MAE(SZ:002009) 起点锂电·2025-09-03 09:56Core Viewpoint - The strategic cooperation agreement between Tianqi Co., Ltd. and Yiwei Lithium Energy aims to establish a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration, enhancing industry resilience and promoting sustainable development [2][3]. Group 1: Cooperation Framework - The agreement includes the establishment of an efficient information-sharing mechanism to exchange market supply and demand, price dynamics, and technological trends [3]. - Both companies will collaborate to build a global recycling network, enhancing overall recycling efficiency through resource sharing and cooperative development [2][4]. - Yiwei Lithium Energy will prioritize the procurement of regenerated key materials from Tianqi Co., Ltd. under equal conditions, including direct purchases and waste material exchanges [4][5]. Group 2: Market Position and Financial Performance - Tianqi Co., Ltd. reported a revenue of 1.247 billion yuan and a net profit of 55.83 million yuan in the mid-2025 report, with the lithium battery recycling division generating 137 million yuan in revenue and a gross margin of 0.79%, up 6.94% year-on-year [3][4]. - The company has established a recycling capacity of 100,000 tons of waste lithium batteries, achieving a lithium carbonate recovery rate of 92%-93% [3][4]. Group 3: Global Expansion and Sustainability - Tianqi Co., Ltd. has laid out recycling networks or crushing capacities in regions such as Japan, South Korea, Southeast Asia, and Europe, with a significant increase in the proportion of overseas battery waste expected by the second half of 2025 [4]. - The cooperation is a key part of Yiwei Lithium Energy's global strategy to build a supply chain system, reducing reliance on primary mineral resources while stabilizing raw material supply and lowering costs [4][5]. - The recycling network is central to Yiwei Lithium Energy's ESG competitiveness, with the use of regenerated materials reducing the carbon footprint of each kWh battery by 35% [5].