来源：市场资讯 近年来，在锂电行业产能过剩、原材料下跌的情况下，天赐材料正面临的不小的市场压力。 作为国内电解液龙头，天赐材料的核心产品电解液，在2024年保持销量增长的势头，全年销售超过50万 吨，较去年同比增长约26%。但由于受到原材料价格波动、竞争加剧等多方面影响，报告期内产品价格 及单位盈利下降。 数据显示，当前国内电解液市场价格走势呈现震荡下滑运行态势。以磷酸铁锂电解液为例，价格围绕 1.76万~2.36万元/吨区间波动，处于近3年内同期价格低位。 资料显示，天赐材料是一家以科技创新驱动的全球领先新能源和先进材料企业，其核心业务聚焦于锂电 池材料、日化材料及特种化学品综合解决方案。2025年上半年，其锂离子电池材料收入63.02亿元，同 比增长33.2%；日化材料及特种化学品业务收入6.14亿元，同比增长12.93%。 天赐材料赴港上市的计划开始于今年7月。彼时天赐材料发布晚间公告称，公司于7月4日召开董事会和 监事会，审议通过了关于发行H股股票并在香港联合交易所有限公司上市的相关议案。 公告表示，公司计划通过本次发行，深入推进全球化战略布局，打造国际化资本运作平台，满足海外业 务的持续发展需要，提 ...

Core Viewpoint - The article highlights the strategic moves of Tianqi Materials in the lithium battery industry, focusing on large supply agreements, an upcoming IPO in Hong Kong, and advancements in solid-state technology as a comprehensive strategy to secure market position and future growth [3][8][12]. Group 1: Supply Agreements - Tianqi Materials has signed an 800,000-ton electrolyte supply agreement with Ruipu Lanjun, effective until 2030, ensuring a monthly supply capacity of up to 20,000 tons, reflecting a new industry logic of deep partnerships among leading companies [3][6]. - In July, Tianqi Materials also reached a 550,000-ton supply agreement with Chuangneng New Energy, and last year, a 58,600-ton agreement with CATL, indicating a growing order matrix from top battery manufacturers [5][6]. - GGII data shows that the top five companies in the electrolyte industry held over 70% market share in the first half of 2025, with one leading company exceeding 36% [6]. Group 2: Financial Performance - Tianqi Materials reported a revenue of 7.03 billion yuan in the first half of 2025, a year-on-year increase of 29.0%, and a net profit of 268 million yuan, up 12.79%, despite a decline in lithium hexafluorophosphate prices [7]. Group 3: IPO and Global Strategy - On the same day as the supply agreement with Ruipu Lanjun, Tianqi Materials submitted an IPO application to the Hong Kong Stock Exchange, marking a strategic shift from its previous GDR plan to better support its global operations [8][10]. - The IPO aims to raise funds for overseas business, with 80% of the proceeds allocated to international projects, including a 150,000-ton electrolyte project in Morocco, which is strategically located to facilitate trade with Europe [8][10]. Group 4: Technological Advancements - Tianqi Materials is also investing in next-generation technology, specifically in sulfide solid electrolytes, which are seen as essential for future competitiveness in the industry [11][12]. - The company has achieved kilogram-level production of lithium sulfide, with plans to reach hundred-kilogram sample production by the end of the year, indicating significant progress in solid-state technology [12][14]. Group 5: Strategic Framework - The three-pronged strategy of securing large orders, pursuing a global IPO, and investing in solid-state technology forms a complete strategic loop for Tianqi Materials, as articulated by its chairman [14][15]. - This approach is seen as a model for leading companies in the lithium battery materials sector, emphasizing the need to balance current orders, global expansion, and future technological innovations to thrive in a restructuring industry [15].

Core Viewpoint - Tinci Materials has officially initiated its IPO process in Hong Kong, aiming to raise funds for global expansion and enhance its international competitiveness [1][3]. Group 1: IPO Details - Tinci Materials submitted its listing application to the Hong Kong Stock Exchange on September 22, 2023, after previously terminating its GDR plan [1]. - The company plans to allocate 80% of the raised funds to support global business development, with 60% directed towards a lithium-ion battery materials project in Morocco [3]. Group 2: Financial Performance - In the first half of 2025, Tinci Materials reported a revenue of 7.03 billion yuan, a year-on-year increase of 28.97%, with a net profit of 268 million yuan, up 12.79% [3]. - Domestic revenue accounted for 95.55% of total revenue, while overseas revenue was only 4.45% [3]. Group 3: Market Strategy - The company emphasizes the importance of overseas market expansion as a key focus for future growth, particularly in light of the competitive landscape in the lithium battery industry [2][3]. - Tinci Materials aims to enhance its international brand image and governance through the IPO, which is seen as a critical step in its globalization strategy [3]. Group 4: Legal Issues - Tinci Materials is currently involved in a lawsuit against Yongtai Technology, claiming infringement of proprietary technology, which may impact its IPO process [4][5]. - The company has previously faced legal challenges related to intellectual property, highlighting the importance of IP protection in the lithium battery materials sector [5].

格隆汇9月23日丨翔丰华(300890.SZ)在互动平台表示，公司暂未布局锂金属相关技术。 ...

Core Viewpoint - The announcement of a prepayment agreement between Jiangxi Shenghua and CATL signifies a deepening partnership, aimed at securing lithium iron phosphate supply and enhancing the competitive edge of the company's lithium battery cathode materials business [1][2]. Group 1: Agreement Details - Jiangxi Shenghua signed a prepayment agreement with CATL, where CATL will pay a total of 1.5 billion yuan to secure lithium iron phosphate supply and support raw material construction [1]. - The agreement is valid until December 31, 2026, and reflects CATL's recognition of Jiangxi Shenghua's product development and supply capabilities [1]. - This agreement builds on previous collaborations, including a 2024 agreement where CATL committed to purchasing at least 140,000 tons of lithium iron phosphate annually from Jiangxi Shenghua from 2025 to 2027 [2]. Group 2: Financial Performance - In the first half of the year, the revenue from the lithium battery cathode materials business reached 3.837 billion yuan, a year-on-year increase of 96.83%, contributing to 66% of the total revenue of 5.813 billion yuan for the company [3]. - The growth in revenue is attributed to the company's proactive response to customer demands and an increase in shipments, particularly in the super-fast charging market [3]. Group 3: Strategic Investments - Jiangxi Shenghua has also brought CATL on board as a strategic investor, acquiring an 18.74% stake for 400 million yuan through a capital increase earlier this year [2]. - The company has a total production capacity of 300,000 tons of lithium iron phosphate and is collaborating with Ganfeng Lithium on a new project to produce 100,000 tons of lithium sulfate [2].

Core Viewpoint - The recent stock price surge of Tianji Co., Ltd. has led to significant share reductions by major shareholders, raising concerns about the company's future despite management's assurance that the sell-off is due to personal financial needs rather than a lack of confidence in the company [1][2]. Stock Performance and Shareholder Actions - Tianji Co., Ltd. experienced a notable stock price increase, with a 77.59% rise from 9.86 CNY per share on August 27 to 17.51 CNY on September 18 [5]. - Major shareholders, including Shantou Tianji Co., Ltd. and Xinhua Chemical Co., Ltd., reduced their holdings during this price surge, collectively cashing out approximately 145 million CNY over two days [2][8]. - The first and second largest shareholders reduced their stakes from 17.31% to 16.83% and from 8.50% to 7.11%, respectively [8]. Financial Performance - Tianji Co., Ltd. has faced significant financial challenges, reporting a loss of 1.361 billion CNY in 2024 and a continued loss of 52.36 million CNY in the first half of 2025 [10][11]. - The company's revenue from lithium hexafluorophosphate, its core product, has declined, contributing to a total revenue drop from 32.75 billion CNY in 2022 to 21.93 billion CNY in 2023 [9]. - The company has recorded six consecutive quarters of losses, primarily due to intense market competition and a significant drop in product prices [11]. Market Conditions and Future Outlook - The lithium hexafluorophosphate market is currently experiencing a downturn, characterized by overcapacity and declining prices, which have not covered production costs [3][11]. - Despite the current challenges, there is hope for recovery as the market may rebound, potentially improving the company's financial situation [11].

Core Viewpoint - The signing of the prepayment agreement between Jiangxi Shenghua, a subsidiary of Fulin Precision, and CATL signifies a deepening strategic and business cooperation, enhancing the company's competitive edge in lithium iron phosphate supply [1] Group 1: Agreement Details - Jiangxi Shenghua has signed a prepayment agreement with CATL, where CATL will pay a total of RMB 1.5 billion to secure the supply of lithium iron phosphate [1] - The prepayment is intended to support Jiangxi Shenghua in establishing more competitive raw material capabilities [1] Group 2: Strategic Implications - The agreement reflects CATL's high recognition of Jiangxi Shenghua's product development, technical performance, and supply capacity in lithium iron phosphate cathode materials [1] - This collaboration is expected to drive technological innovation and cost reduction in lithium battery cathode materials, enhancing the core competitiveness and sustainable development of Jiangxi Shenghua's lithium iron phosphate business [1] Group 3: Future Outlook - If the agreement is successfully executed, it is anticipated that production capacity will continue to increase, and sales orders will gradually expand, leading to significant operational performance improvements in the lithium iron phosphate business [1] - The signing of this agreement will not affect the independence of the company's operations, and the company will not become dependent on the partner due to the execution of this agreement [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 654 million yuan for the first half of 2025, representing a year-on-year growth of 1.08%. The net profit attributable to shareholders was 117 million yuan, also up by 1.07%. However, the net profit after deducting non-recurring gains and losses decreased by 6.93% to 104 million yuan [2][4]. - In Q2 2025, the company achieved a revenue of 319 million yuan, down 6.08% year-on-year, with a net profit of 59 million yuan, a decline of 5.06%. The net profit after non-recurring items fell by 12.96% to 52 million yuan [2][4]. - The company’s product segments showed that carbon nanotube conductive paste and carbon nanotube powder generated revenues of 641 million yuan and 12 million yuan, respectively, due to product upgrades and a reduction in low-priced product orders [10]. - The company’s operating cash flow for H1 2025 was a net inflow of 30 million yuan, significantly lower than the previous year, while Q2 2025 saw a net inflow of approximately 78 million yuan [10]. - The company is optimistic about its position as a leader in carbon nanotube technology, anticipating continued rapid growth as downstream demand increases. The projected net profit attributable to shareholders for 2025 is approximately 375 million yuan [10]. Financial Summary - For H1 2025, the company’s total revenue was 654 million yuan, with a gross profit margin of 36.99% in Q2 2025, down 1.8 percentage points year-on-year. The total operating expenses for H1 were 16.8% of revenue, an increase of 0.2 percentage points year-on-year [10]. - The company’s capital expenditure for H1 2025 was approximately 137 million yuan, with expectations for carbon nanotubes to be applied in new fields such as solid-state batteries and robotics [10]. - The financial projections indicate total revenue growth from 1.448 billion yuan in 2024 to 3.668 billion yuan by 2027, with net profit expected to rise from 249 million yuan in 2024 to 794 million yuan in 2027 [15].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.882 billion yuan in the first half of 2025, a year-on-year decrease of 10.58%, with a net profit attributable to shareholders of -391 million yuan and a non-recurring net profit of -429 million yuan. In Q2 2025 alone, the revenue was 1.878 billion yuan, down 23.31% year-on-year and 6.27% quarter-on-quarter, with a net profit of -224 million yuan and a non-recurring net profit of -247 million yuan [2][4]. Summary by Sections Financial Performance - The company achieved a production volume of 125,300 tons for phosphate-based cathode materials in the first half of the year, representing a year-on-year increase of 8.51%, and sales volume of 122,400 tons, up 15.78%. However, due to a year-on-year decline in lithium prices leading to intensified competition, revenue continued to decline. Specifically, revenue from phosphate-based products was 3.664 billion yuan, down 13.79%, with a gross margin of -1.49%, an increase of 0.43 percentage points year-on-year. Other business revenue was 218 million yuan, up 139.38%, with a gross margin of -12.98% [10]. Product Development - In Q2 2025, the company's negative electrode material shipments continued to improve, driven by favorable industry demand. The estimated overall single-ton profitability remained stable. The fourth-generation high-pressure dense lithium iron phosphate product has achieved mass production, while the fifth-generation high-performance lithium iron phosphate has a powder density of 2.70-2.75 g/cm³ and a sheet density exceeding 2.75 g/cm³, currently in trial production. The company has established an annual production capacity of 110,000 tons for manganese iron phosphate, with the first-generation product in mass production and the second-generation product validation progressing smoothly. Additionally, a capacity of 5,000 tons per year for lithium supplement agents has been built, with orders delivered in fast-charging, long-life energy storage, and semi-solid batteries [10]. Financial Data - In Q2 2025, the company recognized an asset impairment of 75 million yuan, with a credit impairment reversal of 9 million yuan and an investment net income of 20 million yuan. The net cash inflow from operating activities was 158 million yuan, with capital expenditures of 137 million yuan [10].

根据协议约定，自2026年第二季度至2031年间，亚太锂源及其独资或合资公司将向宁德时代海外工厂共 计供应15.75万吨高性能磷酸铁锂正极材料。此次合作不仅为龙蟠科技未来五年产能消化提供了坚实保 障，也显著提升了其在海外市场的品牌影响力。 宁德时代作为全球动力电池领域的领军企业，对供应商的选择极为严格。此次与亚太锂源的合作，充分 表明龙蟠科技的锂电材料产品品质与技术实力获得了全球头部客户的认可。这一合作将有助于龙蟠科技 进一步巩固其在新能源核心材料领域的市场地位。 9月15日，龙蟠科技旗下孙公司亚太锂源与全球动力电池领军企业宁德时代成功签署《磷酸铁锂正极材 料采购合作协议》，标志着龙蟠科技在国际化战略上迈出了重要一步。 近年来，龙蟠科技持续深化全球化布局，通过建设印尼生产基地、推进港股上市等举措，不断拓展海外 市场。此次与宁德时代的合作，将进一步加速龙蟠科技的"出海"步伐，推动其在全球新能源市场的影响 力。 ...