Core Viewpoint - Daoshi Technology reported a decline in revenue but a significant increase in net profit, indicating a shift towards more profitable business segments and strategic investments in new materials and technologies [1][2][3] Financial Performance - The company achieved a revenue of 3.654 billion yuan in the first half of 2025, a year-on-year decrease of 11.64% [1] - Net profit attributable to shareholders was 230 million yuan, reflecting a year-on-year increase of 108.16% [1] - Basic earnings per share were 0.3192 yuan [1] Business Strategy - Daoshi Technology is focusing on material innovation and has diversified its business from a single ceramic material focus to a multi-faceted approach including carbon materials, lithium battery materials, and strategic resources [1] - The company has defined its strategic direction as "AI + Materials" [1] Key Business Segments - Carbon materials and lithium battery materials have become the core strategic businesses [1] - In the carbon materials segment, the company is expanding into artificial graphite anode materials and accelerating the industrialization of silicon-carbon anode materials, creating a synergistic product matrix [1][2] - The new generation of anode materials, silicon-carbon anode materials, offers high energy density and fast charging capabilities, compatible with solid-state battery systems [1] Supply Chain and R&D - Daoshi Technology is enhancing its supply chain and R&D system for conductive agents, focusing on single-walled carbon nanotubes and silicon-carbon anodes, as well as solid-state battery key materials [2] - The company is optimizing performance and cost control while accelerating capacity layout and process refinement [2] Lithium Battery Materials - The lithium battery materials segment includes products like ternary precursors and cobalt salts, with production concentrated in Guangdong and Jiangxi [2] - The company benefited from rising cobalt metal prices, leading to improved gross margins for cobalt products [2] Strategic Investments - Daoshi Technology plans to invest $165 million in a copper wet smelting plant in the Democratic Republic of Congo, aiming to leverage local copper and cobalt resources for cost competitiveness and capacity efficiency [3] - The company is also expanding the production capacity of single-walled carbon nanotubes and silicon-carbon anodes to meet market demand [3]

Group 1 - The report emphasizes the long-term narrative of a bull market, mid-term visibility of fundamental turning points, and a short-term strategy of "looking long while acting short" [2][11] - The "anti-involution" strategy is distinct from supply-side reforms, requiring a shift in focus for investment opportunities [2][10] - The report draws parallels with the supply-side reform period of 2016-2017 to project the potential outcomes of the "anti-involution" market [2][13] Group 2 - Guo'en Co., Ltd. plans to establish a 1,000-ton PEEK full industry chain platform and a 300,000-ton modified and composite materials project, aiming to create a rare integrated production line for PEEK [3][18] - The company is set to enhance its competitive edge by leveraging high-value transformation and expanding its market presence through an upcoming Hong Kong IPO [3][22] - The report forecasts a steady increase in the company's net profit from 706 million yuan in 2025 to 1.068 billion yuan in 2027, maintaining a "buy" rating [3][22] Group 3 - Figma's listing on the US stock market marks a significant step in the commercialization of AI design, with its core product being a cloud-based collaborative interface design tool [2][17] - The company achieved an annual recurring revenue (ARR) of over 100 million USD, indicating strong market demand and growth potential [2][17] - Figma's AI capabilities are not limited to creative generation but extend to enhancing the entire design workflow, appealing to a broad customer base [2][17] Group 4 - The report highlights the performance of the A-share and Hong Kong stock markets, noting that the "Top Ten Gold Stocks" portfolio has outperformed major indices since its inception [3][23] - The report suggests that the current market environment is conducive to identifying new structural opportunities, particularly in technology and midstream manufacturing sectors [3][23] - The report recommends focusing on sectors with industrial trend catalysts and those benefiting from supply-demand improvements [3][23]

Group 1 - Solid-state batteries are entering a critical development phase, with companies like BYD, Guoxuan High-Tech, and FAW Group producing 60Ah automotive-grade cells with energy densities of 350-400Wh/kg and a cycle life of 1000 times, ahead of the previous expectations by about six months [1][2] - Solid-state batteries utilize solid electrolytes instead of liquid ones, enhancing safety, energy density, and environmental adaptability, making them suitable for electric vehicles and energy storage [2][4] - The energy density of solid-state batteries allows for a driving range of up to 1000 kilometers on a single charge, addressing winter range reduction issues with operational temperature ranges from -40°C to 150°C [2] Group 2 - The current development stage of solid-state batteries includes classifications such as liquid, semi-solid, quasi-solid, and all-solid, with semi-solid technology being prioritized in China due to the challenges of all-solid interfaces [4][7] - Companies like Qingtao Energy, Huineng Technology, and Ganfeng Lithium are leading the production of semi-solid batteries, while Japanese and Korean firms are focusing on all-solid battery research [7][8] Group 3 - Guoxuan High-Tech is accelerating its solid-state battery industrialization, having launched two new products at its global technology conference, including the "Guan" quasi-solid battery with a density of over 300Wh/kg and a range of 1000km [16][18] - The company has also made significant progress in the industrialization of its "Jinshi" all-solid battery, achieving energy densities of 350/280Wh/kg and beginning road tests [18][20] Group 4 - Honggong Technology is emerging as a key supplier of production equipment for solid-state batteries, focusing on dry electrode processes, which are expected to become the mainstream method in the future [22] - The company has established a joint venture to develop equipment that addresses the challenges of solid-state battery production, with its devices already integrated into the supply chains of major firms like Qingtao Energy and Ningde Times [22] Group 5 - TianNai Technology specializes in carbon nanotube conductive agents, which are crucial for solid-state batteries to enhance ionic conductivity and reduce internal resistance [24][27] - The company holds a 46.7% market share in the domestic carbon nanotube conductive paste market, significantly higher than its competitors, and is planning to scale up production to meet domestic demand [29]

Industry Overview - The implementation of China's "dual carbon" strategy has led to the introduction of various policies related to energy storage, creating significant development opportunities for the energy storage lithium battery industry [1][2] - The State Council's "Action Plan for Carbon Peaking Before 2030" sets a target for new energy storage installations to exceed 30 million kilowatts by 2025, transitioning from initial commercialization to large-scale development [1][2] - By 2030, the goal is to achieve comprehensive market-oriented development of new energy storage [1] Market Growth Projections - According to GGII, China's energy storage battery shipments are expected to reach 340 GWh in 2024, representing a 65% year-on-year increase, driven by factors such as increased renewable energy installations and improved cost-effectiveness of lithium batteries [1] - By 2030, the shipment volume of China's energy storage lithium batteries is projected to reach 1,150 GWh, indicating a substantial market potential beyond just power batteries [1][2] Technological Advancements - The demand for carbon nanotube conductive agents is increasing due to the rising performance requirements for batteries in the electric vehicle sector, which necessitates enhancements in energy density and charging speed [3][4] - New battery technologies are further driving the demand for carbon nanotube conductive agents, particularly as the industry shifts towards silicon-based anodes, which offer significantly higher theoretical capacity compared to traditional graphite [4][5] Future Demand and Applications - GGII forecasts that by 2030, the shipment of carbon nanotube conductive agent powder will reach 41,000 tons, with a corresponding market size of 680,000 tons, reflecting a compound annual growth rate of 26.7% from 2024 to 2030 [5] - The growth in demand for carbon nanotubes is attributed to advancements in fast-charging technologies and the increasing application of new battery systems, including solid-state and sodium-ion batteries [5][6] Company Financial Performance - The company reported a revenue of 1,448.16 million yuan for the reporting period, a 3.13% increase year-on-year, while the net profit attributable to shareholders decreased by 15.80% to 250.20 million yuan [8]