智通财经记者 | 高菁 今年上半年，国内锂电电解液企业业绩呈现分化趋势。 据智通财经不完全统计，截至8月26日，已披露上半年业绩报告的五家电解液企业中，两家净利增长， 三家净利润下滑，其中一家陷入亏损。 | | | 2025年上半年部分电解液上市公司业绩概况 | | | | --- | --- | --- | --- | --- | | 企业 | 上半年营收 | 上半年营收 同比变化 | 上半年净利润 | 工未年净利润同比 变化 | | 新宙邦 | 42.48亿元 | 18.58% | 4.84亿元 | 16.36% | | 天赐材料 | 70.29亿元 | 28.97% | 2.68亿元 | 12.79% | | 瑞泰新材 | 9.75亿元 | -7.36% | 0.82亿元 | -24.19% | | 多氧多 | 43.28亿元 | -6.65% | 0.51亿元 | -16.55% | | 石大胜华 数据来源: 各公司半年报 | 30.11亿元 | 14.87% | -0.56亿元 | -248.03% | 图：高菁 净利润排名前二的企业分别为新宙邦(300037.SZ)、天赐材料(002709.SZ) ...

公司点评 | 三祥新材 25H1 业绩符合预期，锆铪分离有望贡献业绩弹性 证券研究报告 2025 年 08 月 25 日 三祥新材（603663.SH）2025 年半年报业绩点评 事件：公司发布 2025 年半年度报告。25H1 公司实现营收 5.62 亿元，同比-7.35%; 实现归母净利润 0.45 亿元，同比-28.45%，实现扣非归母净利润 0.45 亿元，同 比-17.78%；实现销售毛利率 23.10%，同比-4.47pct，销售净利率 8.04%，同 比-3.44pct。分季度看，25Q2 公司实现营收 3.31 亿元，同环比-5.59%/+43.51%， 实现归母净利润 0.31 亿元，同环比-27.79%/+132.44%，实现扣非归母净利润 0.33 亿元，同环比-17.34%/+192.51%。业绩符合市场预期。 公司海绵锆市占率较高，积极探索新兴应用场景。国内核电建设稳步推进，2025 年上半年新增核电装机容量约 2GW，带动核级海绵锆需求提升。锆基催化剂在 PTA、环氧丙烷等化工领域需求稳定，成为海绵锆消费的重要支撑。欧美市场需 求有所回暖，出口量同比增长 8%。2025 年上半年， ...

【DT新材料】 获悉，8月19日， 山东国瓷功能材料股份有限公司 （下称"国瓷材料"）发布公告，宣布与 王琰先生 于2025年8月19日签署《合作协 议》，共同投资设立合资公司， 旨在进入固态电池材料领域，拓展业务边界。 合资公司 暂定名为" 国瓷固态电池材料科技有限公司 "（以工商登记为准），注册资本为人民币1,000万元，国瓷以自有资金出资800万元，占80%股 权；王琰先生出资200万元，占20%股权。 新公司专注于固态电池相关材料的研发、生产和销售， 尤 其重点布局 固态电池硫化物 方向，相关产品已在 客户验证中 。国瓷表示，公司已经 同步布局了氧化物与硫化物两大固态电解质技术路线。 资料显示， 国瓷材料 成立于2005年，2012年在深交所创业板上市，是国家级 制造业单项冠军企业，中国先进陶瓷材料领域的龙头企业， 国内首家、全 球第二家运用水热法生产 MLCC陶瓷粉体 的厂商，是全球第三大蜂窝陶瓷载体供应商 。 公司产品涵盖电子材料（如MLCC介质粉体、电子浆料）、催化材料（如蜂窝陶瓷、铈锆固溶体）、生物医疗（如氧化锆瓷块、数字化口腔解决方 案）、新能源材料（如勃姆石、高纯氧化铝）以及精密陶瓷（如陶 ...

Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, driving strong growth in the upstream electrolyte market, with China's dominant position in the global market further strengthened [1]. Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 941,000 tons, a year-on-year increase of 54.57%, while global electrolyte production was 1,005,000 tons, with a year-on-year growth of 46.71% [2]. - It is projected that global electrolyte production will exceed 2.1 million tons in 2025 [2]. Market Trends - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the year-on-year growth of nearly 55% in China and over 46% globally in the first half of 2025 indicates strong market momentum even at high base levels [4]. - The domestic market is highly competitive, particularly among second-tier companies, with market shares closely contested [4]. Competitive Landscape - The market concentration continues to rise, with leading companies holding significant advantages. Tianqi Materials leads with over 30% market share, followed by BYD and New Zhongbang [7]. - The top three companies (Tianqi, BYD, New Zhongbang) collectively hold a market share of 62.4%, firmly controlling the market [8]. - Second-tier manufacturers, including Xianghe Kunlun and Zhuhai Saiwei, have market shares around 4-5%, indicating fierce competition [8]. Global Market Dynamics - Only Yienke has entered the global top thirteen rankings, while other overseas companies are falling behind, leading to a gradual decrease in their market share [9]. - The electrolyte market in the first half of 2025 continued its high growth trend, with Chinese companies maintaining a core position in the global supply chain [11]. Future Outlook - As the global electrification process deepens, technological iterations (such as new lithium salts and solid-state electrolyte exploration) and cost control capabilities will be key for companies to maintain and enhance competitiveness [11]. - The industry concentration is expected to further tilt towards leading companies, with China's electrolyte industry continuing to empower the development of the global electric vehicle industry through its scale and technological advantages [11].

Group 1: Investor Relations Activity Overview - The investor relations activity was categorized as a specific audience survey [3] - The event took place on June 17, 2025, at the company's headquarters in Wuxi [3] - Attendees included representatives from various securities firms and the company's board secretary, financial officer, and director [3] Group 2: Company Performance and Operations - The company reported a stable production and operational status with sufficient orders on hand [5] - Significant receivables from large debts were collected in Q1 2025, as detailed in the quarterly report [5] Group 3: Product Development and Client Engagement - The company is actively collaborating with clients on solid electrolyte projects and has received orders [6] - The company has nearly 30 years of experience in fine chemicals, enhancing its market competitiveness [7] - Products are utilized in the automated production processes of new modified materials and engineering plastics [7] Group 4: Share Buyback and Incentive Plans - The company has repurchased 701,614 shares, representing 0.67% of the total share capital [8] - Future stock incentive plans will be developed based on operational and management needs [8]

Core Viewpoint - Sodium-ion batteries are gaining attention as a potential alternative to lithium-ion batteries, with significant differences in production processes and material selection that impact cost, resource availability, and thermal stability [3][4][28]. Group 1: Overview of Sodium-Ion Battery Production Process - The production process of sodium-ion batteries includes five main stages: raw material preparation, positive and negative electrode material preparation, electrode preparation, battery assembly, and battery testing [3]. - Key advantages of sodium-ion batteries over lithium-ion batteries include lower material costs, higher resource availability, and better thermal stability, making them suitable for applications in energy storage and low-speed electric vehicles [3]. Group 2: Raw Material Preparation Stage - The raw material preparation stage is critical, involving the selection and pre-treatment of key materials such as positive and negative electrode materials, electrolytes, separators, and current collectors [4][5]. - Positive electrode materials include layered oxides and polyanionic compounds, with P2-Na0.67Ni0.1Fe0.1Mn0.8O₂ noted for its high capacity [4][5]. - Environmental control is crucial, with humidity levels needing to be kept below 1% to prevent sodium materials from absorbing moisture [7]. Group 3: Positive and Negative Electrode Material Preparation Stage - This stage is vital for determining the battery's energy density, cycle life, and safety, involving processes like raw material mixing, sintering, and post-treatment [8]. - Key parameters for positive electrode material preparation include sintering temperature (800-1100°C for layered oxides), sintering time (2-12 hours), and atmosphere control [8][11]. - Hard carbon is the mainstream choice for negative electrode materials due to its high sodium storage capacity and excellent cycling stability [8]. Group 4: Electrode Preparation Stage - The electrode preparation stage includes slurry preparation, coating, rolling, and cutting, with strict quality control impacting battery performance [12]. - Special mixing techniques are required to ensure slurry uniformity, and coating machines must maintain high humidity control [12][16]. - The rolling process enhances the density of electrode materials, significantly improving conductivity [13]. Group 5: Battery Assembly Stage - Battery assembly involves winding or stacking, welding, packaging, and electrolyte injection, with precision in these processes directly affecting battery consistency and safety [17]. - Winding machines must achieve alignment accuracy of ±0.5mm, while stacking machines require even higher precision [17][22]. - Laser welding techniques are adapted for the high reflectivity of aluminum current collectors used in sodium-ion batteries [17]. Group 6: Battery Testing and Screening Stage - This final stage includes formation, capacity grading, charge-discharge testing, cycle life testing, and safety performance testing to ensure batteries meet design standards [23]. - The formation process typically employs a three-stage charging method under vacuum conditions to stabilize the solid electrolyte interface (SEI) [23][27]. - Cycle life testing for sodium-ion batteries generally ranges from 1000 to 5000 cycles, necessitating process optimizations to enhance performance [25][40]. Group 7: Differences in Production Equipment - Sodium-ion battery production equipment differs from lithium-ion batteries primarily due to variations in current collector materials, electrode materials, and electrolyte compositions [28][30]. - The use of aluminum foil for both electrodes in sodium-ion batteries necessitates specialized welding equipment to address the challenges posed by its high reflectivity [28]. - Equipment for preparing electrolytes must be resistant to corrosion due to the specific sodium salts used [30]. Group 8: Key Technical Details in Production - Key technical details in sodium-ion battery production focus on material synthesis, electrode coating, and battery assembly, which directly influence performance and consistency [32]. - Innovations in coating technology, such as negative pressure techniques, help mitigate issues related to material aggregation and drying [32][38]. - The optimization of electrolyte formulations and additives is crucial for enhancing battery stability and cycle life [33]. Group 9: Environmental Control Requirements - Stringent environmental control is essential in sodium-ion battery production, particularly regarding humidity, dust, and temperature [34]. - Humidity levels must be maintained below 1% to prevent moisture absorption by sodium materials, while dust control is critical to avoid short circuits [34][35]. - Temperature control is vital during formation and capacity grading processes to ensure the stability of the SEI layer [35]. Group 10: Future Development Trends - The future of sodium-ion battery production is expected to focus on automation, process simplification, and the application of solid electrolytes [36][43]. - Innovations in winding and stacking processes aim to improve battery performance and consistency [38]. - The optimization of electrolyte formulations will enhance ionic conductivity and stability, extending battery life [38][43].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company reported a revenue of 1.908 billion yuan for Q1 2025, representing a year-on-year increase of 25.8% but a quarter-on-quarter decrease of 7.7% [3][10] - The net profit attributable to the parent company was 111 million yuan, showing a slight year-on-year increase of 0.22% and a significant quarter-on-quarter growth [3][10] - The non-recurring net profit was 67 million yuan, reflecting a year-on-year decline of 36.13% but a quarter-on-quarter turnaround [3][10] - The gross margin for Q1 2025 was 10.93%, down by 3.96 percentage points year-on-year but up by 0.57 percentage points quarter-on-quarter [10] - The company expects continued growth in ternary cathode products, driven by overseas customer demand, and anticipates positive growth in lithium iron phosphate and lithium cobalt oxide sales [10] Financial Performance - The company’s total inventory at the end of Q1 2025 was 1.366 billion yuan, an increase of 47.4% year-on-year and 28.9% quarter-on-quarter [10] - The operating cash flow for Q1 2025 was 361 million yuan, showing a year-on-year improvement but a 19% decline from the previous quarter [10] - The company forecasts a net profit of 500 million yuan for the full year of 2025, supported by the growth of overseas customers and rising metal prices [10]

Core Viewpoint - The company reported a revenue of 1.908 billion yuan for Q1 2025, reflecting a year-on-year growth of 25.8% but a quarter-on-quarter decline of 7.7%. The net profit attributable to shareholders was 111 million yuan, showing a slight year-on-year increase of 0.22% and a significant quarter-on-quarter growth. However, the non-recurring net profit decreased by 36.13% year-on-year but turned profitable quarter-on-quarter [1][2]. Financial Performance - The gross margin for Q1 2025 was 10.93%, which represents a year-on-year decline of 3.96 percentage points but an increase of 0.57 percentage points quarter-on-quarter [2]. - The company's inventory at the end of Q1 2025 reached 1.366 billion yuan, marking a year-on-year increase of 47.4% and a quarter-on-quarter increase of 28.9% [3]. - The operating net cash flow for Q1 2025 was 361 million yuan, turning positive year-on-year but decreasing by 19.0% quarter-on-quarter [4]. Business Outlook - For 2025, the company expects continued rapid growth in ternary cathode products, driven by increased orders from overseas clients such as SK and LG. The iron-lithium business is also anticipated to grow positively as domestic and international energy storage clients ramp up [4]. - The company forecasts a net profit attributable to shareholders of 500 million yuan for 2025, supported by the expected growth in overseas customer orders and rising metal prices [4].