来源：市场资讯 （来源：广东电池） 为更好地了解锂电正极材料行业的发展情况和市场走向，广东省电池行业协会对22家锂电正极材料上市 企业2025年1-9月的业绩相关情况进行了梳理分析。 业绩情况 根据22家正极材料企业的主营业务占比情况；将湖南裕能、德方纳米等9家企业归为磷酸铁锂正极材料 企业；将中伟股份、容百科技等13家企业归为三元正极材料企业。 2025年前三季度，22家正极材料的营收总额达到2244.19亿元，9家磷酸铁锂企业的营收平均值为64.56亿 元，13家三元材料企业的营收平均值为127.93亿元；22家企业的净利润总额为79.25亿元（含亏损额度在 内），其中，9家磷酸铁锂企业的净利润平均值为-0.88亿元，13家三元正极材料企业的净利润平均值为 6.70亿元。 2025年第三季度，22家正极材料企业的营收总额达到832.93亿元，9家磷酸铁锂企业的营收平均值为 24.13亿元，13家三元材料企业的营收平均值为47.37亿元；22家企业的净利润合计为30.67亿元（含亏损 额度在内），9家磷酸铁锂企业的净利润平均值为-0.02亿元，13家三元正极材料企业的净利润平均值为 2.37亿元。 总体来看 ...

【导读】富临精工实控人安治富年内拟再度减持1%股份 继今年8月份减持1709.74万股、套现2.23亿元后，铁锂龙头富临精工（300432）（证券代码：300432）实际控制人安治富再抛减持计划。 11月17日晚间，富临精工公告称，安治富因个人资金需求计划自公告发布之日起十五个交易日后的三个月内，以集中竞价交易方式减持公司股份不超过 1709.76万股，占公司总股本比例为1.00%。 截至公告披露日，安治富直接持有富临精工1.69亿股，占公司总股本比例为9.90%。安治富及其一致行动人合计持有公司股份7.05亿股，占本公司总股本 比例为41.24%。 二级市场上，富临精工自2024年2月低点迄今股价累计最大涨幅达467%。 随着股价走高，富临精工的股东相继开启减持之旅。除实控人安治富外，今年10月份，公司董事、总经理王军通过集中竞价交易减持15.75万股，减持均 价为18.99元/股；公司董事、副董事长兼董事会秘书李鹏程通过集中竞价交易减持18.48万股，减持均价为19.37元/股。 截至11月17日收盘，富临精工报19.26元/股，总市值为329亿元。 线叠加 × 导出数据 - 导出图形 - 区间统计 - ...

继今年8月份减持1709.74万股、套现2.23亿元后，铁锂龙头富临精工（证券代码：300432）实际控制人安治富再抛减持计划。 11月17日晚间，富临精工公告称，安治富因个人资金需求计划自公告发布之日起十五个交易日后的三个月内，以集中竞价交易方式减持公司股份不超过 1709.76万股，占公司总股本比例为1.00%。 【导读】富临精工实控人安治富年内拟再度减持1%股份 截至公告披露日，安治富直接持有富临精工1.69亿股，占公司总股本比例为9.90%。安治富及其一致行动人合计持有公司股份7.05亿股，占本公司总股本 比例为41.24%。 富临精工表示，本次减持计划的实施后，安治富仍为公司实际控制人，不会导致公司控制权发生变更，不会对公司治理结构及持续性经营产生影响。 公开资料显示，富临精工成立于1997年，2015年登陆深交所创业板，现主要从事汽车零部件、锂电正极材料的研发、生产和销售。其中，锂电正极材料主 要产品为高压密磷酸铁锂正极材料，应用于新能源汽车动力电池和储能领域，主要客户为宁德时代、比亚迪等。 今年9月29日，富临精工公告称，子公司江西升华拟获宁德时代增资约25.63亿元，认购新增注册资本约20.8 ...

【导读】富临精工实控人安治富年内拟再度减持1%股份 中国基金报记者 夏天 继今年8月份减持1709.74万股、套现2.23亿元后，铁锂龙头 富临精工 （证券代码： 300432）实际控制人 安治富 再抛减持计划。 11月17日晚间， 富临精工 公告称，安治富因个人资金需求计划自公告发布之日起十五个交 易日后的三个月内，以集中竞价交易方式减持公司股份不超过1709.76万股，占公司总股本 比例为1.00%。 截至公告披露日， 安治富 直接持有富临精工1.69亿股，占公司总股本比例为9.90%。 安治 富 及其一致行动人合计持有公司股份7.05亿股，占本公司总股本比例为41.24%。 富临精工 表示，本次减持计划的实施后，安治富仍为公司实际控制人，不会导致公司控制权 发生变更，不会对公司治理结构及持续性经营产生影响。 公开资料显示， 富临精工 成立于1997年，2015年登陆深交所创业板，现主要从事汽车零部 件、锂电正极材料的研发、生产和销售。其中， 锂电正极材料 主要产品为高压密磷酸铁锂正 极材料，应用于新能源汽车动力电池和储能领域，主要客户为宁德时代、比亚迪等。 今年9月29日， 富临精工 公告称，子公司 江 ...

Core Viewpoint - Rongbai Technology, a lithium battery cathode material company, recently secured a significant business deal with CATL, leading to a surge in its stock price despite reporting a loss of over 200 million yuan in the first three months of the year [2][4]. Group 1: Business Developments - Rongbai Technology signed a cooperation agreement with CATL, designating it as the primary supplier of sodium battery cathode materials, with CATL committing to purchase at least 60% of its total procurement from Rongbai if annual purchases exceed 500,000 tons [2]. - The cooperation agreement is effective until December 31, 2029, with automatic renewal unless either party objects three months prior to expiration [2]. - To meet customer demand, Rongbai Technology has initiated the construction of a production line in Xiangtan with an annual capacity of 6,000 tons for sodium battery cathode materials [4]. Group 2: Market Position and Performance - Rongbai Technology's revenue for the first three quarters was 8.986 billion yuan, a year-on-year decrease of 20.64%, with a net profit attributable to shareholders of -204 million yuan, a decline of 274.96% [4][8]. - The company has established over 300,000 tons of cathode production capacity and is expanding its overseas operations, including a 60,000 tons/year production capacity in South Korea and a 25,000 tons/year facility in Poland expected to be operational by mid-2026 [7]. - The sodium battery products are positioned to capture significant market share in various applications, including power, energy storage, and start-stop power sources, with expectations of rapid growth in production and sales from the second half of this year through 2026 [3][4]. Group 3: Technological Advancements - CATL's sodium-ion battery, branded as "Ningde Times Sodium New," has achieved an energy density of 175 Wh/kg, nearing the performance levels of current lithium iron phosphate batteries [3]. - The sodium-ion battery is expected to enhance market penetration in cold climates and has a range exceeding 500 kilometers, addressing over 40% of domestic passenger vehicle market demand [3]. - Rongbai Technology is also advancing in solid-state battery technology, with significant progress in both cathode materials and solid electrolytes, aiming for production in early 2026 [7].

Core Viewpoint - The company has signed an investment cooperation agreement for a solid electrolyte material industrialization project, aiming to establish a production line with an annual capacity of 3,000 tons of solid electrolyte materials [1] Group 1: Project Details - The project includes plans for a 2,000 tons/year oxide solid electrolyte production line and a 1,000 tons/year sulfide solid electrolyte production line [1] - The agreement was signed with the Jiangsu Jintan Economic Development Zone Management Committee on October 29, 2025 [1] Group 2: Company Positioning - The company is a leading player in the global lithium battery cathode materials industry and has made early investments in the solid electrolyte field, covering various technological routes including sulfides, oxides, and halides [1] - The signing of this investment cooperation agreement is a key move for the company to deepen its production capacity based on its strong technical accumulation in solid lithium battery materials [1] Group 3: Strategic Implications - The project's location in Jintan, Jiangsu, will leverage the local comprehensive new energy industry chain's agglomeration effect, allowing the company to better seize opportunities in the solid-state battery industry [1]

Core Viewpoint - The company, as a leader in the lithium battery cathode materials industry, has signed an investment cooperation agreement to establish a solid electrolyte material production line with an annual capacity of 3,000 tons, enhancing its position in the solid-state battery sector [1] Group 1: Investment Agreement - The company signed an investment cooperation agreement with the Jiangsu Jintan Economic Development Zone Management Committee on October 29, 2025 [1] - The planned production line will include a 2,000 tons/year oxide solid electrolyte production line and a 1,000 tons/year sulfide solid electrolyte production line [1] Group 2: Strategic Importance - The investment agreement is a key measure for the company to deepen its production capacity based on its strong technical accumulation in solid-state lithium battery materials [1] - The project, located in Jintan, Jiangsu, will leverage the local comprehensive new energy industry chain's agglomeration effect to seize opportunities in the solid-state battery industry [1]

Core Viewpoints - The solid-state battery industry is experiencing significant growth, with various companies reporting positive revenue and profit trends in the first half of 2025, driven by increasing demand for electric vehicles and energy storage solutions [3][5][63]. Group 1: Revenue and Profitability Analysis - The lithium battery cathode companies showed a notable improvement in revenue and gross profit margins in the first half of 2025, with most companies reporting positive year-on-year growth [3]. - Among the companies, Andar Technology had the highest revenue growth rate at 126.80%, followed by Wanrun New Energy at 50.49% [3][4]. - The leading cathode material company, Rongbai Technology, experienced a slight increase in gross margin, while other leaders like Dangsheng Technology and Huayou Cobalt saw minor declines [3][4]. - The highest gross margin was reported by Bettery at 22.60%, while Fengyuan shares reported the lowest at -18.13% [3][4]. Group 2: Shipment Volume Analysis - In the first half of 2025, the shipment volume of lithium battery cathodes showed positive growth, with Hunan Youneng, a leader in lithium iron phosphate, achieving a shipment volume of 480,800 tons, a year-on-year increase of 55.38% [5][63]. - Rongbai Technology shipped 50,000 tons of ternary cathodes, while Xiamen Tungsten New Energy shipped 60,700 tons of lithium cobalt oxide, marking a 35.50% year-on-year increase [5][37]. Group 3: Company-Specific Performance - Rongbai Technology reported a revenue of 62.48 billion yuan in the first half of 2025, a decrease of 9.28% year-on-year, with a net profit of -0.68 billion yuan, reflecting a significant decline of 765.45% [8]. - Dangsheng Technology achieved a revenue of 44.32 billion yuan, a year-on-year increase of 25.17%, with a net profit of 3.11 billion yuan, up 8.47% [13][14]. - Huayou Cobalt reported a revenue of 300.05 billion yuan, a 23.78% increase, and a net profit of 27.11 billion yuan, up 62.26% [17][18]. - Wanrun New Energy's revenue reached 44.36 billion yuan, with a remarkable year-on-year growth of 90.23% [5]. - Xiamen Tungsten New Energy reported a revenue of 75.34 billion yuan, a year-on-year increase of 18.04%, with a net profit of 3.07 billion yuan, up 27.76% [38]. - Bettery achieved a revenue of 78.38 billion yuan, an 11.36% increase, but its net profit decreased by 2.88% to 4.79 billion yuan [43][44]. - Hunan Youneng's revenue was 143.6 billion yuan, a 33.17% increase, with a net profit of 3.05 billion yuan, down 21.59% [63][64].

Core Viewpoint - Fulin Precision has seen a stock price increase of 10.88% over the past three days, closing at 19.57 CNY per share with a market capitalization of 33.46 billion CNY [1] Company Overview - Fulin Precision was established on November 10, 1997, and went public on March 19, 2015. The company is located in Mianyang, Sichuan Province, and specializes in the research, production, and sales of automotive parts and lithium battery cathode materials [1] - The revenue composition of Fulin Precision is 68.09% from lithium battery cathode materials and 31.91% from automotive engine components [1] Shareholder Information - Among the top ten circulating shareholders, a fund under CCB Fund Management, CCB New Energy Industry Stock A (009147), has increased its holdings by 1.4275 million shares, totaling 10.2598 million shares, which represents 0.61% of the circulating shares [2] - The fund has realized a floating profit of approximately 6.874 million CNY today and 19.6987 million CNY during the three-day price increase [2] Fund Performance - CCB New Energy Industry Stock A (009147) was established on June 17, 2020, with a current scale of 3.196 billion CNY. Year-to-date returns are 28.47%, ranking 2017 out of 4218 in its category, while the one-year return is 22.95%, ranking 2193 out of 3878 [2] - The fund has achieved a cumulative return of 85.08% since inception [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on its technological advantages and clear growth trajectory in its business lines [7]. Core Insights - The company's performance in the first three quarters of 2025 met expectations, with revenue reaching 13.059 billion yuan, a year-on-year increase of 29.80%, and a net profit attributable to shareholders of 552 million yuan, up 41.54% year-on-year [3]. - In Q3 2025, the company reported revenue of 5.526 billion yuan, reflecting a significant year-on-year growth of 54.25% and a quarter-on-quarter increase of 21.25%. The net profit for the same period was 245 million yuan, marking a year-on-year increase of 91.05% [3]. - The company has seen a substantial increase in the sales volume of lithium battery cathode materials, reaching 99,900 tons in the first three quarters, a growth of 40.41% year-on-year, driven by government policies and innovations in 3C product applications [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 10.00%, a year-on-year increase of 0.91 percentage points, while the net profit margin was 4.52%, up 28.60 percentage points year-on-year [3]. - The company’s R&D investment grew by 25.07% year-on-year, focusing on high-nickel and solid-state battery materials, which are expected to enhance production efficiency and reduce costs [5]. - Revenue projections for 2025-2027 are estimated at 17.24 billion, 18.88 billion, and 22.42 billion yuan, with corresponding net profits of 777 million, 1.06 billion, and 1.36 billion yuan, reflecting growth rates of 57.3%, 36.4%, and 28.7% respectively [5][6]. Strategic Developments - The company has entered strategic partnerships with Zhongwei Co. and Greeenmei to strengthen its supply chain and ensure raw material security, with significant production targets set for the coming years [4]. - The company is advancing in high-nickel and solid-state technology, with successful large-scale production of high-voltage lithium cobalt oxide and solid-state electrolytes [5]. Valuation Metrics - As of October 24, 2025, the company's price-to-earnings (PE) ratios are projected to be 50, 37, and 29 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [6].