预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及储能市场需求的快速增长，公司六氟磷酸锂、 新能源电池等主要产品销量同比大幅提升，带动毛利实现显著增长。公司按约定执行部分长期协议中的 低价订单，对本期盈利水平造成一定影响。 多氟多（002407）(002407.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润2亿元至 2.8亿元;扣除非经常性损益后的净利润1.05亿元至1.55亿元。 ...

预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及储能市场需求的快速增长，公司六氟磷酸锂、 新能源电池等主要产品销量同比大幅提升，带动毛利实现显著增长。公司按约定执行部分长期协议中的 低价订单，对本期盈利水平造成一定影响。 智通财经APP讯，多氟多(002407.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润2 亿元至2.8亿元;扣除非经常性损益后的净利润1.05亿元至1.55亿元。 ...

每经AI快讯，1月26日，多氟多(002407.SZ)公告称，公司预计2025年度归属于上市公司股东的净利润为 2.00亿元~2.80亿元，上年同期亏损3.08亿元。预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及 储能市场需求的快速增长，公司六氟磷酸锂、新能源电池等主要产品销量同比大幅提升，带动毛利实现 显著增长。与此同时，公司坚守契约精神，按约定执行部分长期协议中的低价订单，对本期盈利水平造 成一定影响。 ...

每经AI快讯，多氟多1月26日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润2亿元~2.8亿 元，同比扭亏为盈。基本每股收益0.17元~0.24元，上年同期基本每股收益亏损0.26元。业绩变动主要原 因是，预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及储能市场需求的快速增长，公司六氟磷 酸锂、新能源电池等主要产品销量同比大幅提升，带动毛利实现显著增长。与此同时，公司坚守契约精 神，按约定执行部分长期协议中的低价订单，对本期盈利水平造成一定影响。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） ...

南财智讯1月26日电，多氟多发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 20,000万元—28,000万元，预计同比扭亏；预计2025年全年归属于上市公司股东的扣除非经常性损益的 净利润为10,500万元—15,500万元。预告期内，公司经营业绩扭亏为盈，受益于新能源汽车及储能市场 需求的快速增长，公司六氟磷酸锂、新能源电池等主要产品销量同比大幅提升，带动毛利实现显著增 长。与此同时，公司坚守契约精神，按约定执行部分长期协议中的低价订单，对本期盈利水平造成一定 影响。 ...

Core Viewpoint - The A-share market experienced fluctuations on January 26, with cyclical sectors leading gains while growth sectors retreated. The Battery 50 ETF (159796) closed down by 1.77%, with funds attracting over 150 million yuan in the previous three days [1]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with significant drops including Sanhua Intelligent (down over 3%) and Guoxuan High-Tech (down over 2%) [3]. - The top ten constituent stocks of the Battery 50 ETF showed a range of declines, with the largest drop being 3.89% for Sanhua Intelligent and the smallest being 1.43% for Ningde Times [4]. Group 2: Earnings Forecasts - Recent earnings forecasts for 2025 from leading battery companies indicate strong performance, with 11 out of 13 companies reporting year-on-year growth. Leading the pack is Sanhua Intelligent, with a projected profit increase of 424% to 529% [5]. - The projected net profit for Sanhua Intelligent is between 1.5 billion yuan and 1.8 billion yuan, while other companies like Daoshih Technology and Tianci Materials also show significant growth forecasts [5]. Group 3: Demand and Industry Outlook - The battery sector's strong performance is attributed to steady growth in demand for power batteries and explosive growth in energy storage batteries. The demand is expected to continue rising, with new technologies like solid-state batteries opening up new market opportunities [6]. - By December 2025, domestic lithium iron phosphate battery installation volume is expected to reach 79.8 GWh, a year-on-year increase of 30.82%, while power battery exports are projected to hit 19.0 GWh, up 47.29% year-on-year [7]. Group 4: Technological Developments - Solid-state batteries are anticipated to see significant breakthroughs, with policy support and emerging industries driving demand. The production of semi-solid batteries is expected to exceed 10 GWh by 2025, with a focus on leading battery cell companies and material firms [7]. - The Battery 50 ETF (159796) has a high content of solid-state batteries (45%) and energy storage (18.7%), positioning it to benefit from the growth in these sectors [8][10]. Group 5: Investment Strategy - The battery sector's fundamentals and technological catalysts are expected to support strong stock performance. Given the complexity of the industry, index investment may be a more effective strategy to capture opportunities in the battery sector [7]. - The Battery 50 ETF (159796) is noted for its leading scale and low management fee of 0.15% per year, making it an attractive option for investors looking to capitalize on the battery sector's growth [12].

Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expected performance exceeding the benchmark index [3]. Core Insights - The UK government has launched a £15 billion "Warm Home Plan" aimed at helping millions of households install solar panels, energy storage, heat pumps, and insulation materials, significantly stimulating the home storage and heat pump sectors [1][6]. - The plan is expected to upgrade up to 5 million homes and help 1 million households escape energy poverty by 2030, leveraging £15 billion in subsidies to attract a total investment of £38 billion [6]. - The distribution of the subsidy includes £4.4 billion for low-income home upgrades, £2.7 billion for heat pump subsidies, £1.1 billion for heating network construction, and £5.3 billion for a loan fund [7]. - The home storage market is projected to exceed £100 billion by 2030 due to the estimated scale of home upgrades [6]. - The heat pump sector has a specific subsidy of £2.7 billion, with targets to install 450,000 and 1.5 million units annually by 2030 and 2035, respectively, indicating significant growth potential [6]. Company Summaries - **Airo Energy**: A leading distributed solar storage company with a strong focus on overseas markets, expected to perform well this year due to increased R&D and product diversification [8]. - **GoodWe**: A traditional home storage company with strong channel capabilities and advanced technology, well-established in the European market [8]. - **Sungrow Power Supply**: A top global solar storage company with a robust overseas presence, generating significant revenue from storage products [8]. - **Deye Technology**: Strong competitive edge in home storage, with a well-established global sales network and advanced manufacturing capabilities [8]. - **Rujing Technology**: A core supplier of heat pump controllers, with products widely used in major brands [10]. Financial Metrics of Key Companies - Airo Energy: Market Cap £14.6 billion, 2024 EPS £1.3, 2025 EPS £0.7, PE 140, PB 3, Investment Rating: Strongly Recommended [2]. - Sungrow Power Supply: Market Cap £338 billion, 2024 EPS £5.3, 2025 EPS £6.6, PE 25, PB 8, Investment Rating: Strongly Recommended [2]. - Deye Technology: Market Cap £80.5 billion, 2024 EPS £4.6, 2025 EPS £4.0, PE 22, PB 10, Investment Rating: Increase Holding [2].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The lithium carbonate market has experienced a sharp rise and then a fall, with intensified games between policy disturbances and demand realities. The market is currently in a high - level wide - range oscillation stage, and the core contradiction lies in the game between the expected supply contraction caused by policy disturbances on the supply side and the weak demand reality of new - energy vehicles downstream. It is expected that the lithium carbonate price will enter a high - level oscillation and consolidation stage in the next 1 - 2 weeks [2]. 3. Summary by Related Catalogs Lithium Salt Market Introduction - **Price Changes**: The battery - grade lithium carbonate spot price increased by 12.33% to 156,250 yuan/ton this week. The futures price of lithium carbonate rose 1.94% to 146,200 yuan/ton. The spot prices of lithium hydroxide also had significant increases, with the price of electric - carbon (coarse particles) rising 14.02% to 150,500 yuan/ton, electric - carbon (fine powder) rising 13.48% to 155,700 yuan/ton, and industrial - carbon rising 14.60% to 145,200 yuan/ton [2][4]. - **Premium Changes**: The premium of different raw materials and enterprises has changed to varying degrees. For example, the premium of spodumene raw materials increased by 100 yuan, and the premium of Ganfeng Lithium Co., Ltd. increased by 200 yuan [7]. Lithium Salt Fundamentals - **Supply**: The domestic lithium carbonate capacity utilization rate remained at a high level of 87.14% with no week - on - week change. The supply side is mainly affected by news such as overseas mining rights policies and domestic environmental protection actions, and there is an expected long - term supply contraction. The production of lithium carbonate and lithium hydroxide in China and their production in different regions and from different raw materials are also involved in the report, but specific data are not detailed here [2]. - **Demand**: Downstream demand is differentiated. The production start - up rate of energy - storage cells has increased, but the new - energy vehicle sales data in early January decreased significantly year - on - year. The production schedule of cathode material factories in January is expected to decline month - on - month, and procurement is mainly for rigid demand [2]. - **Import and Export**: The salable inventory of port lithium ore traders decreased by 4.83% to 13.8 tons week - on - week, indicating a tight supply of imported raw materials. The freight cost of some routes increased slightly, such as the Nigeria route, which increased by 6.67% week - on - week [2][27]. - **Inventory**: The exchange warehouse receipt inventory increased by 8.27% to 27,458 lots, with significant increases in warehouses such as Jiangsu Benniu Port and Shanghai Xiangyu Sichuan Warehouse, indicating that spot goods are flowing into the futures market and inventory pressure has increased [2][40]. - **Cost and Profit**: The production cost of externally purchased lithium concentrate increased by 3.1% to 158,106 yuan/ton, higher than the futures closing price. The production profit decreased by 86.98% to - 1,856 yuan/ton, showing the effect of cost support [2]. Lithium - Battery Fundamentals - **Market and Supply of Cathode Materials**: The report involves the market and supply of cathode materials, including production volume and price, but specific data are not detailed [44][46]. - **Supply of Electrolytes**: The price and production volume of electrolytes are also mentioned, but specific data are not detailed [48]. - **Demand for Cathode Materials**: The consumption of cathode materials is involved, but specific data are not detailed [50]. - **Import and Export of Lithium - Battery Materials and Batteries**: The import and export of lithium - battery materials and batteries are mentioned, but specific data are not detailed [52][54]. - **Cost and Profit of Ternary Materials**: The cost and profit of ternary materials are involved, but specific data are not detailed [56]. - **Lithium - Battery Recycling**: Lithium - battery recycling is mentioned, but specific data are not detailed [58]. - **New - Energy Vehicle Production and Sales**: The production and sales of new - energy vehicles and other important data are involved, but specific data are not detailed [60][62].

Core Viewpoint - Longking Environmental Protection Co., Ltd. has shown a positive stock performance with a year-to-date increase of 9.38% and a recent 5-day increase of 11.78% [1] Financial Performance - For the period from January to September 2025, Longking achieved an operating revenue of 7.858 billion yuan, representing a year-on-year growth of 18.09% [2] - The net profit attributable to shareholders for the same period was 780 million yuan, reflecting a year-on-year increase of 20.53% [2] Stock and Market Activity - As of January 26, the stock price was 17.84 yuan per share, with a market capitalization of 22.658 billion yuan [1] - The stock experienced a net inflow of main funds amounting to 7.9305 million yuan, with significant buying activity from large orders [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 44,400, with an average of 28,630 circulating shares per person [2] - The company has distributed a total of 3.184 billion yuan in dividends since its A-share listing, with 763 million yuan distributed in the last three years [3] Major Shareholders - Among the top ten circulating shareholders, Guangfa Multi-Factor Mixed Fund holds 28.4703 million shares, a decrease of 11.7526 million shares from the previous period [3] - Hong Kong Central Clearing Limited is a new entrant among the top shareholders, holding 10.8506 million shares [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The report believes that lithium carbonate will operate strongly at a high level, and attention should be focused on cost and marginal changes in supply and demand [2][4] Group 3: Summary According to Related Catalogs Lithium Carbonate Futures and Spot Market - Last week, the main contract of lithium carbonate futures closed at 181,520 yuan/ton. The net short position of the main funds continued, the long - short ratio decreased month - on - month, and the warehouse receipts decreased slightly by 730 tons to 28,156 tons. The average price of SMM electric carbon was 171,000 yuan/ton. The trading market was active last week. In the spot market, upstream producers were more willing to sell, with some still holding back supply. Downstream buyers had a mix of inventory building and waiting, and scattered purchases slowed down after the price increase. Overall, transactions were mainly based on demand [2] Supply and Demand Fundamentals - **Supply side**: Last week, the raw material market showed a differentiated trend. Overseas lithium spodumene remained stable with a slight increase, while domestic spot lithium ore prices generally declined. The total weekly operating rate of SMM lithium carbonate was 50.99% (- 1.7%), and the operating rate of each process route decreased month - on - month due to maintenance plans. The total output was 22,217 tons (- 388 tons), with a slight decrease in supply [3] - **Demand side**: There was a significant structural differentiation. Last week, the output of SMM lithium iron phosphate and ternary materials decreased slightly month - on - month, and inventories were reduced. The output of SMM power cells decreased slightly. As of January 18, the penetration rate of new energy vehicle sales increased to 55.6%, and the production schedule of energy - storage cells increased slightly to support demand [3] - **Inventory**: Last week, the social inventory of the four - place sample of SMM increased by 2% (+ 860 tons) month - on - month, the sample weekly inventory decreased slightly by 0.7% (- 783 tons) month - on - month, and the total inventory days were 27.8 days. The inventory days of the upstream and downstream increased to 5.1 days and 9.6 days respectively, and the inventory days of other links decreased to 13.1 days, showing a significant differentiation in the inventory structure [3] Macro - policy Level - **Demand side**: Multiple incentives such as subsidies for car trade - ins and battery export tax rebates stimulate terminal consumption and improve macro - liquidity - **Supply side**: On January 15, the National Development and Reform Commission proposed to introduce management measures for the comprehensive utilization of new energy vehicle power batteries, which will improve the recycling threshold and eliminate backward production capacity, optimize the domestic supply structure in the long term, and raise the cost support center - **Industrial planning**: The industrial plan for Qinghai Salt Lake, the key points of the "15th Five - Year Plan" for energy storage, and a series of deployments at the Central Economic Work Conference have formed synergistic benefits to support long - term supply - demand balance. The central bank's structural interest rate cut indirectly strengthens the long - term macro - positive atmosphere [4]