Core Viewpoint - The article discusses the recent developments in the lithium battery materials sector, particularly focusing on the strategic shift of Zhongke Electric towards establishing a large-scale anode material project in Oman while delaying another project in Morocco due to financial pressures and market conditions [1][2]. Group 1: Company Developments - Zhongke Electric plans to build a 200,000-ton annual capacity anode material base in Oman with a total investment of no more than 8 billion RMB, divided into two phases [1]. - The company has decided to delay the construction of a previously approved anode material project in Morocco, which was set to have a capacity of 100,000 tons and an investment of 5 billion RMB [2]. - The decision to shift focus from Morocco to Oman is attributed to the greater demand for energy transition in the Middle East, particularly in the energy storage sector, and the competitive landscape in Morocco [2]. Group 2: Financial Performance - In 2024, Zhongke Electric reported a revenue of approximately 5.58 billion RMB, a year-on-year increase of about 13.7%, and a net profit of around 300 million RMB, reflecting a significant year-on-year growth of approximately 626.5% [4]. - For Q1 2024, the company achieved a revenue of about 1.6 billion RMB, marking a year-on-year growth of approximately 50%, and a net profit of around 130 million RMB, with a year-on-year increase of about 465.8% [5]. - Despite a challenging market in 2023, Zhongke Electric managed to recover, indicating a strong performance in the latter half of the year, driven by high-performance product shipments and cost reductions [5]. Group 3: Market Dynamics - The article emphasizes that the solid-state battery technology has not yet reached mass production, meaning that the anode material market will not experience disruptive changes, with graphite anodes remaining dominant due to their low cost and mature technology [8]. - The U.S. has shown a need for Chinese-made anode materials despite trade tensions, as evidenced by the reduction of proposed tariffs on Chinese imports from 920% to 6.55% due to domestic production shortages in the U.S. [9][10]. - The competitive landscape for anode materials is expected to remain favorable for companies looking to expand internationally, while domestic price wars pose a significant challenge [10].

Group 1 - Longpan Technology announced a production pricing agreement with Eve Energy Malaysia to supply a total of 152,000 tons of lithium iron phosphate cathode materials from 2026 to 2030, with an estimated total sales amount exceeding 5 billion RMB based on current market prices [2] - Eve Energy has the option to adjust demand within a certain range, with specific prices to be negotiated quarterly between the parties [2] - Longpan Technology's lithium iron phosphate phase one project in Indonesia has an annual production capacity of 30,000 tons and is expected to achieve bulk shipments by early 2025, while the phase two project with a capacity of 90,000 tons is under construction and expected to be completed by the end of 2025 [2] Group 2 - Eve Energy, a wholly-owned subsidiary of Yiwei Lithium Energy, is registered in Penang, Malaysia, and specializes in the production of cylindrical lithium-ion batteries for electric tools, two-wheelers, and cleaning tools [3] - In 2024, Eve Energy reported a net loss of 58.44 million RMB and a net asset value of 674 million RMB [3] - Longpan Technology emphasized that there are no related party relationships between the two companies in terms of ownership, business, or personnel [3]

6月2日晚，龙蟠科技发布公告称，公司旗下控股公司LBM NEW ENERGY（AP）PTE.LTD.（以下简 称"锂源亚太"）与EveEnergy Malaysia Sdn.Bhd.（以下简称"Eve Energy"）签署了《生产定价协议》，双 方约定预计将由锂源亚太及其关联企业自2026至2030年间合计向Eve Energy及其关联企业销售15.2万吨 符合双方约定规格的磷酸铁锂正极材料，合同总销售金额超50亿元。 公告显示，该协议为公司日常经营相关的销售合同，公司签订该协议有助于与下游合作伙伴建立长期稳 定的关系，有助于公司产品的稳定销售，符合公司发展战略规划。若该合同能顺利履行，将对公司未来 业绩产生积极影响。 2024年，龙蟠科技实现营业总收入76.73亿元。其中，磷酸铁锂正极材料产品实现营业收入57.64亿元。 今年以来，龙蟠科技磷酸铁锂正极材料业务多点开花。2025年1月份，公司控股孙公司与Blue Oval（福 特电池工厂）成功签订供应协议，约定由公司控股孙公司自2026年至2030年期间提供磷酸铁锂正极材 料。当月，公司还与宁德时代签订磷酸铁锂正极材料年度采购协议，2025年度采购上限设为7 ...

期货从业资格号 F03123381 瑞达期货研究院 「2025.05.30」 碳酸锂市场周报 供给偏多库存高位，碳酸锂或承压运行 研究员:王福辉 期货投资咨询 从业证书号 Z0019878 助理研究员: 陈思嘉 期货从业资格号F03118799 业务咨询 添加客服 关 注 我 们 获 取 更 多 资 讯 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 行情回顾：碳酸锂主力合约周线震荡偏弱。截止收盘，周线涨跌幅-1.9%，振幅4.82%。主力合约报价59800元/吨。 后市展望：宏观方面，国财政部：去年四季度以来，中国政府实施一揽子宏观经济调控政策，经济指标回升向好，市 场预期和信心稳定，债务中长期可持续性增强。碳酸锂基本面，原料端，海外矿商挺价情绪仍在，由于出货压力以及 受碳酸锂价格拖累而定价不断走弱，但较碳酸锂现货降幅偏小。供给方面，由于锂矿端报价下跌速度较现货缓慢，冶 炼厂成本支撑开始走弱，加之由于碳酸锂价格快速下行，冶炼厂遭受成本利润倒挂的影响，令减产检修情况逐渐增加。 进出口方面，智利出口至中国碳酸锂呈现量价双降态势，预计该批次陆续到港后国内亦将出现进口量及价格双降情况。 需求 ...

Core Viewpoint - The production capacity of lithium manganese iron phosphate materials is expanding, with significant investments and projects underway in China, particularly by Shanxi Teva Energy Technology Co., Ltd. [1][2] Group 1: Project Overview - Shanxi Teva Energy Technology Co., Ltd. has invested 3 billion yuan in a project in Changzhi, which has recently commenced production with an annual capacity of 100,000 tons of lithium manganese iron phosphate cathode materials [2]. - The project covers an area of 306 acres and includes 16 fully automated production lines, with a total construction area of approximately 114,800 square meters [2]. - The company was established in November 2023 through a partnership between Qingdao Qianyun High-tech New Materials Co., Ltd. and Changzhi High-tech Zone Changgao Zhihui Technology Development Group Co., Ltd. [2]. Group 2: Industry Trends - The demand for lithium manganese iron phosphate has been increasing, particularly in the two-wheeler market, despite underwhelming sales in electric vehicles equipped with these batteries [4]. - The total planned production capacity for lithium manganese iron phosphate has exceeded 2 million tons, but the actual production in 2024 is expected to be around 10,000 tons, indicating a gap between planning and execution [4]. - Companies that achieve early mass production of lithium manganese iron phosphate materials are likely to capture significant market share, as seen with the recent production launch by Times Rui Xiang, a joint venture established in 2022 [5]. Group 3: Future Outlook - The industry anticipates that by 2025, the market for lithium manganese iron phosphate will further open up, leading to a significant increase in shipment volumes [5]. - The positive trend in the application of lithium manganese iron phosphate batteries in two-wheeler vehicles presents new growth opportunities for the material [4].

Core Viewpoint - The company reported a revenue of 1.908 billion yuan for Q1 2025, reflecting a year-on-year growth of 25.8% but a quarter-on-quarter decline of 7.7%. The net profit attributable to shareholders was 111 million yuan, showing a slight year-on-year increase of 0.22% and a significant quarter-on-quarter growth. However, the non-recurring net profit decreased by 36.13% year-on-year but turned profitable quarter-on-quarter [1][2]. Financial Performance - The gross margin for Q1 2025 was 10.93%, which represents a year-on-year decline of 3.96 percentage points but an increase of 0.57 percentage points quarter-on-quarter [2]. - The company's inventory at the end of Q1 2025 reached 1.366 billion yuan, marking a year-on-year increase of 47.4% and a quarter-on-quarter increase of 28.9% [3]. - The operating net cash flow for Q1 2025 was 361 million yuan, turning positive year-on-year but decreasing by 19.0% quarter-on-quarter [4]. Business Outlook - For 2025, the company expects continued rapid growth in ternary cathode products, driven by increased orders from overseas clients such as SK and LG. The iron-lithium business is also anticipated to grow positively as domestic and international energy storage clients ramp up [4]. - The company forecasts a net profit attributable to shareholders of 500 million yuan for 2025, supported by the expected growth in overseas customer orders and rising metal prices [4].

本文来源： #鑫椤锂电 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ " 自从磷酸铁锂于 2023 年进入亏损周期后，行业何时触底就是一个老生常谈的话题了，也是 一个行业一直期望却一再落空的话题。 " 产能利用率高 I C C S I N O 根据 ICC 鑫椤锂电统计， 2025 年以来，除了 2 月份受春节放假影响，月度出货量在百吨级以上的样本 企业，月度合计产能利用率是节节攀升的。 湖南裕能、富临升华几乎满产，安达科技、万润新能、友山科 技、国轩高科等龙头企业也保持高负荷。 数据来源： ICC 鑫椤锂电 扩产在继续 I C C S I N O 虽然包括龙头企业在内的绝大部分企业已经停止了扩产步伐，但市场上依然有不小的产能在按部就班地释 放，包括富临升华、万华化学、邦普循环、瑞翔新材、当升科技、湖南鹏博等。 需要强调的是， 以上企业目前已经在大批量出货，所以以上扩产的产线一旦建成投产，是会形成实实在在 的销售的，这必然会对市场产生新一轮大的冲击。 | 177 | 扩产计划 | | --- | --- | | 皇临升华 | 1将于不晚于2025年4月30日前完成 ...

中国经济网北京5月19日讯万润新能(688275.SH)今日收报36.81元，跌幅2.08%。该股目前处于破发状 态。 万润新能于2022年9月29日在上交所科创板上市，公开发行2130.3795万股，发行价格299.88元/股，保荐 机构为东海证券股份有限公司，保荐代表人为盛玉照、江成祺。 万润新能于2023年5月24日披露的2022年年度权益分派实施公告显示，本次利润分配及转增股本以方案 实施前的公司总股本85,215,178股为基数，每股派发现金红利3.52元(含税)，以资本公积金向全体股东每 股转增0.48股，共计派发现金红利299,957,426.56元，转增40,903,285股，本次分配后总股本为 126,118,463股。本次权益分派股权登记日为2023年5月30日，除权除息日为2023年5月31日。 上市首日，万润新能盘中创下最高价259.99元，为该股上市以来最高价。 万润新能首次公开发行股票募集资金总额638,858.20万元，扣除发行费用后，募集资金净额为614,562.26 万元。该公司最终募集资金净额比原计划多48.84亿元。万润新能于2022年9月23日披露的招股说明书显 示，该 ...

业绩方面，2024年全年， 湖南裕能实现营收 225.99亿元，同比减少 45.36%， 归母净利润5.94亿元 , 同比减少62.45%。今年一季度， 湖南裕能营业收入为 67.62亿元，同比增长49.60%， 归母净利润9431.64万元，同比下降40.56%。 万润新能方面，美国项目相关土地和厂房已于去年底完成交割，目前正按计划推进设计、报批报建工作，并同步开展设备采购、专利申请以及 与意向客户的商谈工作。 该项目于2024年9月公布， 计划出资16764.41万美元，在美国南卡罗来纳州开展"万润新能美国新能源正极材料及其产业化研发中心项 目"，规划建设年产5万吨磷酸铁锂生产基地。 今年一季度，万润新能磷酸铁锂材料实现出货7.4万吨，较上年同期增长138%。目前行业需求旺盛，公司排产情况良好，预计二季度出货量 将环比提升。 钠电材料端， 2024年度 万润新能已实现出货逾两百吨。应用场景包括两轮、三轮等小型电动车型、低速四轮车、增混电池、超低温环境储 能等。 磷酸铁锂热度持续、市场大单频现，两大龙头企业公布海外产能新进展！ 起点锂电注意到，5月15日，头部磷酸铁锂企业湖南裕能与万润新能同时公布投资者关系 ...

投资建议 天风证券（601162）股份有限公司孙潇雅近期对天赐材料（002709）进行研究并发布了研究报告《电解液 格局有望出清，新品类加大投入》，给予天赐材料中性评级。 天赐材料 公司2024年年度和2025年第一季度经营情况如下： 2024Y实现营收125.2亿元，YOY-18.74%；归母净利润4.8亿元，YOY-74.4%；扣非归母净利润3.8亿元， YOY-79.08%。 2025Q1实现营收34.9亿元，YOY+41.64%；归母净利润1.5亿元，YOY+30.8%；扣非归母净利润1.34亿 元，YOY+33.35%。 电解液业务竞争仍然激烈，市场有望持续出清。中国新能源汽车渗透率突破50%，锂电池材料行业需求进 入平稳时期，电解液市场整体增速放缓，整个锂电池上下游产业链以消化库存和减缓资本开支为主；并且 随着未来市场供大于求的趋势逐渐演变，预计未来一到两年行业仍然维持较为激烈的竞争关系，落后产能 将持续出清。 公司在高能量密度、高电压、超充、高功率、高安全、低成本及长寿命电解液的开发上展现出显著的研发 优势，并且同时具备较大的市场产能和与下游头部客户的深度绑定关系，预计在行业出清后集中度将持续 ...