Core Viewpoint - Phosphate iron lithium batteries are solidifying their core position in the power battery and energy storage sectors due to high safety, low cost, and long cycle life [1] Group 1: Power Battery Market - In the first half of 2025, China's cumulative power battery installation reached 299.6 GWh, a year-on-year increase of 47.3% [2] - Among this, phosphate iron lithium batteries accounted for 244.0 GWh, representing 81.4% of the total installation, with a year-on-year growth of 73.0% [2] Group 2: Energy Storage Market - Global energy storage battery production in the first half of 2025 reached 258 GWh, a year-on-year increase of 106%, with phosphate iron lithium materials accounting for over 95% [2] Group 3: Expansion Trends - Despite current losses, many companies are not deterred and are initiating a new wave of global expansion in phosphate iron lithium production in 2025 to meet surging terminal demand [2] - Over 1.5 million tons of phosphate iron lithium materials are expected to be built and put into production by the end of 2026 [2][6] Group 4: Characteristics of Current Expansion - The current expansion wave features significant overseas factory construction [3] - New entrants have emerged alongside a few dominant players, indicating a shift in market dynamics [3] - The focus is not only on new phosphate iron lithium production lines but also on upstream resource support [3] - Lesser-known processes like oxalic iron and red iron are becoming key players in the expansion [3] - Companies are prioritizing securing future order volumes with clients before committing to expansion [4]

Group 1 - Haier Air Conditioning's subsidiary terminates investment in a new energy materials project due to economic feasibility concerns stemming from tariff policy adjustments, transportation and exchange rate fluctuations, and intensified market competition [1] - Chengdu XianDao's majority of self-developed new drug projects are in various pre-clinical stages, with significant uncertainty regarding future external transfers [1] - Huafeng Technology plans to raise up to 1 billion yuan through a private placement to fund expansion projects including high-speed line modules and defense connectors [1] Group 2 - Hehe Information expects a revenue increase of 19.15% to 26.13% year-on-year for the first half of 2025, driven by advancements in AI technology and enhanced product competitiveness [2] - Xiamen Tungsten's net profit for the first half of 2025 is reported at 307 million yuan, a year-on-year increase of 27.76%, benefiting from national subsidy policies and increased demand for 3C consumer devices [3] - China Power Construction signed new contracts worth 686.699 billion yuan in the first half of 2025, a year-on-year growth of 5.83%, with energy and power contracts increasing by 12.27% [4] Group 3 - Beilu Zhikong plans to invest approximately 600 million yuan to establish a smart mining driving industrialization base in Nanjing [5] - Zhongshi Technology anticipates a net profit increase of 85.01% to 105.75% for the first half of 2025, driven by recovering market demand in the consumer electronics sector [6] - Yongli Co. intends to establish a joint venture focused on smart pet appliances, with an investment of 2.55 million yuan for a 51% stake [7] Group 4 - Sanquan Foods plans to set up a wholly-owned subsidiary in Hong Kong and invest approximately 280 million Australian dollars to establish a production base in Australia [7] - Yunda Technology's controlling shareholder intends to transfer 10% of the company's shares at a price of 9.01 yuan per share, totaling 400 million yuan [7] - Zhongya Co.'s actual controller plans to reduce their stake by up to 1.27% over the next three months [8] - Delian Group plans to invest up to 60 million yuan of idle funds in securities to enhance cash utilization and returns [9]

Core Insights - The third China International Supply Chain Promotion Expo concluded successfully, showcasing its growth in scale, popularity, and practical outcomes compared to previous editions [1][2] - The expo has become a key platform for global supply chain collaboration and innovation, attracting significant international participation [2][4] Group 1: Event Overview - The expo featured 1,200 participating companies and institutions, with over 210,000 attendees, marking a 5% increase from the previous year [2] - There were 24,000 precise matches between exhibitors and professional visitors, quadrupling the previous year's figures [2] - A total of 6,000 cooperation agreements and intentions were signed during the event [2] Group 2: Global Supply Chain Trends - The Global Supply Chain Promotion Report and the Global Supply Chain Index Matrix were released, highlighting the focus on supply chain stability and resilience amid global economic adjustments [2][3] - The Promotion Index within the Global Supply Chain Index Matrix increased from 1 to 2.71, indicating strong momentum for global supply chain cooperation [3] Group 3: International Participation - The proportion of foreign exhibitors rose from 32% to 35%, with notable participation from major multinational companies [4] - The number of participating countries increased from 55 to 75, with U.S. companies leading in foreign participation, showing a 15% growth [4] Group 4: Innovation and Technology - The expo emphasized innovation, featuring a dedicated Innovation Chain Zone and the "Chain Expo New Products" section, showcasing cutting-edge advancements across various sectors [6][7] - Companies like Bettery introduced groundbreaking products, such as a new long-lasting battery material, highlighting the role of innovation in the supply chain [7] Group 5: Future Collaboration - The event fostered discussions on enhancing cooperation between South African producers and Chinese buyers, emphasizing the potential for joint development [5] - Participants expressed appreciation for China's comprehensive supply chain system, recognizing its critical role in global supply chain connectivity [7][8]

Core Viewpoint - The article highlights the launch of BTR S+i graphite anode material solution by Bettery, aimed at enhancing the range of electric vehicles through innovative silicon-based anode technology [1][2]. Group 1: Product Innovation - Bettery introduced the BTR S+i graphite anode material solution, which is designed specifically for silicon-based anodes, addressing key challenges in energy density [1]. - The new solution can increase battery lifespan by 20%, maintain a high capacity retention during idle conditions, and improve storage performance by over 25% [1]. - The i-graphite material achieves a synergistic effect with silicon anodes, effectively resolving issues such as lithium crosstalk, uneven material dispersion, and thermal stability [1]. Group 2: Industry Standards and Safety - Bettery has established a strong foundation in silicon-based anode technology, with successful product integration into leading international clients [2]. - The company led the development of the international standard for nano-silicon anode materials, filling a gap in the industry [2]. - Bettery showcased solid-state battery material solutions, emphasizing the growing demand for high energy density and safety in new applications like flying cars and drones [2]. Group 3: Global Collaboration and Sustainability - The Chain Expo serves as a platform for vertical communication across the global supply chain, promoting deep integration and collaborative innovation [2][3]. - Bettery aims to transition from a traditional material supplier to a solution provider, actively participating in the restructuring of the global smart automotive industry [3]. - The company is expanding its international footprint with local supply chain systems, including an operational facility in Indonesia and projects in Morocco [3]. - Bettery's green manufacturing processes and low-carbon material solutions align with global ESG demands, contributing to carbon neutrality goals [3].

Core Viewpoint - Wanrun New Energy has decided to terminate the construction of the Wuhan R&D Technology Center and industrialization base project, which was planned to involve an investment of 5 billion yuan, due to changes in market conditions and the company's development strategy [1][3][4]. Financial Performance - After going public in 2022, Wanrun New Energy experienced a significant decline in revenue and net profit in 2023, with net profit dropping from 959 million yuan to a loss of 1.504 billion yuan [9][12]. - The company's asset impairment losses reached 747 million yuan in the same year, with inventory write-down losses accounting for 662 million yuan [12]. - By the end of Q1 2024, the company's debt ratio rose to 71.16%, marking a historical high [4]. Investment Decisions - The company has not made any substantial investments in the planned 50 billion yuan project since its inception two years ago, leading to increased financial burdens [1][4]. - In an attempt to reduce losses, Wanrun New Energy sold its lithium mine assets to companies controlled by its actual controllers, raising questions about management decisions [2][13]. Research and Development - Wanrun New Energy's R&D expenditure decreased by approximately 40% in 2024, amounting to 257 million yuan, with the R&D expense ratio slightly declining from 3.46% in 2023 to 3.42% in 2024 [7]. - The company has focused on developing high-value solid-state battery materials, including high-energy-density cathode materials and electrolytes, and has applied for multiple patents related to these technologies [6]. Strategic Moves - The termination of the 50 billion yuan project is seen as a prudent decision to mitigate investment risks and enhance operational efficiency [3][4]. - The acquisition of a 40% stake in Anqing Derun New Energy Materials Co., Ltd. turned from profit to loss shortly after the deal was completed, with the subsidiary reporting a net loss of 47.94 million yuan in 2024 [12].

Group 1: Company Overview - Securities Code: 002812, Securities Abbreviation: Enjie Co., Ltd. [1] - Bond Code: 128095, Bond Abbreviation: Enjie Convertible Bond [1] - Company Name: Yunnan Enjie New Materials Co., Ltd. [1] Group 2: Investor Relations Activity - Activity Type: Specific Object Research conducted on July 16, 2025 [2] - Participating Institutions: Huatai Bairui, Morgan Huaxin, Shenwan Hongyuan, among others [2] - Location: Hunan Enjie Conference Room 3 [2] Group 3: Key Technical Insights - Lithium Sulfide Preparation Method: The company chose the carbon thermal reduction method due to its safety and cost-effectiveness [2][3] - Role of Sulfide Solid Electrolyte: Used in composite cathodes and electrolyte membranes, requiring fine particle size and uniform distribution for effective lithium ion transport [3] Group 4: Production and Industrialization Progress - Production Capacity: The company is establishing a pilot production line for sulfide solid electrolyte materials in Yuxi, Yunnan, with a total investment of approximately 250 million CNY [3] - Current Status: The 10-ton pilot line is in equipment debugging phase, with plans for active production [3] - Solid-State Battery Industrialization: The company acknowledges that industrialization will take time and is currently in the early stages without significant revenue generation [3]

Core Viewpoint - The article highlights the increasing cost pressures on lithium iron phosphate (LFP) production due to rising prices of key raw materials, particularly ferrous sulfate, which is influenced by the declining operating rates in the titanium dioxide industry [2][3]. Group 1: Industry Dynamics - The titanium dioxide industry is experiencing a decline in operating rates, currently at 65.83% as of June 2025, down over 12 percentage points since April, leading to a tightening supply of ferrous sulfate [2]. - The current market price for ferrous sulfate has risen to 1800-1900 RMB per ton, driven by low inventory levels, which may soon surpass the cost levels of iron powder-based processes [2]. - Approximately two-thirds of the iron sources used in domestic LFP production come from ferrous sulfate, indicating its critical role in the cost structure of LFP manufacturing [2]. Group 2: Cost Structure Sensitivity - The cost structure of LFP is highly dependent on the stability of raw material markets, which include iron, phosphorus, and lithium sources, making it sensitive to price fluctuations in upstream industries [3]. - The pricing mechanism in the LFP industry is primarily based on lithium pricing, which is influenced by the average monthly price of battery-grade lithium carbonate, but increasing volatility in phosphorus and iron prices could compress profit margins if not managed effectively [3]. Group 3: Strategic Responses - There is a growing consensus among LFP companies to integrate upstream resources to mitigate cost pressures, with companies like Hunan Youneng securing phosphate resources in Guizhou for self-supply and Longpan Technology partnering with CATL to establish a lithium carbonate processing plant [4].

Core Viewpoint - The adjustment of the "Catalog of Technologies Prohibited and Restricted from Export" aims to enhance China's economic security and development interests while promoting international economic and technological cooperation [2]. Group 1: Background and Main Considerations - The adjustment of the catalog is in accordance with the Foreign Trade Law and the Technology Import and Export Management Regulations of the People's Republic of China [2]. - The catalog was first published in 2001 and has undergone several revisions in 2008, 2020, and 2023 to adapt to changes in technology development [2]. - The adjustment reflects China's commitment to high-level opening-up and facilitating the orderly cross-border flow of innovative factors [2]. Group 2: Main Adjustments in the Catalog - Three technology items were deleted, one new item was added, and one item was modified during the adjustment process [3]. - The deleted items include one prohibited technology related to traditional Chinese architecture and two restricted technologies concerning building environment control [3]. - A new restricted technology item was added for battery cathode material preparation, including three control points for lithium iron phosphate, lithium manganese iron phosphate, and phosphate-based raw materials [3]. - The modification of the restricted technology item for non-ferrous metal metallurgy includes five new control points related to lithium extraction technologies and adjustments to gallium extraction technology [3]. Group 3: Compliance and Management Measures - Technology export is defined as the transfer of technology from within China to overseas through trade, investment, or economic and technological cooperation [4]. - Technologies listed as prohibited cannot be exported, while restricted technologies require a license for export [4]. - The Ministry of Commerce will optimize management measures and improve export licensing and contract registration procedures to assist enterprises in compliance [4].

Core Viewpoint - The ternary material market in 2025 exhibits a notable "strong internal, weak external" characteristic, with domestic production increasing while global production declines [2]. Group 1: Production Data - In the first half of 2025, China's ternary material production reached 321,000 tons, a year-on-year increase of 7.3%, while global production was 455,000 tons, reflecting a year-on-year decline of 4.5% [3]. - The domestic market penetration rate for medium-nickel high-voltage materials has reached 35%, driven by popular models from manufacturers like Wanjie, Ideal, and Xiaomi, as well as new project sample testing demands [5]. Group 2: Market Competition - The concentration of the domestic ternary material market (CR3) has risen to 53.9%, an increase of 6 percentage points from 47.9% in 2024 [7]. - Nantong Ruixiang has seen over 60% year-on-year growth in production and sales, becoming the top player in the industry, while companies like Rongbai Technology and Tianjin Bamo follow closely due to high-nickel order demands [7]. - In the global context, domestic ternary material companies have surpassed a 70% market share for the first time, reaching 70.5%, with seven out of the top ten global companies being Chinese [7]. Group 3: Future Outlook - The medium-nickel high-voltage segment is expected to remain a strong driver for market growth, with demand expectations remaining high [9]. - In the high-nickel segment, overseas orders are primarily captured by companies like CATL and LGES, leading suppliers to focus more on the actual landing of terminal demand [9]. - Emerging markets such as humanoid robots and low-altitude applications are gaining traction, which may become new growth points for ternary materials [9].

Group 1 - Ningbo Ronbay New Energy Technology Co., Ltd. announced advancements in all-solid-state battery technology at the 2025 High-tech New Energy Materials Industry Conference [1] - The company has developed 8-series and 9-series cathode materials suitable for sulfide all-solid-state batteries, achieving industry-leading performance [1] - The 8-series single crystal solid-state cathode material S83L is expected to achieve ton-level shipments in 2024, while the 9-series single crystal solid-state cathode material S93LS is projected to achieve near ton-level shipments in the same year [1] Group 2 - The conference gathered over 300 representatives from the battery, materials, equipment, and vehicle industries to discuss the industrialization path of new battery materials [2] - Ronbay Technology was awarded the "2025 New Energy New Materials Innovative Enterprise" award during the conference [2]