Summary of the Conference Call for Multi-Fluoro Co., Ltd. Company Overview - **Company**: Multi-Fluoro Co., Ltd. - **Industry**: New Energy Materials, Lithium Battery, Electronic Information Materials Key Points and Arguments Financial Performance - In the first half of 2025, Multi-Fluoro reported a revenue of 4.328 billion yuan, a decrease of 6.65% year-on-year [4] - Net profit attributable to shareholders was 51.33 million yuan, down 16.55% year-on-year [4] - Revenue breakdown: - Inorganic New Materials: 1.315 billion yuan (30.35%) - Electronic Information Materials: 240 million yuan (5.5%) - New Energy Materials: 1.514 billion yuan (34.97%) - New Energy Batteries: 1.095 billion yuan (35.3%) [4] Sales and Production - New energy materials and batteries saw significant sales growth: - New energy materials sales increased by 31.4% - New energy batteries sales surged by 136% [2] - Lithium battery shipments reached 3GWh in the first half, with expectations of over 50% growth in the second half, totaling 8.5GWh for the year [10] - The company plans to maintain a production capacity of 5.5 million tons of lithium hexafluorophosphate in 2025, with no new capacity plans unless market conditions improve [5][6] Market Dynamics - The electronic information materials segment faced a 45% decline in sales due to the downturn in the photovoltaic industry [2][4] - The company is shifting focus towards semiconductor and chip clients, despite longer certification cycles [3][24] - The small power battery market is expected to grow significantly, with strong demand for two-wheeled vehicles and energy storage [14] Pricing and Cost Management - The rise in lithium carbonate prices has alleviated cost pressures, with expectations for improved profitability in Q4 2025 [12] - The company does not have plans for proactive price increases but will adjust prices in line with lithium carbonate fluctuations [12] - Aiming for a gross margin target of 10-15%, with challenges to exceed 20% [13] Strategic Initiatives - Multi-Fluoro is exploring the Southeast Asian market for small power batteries, where demand is high and supply is currently insufficient [2][14] - The company has a planned 20,000-ton expansion project that can be initiated quickly if market demand increases [7] - The company is also involved in solid-state battery development, focusing on material compatibility and cost reduction [20][21] Challenges and Future Outlook - The electronic information materials segment is expected to continue facing challenges due to the photovoltaic sector's struggles [23] - The company anticipates that the overall market conditions will improve, allowing for potential capacity expansion in 2026 if demand rises [6][25] - The company is cautious about the construction of new facilities in South Korea due to regulatory and market uncertainties [11] Conclusion - Multi-Fluoro Co., Ltd. is navigating a complex market landscape with a focus on expanding its new energy materials and battery segments while managing cost pressures and shifting strategic priorities towards semiconductor applications. The company remains optimistic about future growth opportunities, particularly in the small power battery market and potential recovery in the lithium market.

Core Viewpoint - The recent financial report of Tongchen Beijian (300146) indicates a decline in revenue and net profit for the first half of 2025, with significant changes in various financial metrics compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 3.532 billion yuan, a decrease of 23.43% year-on-year [1] - Net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year [1] - In Q2 2025, total revenue was 1.741 billion yuan, a decline of 11.51% year-on-year, while net profit for the quarter increased by 71.44% to 282 million yuan [1] - Gross margin stood at 68.55%, a slight decrease of 0.01% year-on-year, while net margin increased by 13.29% to 21.61% [1] - Total operating expenses were 1.448 billion yuan, accounting for 40.98% of revenue, a decrease of 7.78% year-on-year [1] - Earnings per share (EPS) was 0.43 yuan, down 17.31% year-on-year, while operating cash flow per share increased by 118.12% to 0.38 yuan [1] Accounts Receivable and Liabilities - Accounts receivable amounted to 504 million yuan, representing 77.24% of the latest annual net profit [1] - Interest-bearing liabilities surged by 6320.54% to 84.3 million yuan [1] Market and Business Model - The company's return on invested capital (ROIC) was 4.81% last year, indicating weak capital returns, with a historical median ROIC of 14% over the past decade [1] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this approach [1] Analyst Expectations - Analysts project a net profit of 781 million yuan for 2025, with an average EPS estimate of 0.46 yuan [2] Fund Holdings - The largest fund holding Tongchen Beijian is the Manulife Consumer Dividend Index A, with 2.1437 million shares and a total size of 576 million yuan [3][4] - The fund has seen a 12.47% increase in value over the past year [4] Southeast Asia Market Focus - The company is currently focusing on the Southeast Asian market, particularly Indonesia, where it is in the process of obtaining market access [5]

先看一组数据： 48家涨停，77家跌停，除了清明节后的那天千股跌停，今天是跌停最多的一天，战况极其惨烈。 扫描一下这77家跌停股，一多半是业绩问题，年报或者一季报比较差，或者增长了，但不及预期。 其他的大多是高位股泄洪，涨不动了，直接按跌停。 所以，现在这个阶段，高位股接力真的不建议啊！ 当然，也有个别股是例外，例如，我们周五高抛的永安今天再次反包涨停，但是，这种反包，我也不建议跟进，因为今晚公布业绩，一旦市场不认可，明 天可能又是大跌。 另外一个比较活跃的是电力方面。 西昌，乐山，今天都止步上涨了。 华银一字带队，带着三峡，华电，廊坊，京能等开启补涨，说明也进入鱼尾阶段了。 看看就行了，这种补涨如果没有先手而去追涨就很不划算了。 那么，当下，还有什么可以看好的呢？ 新题材还是要回归到政策上面去。 周五的会议，有一个突出的重点，稳外贸！ 既然上面提出来了，就说明，这是当下各种关系中的主要矛盾，抓住各种关系的主要矛盾，也就抓住了股市的主要矛盾。 国际贸易现在真实的状况，我们可以通过航运数据去判断。 03/ 欧地航线 欧洲:5月上旬船期众多市场整体货量不足,各联盟收 货热情空前高涨。上旬运价较4月小幅下跌,舱位充 ...