Group 1 - Ganfeng Lithium has completed the acquisition of 100% equity in Mali Lithium, marking a significant step in its lithium resource layout in Africa [1] - The Goulamina lithium spodumene project, with an annual production capacity of 506,000 tons of lithium concentrate, has officially commenced production, indicating a transition to substantial output [1] - This acquisition strengthens Ganfeng Lithium's position in the global lithium market and lays a solid foundation for future growth, contributing to the stability of its global lithium supply chain [1] Group 2 - Tianci Materials' subsidiary has filed a lawsuit for trade secret infringement against several companies, with an expected economic loss of 887 million yuan and legal fees of 1.15 million yuan [2] - The lawsuit is anticipated to have no direct negative impact on the company's current profits, but the case's outcome will be determined by the court [2] - The significant amount involved in the lawsuit may affect investor sentiment, and the market will closely monitor the case's progress and its long-term implications for the company [2] Group 3 - Fulian Precision has signed a cooperation framework agreement with Sichuan Development Longmang to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [3] - The joint venture aims to build a 100,000 tons/year high-pressure lithium iron phosphate project and a 100,000 tons/year lithium dihydrogen phosphate precursor project, enhancing Fulian Precision's capacity in the lithium battery materials sector [3] - This collaboration reinforces Fulian Precision's position in the core supply chain of new energy vehicle components and is expected to contribute to regional economic development [3]

这一项目的快速推进，得益于唐山市曹妃甸区一流的营商环境，"保姆式"服务让投资者真正感到了"家"的 温馨。作为第四代磷酸铁锂材料的核心前驱体，磷酸铁的品质与性能至关重要。河北亨旺新能源凭借其自 主研发、具有全球领先水平的"铁粉法磷酸铁"创新工艺及完整生产体系，不仅成为国家级"世界级制造业 单项冠军产品"，更以"高性能、高效率、超节能、绿色化"的显著优势，为下游磷酸铁锂材料企业开辟了 一条性能升级与降本增效并重的可持续发展道路。 2025（第三届）中国固态电池 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~ -广告- 本文来源：长城网 正极材料前驱体生产企业唐山亨旺新能源材料有限公司迎来重大产能扩大，其曹妃甸基地一期 年产20万 吨磷酸铁项目成功进入试产阶段。 总投资55亿元建设，原计划2025年3月开工建设，预计2025年10月底 前实现量产。 具体来看， 该项目是 唐山亨坤35万吨磷酸铁锂目标计划的重要组成部分。 其通过迁西二期扩建（15万 吨磷酸铁锂）和 曹妃甸基地（20万吨磷酸铁锂）双线推进，在2025年内可实现35万吨级产能落地。 技 术 发 展 与 市 场 ...

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~ -广告- 本文来源： #鑫椤锂电 行业热点 I C C S I N O ATL获电芯采购大订单！ 针对近期的充电宝召回风波，安克创新表示， 安克创新已经与事件涉及的供应商安普瑞斯终止合作。 安 克创新表示公司也并非只此一家供应商，6月25日， 公司与宁德新能源（ATL）建立首批合作订单，涉及 在三年内采购4500万个电芯。 刚果（金）延长钴出口禁令 为期三个月 21日，刚果（金）战略矿产市场监管控制局（ARECOMS）发布公告， 决定自当日起将钴出口的临时性全 面禁令再延长三个月，覆盖所有开采形式。 声明称，延长期的目的是缓解当前"库存高企"的市场压力，并 为下一阶段市场调控和政策更新创造条件。 荣耀折叠旗舰Magic V5手机即将发布，青海湖刀片电池硅含量25% 据悉7月2日即将发布的荣耀折叠旗舰手机Magic V5将采用更大电池和更薄机身，实现大容量与轻薄兼得。 据媒体消息， Magic V5 采用 6100 mAh硅电池技术，在极致轻薄机身内塞入双电芯大容量电池，支持66W 有线快充+50W无线快充，实测连续亮屏 ...

Core Viewpoint - The Chinese lithium battery industry is strengthening its global influence, with significant growth in battery shipments and material innovations driving the transition from capacity competition to capability competition [1][2]. Group 1: Industry Growth and Trends - In Q1 2025, China's lithium battery shipments reached 314 GWh, a year-on-year increase of 55%, with power batteries and energy storage batteries growing by 41% and 120%, respectively [1]. - The positive performance in the positive electrode materials sector saw shipments reach 1 million tons, up 68% year-on-year, with lithium iron phosphate materials growing by 94% and surpassing a 75% market share [2]. - The wet separator market experienced a 75% year-on-year increase in shipments, achieving an 81.6% market share, while electrolyte shipments grew by 63.8% [2]. Group 2: Material Innovations and Future Directions - The investment focus in the lithium battery materials sector is shifting towards technology-intensive directions, with 29 new projects signed or announced in 2025, totaling approximately 40 billion yuan, nearly half of which are related to solid-state batteries and materials [4]. - New technologies such as sodium-ion and lithium-metal batteries are in the commercialization verification stage, with key materials like silicon-carbon anodes and lithium-rich manganese-based materials accelerating their market entry [4]. - The recovery of the digital market and growth in AI terminal shipments are creating structural opportunities for lithium cobalt oxide and lithium manganese oxide materials [4]. Group 3: Awards and Recognition - The "2025 New Energy New Materials Innovation Enterprise" award aims to recognize companies that excel in technological breakthroughs and industry transformation across the entire materials chain [5][6]. - The evaluation criteria focus on technological innovation, industrialization, market recognition, and development potential [6]. - The award results will be announced at the 2025 High-Performance New Energy New Materials Industry Conference in July 2025 [6].

会议预告 第十八届高工锂电产业峰会 ——产业链格局重整 全场景应用共振 主办单位： 高工锂电、高工产业研究院（GGII） 2025高工新能源新材料产业大会 —— 新材料·新动能·新生态 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 英联复合集流体 会议时间： 2025年7月8日-9日 会议地点： 中国 成都 邛崃 会议时间： 2025年6月25-26日 会议地点： 常州·金坛万豪酒店 池高镍化和高压化的技术趋势下，已经有多个代表性电池厂商开始使用LiFSI来改善电池性能。 而作为LiFSI市场占有率最高的企业，天赐材料此轮扩建可满足快充、大圆柱、固态等各类迭代发 展中的电池技术的激增需求。同时，天赐可通过规模化量产进一步降低LiFSI生产成本，进一步巩 固市场竞争力。 6月25-26日 ， 第十八届高工锂电产业峰会 将在 常州金坛万豪酒店 举办。 天赐材料董事长徐金富 将出席并作主题演讲。 近期，天赐材料在全球范围内的关键项目接连传来新进展。 6月11日天赐材料晚间公告，公司与摩洛哥王国政府签署了《投资协议》。该协议涉及 在摩洛哥投 资建设年产15万吨电解液及其关键原材料的综合基地， ...

证券研究报告 2025 年 06 月 16 日 湘财证券研究所 行业研究 锂电材料行业周报 高镍三元价格持续走弱，负极材料量价同跌 相关研究： 《正极价格延续弱势，负极开工明显下滑》 20250608 《锂源价格新低带动相关材料价格下行》 20250602 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1 -8 -3 绝对收益 -2 -10 7 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 市场行情：上周锂电材料行业反弹 1.53%，跑赢基准 1.79pct 根据 Wind 数据，上周1锂电材料行业反弹 1.53%，跑赢基准（沪深 300） 1.79pct。行业估值（市盈率 TTM）回升 0.51x 至 31.5x，当前处于 20.8%2 长期历史分位。 ❑ 正极材料：上周三元前驱体价格持续下调，碳酸锂现货价小幅反弹，期 价依旧走低，氢氧化锂价格延 ...

公司从丝杠开始全面切入机器人领域，25年将建 设一条全自动产线；稳定币的需求比较旺盛，公 司在推行用稳定币充值信用卡产品——0602调研 日报 2025/06/02 16:34 今日内容： 震裕科技：公司从丝杠开始全面切入机器人领域，25年将建设一条全自动产线 【公司从丝杠开始全面切入机器人领域】 2023年用公司精密级进冲压模具积累的超精密制造体系和新能源车行业低成本产业化的生产 经验，切入机器人精密零部件及组件打造公司业务第四极。因为卷过新能源车产业链，公司 在决定切入机器人硬件赛道之初，就立志要不断迭代新的产品，提升公司的竞争力，具体为 先做好反向式行星滚柱丝杠，接下来推出线性执行器、灵巧手精密零部件等新产品，未来还 会不断迭代新的产品。 【25年将建设一条全自动丝杠产线】 公司已建成两条行星滚柱丝杆半自动产线并投入批量生产，日平均产能100套，自建丝杆综合 测试实验室已投入使用，可自主完成对丝杆导程精度、传动效率、万次寿命跑合等关键参数 的检测及验证；计划在2025年内建设一条集加工、在线检测、装配于一体的全自动行星滚柱 丝杆生产线，进一步提高从1-N大规模量产的一致性及稳定性。公司已建成一条线性执行 ...

公开发行可转换公司债券 定期跟踪评级报告 上海新世纪资信评估投资服务有限公司 Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. 声明 除因本次评级事项使本评级机构与评级对象构成委托关系外，本评级机构、评级人员与评级对象不存在任何影响 评级行为独立、客观、公正的关联关系。 本评级机构与评级人员履行了调查和诚信义务，所出具的评级报告遵循了真实、客观、公正的原则。 本报告的评级结论是本评级机构依据合理的内部信用评级标准和程序做出的独立判断，未因评级对象和其他任 何组织或个人的不当影响改变评级意见。 本次跟踪评级依据评级对象及其相关方提供或已经正式对外公布的信息，相关信息的真实性、准确性和完整性由 资料提供方或发布方负责。本评级机构合理采信其他专业机构出具的专业意见，但不对专业机构出具的专业意见 承担任何责任。 本报告并非是某种决策的结论、建议。本评级机构不对发行人使用或引用本报告产生的任何后果承担责任，也不 对任何投资者的投资行为和投资损失承担责任。本报告的评级结论及相关分析并非对评级对象的鉴证意见。鉴于 信用评级工作特性及受客观条件影响 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [6]. Core Views - The company has demonstrated strong profitability resilience despite a decline in metal prices, with cobalt, nickel, and lithium margins reaching historical lows. The current price levels provide a foundation for potential increases, which could significantly boost the company's performance [7][9]. - The company has established a comprehensive business structure with five major sectors: new energy, new materials, Indonesian nickel, African resources, and recycling [13][16]. - The report highlights the cyclical nature of metal prices, indicating that cobalt prices are at a long-term historical low, with potential for substantial increases due to demand growth and supply constraints [33][51]. Summary by Sections Market Performance - As of April 28, 2025, the closing price of the company's stock is 33.36 yuan, with a market capitalization of approximately 56.76 billion yuan [4]. Financial Forecast and Valuation - The projected revenue for 2023 is 66.30 billion yuan, with a forecasted decline to 60.95 billion yuan in 2024, followed by a recovery to 70.44 billion yuan in 2025. The net profit attributable to the parent company is expected to rise from 3.35 billion yuan in 2023 to 5.07 billion yuan in 2025 [6][8]. - The report anticipates a price-to-earnings (P/E) ratio of 11.19 for 2025, which is below the industry average, indicating potential undervaluation [8]. Investment Logic - The company has maintained stable revenue and profitability despite fluctuations in metal prices, with nickel and lithium segments showing growth while cobalt has declined. The overall business structure is resilient, with significant upside potential if metal prices recover [20][29]. - The report emphasizes that the current low prices of cobalt, nickel, and lithium create a favorable environment for future price increases, which could enhance the company's earnings significantly [7][9]. Cobalt Market Insights - Cobalt prices are currently at a long-term low, with expectations for a significant rebound driven by demand growth and supply constraints, particularly from the Democratic Republic of Congo [33][51]. - The report notes that the recent export ban from the Democratic Republic of Congo could further tighten supply, enhancing the potential for price increases [36]. Nickel Market Insights - Nickel supply is dominated by Indonesia, which is expected to account for 60% of global production in 2024. The report indicates that while supply is increasing, rising costs and the closure of high-cost mines may stabilize prices [53][60]. Lithium Market Insights - The lithium market is experiencing a supply-demand mismatch, with prices at historical lows. The report forecasts that the price of lithium carbonate will stabilize around 80,000 yuan per ton in 2025, with potential for increases as demand recovers [67][72].

Core Viewpoint - The company is actively expanding its overseas operations and developing solid-state battery technology while maintaining strong financial performance and growth prospects in the lithium-ion battery materials industry. Group 1: Overseas Expansion and Tariff Impact - The company reported that the impact of U.S. tariffs is minimal, with only about 1% of total revenue coming from direct sales to the U.S. [1] - The company is working on local production capacity in the U.S., including a 200,000-ton electrolyte project in Texas, which is currently in the preparatory stage [1] Group 2: Solid-State Battery Technology - The company has developed a lithium sulfide-based solid electrolyte, which is currently in the pilot testing phase, focusing on material technology validation with downstream battery customers [2] - The company aims to maintain its core competitiveness through continuous product innovation and close communication with customers [2] Group 3: Financial Performance - In 2024, the company achieved a revenue of 12.518 billion yuan and a net profit of 484 million yuan, with a basic earnings per share of 0.25 yuan [3] - The company reported a first-quarter revenue of 3.489 billion yuan in 2025, a year-on-year increase of 41.64%, and a net profit of 150 million yuan, up 30.8% year-on-year [6] Group 4: Future Growth Drivers - Future growth is expected to come from stable demand in the lithium battery materials industry and improved industry competition leading to normalized product prices [4] - The company is committed to an integrated and international strategy to capture overseas market opportunities and enhance profitability [4] Group 5: Industry Outlook - The lithium-ion battery materials industry is experiencing stable growth driven by demand in electric vehicles and energy storage applications, with ongoing advancements in battery technology [5] - The industry is expanding into new applications such as eVTOL and robotics, indicating a broad growth outlook [5] Group 6: Analyst Ratings and Predictions - Recent ratings from 11 institutions show 8 buy ratings and 3 hold ratings, with an average target price of 22.8 yuan [7] - Detailed earnings forecasts indicate expected net profits of 1.046 billion yuan in 2025, increasing to 2.040 billion yuan by 2027 [9]