本报告导读： 风险提示。市场竞争加剧的风险；原材料价格波动的风险；下游需求不及预期的风险。 2025 年上半年业绩稳定增长。根据公司2025 年半年度业绩快报公告，2025 年上半年公司实现营业收入 75.34 亿元左右，同比增长18.04%，实现归母净利润3.07 亿元左右，同比增长27.76%，扣非归母净利润 2.91 亿元左右，同比增长32.24%。 消费电子需求旺盛，钴酸锂出货大幅增长；差异化竞争优势显著，促进动力正极材料出货增加。公司是 全球钴酸锂龙头企业，充分受益于国补换机政策和3C 消费设备AI 功能带电量提升带来的需求增长， 2025 年上半年钴酸锂实现销量2.88 万吨，同比增长56.64%。 动力领域，公司继续巩固高电压、高功率三元材料优势，充分发挥水热法磷酸铁锂的差异化竞争优势， 2025 年上半年动力电池正极材料（含三元材料、磷酸铁锂及其他）实现销量3.19 万吨，同比增长 20.76%。 稳步推进新技术研发，培育新增长极。（1）正极补锂剂：已完成高稳定性补锂材料研发，实现批量供 货。（2）NL 新结构正极材料：相比传统正极材料，NL 新结构正极材料更稳定，层间距更宽，能量密 度和倍率 ...

Core Viewpoint - Shenzhen Sufang New Energy Technology Co., Ltd. has completed a tens of millions RMB angel round financing, which will be used for the research and development of lithium-rich manganese-based cathode materials and production line construction [1] Company Overview - Sufang New Energy was established in 2023 and focuses on developing ultra-low voltage drop lithium-rich manganese-based cathode materials. The founder, Liu Qi, is a tenured professor at City University of Hong Kong with over 10 years of experience in lithium-ion battery research [1][5] - The company has successfully overcome the voltage decay issue of lithium-rich manganese-based cathode materials and has already put a hundred-ton production line into operation [1][5] Product Development - Sufang New Energy has developed high-pressure pure lithium-rich manganese-based cathode materials that have been sent to several leading battery manufacturers for sampling [1][3] - The company has also launched a lithium-rich manganese-based cathode lithium supplement product, aiming for commercial breakthroughs in mid-to-low voltage applications [1] Technical Achievements - The voltage decay of lithium-rich manganese-based materials occurs mainly within the first 200 cycles, which is a critical threshold for their application as main materials [3] - The company employs a multi-level precise doping method to stabilize the honeycomb structure of lithium-rich manganese-based materials during production, with research results published in the journal Nature Energy [1][3] Market Strategy - Sufang New Energy is pursuing a two-pronged strategy: long-term investment in high-pressure pure lithium-rich manganese-based cathode materials and the introduction of lithium supplement products to accelerate commercialization [4] - The company aims to develop a lithium-rich manganese-based material that can perform comparably to existing high-nickel ternary materials at 4.5V, with a cost advantage of approximately 30% [4] Future Prospects - The company has initiated a new round of financing to advance research and the construction of a thousand-ton production line [5] - The development trend in lithium-ion batteries includes increasing energy density and reducing costs, with lithium-rich manganese-based materials recognized as the next generation of high-energy cathode materials [5]