Group 1 - SK On has signed a lithium hydroxide supply agreement with EcoPro Innovation to procure up to 6,000 tons of lithium hydroxide by the end of this year, sufficient for the production of batteries for approximately 100,000 electric vehicles [1] - The materials will be processed in South Korea before being exported to SK On's battery manufacturing facility in the United States, enhancing the stability of the supply chain [1] - The planned multi-year supply agreement indicates a strong outlook for the demand for new energy materials and may improve South Korea's competitiveness in the global battery materials market [1] Group 2 - Xiamen Tungsten reported a total revenue of 19.178 billion yuan for the first half of 2025, an increase of 11.75% year-on-year, while the net profit attributable to shareholders decreased by 4.41% to 972 million yuan [2] - The decline in net profit was primarily due to last year's disposal gains, but excluding special factors, the net profit increased by 7.45%, indicating operational improvement [2] - The growth in net profit after excluding non-recurring items suggests enhanced profitability in the core business, indicating potential for future growth [2] Group 3 - Huasheng Lithium Electric announced that shareholder Dongjin Industry plans to reduce its holdings by up to 3.567 million shares, accounting for 2.24% of the company's total share capital, due to funding needs [3] - The reduction will occur through centralized bidding and block trading within three months after the disclosure of the reduction plan [3] - This move may attract market attention regarding changes in the company's equity structure, although the short-term operational impact is expected to be limited [3]

Core Viewpoint - The company Tianqi Materials (002709) has signed a procurement cooperation agreement with Chuangneng New Energy, committing to supply no less than 550,000 tons of electrolyte series products by the end of 2030 [1] Group 1 - The agreement is a framework agreement, and the actual procurement volume will depend on the execution of the agreement, indicating uncertainty [1] - The implementation of this agreement is expected to have a positive impact on the company's operating performance from 2025 to 2030, with specific financial impacts to be determined based on the agreement's execution [1]

Core Viewpoint - The project initiated in 2022 with a total investment of approximately 470 million yuan is a key strategic transformation for Huasheng Technology, aimed at enhancing product layout and competitiveness while exploring a "second growth curve" [1] Group 1: Project Overview - The capacitor film business currently represents a small portion of the company's overall revenue, but its advancement is expected to foster new profit growth points [1] - The project is seen as a critical support for the company's long-term strategy, focusing on technology and management innovation to penetrate the mid-to-high-end market [1] Group 2: Market Demand and Trends - Capacitor films are essential materials for capacitor manufacturing, widely used in sectors such as new energy vehicles, energy storage systems, rail transit, and photovoltaic inverters [1] - According to the China Electronic Components Industry Association, global demand for capacitor films is projected to reach 172,000 tons in 2024, a year-on-year increase of 13%, with further growth expected to 186,000 tons in 2025 and 235,000 tons by 2029 [1] Group 3: Industry Insights - The high-end capacitor film market is experiencing structural expansion driven by the new energy vehicle, energy storage, and rail transit sectors [2] - The push for "dual carbon" goals is accelerating the development of power electronics towards lightweight, miniaturized, and high-voltage solutions, placing capacitor films in a dual cycle of increased technical intensity and accelerated domestic production [2] Group 4: Company Developments - Huasheng Technology is also planning to invest 360 million yuan in a project in Haining, Zhejiang, to produce 15,000 tons of functional electronic film materials, primarily targeting the electronics and new energy sectors [2] - The company has successfully introduced two advanced production lines for the ultra-thin special capacitor film project, with the first line already in normal production and receiving customer recognition [4]

Core Viewpoint - Guomin Technology has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor. The company operates in the integrated circuit and lithium battery materials sectors, with both business segments expected to contribute approximately 47% of revenue in 2024 [2][3]. Group 1: Business Overview - Guomin Technology is a platform-based integrated circuit design company that provides high-security, high-reliability, and high-integration control chips and system solutions for various smart terminals. The company also develops lithium battery anode materials, creating a synergistic dual business model of "integrated circuits + new energy materials" [3][7]. - In the integrated circuit sector, the company focuses on four product lines: general-purpose MCUs, specialized market chips, RF chips, and BMS. It ranks among the top five Chinese companies in the global platform MCU market and is the leading company in the Chinese MCU market with built-in commercial encryption algorithm modules [7]. - The lithium battery anode materials business includes independent research, production, and sales of products such as artificial graphite and graphitization processing services, widely used in electric vehicles, energy storage systems, and portable devices [7]. Group 2: Financial Performance - Guomin Technology has experienced steady revenue growth in recent years but has faced continuous losses. In 2024, the company achieved revenue of 1.17 billion yuan, a year-on-year increase of 12.6%, while incurring a loss of 256 million yuan, although the loss narrowed compared to the previous year [12]. - The company reported a revenue of 304 million yuan in the first quarter of 2025, representing a year-on-year growth of 31.87%, with a net loss of approximately 21.38 million yuan [12]. - The company's gross profit margin has been unstable, with figures of 35.6%, 1.7%, and 15.6% from 2022 to 2024. The significant drop in 2023 was attributed to oversupply in the market leading to price declines and inventory write-downs [12]. - Research and administrative expenses are substantial, accounting for 16% and 13.9% of revenue in 2024, respectively. The company has reported a net cash outflow from operating activities for three consecutive years, with a cash and cash equivalents balance of 362 million yuan and short-term borrowings of 837 million yuan at the end of the period [12]. Group 3: Shareholding Structure - The prospectus indicates that Guomin Technology does not have a controlling shareholder or actual controller. Prior to the Hong Kong listing, the largest single shareholder is Sun Yingtong, holding 2.65% of the shares [13][16].

Core Viewpoint - Jin Yuan Co., Ltd. (000546.SZ) is expected to report a significant loss in the first half of 2025, transitioning from profit to loss primarily due to the absence of one-time investment gains from the previous year [1] Financial Performance - The company anticipates a net loss attributable to shareholders of between 30 million to 50 million yuan, compared to a profit of approximately 173.83 million yuan in the same period last year [1] - The non-recurring net profit is expected to be a loss of 110 million to 150 million yuan, compared to a loss of about 79.37 million yuan in the previous year [1] - Basic earnings per share are projected to be a loss of 0.04 to 0.06 yuan per share, down from a profit of 0.23 yuan per share last year [1] Business Transformation - The company is currently in a transitional phase, focusing on environmental protection and new energy materials as its main business lines [2] - In 2022, Jin Yuan Co. sold its cement business and acquired a 66% stake in Ali Lithium Source, marking a strategic shift towards "environmental protection + new energy materials" [2] - The environmental business, which focuses on resource utilization, accounts for over 95% of the company's operations [2] Growth Drivers - The subsidiary Jiangxi Huiying has seen significant increases in sales and production, contributing to a 105.85% growth in net profit [2] - Despite rising prices for electrolytic copper and gold-containing materials, the overall profitability remains limited due to the market dynamics [2] - The company is advancing its new lithium extraction technology, which is currently in the testing phase at the Qiangcang Salt Lake project, representing a global first [3] Future Outlook - Jin Yuan Co. aims to solidify its environmental business while expanding into the upstream new materials sector of the energy industry [3] - The company is expected to gradually release growth potential in its new materials business as operational experience accumulates [3]

Core Insights - The article discusses the advancements and innovations in the new energy materials industry, particularly focusing on lithium battery technologies and their applications in electric vehicles and other sectors [5][8][12]. Group 1: Industry Trends - The global demand for lithium resources is concentrated in the Asia-Pacific region, especially in China, while mineral deposits are primarily found in Australia, South America, and Africa [7]. - China leads the export market for new energy vehicles, with significant advancements in recycling capacity, particularly in the production of black powder through hydrometallurgical processes [7]. - The industry is witnessing a dual-track strategy of "cascading utilization + resource regeneration" to enhance global operations, with domestic hubs in China and international pre-treatment facilities in Germany, the US, and Japan [7]. Group 2: Technological Innovations - New silicon-carbon materials have achieved high reversible capacity (up to 2212 mAh/g) and long cycle life (over 1400 cycles) while maintaining low expansion rates [8]. - Breakthroughs in solid-state electrolytes have been made, with multiple generations of products developed to enhance performance in lithium-ion batteries [8]. - Companies are focusing on optimizing silicon-based anodes to address challenges related to volume expansion and initial efficiency, leading to improved cycle stability [11]. Group 3: Equipment and Manufacturing Advances - Advanced manufacturing equipment is being developed to increase production capacity and reduce operational costs, such as a six-column three-layer atmosphere roller furnace that boosts capacity by 50% [12]. - Innovations in temperature control and atmosphere management are ensuring high product consistency and energy savings of up to 20% [12]. - Companies are implementing automated systems to enhance efficiency in material handling and processing, significantly reducing labor costs and improving operational efficiency [15].

Core Viewpoint - The collaboration between Sichuan Development Longmang Co., Ltd. and Fulian Precision Co., Ltd. is seen as a strong alliance between two leading companies in their respective fields, aiming for complementary advantages and mutual benefits [2][3]. Group 1: Partnership Details - Both companies signed a Cooperation Framework Agreement to collaborate in equity and capital, as well as in lithium iron phosphate projects and precursor projects [2]. - They plan to establish a joint venture where Fulian Precision or its designated party will hold 51% and Sichuan Development Longmang or its designated party will hold 49%, to invest in a new 100,000 tons/year high-pressure dense lithium iron phosphate project [2]. - Another joint venture will be formed with Fulian Precision or its designated party holding 49% and Sichuan Development Longmang or its designated party holding 51%, to build a 100,000 tons/year lithium dihydrogen phosphate precursor project [2]. Group 2: Strategic Advantages - Sichuan Development Longmang is recognized as a leading company in the domestic phosphate chemical sector, with a focus on lithium iron phosphate and other new energy materials, creating a dual-driven industrial pattern [3]. - Fulian Precision is a core supplier of intelligent electric control and incremental components for new energy vehicles, known for its advanced high-pressure dense lithium iron phosphate materials with significant technical and performance advantages [3]. - The partnership is expected to enhance both companies' core competitiveness in the new energy materials sector and optimize their resource integration capabilities within a green circular economy industry chain [3].

Group 1 - The core viewpoint of the news is the collaboration between Chuanfa Longmang and Fulim Precision Engineering to establish a joint venture for high-pressure dense lithium iron phosphate cathode materials and precursor projects [1][2] - The joint venture will invest in a new project with an annual capacity of 100,000 tons for high-pressure lithium iron phosphate and 100,000 tons for lithium dihydrogen phosphate precursor, as well as a 100,000 tons per year ferrous oxalate project [1] - Both companies are leaders in the domestic phosphate chemical sector and have expanded into lithium iron phosphate and other new energy materials [1][2] Group 2 - Fulim Precision Engineering reported a revenue of 2.697 billion yuan in Q1, a year-on-year increase of 80.30%, and a net profit of 124 million yuan, up 211.85% [1] - Chuanfa Longmang achieved total revenue of 2.084 billion yuan in Q1, with a year-on-year growth of 24.70%, while its net profit was 103 million yuan, a slight decline of 0.24% [1] - The collaboration aims to leverage Fulim's market demand and technical advantages along with Chuanfa's resource advantages to optimize product performance and cost [1][2] Group 3 - The partnership will enhance the core competitiveness and sustainable development capabilities of Fulim's lithium iron phosphate business [2] - Chuanfa Longmang believes the collaboration will strengthen its new energy materials business layout and improve its core competitiveness through a multi-resource green circular economy industry chain [2] - Both companies plan to establish a special working group to ensure high-quality completion of the collaboration projects through regular meetings and technical exchanges [2]

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - Macroscopically, the Q1 economic data in the US was below expectations, but recent performance was decent with no obvious economic disturbances. Geopolitical conflicts cooled down, and risk appetite in the previously weak commodity market increased, pushing up prices [2]. - Fundamentally, the shortage of nickel ore eased, and smelter maintenance reduced nickel ore consumption. Nickel prices hit a new low at the beginning of the week, stimulating downstream purchases and significantly raising spot premiums. Stainless - steel prices rebounded due to sentiment, but spot sales were lackluster, and the terminal market remained weak. Ferronickel faced dual pressure, with ferronickel plants suspending spot quotes and only maintaining long - term contracts. The price of nickel sulfate was stable with no obvious fundamental improvement [2]. - In the later stage, there is no substantial driver for nickel price increases, and prices may回调 after the sentiment cools. After the implementation of the "Regulations on Ensuring the Payment of Accounts of Small and Medium - sized Enterprises" in early June, the payment cycle of car manufacturers to suppliers has been significantly shortened to within 60 days, which may lead to tight cash flow for car manufacturers. BYD plans to stop night - shift production in some factories, and production may be reduced by one - third. With stable terminal consumption expected, the tightened production schedules of leading car manufacturers may drag down the raw material replenishment of upstream material factories, and the new energy sector may weaken significantly. Traditional consumption has no improvement expectation, supply remains relatively high, and the fundamentals may weaken marginally. The price decline may be mainly due to the lack of strong real - world support for last week's price increase, and prices may fall after risk appetite cools [2]. 3. Summary by Related Catalogs 3.1 Last Week's Market Important Data | | 2025/6/27 | 2025/6/23 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 120480 | 117440 | 3040 | Yuan/ton | | LME Nickel | 15245 | 14804 | 441 | US dollars/ton | | LME Inventory | 204294 | 205140 | - 846 | tons | | SHFE Inventory | 21257 | 21478 | - 221 | tons | | Jinchuan Nickel Premium | 2850 | 3100 | - 250 | Yuan/ton | | Russian Nickel Premium | 600 | 550 | 50 | Yuan/ton | | High - nickel Pig Iron Average Price | 922 | 942 | - 20 | Yuan/nickel point | | Stainless - steel Inventory | 92.1 | 92.6 | - 0.45 | million tons | [3] 3.2 Market Review - **Nickel Ore**: The shortage of nickel ore eased. The FOB price of 1.5% laterite nickel ore from the Philippines rose from $51.5/wet ton to $52.5/wet ton, while that from Indonesia fell from $40.9/wet ton to $38.4/wet ton. Smelter maintenance reduced nickel ore consumption. Although the transaction price of Philippine nickel ore in July remained high, the shipping progress was slow, and the resource side's transition to a loose pattern was slow, so costs may remain high [4]. - **Ferronickel**: The price of high - nickel pig iron (10% - 12%) dropped from 921 Yuan/nickel point to 913 Yuan/nickel point. In May, China's ferronickel production was expected to be about 25,800 metal tons, a month - on - month increase of 1.33%, and in June, it was expected to be 25,600 tons, a month - on - month decrease of 0.59%. In May, China's ferronickel imports totaled about 848,200 tons, a year - on - year increase of 30.19% and a month - on - month decrease of 3.83%. Indonesia's ferronickel production in May was 141,400 nickel tons, a year - on - year increase of 15.89% and a month - on - month decrease of 1.36%. In June, the expected production was 142,000 nickel tons, a year - on - year increase of 17.88% and a month - on - month increase of 0.46%. In June, the planned production of 300 - series stainless steel in China was about 1.816 million tons, an increase of about 18 tons compared with the same period last year, but the month - on - month increase narrowed. In May, the actual production of stainless steel was 1.87 million tons, stronger than the expected 1.78 million tons, the same as April's production. Overall, due to cost pressure, Indonesia's ferronickel production has declined for two consecutive months. Nickel ore demand has weakened, and the shortage has marginally improved. Although stainless - steel prices rebounded, spot transactions were limited, and it was difficult to boost ferronickel consumption. In the short term, ferronickel may stop falling but has limited rebound potential and is expected to fluctuate at a low level [5]. - **Nickel Sulfate**: The price of battery - grade nickel sulfate remained at 27,400 Yuan/ton, and the price of electroplating - grade nickel sulfate dropped from 29,000 Yuan/ton to 28,000 Yuan/ton. In June, the expected production of nickel sulfate in terms of metal content was about 25,425 tons, a year - on - year and month - on - month decrease of 16.61% and 2.27% respectively. In June, the production of ternary materials increased again, with a total of about 64,600 tons, a year - on - year and month - on - month increase of 30.95% and 1.36% respectively. As of June 20, the downstream nickel sulfate inventory days remained at 12 days from the beginning of the month, and the downstream inventory was at a low level, while the upstream inventory days remained at about 10 days, at a relatively high level. At the end of the month, there is an expectation of downstream replenishment, but due to the contraction of vehicle manufacturers' production schedules, the intensity of downstream replenishment may be lower than before [6]. - **Macro - level**: The Q1 economic data was weak, but durable goods orders were strong, and the labor market remained resilient. As of June 21, the number of initial jobless claims in the US was 236,000, lower than the expected 245,000 and the previous value of 246,000. The final annualized quarterly rate of real GDP in the US in Q1 was - 0.5%, lower than the expected - 0.2% and the previous value of - 0.2%. The final quarterly rate of real personal consumption expenditure was + 0.5%, lower than the expected + 1.2% and the previous value of + 1.2%. The final annualized quarterly rate of the core PCE price index in Q1 was + 3.5%, higher than the expected + 3.4% and the previous value of + 3.4%. The monthly rate of durable goods orders in May was + 16.4%, higher than the expected 8.5% and the previous value of - 6.6%. In terms of monetary policy, Fed officials believe that both inflation and the unemployment rate are expected to rise, and the economic outlook is still uncertain under tariff pressure. Powell advocates continued waiting and deciding on monetary policy after more economic data is available, while some officials believe that the employment market is under pressure and support an early interest - rate cut [6][7]. - **Supply - side**: In June, domestic production capacity was stable, but smelter production schedules declined. According to the SMM's data, the expected production of electrolytic nickel in June was 34,150 tons, further decreasing from May's production. The sample production capacity was 54,099 tons, the same as the previous period. The expected operating rate in June was 63.13%, about 2.21 percentage points lower than last month. In May, the domestic export volume of electrolytic nickel was about 13,900 tons, a year - on - year increase of 18.27% but a significant month - on - month decline. As of June 26, the export profit of nickel in China was $96.26/ton according to the SMM's data. Overall, the center of export profit has moved down, suppressing exports. Coupled with the weakening of nickel prices, domestic supply is expected to decline [7]. - **Terminal Consumption**: From June 1 - 22, the retail sales of new - energy passenger vehicles in China reached 691,000, a year - on - year increase of 38% compared with the same period in June last year and an 11% increase compared with the same period last month. The retail penetration rate of the new - energy market in China was 54.5%, and the cumulative retail sales since the beginning of this year were 5.049 million, a year - on - year increase of 35%. From the high - frequency sales data, terminal consumption was stable. Although the year - on - year growth rate remained high, the data in June last year was weak after the subsidy policy was issued, so the base effect may provide support. As the base gradually increases after July, the year - on - year growth rate may decline. Currently, the core of consumption lies in vehicle manufacturers' production schedules. Affected by the payment - deadline policy, vehicle manufacturers' cash - flow pressure may become prominent, and they may enter the stage of active inventory reduction. BYD has announced the suspension of night - shift production in some factories, and the production of some factories may decline by one - third. The contraction of vehicle manufacturers' production schedules may have a negative impact on upstream battery cell and material factories [8]. - **Inventory**: The current total social inventory of pure nickel in six regions is 37,843 tons, a decrease of 380 tons from the previous period. The SHFE inventory is 21,257 tons, a month - on - month decrease of 221 tons, and the LME inventory is 204,294 tons, a month - on - month decrease of 846 tons. The total inventory of the two major global exchanges is 225,551 tons, a month - on - month decrease of 1,067 tons [8]. 3.3 Industry News - **GEM**: As of the end of 2024, the company's domestic production capacity of ternary cathode materials was 20,000 tons/year, the production capacity of the phosphoric (manganese) iron - lithium demonstration line was 10,000 tons/year, the production capacity of cobalt - acid lithium was 5,000 tons/year, and the production capacity of sodium - battery cathode materials was 10,000 tons/year. The company plans to cooperate with strategic partners such as South Korea's ECOPRO to build a full - industrial - chain strategic cooperation body of "nickel resources - precursors - cathode materials" in Indonesia. The project will be implemented in three phases, with the first and second phases planning to build factories with an annual production capacity of 50,000 tons of cathode materials and the third phase planning to build a factory with an annual production capacity of about 100,000 tons of cathode materials, aiming to expand the project market globally [10]. - **Indonesia's MMP Nickel Smelting Project**: The 2 - nd electric furnace of the project located in East Kalimantan, Indonesia, was successfully ignited. The project team overcame various difficulties during the project implementation and laid a solid foundation for subsequent production [10]. - **Zhongwei's Morocco Industrial Base**: On June 25, 2025, the opening ceremony of the first - phase project of Zhongwei's Morocco Industrial Base was successfully held. The first - phase project has an annual production capacity of 40,000 tons of nickel - based materials, which is an important milestone in Zhongwei's global development and the first new - energy material base in Africa [10]. 3.4 Related Charts The report includes charts on the trends of domestic and international nickel prices, spot premiums, LME 0 - 3 nickel premiums, the domestic - to - foreign nickel ratio, nickel futures inventory, nickel ore port inventory, high - nickel iron prices, 300 - series stainless - steel prices, and stainless - steel inventory [12][14].

Group 1: Company Strategy and Market Position - The company focuses on solid-state electrolytes and sodium-ion battery materials, with ongoing research and expected commercialization based on technology maturity and market demand [2][3] - Products have entered global supply chains, including Tesla and CATL, with plans for international market expansion and strategic layout in the U.S. [3] - The dual-driven model of "lithium battery materials + consumer chemicals" aims to enhance core competitiveness and operational efficiency [3] Group 2: Financial Performance - In Q1 2025, the company reported a revenue increase from 859 million CNY to 1.127 billion CNY, a year-on-year growth of 31.27%, marking a historical high for quarterly revenue [3] - The company achieved an 82% reduction in losses compared to the previous year, attributed to increased demand and optimized supply structures [3] Group 3: Research and Development - In 2024, R&D expenses amounted to 152 million CNY, representing 4.22% of revenue, with 128 patents obtained [4] - The company has established two major R&D platforms and focuses on developing high-performance lithium battery materials and green consumer chemicals [4] - Future R&D will prioritize high energy density, long cycle life, and environmentally friendly products to maintain competitive advantage [4]