Core Viewpoint - Daoshi Technology (300409.SZ) is actively supplying single-walled carbon nanotubes to multiple battery cell customers and is engaged in large-scale production efforts while testing samples with well-known companies in the lithium battery sector [1] Group 1: Product Development - The company has successfully supplied single-walled carbon nanotubes to several battery cell clients and is conducting tests with various renowned enterprises in the lithium battery field [1] - The silicon-carbon anode product layout covers multiple sectors including consumer batteries, digital batteries, power batteries, and solid-state batteries, with ongoing evaluation and sample cooperation with numerous industry players [1] - Sulfide and oxide electrolytes are being tested with several leading companies, with some clients already passing the tests and providing positive feedback on performance metrics, indicating that they are at an advanced industry level [1]

Report Industry Investment Rating - Not provided in the report Report's Core View - On September 19, the main contract of lithium carbonate futures fluctuated upward. The spot market trading was fair, and the basis changed from premium to discount. Considering cost, spodumene concentrate prices rose, as did mica prices. On the supply side, lithium carbonate production increased last week, with output from different raw materials rising. In terms of downstream demand, lithium iron phosphate production and ternary material production increased last week. In September, lithium cobaltate and lithium phosphate production schedules increased, and power battery production was basically flat last week. In terms of terminal demand, the year - on - year growth rate of new energy vehicle production slowed in August, 3C shipments were average, and energy - storage battery production increased in September. In terms of inventory, registered warehouse receipts increased by 130 tons to 39484 tons, social inventory decreased, with smelters and others destocking, and downstream restocking. Overall, the current supply and demand are both strong, upstream inventory pressure is not large, and as downstream lithium mine resumption is actively advancing, the expectation of supply contraction weakens. It is expected that lithium carbonate prices will fluctuate at a low level. One should be vigilant about the downstream restocking node and the deadline for Jiangxi mine - end reserve reports [1]. Summary by Relevant Catalogs Lithium Carbonate Futures Market - **Prices**: On September 19, the closing prices of the near - month contract, consecutive - one contract, consecutive - two contract, and consecutive - three contract were 73760 yuan/ton, 73960 yuan/ton, 74040 yuan/ton, and 73960 yuan/ton respectively, with changes of 1140 yuan/ton, 1100 yuan/ton, 1100 yuan/ton, and 1100 yuan/ton compared to the previous day [1]. - **Volume and Open Interest**: The trading volume of lithium carbonate futures was 370359 hands (- 131910), and the open interest was 281264 hands (- 147) [1]. - **Spreads**: The spread between the near - month and consecutive - one contracts was 160 yuan/ton, the spread between consecutive - one and consecutive - two contracts was - 20 yuan/ton, and the spread between consecutive - two and consecutive - three contracts was 0 yuan/ton [1]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 1290 yuan/ton [1]. Lithium Ore Prices - **Spodumene Concentrate**: The average price of spodumene concentrate (6%, CIF China) was 842 US dollars/ton [1]. - **Lithium Mica**: The average price of lithium mica (Li2O: 1.5% - 2.0%) was 1150 yuan/ton, and the average price of lithium mica (Li2O: 2.0% - 2.5%) was 1880 yuan/ton [1]. - **Phospho - lithium - aluminum Stone**: The average price of phospho - lithium - aluminum stone (Li2O: 6% - 7%) was 5770 yuan/ton, and the average price of phospho - lithium - aluminum stone (Li2O: 7% - 8%) was 7215 yuan/ton [1]. Lithium Salt Prices - **Lithium Carbonate**: The average price of battery - grade lithium carbonate (99.5%, domestic) was 73500 yuan/ton, and the average price of industrial - grade lithium carbonate (99.2%, domestic) was 71250 yuan/ton [1]. - **Lithium Hydroxide**: The average price of battery - grade lithium hydroxide (56.5%, CIF China, Japan, and South Korea) was 9.3 US dollars/kg, the average price of battery - grade lithium hydroxide (56.5%, coarse - particle, domestic) was 74050 yuan/ton, and the average price of battery - grade lithium hydroxide (56.5%, micron - powder type, domestic) was 78970 yuan/ton [1]. Other Battery Material Prices - **Lithium Iron Phosphate**: The average price of power - type lithium iron phosphate was 33630 yuan/ton, the average price of mid - to high - end energy - storage type lithium iron phosphate was 32235 yuan/ton, and the average price of low - end energy - storage type lithium iron phosphate was 29430 yuan/ton [1]. - **Lithium Cobaltate**: The average price of lithium cobaltate (60%, 4.35V, domestic) was 236500 yuan/ton [1]. - **Electrolyte**: The average price of electrolyte for ternary power batteries was 22250 yuan/ton, the average price of electrolyte for lithium iron phosphate batteries was 18250 yuan/ton, and the average price of electrolyte for lithium cobaltate batteries was 0 yuan/ton [1]. Inventory - **Registered Warehouse Receipts**: The registered warehouse receipts of lithium carbonate were 39484 tons (+ 130) [1]. - **SMM Lithium Carbonate Inventory**: The total SMM lithium carbonate inventory was 137531 tons, with smelters and others destocking and downstream restocking [1]. News and Information - Argentina exported 8099.95 tons of lithium carbonate in August, with 6528 tons exported to China [1]. - The president of the China Non - Ferrous Metals Industry Association stated that many domestic alumina enterprises' projects are accelerating, and lithium battery raw material enterprises should rationally judge the industry scale and supply - demand relationship [1]. Investment Strategy - It is recommended to wait and see [1].

消息面上，富临精工于9月18日发布公告，称其控股子公司江西升华与宁德时代签订《预付款协议》。 宁德时代将向江西升华支付供计15亿元的预付款，用于锁定磷酸铁锂供应量，并支持江西升华布局原材 料建设，协议有效期自签订之日起至2026年12月31日止。 21财经·南财快讯记者以投资者身份致电富临精工，相关人士回应，目前公司的高压实密度磷酸铁锂正 极材料相关产品受到高端客户青睐，主要客户为宁德时代。后续若预付款协议顺利履行，随着产能的持 续放量、销售订单扩大，产线的规模效应也会进一步显现，因此对锂电池材料业务产生积极影响。查看 原文：宁德时代15亿预付款锁定供应，富临精工一度大涨8%，公司回应刚刚 南方财经9月19日电，早盘富临精工（300432.SZ）股价一度大涨近8%，截至午间收盘，富临精工涨 19.5%，报16.17元/股。 ...

Core Viewpoint - Silicon Treasure Technology (硅宝科技) is advancing its production capabilities and market presence in the silicon-carbon anode materials sector for lithium batteries, with significant milestones achieved in production and sales growth [1] Group 1: Production and Development - In 2019, the company established a pilot production line with a capacity of 50 tons per year for silicon-carbon anodes, which was recognized as internationally advanced by the Sichuan Provincial Economic and Information Technology Department [1] - In 2021, the company founded "Silicon Treasure (Meishan) New Energy Materials Co., Ltd." to invest in a project for 50,000 tons per year of silicon-carbon anode materials and specialized adhesives [1] - By 2024, the company expects its 1,000 tons per year pilot line to be operating stably, achieving sales in the hundred-ton range, with new silicon-carbon products reaching a ton-level breakthrough [1] Group 2: Market Expansion and Sales Growth - In the first half of 2025, both the 1,000 tons per year pilot line and the 3,000 tons per year production line are anticipated to operate stably, leading to rapid sales growth of silicon-carbon anode materials due to strong product capabilities and deepening customer relationships [1] - The company is actively expanding its customer base, gradually increasing its market share [1] - The 50,000 tons per year project for silicon-carbon anode materials and specialized adhesives is progressing as planned, with a focus on deepening collaboration with strategic customers from R&D to mass production, accelerating the commercialization of silicon-carbon anodes in the high-end battery market [1]

富临精工(300432.SZ)公告，公司控股子公司江西升华新材料有限公司(简称"江西升华")此前已与宁德时 代签订《业务合作协议》及其补充协议。近日公司控股子公司江西升华于近日与宁德时代签订《预付款 协议》，约定宁德时代向江西升华支付共计人民币15亿元的预付款，用于锁定江西升华向宁德时代承诺 磷酸铁锂供应量，并支持江西升华布局更有竞争力的原材料建设。预付款项将分为两次支付，于2025年 9月支付5亿预付款，2025年11月支付10亿预付款。 ...

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：综合自采招网、 寻乌县人民政府网 8月20日， 寻乌县行政审批局收到赣州宏锂环保科技有限公司提交的《关于赣州宏锂环保科技寻乌县磷酸铁锂正极材料项目环境影响报告表的批复申请撤销的 函》， 同意撤销该项目环评批复 文件 。 自公告之日起该项目环评批复文件即行作废。 该项目位于江西省赣州市寻乌县文峰乡，占地面积80000平方米，总投资55000万元， 原计划年产10000吨磷酸铁锂正极材料， 副产硫酸钠。项目利用石湾 环球陶瓷二期标准厂房及空地，建设内容包括生产车间、原料库、环保设施等，并采用磨粉、浸出、烧结等工艺。 2024年4月，寻乌县正式作出环评批复决定。 2025年8月19日，赣州宏锂环保科技提交《关于撤销环评批复的函》， 明确因 经营战略调整 和 产品市场行情下滑 ，已建成生产线不再投入生产， 项目不 再产生排污及危险废物。 会议详情： 会议主办： 鑫椤资讯 会议时间： 2025年11月12-13日（12号报到） 会议地点： 中国·上海 会议咨询： 13248122922(微信同） END ...

Core Viewpoint - The company, Dangsheng Technology, has shown significant trading activity and financial performance, with a notable increase in revenue and net profit year-on-year, indicating a strong position in the lithium-ion battery materials sector [1][2]. Financing and Trading Activity - On September 17, Dangsheng Technology's stock rose by 1.76%, with a trading volume of 2.31 billion yuan. The financing buy-in amounted to 270 million yuan, while the financing repayment was 290 million yuan, resulting in a net financing outflow of 19.73 million yuan [1]. - As of September 17, the total financing and securities lending balance for Dangsheng Technology was 1.642 billion yuan, with the financing balance at 1.629 billion yuan, representing 5.74% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on September 17, 15,500 shares were repaid, and 2,000 shares were sold, with a selling amount of 112,200 yuan. The remaining securities lending balance was 128.05 million yuan, also above the 90th percentile of the past year [1]. Financial Performance - For the first half of 2025, Dangsheng Technology reported a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 25.17%. The net profit attributable to shareholders was 311 million yuan, marking an 8.47% increase compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 1.265 billion yuan in dividends, with 821 million yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Dangsheng Technology was 86,700, an increase of 2.18% from the previous period. The average number of circulating shares per shareholder was 5,834, a decrease of 2.13% [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by E Fund's ChiNext ETF and an increase in holdings by Southern CSI 500 ETF and Hong Kong Central Clearing Limited [3].

Core Insights - The company Xiangfenghua stated on September 17 that its anode materials are primarily supplied to lithium battery manufacturers and do not sell directly to end automotive manufacturers [2] Group 1 - The company focuses on the supply chain of anode materials for lithium batteries [2] - The company's customer base consists mainly of lithium battery manufacturers [2] - There is no direct supply relationship between the company and end automotive manufacturers [2]

Core Viewpoint - The company reported strong growth in its H1 2025 performance, with significant increases in revenue and net profit, driven by robust demand for lithium battery materials, particularly lithium cobalt oxide [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 75.34 billion yuan, a year-on-year increase of 18.04% - The net profit attributable to shareholders reached 3.07 billion yuan, up 27.76% year-on-year - The non-recurring net profit was 2.91 billion yuan, reflecting a 32.24% year-on-year growth - In Q2 2025, revenue was 45.57 billion yuan, showing a year-on-year increase of 47.78% and a quarter-on-quarter increase of 53.10% - The net profit for Q2 was 1.90 billion yuan, up 47.55% year-on-year and 63.02% quarter-on-quarter [1]. Product Performance - The company’s lithium battery cathode material sales volume reached 60,700 tons in H1 2025, a year-on-year increase of 35.50% - Lithium cobalt oxide sales were 28,800 tons, up 56.64% year-on-year, driven by government subsidies and increased demand in the 3C consumer electronics sector - Sales of power battery cathode materials were 31,900 tons, reflecting a year-on-year growth of 20.76% [1]. Cost Management and Profitability - The company maintained good cost control, with a gross margin of 9.99%, an increase of 0.48 percentage points year-on-year - The net profit margin was 4.06%, up 0.28 percentage points year-on-year - The expense ratios for sales, management, R&D, and finance were 0.25%, 1.29%, 3.23%, and 0.01%, respectively, with a total decrease of 0.51 percentage points [2]. Strategic Positioning - The company has a strong position in the solid-state battery sector, focusing on cathode materials and electrolytes - It has successfully supplied cathode materials for oxide route solid-state batteries and is actively collaborating with leading domestic and international companies for sulfur-based solid-state battery materials - The company has achieved ton-level production of oxide solid-state electrolytes and developed a unique lithium sulfide synthesis process, with positive testing results from clients [2]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 171.85 billion yuan, 214.42 billion yuan, and 249.17 billion yuan for 2025-2027, with year-on-year growth rates of 29.24%, 24.77%, and 16.21%, respectively - Expected net profits attributable to shareholders are 7.46 billion yuan, 10.71 billion yuan, and 11.19 billion yuan, with growth rates of 51.04%, 43.58%, and 4.48% - Corresponding price-to-earnings ratios are estimated at 54.74, 38.13, and 36.49 times, maintaining a "buy" rating [3].

Group 1 - The core viewpoint of the article is that Fujilin Precision (300432.SZ) has announced that its subsidiary, Jiangxi Shenghua, has an annual production capacity of 300,000 tons of high-density lithium iron phosphate, and the related products are currently being supplied in bulk to key customers [1]