不只龙蟠科技。2026年开年以来，富临精工（300432）、东方锆业（002167）、中矿资源（002738）、 新宙邦（300037）等多家上市公司密集宣布锂电项目投资计划，延续了2025年以来的扩产火热势头。业 内人士表示，在供需关系持续改善背景下，2026年锂电行业投资热潮有望延续；同时，需强化市场监 管、优化产能管理、支持行业自律、加强区域协同，防范盲目建设与"内卷式"竞争，推动产业健康有序 发展。 扩产潮起：内外布局齐头并进 "去年四季度起，公司各生产线便满负荷运转，产能利用率突破100%。"龙蟠科技（603906）相关负责 人告诉中国证券报记者，随着2025年多笔长协大单落地，公司现有产能已难以满足客户需求，新一轮扩 产计划正加速推进。1月4日，龙蟠科技宣布投建年产24万吨高压实磷酸铁锂生产基地，总投资不超过20 亿元。 高工产业研究院指出，我国锂电产业曾在2023年、2024年经历长达两年的"供需失衡、价格下行、极致 内卷、增速放缓、业绩下滑"困境期。2025年以来，随着储能市场持续高速增长，叠加锂盐、铜箔、电 走进龙蟠科技旗下的湖北锂源新能源科技有限公司，映入眼帘的是热火朝天的忙碌景象：生产线 ...

Group 1 - The core viewpoint of the article highlights the recent price increase of lithium iron phosphate (LFP) and the underlying uncertainties in the supply chain, particularly regarding the transmission of lithium carbonate prices to battery manufacturers [2][3] - Two LFP companies confirmed price hikes for downstream customers, with one company indicating an increase of approximately 1500 to 2000 yuan/ton for major clients, while most other customers accepted a processing fee increase of 1000 yuan/ton [2] - The article discusses the significant fluctuations in lithium carbonate futures, with the main contract closing at 137,940 yuan/ton on January 6, indicating a need for better alignment between upstream procurement and downstream pricing mechanisms [3][4] Group 2 - The term "point pricing" has become prevalent in negotiations, where a pricing window is established for both parties to agree on a specific point in time to set the price based on futures contracts [4][5] - Material companies are pushing for a higher proportion of customer-supplied lithium carbonate and shifting the pricing anchor from spot prices to futures-linked pricing to mitigate risks associated with price fluctuations [5] - Recent announcements from major companies indicate a simultaneous trend of production cuts and expansions, with several LFP manufacturers announcing reductions in production while also planning significant capacity expansions [9][10] Group 3 - Tianqi Lithium announced a reduction in its planned production of electrolyte and battery recycling projects due to changes in market conditions, adjusting its total investment to not exceed 600 million yuan [6][7] - The article notes that while short-term supply constraints and maintenance are occurring, there are also long-term capacity expansion plans in the pipeline, indicating a complex market dynamic [8] - The simultaneous occurrence of production cuts and expansion plans raises questions about whether price increases can translate into profit recovery, emphasizing the importance of navigating price risks and ensuring that processing fees are elevated before new capacities come online [11][12]

2026年1月1日，深圳新宙邦科技股份有限公司发布公告，拟在沙特阿拉伯延布重工业园区投资建设锂离子电池材料项目， 总投资额约2.6亿美元。 该项目聚焦年产20万吨碳酸酯溶剂及联产10万吨乙二醇生产线，将进一步完善公司全球产能布局。 作为国内电池化学品龙头，新宙邦此举既响应"一带一路"倡议，又抓住中东新能源产业机遇，标志着其国际化战略进入新 阶段。 本文是阿中产业研究院"中东生意经"系列第184篇，深度介绍中阿投资、贸易和工程建设领域的产业政策、法律法规、产业 趋势、市场需求、竞争格局和潜在交易机会。 一、项目详情：沙特延布园区建溶剂基地 本次项目实施主体为全资子公司Capchem Middle East Company，公司目前合计控制100%股权，后续拟引入沙特本地投资者 合资，具体模式待协议及主管部门核准。 项目位于沙特延布重工业园区，用地约10万平方米，建设周期不超过3年，总投资约2.6亿美元，资金来源于自有及自筹资 金，或与战略投资者共同出资。 核心建设内容为年产20万吨碳酸酯溶剂生产线、联产10万吨乙二醇生产线，并配套公用工程、环保设施、仓储物流及安全 系统。 该项目采用公司自主ECOSIP TM技 ...

摘要 电解液加速利润修复，走向海外本地化与上游协同 近期，广州天赐高新材料股份有限公司在2025年年末披露业绩预告，预计2025年归母净利润为11亿元至16亿元，同比增幅127.31%至 230.63%；扣非后净利润为10.5亿元至15.5亿元，同比增幅175.16%至306.18%。 公司称，新能源车需求延续、储能需求快速增长带动锂离子电池材料销量增长，同时核心原材料产能爬坡与成本管控改善，提升了整体盈利能力。 几乎在同一时间窗口，新宙邦连续披露三项跨区域投资与扩产，覆盖欧洲、中东与华北。三份公告的共同指向是： 在电解液行业经历价格下行与去库存后，头部企业正在把竞争重心从单点扩产，推向"海外本地化交付 + 上游关键原料保障 + 高附加值产品结构"的 组合拳。 在欧洲，新宙邦拟在波兰西雷姆工业园区建设波兰项目二期，总投资不超过2亿元人民币，建设周期不超过2年。 项目通过对一期电解液生产罐区局部技术改造并新建电解液生产车间，新增5万吨/年电解液产能。 公告同时提到，公司已签订长期供应协议并基于客户需求预测判断现有产能难以匹配未来增长，二期扩产旨在填补欧洲市场产能缺口并强化本地化供 给能力。 在中东，新宙邦公告拟 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：企业公告 12月31日晚间， 新 宙邦 公告 ，公司拟以控股子公司Capchem Poland Sp. z o.o.（波兰新宙邦）为项 目实施主体， 在波兰西雷姆工业园区投资建设波兰新宙邦锂离子 电池 材料项目二期，项目计划总投资不 超过2亿元。 项目建设内容包括对波兰新宙邦锂离子电池材料项目一期锂离子电池电解液生产罐区进行局部技术改造， 新建电解液生产车间， 实 现新增5万吨/年 锂电池 电解液生产能力 ， 并配套建设公用工程和辅助设 施，包括罐区、仓库、堆场、固体加料站、管廊、办公楼、物流门、装卸设施等。 新宙邦表示，本项目正式投产后，能够有效填补欧洲市场产能缺口，进一步强化公司在欧洲市场的本地化 供给能力 ，提升对欧洲区域客户的响应效率与服务质量。同时，通过技术改造实现产能优化，可充分 发 挥规模效应，降低单位生产成本，提升公司海外营收占比与整体盈利能力。 2.6亿美元在沙特建设电池材料项目 同日，新宙邦公告，拟以公司当前全资公司中东新宙邦为项目实施主体， 在沙特延布重工业园区投资建 设中东新宙邦锂离子 ...

Group 1 - The core viewpoint of the article is that the company plans to invest approximately $260 million in a lithium-ion battery materials project in Saudi Arabia, with a construction period not exceeding three years [2] - The project will primarily produce carbonate solvents and ethylene glycol, and the land area for the project is about 300,000 square meters [2] - Funding for the project will come from the company's own and raised funds, or through joint investment with third-party strategic investors [2] Group 2 - The article mentions a review of past events, including the release of the 2025 top 15 energy storage battery rankings, which indicates that orders are fully booked [3] - It highlights the production of a 450,000 tons/year lithium iron phosphate project in Yichang, which has commenced operations [3] - The article notes that copper prices have risen over 40% and are expected to achieve the strongest annual performance since 2009 [3]

Core Viewpoint - The company plans to invest approximately $260 million in a lithium-ion battery materials project in Yanbu Industrial City, Saudi Arabia, through its wholly-owned subsidiary, Capchem Middle East Company [1] Group 1: Project Details - The project will have an annual production capacity of 200,000 tons of carbonate solvents and co-produce 100,000 tons of ethylene glycol [1] - The investment will also include the construction of supporting infrastructure such as public utilities, environmental treatment facilities, storage and logistics systems, and safety protection facilities [1] Group 2: Implementation and Adjustments - The company will follow legal procedures and disclose timely if there are any adjustments to the implementation entity or equity structure due to the introduction of joint venture partners [1]

Summary of the Conference Call for Shida Shenghua Industry Overview - The company operates in the lithium battery materials industry, focusing on lithium hexafluorophosphate (LiPF6), additives, and carbonate solvents, with significant production capacities located in Shandong, Hubei, and Fujian [2][4]. Key Points and Arguments Production Capacity and Growth - Shida Shenghua has a production capacity of 100,000 tons of liquid LiPF6 and 3,000 tons of solid LiPF6, along with 11,000 tons of additives and 736,000 tons of carbonate solvents, which are the main sources of revenue and profit [2][4]. - The company plans to start trial production of 5,000 tons of silicon-based anode materials in Q4 2025, with full-scale production expected in 2026, marking a second growth curve for the company [2][4]. Price Trends - LiPF6 prices have rebounded since late August due to increased downstream demand, reaching approximately 120,000 yuan/ton during the National Day holiday, with expectations for further price increases in Q4 and Q1 of the following year [2][6][15]. - The production cost for liquid LiPF6 is about 54,000 yuan/ton, while solid LiPF6 costs around 57,000 yuan/ton, based on current lithium carbonate prices [2][7]. Market Demand and Supply - The effective national production capacity for LiPF6 is around 315,000 tons, with a demand of approximately 250,000 to 280,000 tons this year, resulting in an industry utilization rate exceeding 80% [8]. - The company anticipates releasing 27,000 to 30,000 tons of LiPF6 production next year, with strong market demand expected to absorb new supply [9]. Customer Base and Sales Strategy - 70% of the LiPF6 produced is used for the company's own 500,000 tons of electrolyte production, with the remaining 30% sold externally, including long-term contracts with major battery manufacturers like CATL and BYD [10][12]. - The company has completed the onboarding process with major domestic battery manufacturers and is accelerating the certification process for remaining clients [10]. Electrolyte Business - The design capacity for electrolytes is 500,000 tons, with expected actual production and sales between 100,000 to 120,000 tons this year, and projected sales of 200,000 to 230,000 tons in 2026 [11]. - The profitability of the electrolyte business primarily comes from the sales of solvents and LiPF6 rather than processing fees, with price adjustments for long-term contracts expected in November [12][17]. Solvent Market Dynamics - The solvent market is currently in a state of low profitability, with prices expected to improve in Q4 due to recent price increases [23]. - The overall solvent demand for 2026 is projected to be between 2.2 to 2.4 million tons, with supply close to 4 million tons, indicating a potential oversupply situation [24]. Future Outlook - The company does not plan to expand production capacity further due to existing idle capacities in the market, which could lead to supply-demand imbalances if other companies also expand [26]. - The silicon-based anode project is expected to release capacity in Q1 2026, with anticipated profits of approximately 100,000 yuan per ton [39]. Additional Important Information - The company has a significant focus on internal raw material supply, which affects actual output levels, with expected shipments of 460,000 to 480,000 tons next year [25]. - The pricing dynamics between long-term and spot contracts are complex, with historical data not fully applicable to the current market cycle [18]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic positioning, market dynamics, and future growth prospects in the lithium battery materials sector.

Group 1 - The report by Accure highlights that 19% of global energy storage projects suffer economic losses due to technical issues and unexpected shutdowns [1] - Common issues include automatic shutdowns to prevent equipment damage, recurring safety alarms, and imbalances at the battery group or module level [1] - Most energy storage projects over-specify system capacity by 15% to 25% to mitigate battery degradation, with smaller projects exceeding 30% to 35% [1][2] Group 2 - Only 83% of projects meet or exceed rated capacity during on-site acceptance testing, with lithium iron phosphate battery systems often showing a state of charge estimation error of ±15%, and some exceeding ±40% [1][2] - The report indicates that over one-third of sampled systems achieve over 88% round-trip efficiency, while some systems fall below 85% [2] - A 1% to 2% efficiency loss can translate into millions of dollars in revenue loss over the lifecycle of the project [2] Group 3 - The report is based on operational data from over 100 grid-scale energy storage systems, covering more than 18 GWh of operational battery storage assets from June 1 to September 1, 2025 [2] - The carbonates and electrolytes market faces supply-demand imbalances and increased competition due to rapid capacity growth and global trade adjustments [3] - The upcoming conference aims to address industry challenges and explore opportunities through technological and product innovations [3][4]

Summary of Shida Shenghua's Conference Call Company Overview - **Company**: Shida Shenghua - **Industry**: Lithium salt production, specifically lithium hexafluorophosphate and carbonate solvents Key Points Production and Market Situation - **Lithium Hexafluorophosphate Production**: Monthly production stabilized at 4,000-5,000 tons, equivalent to 1,200-1,500 tons of solid salt, with an expected total shipment of 40,000 tons for the year, meeting the demand for 120,000 tons of electrolyte production [2][3] - **Market Demand**: The market for lithium hexafluorophosphate is currently tight, with an estimated production of 23,000 tons in October, indicating a balanced supply-demand situation expected to continue into the first half of next year [9][10] Customer Certification and Sales - **Domestic and International Certifications**: Achieved significant breakthroughs in customer certifications, including major domestic manufacturers like CATL and BYD, and international clients such as Inco and Mitsubishi [4][5] - **Market Share**: The company holds approximately 30% of the domestic carbonate solvent market and 40% globally, with exports accounting for 70% of domestic sales [4] Cost Control and Profitability - **Cost Management**: The company employs advanced continuous production techniques, resulting in lower energy consumption and controllable costs. Current full cost is around 54,000 RMB/ton, with a gross margin estimated between 30%-50% [6][8] - **Profitability Outlook**: With rising market prices for lithium hexafluorophosphate, the company anticipates a significant increase in profit margins, potentially reaching 80,000 RMB/ton [6][31] Future Production Plans - **Capacity Expansion**: Current production capacity is 100,000 tons (equivalent to 30,000 tons of solid salt), with plans to reach 80,000 tons in 2026 and full capacity by 2027 [7][33] - **Electrolyte Production Goals**: The target for electrolyte production is set at 120,000 tons for 2025, with a corresponding demand for approximately 17,000 tons of lithium hexafluorophosphate [13] Pricing and Market Trends - **Price Trends**: The price of lithium hexafluorophosphate has increased to over 70,000 RMB/ton, with expectations of further increases if stability is maintained in the market [12][31] - **Carbonate Solvent Pricing**: Anticipated price increases for carbonate solvents due to rising electrolyte demand, with expected price hikes between 300 to 500 RMB [21][26] Customer Structure and Sales Model - **Sales Distribution**: The company operates on a mixed sales model, with long-term contracts and spot sales, where long-term contracts account for about 50% of sales [15] - **Major Clients**: Key clients include CATL, which constitutes 70%-80% of the electrolyte sales [29] Industry Context - **Overall Market Conditions**: The lithium hexafluorophosphate market is experiencing a tight supply situation, with limited new capacity expected in the near term, leading to sustained demand pressure [11][12] - **Competitor Landscape**: The market is dominated by a few key players, with Shida Shenghua, Haike, and Hualu Hengsheng collectively holding 70%-80% of the market share in carbonate solvents [25][38] Conclusion Shida Shenghua is positioned strongly within the lithium salt industry, with robust production capabilities, a solid customer base, and effective cost management strategies. The company is well-prepared to meet increasing market demands while navigating the challenges of a competitive landscape.