Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share issuance and listing in Hong Kong, having submitted an updated application to the Hong Kong Stock Exchange on October 23, 2025, following a successful hearing on October 2, 2025 [1][2] Group 1: Company Developments - Zhongwei Co., Ltd. is a leading domestic new energy materials science company with a diversified product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials [1] - The company has achieved the number one global market share for nickel and cobalt materials for five consecutive years, with its phosphorus materials business rapidly developing into a leading position in the industry [1] - The sodium-based products have achieved mass production, and the company has successfully implemented dual technology routes [1] Group 2: Financial Performance - Since the public disclosure of performance data from 2017 to 2024, Zhongwei Co., Ltd. has maintained continuous growth in operational scale and revenue [2] - The company has experienced rapid performance release during the industry boom and has strategically positioned itself during the industry adjustment period [2] - Under the "New Four Modernizations" strategy, which focuses on technological diversification, global development, digital operations, and ecological industrialization, the company is building an integrated closed-loop industrial model from resource development to end-cycle recycling [2]

Group 1: Company Performance - In the first nine months of 2023, the company achieved operating revenue of 7.387 billion yuan, a year-on-year increase of 22.06% [1] - The net profit for the same period was 437 million yuan, reflecting a year-on-year growth of 2.81% [1] - For the third quarter, the operating revenue reached 2.686 billion yuan, up 32.54% year-on-year, while net profit was 198 million yuan, marking a 50.91% increase [1] Group 2: Financial Activities - The company has been approved to issue medium-term notes totaling no more than 2.5 billion yuan, aimed at repaying interest-bearing debts, supplementing working capital, and project construction [1] - The first phase of the technology innovation bond issuance has been completed, with a total issuance of 500 million yuan at an interest rate of 2.08% [1] Group 3: Strategic Investments - The company has acquired a 10% stake in Sichuan Development Tiansheng Mining Co., a subsidiary of its controlling shareholder, to enhance its phosphate mining asset integration [1] - The acquired Xiaogou Phosphate Mine has a total identified phosphate rock resource of 401 million tons and a designed production capacity of 5.5 million tons per year [1] Group 4: New Project Development - The company’s wholly-owned subsidiary, Deyang Chuanfa Longmang New Materials Co., plans to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [2] - This investment is aimed at strengthening the company's position in the new energy materials sector and promoting synergy between phosphate chemicals and new energy materials [2] Group 5: Industry Outlook - The lithium iron phosphate industry is currently experiencing a phase of oversupply, with expectations of further differentiation in enterprise operating rates [3] - Companies with advantages in the industrial chain, technology, and cost are likely to lead in the competitive market as industry upgrades and consolidations continue [3]

Summary of Multi-Fluorine's Conference Call Company Overview - **Company**: Multi-Fluorine - **Industry**: Lithium battery materials and fluorine-based new materials Key Financials - **Revenue**: 67.29 billion CNY for the first three quarters of 2025, with a significant year-on-year increase - **Net Profit**: 78.05 million CNY for the first three quarters, showing substantial growth compared to previous periods [2][3] Business Segments - **Four Major Business Segments**: 1. **Fluorine-based New Materials**: Focus on high-end fluorinated applications, expanding beyond traditional products [5] 2. **Electronic Information Materials**: Rapid market share growth with products like electronic-grade hydrofluoric acid [5] 3. **New Energy Materials**: Lithium hexafluorophosphate (LiPF6) is a key product, with record shipments of over 12,000 tons in Q3 [5] 4. **New Energy Batteries**: Targeting energy storage and power sectors, with battery capacity expected to exceed 20GW by the end of 2025 [5][8] Market Dynamics - **Lithium Hexafluorophosphate Pricing**: Prices rose to 85,000-90,000 CNY/ton in September, with expectations for improved financial performance in Q4 due to this price increase [6][24] - **Supply and Demand**: Increased demand from new energy vehicles and energy storage, while supply is constrained due to small capacity clearances [6][25] Capacity Expansion Plans - **Production Capacity**: Plans to increase LiPF6 capacity from 65,000 tons to 80,000 tons, with a cautious expansion strategy [7] - **Battery Production Goals**: Targeting 20GW by the end of 2025, 50GW by September 2026, and 120GW by the end of 2027 [8][18] Profitability and Cost Management - **Profit Margins**: Current gross margin around 15%, with expectations for improvement as production scales up and self-sufficiency in key materials increases [11][13] - **Cost Control**: LiPF6 production costs are slightly below industry average, with ongoing efforts to optimize production processes [21] Future Outlook - **Market Growth**: Anticipated growth in two-wheeler and three-wheeler markets, with expected annual growth rates of 50% to 100% [9] - **Battery Product Strategy**: Focus on cylindrical batteries, with over 95% of products in this form, while maintaining flexibility to adjust production based on demand [26] Customer Base and Competitive Position - **Key Customers**: Include manufacturers of portable energy storage devices and balcony storage systems [23] - **Competitive Advantage**: Multi-Fluorine's cylindrical batteries are positioned as cost-effective alternatives to pouch and prismatic batteries, with a strong market presence [19] Conclusion - Multi-Fluorine is well-positioned in the lithium battery materials market, with robust financial performance, strategic capacity expansions, and a focus on high-demand segments. The company is optimistic about future growth driven by increasing demand for energy storage and electric vehicles, while maintaining a cautious approach to capacity expansion and cost management.

Core Viewpoint - The company plans to invest in a new lithium phosphate project to enhance its position in the new energy materials sector and promote synergy between phosphate chemicals and new energy materials [2] Group 1: Company Announcement - On October 23, the company announced the convening of its seventh board meeting to approve the investment in a 100,000 tons/year lithium dihydrogen phosphate project [2] - The total investment for the project is set at 366 million yuan [2] - The project will be located in the Deyang-Abazhou Ecological Economic Industrial Park in Mianzhu City, Sichuan Province [2] Group 2: Strategic Development - The investment aligns with the company's strategic development needs to strengthen its new energy materials business layout [2] - The project aims to facilitate the collaborative development of phosphate chemicals and new energy materials [2]

Core Viewpoint - The company is investing 366 million yuan to establish a 100,000 tons per year lithium dihydrogen phosphate project in Mianzhu City, Sichuan Province, to enhance its new energy materials sector and promote synergy between phosphate chemicals and new energy materials [1] Group 1 - The investment amount for the lithium dihydrogen phosphate project is 366 million yuan [1] - The project aims to strengthen the company's business layout in the new energy materials sector [1] - The initiative is part of the company's strategy to promote the collaborative development of phosphate chemicals and new energy materials [1]

Core Viewpoint - Chuanfa Longmang (002312.SZ) announced an investment of 366 million yuan to establish a 100,000 tons/year lithium dihydrogen phosphate project in Mianzhu City, Sichuan Province, to enhance its new energy materials sector and promote synergy between phosphate chemicals and new energy materials [1] Group 1 - The investment is aimed at strengthening the company's strategic development needs in the new energy materials sector [1] - The project will be executed by the company's wholly-owned subsidiary, Deyang Chuanfa Longmang New Materials Co., Ltd [1] - The investment amount for the lithium dihydrogen phosphate project is 366 million yuan [1]

Core Viewpoint - The company is enhancing its business layout in the new energy materials sector by investing in a lithium dihydrogen phosphate project to promote synergy between the phosphate chemical and new energy materials industries [1] Group 1: Company Investment - The company announced an investment of 366 million yuan in the construction of a 100,000 tons per year lithium dihydrogen phosphate project [1] - The investment will take place in the Deyang-Abazhou Ecological Economic Industrial Park in Mianzhu City, Sichuan Province [1]

Investment Rating - The report gives a "Buy" rating for the company, with a target price of RMB 12.30 based on a 11.5x PE for FY26 [3][12]. Core Insights - The phosphate mine project at Leibo Base is expected to enhance the company's self-sufficiency rate and reduce dependence on external procurement [4][14]. - The Yingcheng project in Hubei is progressing well, laying a solid foundation for future production capacity release [4][14]. - Phosphate ore prices are anticipated to remain firm due to tight supply and increasing demand from agricultural and new energy sectors [4][14]. - The company's new energy materials business is an extension of its phosphoric acid utilization chain, providing cost and product advantages [4][14]. Financial Forecasts - The company is projected to achieve net profits of RMB 987 million, RMB 1.294 billion, and RMB 1.442 billion for 2025-2027, respectively [3][12]. - Total revenue is expected to grow from RMB 20.381 billion in 2024 to RMB 27.148 billion in 2027, reflecting a compound annual growth rate [5][8]. - The net profit margin is projected to improve from 4.0% in 2024 to 5.4% in 2027 [8]. Project Developments - The Leibo phosphate mine project includes significant infrastructure developments, with ongoing construction of essential facilities [4][14]. - The Yingcheng project encompasses multiple production lines, including synthetic ammonia and various fertilizers, with construction progressing smoothly [4][14]. Market Dynamics - The supply of phosphate ore is constrained by long construction cycles and stricter environmental regulations, supporting price stability [4][14]. - Demand for phosphate ore is driven by its applications in fertilizers and the growing new energy sector, particularly for lithium battery materials [4][14].

Core Viewpoint - Taihe Technology (300801) is currently in a transitional phase, focusing on exploratory research and aiming to specialize in certain refined chemical products once suitable projects are identified [1] Group 1: Business Strategy - The company is deepening its efforts in the water treatment agent business while simultaneously exploring opportunities in new energy materials, electronic chemicals, and new materials [1]

Core Viewpoint - Taihe Technology (300801) is one of the largest water treatment chemical manufacturers in China, with a comprehensive range of products and specifications, and is recognized as a significant global player in the industry [1] Group 1 - The company has strong technical, cost, quality, and service advantages that enable it to serve global customers effectively [1] - Taihe Technology plans to expand into new areas such as new energy materials, electronic chemicals, and new materials, leveraging its strengths in research and development and processes [1] - The company aims to grow and strengthen its market position in the future [1]