1987年，国内改开的浪潮席卷而来。面对这难得的机遇，当时在中科院广州分院任职的年轻科研人员徐 金富，毅然选择了下海创业。 彼时，国内经济刚刚开始蓬勃发展，洗发水、沐浴露等日用品逐渐走入千家万户，而这刚好对上了徐金 富的专业，其与搭档、蓝月亮创始人罗秋平一道，靠着自建研发体系在日用化学赛道成功杀出一条血 路，并借助蓝月亮的成功赚到了人生中的第一桶金。 不过，由于后来研发医药中间体失败，徐金富的第一桶金很快就烧没了。1995年，徐金富重返广州，从 日用化学材料这个"老本行"重新开始，并在2000年投资510万元，创立了广州市天赐高新材料科技有限 公司，即如今天赐材料的前身。凭借多年积累下来的经验和人脉，徐金富稳扎稳打，接连拿下宝洁、欧 莱雅、联合利华等国际巨头订单，天赐材料也逐渐成为中国日化原料的隐形冠军。 随着日化原料生意越做越大，徐金富敏锐地察觉到锂离子电池与新能源汽车行业蕴含着巨大的商业前 景，最终徐金富决定将天赐材料引入新能源市场，并将业务定在了锂电池电解液的研发和生产领域。 正是徐金富当年选择入局锂电池电解液市场的决定，才造就了今天"电解液巨头"。 大起大落 电解液产品中，最核心的材料莫过于六氟磷酸锂 ...

Core Viewpoint - Tianqi Materials is initiating its second capital journey by applying for an IPO on the Hong Kong Stock Exchange, following its successful listing on the Shenzhen Stock Exchange in 2014. This move comes after the termination of its GDR issuance plan in Switzerland due to market conditions, with some overseas fundraising projects now redirected to the Hong Kong IPO [1]. Group 1: Company Overview - Tianqi Materials, a leading electrolyte manufacturer, has been the world's largest supplier of electrolytes since 2016, with a projected global market share of approximately 35.7% by 2024 [3]. - The company has established itself as the largest supplier of lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide (LiFSI) globally [3]. Group 2: Financial Performance - The company's revenue peaked at 22.317 billion yuan in 2022 but is projected to decline to 12.518 billion yuan by 2024, reflecting a downward trend in sales [4][5]. - The average selling price of lithium-ion battery materials has significantly decreased from 48,331 yuan per ton in 2022 to 13,766 yuan per ton in the first half of 2025 [5]. Group 3: Strategic Moves - Tianqi Materials has signed a major supply agreement with Ruipu Lanjun for a minimum of 800,000 tons of electrolyte products by the end of 2030, marking the largest long-term contract since its listing [1]. - The company aims to enhance its global presence through the Hong Kong IPO, with 80% of the raised funds allocated for global business development, including projects in Morocco and Texas [7][8]. Group 4: Market Challenges - The electrolyte market is facing significant price pressure due to increased upstream production capacity and competition, leading to a substantial drop in prices since 2023 [4][5]. - The company has experienced a tightening financial situation, with accounts receivable turnover days increasing and total liabilities rising significantly [5].

Core Viewpoint - Tinci Materials is pursuing a secondary public offering by applying for an H-share listing on the Hong Kong Stock Exchange, marking its second capital journey after over ten years on the A-share market [1][3]. Company Overview - Tinci Materials, a leading electrolyte manufacturer, has a market capitalization of 65.4 billion yuan as of the close on the 28th [3]. - The company previously planned to issue Global Depositary Receipts (GDR) on the Swiss Stock Exchange, but the project was terminated due to changing market conditions [3]. - Tinci Materials has signed a significant long-term supply agreement with Ruipu Lanjun for a minimum of 800,000 tons of electrolyte products by the end of 2030, which is the largest long-term contract disclosed since its listing [4]. Financial Performance - Tinci Materials' revenue has declined from 22.317 billion yuan in 2022 to an estimated 12.518 billion yuan in 2024, with net profit dropping from 5.714 billion yuan to 484 million yuan in the same period [10]. - The average selling price of lithium-ion battery materials has significantly decreased, from 48,331 yuan per ton in 2022 to 13,766 yuan per ton in the first half of 2025 [10]. - The company's accounts receivable turnover days increased to 132 days in 2024, reflecting tighter financial conditions [11]. Strategic Moves - The company aims to enhance its global presence through the Hong Kong IPO, with 80% of the raised funds allocated for global business development, including projects in Morocco and Texas [14]. - Tinci Materials recognizes the need to export more electrolytes overseas as domestic market competition intensifies, with only 4.38% of its 2024 revenue coming from international markets [13]. Leadership and Vision - Xu Jinfus, the founder, has shifted the company's focus from personal care products to lithium battery electrolytes, positioning Tinci as a global leader in the sector [9]. - The company has been the largest global supplier of electrolytes since 2016, with a projected market share of approximately 35.7% by 2024 [9].

Core Viewpoint - Tianqi Materials is pursuing a secondary listing in Hong Kong after over ten years of being listed on the Shenzhen Stock Exchange, aiming to capitalize on its growth and expand its global presence in the lithium battery electrolyte market [1][3]. Group 1: Company Overview - Tianqi Materials, founded in 2000, initially focused on personal care product materials before pivoting to lithium battery electrolytes, becoming a leading supplier in the industry [7]. - The company has been the world's largest electrolyte supplier since 2016, with a projected global market share of approximately 35.7% by 2024 [7]. Group 2: Financial Performance - The company's revenue peaked at 22.317 billion yuan in 2022 but is projected to decline to 12.518 billion yuan by 2024, with net profit dropping from 5.714 billion yuan in 2022 to 0.484 billion yuan in 2024 [8]. - The average selling price of lithium-ion battery materials has significantly decreased, from 48,331 yuan per ton in 2022 to 13,766 yuan per ton in the first half of 2025 [8]. Group 3: Strategic Moves - Tianqi Materials has signed a major supply agreement with Ruipu Lanjun for at least 800,000 tons of electrolyte products by the end of 2030, marking the largest long-term contract since its establishment [3]. - The company aims to enhance its global business through the Hong Kong IPO, with 80% of the raised funds allocated for global business development, including projects in Morocco and the U.S. [13]. Group 4: Market Position and Competition - Despite being an industry leader, Tianqi Materials has a low overseas revenue contribution, with only 5.49 billion yuan from international markets in 2024, compared to competitors like Sinoma and Duofluorine [11][12]. - The company faces increasing competition and pricing pressures due to upstream capacity expansion, leading to a significant drop in product prices and profit margins [8][9].

（原标题：510万起家到身价百亿 年过六旬富豪冲刺港股再打"突围战"） 21世纪经济报道记者 杨坪 深圳报道 彼时，已有一定积蓄的徐金富，开始筹备其人生中的又一次创业——投资510万元创立了广州市天赐高新材料科技有限公司（即天赐材料的前 身）。 又一家锂电龙头冲刺港股。 近日，天赐材料向香港联合交易所有限公司递交首次公开发行H股股票并在香港联交所主板上市的申请。 这家早在2014年就登陆深交所的电解液龙头企业，在A股上市超过十年后，开启了第二次资本化征程。 此前，公司曾筹划在瑞士证券交易所发行GDR，但由于内外部市场状况变化等因素，该发行项目终止。 天赐材料相关人士向记者确认，由于此前GDR终止，公司的部分海外募投项目转至此次港股募集资金项目。 值得一提的是，在递交申请的同一天，天赐材料还宣布了一份重磅合作协议——其全资子公司九江天赐与瑞浦兰钧签署协议，自生效之日起至 2030年底，瑞浦兰钧将向天赐材料采购总量不少于80万吨的电解液产品。 此次协议周期为五年又一季，平均每年供货量不少于15万吨，且九江天赐需满足瑞浦兰钧月度最高需求不低于2万吨。这是天赐材料上市以来披露 的最大规模长单，加上7月与楚能新能源签订 ...

Core Viewpoint - The article discusses the upcoming 2025 Fifth Electric Two-Wheeler Battery Swapping Conference and Lightweight Power Battery Technology Summit, highlighting the growth and trends in the lithium battery electrolyte industry in China, with a focus on market dynamics and future projections [2][4]. Group 1: Event Details - The event is themed "Swapping City, Smart Two-Wheelers" and will take place on July 10-11, 2025, at the International Hall of the DENGXILU International Hotel in Bao'an, Shenzhen [2]. - Major sponsors and participants include leading companies in the industry such as Yadi Technology Group, Tailin Group, and others [2]. Group 2: Market Growth and Projections - In 2024, China's lithium battery electrolyte shipment volume is projected to reach 1.454 million tons, representing a year-on-year growth of 29.4%, driven primarily by the increase in shipments of power batteries and energy storage batteries [2]. - By 2030, the shipment volume of electrolytes in China is expected to reach 5.15 million tons, with a compound annual growth rate of 23.5% over the next six years, again driven by the growth of power and energy storage batteries [2]. Group 3: Competitive Landscape - The competitive landscape of the lithium battery electrolyte market is characterized by a "one strong, many strong" structure, with Tianqi Materials holding over 30% market share, followed by BYD and Xinzhoubang, each with over 10% market share [4]. - The CR5 (Concentration Ratio of the top 5 companies) is 73.8%, a decrease of 1.4 percentage points from 2023, indicating the gradual release of production capacity from new entrants like Shida Shenghua and others [4]. Group 4: Development Trends in Electrolytes - The article outlines several trends in the development of lithium battery electrolytes, including advancements in solutes, solvents, and additives [8]. - Lithium bis(fluorosulfonyl)imide (LiFSI) is highlighted as a promising next-generation electrolyte solute due to its superior conductivity and stability compared to traditional lithium salts [9]. - The production processes for common organic solvents are dominated by the PO process, but the EO process is expected to mature, leading to a dual technology development path in the market [10]. - The complexity of electrolyte formulations is increasing, with multifunctional additives becoming a key focus to enhance battery performance and reduce costs [11].

Core Viewpoint - Despite challenges, the global lithium battery market maintains a rapid growth rate of 20% to 30%, with the electrolyte sector entering a critical phase of capacity clearing between 2025 and 2027, leading to an improvement in supply-demand dynamics [1][7]. Industry Overview - The global shipment of lithium-ion battery electrolytes reached 1.662 million tons, a year-on-year increase of 26.7% driven by demand from energy storage batteries [4]. - However, the global electrolyte market size is projected to decline by 21.5% year-on-year in 2024, amounting to 40.98 billion yuan, continuing the downward trend from 2023 due to falling electrolyte prices [4]. Company Positioning - Haike New Source, established in 2002, is recognized as a leading manufacturer of electrolyte solvents, focusing on innovation in new energy battery materials and maintaining a strong market position through an integrated supply chain [7][8]. - The company has a solid foothold in the electrolyte solvent market, supplying five types of lithium battery carbonate solvents and achieving over 40% global market share in 2024, with a 30% sales growth compared to 2023 [8][10]. Product Development - Haike New Source is actively developing new products, including electrolyte additives and lithium salts, to enhance its competitive edge in the lithium battery electrolyte industry [10][12]. - The company emphasizes strict quality management and has received recognition as an excellent supplier from major clients like BYD and Tianci Materials [11]. Technological Innovation - The company invests 4% of its marketing revenue in R&D, employing over 110 research personnel and holding 128 core patents, contributing to its competitive advantage in the market [11][12]. - Haike New Source is focusing on developing high-voltage, high-safety, and green low-cost electrolyte materials, aligning with industry trends [13]. Global Expansion Strategy - With the domestic electrolyte solvent market becoming saturated, Haike New Source is targeting international markets, aiming for a 40% market share by 2025 [14][15]. - The company has established a global presence with eight subsidiaries across Asia, Europe, and North America, enhancing its market influence and product competitiveness [13][14]. Future Outlook - The company plans to accelerate the construction of its high-end battery material production base in Dongying, Shandong, and continue to innovate in product offerings to meet diverse market demands [16].