➢ 事件。2025 年 10 月 24 日，公司发布 2025 年三季报，公司前三季度实现 营收 130.59 亿元，同比增长 29.80%，实现归母净利润 5.52 亿元，同比增长 41.54%，扣非后归母净利润 5.06 亿元，同比增长 48.20%，业绩整体符合预期。 ➢ Q3 业绩拆分。营收和净利：公司 2025Q3 营收 55.26 亿元,同比+54.25%， 环比+21.25%，归母净利润为 2.45 亿元，同比+91.05%，环比+ 28.97%，扣非 后净利润为 2.15 亿元，同比+77.02%，环比+20.22%。毛利率：2025Q3 毛利 率为 10.00%，同比+0.91pct，环比-0.26pcts。净利率：2025Q3 净利率为 4.52%， 同比+28.60pct，环比+0.32pct。费用率：公司 2025Q3 期间费用率为 4.46%， 同比-0.65pct，其中销售、管理、研发、财务费用率分别为 0.24%、1.03%、2.66%、 0.09%。 ➢ 锂电正极材料出货增加，盈利能力稳定。2025 年前三季度，公司锂电正极 材料产品实现销量 9.99 万吨，同比增长 40.4 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导性陈 述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第三季度财务报表是否经审计 证券代码：688778 证券简称：厦钨新能 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 □是 √否 一、主要财务数据 （一）主要会计数据和财务指标 单位：元 币种：人民币 ■ 注："本报告期"指本季度初至本季度末3个月期间，下同。 追溯调整或重述的原因说明： 1、截至2025年9月30日，公司已完成对厦门钨业股份有限公司海沧分公司二次资源制造部相关业务资产 组及厦门钨业股份有限公司所持赣州市豪鹏科技有限公司47%股权的收购交易，将其纳入合并财务报表 范围，该交易构成同一控制下企业合并，对相关财务数据进行追溯调整。 2、报告期内，公司因资本公积金转增股本，公司的股份总数从420,771,0 ...

Core Viewpoint - Xiamen Tungsten New Energy has shown significant stock performance with a year-to-date increase of 117.72%, despite a slight decline of 0.24% in the last five trading days [1] Financial Performance - For the first half of 2025, Xiamen Tungsten New Energy reported revenue of 7.534 billion yuan, representing a year-on-year growth of 19.58%, and a net profit attributable to shareholders of 307 million yuan, up 28.36% [2] - The company has distributed a total of 839 million yuan in dividends since its A-share listing, with 713 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 3.41% to 14,700, while the average circulating shares per person decreased by 3.29% to 28,584 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable increases in holdings [3] Stock Market Activity - Xiamen Tungsten New Energy's stock price reached 81.69 yuan per share with a market capitalization of 41.228 billion yuan, and a trading volume of 132 million yuan on October 14 [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 8 [1] Business Overview - The company specializes in the research, development, production, and sales of lithium-ion battery cathode materials, with a revenue composition of 50.32% from lithium cobalt oxide, 45.89% from ternary materials, and 3.07% from hydrogen energy materials [1] - Xiamen Tungsten New Energy operates within the electric power equipment industry, focusing on battery and battery chemical products, and is associated with concepts such as solid-state batteries and new energy vehicles [1]

Company Overview - Xiamen Xiangtan New Energy Materials Co., Ltd. is located in the Xiamen area of the China (Fujian) Pilot Free Trade Zone, established on December 20, 2016, and listed on August 5, 2021. The company specializes in the research, production, and sales of lithium-ion battery cathode materials [1] Business Composition - The main business revenue composition includes: - Lithium Cobalt Oxide: 50.32% - Ternary Materials (including Lithium Iron Phosphate and others): 45.89% - Hydrogen Energy Materials: 3.07% - Others (supplementary): 0.72% [1] Stock Performance - On September 26, the stock price of Xiamen Xiangtan New Energy fell by 5%, reaching 80.17 CNY per share, with a trading volume of 606 million CNY and a turnover rate of 1.47%. The total market capitalization is 40.461 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Galaxy Fund holds shares in Xiamen Xiangtan New Energy. The Galaxy New Materials Stock Initiation A Fund (020276) held 8,899 shares in the second quarter, accounting for 4.24% of the fund's net value, ranking as the eighth largest holding. The estimated floating loss today is approximately 37,600 CNY [2] Fund Performance - The Galaxy New Materials Stock Initiation A Fund (020276) was established on December 27, 2023, with a latest scale of 11.2819 million CNY. Year-to-date returns are 35.96%, ranking 1461 out of 4220 in its category; the one-year return is 60.39%, ranking 1399 out of 3824; and since inception, the return is 40.81% [2] Fund Manager - The fund manager of Galaxy New Materials Stock Initiation A Fund is Jin Ye. As of the report date, Jin Ye has a cumulative tenure of 3 years and 267 days, with total fund assets of 54.3398 million CNY. The best fund return during the tenure is 39.17%, while the worst return is -1.51% [3]

国金鑫悦经济新动能A（010375）成立日期2020年11月18日，最新规模3122.97万。今年以来收益 17.29%，同类排名4941/8171；近一年收益38.85%，同类排名3982/8004；成立以来亏损1.18%。 国金鑫悦经济新动能A（010375）基金经理为王小刚。 9月26日，厦钨新能跌5%，截至发稿，报80.17元/股，成交6.06亿元，换手率1.47%，总市值404.61亿 元。 资料显示，厦门厦钨新能源材料股份有限公司位于中国(福建)自由贸易试验区厦门片区柯井社300号之 一，成立日期2016年12月20日，上市日期2021年8月5日，公司主营业务涉及锂离子电池正极材料的研 发、生产和销售。主营业务收入构成为：钴酸锂50.32%，三元材料(含磷酸铁锂及其他)45.89%，氢能材 料3.07%，其他(补充)0.72%。 从基金十大重仓股角度 数据显示，国金基金旗下1只基金重仓厦钨新能。国金鑫悦经济新动能A（010375）二季度持有股数3.27 万股，占基金净值比例为3.02%，位居第十大重仓股。根据测算，今日浮亏损失约13.79万元。 截至发稿，王小刚累计任职时间2年274天，现任基金资 ...

Core Viewpoint - Xiamen Tungsten New Energy's stock price has shown significant volatility, with a year-to-date increase of 116.31%, but a recent decline of 4.42% over the last five trading days [1] Financial Performance - For the first half of 2025, Xiamen Tungsten New Energy reported revenue of 7.534 billion yuan, a year-on-year increase of 19.58%, and a net profit attributable to shareholders of 307 million yuan, up 28.36% [2] - Cumulative cash dividends since the company's A-share listing amount to 839 million yuan, with 713 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 3.41% to 14,700, while the average circulating shares per person decreased by 3.29% to 28,584 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable increases in holdings [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.41 CNY [2][7]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 7.534 billion CNY, a year-on-year increase of 18.04%, and a net profit of 307 million CNY, up 27.76% year-on-year [7]. - The company is focusing on new materials such as NL and lithium supplementation, which are expected to drive future growth [7]. - The report highlights the company's leading position in lithium battery materials, with a significant increase in sales volume, particularly in cobalt lithium products [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 13,297 million CNY, 17,671 million CNY, 19,224 million CNY, and 21,259 million CNY, respectively, with a year-on-year growth rate of -23.2%, 32.9%, 8.8%, and 10.6% [3][8]. - Net profit attributable to the parent company is forecasted to be 494 million CNY in 2024A, 773 million CNY in 2025E, 887 million CNY in 2026E, and 999 million CNY in 2027E, with corresponding growth rates of -6.3%, 56.4%, 14.8%, and 12.6% [3][8]. - Earnings per share (EPS) are projected to be 0.98 CNY for 2024A, 1.53 CNY for 2025E, 1.76 CNY for 2026E, and 1.98 CNY for 2027E [3][8]. Market Position and Growth Drivers - The company has solidified its leading position in the lithium battery materials market, with a sales volume of 60,700 tons in the first half of 2025, a year-on-year increase of 35.50% [7]. - The report emphasizes ongoing project developments, including the expansion of production capacity and the establishment of new production lines, which are expected to enhance the company's competitive edge [7]. - The company is actively optimizing its product applications and exploring cutting-edge technologies, including solid-state batteries and lithium supplementation materials, to maintain its industry leadership [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved total revenue of 7.534 billion yuan in H1 2025, representing a year-on-year increase of 18.04%. The net profit attributable to shareholders was 307 million yuan, up 27.76% year-on-year, and the net profit after deducting non-recurring gains and losses was 291 million yuan, an increase of 32.24% year-on-year [2][4]. - In Q2 2025, the company reported revenue of 4.557 billion yuan, a year-on-year increase of 47.8% and a quarter-on-quarter increase of 53%. The net profit attributable to shareholders was 190 million yuan, up 48% year-on-year, and the net profit after deducting non-recurring gains and losses was 179 million yuan, an increase of 53% year-on-year [2][4]. - The company sold 28,800 tons of lithium cobalt oxide, a year-on-year increase of 56.64%. The sales of power cathode materials (including ternary materials and lithium iron phosphate) reached 31,900 tons, up 20.76% year-on-year. In the hydrogen energy materials segment, sales were 1,974.61 tons, an increase of 6.16% year-on-year [10]. - The company is expected to maintain positive growth in sales, benefiting from differentiated competition in high-voltage and high-power ternary materials and hydrothermal lithium iron phosphate [10]. Summary by Sections Financial Performance - In H1 2025, the company achieved total revenue of 7.534 billion yuan, with a net profit of 307 million yuan and a net profit after deducting non-recurring gains and losses of 291 million yuan [2][4]. - For Q2 2025, revenue was 4.557 billion yuan, with a net profit of 190 million yuan and a net profit after deducting non-recurring gains and losses of 179 million yuan [2][4]. Sales and Market Position - The company sold 28,800 tons of lithium cobalt oxide, 31,900 tons of power cathode materials, and 1,974.61 tons of hydrogen energy materials, indicating strong market demand and a solid industry position [10]. - The company is expected to benefit from the rising cobalt prices, which may further enhance profitability [10]. Future Outlook - The traditional business is expected to see growth due to increased market share and production rates, with a focus on AI applications driving product premium [10]. - New products in the NL cathode materials segment are progressing well, with positive feedback from downstream manufacturers [10]. - The company is well-positioned in the solid-state battery segment, with ongoing developments in lithium sulfide electrolytes and oxide solid-state electrolytes [10].

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Xiamen Tungsten New Energy, including stock price movements, financing activities, and revenue growth [1][2][3] Group 2 - As of August 25, Xiamen Tungsten New Energy's stock price increased by 1.08%, with a trading volume of 474 million yuan [1] - The company had a net financing buy of -3.64 million yuan on August 25, with a total financing and securities balance of 381 million yuan [1] - The financing balance of 375 million yuan represents 1.32% of the circulating market value, indicating a high level compared to the past year [1] Group 3 - For the first half of 2025, Xiamen Tungsten New Energy reported a revenue of 7.534 billion yuan, a year-on-year increase of 19.58%, and a net profit of 307 million yuan, up 28.36% [2] - The company has distributed a total of 738 million yuan in dividends since its A-share listing, with 612 million yuan distributed over the past three years [3] Group 4 - As of June 30, 2025, the number of shareholders increased by 3.41% to 14,700, while the average circulating shares per person decreased by 3.29% to 28,584 shares [2][3] - Notable institutional shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with increases in their holdings [3]

Core Insights - Xiamen Tungsten New Energy (688778.SH) reported a revenue of 7.534 billion yuan for the first half of 2025, representing an 18.04% year-on-year increase [2][3] - The net profit attributable to shareholders reached 307 million yuan, up 27.76% compared to the same period last year [2][3] - Basic earnings per share increased by 7.02% to 0.61 yuan [2] Financial Performance - Revenue for the reporting period was 7.534 billion yuan, compared to 6.382 billion yuan in the previous year, marking an 18.04% increase [3] - Gross profit totaled 339 million yuan, reflecting a 35.47% increase from 250 million yuan in the prior year [3] - The net profit attributable to shareholders was 307 million yuan, up from 240 million yuan, a 27.76% increase [3] - The net cash flow from operating activities was 648 million yuan, down 32.25% from 957 million yuan in the previous year, primarily due to increased material procurement costs [4] Product Performance - Lithium battery cathode materials sales reached 60,700 tons, a 35.50% increase year-on-year [4] - Sales of power battery cathode materials (including ternary materials and lithium iron phosphate) were 31,900 tons, up 20.76% [4] - Hydrogen materials sales amounted to 1,974.61 tons, reflecting a 6.16% increase [4] Research and Development - Total R&D expenditure was 243 million yuan, a 15.27% increase year-on-year [5] - R&D spending accounted for 3.23% of revenue, a slight decrease of 0.08 percentage points compared to the previous year [5] - The company is focusing on R&D in the fields of range-extended, hybrid, mid-to-high-end electric vehicles, and low-altitude applications [5] - Xiamen Tungsten has achieved supply of cathode materials for oxide-based solid-state batteries and is collaborating with leading domestic and international companies for sulfide-based solid-state battery materials [5]