道氏技术，再建单壁碳纳米管项目，加码固态电池

Core Viewpoint - The company is reallocating unused fundraising from its original project to a new project focused on producing single-walled carbon nanotubes, which are critical for enhancing the performance of solid-state batteries and fast-charging technologies [2][3]. Fundraising Adjustment - The company announced the adjustment of its fundraising usage from the "Annual Production of 100,000 Tons of Ternary Precursor Project" to the "Annual Production of 120 Tons of Single-Walled Carbon Nanotube Project" [2]. - As of July 31, 2025, the company has utilized 322 million yuan of the fundraising for the ternary precursor project, leaving 1.434 billion yuan unspent [2]. - The company has decided to postpone the implementation of the New Energy Recycling Research Institute project to focus on the research and development of solid-state battery materials [2]. Market Opportunity - The shift in focus to single-walled carbon nanotubes is driven by the upgrade of new energy battery technology towards higher performance, as these materials can significantly improve battery energy density, rate performance, cycle life, and safety [2][3]. - The existing production capacity of ternary precursors is sufficient to meet current order demands, allowing the company to prioritize the development of the single-walled carbon nanotube project [2]. New Investment Project - The new investment project will be implemented by Jiangmen Haoxin New Energy Co., Ltd., located in Jiangmen City, with a total investment of 600 million yuan, of which 300 million yuan will be used from the fundraising [3]. - The company has established a comprehensive layout for solid-state battery core materials, including positive and negative electrodes, electrolytes, and conductive agents [3]. Production Capacity and Technology - The company has developed scalable production technology for high-quality and low-cost single-walled carbon nanotubes, with plans to achieve an annual production capacity of 50 tons by Q1 2026 and complete the 120 tons capacity within a year [3]. - Key technologies mastered by the company include continuous environmental purification, single-walled carbon nanotube preparation, and high solid content conductive agent preparation, ensuring large-scale production capabilities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 3.654 billion yuan, a decrease of 11.64% year-on-year, while the net profit attributable to shareholders increased by 108.16% to 230 million yuan [4][5]. - The net profit excluding non-recurring gains and losses rose by 119.72% to 211 million yuan, indicating strong operational performance despite the revenue decline [4][5]. - The company’s cash flow from operating activities increased by 97.54% to 667 million yuan, reflecting improved cash management [5].