以下文章来源于Carbontech ，作者Carbontech Carbontech . 传播碳材料领域前沿资讯，带您进入碳时代！ 【DT新材料】 获悉，8月19日， 圣泉集团 发布公告，拟向不特定对象发行不超过25亿元可转债，其中20亿元投向绿色新能源电池材料产业化项目，5亿 元补充流动资金。 硅基负极是提升锂电能量密度的关键方向，但产业化进程却始终受制于工艺稳定性和成本问题 。当前主流路线大致分为机械球磨法、包覆改性法与CVD （化学气相沉积）法。其中，CVD因硅分布均匀、界面稳定性好，正逐渐成为行业新主流，但其放大难度极高，对温场、气场控制的均匀性要求近乎苛 刻。 目前，行业普遍仅在百吨级规模实现稳定量产。圣泉此次直接瞄准万吨产能，某种程度上是对工艺稳定性与规模化复制能力的"豪赌"。产业层面， 2025- 2026年将是硅碳负极集中投产的关键窗口 。包括 贝特瑞、璞泰来 在内的多家头部企业均有千吨级项目在推进。谁能率先突破万吨级产能，并在成本和良 率上建立优势，谁就有机会在未来几年锁定主流电池厂的订单，这恰恰是圣泉此番动作的产业逻辑所在。 此次圣泉项目的配套设计并非单纯扩产硅碳负极，而是 将多孔碳的产能 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in performance, with H1 2025 revenue reaching 5.35 billion yuan, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of 500 million yuan, up 51.2% year-on-year [5][11] - In Q2 2025, the company achieved revenue of 2.89 billion yuan, reflecting a year-on-year increase of 16.1% and a quarter-on-quarter increase of 17.6% [5][11] - The advanced electronic materials and battery materials sectors are experiencing substantial growth, with revenue from these segments reaching 850 million yuan in H1 2025, a 32.4% increase compared to the previous year [11] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 5.35 billion yuan, with a net profit of 500 million yuan, marking a 51.2% increase year-on-year [5][11] - The gross margin for H1 2025 was 24.8%, an increase of 1.66 percentage points year-on-year, driven by a higher proportion of high-end products [11] Product Development - The company has successfully replaced imported materials in the electronic materials sector, increasing its market share [11] - The company is advancing its development of ultra-low loss materials and has plans to issue convertible bonds to fund the "Green New Energy Battery Material Industrialization Project" [11] Market Position - The company is a leader in synthetic resin, with stable profit contributions from this segment, while the electronic chemicals and biomass chemical sectors present significant growth opportunities [11] - The Daqing biomass project is operating stably, achieving a production balance across its products [11] Future Outlook - The company is expected to see significant performance contributions from its PPO, porous carbon, and biomass projects, with projected revenues of 1.34 billion yuan, 1.74 billion yuan, and 2.25 billion yuan for the years 2025 to 2027 respectively [11]