Summary of Conference Call Company and Industry Overview - The conference call pertains to the company 壹石通 and its operations in the high-purity quartz sand and solid oxide fuel cell (SOFC) sectors [2][4]. Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of 120 million yuan, a year-on-year increase of 5.46%. Despite this, the net profit attributable to shareholders was a loss of 16.8 million yuan, narrowing by approximately 1 million yuan compared to the previous year. The operating cash flow was negative at over 61 million yuan, worsened from a negative 34 million yuan in the same period last year [3][10]. Product Development and Market Strategy - The company achieved a 30% increase in the shipment volume of its main product, high-purity quartz sand, despite the overall revenue decline. The high-purity quartz sand project utilizes artificial synthesis technology, with performance and purity meeting standards. The company plans to send samples to downstream single crystal manufacturers for verification this year, aiming for mass production next year [2][9]. - In the SOFC sector, the company has made significant progress, with stable mass production of single-cell pilot lines and improved yield rates. The stack pilot line is expected to be completed between mid-2025 and Q3 2025, alongside the promotion of the first demonstration project [4]. Market Conditions and Pricing - The average price of molybdenum concentrate stabilized in Q1, with increased shipments from small shafts leading to a slight price rise. While price wars are possible, significant downward price movement is unlikely due to product cost constraints [6]. - The company is focusing on major downstream clients, particularly in the lithium battery and separator materials sectors, through deep cooperation and product innovation to optimize customer structure [5]. Regulatory Impact and Safety Standards - The introduction of new national safety standards for batteries has prompted the company to produce flame-retardant foam, ceramic rubber, and molybdenum-coated materials. The company is actively responding to these standards to enhance market competitiveness [7]. - The new standards have led downstream companies to prioritize safety performance, with the company already collaborating with mainstream vehicle manufacturers. The upcoming CIBF exhibition in Shenzhen will feature the launch of flame-retardant powder products, which are expected to facilitate market expansion [8]. Industry Dynamics - There are no signs of bankruptcy in the industry, but some small suppliers are exiting the market, particularly in the lower tier of suppliers [12]. - Major manufacturers in the industry face challenges in shifting from market share pursuit to profit orientation due to high customer concentration in the downstream market [13]. - The company is focusing on cost reduction and efficiency improvements to address long-term losses, with measures already showing some positive effects, such as improved gross margins for certain products [14].

新国标将动力电池"不起火、不爆炸"设定为强制性要求，被称为"史上最严电池安全令"。相比2020年版国家标准要求电池热失控后5分钟内 不起火、不爆炸，新规修改为"不起火、不爆炸（仍需报警），烟气不对乘员造成伤害"。 新标准涵盖7项单体测试和17项电池包或系统测 试，新增内容包括电池底部撞击测试、快充循环后的安全性测试等，并进一步强化了对热扩散等关键环节的安全要求。 近期，工信部宣布我国将于2026年7月1日起正式实施《电动汽车用动力蓄电池安全要求》（以下简称"新国标"）。对此，吉利方面于4月18 日回应称，新国标中新增的电池底部撞击测试标准正是由吉利牵头制定。 吉利方面表示，安全始终是企业开发的核心理念，也是造车的基本底线。无论品牌与车型配置如何差异化，安全标准必须保持一致，确保每一 位用户都能享有同等的安全保障。此外，吉利在2023年2月就已对外公布新能源汽车底部碰撞测试标准，其车型在30公里时速托底冲击和20 公里时速整车托底测试中均无损伤，有效解决了电动车因"托底碰撞"带来的电池损伤和安全事故。 （ 来源：电动知家） | 往 | 期 回 | 顾 | | | --- | --- | --- | --- | ...