Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the upcoming months [4]. Core Insights - In Q1 2025, LG Energy Solution (LGES) reported a revenue increase of 2.2% year-on-year to 6.27 trillion KRW (approximately 340.2 billion RMB), despite a quarter-on-quarter decrease of 2.9% [1]. - The operating profit for Q1 2025 was 375 billion KRW (approximately 20.25 billion RMB), a significant recovery from a loss of 2.26 trillion KRW in the previous quarter, marking a year-on-year increase of 138.85% [1]. - The net profit for Q1 2025 was 227 billion KRW, up 7.08% year-on-year, compared to a loss of 411 billion KRW in the previous quarter [1]. - The company’s total debt reached 17.61 trillion KRW at the end of Q1 2025, reflecting a quarter-on-quarter increase of 14.4% and a year-on-year increase of 36.98% [2]. Financial Performance Summary - Revenue for Q1 2025 was 6.27 trillion KRW, with a gross profit margin of 16.2% [7]. - The operating profit margin, excluding IRA tax credits, was -1.3% for Q1 2025, indicating challenges in profitability without tax incentives [7]. - Cash and cash equivalents at the end of Q1 2025 were 3.57 trillion KRW, down 8.34% quarter-on-quarter and down 32.4% year-on-year [1]. Operational Developments - LGES has adjusted its North American production capacity in response to market demand, pausing the construction of its ESS battery plant in Arizona and instead utilizing existing capacity in Michigan to produce LFP batteries [3]. - The company is acquiring a joint venture with General Motors in Michigan, which will significantly expand its North American operations [3]. - LGES has secured new orders for 10GWh of batteries from a traditional automaker in North America and has won contracts for ESS batteries in Europe and the U.S. [3]. Future Outlook - The company plans to streamline operations and reduce costs while actively seeking strategic opportunities in light of regulatory changes affecting the battery industry [6]. - LGES will focus on essential investments and adjust its capacity expansion plans according to market demand [6]. - The company aims to mitigate tariff impacts by collaborating with material companies entering North America and accelerating the development of new technologies to lower production costs [6].

中国经营报《等深线》记者陈茂利北京报道 广州的白名单回收厂里，机械臂正井然有序地拆解着退役电池。与此同时，200多公里外东莞村落的一 工厂内，散落一地的废旧电池，正在被工作人员借着昏暗的光线撬开，更有人抡着大锤拆解着。 两种场景，共同承接着汹涌而来的电池"退役潮"。有机构预计，2025年，我国动力电池退役量将达到82 万吨，2028年后则会达到260万吨。 "大概七成的退役电池被小作坊以更高的价格收走，流入非正规渠道，这些企业对废旧动力电池进行简 单修复包装，或粗暴破碎后再次流入市场。"一家动力电池上市公司人士告诉《等深线》记者。 锂电池含有不少有害物质，其正极材料镍化合物，被国际癌症研究机构（IARC）列为1类致癌物，长期 接触可导致鼻癌、肺癌；负极材料石墨长期吸入可导致尘肺病；而电解液中的六氟磷酸锂，遇水分解为 氟化氢，后者具有强腐蚀性，可灼伤皮肤、眼睛，吸入后损伤肺部…… 然而吞下七成退役电池的小作坊，往往既无环评许可，也无安全生产资质，更遑论正规拆解执照，有的 甚至没有进行工商登记。反观仅吸收三成退役电池的白名单企业，却要遵循《新能源汽车废旧动力电池 综合利用行业规范条件（2024年本）》的严格标准： ...

1.【亚马逊公司发射卫星互联网计划首批卫星】美国亚马逊公司28日使用美国联合发射联盟公司运载火箭 首次发射其卫星互联网"柯伊伯计划"的首批量产卫星。"柯伊伯计划"是亚马逊旗下的近地轨道卫星宽带网 络项目。其目标是在近地轨道部署超过3200颗卫星，为全球用户提供快速、可靠的互联网服务。（环球 时报） 2. 【 索尼集团据悉考虑分拆半导体业务，或最快今年完成 】 4月29日消息，据知情人士透露，索尼集团 正在考虑分拆其半导体部门，此举将标志着这家PlayStation制造商精简业务并专注于娱乐领域的最新举 措。因讨论未公开信息而要求匿名的知情人士表示，索尼半导体解决方案集团的分拆和上市可能最快于 今年进行。其中一位知情人士称，索尼考虑将所持的半导体业务的大部分股份分配给股东，并可能在分 拆后保留少数股权。（财联社） 3. 【 我国成功发射卫星互联网低轨卫星 】 4月29日消息，4月29日4时10分，我国在文昌航天发射场使用 长征五号乙运载火箭/远征二号上面级，成功将卫星互联网低轨03组卫星发射升空，卫星顺利进入预定轨 道，发射任务获得圆满成功。这次任务是长征系列运载火箭的第573次飞行。（央视新闻） 此外，如果您 ...

据华友钴业官微发文称，旗下浙江华友循环科技有限公司、衢州华友资源再生科技有限公司与LG新能源正式签署合资协议，分别在南京、衢 州两地成立预处理和再生冶金两家合资公司，双方暂未披露合资公司的各自持股比例。双方计划分别在南京、衢州建设两座电池回收工厂。其 中，预处理工厂将建设在南京，后处理厂则将建设在衢州。 （ 来源：综合报道） LG新能源4月29日宣布，与法国环境服务商Derichebourg成立电池回收合资企业，将投建电池回收工厂。两家公司持股比例各为50%。工厂 选址于法国北部瓦兹河畔布吕耶尔，预计2026年动工，2027年投产，年处理能力超2万吨。 此前在2023年8月， LG新能源还曾 联手华友钴业，在华布局电池回收业务。 are 全球领导 的电子 2 2 2 台 服 务 内 容 FT 品牌服务 研究咨询 资本服务 政府服务 品牌 论坛 研究 数据 融资 Ibo 规划 招商 宣传 报告 调研 咨询 报告 服务 展会 服务 雷 销 会员 品牌 旋滑 豐拔 国专 政府 投资 定位 顾问 顾问 合作咨询 邱先生 189 3802 3176 2 12 2 1 1 1 1 2 - 2 1 - 2 - 2 1 - ...

Group 1 - Renowned private equity firm Zhengyuan Investment recently conducted research on five listed companies [1][2][3] - Kuaihua Pharmaceutical signed a cooperation intention letter with Peking University Medical Department to establish a joint laboratory for enzyme sources and innovative drugs in 2024 [1] - Qingda Environmental Protection provides energy-saving and environmental protection solutions for various industries including power, chemicals, and waste treatment [1] - Zhongjian Technology invested in 1X Holding AS, entering the artificial intelligence robotics sector [2] - Jinyang Co., Ltd. reported a main revenue of 324 million yuan in Q1 2025, a year-on-year increase of 26.59%, but a net profit decline of 14.49% [2] - Dongsheng Technology holds a 2.54% stake in Bluestar Wisdom, involved in battery recycling and utilization, and is a leader in lithium battery cathode materials [3] Group 2 - Zhengyuan Investment was established in 2015 in Shenzhen Qianhai Free Trade Zone and has a private securities investment fund license [4] - The firm focuses on China's economic transformation and aims to connect social capital with quality industries, enhancing asset value for clients [4]

◆ 电池 ◆ 宁德时代发布多款电池新品 01 4月21日， 宁德时代在超级科技日上发布了多款新品，其中包括： 第二代神行超充电池。据介绍，该款磷酸铁锂电池续航达到800公里，峰值充电倍率接近12C，峰 值充电功率超过1.3兆瓦，可以实现"充电5分钟续航超520公里"。 "钠新"钠离子电池，并推出了第一款产品宁德时代纳新24V重卡启驻一体蓄电池，预计今年6月正 式量产。据透露，宁德时代的钠离子电池可以在多面挤压、针刺贯穿、电钻穿透和电池锯断等实验 之下，做到"不起火、不爆炸" 骁遥双核电池，这是宁德时代双核架构自生成负极技术深度融合的重磅产品。双核架构，可让一个 电池包拥有两个独立能量区确保动力输出连续性、稳定性和安全性；自生成负极技术则是原子层级 的突破，可在同样的电池包空间内配置更多电量，支撑更长续航。 江苏年产60万套电池仓总成项目签约 02 4月17日，江苏省盐都经济开发区与金保利（江苏）新能源科技有限公司举办电池仓总成项目签约 仪式。据悉，此次签约项目计划投资10亿元，一期征地100亩，项目采用"自主研发+联合创新"模 式，与产业链上下游深度协同，重点生产新能源汽车电池托盘及储能箱体，年产能达60万套 ...

Investment Rating - The investment rating for Tianqi Lithium Industries is maintained as "Buy" [8] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 13.06 billion yuan, down 67.7% year-on-year, and a net loss of 7.90 billion yuan, transitioning from profit to loss [1] - Lithium salt sales saw a substantial increase, with production of lithium salt at 71,000 tons, up 39.4% year-on-year, and sales at 103,000 tons, up 81.5% year-on-year [1] - The company is actively advancing its mining and smelting operations while exploring new technologies in the downstream sector, including solid-state batteries and battery recycling [4] Financial Summary - In 2024, the company faced challenges due to high inventory and asset impairments, with total asset impairments amounting to 2.11 billion yuan [2] - Investment income turned negative, with a loss of 840 million yuan, primarily due to a decline in lithium prices and tax obligations affecting SQM [3] - The company forecasts a gradual recovery in net profit from 1.16 billion yuan in 2025 to 2.65 billion yuan in 2027, with corresponding EPS increasing from 0.71 yuan to 1.62 yuan [5][7]

Core Insights - The company reported a significant decline in revenue and net profit for the year 2024, marking its first annual loss since going public [1][2] - The drop in lithium prices was identified as the primary reason for the poor performance, with a notable decrease in the average price of lithium carbonate [1][2] Financial Performance - The company's total revenue for 2024 was 18.91 billion yuan, a decrease of 42.66% compared to the previous year [1] - The net loss attributable to shareholders was 2.07 billion yuan, a shift from a profit of 4.95 billion yuan in 2023, representing a decline of 141.93% [1] - The net profit after excluding non-recurring items was a loss of 887 million yuan, down 133.16% from a profit of 2.68 billion yuan in 2023 [1] - Basic and diluted earnings per share were both -1.03 yuan, compared to 2.46 yuan in the previous year, reflecting a decrease of 141.87% [1] Business Operations - The lithium series products contributed 12.02 billion yuan in revenue, a year-on-year decrease of 50.88% [1] - Revenue from lithium battery series was 5.90 billion yuan, down 23.49% year-on-year [1] - The overall gross margin fell to 10.82%, a decrease of 2.86% from the previous year, with the lithium salt business gross margin at only 10.47% [1] Strategic Developments - The company is advancing its global resource layout with multiple projects coming online, including the Cauchari-Olaroz salt lake project in Argentina and the Goulamina spodumene project in Mali [2] - Plans are in place to achieve an annual supply capacity of no less than 600,000 tons of lithium carbonate equivalent (LCE) by 2030 through innovative extraction technologies [2] - The company achieved breakthroughs in solid-state battery research, enhancing the conductivity of sulfide solid electrolytes, which supports the commercialization of solid-state batteries [2] - The battery recycling business has reached an annual processing capacity of 200,000 tons, with a lithium recovery rate exceeding 90% [2] - The company reported significant growth in the energy storage sector, with production and sales of power storage batteries reaching 11,439.5 MWh and 8,195.4 MWh, respectively, marking a year-on-year increase of 98.73% [2]

Group 1: Business Development and Strategy - Ganfeng Lithium focuses on lithium business and is developing the Congo Bougouma potassium salt project, which has an estimated KCl resource of approximately 1.01 billion tons, making it one of the highest quality potassium projects globally [1] - The company is investing in solid-state battery technology, with oxide-based mixed solid-liquid batteries already forming commercial products, while sulfide-based solid-state batteries are still in development [1] - Ganfeng Lithium plans to achieve an annual lithium product supply capacity of no less than 600,000 tons LCE by 2030, supported by resource acquisition and new capacity plans [2] Group 2: Financial Health and Market Position - The company has a diversified funding source, including substantial cash reserves, cash flow from operations, ample bank credit, and bond financing channels, ensuring financial stability [2] - Ganfeng Lithium's battery recycling business, particularly for lithium iron phosphate batteries, is currently leading in the industry [2] - The company believes that current lithium prices are at a relatively low point, supported by strong cost-side support and low historical inventory levels [3] Group 3: Resource Management - Ganfeng Lithium currently holds lithium resources totaling approximately 40-50 million tons LCE, which is sufficient for future development [3] - The company prioritizes the development of low-cost, high-quality lithium mines and will consider projects that are synergistic with existing mines or have high returns [3]

◆ 电池 ◆ 正力新能B10车型上市 配套正力新能BEV电芯 先导智能发布LEADACE穹顶系列智能平台 01 近期，先导智能推出 LEADACE 穹顶系列智能平台，通过智能算法赋能锂电精益制造， 围绕设备预测性维护和产品质量提升，现已开发出超过50个AI应用场景。 启宸科技完成天使轮融资 02 近日，启宸新能科技有限公司完成千万级天使轮投资。据了解，合肥启宸新能科技有限公司成立于 2024年10月，核心团队由中国科学技术大学、合肥工业大学等顶尖高校的科研专家及产业人才组 成，公司以碳材料作为载体，硅源热分解形成弥散性纳米硅填充于载体碳材料孔隙内；实现纳米硅 表面的均匀碳包覆。具备多孔碳选型、沉积工艺设计和沉积设备选型改造技术。 逸飞激光46系列大圆柱 南孚电池进军固态电池 02 安孚科技发布公告，公司控股子公司福建南平南孚电池有限公司（以下简称"南孚电池"）拟与南 平市绿色产业投资基金有限公司（以下简称"南平绿色产业基金"）、高能时代（广东横琴）新能 源科技有限公司（以下简称"高能时代"）签署合资协议，拟共同合资设立新型电池中试平台合资 公司（以下简称"合资公司"），共同推动全固态电池技术的研发与产业化应用 ...