Group 1 - Zhongwei Co., Ltd. announced a strategic cooperation framework agreement with Xiamen XTC New Energy Materials Co., Ltd. on September 29, 2025, focusing on key battery material supply chains in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1] - The collaboration will emphasize high-growth products including ternary materials, lithium cobalt oxide, solid/semisolid lithium battery materials, and lithium-rich manganese-based materials, extending to precursors, recycling, lithium products, and global resource development [1] - For the first half of 2025, Zhongwei's revenue composition was 45.17% from battery materials, 43.49% from new energy metals, and 11.34% from other sources [1] Group 2 - As of the report, Zhongwei Co., Ltd. has a market capitalization of 46.2 billion yuan [2]

Core Insights - The strategic cooperation agreement between Zhongwei Co., Ltd. and Xiamen Xatong New Energy Materials Co., Ltd. focuses on the supply chain of key battery materials in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1][2] - The collaboration aims to leverage both companies' strengths in technology, engineering, resources, production lines, and capacity to achieve mutual benefits [1] Summary by Sections Strategic Cooperation - The agreement was signed on September 29, 2025, and emphasizes long-term stable cooperation in product supply and processing [1] - The expected cooperation volume over the next three years is approximately 115,000 tons per year, with a total of about 345,000 tons over three years [1] Product Focus - Key products include ternary precursors, cobalt tetroxide, solid-state precursors, and lithium-rich manganese-based precursors, along with recycling and lithium products [1][2] - Specific estimated annual volumes include approximately 40,000 tons of cobalt tetroxide, 50,000 tons of ternary precursors, 15,000 tons of lithium carbonate/lithium phosphate, and 10,000 tons from recycling [1] Technological Advancements - The partnership aims to accelerate breakthroughs in new material research and shorten product development cycles, addressing market demands for high energy density and fast-charging batteries [2] - The collaboration is expected to solidify the companies' leading position in solid-state battery technology and enhance their supply capabilities in various sectors [2] Resource Development - The cooperation includes mineral resource development and global capacity collaboration to ensure stable supply of key resources such as nickel, cobalt, and manganese [2] - This strategic move allows the companies to expand their supply capabilities in diverse materials for power, energy storage, consumer electronics, and low-altitude applications [2]

Core Viewpoint - The strategic cooperation between Zhongwei Co., Ltd. and Xiamen Xatong New Energy Materials Co., Ltd. focuses on the supply chain of key battery materials in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics, aiming for mutual benefits through resource integration and technological collaboration [1][2] Group 1 - The partnership will cover high-growth products including ternary materials, lithium cobalt oxide, solid-state/semi-solid-state lithium materials, and lithium-rich manganese-based materials, extending to precursors, recycling, lithium products, and global resource development [1] - Over the next three years, the expected cooperation volume in products such as ternary precursors, cobalt oxide, solid-state precursors, and lithium products is projected to reach approximately 115,000 tons per year, totaling around 345,000 tons over three years [1] Group 2 - The collaboration emphasizes cutting-edge technologies like solid-state batteries, integrating R&D resources to accelerate breakthroughs in new material development and shorten product development cycles [2] - The partnership aims to ensure stable supply of key resources such as nickel, cobalt, and manganese through mineral resource development and global capacity cooperation [2] - This cooperation not only strengthens and expands the company's supply capabilities in diverse materials for power, energy storage, consumer electronics, and low-altitude fields but also positions the company to enter high-end application scenarios in AI, autonomous driving, and robotics, seizing market opportunities in emerging markets [2]

Core Viewpoint - Zhongwei Co., Ltd. has signed a strategic cooperation framework agreement with Xiamen Xatu New Energy Materials Co., Ltd. to collaborate on key battery material supply chains in emerging fields such as consumer electronics, power batteries, low-altitude economy, AI, and robotics [1] Group 1: Strategic Cooperation - The cooperation will focus on high-growth products including ternary materials, lithium cobalt oxide, solid/semisolid lithium battery materials, and lithium-rich manganese-based materials [1] - The partnership will extend to precursor materials, recycling, lithium products, and global resource development [1] Group 2: Expected Collaboration Volume - Over the next three years, the expected collaboration volume for ternary precursors, cobalt tetroxide, solid precursors, and lithium-rich manganese-based precursors is approximately 115,000 tons per year [1]

Core Viewpoint - Enjie Co., Ltd. has announced advancements in its ultra-thin high-strength separator technology, which significantly enhances the performance and safety of power batteries [1] Group 1: Technology Advancements - The company has optimized the polyethylene condensed structure design and combined it with low-temperature ultra-high-speed stretching technology, achieving a thickness reduction of over 28% while maintaining high strength and thermal stability [1] - The biaxial tensile strength of the separator exceeds 400 MPa, and the puncture strength reaches over 560 gf, representing an improvement of over 20% [1] - These advancements address the technical challenge of "thin being fragile," thereby enhancing the ultra-long endurance performance of power batteries [1] Group 2: Safety Improvements - The significant increase in the base film's puncture strength greatly reduces the risk of thermal runaway in battery cells, thereby improving safety [1]

Group 1: Industry Overview - The supply-demand dynamics in the diaphragm industry are improving due to a slowdown in new capacity additions, particularly in 2025, which is expected to benefit the overall industry [2] - The company's capacity utilization rate is leading in the industry, with a strong market position and increasing market share as downstream demand strengthens [2] Group 2: Product Innovations - The ultra-thin high-strength diaphragm has achieved a thickness reduction of over 28% while maintaining high strength and thermal stability, with a biaxial tensile strength exceeding 400 MPa and a puncture strength of over 560 gf, improving by more than 20% [3] - The significant enhancement in base film puncture strength reduces the risk of thermal runaway in battery cells, thereby improving safety [3] Group 3: Solid-State Battery Development - The company views semi-solid batteries as a transitional product towards all-solid-state batteries, which are currently in the early stages of industrial development and have higher costs [4] - The company is actively involved in the development of materials for both semi-solid and solid-state batteries, with production capabilities established for semi-solid battery diaphragms and ongoing investments in solid-state electrolyte materials [4][5] Group 4: Competitive Advantages - The company benefits from strong R&D capabilities and a comprehensive vertical innovation system, allowing for rapid product iteration and optimization [5] - Long-term stable partnerships with major global battery manufacturers enable the company to engage in technical exchanges and seize market opportunities effectively [5]

Summary of Xiamen Tungsten's Conference Call Industry and Company Overview - The conference call focuses on Xiamen Tungsten's subsidiary, Xiamen Tungsten New Energy, particularly its lithium cobalt oxide and ternary material businesses, as well as developments in solid-state batteries and lithium iron phosphate [2][3][4] Key Points and Arguments Lithium Cobalt Oxide Business - Xiamen Tungsten New Energy is a leading player in the global lithium cobalt oxide market with a market share exceeding 40% [3] - Expected shipment volume for 2025 is over 60,000 tons, representing a year-on-year growth of over 30%, with a profit contribution of approximately 10,000 yuan per ton [2][3] - The overall demand for lithium cobalt oxide is projected to grow alongside consumer electronics, with a production increase of 28% year-on-year in the first half of 2025 [6] Ternary Material Business - The company focuses on high-voltage nickel products, with an expected shipment volume of around 50,000 tons in 2025, maintaining the same level as the previous year [2][3] - The ternary cathode material market is expected to grow from 1.05 million tons in 2025 to 1.52 million tons by 2030, with a compound annual growth rate of nearly 10% [12] Solid-State Battery Development - Xiamen Tungsten New Energy has a competitive edge in lithium sulfide for solid-state batteries, with production capacity reaching 10 tons in the second half of 2024 [5] - The purity of lithium sulfide produced via CVD method is as high as 99.9995%, with a market potential estimated at over 20 billion yuan [5] - The company aims to expand production capacity significantly, targeting a market value increase to between 50 billion and 70 billion yuan [5][16] New Cathode Material NL - The new cathode material NL, developed in collaboration with ATL, improves energy density by 15% and rate performance by 75% compared to traditional lithium cobalt oxide [8] - This material is expected to strengthen the company's position in the high-end electronics market and drive future performance growth [8] Support from Xiamen Tungsten - Xiamen Tungsten, as the controlling shareholder, provides comprehensive support in metal material processing and smelting, enhancing R&D capabilities and supply chain stability [9] Other Business Segments - In lithium iron phosphate, the first phase of 20,000 tons is fully operational, with a second phase expected to reach full production by the end of the year [14] - The company has developed lithium supplement products for major clients, with expected shipments reaching several thousand tons by 2026 [14] Future Expansion Plans - The company plans to upgrade existing equipment for lithium sulfide production, aiming for a capacity expansion to 100 tons next year and the ability to scale to 1,000 tons rapidly [16] - Profit forecasts for 2025-2027 are projected at 800 million, 1 billion, and 1.2 billion yuan, respectively, with a potential market value exceeding 60 billion yuan [17] Additional Important Insights - The overall lithium cobalt oxide and ternary material businesses are expected to maintain steady growth, driven by technological advancements and market demand [4] - The company has established strong partnerships with major clients, including ATL, BYD, and others, enhancing its market position [7][13]

Core Insights - Dongwu Securities reports that Dangsheng Technology has achieved 10-ton level mass production of solid-state lithium battery cathode materials and has introduced them to multiple solid-state battery clients [1] - The company has overcome key technical challenges in lithium-rich manganese-based materials, developing medium-high capacity and ultra-high capacity products [1] - Dangsheng Technology has successfully developed various electrolyte systems for solid-state electrolytes and has achieved scalable supply capabilities [1] Group 1: Product Development - The company continues to build a solid foundation for profitability with ternary structures, while the advantages of iron-lithium are gradually becoming apparent [1] - In the lithium cobalt oxide cathode segment, the company holds over 50% market share for 25H1 rate-type products [1] - The expected shipments for 2025-2027 are projected to be 0.6/0.85/1 million tons, representing year-on-year growth of 100%/42%/18% [1] Group 2: Future Projections - By 2027, all-solid-state NCM is expected to achieve thousand-ton level shipments, while lithium-rich manganese-based materials are anticipated to reach hundred-ton level shipments [1] - The company is developing liquid LRM with medium-high capacity (220-250 mAh/g) and solid-state LRM with high capacity (>280 mAh/g), with comprehensive performance leading the industry [1] - Due to significant improvements in profitability, the company has raised its earnings forecasts for 2025-2027 while maintaining a "buy" rating [1]

来源：市场资讯 （来源：石墨邦） 日前，上海杉杉科技与全球领先的矿物产品供应商益瑞石公司 (Imerys) 建立战略合作伙伴关系。双方将在欧洲携手建立高性能负极材料的本土化供应链， 共同为欧洲大陆未来电动汽车 (EV) 和储能发展贡献力量。 市场需求的有力支撑 此次合作双方将通过稳定高效的生产规模及强有力的供应保障体系，全力满足欧洲电动汽车和储能领域在能源转型下快速增长的市场需求。 Frank Wittchen 益瑞石石墨和碳公司总经理 "杉杉是全球排名第一的人造石墨负极生产商。与杉杉这样实力强劲、经验丰富的中国石墨行业领导者建立战略合作伙伴关系，对于构建欧洲电池价值链 至关重要。这将提供必要的工业规模和供应安全保障，以支持欧洲能源转型的庞大市场需求。" 丁晓阳 上海杉杉新材料科技有限公司执行总经理 打造富有韧性的欧洲供应链 杉杉与Imerys将着力构建安全、可持续且具有竞争力的区域性人造石墨负极材料供应体系，通过技术创新与本地化生产，更高效、更可持续地服务欧洲及 全球市场。 规模化的创新研发 通过结合杉杉全球领先的负极技术与Imerys深厚的材料科学实力，双方正在共同开发一系列负极石墨产品，旨在优化产品性能 ...

Company Overview - Xiamen Xiangtan New Energy Materials Co., Ltd. is located in the Xiamen area of the China (Fujian) Pilot Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] Business Composition - The main business revenue composition includes: - Lithium Cobalt Oxide: 50.32% - Ternary Materials (including Lithium Iron Phosphate and others): 45.89% - Hydrogen Energy Materials: 3.07% - Others (supplementary): 0.72% [1] Stock Performance - On September 26, the stock price of Xiamen Xiangtan New Energy fell by 5%, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%. The total market capitalization is 40.461 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Galaxy Fund holds shares in Xiamen Xiangtan New Energy. The Galaxy New Materials Stock Initiation A Fund (020276) held 8,899 shares in the second quarter, accounting for 4.24% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 37,600 CNY [2] Fund Performance - The Galaxy New Materials Stock Initiation A Fund (020276) was established on December 27, 2023, with a latest scale of 11.2819 million CNY. Year-to-date returns are 35.96%, ranking 1461 out of 4220 in its category; the one-year return is 60.39%, ranking 1399 out of 3824; and since inception, the return is 40.81% [2] Fund Manager - The fund manager of Galaxy New Materials Stock Initiation A Fund is Jin Ye. As of the report date, Jin Ye has a cumulative tenure of 3 years and 267 days, with total fund assets of 54.3398 million CNY. The best fund return during the tenure is 39.17%, while the worst return is -1.51% [3]