从新材料产业链布局来看，公司为国内少数能够实现"针状焦—石墨化—负极材料"产业一体化的负极材 料生产企业，负极材料又与其他新能源业务构成完整的锂电新材料产业链闭环，不仅能有效降低生产成 本，抗风险能力也显著高于其他同类公司。 从新材料业务规模来看，公司前期募投项目"年产3万吨石墨负极材料(8万吨石墨化)项目"已在2025年4 月完成竣工验收，已稳定生产，进一步扩大公司新材料业务生产规模。产品出货量逐月提升，抓住市场 需求增长机遇。在规模优势、产业链优势和成本优势下，公司新材料业务市场竞争力有望持续提高。 8月27日晚间，百川股份（002455）发布2025年半年度报告，公司上半年实现营业收入29.10亿元，同比 增长10.40%，半年度营收创下历史同期新高，其中境内业务营业收入达23.03亿元，同比增长16.67%。 同时公司实现归母净利润5392.50万元，扣非后的归母净利润4789.01万元；经营活动产生的现金流量净 额达3.60亿元，同比增长18.86%。 分业务来看，公司化工业务、新能源业务规模保持稳定，上半年营收分别为21.97亿元、1.70亿元。新材 料业务是公司上半年最大的增长点，实现营业收入5 ...

Investment Rating - The report rates the electrical equipment industry as "Positive" [3] Core Insights - The calendar life of batteries is a critical indicator determining the actual lifespan of energy storage batteries. The key to improving calendar life lies in mitigating battery degradation, which is influenced by four main factors: LAM (loss of active material), LLI (lithium loss), LE (electrolyte), and RI (resistance) [2][12][14] - The report anticipates a turning point in the improvement of domestic energy storage battery calendar life, projecting it to gradually reach the 15-year mark. Tesla's Megapack has a warranty period of 20 years, and high calendar life energy storage battery products in China are expected to begin mass production in 2025 [2][67] - Investment opportunities are suggested in sectors related to lithium replenishment agents, liquid cooling systems, battery management systems (BMS), and energy storage batteries [2] Summary by Sections Battery Calendar Life and Degradation Mechanism - The calendar life of batteries is defined as the time a battery can maintain certain performance indicators while in a long-term storage state. It is influenced by various factors, including temperature and state of charge (SOC) [12][13][24] - Battery degradation is primarily caused by LAM and LLI, with power degradation linked to LE and RI. The degradation characteristics are non-linear and can be divided into three stages [14][24] Key Points for Improving Calendar Life - The report identifies three main areas for improving calendar life: lithium replenishment materials, liquid cooling systems, and BMS [27] - Lithium replenishment is emphasized as a key focus for addressing LLI, with potential improvements in cycle life by 50%-200% through the use of lithium replenishment agents [32][34] - Liquid cooling systems are highlighted for their ability to manage temperature more effectively than air cooling, which can significantly extend battery life [50][60] Domestic Energy Storage Battery Outlook - The report suggests that domestic energy storage battery calendar life is on the verge of significant improvement, with expectations for products to achieve a calendar life of 15 years by 2025 [67] - Tesla's Megapack serves as a benchmark with a 20-year warranty, while domestic products typically offer warranties of only 5-10 years [67] - The report notes that domestic companies are also developing long-life battery solutions, with NIO and CATL planning to launch products with a lifespan of 15 years [73]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][13]. Core Views - The company holds a leading position in lithium cobalt oxide, with strong downstream demand expected to drive both volume and profit growth. Additionally, advancements in NL new structure cathode materials, lithium sulfide, and lithium supplementation agents are anticipated to contribute to new growth points in the future [2][13]. - The company achieved stable revenue growth in the first half of 2025, with a projected revenue of approximately 7.534 billion yuan, representing a year-on-year increase of 18.04%. The net profit attributable to the parent company is expected to be around 307 million yuan, up 27.76% year-on-year [13]. Financial Summary - Total revenue projections for the company are as follows: - 2023A: 17,311 million yuan - 2024A: 13,297 million yuan - 2025E: 19,458 million yuan - 2026E: 23,279 million yuan - 2027E: 27,855 million yuan - Net profit (attributable to the parent) is projected as: - 2023A: 527 million yuan - 2024A: 494 million yuan - 2025E: 780 million yuan - 2026E: 942 million yuan - 2027E: 1,141 million yuan - Earnings per share (EPS) estimates are: - 2023A: 1.05 yuan - 2024A: 0.98 yuan - 2025E: 1.55 yuan - 2026E: 1.87 yuan - 2027E: 2.26 yuan [4][14]. Market Performance - The current stock price is 49.90 yuan, with a target price set at 54.11 yuan, indicating potential upside [6][7]. - The company has a market capitalization of 25,184 million yuan and a total share capital of 505 million shares [7][8]. Growth Drivers - The company benefits from the national subsidy replacement policy and the increased demand for 3C consumer devices due to enhanced AI functionalities, leading to a significant increase in lithium cobalt oxide sales, which reached 28,800 tons in the first half of 2025, up 56.64% year-on-year [13]. - The company is also advancing in new technology development, including: - Lithium supplementation agents with high stability now in mass production - NL new structure cathode materials that offer improved stability and performance - Solid-state battery technologies with promising results from new synthesis processes [13].

Group 1 - The first two data center REITs have completed inquiries and will start subscriptions from July 14 to 15, indicating a growing market for REITs with quality assets [1] - The REITs market is expected to be further activated by the dual drive of "initial issuance + expansion" as relevant systems are optimized and the market matures [1] - High-net-worth individual investors have increasingly participated in ETF initial subscriptions, marking a shift from stock selection to index-based investment tools [1] Group 2 - As of July 9, 197 funds have ended fundraising early this year, with equity funds making up a significant portion, indicating a strong recovery in equity fund issuance [2] - The total issuance of newly established funds reached 5303.47 billion units in the first half of the year, with stock funds accounting for 35.46%, showing a substantial increase compared to the previous year [2] Group 3 - China's monetary policy has implemented moderate easing measures to support macroeconomic stability, achieving multiple goals such as growth stabilization and risk prevention [3] - The introduction of lithium supplement agents in the battery industry is gaining traction, with prices significantly higher than traditional materials, enhancing competitiveness for material companies [3] Group 4 - Global bank sector indices have seen significant increases, with the global index rising by 52% and the Chinese index by 59%, reflecting a revaluation of banks as stable assets [4] - The ongoing interest rate hikes in major economies have contributed to the attractiveness of banks, combining high shareholder returns with growth potential [4] Group 5 - The Hong Kong stock market has seen a surge in equity financing, nearing 3000 billion HKD, with IPOs showing remarkable growth, particularly in the technology and consumer sectors [5][6] - The market is characterized by a dual drive from technology and consumption, with significant activity in emerging consumer sectors and advanced technology fields [6] Group 6 - In 2024, 3667 A-share listed companies reported overseas business income, totaling 9.52 trillion yuan, a 56.58% increase from 2020, with manufacturing companies leading the growth [7] - Key sectors driving this growth include new energy vehicles, lithium batteries, and photovoltaics, highlighting the importance of industry chain and ecosystem expansion [7] Group 7 - As of July 9, the express delivery business in China has surpassed 1 trillion pieces, reflecting strong economic resilience and the growing scale of the consumer market [8] - The increase in express delivery volume is attributed to the rising e-commerce penetration and the expanding consumer market [8] Group 8 - Regulatory bodies have intensified oversight of delisted companies, with 19 companies receiving penalties this year, indicating a stricter regulatory environment [9]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 12, 2025, via the "Investor Relations Interactive Platform" [3] - Key attendees included the Chairman, General Manager, Independent Director, Vice General Manager, and Financial Officer [3] Group 2: Production and Sales - The equipment utilization rate was nearly full from April 2025, with monthly production plans set between 8,000 to 12,000 tons [5] - The company aims for an annual production and sales volume exceeding 100,000 tons in 2025 [7] Group 3: Financial Performance and Strategy - As of March 31, 2025, BYD held 1.97% of the company's shares, and the company has faced significant losses due to industry overcapacity [5] - The company reported a 361.04% increase in income tax expenses despite a quarterly loss, attributed to deferred tax provisions [7] - The asset-liability ratio is approximately 60%, which is considered normal for the industry [9] Group 4: Research and Development - The company is currently developing sodium-ion batteries and exploring solid-state battery technologies based on market demand [6] - R&D expenses decreased significantly in Q1 2025 due to accounting practices, although actual R&D spending remained stable [11] Group 5: Stock Repurchase and Financing - The company has initiated a stock repurchase plan with a loan of RMB 7.2 million for this purpose [7] - From May 2023 to July 2024, the company repurchased shares totaling RMB 67.29 million, with 1,106.04 million shares repurchased [15] Group 6: Future Outlook and Goals - The company plans to enhance product competitiveness and expand market reach while optimizing production processes [9] - Current projects include a 240,000 tons/year lithium iron phosphate project and a 15,000 tons/year lithium battery recycling project [13]

Core Viewpoint - 德方纳米's Q1 performance shows signs of improvement with a positive gross margin, indicating a potential turning point in operations [1][3]. Financial Performance - In 2024, the company expects revenue of 7.6 billion yuan, a year-on-year decrease of 55%, with a net profit loss of 1.34 billion yuan, showing a reduction in losses [1]. - Q1 2025 revenue is projected at 2 billion yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 85%, with a net profit loss of 170 million yuan, indicating a reduction in losses [1]. - The gross margin for Q1 2025 is 0.3%, a quarter-on-quarter increase of 0.3 percentage points [1]. Production and Sales - In 2024, the company anticipates a slight increase in shipment volume to 226,000 tons, a year-on-year increase of 6%, with expectations for Q1 2025 shipments to reach 60,000 to 65,000 tons, a quarter-on-quarter increase of 38% [2]. - The company has a total capacity of 450,000 tons, with effective capacity of 260,000 tons for lithium iron phosphate and 110,000 tons for manganese iron phosphate [2]. Pricing and Margins - The average price for lithium iron phosphate in 2024 is expected to be 37,000 yuan per ton, a year-on-year decrease of 59%, with a gross margin of -4.6% [3]. - In Q1 2025, the average price is expected to recover to 36,000 yuan per ton, with a gross margin turning positive at 0.3% [3]. Cost Management - The company has strengthened cost control, with operating expenses in 2024 amounting to 780 million yuan, a year-on-year decrease of 39.3% [4]. - Q1 2025 operating expenses are reported at 170 million yuan, a year-on-year decrease of 31.7% [4]. Investment Recommendations - The company has adjusted its net profit expectations for 2025-2026 to -150 million yuan and 270 million yuan, respectively, while projecting a net profit of 610 million yuan for 2027, indicating a recovery trend [4].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company has shown improvement in profitability in Q1 2025, with expectations for a turnaround in operations in the second half of 2025 [3][11] - The average price of lithium iron phosphate (LiFePO4) decreased significantly in 2024, leading to substantial losses, but the price has started to recover in Q1 2025, resulting in a reduction of losses [3][11] - The company is expected to achieve a single-quarter profit in H2 2025 due to improved pricing of high-end products and structural optimization [3] Financial Performance Summary - Total revenue for 2023 was 16,973 million yuan, with a projected decline of 55.15% in 2024, followed by a recovery of 14.89% in 2025 [1][12] - The net profit attributable to the parent company was -1,636.24 million yuan in 2023, with a forecasted loss of -1,337.65 million yuan in 2024, and a projected profit of 269.44 million yuan in 2026 [1][12] - The earnings per share (EPS) is expected to improve from -5.84 yuan in 2023 to 2.18 yuan in 2027 [1][12] Operational Insights - The company experienced a slight increase in shipment volume in 2024, with expectations for a significant increase in 2025 [10] - Cost control measures have been strengthened, leading to a reduction in inventory levels [11] - The company’s operating cash flow was significantly impacted in 2024, but is expected to improve in the coming years [11] Market Data - The closing price of the company's stock is 27.44 yuan, with a market capitalization of 7,688.36 million yuan [7] - The company has a price-to-book ratio of 1.43 and a debt-to-asset ratio of 61.71% [8][12]

德方纳米与ICL分别持有该厂20%和80%的股份，合作双方也分别对此项目发表相关言论。 经历业绩大起大落的德方纳米迎来开门红。 起点锂电获悉， 德方纳米与特种矿物公司ICL集团达成协议，将在西班牙加泰罗尼亚萨伦特镇 合资建设锂电池材料工厂 ，该厂投资为2.85亿欧元，占地约25英亩，与当地规划的电池厂距离 较近，是西班牙该地区第一家生产磷酸铁锂材料的工厂。 德方纳米任望保表示磷酸铁锂是锂电池的关键材料，对新能源汽车产业链完善至关重要，合资 是双方优势的有利整合；ICL菲尔 布朗（Phil Brown）则认为磷酸铁锂是能源转型的关键解决 方案将共同开发一个重要的新增长市场。 ICL Group Ltd.主营特种矿物，主要有溴、钾肥和磷酸盐等产品，主打食品、农业、工业市场 相关矿物解决方案。近年来该公司对新能源领域有浓郁兴趣，除本次项目外，还在美国密苏里 州建立大型的磷酸铁锂制造厂。 德方纳米同样出海意愿强烈，海外布局方面此前公司表示称对海外情况进行充分考察与分析， 将选择合适的时间推进出海计划，本次合作是公司出海过程中具有里程碑意义的事件，标志公 司向外迈出了关键一步。 01 抗住市场压力，稳步前行 德方纳米一 ...