Core Viewpoint - The company Tianqi Materials (002709) anticipates an overall addition ratio of LiFSI to reach 2.2% this year, with expectations to increase to 3% next year due to rising demand for high-performance formulations such as fast charging [1] Group 1 - The company expects the addition ratio of LiFSI to reach 2.2% this year [1] - The demand for high-performance formulations, particularly fast charging, is expected to drive further increases in the addition ratio [1] - The company projects that the addition ratio will reach 3% next year [1]

投资者关系活动记录表 | 证券代码：002709 | 证券简称：天赐材料 | 编号：2025-006 | | --- | --- | --- | | 转债代码：127073 | 转债简称：天赐转债 | | 广州天赐高新材料股份有限公司投资者关系活动记录表 投资者关系活动 类别 ■特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 全体投资者 时间 2025 年 11 月 20 日 21:00-21:30 上市公司接待 人员姓名 董事长 徐金富；投资者关系经理 杨凌杰； 投资者关系活动 主要内容介绍 一、本次交流主要内容 1、公司目前电解液及核心原材料的开工率情况？ 答：公司现有电解液产能约 85 万吨，六氟磷酸锂产 能约 11 万吨，随着下游需求特别是储能市场的快速增 长，目前公司电解液、六氟磷酸锂、LiFSI 等核心产品 及材料已基本达到满产状态。 2、公司如何看待近期下游的需求变化以及公司销 量情况？ 答：从四季度销量预测看，2025 年公司电解液全年 销量预计 72 万吨，其中上半年约 31 万吨，下半年约 41 万吨，已超过年初公司制定的 ...

Core Viewpoint - The price of battery-grade vinyl carbonate (VC) has surged significantly since September, indicating a strong demand driven by the energy storage sector and a tight supply situation in the market [3][10][35]. Price Trends - The average price of VC rose from approximately 48,000 yuan/ton in October to 57,000 yuan/ton in early November, with a single-day increase of 5,000 yuan on November 10, reaching 66,000 yuan/ton, marking a nearly 30% increase over two months [3][4]. - Lithium hexafluorophosphate (LiPF6) prices skyrocketed from about 55,000 yuan/ton in mid-September to 120,000 yuan/ton, reflecting a more than 114% increase [4]. Supply and Demand Dynamics - The demand for VC is projected to exceed 70,000 tons in 2024, while the effective industry capacity is only around 80,000 tons, indicating a tight balance between supply and demand [9]. - The reliance on VC is higher in lithium iron phosphate batteries compared to ternary batteries, especially in energy storage applications [11]. Production Challenges - The supply side is constrained by slow capacity release and high environmental standards, with new production lines requiring about 12 months to establish [14][15]. - Different electrolyte manufacturers have varying certification requirements and purity standards, making it difficult to quickly expand available supply [16]. Industry Strategies - Companies are adopting strategies characterized by "upstream integration" and "process reuse" to cope with the current market conditions [17]. - For instance, Huasheng Lithium Battery is advancing a project to produce 60,000 tons of VC, while its subsidiary has initiated trial production of chlorinated vinyl carbonate (CEC), a key intermediate for VC production [18][19]. Market Outlook - The current price surge is not only a reflection of the new energy demand cycle but also signifies the rapid transition of the Chinese chemical industry towards high-value fine chemicals [36].

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 842 million yuan, a year-on-year increase of 48.94% [3] - The net profit attributable to shareholders was 31 million yuan, reflecting a year-on-year growth of 246.20% [3] - The net profit excluding non-recurring gains and losses was 11 million yuan, up 124.81% year-on-year [3] - In Q3, the net profit attributable to shareholders reached 21 million yuan, with a year-on-year increase of 405.28% and a quarter-on-quarter increase of 723.91% [3] Group 2: Factors Influencing Profitability - The improvement in profitability in Q3 was driven by increased sales of the main product, negative electrode coating materials, with a noticeable enhancement in product structure [3] - The sales of by-products peaked in Q3, leading to a significant improvement in profitability due to higher sales prices and strong market demand [3] Group 3: Product Pricing and Market Strategy - The average selling price of negative electrode coating materials increased in Q3 due to a higher proportion of mid-to-high-end products sold [3] - The company plans to adjust its sales strategy based on market demand, considering factors such as raw material prices and industry competition [4] Group 4: Production Capacity and Future Plans - The company currently has a total production capacity of 70,000 tons per year for negative electrode coating materials, with production bases in Dalian and Chengdu [5] - Future capacity planning will be based on market expansion and actual downstream demand, aiming for "precise expansion" while maintaining cost advantages [5] Group 5: New Product Development - The company aims to enhance its technical advantages in negative electrode coating materials, focusing on differentiated products for fast-charging and ultra-fast charging applications [6] - Significant R&D efforts are being directed towards the development of asphalt-based carbon fibers, with applications in photovoltaic, fiber optics, and semiconductor industries [6][7] Group 6: Inventory and Product Validation - The inventory of negative electrode coating materials is low, indicating a full production and sales state [7] - The validation of asphalt-based carbon fiber products is progressing well in various fields, with ongoing efforts in the semiconductor sector due to higher product requirements [7]

Market Overview - Global trade tensions ease, with expectations of continued interest rate cuts by the Federal Reserve this week, leading to record highs for major U.S. stock indices, with the S&P 500 achieving its best three-day gain since May [3] - Major tech stocks lead the market rally, with significant gains from the "Big Seven" tech companies, including a peak increase of over 6% for Tesla and a 20% surge for Qualcomm, which closed up 11.09% [3][5] - Long-term U.S. Treasury yields decline, with the 10-year yield falling 3.65 basis points, dropping below 4% [3] - The Chinese yuan experiences its largest gain in two months, while the Argentine peso rises over 3% following a victory for Javier Milei in the midterm elections [3] Company News - Qualcomm's stock surged 20% after launching AI chips aimed at competing with Nvidia in the data center market, with new products offering up to 768GB of memory [5][22] - AMD's stock turned positive after reports of a $1 billion AI collaboration with the U.S. Department of Energy to develop two supercomputers [6][23] - Tesla introduced a "world simulator" that can learn from 500 years of human driving experience in one day, enhancing its autonomous driving capabilities [7][22] - Amazon plans to announce its largest-ever layoffs, potentially affecting up to 30,000 employees across key departments, as part of a cost-cutting strategy [8][24] - Victory for Javier Milei in Argentina's midterm elections is expected to support his aggressive economic reforms [32] Industry Insights - The PCB industry sees explosive growth, with Shenghong Technology reporting a Q3 net profit of 1.102 billion yuan, a 260.52% year-on-year increase, and a significant expansion in production capacity [9][24] - Domestic custom chip leader Chip Origin reported a 78.38% year-on-year revenue growth in Q3, with a narrowing net loss of 26.85 million yuan [10][25] - Northern Rare Earth's Q3 net profit increased by 69.48%, with revenue up 33.32% [11][25] - The copper market approaches historical highs due to supply concerns and a weakening dollar, with copper prices reaching $11,094 per ton [22] - The AI sector continues to attract significant investment, with analysts predicting a 24% increase in capital expenditures among major tech companies next year, totaling nearly $550 billion [22]

Battery & Charging - The user finds the iPhone Air battery suitable for daily use, alleviating most range anxiety [1] - Domestic mobile phone super fast charging is considered a better solution, allowing for full charging during short car rides [1]

Core Viewpoint - The "Three-Year Doubling Action Plan for Electric Vehicle Charging Facilities Service Capacity (2025-2027)" aims to significantly enhance China's electric vehicle charging infrastructure, targeting the establishment of 28 million charging facilities and over 300 million kilowatts of public charging capacity by the end of 2027, thereby doubling the current service capacity and supporting the growing demand from over 80 million electric vehicles [1][2]. Group 1: Charging Infrastructure Development - By the end of 2027, the plan aims to build 28 million charging facilities, providing over 300 million kilowatts of public charging capacity to meet the needs of over 80 million electric vehicles [1]. - As of June 2025, the number of electric vehicles in China is projected to reach 36.89 million, accounting for 10.27% of the total vehicle population, with 25.54 million being pure electric vehicles [1]. - In the first three quarters of this year, the sales of new energy vehicles reached 11.228 million, a year-on-year increase of 34.9%, with a market penetration rate of 46.1% [2]. Group 2: Key Actions and Focus Areas - The plan focuses on five key actions: improving public charging facilities, optimizing residential charging conditions, promoting vehicle-grid interaction, enhancing power supply capabilities, and improving operational services [3]. - A total of 1.6 million new direct current charging guns will be added in urban areas by 2027, including 100,000 high-power charging guns, with a focus on major cities [3][4]. - The plan emphasizes the construction of 40,000 high-power charging guns in highway service areas and aims to add at least 14,000 direct current charging guns in rural areas to ensure comprehensive coverage [4]. Group 3: Innovation and Safety Measures - The plan aims to enhance the quality and efficiency of charging facilities through innovations in vehicle-grid interaction, optimization of power supply services, and strengthening safety management [5]. - By 2027, over 5,000 bidirectional charging and discharging (V2G) facilities are expected to be added, with a reverse discharge capacity exceeding 20 million kilowatt-hours [5]. - The integration of charging facilities into power distribution network planning is a key focus, with efforts to simplify installation processes and enhance service efficiency [5][6]. Group 4: Industry Growth and Economic Impact - The implementation of the plan is expected to create new development opportunities for charging infrastructure, particularly in high-power charging facilities and vehicle-grid interaction technologies [6]. - The demand for high-power charging facilities and related equipment is anticipated to surge, driving rapid growth in the upstream and downstream sectors of the industry [6].

Group 1: Nuclear Fusion - The CRAFT facility achieved significant progress with the successful testing and acceptance of the prototype component for the divertor, which has a steady-state thermal load capacity of 20 MW/m² and a plasma-facing surface alignment error of less than 1 mm, marking a successful development of the largest and highest thermal load divertor prototype designed in China [1] - Guojin Securities believes that controllable nuclear fusion has become a key focus in the energy strategies of major global economies, with China accelerating relevant policies to lead the development of the controllable nuclear fusion industry [1] Group 2: Storage Chips - Major manufacturers have decided to halt DDR4 production, leading to an ongoing supply shortage and significant price increases, with contract prices expected to rise by 20%-30% [1] - The demand for NAND flash memory is driven by cloud service providers, and shortages are expected to continue into the first half of next year [2] Group 3: eSIM Technology - China Unicom launched a nationwide reservation channel for eSIM services, with over 60,000 reservations already made, indicating preparation for the upcoming iPhone Air [3] - eSIM technology is expected to drive the transition to a "cardless era" in mobile devices, with GSMA Intelligence predicting that global eSIM smartphone connections will reach 1 billion by the end of 2025 and 6.9 billion by 2030 [3] Group 4: Solid-State Batteries - A breakthrough in solid-state lithium batteries was achieved by introducing iodine ions into sulfide electrolytes, significantly improving the interface contact and achieving a capacity retention rate of 90.7% after 2400 cycles at a current density of 1.25 mA/cm² [4] - The global market for solid-state batteries is projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan, and China is expected to capture 40% of the global market share [5] Group 5: Charging Infrastructure - China has built the largest charging facility network in the world, with 17.348 million charging facilities by the end of August 2025, equating to two charging stations for every five vehicles [5]

Core Viewpoint - The strategic partnership between Fulin Precision (300432.SZ) and CATL (300750.SZ; 3750.HK) has entered a critical turning point, with CATL increasing its stake in Fulin's subsidiary, Jiangxi Shenghua, to 51% through a capital increase of 2.563 billion yuan, marking a significant shift in control and collaboration [2][5]. Group 1: Financial and Operational Highlights - Fulin Precision's core business includes lithium battery cathode materials, automotive engine and transmission precision components, and has expanded into robotic intelligent joint modules and components [5]. - In 2024, Fulin Precision is projected to achieve revenue of 8.47 billion yuan, with Jiangxi Shenghua contributing 4.83 billion yuan and Mianyang Fulin Precision New Energy contributing 1.68 billion yuan, alongside a net profit of 402 million yuan [5]. - Jiangxi Shenghua's total assets reached 7 billion yuan by mid-2025, with net assets increasing from 725 million yuan at the end of the previous year to 1.189 billion yuan [7]. Group 2: Strategic Developments - The partnership between Fulin Precision and CATL dates back to 2021, with CATL initially investing 20 million yuan and subsequently increasing its stake to 20% by 2022 [5]. - A business cooperation agreement signed on August 12, 2024, commits CATL to purchase at least 140,000 tons of lithium iron phosphate annually from Jiangxi Shenghua from 2025 to 2027, with the procurement volume expected to be no less than 80% of Jiangxi Shenghua's production capacity [6]. - The recent capital increase and shareholding change signify a deeper integration of operations and management, with CATL appointing four out of seven directors on Jiangxi Shenghua's board [6]. Group 3: Market Position and Product Development - Jiangxi Shenghua specializes in high-density lithium iron phosphate materials, which are critical for enhancing battery performance and are recognized as a key competitive advantage in the lithium battery industry [9]. - The demand for high-density lithium iron phosphate is expected to surge, particularly with the anticipated growth in fast-charging battery technologies, positioning Jiangxi Shenghua as a leader in this niche market [9]. - The production capacity for high-density lithium iron phosphate at Fulin Precision is currently at 300,000 tons, which is crucial for meeting the increasing market demand [9].

Core Insights - The rapid development of the electric vehicle market and stable growth in lithium battery demand have led to an increase in China's carbon nanotube conductive paste shipments from 56,000 tons in 2019 to 145,000 tons in 2024, with a compound annual growth rate (CAGR) of 21% [4] - It is predicted that the shipment volume of carbon nanotube conductive paste will reach 310,000 tons by 2027, with a CAGR of 29% from 2025 to 2027 [4] - The trend of "fast charging" in the electric vehicle industry significantly enhances the performance of lithium batteries, and carbon nanotubes play a crucial role in this improvement [5] Market and Technology Trends - Many companies are adopting a combination of single-walled and multi-walled carbon nanotubes for batteries above 3C, with an additional 2% to 4% of single-walled carbon nanotubes added to 4C batteries to enhance fast charging performance [6] - Silicon-based anodes are emerging as a new type of anode material that aligns with the development trend of high energy density batteries, and they are more compatible with carbon nanotubes, especially single-walled carbon nanotubes [6] - The upcoming mass production of "large cylindrical" batteries and "solid-state batteries" in the next few years will increase the usage of silicon-based anodes, further driving the growth of the carbon nanotube industry [6][8] Industry Developments - The 9th International Carbon Materials Conference and Industry Exhibition will be held in Shanghai from December 9-11, 2025, showcasing numerous leading companies in the carbon nanotube sector [9] - Jiangsu Super Carbon Xianfeng Technology Co., Ltd. is focused on the industrialization and commercialization of carbon nanotube materials, currently in the pilot scale-up phase with a monthly capacity of 100 kg, aiming to expand to 15 tons/year in the first phase and 30 tons/year in the second phase [10] - Jiangsu Tianchuang New Materials Technology Co., Ltd. has achieved continuous mass production of carbon nanotube films and fibers, with an annual production capacity of several hundred thousand square meters [11] Company Highlights - Shandong Changxin Chemical Technology Co., Ltd. is the largest producer of N-Methyl-2-pyrrolidone (NMP) in China, with a CNT powder capacity of 4,800 tons/year and a conductive agent capacity of 70,000 tons/year as of the end of 2023 [12] - Shandong Carbon Peak New Materials Technology Co., Ltd. has over ten effective patents and plans to reach a production capacity of 1,000 tons/year for high-purity single-walled carbon nanotube powder by 2028 [16] - Wuhan Carbon Weng Technology Co., Ltd. is the first company in China to achieve ton-level mass production of single-walled carbon nanotubes, with plans to expand its annual capacity to 120 tons [22]