赣锋锂业（002460）(01772)涨近6%，截至发稿，涨5.87%，报36.06港元，成交额3.4亿港元。 海通国际近日指出，公司业务已覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及 储能系统等五大类二十余种产品；固态电池方面，公司拥有完整的固态电池上下游一体化布局，并具备 商业化能力，公司已在硫化物电解质及原材料、氧化物电解质、金属锂负极、电芯、电池系统等固态电 池关键环节具备了研发、生产能力。考虑行业盈利拐点显现，公司行业领先地位稳固，多项业务发展齐 头并进。 消息面上，赣锋锂业在互动平台表示，公司储能电芯已实现规模化量产，并与多家行业头部企业建立长 期稳定供应合作，目前公司的储能电芯产能也已满产。在当前储能需求爆发的背景下，公司凭借一体化 布局保障对客户的稳定交付。此外，赣锋锂业表示，公司在动力电池领域持续开发，固态电池已在部分 车型试装车及量产，并应用于知名无人机及eVTOL企业。公司正加速在新能源汽车、消费电子等领域 的产业化进程。 ...

锂辉石方面，公司马里Goulamina锂辉石项目一期已正式投产，公司正在积极加快推动该项目产能爬坡进度；盐湖卤水方面，公司阿根廷Cauchari-Olaroz盐湖项目已在稳定产能爬坡过程中 锂电、储能加速发展，固态研发行业领先 锂电方面，公司业务已覆盖固态锂电池、动力电池、消费类电池、聚合物锂电池、储能电池及储能系统等五大类二十余种产品；固态电池方面，公司拥有完整的固态电池上下游一体化布局，并具 风险提示：锂及锂产品价格波动、项目进展不及预期、资产减值风险。 海通国际发布研报称，考虑行业盈利拐点显现，赣锋锂业（01772）行业领先地位稳固，多项业务发展齐头并进，给予公司25年1.8倍PB，对应目标价40.36港元，予优于大市评级。 海通国际主要观点如下： 2025年上半年经营业绩 2025年上半年，公司实现营业收入82.58亿元，同比下降13.82%，实现净利润-5.36亿元，同比亏损减少2.23亿元，综合毛利率为10.78%，同比下降0.38个pct；2025年第一、第二季度净 碳酸锂价格触底反弹，助力下半年盈利能力提升 根据安科泰数据统计，25年初电池级碳酸锂价格约为7.6万元/吨，但上半年价格持续下滑， ...

Core Viewpoint - The increasing number of intellectual property and trade secret infringement disputes between large tech companies and their former employees has raised concerns in the venture capital community, impacting investment strategies and risk assessments [2][3][11]. Group 1: Recent Legal Cases - On July 28, a Shanghai court sentenced 14 former employees of Zunpai Communications Technology for infringing Huawei's trade secrets, resulting in a total fine of 13.5 million [2]. - JD.com reported that it has substantial evidence of intellectual property infringement against Jiushi Intelligent Technology, whose founding team previously worked in JD's autonomous vehicle division [2][6]. - CATL filed a lawsuit against Xiamen Haichen Energy Technology for unfair competition, highlighting the trend of former employees using proprietary technology from their previous employers [2][5]. Group 2: Impact on Venture Capital - Venture capital firms have become increasingly cautious, recognizing that lawsuits for intellectual property infringement can significantly affect the future prospects of startups and increase investment risks [3][11]. - Jiushi Intelligent recently completed a $300 million Series B funding round, and any legal issues could delay product launches, directly impacting business development and investor returns [3][11]. - Venture capitalists are enhancing their due diligence processes to assess potential conflicts between the technology developed by former employees and their previous employers' patents [3][11]. Group 3: Causes of Disputes - Many disputes arise because former employees inadvertently use research results obtained during their tenure at large tech companies, believing they have the right to do so [4][8]. - The lack of clear agreements regarding the ownership of research results often leads to misunderstandings and legal conflicts [4][8]. - The trend of former employees leveraging proprietary technology to gain competitive advantages in new ventures has intensified the scrutiny from their former employers [8][10]. Group 4: Recommendations for Resolution - Effective communication and preemptive agreements regarding the use of intellectual property are essential to mitigate disputes [4][10]. - Companies should implement comprehensive non-compete agreements and ensure they are enforced to prevent potential infringements [9][10]. - Venture capital firms are advised to include specific clauses in investment agreements to protect their interests in case of intellectual property violations by startup founders [13][14].