金发科技（600143.SH） 优于大市 主要产品产销高速增长，营收与归母净利润同比高增 2025 年上半年公司营收同比增长 35.50%，归母净利润同比增长 54.12%。金发科 技 2025 年半年报显示 2025 年上半年，公司实现营业收入 316.36 亿元，同比增 长 35.50%，实现归母净利润 5.85 亿元，同比增长 54.12%。2025 年上半年公司 毛利率为 12.29%；其中第二季度公司营业收入 159.70 亿元，同比增长 24.41%， 归母净利润为 3.21 亿元，同比增长 19.40%，毛利率为 12.49%。 证券研究报告 | 2025年08月27日 改性塑料业务稳定增长，龙头地位稳固，全球化产能布局提速。2025 年上半年 公司改性塑料产品销量为 130.88 万吨，同比增长 19.74%，营收为 164.73 亿元， 同比增长 18.62%。公司通过深化与全球各行业头部企业合作，实现在汽车、新 能源、电子电工等领域销量的稳定增长。上半年公司加速推进海外本土化供应， 实现海外成品销量 16.10 万吨，同比增长 33.17%，进一步提升了公司产品的全 球竞争力，扩大了市场影 ...

中经记者 李哲 北京报道 近日，赣锋锂业（002460.SZ、01772.HK）公告披露，计划对旗下阿根廷锂盐湖资源进行整合。 根据公告，赣锋锂业全资子公司赣锋国际与LAR计划以Millennial作为合资平台，共同注入PPG、PG以 及Puna三大锂盐湖项目资产。 此前，PPG锂盐湖项目由赣锋国际单独持有。同时，赣锋锂业和LAR共同持有PG锂盐湖项目（赣锋锂 业持有14.89%股权，LAR持有85.11%）及Puna锂盐湖项目（赣锋锂业持有35%股权，LAR持有65%）。 赣锋锂业人士向记者表示："此次整合旨在将优质资产纳入统一开发体系，构建全球化、规模化、高效 可持续的锂产品生产供应链，有利于释放PPG、PG及Puna三大项目的潜力与价值，提高资源利用率和 资本效率，保障公司锂资源需求，增强核心竞争力，符合公司上下游一体化发展战略。" 公开资料显示，LAR是一家注册于瑞士的碳酸锂生产商，产品主要应用于锂离子电池和电动汽车领域。 赣锋国际目前持有LAR的9.80%股权，双方还共同运营阿根廷Cauchari-Olaroz锂盐湖项目。 财务数据显示，截至2024年年底，LAR总资产为11.31亿美元。2024年 ...

Group 1 - Ganfeng Lithium's wholly-owned subsidiary, Ganfeng International, is collaborating with LAR to develop the Pozuelos-Pastos Grandes salt lake basin in Argentina, integrating the PPG lithium salt lake project and other joint projects under Millennial [1] - After the integration, Ganfeng International and LAR will hold 67% and 33% of Millennial, respectively, and jointly own the PPGS lithium salt lake project [1] - As part of the transaction, Ganfeng will provide financial support of up to $130 million to LAR, secured by LAR's equity in the integrated Millennial [1] Group 2 - The integration of the PPGS lithium salt lake project aims to create a global, large-scale, efficient, and sustainable lithium product production supply chain [2] - This initiative is expected to enhance project potential and value, improve resource utilization, accelerate project implementation, and increase capital efficiency [2] - The strategy aligns with the company's integrated development approach, enhancing its core competitiveness and creating value for shareholders [2]

Core Viewpoint - The article highlights China Hongqiao (01378.HK) as a strong investment option in the aluminum industry, particularly in light of recent developments in bauxite supply and pricing dynamics [1][3]. Group 1: Industry Overview - The global aluminum market is experiencing shifts, with Goldman Sachs suggesting that aluminum could replace copper in certain applications due to price disparities [1]. - Guinea, holding the largest bauxite reserves globally, has revoked mining licenses for 51 companies, indicating that resource-rich countries are gaining more pricing power in the commodities market [3][4]. - In 2024, China is expected to import 15,866.74 million tons of bauxite, with Guinea supplying 11,011.33 million tons, accounting for 69.40% of total imports [3]. Group 2: Company Positioning - China Hongqiao is the only Chinese aluminum company that is fully self-sufficient in the upstream process of electrolytic aluminum production, which has led to increased profits as bauxite supply tightens and alumina prices rebound [4][10]. - The company has a strategic partnership in Guinea, known as the "Winning Alliance," which has created significant employment opportunities and contributed to local infrastructure development [5][8]. - China Hongqiao's return on equity (ROE) has been stable, ranging from 9.7% to 22.4% from 2018 to 2024, outperforming peers in the industry [9][10]. Group 3: Financial Performance - The average profit for electrolytic aluminum is projected to rise, with a reported increase of 160 yuan/ton year-on-year and 2,276 yuan/ton quarter-on-quarter [11]. - The company has a competitive edge with a lower production cost of 13,200 yuan/ton, which is 15% below the industry average, due to its integrated supply chain [10][12]. - China Hongqiao has maintained a stable dividend payout ratio of over 50%, with a projected dividend yield exceeding 10% in 2024, making it an attractive option for investors seeking income [12][13].

活动主题： 聚集新 技术 探索新工艺 主办单位： 起点锂电、起点研究院（SPIR） 活动时间： 2025年2月28日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动规模： 500+人 在当下激烈的市场竞争环境中，通过合资建厂等方式，强强联合实现资本、产业和技术的联 动，依旧是锂电产业链上下游企业最为常见的策略。 倒计时4天 2025起点锂电圆柱电池技术论坛 暨圆柱电池20强排行榜发布会 天眼查App显示，近日， 贝特瑞新材料科技有限公司发生工商变更，新增亿纬锂能为股东，注 册资本由5亿人民币增至6亿人民币，同时，法定代表人及多位高管均发生变更。 资料显示，贝特瑞（四川）新材料科技有限公司成立于2020年5月，法定代表人为田立斌，经 营范围含合成材料制造、合成材料销售、石墨及碳素制品制造、石墨及碳素制品销售、电池制 造、塑料制品制造、电子专用材料制造等。 据此前报道，去年11月，亿纬锂能发布公告，向贝特瑞新材料科技有限公司增资不超过1亿 元，持股比例16.67%。建设目标调整为已形成年产5万吨产能，二期年产5万吨及后续扩产计划 根据市场情况确定。 01 强强联合：合资建厂 回顾来看，亿纬锂能与贝特瑞于202 ...