Core Viewpoint - Solid-state battery additives are crucial materials for enhancing battery performance, such as ionic conductivity and interface stability, with a comprehensive ranking based on technology routes, production capacity, and market performance. Group 1: LiFSI (Lithium bis(fluorosulfonyl)imide) Sector - Ruifai New Materials ranks among the top three global LiFSI producers, with a production capacity exceeding 10,000 tons by 2025, suitable for high-voltage solid-state battery requirements. The purity reaches 99.9%, and costs are 15% lower than traditional lithium hexafluorophosphate. The company has supplied to CATL and BYD for solid-state battery projects [1]. - Limin Co., Ltd. has extended its technology through its subsidiary Zhuobang New Energy, ranking among the top three in LiFSI production capacity, suitable for high-safety scenarios like robotics and flying cars [2]. - The customer network of Limin Co., Ltd. includes leading battery companies such as CATL and Tesla, with overseas orders expected to grow by 85% in 2024 [3]. Group 2: Sulfide Electrolyte Precursors - Tianci Materials is the largest electrolyte liquid company globally, extending LiFSI technology to sulfide electrolyte precursors, with costs 44% lower than Japanese competitors. By 2025, LiFSI production capacity will expand to 20,000 tons, supporting sulfide all-solid-state battery production lines [5]. - Tianci Materials holds over 60% market share in the global sulfide precursor market, with a binding relationship with Yunnan Germanium for raw materials. The ionic conductivity of sulfide electrolytes reaches 10 mS/cm, with costs 40% lower than similar Japanese products [5]. - The market share of zirconium oxychloride exceeds 50%, compatible with both oxide and sulfide dual technology routes, with samples sent to leading companies like Qingtai Energy. By 2025, zirconium-based material production capacity will reach 20,000 tons, covering key raw material needs for electrolytes [5]. Group 3: Chlorosulfonic Acid (LiFSI Raw Material) - Shilong Industrial has a cost advantage, with chlorosulfonic acid production costs 20% lower than the industry average, having entered the supply chains of Tianci Materials and Ruifai New Materials [6]. Group 4: Other Key Additives - Longpan Technology and Aoke Co., Ltd. have achieved a production capacity of 5,000 tons/year for solvent-based additives for solid-state batteries, suitable for optimizing sulfide electrolyte interfaces [7]. Group 5: Potential Enterprises - Daoshi Technology is focusing on conductive agents (carbon nanotubes) and silicon-carbon negative electrode additives, catering to the high energy density requirements of solid-state batteries [8]. - Guanghua Technology is developing lithium salts (LiTFSI) and composite additives to enhance the cycle life of solid-state batteries [9]. Group 6: Industry Leaders - Kaisheng New Materials is the largest chlorosulfonic acid supplier globally, with a production capacity exceeding 100,000 tons/year and a market share over 40%. The purity reaches electronic grade (99.999%), suitable for solid-state battery electrolyte synthesis [12]. - The company possesses a technical barrier, being one of the few globally to master full-solid-state compatible additive technology, with a projected market share growth to 18% in 2024. Key clients include CATL and Tesla, with plans to double production capacity by 2025 [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 股票代码：002734 股票简称：利民股份 公告编号：2025-042 债券代码：128144 债券简称：利民转债 利民控股集团股份有限公司关于不提前赎回利民转债的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示： 依据利民控股集团股份有限公司（以下简称"公司"）《公开发行可转换公司债券募集说明书》（以下简 称《募集说明书》）与《深圳证券交易所上市公司自律监管指引第15号一一可转换公司债券》等相关文 件，自2025年3月26日至2025年4月23日，公司股票已有15个交易日的收盘价不低于"利民转债"当期转股 价格（即8.35元/股）的130%（即10.86元/股），已触发"利民转债"有条件赎回条款。 公司于2025年4月23日召开第六届董事会第六次会议，审议通过了《关于不提前赎回"利民转债"的议 案》，公司董事会决定本次不行使"利民转债"提前赎回权利，并决定自本次董事会审议通过后3个月内 （即2025年4月24日至2025年7月23日），若再触发"利民转债"有条件赎回条款，公司均不行使提前赎回 权 ...

利民控股集团股份有限公司 第六届董事会第六次会议决议公告 债券代码：128144 债券简称：利民转债 股票代码：002734 股票简称：利民股份 公告编号：2025-041 利民控股集团股份有限公司董事会 2025 年 04 月 23 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 - 1 - 利民控股集团股份有限公司（以下简称"公司"）第六届董事会第六次会议于 2025 年 4 月 23 日 15:00 以现场和通讯表决相结合方式在子公司利民化学会议室召 开。应出席本次会议的董事 11 名，实际出席会议的董事 11 名。会议由董事长李新 生先生主持。公司全体监事及高级管理人员列席了会议。本次会议的出席人数、召 开表决程序、议事内容均符合《公司法》《公司章程》等有关规定。 经与会董事认真讨论，会议以赞成票 11 票，反对票 0 票，弃权票 0 票，审议 通过了《关于不提前赎回"利民转债"的议案》。 本议案具体内容详见《证券时报》《中国证券报》和巨潮资讯网上披露的《公 司关于不提前赎回利民转债的公告》。 备查文件： 1、公司第六届董事会第六次会议决议； 2、 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 依据利民控股集团股份有限公司（以下简称"公司"）《公开发行可转换公司债 券募集说明书》（以下简称《募集说明书》）与《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》等相关文件，自 2025 年 3 月 26 日至 2025 年 4 月 23 日，公司股票已有 15 个交易日的收盘价不低于"利民转债"当期转股价格（即 8.35 元/股）的 130%（即 10.86 元/股），已触发"利民转债"有条件赎回条款。 股票代码：002734 股票简称：利民股份 公告编号：2025-042 债券代码：128144 债券简称：利民转债 利民控股集团股份有限公司 关于不提前赎回利民转债的公告 公司于 2025 年 4 月 23 日召开第六届董事会第六次会议，审议通过了《关于不 提前赎回"利民转债"的议案》，公司董事会决定本次不行使"利民转债"提前赎 回权利，并决定自本次董事会审议通过后 3 个月内（即 2025 年 4 月 24 日至 2025 年 7 月 23 日），若再触发"利民转债"有条件赎 ...

2025 年 04 月 22 日 利民股份 (002734) 上 市 公 司 公 司 研 究 / 公 司 点 基础化工 ——重点产品涨价兑现利润，25Q1 业绩超预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 21 日 | | --- | --- | | 收盘价（元） | 11.66 | | 一年内最高/最低（元） | 12.44/6.19 | | 市净率 | 1.8 | | 息率（分红/股价） | 3.00 | | 流通 A 股市值（百万元） | 4,235 | | 上证指数/深证成指 | 3,291.43/9,905.53 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.28 | | 资产负债率% | 56.14 | | 总股本/流通 A 股（百万） | 405/363 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-22 05-22 06-22 07-22 08-22 09-22 10-22 11- ...

2025 年 04 月 22 日 地平线机器人（9660.HK）深度：汽车智能计算平权的公约数 ◼ 本篇报告旨在阐明地平线机器人成为"汽车智能计算平权公约数"的原 因。具体分析其战略演化、团队禀赋、软硬结合的技术优势、开放生态。 ◼ 从辅助驾驶，探索机器人通用平台愿景。公司创业之初的定位为"机器人 时代的微软+英特尔"，布局泛在的 AIoT 场景。于 2019 年发生战略转折。 地平线意识到须深耕单一垂直场景（汽车有足够大规模）以反向推动通用 平台的形成，从此开启量产积累期。截至 2024 年底，地平线在中国 OEM ADAS 市场份额超过 40%; 在中国独立第三方组合辅助驾驶解决方案提供 ◼ 风险提示：辅助驾驶景气度不及预期，国际贸易摩擦风险，技术路线变化， 竞争加剧风险。（详见正文） (联系人：陈俊兆/刘洋) 电新行业点评：技术边界觉醒，锂电创新周期加速——对宁德 时代首届"超级科技日"的解读 4 月 21 日，宁德时代举办首届"超级科技日"，正式发布第二代神行电池、 钠新钠离子电池及骁遥双核电池。 ◼ 铁锂电池性能边界再突破，第二代神行电池引领体验再升级。宁德第二代 神行超充电池是兼具 800km 超 ...

基础化工/农化制品 利民股份（002734.SZ） 归母净利逐季环比大增，看好公司 AI+生物合成布局 相关研究报告 《阿维菌素等产品价格上涨，Q1 业绩 预告超预期—公司信息更新报告》 -2025.4.9 《农药一体化龙头，或受益于百菌清 和代森锰锌上涨—公司深度报告》 -2024.12.5 2025 年 04 月 21 日 投资评级：买入（维持） | 日期 | 2025/4/18 | | --- | --- | | 当前股价(元) | 11.90 | | 一年最高最低(元) | 12.44/6.19 | | 总市值(亿元) | 48.25 | | 流通市值(亿元) | 43.22 | | 总股本(亿股) | 4.05 | | 流通股本(亿股) | 3.63 | | 近 3 个月换手率(%) | 381.59 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024-04 2024-08 2024-12 利民股份 沪深300 | 金益腾（分析师） | 张晓锋（分析师） | 宋梓荣（联系人） | | --- | --- | --- | | jinyiteng@kysec.cn | z ...

Group 1 - As of April 17, the ETF market size has exceeded 4 trillion yuan for the first time, with stock ETFs dominating at 2.94 trillion yuan, accounting for 73.54% of the total [3][4] - In the current market environment, essential consumer goods, assets with high safety margins, dividends, and gold as safe-haven assets are recommended for attention, alongside technology assets as a long-term investment focus [3][4] - The global first humanoid robot half marathon was held in Beijing, showcasing technological strength and indicating a growing interest in robotics among public funds, with several robotics stocks seeing increased holdings [4] Group 2 - In the first quarter of 2025, Hubei Province's import and export value reached 174.31 billion yuan, a year-on-year increase of 16.6%, surpassing the national average growth rate [8] - The Tianjin Free Trade Zone has contributed significantly to foreign investment and trade, accounting for 26% of new foreign investment enterprises and 38% of total imports and exports in the city [8] - The Hong Kong government is set to strengthen cooperation with Zhejiang Province, aiming for mutual benefits and contributions to national high-quality development [9] Group 3 - A total of 650 private equity institutions have conducted research on 204 A-share listed companies in April, with the electronics sector being the most researched [11][12] - The IPO market shows a new trend, with only 47 companies terminating their IPO reviews this year, a significant decrease of 61% compared to the same period last year [12] - The commercial aerospace industry is receiving support from the Shanghai Stock Exchange, which is engaging with leading companies in the sector to discuss capital market services [12] Group 4 - The personal pension system in China has expanded nationwide, but there are still issues with participation rates that need to be addressed to enhance its attractiveness [18] - The establishment of a provincial enterprise annuity alliance in Shandong marks a significant step in the development of enterprise annuities in the region [18] Group 5 - The Shanghai online real estate platform reports a new wave of housing supply, with six projects approved for listing, totaling approximately 89,968 square meters [19] - As of March 31, the national cumulative installed power generation capacity reached 3.43 billion kilowatts, with solar power capacity growing by 43.4% year-on-year [20]

Financial Performance - The company reported a basic earnings per share (EPS) of 0.3000 yuan for Q1 2025, a significant increase of 1600% compared to -0.0200 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 1.08 billion yuan, a substantial increase of 1450% from a net loss of 0.08 billion yuan in Q1 2024 [1] - Operating revenue reached 12.11 billion yuan in Q1 2025, representing a growth of 22.32% compared to 9.9 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 3.95% in Q1 2025 from -0.31% in Q1 2024, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 11,238.27 million shares, accounting for 34.44% of the circulating shares, with a decrease of 646.87 million shares from the previous period [2] - Major shareholders include Li Ming with 7,373.41 million shares (22.60%), and new entrants such as CITIC Securities with 288.07 million shares [2] - Notable exits from the top ten shareholders include Yu Jun and Xiang Shang, who have withdrawn from the list [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 三、分红送配方案情况 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2300 | 0.1700 | 35.29 | 0.6000 | | 每股净资产（元） | 6.7 | 7.08 | -5.37 | 7.06 | | 每股公积金(元) | 2.26 | 2.26 | 0 | 2.28 | | 每股未分配利润(元) | 3.29 | 3.40 | -3.24 | 3.43 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 42.37 | 42.24 | 0.31 | 50.16 | | 净利润(亿元) | 0.81 | 0.62 | 30.65 | 2.19 | | 净资产收益率(%) | 3.01 | 2.23 | 34.98 | 8.01 | 前十大流通股东累计持有： 11885.14万股，累计占流通股比： 36 ...