Core Viewpoint - The company is focusing on strategic transformation and operational efficiency amidst a challenging economic environment, with a particular emphasis on its electromagnetic wire and real estate businesses while managing the impacts of market competition and cost pressures [3][5][9]. Industry Overview Electromagnetic Wire Business - The electromagnetic wire sector is experiencing a "weak recovery" with increasing demand driven by the rapid growth of the electric vehicle industry, but faces intense price competition and high raw material costs [3][4]. - In 2024, the company achieved an output of 87,300 tons and sales of 87,700 tons in the electromagnetic wire segment, marking increases of 8.45% and 10.18% year-on-year, respectively [5][18]. Real Estate Business - The real estate market shows signs of marginal recovery, but uncertainty remains high, with a notable decline in consumer confidence and a downward trend in sales prices [3][6]. - The company reported a contract sales area of 72,300 square meters in 2024, a decrease of 20.46% year-on-year, and a contract sales amount of 1.335 billion yuan, an increase of 11.34% [5][18]. New Energy Business - The new energy sector, particularly the demand for electrolyte additives, is growing, with production and sales volumes increasing significantly in 2024 [4][5]. - The company sold 311.90 tons of electrolyte additives in 2024, a year-on-year increase of 56.77%, although the market remains competitive with prices under pressure [5][18]. Company Financial Performance - The company reported total revenue of 8.401 billion yuan in 2024, a decline of 14.18% year-on-year, with a net profit attributable to shareholders of -667 million yuan [5][17]. - The electromagnetic wire business generated revenue of 6.494 billion yuan, up 19.99% year-on-year, while the real estate segment saw revenue drop to 1.471 billion yuan, down 62% [5][18]. Governance and Strategic Direction - The company is committed to enhancing governance and decision-making processes, with a focus on maintaining communication with stakeholders and ensuring compliance with regulations [7][8]. - For 2025, the company aims to achieve consolidated revenue of approximately 11 billion yuan, with targeted revenues of 7 billion yuan from the electromagnetic wire business and 3.8 billion yuan from real estate [9].

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~ 本文来源： 海科新源 导 语 丨 m y b a t t e r y 海科新源总经理马立军在交流时指出，尽管充满挑战，但全球锂电池市场其实依旧维持着20%～30% 的快速增速。从行业发展阶段来看，电解液赛道在2025-2027年将步入产能出清的关键"决赛阶段"。 伴随落后产能退出，供大于求的趋势逐渐向好。 与此同时，马立军介绍，海科新源已通过高附加值产品研发、核心客户战略合作、海外布局等途径，积极应对 行业周期性波动，并取得良好成效。 电解液溶剂龙头地位稳固 一体化多元布局打开新空间 海科新源成立于2002年，总部坐落于山东东营省级高新技术产业开发区。作为国家工信部认定的电解液溶剂制 造业单项冠军示范企业，公司专注于新能源电池材料的创新研发，通过电池产业链一体化布局，进一步巩固了 行业龙头地位。 海科新源参展CIBF 2025 研究机构EVTank、伊维经济研究院联合中国电池产业研究院共同发布的 《中国锂离子电池电解液行业发 展白皮书（2025年）》 数据显示，在锂离子电池尤其是储能电池的带动下，全球锂离子电池电解液出 ...

江西富祥药业股份有限公司 投资者关系活动记录表 证券代码：300497 证券简称：富祥药业编号：20250519 | 投资者关系活动 | □特定对象调研 □分析师会议 | | | --- | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | | □新闻发布会□路演活动 | | | | □现场参观 □其他 | | | 参与单位名称及 | 参加公司 年度业绩网上说明会的投资者 2024 | | | 人员姓名 | | | | 时间 | 2025 年 月 19 日 15:00-17:00 | 05 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | | 上市公司接待人 | 董事长、总经理包建华、独立董事刘洪、财务总监杨光、副总经理 | | | 员姓名 | 兼董事会秘书彭云、保荐代表人梁国超 | | | | 公司本次年度业绩网上说明会采用网络远程的方式举行，问答 环节主要内容如下： | | | | 1、1）舒巴坦、他唑巴坦类原料药上游的 6-apa 自 2024 年下半 | | | | 年开始价格有 左右的降幅，公司成本端是否见到明显改善？ 10-20 ...

Group 1: Industry Overview - The electrolyte additive industry can be divided into conventional additives and new additives, with the latter emerging to meet the evolving performance demands of lithium batteries [4] - Conventional additives like VC and FEC were initially used in consumer electronics but have gradually been applied in power and energy storage batteries to enhance performance [5] - New additives, represented by compounds such as MMDS and DTD, are primarily used in power batteries to improve high voltage, low temperature cycling, and rate performance [6] Group 2: Market Trends - The proportion of new additive shipments in China's lithium battery electrolyte market increased from 12.7% in 2020 to 14.5% in 2022, with projections of approximately 18%, 22%, and 25% from 2023 to 2025 [6] - In 2022, China's new electrolyte additive shipments reached 0.7 million tons, a year-on-year increase of 75%, with expectations for global shipments to reach 4.9 million tons by 2025 [7][14] - The demand for new functional additives is expected to grow due to increasing requirements for battery safety, energy density, and performance [7] Group 3: Technological Advancements - New additives are becoming core materials for enhancing lithium battery performance, characterized by their ability to significantly improve certain battery properties while maintaining compatibility with other materials [8] - The production of new additives requires high technical standards, including purity and moisture control, leading to a high barrier for entry in the market [9] - The variety of new additives is expanding to meet diverse battery system requirements, with ongoing research and development in various chemical compounds [10] Group 4: Competitive Landscape - The domestic market for lithium battery electrolyte additives is seeing increased competition, with several companies like Saintai Materials and Suzhou Qitian actively expanding their production capacities [19] - The market concentration is rising, with the top five domestic companies holding approximately 53.5% market share in 2022, driven by technological advancements and scale [15] - Chinese manufacturers are increasingly replacing foreign suppliers, with projections indicating a rise in domestic market share from 50.8% in 2023 to 67.4% by 2025 [14] Group 5: Key Players - Major players in the industry include Korean company Chemtros, Japanese Mitsubishi Chemical, and Ube Industries, which have historically dominated the market [20][21][22] - Domestic companies such as Suzhou Qitian and Zhejiang Tianshu are also significant contributors, focusing on the development and production of various lithium battery electrolyte additives [23][24] - Saintai Materials has established itself as a key player with a strong patent portfolio and ongoing expansion plans [26][27]

江苏华盛锂电材料股份有限公司（以下简称"华盛锂电"）近日发布2024年年报，报告期内，公司多项财 务指标出现较大变化。其中，投资活动产生的现金流量净额变动比例高达147.47%，交易性金融资产期 末较期初增长1046.80%。这些显著变化背后，公司的经营状况究竟如何？又存在哪些潜在风险？本文 将为您深入解读。 营收下滑，市场竞争压力凸显 营业收入微降3.83% 2024年，华盛锂电实现营业收入504,899,353.12元，较上年的525,031,402.36元下降3.83%。公司表示， 这主要是受锂电池电解液添加剂行业竞争加剧影响。从市场环境来看，随着新能源汽车行业的快速发 展，锂电池产业链企业纷纷扩大产能，导致电解液添加剂市场供大于求，价格竞争激烈。华盛锂电虽主 营产品出货量同比增长43.52%，但仍难以抵消价格下滑带来的冲击。 净利润由盈转亏 归属于上市公司股东的净利润为 -174,674,817.37元，而上年为 -23,911,803.46元，亏损幅度进一步扩 大。这主要源于销售价格下降幅度较大，募投项目转固导致本期折旧额增加，部分产线停产技改，以及 计提存货跌价准备等因素。其中，销售价格下降使得公 ...

今日早参 2025 年 4 月 24 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 夏路路 互联网行业首席研究员 座机：85221214164 今日热点 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 固定收益：弱美元的逻辑与资产配置启示 近期在不确定性上升的环境下美元指数持续下跌，避险属性明显弱化，美元 微笑曲线"左侧失效"的风险明显上升，背后可能包含了长期与短期的多重 因素：关税政策弱化美元循环并解构全球秩序，特朗普新政是市场"混乱" 的源头，削弱了美债的避险属性。而美国"例外论"动摇，经济衰退担忧升 温，进一步推动美元走弱。黄金是弱美元下最明显的受益资产，但短期超 买，对利空敏感度提升。欧元区资产可能替代美元资产形成新的"避风 港"，并关注日元、日股的潜在机会。本周配置建议：贝森特与特朗普先后 对关税和美联储主席人选表态，短期风险偏好略有回暖。关税等变数仍大， 不易对信息简单线性外推，资产波动仍维持高位，仍需要重视赔率、左侧交 易。 风险提示：关税冲击延续，全球经济放缓，国内政策对冲力度。 研报发布日期：2025 ...

Core Viewpoint - The domestic electrolyte market in Q1 2025 shows significant growth driven by increasing demand from the electric vehicle and energy storage sectors, with a total production of 435,900 tons, representing a year-on-year increase of 75.9% [2][4]. Group 1: Market Overview - The leading companies in the electrolyte market are Guangzhou Tinci, BYD, and New Zhongbang, with market shares of 33%, 18%, and 13.6% respectively, collectively accounting for 64.6% of total production [4]. - The competition among second-tier companies, including Shida Shenghua, Zhuhai Saive, and Xianghe Kunlun, is intense, with each holding market shares of around 4%-5% [4][8]. - The overall market structure is characterized by a "stronger getting stronger" trend, where technology, capital, and customer resources become core competitive barriers [2][8]. Group 2: Future Projections - Q2 2025 is expected to continue the growth trend, with a conservative estimate of a 5%-8% quarter-on-quarter increase, potentially exceeding 450,000 tons in total production [6][7]. - Leading companies like Guangzhou Tinci and BYD are likely to further expand their market share due to scale effects and cost control capabilities [7]. - The industry is anticipated to face both structural opportunities and challenges, with a focus on "cost reduction and efficiency enhancement" and "high-end development" [8]. Group 3: Driving Factors - The recovery in downstream demand is supported by seasonal increases in electric vehicle sales and the commencement of energy storage projects [9]. - The stabilization of raw material prices, particularly lithium hexafluorophosphate, is expected to support the release of production capacity [9]. - Favorable policies driven by national "dual carbon" goals are likely to continue to enhance the industry [9].

-广告- 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~ END 公告显示，华盛锂电年产6万吨碳酸亚乙烯酯项目 总投资额约16亿元人民币 ，建设6万吨VC项目；结 合项目总体规划，预计年产6万吨VC项目分两阶段实施，第一阶段将建设3万吨VC生产线，建设期为 工业用地摘牌之日起约18个月，第二阶段3万吨VC生产线具体建设期限将根据项目实际备案情况确 定。 华盛锂电表示，公司多年来深耕于 锂电池电解液添加剂行业 ，受益于近年来锂电池行业的蓬勃发展， 抓住了关键的市场机遇，公司规模和经营能力获得了长足的进步，但同时，公司面临的同行业挑战亦不 断增大，市场竞争激烈，公司的市场份额亦有所下滑。受限于公司现有产能限制，公司难以满足上游客 户日益增长的供货需求， 本次扩产将有助于公司增加市场份额，巩固行业地位，为下游客户提供更好 的供应链保障 。 据悉，华盛锂电子公司祥和新能源的"年产8万吨氯代碳酸乙烯酯项目（一期4万吨）"已顺利进入 试产 阶段 ，其产品 氯代碳酸乙烯酯 作为VC产品的中间产品，为本次新建年产6万吨VC项目（一期3万 吨）提供了稳定的中间产物供应保障。同时，此次 ...