动向解读 ➢ 电解液及六氟磷酸锂的价格预计将趋于良性恢复。公司预计未来电解液及六氟磷酸锂的产品价格将逐 步趋向于良性的恢复，一方面是受核心原材料碳酸锂的价格波动影响，另一方面是随着下游需求的持 续提升，行业的产能利用率水平也稳步提高，在供需格局好转的背景下，产品价格及盈利水平也会稳 步回升到合理水平。公司认为，目前六氟磷酸锂三家头部供应商的开工率已经处于相对较高水平，其 他不具备成本优势的产能，实际的生产负荷低或没有实际开车，综合来看，目前六氟磷酸锂的市场供 需处于相对平衡阶段。公司在现有生产的产线上存在技改提升产能的空间，但目前暂未考虑投放生产， 公司会维持相对平衡的产能利用率水平，新增产能的投放节奏会结合市场的需求变化情况综合考虑。 Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 21 Oct 2025 环球富盛理财有限公司 天赐材料 Guangzhou Tinci Materials Technology (002709.CH) 合作协议提振业绩预期，新增产能奠定增长基础 Cooperation boos ...

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the lithium hexafluorophosphate (LiPF6) industry and the energy storage sector, highlighting the current market dynamics and future trends [1][4]. Core Insights and Arguments - **Energy Storage Orders and Price Increases**: The energy storage market is experiencing a shift in supply and demand, with small cell prices, particularly in residential storage, increasing due to tight market conditions [1][2]. - **LiPF6 Price Trends**: The supply-demand situation for LiPF6 is expected to remain tight, leading to price increases. The rise in lithium carbonate prices has contributed to higher costs, exacerbating the industry's poor profitability and fueling price hike expectations [1][3]. - **Turning Point in Energy Storage Industry**: The energy storage sector is transitioning from oversupply to a balanced state, with potential price increases anticipated in the second half of the year due to rising demand and material costs [1][4]. - **Competitive Advantages of Key Players**: Companies like CATL (Contemporary Amperex Technology Co., Limited) and EVE Energy Co., Ltd. hold significant competitive advantages in the energy storage cell market, with EVE's large shipment volumes making its price increases more influential [1][5]. - **Beneficiary Companies**: Companies such as Airo and Sunshine, which have signed fixed-price contracts, are expected to benefit from inflation. Major LiPF6 producers like Tinci Materials and Tianqi Lithium will also benefit from price increases due to high capacity utilization [1][6]. - **LiPF6 Production and Price Forecast**: Starting from August 2025, LiPF6 monthly production is expected to reach record highs, with a projected annual demand of approximately 230,000 tons. Short-term supply constraints are driving price increases [1][8]. - **2026 LiPF6 Supply-Demand Outlook**: Even with a conservative growth estimate of 20% for the lithium battery industry, the supply-demand balance for LiPF6 in 2026 is expected to remain tight, with potential shortages in certain quarters leading to further price increases [1][9]. Additional Important Insights - **Current Market Performance of LiPF6**: LiPF6 has shown strong performance in the materials segment, with significant price increases driven by high market concentration and poor profitability among leading companies [1][3]. - **Long-term Outlook for Other Companies**: Companies like Jiayuan, despite recent underperformance, are still viewed positively for their long-term growth potential [1][7]. - **Profitability in the LiPF6 Industry**: Only Tinci Materials reported slight profits in the first half of the year, while others like Dongfang and Tianqi are currently operating at a loss. The industry is collectively pushing for price increases due to these challenges [1][10]. - **Drivers Behind LiPF6 Price Increases**: The primary drivers for the price increases in 2025 are the rising prices of lithium carbonate and changes in supply-demand dynamics, with expectations of continued demand growth in 2026 [1][11].