● 本报记者 董添 金达威预计2025年上半年实现归属于上市公司股东的净利润为2.21亿元至2.6亿元，同比增长70%至 100%。公司最新披露的投资者关系记录表显示，公司主要从事营养保健食品（包含营养保健食品原料 和营养保健食品终端产品）和饲料添加剂的研发、生产及销售业务。2025年上半年，公司业绩增长主要 源于辅酶Q10、维生素A及国内保健品业务销售增长。 建投能源预计2025年上半年实现归属于上市公司股东的净利润为8.8亿元，同比增长153.39%。上半年， 煤炭市场供需整体较为宽松，价格中枢持续下移。公司深化"集约化管住两端，专业化管控中间"的经营 思路，以市场为导向、以效益为中心组织生产经营，进一步加强电热营销，优化燃料采购管理，同时公 司采取多元化融资，合理调整融资结构，优化存量债务利率，降低资金成本，多措并举提升火电主业经 营效益。 Wind数据显示，截至7月18日17时，A股共有1540家上市公司对外披露2025年半年度业绩预告，674家预 喜，预喜比例约为43.77%。其中，略增57家，扭亏193家，续盈6家，预增418家，已披露业绩预告的上 市公司业绩整体较为分化。 近期，A股上市公司密集 ...

Group 1: Overseas Expansion - The company's Hungary Phase I project is operational, and it is shipping to overseas customers [2] - The U.S. facility is completed, and equipment installation is underway, with samples being sent to overseas clients [2] Group 2: Impact of Solid-State Batteries - Semi-solid batteries still require separators, and some products have been supplied to relevant clients [2] - Full solid-state battery commercialization will take time, needing collaboration across the supply chain and ongoing technological advancements [2] Group 3: Profit Improvement Strategies - The company aims to enhance profitability through global capacity expansion and increasing overseas customer share [3] - Product structure optimization by increasing the proportion of coated films and developing high-value-added products [3] - Implementation of refined management practices to reduce costs and improve operational efficiency [3] Group 4: Key Clients for Overseas Bases - Major clients include LGES, Ultium Cells, and a large overseas automotive company [4] - Contracts include a supply agreement with Ultium Cells for up to $66.25 million worth of separators in 2025 [4] - A supply agreement with LGES for approximately 3.55 billion square meters of separators from 2025 to 2027 [4] - A contract with a well-known U.S. automotive company for about 973 million square meters of separators from 2026 to 2030 [4] Group 5: Industry Landscape and Company Position - The separator industry is undergoing consolidation due to price competition, with the company maintaining steady sales growth [5] - The company is positioned as a global leader in the separator market, focusing on accelerating globalization and enhancing competitiveness [6] Group 6: Solid-State Battery Developments - The company has established capabilities for mass production of semi-solid battery separators [7] - Research and production efforts are underway for lithium sulfide and solid electrolyte membranes in the full solid-state sector [7] Group 7: Competitive Barriers in Overseas Markets - The company has established overseas production capacity and a strong customer base, along with a robust intellectual property framework [8] - It was one of the first in the Chinese lithium battery industry to establish overseas production, with significant capacity in Hungary and the U.S. [8] - Long-term partnerships with global battery manufacturers enhance its market position [8]

Core Viewpoint - The industry consensus on the timeline for solid-state battery deployment has converged to 2027 for small-scale production and 2030 for large-scale commercialization, indicating a clearer technological roadmap and increased demand for lithium resources and equipment [1][2][11]. Group 1: Solid-State Battery Deployment Expectations - Leading battery manufacturers and experts have indicated that solid-state batteries are expected to begin small-scale production by 2027, with large-scale commercialization anticipated by 2030 [2]. - The convergence of expectations suggests a clearer technological path, transitioning from single sulfide to mixed sulfide and halide materials, which will drive demand for lithium battery equipment and resources [2]. Group 2: Materials Sector - The materials sector is expected to develop along two main lines: the establishment of new solid-state electrolyte routes and the shared materials benefiting from the solid-state battery industry [3][4]. - The solid-state electrolyte routes are likely to stabilize, with a focus on sulfide materials by major players like CATL and BYD, while conductive agents and silicon anodes are projected to see increased usage in solid-state batteries [4]. Group 3: Equipment Sector - The lithium battery equipment sector is showing signs of recovery, with expectations for a dual rebound in orders and performance by 2025 as major manufacturers ramp up production capacity [5][6]. - The transition to solid-state battery manufacturing is expected to drive new investment in equipment, particularly as the industry prepares for significant advancements in production technology [6]. Group 4: Resource Sector - The demand for zirconium, a key raw material for oxide electrolytes, is projected to increase significantly, with expectations of reaching 78,000 tons by 2030, which is 395 times the demand in 2023 [7]. - The industrialization of sulfide and lithium metal anodes is expected to double lithium consumption, with significant advancements in production capabilities being reported [7]. Group 5: Future Events in the Solid-State Battery Industry - Major events in 2025 include the unveiling of Hyundai's solid-state battery production line and the Shanghai Auto Show, which are anticipated to be key platforms for solid-state battery developments [8]. - The introduction of new models featuring semi-solid-state batteries by SAIC's MG brand is expected to occur in Q2 2025, potentially marking a significant milestone in the commercialization of semi-solid-state battery technology [8].