Group 1 - The core viewpoint of the news is that Tianqi Materials has seen a significant increase in stock price and trading volume, indicating strong market interest and potential investment opportunities [1] - As of September 26, Tianqi Materials' stock price rose by 5.8% to 34.49 yuan per share, with a trading volume of 3.658 billion yuan and a turnover rate of 8.00%, resulting in a total market capitalization of 66.026 billion yuan [1] - The company, founded on June 6, 2000, specializes in the research, production, and sales of fine chemical new materials, with lithium-ion battery materials accounting for 89.66% of its main business revenue [1] Group 2 - From the perspective of major fund holdings, one fund under China Merchants Fund has heavily invested in Tianqi Materials, specifically the China Merchants CSI Battery Theme ETF (561910), which increased its holdings by 76,100 shares in the second quarter [2] - The China Merchants CSI Battery Theme ETF currently holds 962,900 shares of Tianqi Materials, representing 2.59% of the fund's net value, ranking it as the ninth largest holding [2] - The ETF has achieved a year-to-date return of 67.86% and a one-year return of 104.68%, indicating strong performance relative to its peers [2]

截至发稿，余海燕累计任职时间14年295天，现任基金资产总规模3857.64亿元，任职期间最佳基金回报 155.37%， 任职期间最差基金回报-78.9%。 庞亚平累计任职时间6年345天，现任基金资产总规模3148.65亿元，任职期间最佳基金回报90.44%， 任 职期间最差基金回报-37.67%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，易方达基金旗下1只基金位居天赐材料十大流通股东。易方达沪深300ETF（510310）二季度 增持158.91万股，持有股数1703.02万股，占流通股的比例为1.23%。根据测算，今日浮盈赚取约3218.71 万元。 易方达沪深300ETF（510310）成立日期2013年3月6日，最新规模2665.16亿。今年以来收益19.34%，同 类排名2810/4220；近一年收益38.37%，同类排名2369/3824；成立以来收益135.31%。 易方达沪深300ETF（510310）基金经理为余海燕、庞亚平。 9月2 ...

Core Viewpoint - Tianqi Materials (002709.SZ) has recently seen a significant surge in stock price, reaching a two-year high, and is making strides towards listing on the Hong Kong Stock Exchange by submitting its prospectus on September 22, 2023 [2]. Group 1: Company Overview - Tianqi Materials was established in 2000 and went public on the Shenzhen Stock Exchange in 2014, with a current market capitalization exceeding 62.4 billion RMB [2]. - The company focuses on two main business segments: lithium-ion battery materials and daily chemical materials, providing comprehensive solutions for global clients [2]. - The lithium-ion battery materials segment includes electrolyte and its core materials, cathode materials (iron phosphate, lithium iron phosphate), PACK structure adhesives, and binders [2]. - Since 2016, Tianqi Materials has ranked first globally in lithium-ion battery electrolyte shipments for nine consecutive years, with a projected global market share of approximately 35.7% in 2024 [2]. Group 2: Business Segments - The daily chemical materials and specialty chemicals segment includes carbomer, surfactants (including amino acid and amphoteric surfactants), silicone oil, and cationic conditioning agents, widely used in personal and home care products [5]. - By 2024, Tianqi Materials is expected to be the second-largest global producer of carbomer with a market share of 9.7% and the third-largest producer of amphoteric surfactants with a market share of 10.6% [5]. Group 3: Financial Performance - From 2022 to 2024, Tianqi Materials experienced a decline in revenue from 22.32 billion RMB to 12.52 billion RMB, with corresponding gross profits and net profits also decreasing significantly [7]. - In the first half of 2025, revenue showed a year-on-year increase of 28.97% to 7.03 billion RMB, with net profit rising by 10.99% to 265 million RMB, indicating a potential recovery [7]. - The company heavily relies on its lithium-ion battery materials business, which accounted for nearly 90% of total revenue, making it vulnerable to price fluctuations in this segment [7][9]. Group 4: Market Dynamics - The domestic market is highly competitive, contributing to the decline in product prices [9]. - Tianqi Materials also relies on a limited number of major clients, with the top five clients accounting for 70.8% to 58.7% of total revenue from 2022 to the first half of 2025 [9]. Group 5: Funding and Future Plans - As of June 30, 2025, the company had cash and cash equivalents of 1.3 billion RMB, which may be insufficient for extensive expansion [10]. - If the Hong Kong listing is successful, 80% of the net proceeds will be allocated to global business development, including a lithium-ion battery materials project in Morocco and other overseas markets [10].

Core Viewpoint - Tianqi Materials has submitted an IPO application for listing on the Hong Kong Stock Exchange, aiming to raise funds primarily for global business expansion and R&D activities, following a previous attempt to list on the Swiss Stock Exchange that was terminated due to market conditions [1][6]. Company Overview - Established in 2000 and headquartered in Guangzhou, Tianqi Materials focuses on providing lithium-ion battery materials, daily chemical materials, and specialty chemicals [2]. - The company has successfully expanded its business into cathode materials and adhesives for lithium batteries, positioning itself in emerging fields such as smart driving and AI thermal management [2]. Financial Performance - Revenue from lithium battery materials accounted for 93.3%, 91.6%, 87.7%, and 89.7% of total revenue in 2022, 2023, 2024, and the first half of 2025, respectively [2]. - The company's revenue for the reporting periods was 22.317 billion, 15.405 billion, 12.518 billion, and 7.029 billion yuan, with net profits of 5.714 billion, 1.891 billion, 484 million, and 268 million yuan [4]. - The average selling price of lithium battery materials dropped significantly from approximately 48,300 yuan per ton in 2022 to about 23,000 yuan in 2023, a decline of 52.32%, and further to about 13,800 yuan in 2024, a 40% decrease [5]. Market Position and Strategy - Tianqi Materials has 15 operational production bases in China and plans to establish new bases in Morocco and the United States [3]. - The company aims to enhance its global strategy and competitive position through the IPO, which will be its sixth round of financing, totaling approximately 6.25 billion yuan raised from previous rounds [6][8]. Shareholder Structure - The chairman and general manager, Xu Jinfeng, holds approximately 36.5% of the company's shares, with family members holding an additional 3% [7]. Industry Context - The stock price of Tianqi Materials has reflected the overall lithium battery industry trends, with a significant decline from a peak of 170.51 yuan in October 2021 to a low of 12.86 yuan in September 2024, representing a drop of over 92.46% [9]. - The trend of lithium companies seeking listings in Hong Kong is increasing, with several companies already announcing their plans [9].

Core Viewpoint - Tianqi Materials has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and GF Securities as joint sponsors [1] Group 1: Company Overview - The company focuses on lithium-ion battery materials, including electrolytes, core materials, cathode materials, PACK structure adhesives, and binders [1] - It has integrated the production of key raw materials for electrolytes, such as LiPF6, LiFSI, additives, and lithium carbonate, and has expanded into cathode materials and adhesives for lithium batteries [1] Group 2: Product Development - The company has made advancements in next-generation products, including solid-state electrolytes, automotive electronics, semiconductor-specific adhesives, and high-performance polymers [1] - As of June 30, 2025, the company ranks first in the industry for self-supply ratios of LiPF6, LiFSI, DTD additives, and high-purity lithium carbonate [1] Group 3: Production Network - The company has established a production network covering both China and overseas markets, including the United States and Germany [1] - Plans are in place to establish production bases in Morocco and the United States [1]

Core Viewpoint - Guangzhou Tinci Materials Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with J.P. Morgan, CITIC Securities, and GF Securities as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Company Overview - The company is a technology-driven new energy and advanced materials firm, focusing on providing lithium-ion battery materials, daily chemical materials, and specialty chemical solutions to global corporate clients [3]. - The lithium-ion battery materials segment includes electrolyte and its core materials, cathode materials (iron phosphate, lithium iron phosphate), PACK structural adhesives, and binders. The daily chemical materials and specialty chemicals segment includes carbomer, surfactants, silicone oils, and cationic conditioning agents [3]. Revenue Contribution - The majority of the company's revenue comes from lithium-ion battery materials, which is a strategic focus, while a smaller portion comes from daily chemical materials and specialty chemicals [3]. Production and Supply Chain - The company has established a complete value chain for the production of key raw materials for electrolytes, including LiPF6, LiFSI, additives, and lithium carbonate. It has successfully expanded into cathode materials and adhesives for lithium batteries, forming a comprehensive solution for lithium-ion battery materials [3][4]. - As of June 30, 2025, the self-supply ratios for LiPF6, LiFSI, DTD additives, and high-purity lithium carbonate are 99.0%, 97.0%, 90.0%, and 100.0%, respectively, ranking first in the industry [4]. Production Network - The company has built a production network extending beyond China, with 15 operational production bases and one under construction in China. It also collaborates with two contract manufacturers in the U.S. and Germany, and plans to establish production bases in Morocco and the U.S. [4]. Customer Dependency - The company's total sales to its top five customers accounted for approximately 70.8%, 71.2%, 58.7%, and 58.7% of total revenue for the years ending December 31, 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5]. Financial Performance - The company reported revenues of RMB 22.32 billion, RMB 15.40 billion, RMB 12.52 billion, and RMB 7.03 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively. Corresponding profits were approximately RMB 5.84 billion, RMB 1.84 billion, RMB 478 million, and RMB 265 million [5][6].

截至6月30日，天赐材料股东户数18.23万，较上期减少3.47%；人均流通股7595股，较上期增加3.60%。 2025年1月-6月，天赐材料实现营业收入70.29亿元，同比增长28.97%；归母净利润2.68亿元，同比增长 12.79%。 分红方面，天赐材料A股上市后累计派现27.56亿元。近三年，累计派现19.22亿元。 机构持仓方面，截止2025年6月30日，天赐材料十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股5633.28万股，相比上期增加326.57万股。泉果旭源三年持有期混合A（016709）位居第六 大流通股东，持股2530.29万股，相比上期增加107.78万股。华泰柏瑞沪深300ETF（510300）位居第八 大流通股东，持股2390.05万股，相比上期增加183.48万股。东方新能源汽车主题混合（400015）位居第 九大流通股东，持股1918.43万股，相比上期减少22.22万股。易方达沪深300ETF（510310）位居第十大 流通股东，持股1703.02万股，相比上期增加158.91万股。 9月4日，天赐材料涨6.10%，成交额33.44亿元。两融数据显示，当日天 ...

Group 1 - The core viewpoint of the news is that Tianqi Materials has seen a stock price increase of 5.22%, reaching 22.96 CNY per share, with a trading volume of 565 million CNY and a turnover rate of 1.80%, resulting in a total market capitalization of 43.953 billion CNY [1] - Tianqi Materials, established on June 6, 2000, and listed on January 23, 2014, is primarily engaged in the research, production, and sales of fine chemical new materials [1] - The company's main business revenue composition includes lithium-ion battery materials at 89.66%, daily chemical materials and specialty chemicals at 8.73%, and others at 1.61% [1] Group 2 - From the perspective of Tianqi Materials' top ten circulating shareholders, a fund under Quanguo Fund has increased its holdings in Tianqi Materials by 1.0778 million shares, bringing its total to 25.3029 million shares, which accounts for 1.83% of the circulating shares [2] - The Quanguo Xuyuan Three-Year Holding Period Mixed A Fund (016709) has achieved a year-to-date return of 18.02%, ranking 4043 out of 8180 in its category, and a one-year return of 44.34%, ranking 2934 out of 7978 [2] - The fund manager, Zhao Yi, has a cumulative tenure of 8 years and 170 days, with the fund's total asset scale at 13.081 billion CNY and the best fund return during his tenure being 329.41% [2]

Core Insights - The company, Tianqi Materials, reported a revenue of 7.029 billion yuan for the first half of 2025, representing a year-on-year growth of 28.97% [1] - The net profit attributable to shareholders reached 268 million yuan, with a year-on-year increase of 23.79% [1] - The company is focusing on a dual-core strategy of "integration" and "globalization" to enhance its core competitiveness and ensure high-quality development [1][5] Group 1: Business Performance - The demand for electrolyte solutions has steadily increased due to the growth in domestic new energy vehicles and power battery production [2] - The company has developed its production capacity for key raw materials, enhancing its self-supply advantage [2] - Operating cash flow net amount was 409 million yuan, reflecting a year-on-year growth of 12.26% [1] Group 2: R&D and Product Development - The company is expanding its product offerings, including sodium-ion battery materials and solid-state battery electrolytes, to create new profit growth points [2] - The company has a total of 1,141 patent applications, with 587 patents granted, indicating a strong focus on R&D [4] - The company is also enhancing its core competitiveness through mergers and acquisitions of companies with key customer or technological advantages [4] Group 3: International Expansion - The company is advancing its overseas capacity construction and customer collaboration, with significant projects in the U.S. and Morocco [3] - The Moroccan project involves an investment of approximately 280 million USD for a capacity of 150,000 tons/year of electrolyte products and key raw materials [3] - The company plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange to further its globalization strategy [3]

Group 1 - The latest stock price of Tianci Materials is 19.06 yuan, an increase of 0.11 yuan from the previous trading day [1] - The opening price for the day was 18.96 yuan, with a highest point of 19.36 yuan and a lowest point of 18.91 yuan, resulting in a trading volume of 244,700 hands and a transaction amount of 467 million yuan [1] - Tianci Materials specializes in the research, production, and sales of lithium-ion battery materials, daily chemical materials, and specialty chemicals, holding a significant market position in the lithium battery electrolyte sector [1] Group 2 - As of August 5, the net inflow of main funds into Tianci Materials was 2.2976 million yuan, while the cumulative net outflow over the past five trading days reached 212 million yuan, accounting for 0.8% of the circulating market value [1]