四川省新能源动力股份有限公司 投资者关系活动记录表 编号：20250604 | | □媒体采访 □业绩说明会 | | --- | --- | | 投资者关系活 | | | | □新闻发布会 □路演活动 | | | □其他 | | | 长江证券 、泉果基金、易方达、景林、中银资管、安信基金 、 | | | 升基金、浦银安盛、创金合信、中意资产、华夏基金、长城基 | | | 金、银河自营、瀛赐基金、胤胜、永安国富资管 | | 地点 | 公司 1622 会议室 | | 上市公司接待 | | | 人员姓名 | 一、问答交流环节 | | | 1、公司基本情况介绍 | | | 答：公司聚焦绿色能源核心产业，主营业务包括新能源 | | | 发电和锂电业务，其中：新能源发电业务主要为风力发电和 | | 投资者关系活 动主要内容介 | 光伏发电项目开发、建设和运营，以及垃圾焚烧发电项目的 | | 绍 | 投资运营及环卫一体化；锂电业务主要为碳酸锂、氢氧化锂 | | | 产品的生产和销售，以及李家沟锂矿采选。 | | | 145 万千瓦。其中，风电光伏装机总量 129.77 万千瓦，2024 | | | 年平均利用小时数约 3, ...

碳酸锂日报（2025 年 6 月 5 日） 一、研究观点 碳酸锂日报 点 评 1. 昨日碳酸锂期货 2507 合约涨 2.55%至 61080 元/吨。现货价格方面，电池级碳酸锂平均价跌 50 元/ 吨至 60250 元/吨，工业级碳酸锂平均价跌 50 元/吨至 58650 元/吨，电池级氢氧化锂（粗颗粒）下 跌 400 元/吨至 62420 元/吨，电池级氢氧化锂（微粉）跌 400 元/吨至 67565 元/吨。仓单方面，昨 日仓单库增加 64 吨至 33461 吨。 2. 价格方面，锂矿价格延续下跌。供应端，周度产量环比增加 487 吨至 16580 吨，需要注意的是部分 企业此前经过检修拟在 6 月复产，6 月预计产量仍环比有增加。需求端，正极排产数据来看表现一 般，但正极库存连续消化，特别是磷酸铁锂库存周转天数已经明显下降，电芯端延续放缓，但终端 销售仍然亮眼，渗透率维持高位。库存端，周度库存环比下降 208 吨至 131571 吨，下游库存小幅增 加，上游和中间环节减少。 3. 整体来看基本面没有发生实质好转，当前价格水平之下需要注意博弈加剧。 碳酸锂日报 二、日度数据监测 | | | 锂电产业链产 ...

为了鼓励两轮车换电及电池行业创新发展，表彰为换电技术、电池技术、材料创新、设备升级突出贡献的企业，起点锂电、起点两轮车及 换电、起点研究院（SPIR）联合国内外超过100+行业技术专家、企业家、研究机构和财经媒体等推出2025中国两轮车换电及电池技术创 新"鲁班奖"奖项评选。 经起点组委会确认， 优旦科技 已报名参加"2025中国两轮车换电及电池技术创新鲁班奖"评选，参选项目为 2025两轮车及换电BMS最佳技 术创新奖、2025两轮车换电软/硬件系统最佳服务商奖 。 参选企业介绍 安徽优旦科技股份有限公司是一家专注于锂电池管理智能硬件与全生命周期在线管理平台研发、制造与服务的国家高新技术企业、国家专精特新 小巨人企业，业务覆盖新能源汽车、工程机械、轻型车辆、电力储能等领域。公司现有员工 300余人，其中50%以上为研发技术人员。 公司创立之初即提出锂电池智能管理理念，倡导让锂电池永远在线。基于先进的 iBMS/iEMS智能硬件、强大的电池PaaS平台和创新型SaaS应 用，实现数据驱动的锂电池云端协同管理、主动安全管理和全生命周期智慧运营管理，让每一块锂电池安全、高效运行。 F733软件保护板 在换电模式的 ...

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 ...

鑫椤讯： 鑫椤锂电发布锂电产业链6月预排产： 样本企业中电池排产107.7GWh，环比+2.9%，正极13.3万吨，环比+9.1%，负极11.7万吨，环比+0.9%，隔膜 14.9亿平，环比+4.3%，电解液7.6万吨，环比+6.6%，总体排产环比微增。 更多数据请咨询：18964001371（微信同） -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~ 进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 会议详情 I C C S I N O END 会议主办： 鑫椤资讯 会议时间： 2025年7月8-9日（8号报到） 会议地点： 中国·上海 会议咨询： 19921233064（微信同） ...

Core Viewpoint - Longpan Technology has secured significant contracts for lithium iron phosphate cathode materials, indicating a positive outlook for future performance and stock price appreciation [1][2][5]. Group 1: Contract Details - Longpan Technology's subsidiary, LBM NEW ENERGY, signed a production pricing agreement with Eve Energy, with a total sales amount exceeding 5 billion yuan, covering the sale of 15,200 tons of lithium iron phosphate cathode materials from 2026 to 2030 [2]. - The company has signed multiple long-term contracts since 2025, with total contract amounts potentially reaching 17 billion yuan [4]. - In early 2025, Longpan Technology signed a procurement agreement with CATL, with a maximum procurement limit set at 7 billion yuan for the same material [3]. Group 2: Financial Performance - Longpan Technology's revenue has shown significant growth since its listing, with revenue increasing from 1.297 billion yuan in 2017 to 14.072 billion yuan in 2022, marking a 247.15% year-on-year increase [6]. - However, in 2023, the company faced a downturn, with revenue dropping to 8.729 billion yuan, a decrease of 37.96%, and a net loss of 1.233 billion yuan [7]. - The company has shown signs of recovery in 2024, with revenue of 7.673 billion yuan, a decline of 12.10%, and a reduced net loss of 636 million yuan, down 48.46% year-on-year [8]. Group 3: Product Development - Longpan Technology has introduced a new generation of lithium iron phosphate cathode materials, which utilize a unique one-step sintering process, offering high cost-performance and competitive advantages [8].

Core Viewpoint - Zhongke Titanium White (002145.SZ) has made a significant adjustment to its lithium battery cross-industry investment by terminating its project for an annual production of 500,000 tons of iron phosphate due to changes in market supply and demand dynamics, with plans to use the remaining 1.666 billion yuan of raised funds to enhance liquidity [1][4]. Company Summary - Zhongke Titanium White announced the termination of its iron phosphate project, which was initially planned for an investment of 3.82 billion yuan and expected to be operational by November 2024 [1][4]. - The company has already invested 1.3 billion yuan in the iron phosphate project, with a first phase capacity of 100,000 tons completed in 2023, currently in the new product validation stage [1]. - The capacity utilization rate for the iron phosphate project was less than 2% last year, significantly lower than the approximately 83% utilization rate for its titanium dioxide products [1]. Industry Summary - Since 2021, several titanium dioxide companies, including Zhongke Titanium White, Longbai Group (002601.SZ), and Jinpu Titanium Industry (000545.SZ), have announced substantial investments in the lithium battery sector, particularly in iron phosphate projects [5]. - The production of titanium dioxide generates significant by-products like ferrous sulfate, which can be used as a raw material for iron phosphate, allowing these companies to reduce costs compared to those sourcing iron externally [5][6]. - However, many of these projects have been postponed or terminated due to oversupply in the domestic iron phosphate market, leading to uncertain profitability [7]. - The price of iron phosphate has dropped from 15,000-18,000 yuan per ton at the beginning of 2023 to 10,000-11,000 yuan per ton, a decline of over 30% [8]. - Analysts indicate that most iron phosphate companies are currently operating at a loss, with some lower-end capacities facing the risk of elimination [8]. - Other companies, such as Huiyun Titanium Industry and Jinpu Titanium Industry, have also halted their iron phosphate investments due to market conditions [9].

Core Viewpoint - The article discusses the competitive landscape and future prospects of manganese lithium batteries in the electric two-wheeler market, highlighting the challenges posed by the dominance of lithium iron phosphate batteries and the fluctuating prices of lithium carbonate [4][24][29]. Group 1: Industry Overview - The rapid development of the power battery industry has led to increased attention on the cross-application of manganese in lithium batteries, particularly manganese lithium batteries, which have clear application scenarios in electric two-wheelers and low-speed electric vehicles [7][8]. - The electric two-wheeler market is crucial for the sustained growth of manganese lithium materials, with a projected domestic demand of 115,000 tons by 2026 [11][36]. - The market for manganese-based cathode materials is relatively small, leading to a challenging survival environment for small and medium enterprises, while larger companies dominate due to their scale and R&D capabilities [12][13]. Group 2: Company Performance - The company plans to raise 487 million yuan for a project to produce 30,000 tons of spinel manganese lithium battery materials, indicating a strategic shift towards lithium battery materials [8][9]. - In 2024, the company expects revenue of 1.9 billion yuan, with its main business segments being electrolytic manganese dioxide (EMD) and manganese lithium, where EMD contributes 67% of revenue [13][18]. - The company's EMD business has a gross margin of 37%, while manganese lithium has struggled with profitability, showing a gross margin of less than 1% in recent years [13][20]. Group 3: Market Dynamics - The electric two-wheeler market in China has reached a saturation point, with a decline in sales expected in 2024, which may impact the demand for manganese lithium batteries [35][47]. - The global electric two-wheeler market saw a slight increase in sales, but the domestic market is projected to decline by 11.6% in 2024 [34][35]. - The price of lithium carbonate has a significant impact on the profitability of manganese lithium batteries, with fluctuations leading to varying gross margins across the industry [20][29]. Group 4: Competitive Landscape - The article highlights the competitive threat posed by lithium iron phosphate batteries, which are becoming increasingly cost-effective and may overshadow manganese lithium batteries in the market [24][27][28]. - The price of manganese lithium battery materials has been revised downwards from 55,000 yuan to 33,000 yuan per ton, reflecting the competitive pressure from lithium iron phosphate [30][31]. - The company faces challenges in maintaining its market position as the advantages of manganese lithium over lithium iron phosphate diminish, particularly in terms of cost and performance [28][29].

Core Viewpoint - Jiangsu Longpan Technology Co., Ltd. plans to increase capital in its subsidiary Changzhou Liyuan New Energy Technology Co., Ltd. using 80% of the funds raised from issuing H shares on the Hong Kong Stock Exchange, amounting to approximately RMB 369.71 million [1][3][12]. Group 1: Capital Increase Details - The capital increase will involve RMB 55.51 million being added to the registered capital of Changzhou Liyuan, raising its total registered capital from RMB 778.61 million to RMB 834.13 million [1][3]. - The remaining RMB 314.19 million will be allocated to the capital reserve of Changzhou Liyuan [1][3]. - Following this, Changzhou Liyuan plans to inject USD 14 million into its subsidiary Liyuan (Asia Pacific) PTE. LTD., increasing its registered capital from USD 14.64 million to USD 15.10 million [1][3]. Group 2: Related Party Transactions - The existing shareholders of Changzhou Liyuan, including Nanjing Jinbeili Venture Capital Center, Changzhou Youbeili Venture Capital Center, and Nanjing Chaoli Venture Capital Center, are considered related parties due to their management's involvement in the company [2][4]. - These shareholders have opted not to proportionally increase their capital in Changzhou Liyuan, leading to the classification of this capital increase as a related party transaction [2][4]. Group 3: Financial Performance and Valuation - Changzhou Liyuan's total assets were reported at RMB 952.49 million, with a net asset attributable to the parent company of RMB 94.62 million [6]. - The company reported a revenue of RMB 105.70 million and a net loss of RMB 8.05 million for the year [6]. - The valuation of Changzhou Liyuan was assessed at RMB 4.84 billion using the income approach, reflecting a 123.70% increase over its book value [8][9]. Group 4: Approval Process - The board of directors approved the capital increase proposal on May 29, 2025, which will be submitted for shareholder approval [3][4]. - Independent directors and the supervisory board have reviewed and supported the proposal, confirming that it adheres to legal and regulatory requirements [17][18]. Group 5: Strategic Implications - The capital increase aligns with the company's strategic planning and is intended to enhance the financial strength and competitiveness of Changzhou Liyuan and its subsidiaries [1][3][17]. - The funding will support production and operational needs, ensuring that the company remains a controlling entity in both Changzhou Liyuan and its subsidiary [1][3].

Core Viewpoint - Tianji Co., Ltd. has faced significant financial losses in the lithium hexafluorophosphate industry, reporting a loss of nearly 1.4 billion yuan in 2024, with no signs of recovery in early 2025 [1][6]. Company Background - Established in 1996 in Shantou, Guangdong, Tianji Co., Ltd. initially focused on small household appliances, achieving revenue of 500 million yuan and a profit of 80 million yuan by 2015 [2]. - In 2016, the company acquired Jiangsu Xintai Materials for 2.7 billion yuan, entering the lithium-ion battery materials sector, aiming for a dual business model of "appliances + lithium-ion battery materials" [2][3]. Industry Position and Growth - The company has built an annual production capacity of 37,000 tons of lithium hexafluorophosphate, ranking third in the industry, behind Tianqi Lithium and Dongfang Special Steel [3]. - Revenue from lithium hexafluorophosphate reached 2.858 billion yuan in 2022, accounting for 87.29% of total revenue, marking over fivefold growth since its IPO [3]. Recent Acquisitions and Strategy - In 2023, Tianji Co., Ltd. acquired 100% of Xinte Chemical for 460 million yuan, diversifying into the phosphorus chemical sector [4]. - The acquisition aimed to enhance the product matrix and extend the company's presence in the chemical industry [4]. Financial Performance - In 2023, the company reported revenue of 2.193 billion yuan, a decline of over 33%, with net profit plummeting by 93% to 36.64 million yuan [5]. - By 2024, revenue further decreased to 2.055 billion yuan, with a net loss of 1.361 billion yuan [6]. Market Challenges - The decline in profitability is attributed to oversupply in the lithium battery materials market, leading to a drastic drop in product prices [7]. - The average selling price of lithium hexafluorophosphate fell by 50.04% in 2024, despite a 70% increase in sales volume [7]. Profitability Issues - The company's gross margin has sharply declined from 62.26% in 2021 to -12.04% in 2024, indicating that products are being sold at a loss [8][9]. - In contrast, competitors like Dongfang Special Steel and Tianqi Lithium maintained positive gross margins despite similar market pressures [9][10]. Future Outlook - The industry is unlikely to return to its 2021 peak due to completed penetration of the electric vehicle market and ongoing oversupply issues [13]. - The company faces significant challenges in improving management and technical capabilities to recover profitability [14][15].