NBSS(SH:600884) DT新材料·2025-09-03 23:31Core Viewpoint - The article highlights the significant growth and strategic advancements of Sanyuan Co., particularly in the fields of negative materials and polarizers, amidst a recovering market for new energy materials and consumer electronics [4][6][9]. Financial Performance - In the first half of 2025, Sanyuan Co. achieved an operating income of 9.858 billion yuan, representing a year-on-year increase of 11.78% [5]. - The net profit attributable to shareholders reached 207 million yuan, a substantial increase of 1079.59% compared to the previous year [5]. - The net profit after deducting non-recurring gains and losses was 169 million yuan, up 605.24% year-on-year [5]. - The net cash flow from operating activities was 1.463 billion yuan, reflecting a growth of 111.60% [5]. Business Segments Negative Materials - Sanyuan Co. maintained its leading position in the artificial graphite negative materials market, with a shipment volume accounting for 21% of the total industry output [6]. - The company has made rapid breakthroughs in fast-charging and 6C+ products, catering to the increasing demand for charging efficiency in smartphones and wearable devices [6]. - New generation artificial graphite and silicon-carbon composite negative materials are being introduced to mainstream customers, addressing the high energy density and fast charging needs in the electric vehicle sector [6]. - The rise of the energy storage market presents new opportunities for negative materials, with Sanyuan's long-life energy storage negative products entering mass production [6]. Polarizer Business - The polarizer segment showed resilience with both sales volume and average price increasing in the first half of 2025, despite challenges such as currency fluctuations and intensified competition [9]. - In the LCD sector, Sanyuan Co. successfully positioned itself in the high-end television market with ultra-low reflection and high-transmittance products [9]. - The company has transitioned to stable mass production of full-size OLED TV polarizers, significantly increasing shipment volume year-on-year [9]. Strategic Partnerships and Innovations - Sanyuan Co. signed a strategic cooperation agreement with Chuangneng New Energy Co., with a collaboration amount exceeding 10 billion yuan, focusing on the core areas of power batteries and energy storage batteries [7]. - The company achieved key R&D breakthroughs in the first half of 2025, including mass production control technology for large particle graphite and the synthesis of porous carbon in silicon-carbon materials [8]. - An international project in Finland for producing 100,000 tons of negative materials has completed environmental assessments and is ready to commence, enhancing Sanyuan's supply capabilities in the European market [8].