进固态电池群 ，加小编微信：13248122922 注：添加好友请备注 公司名称、姓名、职务，入群需发送1张您的纸质名片~ 会议详情 I C C S I N O 会议主办： 鑫椤资讯 -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~ 本文来源： 太和县生态环境分局 近日，安徽元创新能源材料有限公司 1万吨/年动力锂离子电池正极材料项目 环境影响评价文件进行了受 理批前公示。 项目位于安徽阜阳太和经济技术开发区， 总投资100000万元， 其中环保投资539万元。项目新增用地面 积约 45492 平方米（68.2亩），新建三元厂房、综合站房、固废仓库等，建筑面积44457.6 平方米，购 置数智化道窑、混合机组、粉碎机组、自动包装生产线、DCS系统等生产设备，配套建设环保与安全等设 施， 建成年产1万吨动力锂离子电池正极材料生产线。 END 会议时间： 2025年7月8-9日（8号报到） 会议地点： 中国·上海 会议咨询： 19921233064（微信同） ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-074 江苏龙蟠科技股份有限公司 关于与 Eve Energy Malaysia Sdn. Bhd. 签署日常经营重大合同的公告 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。 ? 合同类型及金额：江苏龙蟠科技股份有限公司（以下简称"公司"）控股 孙公司LBM NEW ENERGY (AP) PTE. LTD.（以下简称"锂源（亚太）"）与Eve Energy Malaysia Sdn. Bhd.（以下简称"Eve Energy"）签署了《生产定价协议》 （以 下简称"协议"）。协议约定，预计将由锂源（亚太）及其关联企业（以下简称"卖 方"）自2026至2030年间合计向Eve Energy及其关联企业（以下简称"买方"）销 售15.2万吨符合双方约定规格的磷酸铁锂正极材料，并且允许买方在满足提前通 知期限的前提下在一定范围内调整预计需求量，具体单价由双方根据本协议条款 逐季度确定，如按照预计数量及市场价格估算，合同总销售金额超人民币50亿元 （最终根据销售订单据 ...

Core Viewpoint - Liu Guo Chemical plans to raise up to 800 million yuan through a private placement to invest in a 280,000 tons/year battery-grade refined phosphoric acid project, with a total investment of 1.194 billion yuan and a payback period of 6.55 years [1][9]. Company Overview - Liu Guo Chemical primarily engages in the production and sales of phosphate fertilizers and fine chemical products, being one of the largest integrated manufacturers in East China [5]. - The company has production capacities of 450,000 tons/year for monoammonium phosphate, 640,000 tons/year for diammonium phosphate, 300,000 tons/year for urea, and 1,550,000 tons/year for compound fertilizers [5]. Industry Context - Since 2014, China's phosphate fertilizer usage has declined from 8.4534 million tons to 5.3630 million tons in 2023, reaching a recent low due to government policies promoting modern agriculture and controlling traditional fertilizer usage [5]. - Phosphate and compound fertilizers are the main revenue sources for the company, generating sales revenues of 2.680 billion yuan and 2.183 billion yuan respectively, accounting for 42.88% and 34.93% of total revenue as of December 31, 2024 [5]. Financial Performance - The company's operating revenue has continuously declined from 7.549 billion yuan in 2022 to 6.251 billion yuan in 2024 [6]. - The net profit attributable to the parent company has also decreased significantly from 237 million yuan in 2021 to 2.3 million yuan in 2023, with a slight recovery to 2.5 million yuan in 2024 [6]. - The gross profit margin fell from 14.85% in 2021 to 8.05% in 2023, with a minor recovery to 9.36% in 2024 [6]. Strategic Shift - In response to ongoing pressures in the traditional fertilizer business, the company is transitioning towards high-value sectors, specifically producing and selling battery-grade refined phosphoric acid [8]. - The planned fundraising will significantly enhance the company's refined phosphoric acid production capacity, aligning with the growing demand from the rapidly developing electric vehicle and energy storage industries [9]. Market Dynamics - The refined phosphoric acid is a core raw material for lithium iron phosphate batteries, which are experiencing high growth in demand [9]. - However, the industry faces challenges with an oversupply of lithium iron phosphate battery capacity, leading to project terminations by other companies in the sector [10].

Core Viewpoint - Tianji Co., Ltd. has faced significant financial losses in the lithium hexafluorophosphate industry, reporting a loss of nearly 1.4 billion yuan in 2024, with no signs of recovery in early 2025 [1][6]. Company Background - Established in 1996 in Shantou, Guangdong, Tianji Co., Ltd. initially focused on small household appliances, achieving revenue of 500 million yuan and a profit of 80 million yuan by 2015 [2]. - In 2016, the company acquired Jiangsu Xintai Materials for 2.7 billion yuan, entering the lithium-ion battery materials sector, aiming for a dual business model of "appliances + lithium-ion battery materials" [2][3]. Industry Position and Growth - The company has built an annual production capacity of 37,000 tons of lithium hexafluorophosphate, ranking third in the industry, behind Tianqi Lithium and Dongfang Special Steel [3]. - Revenue from lithium hexafluorophosphate reached 2.858 billion yuan in 2022, accounting for 87.29% of total revenue, marking over fivefold growth since its IPO [3]. Recent Acquisitions and Strategy - In 2023, Tianji Co., Ltd. acquired 100% of Xinte Chemical for 460 million yuan, diversifying into the phosphorus chemical sector [4]. - The acquisition aimed to enhance the product matrix and extend the company's presence in the chemical industry [4]. Financial Performance - In 2023, the company reported revenue of 2.193 billion yuan, a decline of over 33%, with net profit plummeting by 93% to 36.64 million yuan [5]. - By 2024, revenue further decreased to 2.055 billion yuan, with a net loss of 1.361 billion yuan [6]. Market Challenges - The decline in profitability is attributed to oversupply in the lithium battery materials market, leading to a drastic drop in product prices [7]. - The average selling price of lithium hexafluorophosphate fell by 50.04% in 2024, despite a 70% increase in sales volume [7]. Profitability Issues - The company's gross margin has sharply declined from 62.26% in 2021 to -12.04% in 2024, indicating that products are being sold at a loss [8][9]. - In contrast, competitors like Dongfang Special Steel and Tianqi Lithium maintained positive gross margins despite similar market pressures [9][10]. Future Outlook - The industry is unlikely to return to its 2021 peak due to completed penetration of the electric vehicle market and ongoing oversupply issues [13]. - The company faces significant challenges in improving management and technical capabilities to recover profitability [14][15].

Core Viewpoint - The article emphasizes the hidden risks in controlling stake acquisitions, particularly focusing on inventory, accounts receivable periods, and free cash flow as significant factors that can derail acquisition plans [1][3][4]. Group 1: Inventory Risks - High inventory levels, particularly when they exceed 50% of current assets, signal potential issues such as unsold products and low turnover efficiency [1]. - A case study involving a solar equipment company revealed that despite appearing profitable, it had two-year-old components in stock, indicating a risk of acquiring outdated inventory [1]. Group 2: Accounts Receivable Risks - Lengthening accounts receivable periods, especially exceeding 90 days, can indicate a company's struggle with cash flow and may lead to a "ticket-for-ticket" survival mode [3]. - An example of a new energy materials company showed an increase in accounts receivable turnover days from 48 to 126 days without a significant rise in sales, raising questions about the sustainability of reported growth [3]. Group 3: Free Cash Flow Risks - Negative free cash flow indicates a company is reliant on external financing, akin to a patient needing blood transfusions to survive [4]. - A real estate industry case highlighted a company with three consecutive years of negative operating cash flow, suggesting deeper operational and financing issues [4]. Group 4: Interconnected Risks - The three identified risks often coalesce, creating a "capital exhaustion flywheel" that can ensnare acquirers, as seen in a case where a large private enterprise faced cash flow issues due to high inventory and extended accounts receivable periods [4]. - The article warns that these risks are frequently overlooked due to the urgency of acquisitions, with acquirers focusing on net profits and valuations rather than cash flow realities [4][6]. Group 5: Recommendations for Mitigation - Goheal suggests a three-step approach to identify and manage these risks: assessing inventory aging and technology depreciation, establishing a linkage model between accounts receivable and sales, and conducting sensitivity tests on free cash flow [4][6]. - It is recommended to include performance guarantees and cash flow targets in acquisition agreements to prevent inflated profits through extended accounts receivable periods [6].

Core Insights - The article highlights the rapid industrial growth and efficient service mechanisms in the Qiannan High-tech Industrial Development Zone, which has achieved an industrial output value of 35.477 billion yuan in 2024, marking its fifth consecutive year as the top-ranked development zone in Guizhou Province [1][2]. Group 1: Industrial Growth and Achievements - In 2024, Qiannan High-tech Zone successfully launched 22 industrial projects, with 8 projects starting and completing in the same year, significantly reducing construction time [3]. - The zone's industrial output is bolstered by the establishment of a 220 kV power supply line, which was completed in just 3 months, compared to a typical 17-month timeline, enabling the production line of Guizhou Youneng to commence early [2][3]. Group 2: Service Efficiency and Mechanisms - The zone has implemented a "project-oriented" approach to resource allocation, ensuring that essential services follow the projects, which has led to a 45% reduction in project approval times [5]. - A "special commissioner" mechanism has been introduced, where 46 party members act as liaisons to address various operational challenges faced by enterprises, enhancing service delivery and satisfaction [6][7]. Group 3: Infrastructure Development - Over the past three years, Qiannan High-tech Zone has invested 3.033 billion yuan in 48 infrastructure projects, including the construction of 89.9 kilometers of power transmission lines and 15.3 kilometers of water supply networks [2][3]. - The zone has established a comprehensive support system for enterprises, including energy supply and infrastructure, facilitating a seamless transition for companies moving into the area [2][5].

杨大伟表示，此次IPO项目签约，标志着公司在发展历程上迎来了又一个关键里程碑节点，迎来一个新发展契机。科润新材料将持续加大研发投入，继续 专注于新能源电池核心膜材料的研发与生产，力争在产业链上实现全面突破，为中国新能源行业的发展贡献力量 近日，位于吴江开发区的国内质子膜龙头企业之一——科润新材料股份有限公司（以下简称"科润新材料"）IPO项目签约仪式即上市启动会在民生证券上 海总部成功举办。公司与国联民生证券、立信会计师事务所、国浩律师事务所成功签约，同时近期还完成了科创板IPO辅导备案，标志着科润新材料IPO 上市工作的正式启动。 科润新材料董事长杨大伟与国联民生证券保荐承销公司总裁张明举签约 科润新材料董事长杨大伟与立信高级合伙人张军书签约 科润新材料董事长杨大伟与国浩苏州合伙人陶云峰签约 2019年，当杨大伟的产业化进程遭遇资金瓶颈时，吴江开发区以"人才+项目+基金"创新机制（全省首创）精准破题，主营业务为全氟磺酸质子交换膜的 研发与生产，产品覆盖氢燃料电池、全钒液流储能及电解水制氢三大领域。公司由国家万人计划专家杨大伟创办，凭借在新能源材料领域的核心技术，成 为国内质子交换膜产业的头部企业之一。 全氟 ...

Core Viewpoint - Suzhou Corun New Materials Co., Ltd. (referred to as "Corun New Materials") has initiated the process for listing on the Science and Technology Innovation Board, marking a significant step in its growth as a leading domestic enterprise in proton exchange membrane materials [1][2]. Group 1: Company Overview - Corun New Materials has 16 years of experience in the research and manufacturing of proton exchange membranes and is one of the earliest companies in China to achieve the industrialization of perfluorosulfonic acid proton exchange membranes [1]. - The company operates three main manufacturing facilities located in Fujian, Huai'an, and Suzhou [1]. - Corun New Materials has resolved critical material challenges in the fields of vanadium flow batteries and hydrogen fuel cells, achieving domestic self-sufficiency in perfluorosulfonic acid proton membranes [1]. Group 2: Industry Position and Achievements - Corun New Materials is currently the only company in China capable of mass-producing and supplying perfluorosulfonic acid proton exchange membranes for vanadium flow batteries and is among the few that can do so for hydrogen fuel cells [1]. - The company has established a complete industrial chain layout from resin synthesis to membrane preparation and application development, leading the domestic market in the shipment volume of perfluorosulfonic acid proton (ion) membranes for three consecutive years [1]. - Corun New Materials holds over 100 patents related to proton membranes and has participated in the formulation of more than 10 national industry standards [2]. Group 3: Research and Development - The company has developed five major laboratories focusing on raw material selection, membrane liquid preparation, membrane production, performance testing, and application testing [2]. - Corun New Materials collaborates with prestigious institutions such as the Chinese Academy of Sciences and Xiamen University to maintain its technological competitiveness [2]. Group 4: Financial and Investment Highlights - Corun New Materials has completed multiple rounds of financing, attracting investments from notable firms including Sinopec Capital, Sequoia, and others [2]. - In August 2024, the company completed the second batch of financing in its C+ round, raising over 400 million yuan, with Sinopec Capital as the lead investor [2]. Group 5: Ownership Structure - The actual controller of Corun New Materials is Yang Dawei, who holds a 27.47% stake in the company [3].

Core Viewpoint - Company is a leading global operator in the new energy materials industry, focusing on advanced battery materials and technologies, particularly in the fields of lithium-ion and sodium-ion batteries [1]. Group 1: Product and Market Performance - In 2024, the company's ternary cathode material sales grew over 20% against the trend, with a global market share exceeding 12%, maintaining its position as the world's leading supplier for four consecutive years [10]. - The company’s high-nickel ternary cathode materials have consistently led the industry in shipment volume, showcasing significant technological advantages [5]. - The company’s lithium iron manganese phosphate (LMFP) series products achieved a sales increase of 174% year-on-year in Q1, driven by their safety and cost-performance advantages [11]. Group 2: Technological Innovations - The company has developed a new generation of low-nickel single crystal products that overcome traditional challenges in fast charging and cycle life, achieving high voltage resistance and long lifespan [9]. - The company has successfully developed a 4.5 generation ultra-high-density lithium iron phosphate material, addressing the balance between high density and high rate performance [12]. - The company has made significant breakthroughs in sodium-ion and all-solid-state battery technologies, with sodium-ion materials showing a cycle life exceeding 10,000 cycles and maintaining performance in extreme low temperatures [18]. Group 3: Production Capacity and Future Plans - The company is advancing its production capacity with a new 6,000 tons/year pilot line for sodium-ion materials expected to be operational by Q3 2025, aiming for a total capacity of 400,000 tons/year by 2030 across multiple regions [20]. - The company’s precursor production line for lithium iron manganese phosphate has commenced, with plans for a 10,000-ton capacity upgrade by 2025 [14]. - The company is also leading in the development of high-energy density lithium-rich manganese-based materials for all-solid-state batteries, with ongoing collaborations for applications in advanced fields [23].

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and transportation sectors [4] Core Insights - Liquid Crystal Elastomers (LCEs) have significant potential applications in actuators, artificial muscles, and sensors due to their unique properties [1][12] - The performance of LCEs in artificial muscles has reached or even surpassed that of biological muscles, with advancements in strain capacity and response speed [2][19] - The report suggests focusing on companies in the liquid crystal industry, including 8Y Space, Ruian New Materials, Wanrun Shares, and Chengzhi Shares, as LCE applications continue to develop [2][19] Summary by Sections Liquid Crystal Elastomers - LCEs consist of flexible polymer chains with liquid crystal mesogens, allowing for rubber-like flexibility and elasticity while retaining liquid crystal properties [1][12] - The connection methods between mesogens and polymer chains affect the types of liquid crystal phases formed [1][12] - External stimuli such as temperature and humidity can trigger phase transitions in LCEs, leading to macroscopic shape changes [1][12] Performance Comparison - LCE fibers have comparable density and Young's modulus to muscle fibers, with higher driving strain, stress, energy density, and power density [19][20] - The report highlights that LCE fibers have improved performance metrics, making them competitive with artificial muscles [19][20] Investment Recommendations - The report recommends continued attention to undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [3] - It also suggests monitoring domestic material companies benefiting from the trend of domestic substitution, particularly in semiconductor and panel materials [3]