格隆汇12月11日丨新亚强(603155.SH)在投资者互动平台表示，公司六甲基二硅氮烷产品是锂电池电解 液的关键功能性助剂，目前已与国内多家头部电解液生产企业建立了长期、稳定合作关系。公司相关产 能充足，能够有效满足市场需求。湖北新亚强承建的有机硅材料及高纯功能助剂产品项目，目前尚在推 进中。 ...

Market Overview - A-shares experienced a strong upward movement during the day but retreated in the afternoon, with the Shanghai Composite Index closing up 0.29%, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.44% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.72 trillion yuan, a decrease of 740 billion yuan compared to the previous trading day [1] - Over 2,700 stocks rose across the market, indicating a rapid rotation of market hotspots [1] Sector Performance - The lithium battery electrolyte concept saw a rebound, with stocks like Shida Shenghua hitting the daily limit [1][6] - The computing power chip sector was active, with Saiwei Electronics rising over 15% [1] - The consumer electronics sector remained strong throughout the day, with Yunzuka Technology hitting the daily limit [1] - The paper sector showed significant gains, with an overall increase of over 2%, driven by price hikes in various paper products [4] - Other sectors such as forestry, daily chemicals, chemical products, and chemical fibers also performed well [5] Specific Company Developments - Xi'an Catering's stock surged, reaching the daily limit after the announcement of 16 measures by the Shaanxi provincial government to deepen capital market reforms [2] - The company focuses on a dual-driven strategy of "catering main business + food industry," emphasizing regional specialty cuisine and food production [3] - Major paper companies have announced price increases for various paper types, benefiting from improved demand and supply-side adjustments [4][6] - Leading electrolyte companies are experiencing a surge in orders, with some contracts extending to 2028, indicating strong future demand [7]

Core Viewpoint - The company, Satellite Chemical, has a total carbonate production capacity of 150,000 tons, which includes various types of carbonates that are applicable in lithium batteries and energy storage systems [1] Group 1: Company Business Overview - The company currently produces 60,000 tons of Dimethyl Carbonate (DMC), 50,000 tons of Ethylene Carbonate (EC), 40,000 tons of Diethyl Carbonate (DEC), and Ethyl Methyl Carbonate (EMC) [1] - The company's carbonate products are positioned to serve the new energy and energy storage sectors, highlighting their relevance in the growing lithium battery market [1] Group 2: Competitive Advantage - The company boasts a full industry chain advantage and a comprehensive product layout, covering four mainstream products used as solvents in lithium battery electrolytes [1] - The company aims to provide integrated solutions for downstream electrolyte customers, enhancing its competitive positioning in the market [1]

Group 1 - The A-share market saw a rebound in the lithium battery electrolyte concept on November 17, with stocks like Huasheng Lithium rising over 7% after an early drop of more than 10%, reaching a new historical high [1][2] - Yongtai Technology achieved a remarkable performance with 4 consecutive trading limits in 7 days, while Fuxiang Pharmaceutical approached a 20% limit up, indicating strong market interest [1][2] - Other companies such as Kelon Co., Qing Shui Yuan, Haike Xinyuan, Shida Shenghua, and Xinzhou Bang also showed significant gains, reflecting a positive trend in the sector [1][2] Group 2 - According to Baichuan Information, the average transaction price of VC on November 17 was 132,500 yuan per ton, an increase of 25,000 yuan per ton compared to the previous Friday, indicating a strong upward price movement [1][2] - The highest transaction price reached 200,000 yuan per ton, which is an increase of 50,000 yuan per ton from the previous Friday, further highlighting the price surge in the market [1][2]

Core Viewpoint - The company is adjusting voluntary commitments related to its investment in a joint venture for lithium battery electrolyte raw materials production, which may trigger a buyback of shares due to project changes [1] Group 1: Company Actions - The company will hold its sixth board meeting on November 10, 2025, to review the proposal regarding adjustments to voluntary commitments by the controlling shareholder and concerted parties [1] - In January 2022, the company, along with two partners, established a joint venture named Shandong Huinengda New Materials Technology Co., Ltd. with a registered capital of 80 million yuan, where the company holds a 36% stake [1] Group 2: Project Details - The joint venture plans to invest in a project with an annual production capacity of 60,000 tons of lithium battery electrolyte raw materials [1] - In February 2023, the controlling shareholder and concerted parties issued a commitment letter regarding the investment in the electrolyte raw materials project, which includes a clause that may trigger a buyback of shares if certain conditions are not met [1] Group 3: Commitment Conditions - The commitment states that if the joint venture does not obtain the construction permit within 12 months after acquiring the land use rights, the controlling shareholder will purchase the company's stake in the joint venture [1] - The joint venture is planning to change the original project content, which may lead to the fulfillment of the commitment conditions [1]

Core Viewpoint - The lithium battery electrolyte sector is experiencing a surge in activity, with several companies showing significant stock performance, indicating a positive market sentiment towards this industry [1] Group 1: Company Performance - Furi Shares has achieved a consecutive two-day stock increase [1] - Tianci Materials saw its stock price rise sharply, approaching the daily limit [1] - Other companies such as Tianji Shares, Jiangsu Guotai, Huasheng Lithium Battery, and Shida Shenghua also experienced stock price increases [1]

Group 1 - The company has an annual production capacity of 8,000 tons of Vinyl Carbonate (VC) and 3,700 tons of Fluoroethylene Carbonate (FEC), ranking among the top in the industry for both capacity and product shipment volume [1] - The company is actively engaged in the vertical and horizontal layout of the lithium battery electrolyte supply chain, aiming to create a one-stop supply platform for lithium battery electrolyte raw materials [1]

Financial Performance - The company's operating income increased by 27.92% year-on-year in the first half of 2025, while net profit grew by 61.21% compared to the same period last year [2] - Global sales of new energy vehicles rose by 31.8% in the first half of 2025, with China's production and sales increasing by 40.3% [3] - The global battery installation volume grew by 37.3%, and the total installed capacity of battery energy storage systems increased by 54% year-on-year [3] Strategic Initiatives - The company is implementing a dual-driven strategy of "lithium battery materials + consumer chemicals" to enhance resilience against market challenges [3] - R&D investment reached RMB 76.03 million, a year-on-year increase of 21.56%, focusing on enhancing innovation capabilities and developing new products [6][9] - The company has established four R&D platforms covering the entire process from product synthesis to application testing [9] Market Challenges - The company faced a 1.23% decline in revenue from propylene glycol, despite a 31.09% increase in export volume, due to market supply-demand imbalance and price volatility [4] - The gross margin for propylene glycol products was reported at 4.09%, impacted by significant price fluctuations in the market [4] Product Development - The company is actively researching solid-state battery electrolyte materials and optimizing processes in line with industry trends [4][10] - The focus on functional additives and high-rate additives aims to enhance product competitiveness in the lithium battery sector [5][11] Global Expansion - The company has established transit bases in Europe and the United States to improve local response capabilities and increase global market share [5][8] - The overseas business has shown positive growth, particularly in the consumer chemicals sector, contributing to increased export volumes [5][8] Competitive Position - The company's core competitiveness lies in its complete product system for lithium battery electrolyte solvents and consumer chemicals, along with leading technological innovation capabilities [9] - The company has been granted 116 patents, including 55 invention patents, reflecting its commitment to technological advancement [9]