格隆汇12月30日丨三祥新材(603663.SH)在投资者互动平台表示，公司在固态电解质材料领域已小批量 向下游供货。公司已成立固态电解质材料组，专项针对氧化物及（氧）卤化物等固态电解质产品进行研 发。 ...

格隆汇12月16日｜宏源药业今日在投资者互动平台表示，目前公司已完成公斤级硫化物电解质前驱体及 电解质样品制备，就固态电解质进行测试优化，目前正在筹备中试线建设工作，该项目是与黄冈师范学 院共同研发。 ...

（原标题：宏源药业(301246.SZ)：目前已完成公斤级硫化物电解质前驱体及电解质样品制备） 格隆汇12月16日丨宏源药业(301246.SZ)在投资者互动平台表示，目前公司已完成公斤级硫化物电解质 前驱体及电解质样品制备，就固态电解质进行测试优化，目前正在筹备中试线建设工作，该项目是与黄 冈师范学院共同研发。 ...

Core Viewpoint - "Range anxiety" is a core pain point in the development of electric vehicles, and all-solid-state batteries are seen as a potential solution to this issue [1] Group 1: Differences from Lithium-ion Batteries - The main difference between all-solid-state batteries and traditional lithium-ion batteries is the replacement of the electrolyte and optimization of the electrode materials [2] - All-solid-state batteries use non-flammable solid electrolytes instead of liquid organic electrolytes, which enhances safety and energy density [2] Group 2: Enhancing Electric Vehicle Range - The low energy density of current lithium-ion batteries is the fundamental reason for range anxiety in the electric vehicle industry [3] - All-solid-state batteries can utilize higher theoretical capacity electrode materials, leading to a significant increase in energy density and potentially allowing electric vehicles to achieve a range of over 1000 kilometers [3] Group 3: Challenges to Large-scale Application - The research and development of all-solid-state batteries are still in the early stages, facing several key technical challenges for large-scale application [4] - High-performance solid electrolytes and the cost of raw materials pose significant challenges, requiring breakthroughs in low-cost synthesis and preparation technologies [5] - The stability of the solid-solid interface in all-solid-state batteries is a major challenge due to volume changes during charge and discharge cycles, necessitating in-depth research on the electrochemical and mechanical properties of solid electrolytes [5]

"里程焦虑"是电动汽车发展面临的核心痛点之一，而全固态电池被业界视为破解该痛点的"种子选手"。 据报道，国内首条大容量全固态电池产线近日建成，目前正在小批量测试生产，计划在2027年—2030年 逐步进行批量生产。 向宇轩谈道，传统锂离子电池的主要结构包括石墨负极、磷酸铁锂正极(或三元正极)以及正负极之间的 多孔聚合物隔膜和液态有机电解液。电池充放电过程中，锂离子借助液态有机电解液在正负极间来回迁 移。 "相比之下，全固态电池利用固态电解质膜替代多孔聚合物隔膜和有机电解液。电池充放电过程中，正 负极间的锂离子可通过固态电解质中特殊离子通道完成输运。"向宇轩说，全固态电池不仅不会发生液 态有机电解液的漏液、腐蚀和燃烧等问题，还允许使用更高容量的正负极材料，因此理论上有望显著提 升电池的安全性和能量密度。 第二问：如何提升电动汽车续航能力? "里程焦虑是新能源汽车行业的痛点问题，其最根本的原因是目前锂离子电池的能量密度比较低，在电 池包体积和质量受限的情况下，难以提供足够的电能。"向宇轩说。 向宇轩解释，锂离子电池的能量密度主要受限于正负极材料较低的比容量。而全固态电池由于固态电解 质的稳定性和安全性，可以使用更 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 19.9 yuan [2][7]. Core Insights - The company has seen an increase in overseas revenue proportion and an improvement in profitability. The report highlights a 13.53% year-on-year revenue growth for Q3 2025, reaching 2.958 billion yuan, while the net profit attributable to shareholders decreased by 67.25% year-on-year to 114 million yuan [2][7]. - The report emphasizes the rising prices in the dry separator industry, with a nearly 30% price increase in the first half of the year and continued price growth from September to November. This price recovery is expected to drive further investment in R&D by related companies [7]. - The company is actively expanding its production capacity both domestically and internationally, diversifying its product range, and enhancing market share. New products such as nanofiber and polyimide separators are expected to improve charging efficiency and safety [7]. - The report notes the company's advancements in solid-state materials, with a subsidiary capable of producing oxide electrolytes at a scale of hundreds of tons and plans for sulfide electrolytes to achieve ton-level shipments by 2025 [7]. Financial Summary - Projected total revenue for 2024, 2025, 2026, and 2027 is 3.541 billion, 4.178 billion, 5.316 billion, and 6.591 billion yuan respectively, with year-on-year growth rates of 17.5%, 18.0%, 27.2%, and 24.0% [3][8]. - The net profit attributable to shareholders is forecasted to be 364 million, 197 million, 559 million, and 688 million yuan for the same years, with significant fluctuations in growth rates [3][8]. - The report provides a detailed financial outlook, including earnings per share (EPS) estimates of 0.27, 0.15, 0.41, and 0.51 yuan for 2024, 2025, 2026, and 2027 respectively [3][8].

Group 1: Production Capacity and Demand - The company currently has an electrolyte production capacity of approximately 850,000 tons and lithium hexafluorophosphate (LiPF6) capacity of about 110,000 tons, with core products reaching full production status due to rapid growth in downstream demand, particularly in the energy storage market [2] - For Q4 2025, the company forecasts total electrolyte sales of 720,000 tons, exceeding the initial annual target of 700,000 tons, with approximately 310,000 tons in the first half and 410,000 tons in the second half [2] - The existing annual production capacity for iron phosphate is 300,000 tons, which has reached a relatively high operating rate, leading to a gradual decrease in product costs and a recovery in profitability [2] Group 2: Product Development and Market Trends - The overall addition ratio of LiFSI is expected to reach 2.2% this year, with potential growth to 3% next year due to increased demand for high-performance formulations [3] - The company’s solid-state electrolyte is in the pilot testing stage, with kilogram-level samples being sent to downstream battery manufacturers for material technology validation [3] - The pricing of electrolytes is linked to the price of lithium hexafluorophosphate, with adjustments based on historical pricing and market fluctuations, indicating a time lag in price transmission [3] Group 3: Future Expansion and Industry Outlook - The company plans to enhance production capacity for lithium hexafluorophosphate through technical upgrades, with the pace of new capacity deployment to be aligned with market demand changes [3] - The lithium hexafluorophosphate industry has reached a consensus on orderly expansion and maintaining reasonable profits as core future directions following several years of downturn [3]

28个交易日收盘价格涨幅累计偏离215.24%，天际股份（002759）股价距离前高已"近在咫尺"。然而，就在这波股价疯狂上涨的期间，公司控股股东汕头 天际在股票交易严重异常波动期间卖出公司股票840万股，结果还"卖飞了"。 支撑这场股价狂欢的，除了一路上涨的六氟磷酸锂价格之外，或许还有仅投入500万元且尚处早期阶段的硫化锂材料研发项目。 28个交易日收盘价格涨幅累计偏离215.24% 六氟磷酸锂是当前锂电产业链中"当红"的中游材料，产品价格进入10月份一路狂飙。若按六氟磷酸锂在7月18日的年内低点4.98万元/吨测算，相对于11月 12日的12.58万元/吨，已上涨153%。 记者通过公开资料获悉，国内A股头部六氟磷酸锂企业产能基本满产满销，并对明年第一季度的需求有乐观预期。针对投资者问及的12月份排产情况，天 际股份在业绩说明会上表示"很满"，并预计明年第一季度大概率可能"淡季不淡"。 六氟磷酸锂良好的产业预期之下，国内A股六氟磷酸锂公司股价普遍表现不凡。在最近28个交易日中，天际股份上涨187%、多氟多股价上涨94%、天赐材 料股价上涨26%。 固态电解质概念的"拱火" 天际股份的六氟磷酸锂产能在国内次 ...

Core Viewpoint - The stock price of Tianji Co., Ltd. has experienced a significant increase, with a cumulative rise of 215.24% over 28 trading days, driven by the soaring price of lithium hexafluorophosphate and early-stage research projects in lithium sulfide materials [1][3][4]. Group 1: Stock Performance - Tianji Co., Ltd. reported a cumulative stock price increase of 215.24% over 28 trading days from September 26, 2025, to November 12, 2025, indicating severe abnormal trading fluctuations [1]. - The stock price of Tianji Co., Ltd. reached a closing price of 46.71 yuan per share on November 12, 2025, compared to a peak price of 21.69 yuan per share on October 9, 2025, during the reduction period [8]. Group 2: Business Operations - The main products of Tianji Co., Ltd. include lithium hexafluorophosphate and related fluorochemical products, with lithium hexafluorophosphate accounting for 67% of total revenue as per the 2025 semi-annual report [3]. - The company expects a shipment volume of lithium hexafluorophosphate between 35,000 to 38,000 tons for the year, with a new production capacity of 15,000 tons expected to be operational by September next year [3]. Group 3: Market Trends - The price of lithium hexafluorophosphate has surged from 49,800 yuan per ton on July 18, 2025, to 125,800 yuan per ton on November 12, 2025, marking a 153% increase [3]. - Domestic A-share companies in the lithium hexafluorophosphate sector have shown strong stock performance, with Tianji Co., Ltd. rising 187% and other competitors like Dufluor and Tianci Materials also experiencing significant gains [4]. Group 4: Research and Development - Tianji Co., Ltd. is advancing the industrialization of a lithium sulfide material preparation patent, with approximately 5 million yuan invested in the early-stage research project [5]. - The company is currently in the early stages of technology development, requiring extensive optimization and validation processes before achieving stable, mass production of commercial products [5]. Group 5: Shareholder Activity - During the period of significant stock price fluctuations, the controlling shareholder of Tianji Co., Ltd. sold 8.4 million shares, potentially at a suboptimal price [6][8]. - The controlling shareholder and associated parties planned to reduce their holdings by up to 14.75 million shares, representing 3% of the total share capital, during the period from July 24 to October 9, 2025 [7].

人民财讯11月12日电，雅化集团（002497）11月11日—12日在机构调研时表示，公司在固态电解质核心 原材料硫化锂的合成工艺与量产技术上取得重要进展，成功开发出气固法合成硫化锂新工艺，该技术路 径基于公司新型高比表多孔锂盐开发，该特种锂盐化合反应更加迅速彻底，在材料成本、纯度、颗粒细 度及工艺可控性等方面具备较大优势。 ...