Core Viewpoint - The company,瑞泰新材, is experiencing strong demand for lithium-ion batteries, leading to an increase in the prices of raw materials for electrolytes and a gradual rise in electrolyte prices [1] Group 1: Company Strategy - The company plans to actively explore and serve high-quality global customers, aligning with customer needs to continuously optimize its customer structure [1] - The focus on enhancing the company's development momentum indicates a strategic approach to sustain growth in a competitive market [1]

Core Viewpoint - The company is experiencing strong demand for lithium-ion batteries, leading to an increase in the prices of electrolyte raw materials and subsequently the prices of its electrolyte products [1] Group 1: Company Strategy - The company plans to actively explore and serve high-quality global customers to meet their needs [1] - There is a focus on continuously optimizing the customer structure to enhance the company's development momentum [1]

Core Viewpoint - The price of lithium hexafluorophosphate is expected to continue rising due to strong demand recovery and tight supply conditions in the market [4][5]. Group 1: Supply and Demand Dynamics - The current price increase of lithium hexafluorophosphate is driven by a significant recovery in demand from downstream electrolyte and battery manufacturers, while upstream producers have not expanded capacity significantly during the industry's low period [4]. - As of October 17, 2025, the operating rate of lithium hexafluorophosphate production is 75.43%, indicating that most manufacturers are operating at full capacity, leading to a lack of effective supply increase in the short term [4]. - Industry inventory levels have nearly bottomed out, with only 1,340 tons of lithium hexafluorophosphate in stock as of October 17, 2025, contributing to a tight supply-demand balance [4]. Group 2: Price Trends - Since mid-September, the price of lithium hexafluorophosphate has broken out of a long-standing horizontal trend and has entered a rapid upward trajectory, with the average market price reaching 75,000 yuan/ton as of October 17, 2025, reflecting a 16.3% increase from the previous week and a 20.0% increase since the beginning of the year [4]. Group 3: Industry Capacity and Profitability - As of October 17, 2025, China's lithium hexafluorophosphate industry has a total capacity of 442,900 tons per year, with effective capacity at 389,400 tons per year, marking a year-on-year increase of 13.7% [5]. - Major producers include Tianqi Lithium, Molybdenum, Tianji, and Shida Shenghua, with Tianqi Lithium having a capacity of approximately 110,000 tons per year [5]. - The industry is expected to add capacities of 304,000 tons, 518,300 tons, and 153,000 tons in 2025, 2026, and 2027 respectively, which will benefit leading companies as prices rise and capacity utilization improves [5]. Group 4: Downstream Demand Growth - The lithium-ion battery materials industry is experiencing stable growth in demand, particularly in the fields of new energy vehicles and energy storage [6][7]. - From January to August, the cumulative bidding scale for domestic energy storage reached 211.11 GWh, with new energy storage installations in the first half of 2025 growing by 69.4% year-on-year [7]. - In the first half of 2025, China's production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, representing year-on-year growth of 41.4% and 40.3% [7].

Group 1 - The company plans to acquire 77.9385% of Youte Li through a combination of issuing shares and cash payments to 19 specific parties [1] - The total amount to be raised through the private placement of shares is capped at 196.405 million yuan, which is 100% of the total transaction amount for the asset purchase [1] - The transaction price, excluding the amount raised through the placement, is set at 467.631 million yuan [1] Group 2 - The target company primarily focuses on the research, production, and sales of consumer lithium-ion batteries, particularly for notebook computers, while also expanding into energy storage lithium-ion battery business [2] - This acquisition will help the company deepen its strategic goals in the notebook computer sector, as both the company's structural components and Youte Li's battery modules are complementary in product categories [2] - The transaction is expected to enhance the company's key technological capabilities in the energy storage field, thereby improving the competitiveness of related products [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The lithium carbonate futures market showed a pattern of hitting bottom and then rebounding. The main contract of lithium carbonate once dropped to 82,820 during the session, but closed with a doji star at the end of the session. Although related industrial products had significant intraday declines, lithium carbonate was relatively resilient. The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075. The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. Salt plants' production enthusiasm was high, and the weekly production of lithium carbonate reached a new historical high of 19,980. The social inventory decreased by 162 to 142,256 tons. This week, both production and sales of lithium carbonate were booming. The shutdown of the Jianxiaowo Mine did not affect the weekly production of lithium carbonate. The emergence of a turning point in social inventory supported the lithium price. However, the current high - price lithium carbonate has a strong stimulating effect on upstream salt plants. It is expected that under the background of high - growth supply, the de - stocking of lithium carbonate will be limited. With limited support from the fundamentals and the weakening of small - scale speculation, the lithium price is expected to decline [12]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Futures Market**: The main contract of lithium carbonate futures hit bottom and rebounded, closing with a doji star. It was relatively resilient compared to related industrial products [12]. - **Spot Market**: The spot price of electric carbon increased by 1,000 to 82,000, the price of Australian ore rose by 20 to 990, and the price of lithium mica increased by 45 to 2,075 [12]. - **Profit and Production**: The profit of salt plants using purchased lithium spodumene expanded to 1,114, while the loss of salt plants using purchased lithium mica widened to 4,942. The weekly production of lithium carbonate reached a new historical high of 19,980, and the social inventory decreased by 162 to 142,256 tons [12]. - **Price Forecast**: With high - growth supply and limited fundamental support, the lithium price is expected to decline [12]. 3.2 Industry News - **Technological Innovation**: Scientists at Tokyo University of Science have developed a new quasi - solid electrolyte 3D - SLISE, which significantly improves the safety, efficiency, and recyclability of lithium - ion batteries. It uses environmentally friendly components such as borate - water - based systems, can achieve multi - directional lithium - ion conduction, reduces production costs and carbon footprint, and enables fast charging (20 minutes) and over 400 cycles of life. Its water - based design allows for the direct recovery of precious elements such as cobalt in electrodes by soaking in water without using harmful chemicals. This technology is expected to be applied in electronics, energy storage, and electric vehicles, promoting the battery industry towards a cleaner and more sustainable development [13]. - **Business Cooperation**: On August 4, 2025, Tiantie Technology announced that Anhui Tiantie Lithium - Ion New Energy Co., Ltd. and Zhuhai Xinjie Energy Technology Co., Ltd. signed a "Procurement Framework Agreement" and a "Framework Agreement Purchase Order." Zhuhai Xinjie will purchase copper - lithium composite strips from Anhui Tiantie, with an order amount of 400 million yuan [13].

Group 1 - The core viewpoint of the news is that Haili Co., Ltd. has initiated its IPO counseling process and is addressing potential risks related to its leased properties [2][3] - Haili Co., Ltd. has conducted four phases of counseling for its IPO, with a focus on the risks associated with the expiration of rental contracts for its operational sites [2] - The actual controllers of Haili Co., Ltd. have committed to taking responsibility for any economic losses resulting from non-compliance issues that may lead to forced relocation of leased properties [3] Group 2 - Haili Co., Ltd. is a national high-tech enterprise specializing in the research, design, production, and sales of lithium-ion battery products, with applications in light vehicle battery swapping and energy storage [4] - In 2024, Haili Co., Ltd. achieved a revenue of 722 million yuan, representing a year-on-year growth of 2.16%, while the net profit attributable to shareholders decreased by 17.52% to approximately 65.73 million yuan [4][5] - The company's gross profit margin for the reporting period was 21.06%, and the basic earnings per share were 1.09 yuan [5]

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在 不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资 者面临较大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的 风险因素，审慎作出投资决定。 山东海科新源材料科技股份有限公司 Shandong Hi-tech Spring Material Technology Co., Ltd. （山东省东营市东营高新技术产业开发区邹城路 23 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 山东海科新源材料科技股份有限公司 招股说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行 ...