Core Viewpoint - The company, Shida Shenghua (603026.SH), announced multiple updates including personnel changes, a profit warning for the first half of 2025, and an extension of the validity period for its A-share issuance plan to specific investors [1][2][6]. Group 1: A-Share Issuance Plan - The board of directors approved a 12-month extension for the validity period of the 2022 A-share issuance plan, which requires shareholder approval [2][4]. - The initial plan aimed to raise up to 4.5 billion yuan for seven projects, including a 500,000-ton electrolyte production facility [4][5]. - The plan faced multiple delays and revisions, with the fundraising amount reduced to 1.99 billion yuan and the cancellation of the electrolyte projects due to feasibility concerns [5]. Group 2: Financial Performance - The company expects a net loss of 52 million to 60 million yuan for the first half of 2025, a significant decrease compared to the previous year [6]. - Revenue and net profit have declined for three consecutive years, with revenues of 8.316 billion yuan, 5.635 billion yuan, and 5.547 billion yuan from 2022 to 2024, reflecting year-on-year changes of -17.86%, -32.24%, and -1.56% respectively [10]. - The main business areas include electrolytes, carbonates, and methyl tert-butyl ether, all of which are currently facing challenges such as overcapacity and declining prices [10]. Group 3: Strategic Partnerships - The company has established a strategic cooperation agreement with CATL, a leading lithium-ion battery manufacturer, to supply an estimated 100,000 tons of electrolyte by December 31, 2025 [10][11]. - This partnership is expected to positively impact the company's operational performance and enhance its market position in the lithium battery materials sector [11].

Core Viewpoint - The company Shida Shenghua is facing significant financial pressure in the first half of 2025, with expected net losses due to product price fluctuations and high costs associated with new facilities [1][2]. Financial Performance - Shida Shenghua anticipates a net profit loss of between 52 million to 60 million yuan for the first half of 2025, a decrease of 90.06 million to 98.06 million yuan compared to the same period last year, representing a year-on-year decline of 236.64% to 257.66% [1]. - The company also expects a loss in its net profit excluding non-recurring items of 53 million to 61 million yuan, down by 84.37 million to 92.37 million yuan from the previous year, reflecting a decline of 268.93% to 294.43% [1]. - This marks the third consecutive year of declining net profit and net profit excluding non-recurring items since 2022 [2]. Revenue Trends - Shida Shenghua's revenue figures for the years 2022 to 2024 were 8.316 billion yuan, 5.635 billion yuan, and 5.547 billion yuan, with year-on-year changes of 17.86%, -32.24%, and -1.56% respectively [2]. - The net profit for the same years was 891 million yuan, 18.726 million yuan, and 16.4196 million yuan, showing declines of 24.42%, 97.9%, and 12.32% respectively [2]. - The net profit excluding non-recurring items was 857 million yuan, 13.2343 million yuan, and 5.3878 million yuan, with declines of 26.4%, 98.46%, and 59.29% respectively [2]. Business Operations - The company has transitioned from traditional chemical operations to focus on new energy and new materials, including sectors such as electrolyte, carbonate, and methyl tert-butyl ether [2]. - The production at the Wuhan base for electrolyte is currently in the customer introduction phase, leading to underproduction and high fixed costs [3]. - The decline in profits is also attributed to falling prices of methyl tert-butyl ether products and lithium fluoride raw materials [3]. Regulatory Issues - Shida Shenghua received an administrative regulatory decision due to issues in insider information management, leading to corrective measures and warnings issued to key executives [4].

站在当前时点展望下半年，锂电行业周期底部虽已探明，但以电解液为代表的产业链环节的需求具有不 确定性，并且供给出清漫长，或导致材料制造商下半年仍面临经营压力。 净利润预亏5200万元到6000万元，今年上半年，昔日锂电"明星股"石大胜华（603026.SH）仍未摆脱亏 损的困境。 站在当前时点展望下半年，锂电行业处于缺乏积极信号的空窗期。周期底部虽已探明，但以电解液为代 表的产业链环节的需求具有不确定性，并且供给出清漫长，可能会导致材料制造商下半年仍面临经营压 力。 截至7月2日收盘，石大胜华报收36.78元，总市值75亿元，相较历史最高价345.95元（前复权），已累计 回撤92.52%。 产品跌价致使二季度续亏 石大胜华二季度的亏损，可能出现了加剧的情况。 披露数据显示，今年一季度，石大胜华净利润亏损2853.89万元，按照上半年预亏上限计算，该公司二 季度亏损约3146万元。 石大胜华解释，上半年净利润预亏，主要有三方面因素：第一、武汉基地电解液装置产品正处于客户导 入阶段，产量未达产，固定费用偏高；第二、当期甲基叔丁基醚系列产品因产品价格下降导致利润降 低；第三，二季度氟化锂和氟化锂的原材料碳酸锂产品价 ...