Core Viewpoint - The carbon material manufacturing industry is facing intense competition, particularly in the anode material and graphite electrode sectors, prompting calls for increased R&D innovation among carbon enterprises [1][4]. Industry Status - The current state of China's carbon industry is characterized by an oversupply of low-end capacity and a lack of high-end products, with 90% of graphite used in third-generation semiconductor manufacturing being imported [2]. - The average price of carbon products has decreased from 21,600 yuan per ton in 2023 to 17,500 yuan per ton in 2024, a decline of nearly 20%, with graphite prices hovering around the cost line of 20,000 yuan per ton [6]. Market Opportunities - The market for graphite consumables is expected to reach a scale of 10 billion USD with the widespread adoption of 8-inch silicon carbide (SiC) semiconductor production lines, leading to sustained demand for high-performance graphite materials [3][6]. - The demand for special graphite is critical in the production of SiC semiconductors, with stringent performance requirements in mechanical, thermal, and electrical properties [3]. Industry Challenges - The carbon industry is currently experiencing excessive competition in low-end products, necessitating a shift towards stable mass production of high-end special graphite to restore confidence and drive growth [4][6]. - The domestic special graphite sector is facing a supply shortage, particularly for large-sized fine particle products, which are still largely reliant on imports, indicating significant potential for domestic substitution [8]. Technological Advancements - Companies are urged to break free from low-end competition by upgrading technology and innovating new products, focusing on high-end graphite as a key area for development [7][8]. - The special graphite market is driven by technological upgrades in end-use industries and the expansion of emerging application fields, which continuously boost demand [8]. Competitive Landscape - International giants maintain a monopoly in the special graphite sector through patent control, with companies like SGL holding 45% of global isostatic graphite patents, necessitating domestic firms to enhance basic research and develop self-research equipment to overcome bottlenecks [9].

齐鲁晚报· 齐鲁壹点 李自强 辐射安全许可事项全程网上办、档案电子化 引导塑料制品、石墨及碳素制品企业绿色高质量发展。研究制定塑料制品、石墨及碳素制品2个行业 《环保指南》，引导新建、扩建项目优化选址，完善污染防治措施，指导环保手续办理及合法合规运行 等，服务企业绿色高质量发展。 近日，青岛市生态环境局制定印发《青岛市生态环境局第四批优化营商环境惠企措施》（以下简称《第 四批惠企措施》）。《第四批惠企措施》包含2部分共19条内容，新增惠企措施13条，修改完善惠企措 施6条（由10条合并）。前三批的其余33条惠企措施继续执行。7月29日，青岛召开新闻发布会介绍《第 四批惠企措施》相关情况。 新增5个"简化环评"试点园区 在2个重点行业试点开展AI智慧环评服务 生态环境助力新兴产业发展培育。支持青岛市"10+1"创新型产业体系、"4+4+2"现代海洋产业体系建 设，加快发展新质生产力。对磁存储芯片等12类项目，提供从实验研究、中试到生产的全过程生态环境 指导服务。经行业主管部门确认属于新兴产业、不涉及一类污染物排放、编制报告表且选址位于产业园 区或者工业集聚区的，项目环评可实施告知承诺审批。 增加"告知承诺审批" ...

Industry Overview - The artificial graphite industry in China is experiencing robust growth driven by the global energy revolution and industrial upgrades, with a market size projected to reach 43.8 billion yuan in 2024, reflecting a year-on-year increase of 6.83% [2] - The demand for lithium battery anode materials is the primary driver of market expansion, with an expected shipment volume of 2.08 million tons of lithium battery anode materials in 2024, of which artificial graphite will account for 87% [2] - There is a steady increase in demand for specialty graphite from high-end manufacturing sectors such as aerospace and semiconductors, leading to a shift towards high value-added product structures [2] Industry Development History - The development of the artificial graphite industry in China has gone through five stages, starting from the late 19th century with the invention of artificial graphite electrodes [6] - The industry saw significant advancements in the 1970s with the successful development of high-power and ultra-high-power graphite electrodes, enhancing conductivity and corrosion resistance [7] - The period from 2010 to the present has been marked by explosive growth in demand for artificial graphite as a negative electrode material for lithium-ion batteries, particularly driven by the rapid development of electric vehicles and energy storage [7] Industry Supply Chain - The upstream of the artificial graphite industry includes raw materials such as needle coke, petroleum coke, coal tar pitch, natural graphite ore, and chemical reagents, as well as production equipment [9] - The midstream involves the manufacturing process of artificial graphite, while the downstream applications span across various sectors including power batteries, consumer batteries, energy storage, steel, chemicals, aerospace, defense, semiconductor manufacturing, lubricants, and medical devices [9] Related Companies - Key listed companies in the artificial graphite sector include Better Energy (835185), Fangda Carbon (600516), Zichan Technology (603659), and Shanshan Co., Ltd. (600884) [2] - Other relevant companies include Baotailong New Materials, Sinopec, PetroChina, and CATL, among others [2]

Core Points - Japan's Ministry of Finance announced a definitive anti-dumping ruling on graphite electrodes originating from China, imposing a five-year anti-dumping tax at a rate of 95.2%, effective until July 2, 2030 [1] - The investigation period for dumping was from October 1, 2022, to September 30, 2023, while the injury investigation period spanned from January 1, 2018, to September 30, 2023 [1] Company-Specific Summary - The following companies are subject to the 95.2% anti-dumping tax: - 方大炭素新材料科技有限公司 (Fangda Carbon New Material Technology Co., Ltd.) [2] - 吉林炭素有限公司 (Jilin Carbon Co., Ltd.) [2] - 辽宁丹炭科技集团有限公司 (Liaoning Dantan Technology Group Co., Ltd.) [2] - 介休市志尧碳素有限公司 (Jiexiu Zhiyang Carbon Co., Ltd.) [2] - 大同宇林德石墨新材料股份有限公司 (Datong Yulinde Graphite New Material Co., Ltd.) [2] - 河南红旗渠新材料有限公司 (Henan Hongqiqu New Material Co., Ltd.) [2] - 焦作市中州炭素有限公司 (Jiaozuo Zhongzhou Carbon Co., Ltd.) [2] - 开封平煤新型泰材料科技有限公司 (Kaifeng Pingmei New Type Tai Material Technology Co., Ltd.) [2] - 辽宁鑫瑞石墨新材料有限公司 (Liaoning Xinrui Graphite New Material Co., Ltd.) [2] - 灵石县杨帆炭素科技有限公司 (Lingstone Yangfan Carbon Technology Co., Ltd.) [2] - 南通扬子炭素股份有限公司 (Nantong Yangzi Carbon Co., Ltd.) [2] - 山西鑫贤炭素材料科技有限公司 (Shanxi Xinxian Carbon Material Technology Co., Ltd.) [2] - 升瑞能源科技有限公司 (Shengrui Energy Technology Co., Ltd.) [2] - 四川士达泰素股份有限公司 (Sichuan Shida Taishu Co., Ltd.) [2] - 四川昭钢炭素有限公司 (Sichuan Zhaogang Carbon Co., Ltd.) [2] - 乌兰察布市福兴炭素有限公司 (Ulanqab Fuxing Carbon Co., Ltd.) [2] - 乌兰察布市旭峰炭素科技有限公司 (Ulanqab Xufeng Carbon Technology Co., Ltd.) [2] Industry Impact - The anti-dumping measures are expected to significantly impact the pricing and competitiveness of Chinese graphite electrode manufacturers in the Japanese market, potentially leading to increased production costs and reduced market share [1]

证券代码：601011 证券简称：宝泰隆 编号：临 2025-031 号 宝泰隆新材料股份有限公司关于控股 开采矿种：晶质石墨 开采方式：露天/地下开采 子公司收到《中华人民共和国采矿许可证》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 近日，宝泰隆新材料股份有限公司（以下简称"公司"）控股子公 司七台河市东润矿业投资有限公司（以下简称"东润矿业公司"）收到 自 然 资 源 部 下 发 的 《 中 华 人 民 共 和 国 采 矿 许 可 证 》（ 证 号 ： C1000002025047218000752） ，具体内容如下： 采矿权人：七台河市东润矿业投资有限公司 地 址：黑龙江省七台河市桃山区桃南街（新富家园 1 单元） 矿山名称：七台河市东润矿业投资有限公司密林石墨二矿 经济类型：有限责任公司 有效期限：叁拾年 自 2025 年 3 月 27 日至 2055 年 3 月 27 日 生产规模：200 万吨/年 矿区面积：1.3324 平方公里 东润矿业公司取得石墨矿采矿许可证，可以为公司石墨烯产品提 供稳定的资源 ...

Core Viewpoint - The company plans to invest 6 million RMB to establish Sichuan Xiangzhan New Materials Technology Co., Ltd., acquiring a 60% stake, which will be consolidated into the company's financial statements [1] Group 1: Investment Details - The registered capital of Sichuan Xiangzhan is 10 million RMB, focusing on deep processing of graphite and its products [1] - The partner, Zhang Changzhen, will contribute intangible assets for a 40% stake in the new company [1] Group 2: Financial Implications - This investment does not constitute a related party transaction or a major asset restructuring [1]

Core Viewpoint - The special graphite industry is experiencing significant growth driven by increasing demand in various sectors such as photovoltaics, semiconductors, and new energy batteries, supported by government policies and technological advancements [1][13]. Industry Overview - Special graphite, characterized by a carbon content greater than 99.99%, is essential in strategic emerging industries due to its high strength, density, and purity [3]. - The demand for special graphite in China is projected to grow from 115,000 tons in 2019 to 250,000 tons by 2024, with a compound annual growth rate (CAGR) of 16.80% [1][13]. Market Demand and Supply - The production of special graphite in China increased from 60,000 tons in 2019 to 134,100 tons in 2023, with a slight decline expected in 2024 to 121,300 tons, reflecting a 9.5% decrease from the previous year [11]. - The market for isotropic graphite is dominated by fine structure graphite, which accounted for 111,616 tons in 2024, despite a 9.33% decline from 2023 [11]. Technological Characteristics - Special graphite materials possess key physical and chemical properties, including high volume density, compressive strength, and low resistivity, which are critical for various applications [5][6]. Policy Support - The Chinese government has implemented several policies to promote the development of the special graphite industry, including the inclusion of high-performance graphite in encouraged categories for investment [7][9]. Competitive Landscape - The special graphite industry in China is characterized by a relatively low concentration of large-scale enterprises, with key players including Wuxing New Materials, Chengdu Carbon Materials, and Ningxin New Materials [17][19]. - The industry is witnessing a shift towards domestic production of high-end graphite products, reducing reliance on imports [15][23]. Future Trends - The demand for high-end special graphite products is expected to increase, particularly in sectors like photovoltaics and lithium batteries, with annual growth rates projected to exceed 20% [26]. - Environmental policies are pushing the industry towards greener and more sustainable practices, emphasizing energy efficiency and resource recycling [24].

Company Overview - Guorui New Materials Co., Ltd. (referred to as "Guorui New Materials") successfully completed a new round of financing amounting to several hundred million yuan, with participation from multiple institutions including Dehong Capital, Shenzhen Capital Group, and Guotai Junan Innovation Investment [1] - Established in 2008, Guorui New Materials is a national high-tech enterprise specializing in the production of special graphite, providing supporting products for high-temperature gas-cooled reactor nuclear fuel [3] - The company’s main products include isostatic graphite and nuclear-grade graphite, primarily applied in the photovoltaic, semiconductor, and high-temperature gas-cooled reactor sectors [3] Product and Technology Development - Guorui New Materials has achieved a breakthrough in the "one baking, one chemical" technology for isostatic graphite, reducing the production cycle by 2-3 months compared to mainstream domestic processes, significantly lowering production costs [3] - The company has sold products to over a hundred photovoltaic clients, with its products being used directly or indirectly by leading domestic photovoltaic companies such as Longi, Zhonghuan, Jinko, and Xiexin [3] - In the nuclear-grade graphite sector, Guorui New Materials collaborates with Tsinghua University on a national key technology project, achieving breakthroughs in critical material technology [5] - As a core supplier for China National Nuclear Corporation, Guorui New Materials has established a complete production capability for nuclear graphite products, anticipating a market expansion phase as high-temperature gas-cooled reactors commercialize [5] Market Applications - In the semiconductor field, high-end isostatic graphite plays a crucial role in ion etching, powder synthesis, and substrate epitaxy, facing stringent performance requirements [5] - The domestic production rate of isostatic graphite for semiconductor applications is currently low, but Guorui New Materials' third-generation silicon carbide graphite products have entered the bulk order phase after successful trials with key clients [5]

Core Insights - Guorui New Materials has successfully completed a multi-billion B-round financing to expand production capacity and enhance R&D efforts to meet growing market demand [1][4] - The company specializes in producing special graphite and has been recognized as a national-level high-tech enterprise and a key "little giant" enterprise in 2024 [1][2] Industry and Company Overview - Guorui New Materials was established in 2008 and focuses on producing isotropic graphite and nuclear-grade graphite, which are widely used in photovoltaic, semiconductor, and high-temperature gas-cooled reactor fields [1][2] - The company's isotropic graphite products are crucial materials for leading photovoltaic companies, showcasing high strength, purity, and thermal conductivity [1][2] Technological Advancements - The company has made significant breakthroughs in the "one bake, one carbonization" core process for isotropic graphite, which has reduced production cycles and costs [1][4] - In the nuclear energy sector, Guorui has collaborated with Tsinghua University to develop graphite powder production technology for high-temperature gas-cooled reactor fuel elements, becoming a qualified supplier for China National Nuclear Corporation [2][4] Market Expansion and Future Plans - Guorui plans to expand its production capacity to approximately 15,000 tons by 2027, focusing on direct engagement with end-users in nuclear energy, semiconductors, and photovoltaics [4] - The company is also targeting the semiconductor market, particularly in the context of AI technology, and has developed isotropic graphite products for various semiconductor manufacturing processes [2][4] Investment Outlook - Investment institutions have expressed high confidence in Guorui's growth prospects, highlighting the broad market application potential of special graphite as a strategic material [4] - The breakthroughs in production efficiency and quality have positioned Guorui to challenge foreign technology monopolies in the isotropic graphite market [4]

Core Viewpoint - Guorui New Materials has completed a multi-billion B-round financing to expand production capacity and enhance R&D efforts, focusing on special graphite production for high-temperature gas-cooled reactor nuclear fuel and other applications [1][10]. Group 1: Company Overview - Guorui New Materials, established in 2008, specializes in producing special graphite, particularly isostatic graphite and nuclear-grade graphite, with applications in photovoltaic, semiconductor, and high-temperature gas-cooled reactor fields [1][6]. - The company has achieved significant milestones, including becoming a core supplier for China National Nuclear Corporation and entering the mass contract order phase for silicon carbide graphite products [1][6]. Group 2: Technological Advancements - The company has independently developed the "one bake, one carbonization" process, which significantly reduces production time and costs while enhancing product quality compared to traditional methods [5][6]. - The yield rate of isostatic graphite has improved from nearly 0% in 2016 to over 90% currently, showcasing the effectiveness of the company's technological advancements [3][5]. Group 3: Market Applications and Growth - The demand for nuclear-grade graphite is expected to grow as the commercialization of high-temperature gas-cooled reactors progresses, with Guorui New Materials positioned to meet these needs [6][9]. - The company has established a strong customer base in the photovoltaic sector, supplying over a hundred clients, including leading firms like Longi and Jinko [5][6]. Group 4: Investment and Future Plans - The company has outlined a capacity expansion plan to increase production to approximately 15,000 tons by 2027, focusing on direct engagement with end-users in nuclear, semiconductor, and photovoltaic sectors [9][10]. - Investors express confidence in Guorui New Materials' potential to capture market share in the special graphite sector, driven by its technological, cost, and performance advantages [10][11].