锂电、储能加速发展，固态研发行业领先。 锂电方面，公司业务已覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及储能系统 等五大类二十余种产品；固态电池方面，公司拥有完整的固态电池上下游一体化布局，并具备商业化能 力，公司已在硫化物电解质及原材料、氧化物电解质、金属锂负极、电芯、电池系统等固态电池关键环 节具备了研发、生产能力。 考虑行业盈利拐点显现，公司行业领先地位稳固，多项业务发展齐头并进，给予公司25 年1.8 倍PB，对 应目标价40.36 港元。 风险 机构：海通国际 研究员：周林泓/徐柏乔 2025 年上半年经营业绩： 2025 年上半年，公司实现营业收入82.58 亿元，同比下降13.82%，实现净利润-5.36 亿元，同比亏损减 少2.23 亿元，综合毛利率为10.78%，同比下降0.38 个pct；2025 年第一、第二季度净利润分别为-3.56 亿 元、-1.80 亿元，Q2 亏损环比减少1.75 亿元；2025 年上半年，全球锂盐行业经历深度调整，受供需格 局转变、锂产品市场波动的影响，锂盐及锂电池产品销售价格下跌是上半年亏损的主要原因。 碳酸锂价格触底反弹，助力下半年盈利能力 ...

锂辉石方面，公司马里Goulamina锂辉石项目一期已正式投产，公司正在积极加快推动该项目产能爬坡进度；盐湖卤水方面，公司阿根廷Cauchari-Olaroz盐湖项目已在稳定产能爬坡过程中 锂电、储能加速发展，固态研发行业领先 锂电方面，公司业务已覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及储能系统等五大类二十余种产品；固态电池方面，公司拥有完整的固态电池上下游一体化布局，并具 风险提示：锂及锂产品价格波动、项目进展不及预期、资产减值风险。 海通国际发布研报称，考虑行业盈利拐点显现，赣锋锂业（01772）行业领先地位稳固，多项业务发展齐头并进，给予公司25年1.8倍PB，对应目标价40.36港元，予优于大市评级。 海通国际主要观点如下： 2025年上半年经营业绩 2025年上半年，公司实现营业收入82.58亿元，同比下降13.82%，实现净利润-5.36亿元，同比亏损减少2.23亿元，综合毛利率为10.78%，同比下降0.38个pct；2025年第一、第二季度净 碳酸锂价格触底反弹，助力下半年盈利能力提升 根据安科泰数据统计，25年初电池级碳酸锂价格约为7.6万元/吨，但上半年价格持续下滑， ...

（文章来源：每日经济新闻） 9月13日，东风汽车集团有限公司副总工程师、研发总院院长杨彦鼎在2025泰达汽车论坛上透露，东风 汽车正在布局研发三代固态电池。全自主开发的350Wh/kg 1C固态电池产品预计2026年首搭整车产品， 实现1000公里续航。 ...

Core Viewpoint - The company is currently in the preparatory phase for solid-state battery electrolyte research and development, focusing on project approval and equipment procurement [2] Group 1 - Investors inquired about the development status of the company's solid-state battery electrolyte and its competitive advantages compared to existing market products [2] - The company confirmed that the solid-state battery R&D is underway, with specific details to be announced in future company announcements [2]

企查查APP显示，近日，上海屹锂新能源科技有限公司发生工商变更，新增紫金矿业（601899）全资子公司紫金矿业投资（上海）有限公司等为 股东。企查查信息显示，该公司成立于2021年，法定代表人为张希，经营范围包含：电池销售；蓄电池租赁；电池制造；电池零配件销售等。公 开信息显示，屹锂科技致力于固态电池研发和产业布局。 （原标题：紫金矿业等入股固态电池研发商屹锂科技） ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, attributing the decrease to intense industry competition and low market prices despite an increase in the production and sales volume of some key products [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 4.328 billion yuan, a year-on-year decrease of 6.65% [1] - The net profit attributable to shareholders was 51 million yuan, down 16.55% year-on-year [1] - Basic earnings per share were 0.04 yuan [1] Group 2: Business Segments and Contributions - Revenue contributions from various segments: Fluorine-based new materials accounted for 30.39%, electronic information materials 5.55%, new energy materials 34.97%, and new energy batteries 25.30% [2] - Gross profit contributions from these segments were 8.62%, 19.53%, and 9.74% respectively [2] Group 3: Product Performance and Strategies - The shipment volume of lithium hexafluorophosphate in the first half was approximately 23,000 to 24,000 tons, with an expected annual shipment of around 50,000 tons [2] - The gross margin for lithium hexafluorophosphate fluctuated between 15% and 20% due to price volatility driven by raw material costs [2] - The company employs a mixed procurement strategy for lithium carbonate, adjusting inventory based on market price dynamics [2] Group 4: Future Outlook and Developments - The battery segment shipped around 3.2 GWh in the first half, with expectations for an increase in the second half [2] - The company is focusing on solid-state battery development in collaboration with top domestic universities and research institutions, currently optimizing material performance and cost [2] - The company plans to expand its production capacity for boron isotope products, which currently contribute minimally to profits but are expected to drive growth as capacity increases [2] - The electronic information materials segment is facing challenges due to a downturn in the photovoltaic industry, but the company aims to expand its client base in the semiconductor and chip sectors [2]

Core Viewpoint - Porsche has suspended its plans for in-house high-performance battery production due to the lack of economic feasibility and challenges in achieving economies of scale in the current market environment [4][5]. Group 1: Porsche's Battery Production Plans - Porsche's decision to halt its battery production plans is attributed to slower-than-expected growth in the electric vehicle market and changing market conditions in China and the U.S. [4] - The CEO of Porsche highlighted the significant investment and scale required for battery manufacturing, which is currently unachievable for the company [4]. - The Cellforce division, which was responsible for battery development, will reduce operations and focus on supporting the Volkswagen Group and its acquisition of V4Smart [4][5]. Group 2: V4Smart and PowerCo - V4Smart, previously known as V4Drive, is a platform for enhancing battery technology, with plans to produce high-performance cylindrical lithium-ion batteries [4][5]. - PowerCo, a subsidiary of Volkswagen established in July 2022, is focused on global battery business development and plans to build large battery factories in Germany, Spain, and Canada [5]. - PowerCo is investing in solid-state battery technology, including a $131 million investment in QuantumScape to support a pilot production line in California [5]. Group 3: Challenges in Battery Technology - The development of solid-state batteries faces more challenges compared to traditional liquid batteries, with significant technological and material bottlenecks [6]. - The rapid iteration of battery technology and the stability of supply chains are critical challenges for automakers, especially given the dominance of Chinese companies in materials and equipment [6]. - Companies like BYD, Geely, and Tesla are successfully producing their own batteries, with BYD achieving a domestic battery installation volume of 82.2 GWh from January to July this year [7]. Group 4: BYD and Geely's Battery Strategies - BYD has established 12 battery bases in China, with a total planned capacity exceeding 500 GWh, and is increasing its external supply to various automakers [7]. - Geely has integrated its battery business under the "Jiyao Tongxing" brand, aiming for a production capacity of 70 GWh by 2027, with a significant year-on-year growth in installation volume [7].

Core Viewpoint - The article discusses the challenges faced by South Korean battery manufacturers, particularly in the context of increasing competition from Chinese companies like CATL and BYD, leading to significant financial losses and a strategic shift towards lithium iron phosphate (LFP) batteries [4][6][10]. Group 1: Industry Challenges - In 2020, South Korean battery manufacturers had a strong market presence, with LG Chem holding nearly 30% of the global market share [6]. - By 2023, the market share of South Korean battery manufacturers has significantly declined due to the rise of Chinese competitors, resulting in substantial financial losses for companies like LG Energy, SK On, and Samsung SDI [6][8]. - The financial reports for Q4 2023 revealed losses of 2.255 trillion KRW (approximately 10 billion RMB) for LG Energy, 3.594 trillion KRW for SK On, and 2.683 trillion KRW for Samsung SDI, indicating a severe downturn in profitability [6]. Group 2: Strategic Shifts - In response to market pressures, South Korean battery manufacturers are pivoting towards LFP battery technology, with LG Energy and SK On announcing plans to transition their production lines [10]. - The South Korean government is launching a support plan worth 45.8 trillion KRW (approximately 2.349 billion RMB) to bolster the battery, semiconductor, and critical mineral industries, including 600 billion KRW specifically for small and medium-sized enterprises in materials and components [10]. Group 3: Automotive Sector Developments - Hyundai and Kia are attempting to regain market share in China, with Kia reporting a 13% year-on-year increase in sales in the first half of 2023, attributed to its electric vehicle strategy [12][13]. - Hyundai plans to launch 21 electric vehicle models by 2030 and is also focusing on solid-state battery technology, with ongoing research projects related to lithium metal and solid-state batteries [13][14].

Group 1: Lexin Group (乐信集团) - The company is experiencing a continuous improvement in profitability, with a significant year-on-year net profit growth of 126% in Q2 2025, reaching 511 million yuan, and a quarter-on-quarter increase of 19% [1][2] - The improvement in profitability is primarily attributed to a decrease in provisioning expenses and an increase in revenue, with the net take rate reaching 1.92%, up 34 basis points quarter-on-quarter [2] - The company maintains a buy rating with a target price of $11.80, indicating a potential upside of 73.5% from the current price of $6.80 [1][2] Group 2: Legend Biotech (传奇生物) - The company reported adjusted earnings in Q2 2025, with Carvykti sales reaching $439 million, marking a 19% year-on-year and 136% quarter-on-quarter increase, setting a new record for CAR-T therapy sales in a single quarter [8][9] - Despite a net loss of $125 million, the company achieved adjusted net profit of $10 million after excluding non-operating items, indicating a turnaround from previous losses [8] - The target price has been raised to $74, reflecting a potential upside of 100% from the current price of $37 [8][9] Group 3: Rui Pu Lan Jun (瑞浦兰钧) - The company experienced a 25% revenue growth in the first half of 2025, with sales of lithium battery products doubling year-on-year to 32.4 GWh [10][11] - Gross margin improved significantly, rising by 5.9 percentage points to 8.5%, while net loss decreased by 85% to 65.32 million yuan [10] - The target price has been adjusted to 15.46 HKD, indicating a potential upside of 33.8% from the current price of 11.55 HKD [10][11] Group 4: Battery Industry - In July 2025, the growth rate of battery installations slowed, with a total of 55.9 GWh installed, reflecting a year-on-year increase of 34.3% but a month-on-month decrease of 4% [14][15] - Battery exports remained robust, with July exports reaching 23.2 GWh, a year-on-year increase of 35.4%, despite a month-on-month decline of 4.7% [15] - The supply-demand balance is expected to support lithium prices, especially with the suspension of operations at a key lithium mine [15]

Core Viewpoint - The Shenzhen Stock Exchange has criticized Jinlongyu for violating regulations related to the disclosure of significant information that could impact stock prices, particularly regarding its solid-state battery business [2][3]. Group 1: Regulatory Actions - Jinlongyu has been penalized by the Shenzhen Stock Exchange for insufficient and inaccurate risk disclosures related to a significant order for solid-state battery cells [2][3]. - Key executives, including the chairman and general manager, have been held responsible for the company's violations and have received formal reprimands [3]. Group 2: Business Developments - On May 20, 2025, Jinlongyu announced a significant order for 100,000 solid-state battery cells with a density of 500Wh/kg, marking a milestone for the company [2]. - The company had previously denied allegations of "hype" related to its solid-state battery initiatives, despite stock price surges following announcements [3]. Group 3: Financial Performance - Jinlongyu's stock price doubled from under 17 yuan to over 40 yuan between May 20 and June 30, 2025, despite the company's declining financial performance [5]. - In 2024, Jinlongyu reported a revenue of 3.675 billion yuan, a decrease of 6.53% year-on-year, and a net profit of 140 million yuan, down 14.14% [8]. - The company experienced a slight recovery in Q1 2025, with revenues of 899 million yuan, up 31.14% year-on-year, and a net profit of 37.17 million yuan, an increase of 2.94% [8].