Summary of Tianqi Materials Conference Call Company Overview - **Company**: Tianqi Materials - **Industry**: Lithium battery materials, specifically focusing on electrolyte and lithium iron phosphate production Key Points and Arguments Financial Performance - In Q2 2025, Tianqi Materials reported a net profit of 118 million yuan, with non-recurring gains of approximately 10.18 million yuan [3] - The company achieved over 310,000 tons of electrolyte production against a target of 700,000 tons for the year [3] - Despite a slight decline in electrolyte prices, the company maintained stable unit profitability due to reduced costs of core raw materials like lithium hexafluorophosphate [3] Revenue Growth Expectations - For Q3 2025, the company anticipates a revenue increase of approximately 15% in the electrolyte segment, driven by rising raw material prices and improved capacity utilization [2][4] - Lithium iron phosphate and lithium iron output are expected to grow over 40% and 30% respectively [2] Market Dynamics - The recovery in electrolyte prices is primarily attributed to the increase in prices of lithium carbonate and lithium hexafluorophosphate, alongside improved capacity utilization [5] - The company expects a 30% increase in electrolyte demand in 2026, reaching 2.5 to 2.6 million tons [2][9] Production and Capacity Plans - Tianqi Materials plans to gradually release new production capacity before 2027, including upgrades to existing facilities and a new 35,000-ton overseas facility [2][12] - A 100-ton pilot production line for lithium sulfide solid-state batteries is under construction, expected to commence production in April or May next year [2][10] Solid-State Battery Developments - The company has completed standardization certification for solid-state battery materials and is developing additives to reduce capacity degradation [2][10][11] Supply Chain and Pricing Strategy - Long-term contracts with major clients are not fixed in price but are adjusted based on market conditions, particularly the price of lithium carbonate [7] - The company aims to increase the gross margin of electrolytes to between 4,000 and 4,500 yuan per ton [8] Resource Recycling and Cost Management - The company plans to complete a 40,000-ton black powder recycling project, which is expected to produce 6,000 tons of lithium iron phosphate at a low cost, significantly improving gross margins [27] - The self-supply of lithium carbonate is primarily based on recycling, with an expected total of about 10,000 tons next year [26] European Market Strategy - Tianqi Materials is focusing on OEM strategies in the European market to minimize fixed asset investments [12][14] - A factory in Morocco is in the early stages of development, expected to be completed by the end of 2027 [13] Risk Management - The company reported a total impairment loss of 40 million yuan in Q2, primarily related to credit asset impairments from lithium carbonate and lithium iron phosphate [15] - Inventory and asset impairments are largely due to accounting standards and have minimal impact on gross margins [16] Future Outlook - The company expects to maintain a balanced market for electrolytes, with a target price increase of 1,500 to 2,000 yuan per ton to stabilize the market [18] - The overall demand for lithium iron phosphate is projected to be between 200,000 to 250,000 tons next year, with significant increases in production to meet market needs [24] Conclusion - Tianqi Materials is positioned for growth in the lithium battery materials sector, with strategic plans for production expansion, market adaptation, and cost management to enhance profitability and meet rising demand in the coming years.

Group 1 - The stock price of Tianyuan Co., Ltd. is reported at 5.25 yuan, down 0.19 yuan from the previous trading day, with an opening price of 5.42 yuan, a high of 5.43 yuan, and a low of 5.22 yuan, with a trading volume of 320,536 hands and a transaction amount of 170 million yuan [1] - The company operates in the chemical raw materials industry, focusing on chlor-alkali chemicals, titanium dioxide, and lithium iron phosphate, and has extended its business into new chemical materials and new energy battery materials through a "one body, two wings" development strategy, establishing an integrated industrial chain of "chlorine-titanium-phosphorus-iron" [1] - In 2024, the company's lithium iron phosphate production is expected to reach 24,800 tons, generating sales revenue of 543 million yuan [1] Group 2 - The latest announcement indicates that the subsidiary Mabi Wuqiong Mining's 900,000 tons/year phosphate mine project has passed safety facility completion acceptance and is currently in the trial production stage, with a total investment of 179 million yuan and an expected annual net profit of 30.6095 million yuan [1] - The company's controlling shareholder has completed a shareholding increase plan amounting to 154 million yuan, and announced the transfer of 14,326,600 shares of state-owned equity without compensation [1] - In terms of capital flow, there was a net outflow of 27.053 million yuan from main funds on that day, with a cumulative net outflow of 3.8105 million yuan over the past five days [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.8 CNY, based on a 10X valuation of the estimated EPS for 2025 [3][5]. Core Insights - The company is experiencing strong sales growth in its main products, particularly in high-end products, with a notable increase in production and sales volume [8]. - Continuous investment in high-end production lines and successful collaborations for product certification are expected to enhance the company's market position [8]. - The company is focusing on R&D to develop high-value-added products, aiming to increase the proportion of high-end products to over 30% [8]. Financial Performance Summary - Revenue is projected to grow from 26,442 million CNY in 2023 to 43,209 million CNY in 2027, with a CAGR of approximately 7.9% [4]. - Net profit attributable to the parent company is expected to rise from 1,347 million CNY in 2023 to 2,287 million CNY in 2027, reflecting a growth rate of 6.8% [4]. - EPS is forecasted to increase from 1.08 CNY in 2023 to 1.84 CNY in 2027 [4]. Valuation Metrics - The company is currently valued at a PE ratio of 11.7 for 2023, which is expected to decrease to 6.9 by 2027 [4]. - The projected PB ratio is expected to decline from 1.0 in 2023 to 0.7 in 2027, indicating a potentially undervalued stock [4].

Group 1: Communication Equipment - Dongxin Peace has a net buying amount of 207 million, indicating significant institutional interest with a turnover rate of 20.87% and a transaction volume of 1.8 billion [3] - The breakthrough in large-scale array technology by ZTE Corporation has secured its position in the 6G standard, contributing to a 1.75% increase in the communication equipment index [3] - Dongxin Peace, as a leader in smart cards, is deeply integrated with operators' 5G-A construction, with expectations of at least doubling its performance upon the commercial rollout of 6G [3] Group 2: Medical Services - Innovation Medical has a net buying amount of 200 million, with a 10% increase and a 25% turnover rate, indicating a robust exchange of shares [3] - The approval of the second-class certification for the Bolein brain-machine upper limb exoskeleton rehabilitation device is set to tap into the billion-dollar home rehabilitation market [3] - With over 380 million people aged 60 and above in China, the demand for rehabilitation services is expected to grow by 15% annually, positioning the company for long-term benefits despite a previous loss of 34.29 million [3] Group 3: Automation Equipment - Aerospace Science and Technology has seen foreign capital increase by 52.74 million, driven by two main factors: a recovery in orders and foreign exchange gains [3] - The company is projected to turn a profit of 12.27 million in 2024 after a loss of 14.6 million in 2023, indicating a clear turnaround strategy [3] - The push for smart vehicles by policy support is expected to enhance the company's valuation recovery [5] Group 4: Foreign Capital Adjustment - Zhongyida has attracted 49.68 million from the Shanghai Stock Connect, focusing on phosphate chemical production for new energy battery materials, showcasing a strong technical barrier [4] - Aerospace Science and Technology's foreign capital increase reflects a strategic focus on leading technologies in the automotive sector, with 76% of its revenue coming from overseas [4] - The national equipment update fund of 10 billion is now in place, with over 30% penetration in intelligent transformation [4]

-广告- 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：综合自企业公告、中国基金报 6月5日晚间，富临精工公告称， 宁德时代与公司子公司江西升华新材料有限公司（以下简称江西升华） 通过签署《补充协议》，修订了此前双方签订的《业务合作协议》（以下简称原协议）。 具体来看， 宁德时代支持江西升华江西基地16万吨/年产能、四川三期20万吨/年产能建设。 此前，宁德 时代支持江西升华建设7.5万吨/年产能的磷酸铁锂产能。 这意味着，宁德时代借此提前锁定更多磷酸铁锂产能。自2025年初 以来 ，宁德时代 已 与万润新能、龙 蟠科技、富临精工、丰元股份等A股磷酸铁锂企业签订长协大单。 磷酸铁锂是锂电池中广泛使用的正极材料之一，主要用于新能源汽车动力电池和储能电池等领域，但市场 格局正在重塑。在锂电池产业链人士看来，宁德时代与多家头部磷酸铁锂企业签订长协大单，将加速该行 业的"淘汰赛"进程。 公告显示，《补充协议》对原协议进行修订，包含产线建设、合作数量等方面的提升。 在产线建设方面，原协议约定宁德时代向江西升华支付一定金额的预付款，支持江西升华江西基地7.5万 吨/ ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 57 CNY, based on a 30x P/E for 2025 [6]. Core Viewpoints - The company has a strong position in the lithium battery cathode materials market, particularly as a global leader in lithium cobalt oxide, with a market share of approximately 47% in 2024 [1][34]. - The company is expected to benefit from stable demand for lithium cobalt oxide, optimization of customer structure for ternary materials, and an increase in market share for lithium iron phosphate [5]. - New product developments, including NL cathode materials and sulfide electrolytes, are anticipated to open new growth avenues for the company [5]. Summary by Sections Company Overview - The company has over 20 years of experience in lithium battery cathode materials and is recognized as a global leader in lithium cobalt oxide [1]. - In 2024, the company shipped 46,200 tons of lithium cobalt oxide, reflecting a year-on-year growth of 33.52% [24][34]. Product Segments - **Lithium Cobalt Oxide**: The company maintains a leading position with high voltage products that are favored in the consumer electronics sector [1][34]. - **Ternary Materials**: The company has developed high voltage and high power ternary materials, which are gaining traction in applications such as drones [2][41]. - **NL Materials**: These materials are expected to meet the rising demands for high voltage, high energy density, and high cycle life in battery applications [3]. - **Lithium Sulfide**: The company is leveraging its technological expertise to produce lithium sulfide with both performance and cost advantages [4]. Financial Projections - The company forecasts net profits of 800 million CNY, 945 million CNY, and 1.19 billion CNY for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 62%, 18%, and 26% [5]. - Revenue for 2024 is projected at 13.30 billion CNY, with a decline of 23.19% year-on-year, followed by a recovery in subsequent years [24]. Market Dynamics - The global demand for lithium cobalt oxide is expected to grow steadily, driven by the increasing average capacity of consumer electronics [2]. - The company has established stable partnerships with leading global battery manufacturers, which supports its sales growth in lithium cobalt oxide [2].

Core Insights - The company reported a revenue of 40.22 billion yuan for 2024, a year-on-year increase of 17.36%, but a net profit attributable to shareholders of 1.47 billion yuan, a decrease of 24.64% [1] - In Q4 2024, the company experienced a revenue of 10.06 billion yuan, a year-on-year increase of 24.46%, but a significant drop in net profit by 74.41% year-on-year [1][2] - Q1 2025 showed a recovery with a revenue of 10.79 billion yuan, a year-on-year increase of 16.09%, and a net profit of 308 million yuan, down 18.88% year-on-year but up 114.66% quarter-on-quarter [1][2] Financial Performance - Q4 2024 saw a gross margin of 10.85%, a decrease of 1.26 percentage points quarter-on-quarter, and a net margin of 1.40%, down 3.46 percentage points [2] - In Q1 2025, the gross margin improved to 11.94%, an increase of 1.09 percentage points, and the net margin rose to 3.14%, up 1.74 percentage points [2] - Return on equity (ROE) in Q4 2024 was 0.71%, down 1.59 percentage points, while in Q1 2025, ROE increased to 1.52%, up 0.81 percentage points [2] Market Position - The company maintained its leading market share in the precursor industry, with a 20.3% market share in ternary precursors for 2024, and a 28% market share in cobalt tetroxide, both for five consecutive years [2] - The sales volume of positive precursors reached 302,100 tons in 2024, a year-on-year increase of 10.83% [2] - The average gross margin for positive precursors in 2024 was 17.85%, an increase of 1.10 percentage points year-on-year, with ternary precursor gross margin at 19.97%, up 2.01 percentage points [2] Production Capacity - The company reported successful new capacity construction and delivery in 2024, including several domestic and international projects [3] - Notable achievements include the delivery of 4N electric cobalt from the Qinzhou base and the production of battery-grade lithium carbonate at the Tongren base [3] - The company also established a ternary production base in Morocco, marking a significant expansion in overseas operations [3] Profit Forecast and Valuation - The company adjusted its profit forecast due to slower sales growth, projecting net profits of 1.94 billion, 2.54 billion, and 3.03 billion yuan for 2025-2027 [3] - The corresponding price-to-earnings (PE) ratios are estimated at 15, 12, and 10 times for the respective years [3]

Core Viewpoint - After achieving revenue and net profit growth in 2024, Zhonghe Titanium White is increasing capital expenditure to create a "second growth curve" beyond titanium dioxide [1] Group 1: Project Development - Zhonghe Titanium White has established a new investment entity and signed a strategic cooperation framework agreement with Guizhou Phosphate Group to invest in a "phosphorus-sulfur-titanium-copper-iron-lithium-fluorine" coupling cycle project in Guiyang [1][4] - The project aims to develop a new model of coupling development between traditional industries and emerging strategic industries, focusing on the R&D and production of competitive global new energy battery materials [1][3] - The project will be constructed in three phases with a total investment exceeding 30 billion yuan, and upon completion, it is expected to generate an annual output value of 63.2 billion yuan and provide 3,000 jobs [5][8] Group 2: Financial Performance - In 2024, Zhonghe Titanium White achieved a historical revenue high of 6.875 billion yuan, representing a year-on-year growth of 38.98% [5] - The company reported significant growth in its yellow phosphorus business, with sales revenue reaching 391 million yuan, marking nearly a hundredfold increase [11] - The company’s annual production capacity for yellow phosphorus has been upgraded to 120,000 tons, contributing to its second growth curve strategy [11][14] Group 3: Industry Positioning - Zhonghe Titanium White is a leading enterprise in the rutile titanium dioxide industry, with an annual production capacity of 550,000 tons, ranking second in China [11] - The company is pioneering a multi-dimensional "symbiotic and win-win" coupling development model, which has allowed it to maintain stable performance despite market pressures [3][8] - The coupling cycle project will position Zhonghe Titanium White as the largest single-scale sulfuric acid titanium dioxide and yellow phosphorus manufacturer globally [8][16]

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股说明书 发行概况 | 发行股票类型 | 股） 人民币普通股（A | | | | | | --- | --- | --- | --- | --- | --- | | | 本次公开发行股票数量为 | | | | 10,387.50 万股，占发行后总股本的比 | | 发行股数 | 例为 | | | | 20%。本次发行全部为发行新股，不涉及公司股东公开发售 | | | 股份。 | | | | | | 每股面值 | 人民币 元 1.00 | | | | | | 每股发行价格 | 人民币 8.66 | | | 元 | | | ...

科创板风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 投入大、经营风险高、业绩不稳定、退市风险高等特点,投资者面临较大的市 场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因素， 审慎作出投资决定。 上海康鹏科技股份有限公司 Shanghai Chemspec Corporation 上海市普陀区祁连山南路 2891 弄 200 号 1 幢 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 上海康鹏科技股份有限公司 招股意向书 上海康鹏科技股份有限公司 招股意向书 目 录 | 发行概况 … | | --- | | 目 求…… | | 第一节 释 义 | | 一、一般释义……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 二、专业释义……………………………………………………………………………………………………………………………………………………… ...