具体来看，湖北基地的产品组合不仅包括了碳酸亚乙烯酯(VC)、氟代碳酸乙烯酯(FEC)、硫酸乙烯酯 (DTD)等主流高效的成膜添加剂，更涵盖了双氟磺酰亚胺锂(LiFSI)、二氟草酸硼酸锂(LiODFB)、四氟硼 酸锂(LiBF4)等技术门槛更高、性能更卓越的高端及新型锂盐类添加剂。 从产业布局角度看，湖北基地的成功投产对公司具有重要的战略意义。海科新源相关负责人对《证券日 报》记者表示，该基地目前已与山东、江苏两大生产基地形成高效协同。这一"三足鼎立"的区域布局， 不仅完善了公司的全国产能分配，也显著提升了供应链的整体稳定性与市场快速响应能力，有效降低单 一区域运营风险，增强公司面对下游客户需求的交付保障能力。 中国投资协会上市公司投资专业委员会副会长支培元对《证券日报》记者表示，海科新源通过高—低产 品组合，不仅实现了"成膜—导电—抗氧化"技术闭环，还凭借规模效应将传统产品成本控制至行业低 位，使其能为下游客户提供更加多元化和定制化的解决方案。 在新能源汽车与储能市场对电池性能要求不断提升的背景下，电解液添加剂作为提升电池循环寿命、安 全性与能量密度的关键材料，正迎来新一轮发展机遇。 10月10日，国内电解液 ...

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 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12][39]. Core Views - The company's performance is under short-term pressure, with expectations for recovery in the first quarter of 2025 [4][8]. - The company focuses on the research and industrialization of fluorine, lithium, silicon, and boron, with a strong emphasis on new materials for energy and electronics [8][10]. - The demand for electrolyte solutions is expected to continue growing, driven by the increasing sales of new energy vehicles in China [8][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.207 billion yuan, a year-on-year decline of 31.25%. Operating profit was -389 million yuan, down 161.29%, and net profit was -308 million yuan, down 160.36% [8][15]. - The first quarter of 2025 showed signs of recovery with a net profit of 64.73 million yuan, a year-on-year increase of 69.24% [13][15]. Product Segments - New energy materials, including lithium hexafluorophosphate, saw sales of 43,300 tons in 2024, generating revenue of 2.593 billion yuan, a decline of 45.93% [10][11]. - The electronic information materials segment achieved revenue of 935 million yuan in 2024, down 24.52%, but is expected to recover in 2025 due to advancements in production technology [10][11]. Market Outlook - The report highlights a significant growth in China's new energy vehicle sales, with a total of 12.859 million units sold in 2024, representing a year-on-year increase of 36.10% [8][10]. - The company is well-positioned in the fluorine chemical industry, with a complete industrial chain from fluorine resources to lithium battery production, which is expected to support future growth [10][11]. Valuation Metrics - The report forecasts diluted earnings per share of 0.23 yuan for 2025 and 0.31 yuan for 2026, with corresponding price-to-earnings ratios of 50.79 and 38.42, respectively [13][15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12][39]. Core Views - The company's performance is under short-term pressure, with a significant decline in revenue and profits in 2024, but is expected to recover in 2025 [7][12]. - The demand for lithium battery electrolyte is projected to continue growing, driven by the increasing sales of new energy vehicles in China [7][9]. - The company has a complete industrial chain for lithium battery production, which provides a significant cost advantage [9][10]. - The company is expected to see a recovery in its new energy materials segment in 2025, despite short-term challenges [9][12]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 82.07 billion yuan, a year-on-year decrease of 31.25%, with a net profit of -3.08 billion yuan, down 160.36% [7][12]. - The first quarter of 2025 showed signs of recovery, with a net profit of 64.73 million yuan, a year-on-year increase of 69.24% [12][14]. Market Position and Industry Trends - The company is a leader in the fluorine-based new materials sector, with a focus on lithium hexafluorophosphate and other electrolyte salts [9][10]. - The demand for lithium hexafluorophosphate is expected to remain strong, supported by the growth in the new energy vehicle market, which saw a 36.10% increase in sales in 2024 [7][9]. - The company has established a strong market presence, exporting to regions such as Korea, Japan, and Europe, and is expected to maintain its market share [9][10]. Product Segments - The new energy materials segment generated revenue of 25.93 billion yuan in 2024, a decline of 45.93%, primarily due to falling prices of lithium hexafluorophosphate [9][10]. - The electronic information materials segment is expected to recover in 2025, with the company having successfully entered the semiconductor supply chain [9][10]. - The fluorine-based new materials segment achieved revenue growth of 20.42% in 2024, indicating strong demand in traditional and high-tech sectors [10][12].