developed silicon-based negative materials, with production capabilities established and products certified by major clients [11][12]. Additional Business Insights - The polarizer business, bolstered by the acquisition of LG Chem's assets, has positioned Shanshan among the top four globally in market share, with a focus on high-end product development [12]. - Despite the bankruptcy restructuring of its controlling shareholder, Shanshan emphasizes that its business operations remain unaffected, and future performance will depend on its ability to innovate and expand its customer base [12].