Group 1 - The company has submitted an application for the initial public offering of H-shares to the Hong Kong Stock Exchange on September 22, 2025 [1][2] - The issuance will be limited to qualified foreign investors and domestic qualified investors under Chinese laws [2] - The application is subject to approval from regulatory bodies including the China Securities Regulatory Commission and the Hong Kong Stock Exchange, indicating uncertainty in the process [3] Group 2 - On September 22, 2025, the company's subsidiary signed a framework cooperation agreement with Ruipu Lanjun Energy Co., Ltd. for the supply of electrolyte products [5][11] - The agreement stipulates a minimum procurement volume of 800,000 tons of electrolyte products by Ruipu Lanjun until December 31, 2030 [5][11] - The agreement is expected to positively impact the company's operating performance from 2026 to 2030, enhancing its market share and profitability [13]

Core Viewpoint - The company Tianqi Materials (002709.SZ) has signed a cooperation agreement with Ruipu Lanjun Energy Co., Ltd. for the procurement of at least 800,000 tons of electrolyte products by the end of 2030 [1] Group 1 - The agreement is effective from the date of signing until December 31, 2030 [1] - The specific procurement volume, unit price, and specifications will be confirmed through procurement orders agreed upon by both parties [1]

Core Viewpoint - The company has achieved stable supply and increasing production of electrolyte products, indicating a strong position in the growing new energy sector [1] Group 1: Company Developments - The company has successfully stabilized the supply of electrolyte products and is gradually increasing production [1] - The company has also achieved stable commercial delivery of its new energy series products, including main salt products and cathode materials [1] Group 2: Industry Outlook - The company believes that the new energy industry has long-term development potential and a large market scale [1] - The new energy sector aligns well with the company's values and capabilities, suggesting a strong fit for future growth [1] - The company is confident that its accumulated capabilities will enable it to gain a competitive advantage in the new energy industry [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved significant profit growth compared to the same period last year, driven by cost reduction and efficiency improvements [1] - The increase in gross margin was attributed to enhanced capacity utilization in the plant protection business and product structure adjustments [1] - The pharmaceutical business experienced notable growth, primarily due to concentrated shipments, contributing to substantial exchange gains that further improved overall performance [1] Group 2: Pharmaceutical Business Developments - The pharmaceutical segment saw rapid revenue growth, supported by a strategy focused on major clients and partnerships with leading global pharmaceutical companies [2] - The company is actively expanding its client base and establishing stable commercial relationships with high-quality domestic and international clients [2] Group 3: UK Subsidiary Performance - The UK subsidiary showed significant improvement in operational performance, attributed to a stable supply chain and enhanced product delivery capabilities [3] - The subsidiary's capacity utilization increased, and it also benefited from considerable exchange gains in the first half of the year [3] Group 4: New Energy Projects - The company has achieved stable supply of electrolyte products and is gradually increasing production, with expectations for breakthrough revenue in the new energy sector in 2025 [4] - The new energy business aligns with the company's values and capabilities, positioning it for competitive advantage in a large market [4] Group 5: Solid-State Battery and Market Outlook - The company is monitoring industry trends and customer demands regarding solid-state battery development, focusing on product planning and innovation [5] - The company aims to optimize services and reduce costs to enhance competitiveness in the evolving battery market [5] Group 6: Competitive Landscape in India - Indian companies have entered the CDMO sector, primarily in the generic drug supply chain, but their competitiveness in the patented drug market remains unclear [6] - Despite lower costs in India, the company believes its comprehensive supply chain and mature waste management systems provide a competitive edge [6]