北京当升材料科技股份有限公司 投资者关系活动记录表 证券代码：300073 证券简称：当升科技 北京当升材料科技股份有限公司 投资者关系活动记录表 编号：【2025-004】 | | ■特定对象调研 □媒体采访 | □分析师会议 □业绩说明会 | | | | --- | --- | --- | --- | --- | | 投资者关系 活动类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 □其他 （） 东吴证券 | 瑞银证券 | 花旗环球金融 | 富瑞金融集团 | | | 摩根基金 | IGWT Investment | 大和日华 | 中金公司 | | | 华泰证券 | 国泰海通证券 | 中信建投证券 | 中信证券 | | | 中银国际证券 | 财通证券 | 国联证券 | 华福证券 | | 参与单位名称 | 浙商证券 | 银河证券 | 光大证券 | 中泰证券 | | | 天风证券 | 申万宏源证券 | 国盛证券 | 民生证券 | | | 兴业证券 | 长江证券 | 华创证券 | 华西证券 | | | 太平洋证券 | 博时基金 | 广发基金 | 兴证全球基金 | 1 北京当升材料科技股份有限 ...

Core Viewpoint - Zhejiang Huayou Cobalt Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by increased sales in lithium battery materials and cobalt products, despite challenges in the market [2][10]. Company Overview and Financial Indicators - The company achieved operating revenue of 37.20 billion RMB, a 23.78% increase year-on-year, and a net profit attributable to shareholders of 2.71 billion RMB, up 62.26% from the previous year [2][11]. - The total assets of the company reached 146.27 billion RMB, reflecting a 7.09% increase compared to the end of the previous year [2][11]. - The company’s net asset attributable to shareholders was 39.08 billion RMB, a 5.78% increase from the previous year [2][11]. Business Operations - The company focuses on the research, development, manufacturing, and sales of new energy lithium battery materials and cobalt new materials, establishing a vertically integrated industry chain from resource development to lithium battery material manufacturing [3][10]. - The company’s lithium battery materials, particularly ternary cathode materials, are widely used in high-end electric vehicles and have secured a supply framework agreement with Tesla [5][10]. Industry Context - The global automotive industry is undergoing a significant transformation towards electrification, with global sales of new energy vehicles reaching 9.1 million units in the first half of 2025, a 28% increase year-on-year [7][10]. - The demand for cobalt is expected to rise due to the growth in electric vehicles and consumer electronics, with cobalt prices increasing significantly due to supply constraints from the Democratic Republic of Congo [9][10]. Strategic Developments - The company is actively expanding its lithium battery recycling business and has established partnerships with major automotive manufacturers to provide sustainable solutions for used batteries [7][10]. - The company has made significant advancements in technology and innovation, filing 115 patent applications in the first half of 2025, and has been recognized for its contributions to the industry [13][10]. Financial Performance Analysis - The company reported a decrease in cash flow from operating activities by 41.45% compared to the previous year, primarily due to prepayments for raw materials [11][10]. - The company’s financial expenses decreased by 14.80% due to lower financing costs and interest expenses [11][10]. Future Outlook - The company aims to strengthen its position as a leader in the global lithium battery materials industry by enhancing its international manufacturing and resource acquisition strategies [10][14]. - The management expresses confidence in the bright prospects of the new energy lithium battery materials and cobalt industries, supported by national development strategies and policies [10][17].

Core Viewpoint - Tianqi Materials plans to publicly issue H-shares and list on the Hong Kong Stock Exchange, but faces significant challenges due to declining lithium carbonate prices and deteriorating financial performance [1][2]. Financial Performance - In 2024, Tianqi Materials reported revenue of 12.518 billion, a year-on-year decrease of 18.74%, and a net profit of 484 million, down 74.40%, marking the second consecutive year of significant decline in both revenue and profit [2]. - The company's cash collection ratio has remained below 50% for a long time and is on a downward trend, significantly lower than comparable companies like Xinzhou Bang [2][4]. Debt and Financing - Although the overall debt ratio has remained stable at around 45%, the interest-bearing debt ratio has increased from 6.27% in 2021 to 26.83% by the end of 2024, indicating increasing pressure on the company's cash flow [4][7]. - Tianqi Materials has raised over 5 billion through private placements and convertible bonds in recent years, yet this has not alleviated the ongoing financial pressure [7]. Mergers and Acquisitions - In December 2021, Tianqi Materials acquired assets from its controlling shareholder at a high premium of 250%, and in June 2023, it further acquired additional shares at a slightly lower valuation, despite the industry's downturn [8][9]. - The acquired company, Zhejiang Tianshu, failed to meet its profit commitments in 2024, achieving only 31.94% of the promised net profit [9]. Market Position and Legal Issues - Tianqi Materials' market share in the domestic electrolyte sector has declined from 36.4% in 2023 to 31.6% in 2024, raising concerns about its competitive position [13]. - The company is involved in ongoing litigation with competitors, including a lawsuit against Jinshi Resources for alleged technology theft, and a counterclaim from Yongtai Technology for defamation and abuse of market dominance [10][12].

1. Report Industry Investment Rating - No relevant content found 2. Core View of the Report - The consumption of lithium carbonate has not received clear policy support, and the futures and spot markets still lack positive factors. The lithium carbonate market remains in a state of continuous inventory accumulation [1]. 3. Summary by Relevant Catalogs 3.1 Daily Market Summary - On April 25, the lithium carbonate futures fluctuated narrowly below 70,000 yuan. The main contract LC2507 closed at 68,180 yuan/ton, down 0.18% from the previous trading day's close. The spot price of lithium carbonate was loose and fluctuated at a low level, with the average transaction price of battery-grade lithium carbonate down 100 yuan/ton from the previous trading day [1]. - According to SMM data, the weekly output of lithium carbonate in the week of April 25 was 16,900 tons, a 2.81% decrease from the previous week, but still at a relatively high historical level. As of the week of April 25, the weekly inventory of lithium carbonate was 131,864 tons, a 0.20% increase from the previous week. Meanwhile, the weekly output of lithium iron phosphate batteries was 17.37 GWh, a 10.71% increase from the previous week [1]. - According to the Passenger Car Association, from April 1 - 20, the retail sales of the new energy vehicle market increased by 20% year-on-year but decreased by 11% month-on-month. The wholesale of new energy vehicles by national passenger car manufacturers increased by 23% year-on-year but decreased by 7% month-on-month [1]. 3.2 Lithium Carbonate Price Monitoring - **Futures Data**: The main contract price of lithium carbonate decreased from 68,300 yuan/ton on April 24 to 68,180 yuan/ton on April 25, a decrease of 120 yuan/ton or 0.18%. The open interest of the main contract increased by 4,914 lots to 217,370 lots, a 2.31% increase. The trading volume increased by 3,793 lots to 108,177 lots, a 3.63% increase. The number of lithium carbonate futures warehouse receipts increased by 240 to 31,795, a 0.76% increase [3]. - **Spot Data**: The market price of battery-grade lithium carbonate remained unchanged at 69,600 yuan/ton on April 25 compared to April 24. The market price of lithium spodumene concentrate and lithium mica concentrate remained unchanged at 790 yuan/ton-degree and 930 yuan/ton-degree respectively. The price of lithium hexafluorophosphate decreased by 200 yuan/ton to 57,800 yuan/ton, a 0.34% decrease. The prices of power-type ternary materials and power-type lithium iron phosphate decreased slightly [5]. - **Weekly Data**: The capacity utilization rate of lithium carbonate decreased by 0.1 percentage points to 62.6%. The weekly output of lithium carbonate decreased by 488 tons to 16,900 tons, a 2.81% decrease. The output of lithium iron phosphate batteries increased by 1.68 GWh to 17.37 GWh, a 10.71% increase. The inventory of lithium carbonate increased by 259 tons to 131,864 tons, a 0.20% increase [5]. 3.3 Industry Dynamics and Interpretation - **Spot Market Quotations**: On April 25, the spot price of battery-grade lithium carbonate was reported at 68,200 - 71,400 yuan/ton, with an average price of 69,800 yuan/ton, down 100 yuan/ton from the previous trading day [6]. - **Downstream Consumption**: From April 1 - 20, the retail sales of the national passenger car new energy market were 478,000 units, a 20% year-on-year increase but an 11% month-on-month decrease. The wholesale of new energy vehicles by national passenger car manufacturers was 530,000 units, a 23% year-on-year increase but a 7% month-on-month decrease [7]. - **Industry News**: Kodal Minerals' Bougouni lithium project in southern Mali is nearing completion, and it has produced over 11,000 tons of lithium spodumene concentrate. Trump announced a 25% tariff on imported cars, which took effect on April 2. Tianhua New Energy's subsidiary obtained a mining license for a ceramic clay (lithium-containing) mine. Sibanye Stillwater terminated its lithium project in Nevada. China discovered a 2,800-kilometer lithium deposit, increasing its global lithium reserves share from 6% to 16.5%. Keliyuan's Yichun lithium mine expanded its production capacity [8][9][10]. 3.4 Industrial Chain Data Charts - The report includes multiple charts showing the price trends of lithium carbonate futures, battery-grade and industrial-grade lithium carbonate, lithium concentrate, lithium hexafluorophosphate, ternary precursors, ternary materials, lithium iron phosphate, as well as the inventory, output, and capacity utilization rate of lithium carbonate, and the output of batteries [11][17][19].