负极材料、石墨电极行业的激烈竞争，也波及碳素材料制造业。8月1日，中国炭素行业协会执行会长秦松在成都呼吁各碳素企业要加强研发创新。 中国碳素行业的现状是，中低端产能过剩，高端缺失，依赖进口，特别是第三代半导体制造业用石墨90%依赖进口。 在业内人士看来，随着8英寸碳化硅（SiC）半导体产线的规模化普及，石墨耗材市场将进入百亿美元级规模，对高性能石墨材料的需求将持续旺盛。 巴中意科碳素股份有限公司董事长朱仕高向《每日经济新闻》记者表示，作为碳化硅（SiC）第三代半导体制备的核心耗材，特种石墨发挥着不可替代的作 用，而且对特种石墨的性能指标非常苛求，除了机械性能，还对热性能、电性能有严格要求。目前，部分国内厂家也将发力点聚焦在高端特种石墨。 国产石墨低价抢市场，急需寻找新增长极 8月1日，在成都举行的一场石墨企业新品会上，秦松简短介绍了当前碳素行业发展情况，提到碳素行业现阶段低端产能过度竞争的问题。他表示："高端特 种石墨新产品的稳定量产，将给碳素行业注入强大的信心和动力。" 图片来源：每经记者 胥帅 摄 每经记者｜胥帅 每经编辑｜董兴生 根据贝特瑞2024年年报，2024年，负极材料供给端仍处偏过剩状态，价格受 ...

8月1日，翔丰华（300890）(300890.SZ)发布2025年半年"成绩单"，这是A股首份锂电负极企业半年报。 2025年上半年，翔丰华的营业收入为6.88亿元，同比下降2.8%；归母净利润为-294.59万元，同比下降107.7%；扣非归母净利润为-1479.72万元，同比下降 159.65%，毛利率降至12.35%。这是翔丰华上市以来首次出现半年度亏损。 今年上半年，受到原材料价格上涨影响，负极材料价格先涨后跌。不过，在一季度价格上涨时，负极企业并未获益，反而被成本拖垮了利润。8月1日，隆 众资讯负极材料分析师王莉莉告诉《华夏时报》记者，"负极生产周期约1—2个月，在生产上具有滞后性。此前涨价主要集中在中小电池厂，电池大厂并 未跟进，所以部分企业得自己消化高成本原材料。目前行业仍处于供应过剩、竞争激烈的阶段，电池产业链整体付款处于不健康状态，且电池厂对负极厂 商压款严重，账期可达3个月。" 华夏时报记者胡雅文北京报道 首份亏损半年报 翔丰华的市场份额排在行业中部。2024年，翔丰华出货6.89万吨，产能利用率83.43%，实现产品收入13.82亿元。和头部企业、排名靠后的企业都存在不 小差距。 20 ...

Core Insights - The company reported a total operating revenue of 688 million yuan, a year-on-year decrease of 2.8% [5] - The net profit attributable to shareholders was -2.95 million yuan, a year-on-year decline of 107.7% [5] - The non-recurring net profit was -14.80 million yuan, down 159.65% year-on-year [5] Financial Performance - The second quarter operating revenue was 382 million yuan, showing a year-on-year increase of 1.9% [5] - The net profit for the second quarter was 5.21 million yuan, a year-on-year decrease of 79.53% [5] - The gross profit margin was 12.44%, a decrease of 33.07% year-on-year [5] - The net profit margin was -0.49%, down 109.28% year-on-year [5] Revenue Composition - The main revenue source, negative electrode materials, accounted for 684 million yuan, representing 99.50% of total revenue with a gross margin of 12.35% [5] - Revenue from East China was 548 million yuan, making up 79.65% of total revenue with a gross margin of 16.06% [5] - Other regions contributed 9.87% and 8.02% of total revenue, with gross margins of 0.26% and -2.51% respectively [5] Cash Flow and Debt - The net cash flow from operating activities showed a significant decline due to reduced cash collections from customers [5] - The company’s interest-bearing liabilities reached 1.733 billion yuan, an increase of 17.30% year-on-year [5] - The cash flow from financing activities increased due to additional bank loans [6] Competitive Position - The company has established partnerships with leading clients such as LG Energy, Guoxuan High-Tech, and BYD, and is actively expanding into international markets [10] - The core management team has extensive experience in research and management, led by professionals with backgrounds from Tsinghua University [10] Financial Health - The company’s cash and cash equivalents accounted for only 8.64% of total assets, indicating potential liquidity issues [10] - The ratio of interest-bearing liabilities to operating cash flow averaged 58.5% over the past three years, suggesting a high debt burden [10] - Accounts receivable have surged, with a ratio of accounts receivable to profit reaching 1350.69% [10]

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： #鑫椤锂电 行业热点新闻 I C C S I N O 超300亿！LG签下LFP电池供应大单 韩国电池制造商LG新能源（LG Energy Solution）7月30日宣布， 已签署一份价值5.9442万亿韩元（约合人 民币309亿元）的磷酸铁锂（LFP）电池供应合同， 合同期限为三年，自2024年8月1日起生效。该合同金 额相当于公司2024年全年销售额（25.6万亿韩元）的23.2%。 巴斯夫与宁德时代共同开发正极活性材料 巴斯夫与宁德时代签署了电池正极活性材料开发和供应的框架协议。 根据协议，巴斯夫将与宁德时代在全 球范围内开展合作。巴斯夫与宁德时代此前曾于2021年宣布在电池材料解决方案领域建立战略合作伙伴关 系。在本次公告中，巴斯夫仅提到宁德时代选择巴斯夫作为"重要供应商"，巴斯夫将"通过其全球生产网络 支持宁德时代的全球布局"。 LG联手雅化集团在摩洛哥建设锂精炼厂 日前，摩洛哥政府负责投资、公共政策协调与评估的大臣级代表卡里姆・齐达内宣布， 韩国LG新能源与 雅化集团携手在摩洛哥建设锂精炼厂， ...

化工方面，公司以效益为导向优化原料、装置、产品结构，提升装置负荷，增产盈利产品，加大新产 品、高附加值产品开发力度。2025H1，公司乙烯产量为756万吨，同比+16.4%，合成树脂、合成纤维、 合成橡胶产量分别为1104、60、80 万吨，分别同比+12.8%、-5.1%、+18.6%。 三、深化改革推动产业转型升级，看好公司长期竞争力提升"十五五"期间，公司将坚持优化布局、调整 结构、盘活存量、做优增量，统筹推动传统产业转型升级；推动组织管理体系变革提升，大力深化改 革、强化管理，完善公司治理，坚持专业化发展、市场化运作。在上游板块，公司25 年上游资本开支 计划为767 亿元，2025 年油气当量产量计划增长1.3%，未来公司将加大保拓矿权、勘探开发、工程保 障、技术支持力度，加快攻克深层超深层油气等核心技术，坚决打好七年行动计划收官战，实现勘探大 突破、油气稳增长、盈亏平衡点持续下降，全力将油气业务打造成为公司可持续发展的压舱石。在炼油 板块，公司将加强全产业链协同联动，用好用足自产原油资源，做好原油分储分炼，匹配生产润滑油基 础油、特种油品及负极材料，实现差异化增值利用；打造炼油低成本供应能力，坚持 ...

Group 1 - As of July 29, 2025, the stock price of Shanshan Co., Ltd. is 9.92 yuan, down 0.22 yuan or 2.17% from the previous trading day [1] - The trading volume on that day was 1.1763 million hands, with a total transaction amount of 1.169 billion yuan [1] - Shanshan Co., Ltd. is primarily engaged in the research, production, and sales of lithium-ion battery materials, including cathode materials, anode materials, and electrolytes [1] Group 2 - On July 29, a block trade occurred involving 2.8025 million shares, with a transaction amount of 26.0072 million yuan at a price of 9.28 yuan, representing a discount of 6.45% compared to the closing price [1] - This block trade accounted for 2.22% of the total transaction amount on that day [1] - On the same day, the net outflow of main funds was 298.8982 million yuan, which is 1.71% of the circulating market value [1]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - On July 28, the main contract of lithium carbonate futures hit the daily limit during intraday trading. The spot market trading was weak, and the basis changed from a discount to a premium. The price of lithium spodumene concentrate decreased, while the price of lithium mica increased. Last week, the production of lithium carbonate decreased. In terms of downstream demand, the production schedule of lithium iron phosphate and ternary materials increased last week, while the production schedule of lithium manganate decreased in June. The production of power batteries increased last week. In terms of terminal demand, although the year - on - year growth rate of new energy vehicle production and sales continued in June, the sales volume decreased month - on - month, and the 3C shipments were average. The production schedule of energy storage batteries increased in June. Registered warehouse receipts increased, social inventory decreased, smelters reduced inventory, and downstream and other sectors increased inventory. It is expected that the short - term price of lithium carbonate will fluctuate widely. It is recommended to continue holding out - of - the - money put options [1] Summary by Related Data Futures Market - On July 28, the closing prices of near - month contract, continuous - one contract, continuous - two contract, continuous - three contract, and the active contract of lithium carbonate futures were 71700 yuan/ton, 73120 yuan/ton, 71420 yuan/ton, 71420 yuan/ton, and 73120 yuan/ton respectively, all showing a decline compared with July 25. The trading volume of the active contract was 1005395 hands (-198029), and the open interest was 378472 hands (-112616) [1] Spot Market - The average price of SMM battery - grade lithium carbonate was 73900 yuan/ton, showing an increase compared with previous periods. The prices of various lithium - related products such as lithium hydroxide, ternary precursors, and lithium iron phosphate also showed different degrees of changes [1] Inventory - The inventory of lithium carbonate futures was 12276 tons (+280). The total social inventory of SMM lithium carbonate was 143170 tons, with smelters reducing inventory by 2654 tons and downstream and other sectors increasing inventory by 1544 tons and 1660 tons respectively [1] Spread - The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 780 yuan/ton, showing an increase compared with previous periods. The spreads between different contracts also changed [1] Raw Material Prices - The average price of lithium spodumene concentrate (6%, CIF China) was 805 US dollars/ton (-5), and the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1165 yuan/ton (unchanged) [1]

Core Viewpoint - The domestic lithium carbonate prices in China are experiencing a rebound due to various factors, including the impact of "anti-involution" and the challenges faced by lithium mining companies in Jiangxi regarding certification renewals [1][8]. Industry Hot News - Toyota's battery subsidiary, Prime Planet Energy & Solutions, announced a new battery plant in Dalian, China, with an investment of 3.7 billion yuan, although the production timeline is not disclosed [3]. - Zimbabwe's Kuvimba Mining House plans to start construction of a lithium processing plant with an investment of 270 million USD, expected to be operational by early 2027 [4]. - Honeycomb Energy aims to trial production of its first-generation semi-solid battery on a 2.3 GWh production line in Q4 2025, targeting large-scale supply by 2027 [5]. - LG Energy Solution and Toyota Tsusho established a joint venture in the U.S. for battery recycling, planning to process 13,500 tons of battery waste annually by 2026 [6]. Lithium Market Overview - Domestic lithium carbonate prices are rebounding, with battery-grade prices ranging from 71,000 to 72,000 yuan per ton as of July 24 [9][8]. - The three-material market is showing weak performance, with some manufacturers reducing production by nearly 20% in July [10]. - Phosphate lithium prices have slightly increased, but demand remains stable, with companies like Longpan Technology and Fengyuan Co. still reporting losses [11]. - Negative electrode material prices have seen a decline of around 500 yuan per ton, with production levels expected to remain stable or slightly increase in August [13]. - The electrolyte market is experiencing slight price drops, with competitive pressures limiting potential price increases despite rising lithium carbonate prices [15]. Battery Market Overview - The domestic battery market prices are stable, with August orders expected to be similar to July, and battery manufacturers are focusing on volume rather than price [16]. - The weekly sales of new energy vehicles showed a year-on-year decline, with total sales of 368,000 units, a decrease of 2.90% [17]. - The storage battery prices have slightly increased, with significant shipments from Huawei, particularly in the Philippines [18].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - On July 23, the main contract of new lithium carbonate futures rose and then fell. The spot market was in negotiation. The basis changed from a discount to a premium. The price of spodumene concentrate and mica increased on the cost side. Lithium carbonate production rose last week on the supply side. In terms of downstream demand, the production of lithium iron phosphate increased in June, the production schedule of ternary materials increased, the production schedule of lithium cobalt oxide and lithium manganate decreased, and the production of power batteries decreased last week. In terms of terminal demand, although the year - on - year growth rate of new energy vehicle production and sales continued in June, the sales volume decreased month - on - month, and the 3C shipments were average. The production schedule of energy storage batteries increased in June. In terms of inventory, registered warehouse receipts increased, social inventory decreased slightly, smelters reduced inventory, while downstream and others accumulated inventory. The "anti - involution" sentiment continued, and there was a large divergence between buyers and sellers in the spot market. It is expected that the short - term lithium carbonate price will fluctuate significantly. It is recommended to wait and see or buy straddle options [2]. 3. Summary According to Relevant Catalogs Futures Market Data - **Closing Prices**: On July 23, the closing prices of the near - month, consecutive - one, consecutive - two, and consecutive - three contracts of lithium carbonate were 69,320 yuan/ton, 69,380 yuan/ton, 68,620 yuan/ton, and 68,620 yuan/ton respectively, with decreases of 3,480 yuan/ton, 3,500 yuan/ton, 3,180 yuan/ton, and 3,180 yuan/ton compared to the previous day [2]. - **Trading Volume and Position**: The trading volume of lithium carbonate futures was 1,334,159 lots (+215,933), and the position was 362,054 lots (-49,584) [2]. - **Inventory**: The registered warehouse receipts inventory was 10,754 tons (+665) [2]. - **Spreads**: The spread between the near - month and consecutive - one contracts was - 60 yuan/ton (+20), the spread between the consecutive - one and consecutive - two contracts was 760 yuan/ton (-320), and the spread between the consecutive - two and consecutive - three contracts was 0 yuan/ton (0) [2]. - **Basis**: The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was 1,070 yuan/ton (+4,850) [2]. Raw Material Prices - **Lithium Ore**: The average price of spodumene concentrate (6%, CIF China) was 750 US dollars/ton (+8), the average price of lithium mica (Li2O: 1.5% - 2.0%) was 1,040 yuan/ton (+10), the average price of lithium mica (Li2O: 2.0% - 2.5%) was 1,605 yuan/ton (+15) [2]. Downstream Product Prices - **Lithium Compounds**: The average price of battery - grade lithium carbonate was 70,450 yuan/ton (+1,350), the average price of industrial - grade lithium carbonate was 68,800 yuan/ton (+1,350), the average price of battery - grade lithium hydroxide was 59,820 - 64,970 yuan/ton (+1,100), and the average price of lithium hexafluorophosphate was 51,000 yuan/ton (+250) [2]. - **Cathode Materials**: The prices of various ternary precursors and materials, lithium iron phosphate, and lithium cobalt oxide showed different degrees of change, with some remaining unchanged [2]. - **Anode Materials and Electrolytes**: The prices of some anode materials and electrolytes remained unchanged [2]. - **Cobalt - Related Products**: The average price of electrolytic cobalt was 245,000 yuan/ton (+500), the average price of cobalt sulfate was 50,975 yuan/ton (+25), and the average price of tricobalt tetroxide was 208,650 yuan/ton (0) [2]. Inventory Data - The total SMM lithium carbonate inventory was 142,620 tons (+1,827), with smelters reducing inventory and downstream and others accumulating inventory [2]. Market News - He Lifeng will go to Sweden to hold economic and trade talks with the US from July 27 to 30. Zheng Shanjie proposed to promote the rectification of involution - style competition and expand industrial chain and supply chain cooperation. The Guangzhou Futures Exchange adjusted the daily price limit ranges of relevant contracts for industrial silicon, polysilicon, and lithium carbonate futures [2].

Core Viewpoint - The article highlights the significant investment and establishment of lithium battery material projects in Malaysia, driven by the growing international demand for lithium capacity and favorable conditions for Chinese companies to expand overseas [2][7]. Group 1: Investment Projects - Hunan Youneng plans to establish a project in Malaysia with an annual production capacity of 90,000 tons of lithium battery cathode materials, with a total investment of approximately 560 million Malaysian Ringgit (about 950 million RMB) [2]. - Enjie and Xingyuan Materials are competing in the separator segment, with Enjie planning to invest around 2 billion RMB for a separator project in Malaysia with a capacity of 1 billion square meters per year [4]. - Xingyuan Materials announced a 5 billion RMB investment to build a production base in Malaysia, aiming for a separator capacity of 2 billion square meters [4]. - Shantai Technology is set to establish a subsidiary in Malaysia for a 50,000-ton anode material project, with an initial investment of approximately 154 million USD [5]. Group 2: Strategic Advantages of Malaysia - Malaysia is positioned as a cost-effective, policy-friendly, and geographically strategic hub for the lithium battery industry in Southeast Asia, making it a key player in the international lithium battery supply chain [2][7]. - The country maintains a stable geopolitical environment, balancing relations between major powers, which provides a secure investment landscape for companies [7]. - Malaysia's modernized infrastructure and supportive policies for the new energy industry, such as the National Automotive Policy (NAP 2020), facilitate the establishment of lithium battery projects [7][8]. Group 3: Market Demand and Ecosystem - The increasing presence of battery cell manufacturers in Malaysia is driving up the demand for related materials, prompting companies to establish local facilities rather than relying on imports [8]. - The Malaysian government has introduced tax incentives for electric vehicles under the 2020 National Action Plan, encouraging the development of a comprehensive ecosystem for electric vehicles [8].