Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. is actively transforming towards new energy and new materials, achieving significant progress and key results in its strategic transition as highlighted in its 2025 semi-annual report [1][2] Group 1: Technological Innovation and R&D - The company has increased its investment in technology innovation, having validated and filed 38 R&D projects in the first half of the year, injecting momentum into its innovative development [1] - Baiyin Nonferrous is advancing its government technology projects, striving for provincial-level technology project support to enhance its research capabilities [1] - The company has applied for 92 intellectual property rights, including 19 invention patents, and has successfully registered software copyright for "Data Format Conversion Tool Software V1.0" [1] Group 2: Strategic Transition to New Energy and New Materials - Baiyin Nonferrous has made notable advancements in its strategic transition to new energy and new materials, particularly through its subsidiary Baiyin Nonferrous Changtong Cable Co., Ltd., which focuses on superconducting cables and fine electromagnetic wires [2] - The company has successfully developed and delivered the first domestic 750-meter superconducting cable for nuclear fusion devices, with fine electromagnetic wire production capacity reaching 20,000 tons per year [2] - The company’s affiliated enterprises have achieved significant production milestones, including 70,000 tons of high-end electrolytic copper foil and the completion of a 20,000-ton lithium manganese iron phosphate (LMFP) cathode material project [2]

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. reported a revenue of 44.559 billion yuan and a net profit of 433 million yuan for the first half of 2025, indicating a strong performance in the nonferrous metals and precious metals sector [1] Group 1: Financial Performance - The company achieved an operating income of 44.559 billion yuan and a net profit attributable to shareholders of 4.33 billion yuan in the first half of 2025 [1] - The output of copper, lead, zinc, and molybdenum metals from the mining system was 130,500 tons, while the smelting system produced a total of 426,200 tons of copper, zinc, and lead metal products [2] Group 2: Project Development and Technological Advancements - Baiyin Nonferrous accelerated key project construction, with the first phase of the green mining reagent technology transformation project producing 15,000 tons and the second phase under construction [2] - The intelligent copper smelting factory project has completed 28 sub-items and is currently implementing IT resource construction and automatic dust conveying systems [2] - The company has undertaken 38 technology research and development projects and received support for key technology projects from the Gansu provincial government [2] Group 3: Strategic Transformation and New Business Development - The company has made significant progress in strategic transformation towards new energy and new materials, achieving technological breakthroughs and capacity expansion in several businesses [3] - Baiyin Nonferrous's subsidiary successfully developed and delivered the first domestic superconducting cable for nuclear fusion devices, with a production capacity of 20,000 tons per year for fine electromagnetic wire [3] - The company has established a production capacity of 70,000 tons for high-end electrolytic copper foil and has launched a 20,000-ton lithium iron phosphate project that meets industry standards [3]

Core Viewpoint - Baiyin Nonferrous Group Co., Ltd. reported a revenue of 86.787 billion yuan and a net profit attributable to shareholders of 80.7917 million yuan for the year 2024, indicating a strong financial performance with significant growth in net profit and cash flow [1] Financial Performance - The company achieved a net profit of 250 million yuan after deducting non-recurring gains and losses, representing a year-on-year increase of 42.75% [1] - The net cash flow from operating activities reached 4.36 billion yuan, up 75.89% year-on-year [1] - A cash dividend of 0.04 yuan per share (including tax) is proposed, totaling 29.6191 million yuan [1] Production and Resources - As of the end of 2024, the company holds a total of 7.8148 million tons of copper, lead, and zinc metal resources in domestic mines [2] - The production of copper, lead, zinc, and molybdenum concentrates increased by 6.51% to 283,800 tons [2] - Gold production saw a significant increase of 99.45%, totaling 17,470 kg, while silver production rose by 72.31% to 544.09 tons [2] Project Development - The company is accelerating project construction to ensure timely completion and production, which is crucial for high-quality development [3] - Key projects include the completion of a 15,000-ton yellow reagent production line and the ongoing construction of another line, as well as advancements in copper smelting and tailings management projects [3] Industry Positioning - Baiyin Nonferrous is actively extending its high-end industrial chain by integrating upstream and downstream resources and overcoming core technological bottlenecks [4] - The company’s subsidiary, Changtong Company, has developed the first superconducting cable for nuclear fusion applications, showcasing its technological capabilities [4] - Investments in new material companies are also being made, focusing on high-end products like electrolytic copper foil and lithium iron phosphate materials [4]

摘要 考验产能利用。 中国动力电池行业的扩张步伐 正在持续 ，头部企业中创新航与国轩高科近期的投资动作再次印证了这一趋势。 与此同时，一个显著的并行现象是，围绕大圆柱电池、固态电池及其相关新材料的产能布局正变得日益密集，呈现出 " 拥挤 " 的态势。 中创新航公布了大规模的扩产计划。其成都项目二期已于 3 月底动工，该项目投资额达 120 亿元人民币，目标在 2026 年二季度投产，届时将新 增约 30GWh 的动力电池及储能系统年产能。 根据规划，中创新航到 2030 年总产能将达 500GWh 。 此前不久的 2 月，该公司位于福建厦门、投资 150 亿元、规划产能 30GWh 的高性能锂电池项目也已启动。 国轩高科则在 4 月调整了其为大众汽车配套的标准电芯项目计划。项目年产能目标调整为 28GWh （包含 12GWh 三元和 16GWh 磷酸铁锂及 PACK ），预计投产时间延后至 2026 年 12 月。 市场地位方面，根据 GGII 数据， 2024 年中创新航和国轩高科分别以 35.74GWh 和 22.12GWh 的动力电池装机量，占据了 6.73% 和 4.17% 的市场份额，位列国内第三、 ...

Battery - CATL launched multiple new battery products, including the second-generation supercharging lithium iron phosphate battery with a range of 800 kilometers and peak charging power exceeding 1.3 megawatts, allowing for a 5-minute charge to provide over 520 kilometers of range [1] - The "sodium new" sodium-ion battery was introduced, with the first product expected to be mass-produced in June, capable of withstanding extreme conditions without catching fire or exploding [1] - The dual-core battery features a dual-core architecture for continuous and stable power output, integrating self-generating negative electrode technology for increased energy capacity within the same battery space [1] Materials - Hubei Hongyuan Pharmaceutical's project for a 6000 tons/year high-purity lithium hexafluorophosphate expansion has been approved, which will utilize new technology to enhance production capacity [4] Battery Recycling - A new project in Shandong aims to establish a facility with a processing capacity of 10,000 tons of waste lithium batteries, focusing on resource recycling and recovery of metals for downstream use [10]

◆ 电池 ◆ 宁德时代发布多款电池新品 01 4月21日， 宁德时代在超级科技日上发布了多款新品，其中包括： 第二代神行超充电池。据介绍，该款磷酸铁锂电池续航达到800公里，峰值充电倍率接近12C，峰 值充电功率超过1.3兆瓦，可以实现"充电5分钟续航超520公里"。 "钠新"钠离子电池，并推出了第一款产品宁德时代纳新24V重卡启驻一体蓄电池，预计今年6月正 式量产。据透露，宁德时代的钠离子电池可以在多面挤压、针刺贯穿、电钻穿透和电池锯断等实验 之下，做到"不起火、不爆炸" 骁遥双核电池，这是宁德时代双核架构自生成负极技术深度融合的重磅产品。双核架构，可让一个 电池包拥有两个独立能量区确保动力输出连续性、稳定性和安全性；自生成负极技术则是原子层级 的突破，可在同样的电池包空间内配置更多电量，支撑更长续航。 江苏年产60万套电池仓总成项目签约 02 4月17日，江苏省盐都经济开发区与金保利（江苏）新能源科技有限公司举办电池仓总成项目签约 仪式。据悉，此次签约项目计划投资10亿元，一期征地100亩，项目采用"自主研发+联合创新"模 式，与产业链上下游深度协同，重点生产新能源汽车电池托盘及储能箱体，年产能达60万套 ...