丨证券研究报告丨 公司研究丨点评报告丨兴发集团（600141.SH） [Table_Title] 强化资源端实力，景气有望回升 报告要点 [Table_Summary] 公司发布 2025 年中报，上半年实现收入 146.2 亿元（同比+9.1%），实现归属净利润 7.3 亿元 （同比-9.7%），实现归属扣非净利润 6.7 亿元（同比-11.8%）。2025Q2 实现收入 73.9 亿元（同 比+13.4%，环比+2.3%），实现归属净利润 4.2 亿元（同比-1.7%，环比+34.0%），实现归属扣 非净利润 4.4 亿元（同比+10.1%，环比+91.1%）。 马太 李禹默 SAC：S0490516100002 SAC：S0490525060002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分析师及联系人 [Table_Author] 兴发集团（600141.SH） cjzqdt11111 [Table_Title2] 强化资源端实力，景气有望回升 [Table_Summary2] 事件描述 公司发布 2025 年中报，上半年实 ...

Core Viewpoint - Tianji Co., Ltd. (002759) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved operational performance despite ongoing challenges in profitability [1] Financial Performance - Total revenue reached 1.068 billion yuan, a year-on-year increase of 19.16% [1] - Net profit attributable to shareholders was -52.36 million yuan, showing a 59.00% improvement compared to the previous year [1] - Gross margin increased to 9.16%, up 438.28% year-on-year, while net margin improved to -5.01%, a 73.21% increase [1] - Total expenses (selling, administrative, and financial) amounted to 89.54 million yuan, accounting for 8.39% of revenue, down 19.94% year-on-year [1] Cash Flow and Assets - Cash flow from operating activities improved, with a per-share operating cash flow of -0.26 yuan, a 52.57% increase year-on-year [1] - The company’s cash and cash equivalents decreased by 13.16% to 878 million yuan due to payments for construction and inventory [3] - Accounts receivable rose by 36.11% to 489 million yuan, indicating increased sales [3] Cost and Expenses - Operating costs increased by 5.39%, driven by higher sales of lithium hexafluorophosphate and sodium hypophosphite [4] - Selling expenses decreased by 30.84% due to cost control measures [4] - Research and development expenses rose by 31.17%, reflecting increased investment in innovation [4] Business Model and Investment Considerations - The company’s performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these investments [5] - Historical return on invested capital (ROIC) has been average, with a median of 7.8% since listing, indicating potential concerns regarding business sustainability [4][5]

Core Viewpoint - Tianji Co., Ltd. (002759) reported a significant increase in revenue and a reduction in net loss for the first half of 2025, indicating improved profitability metrics despite ongoing challenges in cash flow and asset management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.068 billion yuan, a year-on-year increase of 19.16% compared to 896 million yuan in 2024 [1]. - The net profit attributable to shareholders was -52.36 million yuan, showing a 59% improvement from -128 million yuan in the previous year [1]. - The gross margin increased to 9.16%, reflecting a substantial year-on-year growth of 438.28% [1]. - The net margin improved to -5.01%, with a year-on-year increase of 73.21% [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 89.54 million yuan, accounting for 8.39% of revenue, a decrease of 19.94% year-on-year [1]. - Sales expenses decreased by 30.84%, while management expenses fell by 10.05%, indicating effective cost control measures [3]. - Financial expenses surged by 2259.93%, attributed to reduced interest income from decreased fundraising activities [3]. Asset and Liability Changes - Cash and cash equivalents decreased by 13.16% to 878 million yuan, primarily due to payments for construction and inventory reserves [3]. - Accounts receivable increased by 36.11% to 489 million yuan, reflecting higher sales volumes [3]. - Interest-bearing debt rose by 33.60% to 1.16 billion yuan, indicating increased borrowing to support operational needs [3]. Cash Flow and Investment Insights - Operating cash flow per share improved by 52.57% to -0.26 yuan, suggesting better cash generation from operations [1][5]. - Investment cash flow increased by 60.8%, as capital expenditures for lithium projects decreased towards completion [5]. - Financing cash flow decreased by 53.77%, indicating a reduction in fundraising activities [5]. Research and Development - R&D expenditures increased by 31.17%, reflecting a commitment to innovation and product development [5]. Business Model Evaluation - The company's performance heavily relies on capital expenditures, necessitating careful scrutiny of the viability and returns of these investments [5]. - Historical data indicates a median Return on Invested Capital (ROIC) of 7.8%, with a notably poor ROIC of -27.51% in 2024, highlighting the need for improved business sustainability [5].

Financial Performance - The company reported a revenue of 1.068 billion yuan for the first half of 2025, representing a 19.16% increase compared to the same period last year [1][2] - The net profit attributable to shareholders was -52.36 million yuan, showing a 59% improvement year-on-year [2][3] - The net profit after deducting non-recurring items was -56.39 million yuan, reflecting a 56.04% increase compared to the previous year [2][3] - The basic and diluted earnings per share were both -0.10 yuan, a 60% improvement from -0.25 yuan in the same period last year [1] Operational Highlights - The sales volume of lithium hexafluorophosphate increased by 45% compared to the first half of 2024, although the average selling price decreased by 13%, leading to a 26% increase in sales revenue [1] - Despite the increase in sales volume, the lithium hexafluorophosphate business still reported a slight loss of 30.61 million yuan due to low selling prices [1] - The company’s subsidiary, New Special Chemicals, saw a 93% increase in the sales volume of sodium hypophosphite, contributing to an overall revenue growth of 59% [3] Production Capacity - The total annual production capacity for lithium hexafluorophosphate reached 37,000 tons, with subsidiaries holding capacities of 12,000 tons, 10,000 tons, and 15,000 tons respectively [3] - The company is recognized as a leading player in the lithium hexafluorophosphate industry, consistently ranking among the top three in production capacity over the past three years [3]

Core Viewpoint - Tianji Co., Ltd. has gained significant attention in the capital market due to a substantial increase in its stock price, which has risen 33% over three days, reaching 11.44 CNY per share from 8.59 CNY [1] Group 1: Stock Performance - On June 26, Tianji Co., Ltd. experienced a stock price surge, achieving a three-day consecutive limit-up [1] - The stock price increase was attributed to the company's announcement regarding abnormal trading fluctuations, with a cumulative price deviation exceeding 20% over three trading days [1] Group 2: Business Overview - Tianji Co., Ltd. primarily engages in the production of lithium hexafluorophosphate and related fluorochemical products, sodium phosphinate, and small household appliances, with lithium hexafluorophosphate accounting for 65.94% of its main products [2] - The company has faced a decline in revenue, reporting 2.055 billion CNY in 2024, a decrease of 6.32% year-on-year, and a significant net loss of 1.361 billion CNY, compared to a profit of 37 million CNY in 2023 [2] Group 3: Financial Challenges - The company's losses were primarily due to intense market competition and a significant decline in the price of lithium hexafluorophosphate, along with goodwill impairment affecting profitability [2] - Tianji Co., Ltd. recorded a goodwill impairment of 985 million CNY in 2024, following a 2.7 billion CNY acquisition in 2016, which resulted in a goodwill of 2.319 billion CNY [2] Group 4: Recent Developments - As of the first quarter of 2025, the company still holds 727 million CNY in goodwill [3] - Despite ongoing losses, the company has shown signs of improvement, with a revenue of 518 million CNY in Q1 2025, reflecting a year-on-year growth of 16.28%, and a reduced net loss of 22 million CNY, a 77.15% decrease in losses compared to the previous year [3] - The net cash outflow from operating activities improved significantly, decreasing by nearly 70% compared to the same period in 2024 [3]

Core Viewpoint - Tianji Co., Ltd. has faced significant financial losses in the lithium hexafluorophosphate industry, reporting a loss of nearly 1.4 billion yuan in 2024, with no signs of recovery in early 2025 [1][6]. Company Background - Established in 1996 in Shantou, Guangdong, Tianji Co., Ltd. initially focused on small household appliances, achieving revenue of 500 million yuan and a profit of 80 million yuan by 2015 [2]. - In 2016, the company acquired Jiangsu Xintai Materials for 2.7 billion yuan, entering the lithium-ion battery materials sector, aiming for a dual business model of "appliances + lithium-ion battery materials" [2][3]. Industry Position and Growth - The company has built an annual production capacity of 37,000 tons of lithium hexafluorophosphate, ranking third in the industry, behind Tianqi Lithium and Dongfang Special Steel [3]. - Revenue from lithium hexafluorophosphate reached 2.858 billion yuan in 2022, accounting for 87.29% of total revenue, marking over fivefold growth since its IPO [3]. Recent Acquisitions and Strategy - In 2023, Tianji Co., Ltd. acquired 100% of Xinte Chemical for 460 million yuan, diversifying into the phosphorus chemical sector [4]. - The acquisition aimed to enhance the product matrix and extend the company's presence in the chemical industry [4]. Financial Performance - In 2023, the company reported revenue of 2.193 billion yuan, a decline of over 33%, with net profit plummeting by 93% to 36.64 million yuan [5]. - By 2024, revenue further decreased to 2.055 billion yuan, with a net loss of 1.361 billion yuan [6]. Market Challenges - The decline in profitability is attributed to oversupply in the lithium battery materials market, leading to a drastic drop in product prices [7]. - The average selling price of lithium hexafluorophosphate fell by 50.04% in 2024, despite a 70% increase in sales volume [7]. Profitability Issues - The company's gross margin has sharply declined from 62.26% in 2021 to -12.04% in 2024, indicating that products are being sold at a loss [8][9]. - In contrast, competitors like Dongfang Special Steel and Tianqi Lithium maintained positive gross margins despite similar market pressures [9][10]. Future Outlook - The industry is unlikely to return to its 2021 peak due to completed penetration of the electric vehicle market and ongoing oversupply issues [13]. - The company faces significant challenges in improving management and technical capabilities to recover profitability [14][15].