厦钨新能（688778.SH）2025 年半年报点评 业绩符合预期，行业龙头地位稳固 2025 年 08 月 22 日 ➢ Q2 业绩拆分。营收和净利：公司 2025Q2 营收 45.57 亿元,同比+51.85%， 环比+53.07%，归母净利润为 1.90 亿元，同比+48.44%，环比+ 62.39%，扣非 后净利润为 1.79 亿元，同比+52.99%，环比+61.26%。毛利率：2025Q2 毛利 率为 10.26%，同比-1.36 pct，环比+0.67pcts。净利率：2025Q2 净利率为 4.2%， 同比-0.06pct，环比+0.35pct。费用率：公司 2025Q2 期间费用率为 4.63%， 同比-1.42pct，其中销售、管理、研发、财务费用率分别为 0.24%、1.23%、3.18%、 -0.02%。 ➢ 产能全球布局加速落地，国内外重点项目稳步推进。国内方面，各基地项目 有序推进：海璟基地 3 万吨锂离子电池材料扩产项目土建完成竣工验收，1.5 万 吨综合车间部分土建验收；宁德 7 万吨锂离子电池正极材料项目 C/D 车间已完 成封顶，C 车间两条生产线推进投产；雅安基地磷酸铁锂 ...

Group 1 - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares, totaling approximately 100.70 million RMB, based on the total share capital after deducting shares held in the repurchase account [2][63][75] - The company achieved a net profit of approximately 306.89 million RMB for the first half of 2025, representing a year-on-year increase of 27.76% [64][69] - The company’s total revenue for the first half of 2025 reached approximately 7.53 billion RMB, reflecting an 18.04% year-on-year growth [69] Group 2 - The company’s lithium battery cathode material sales reached 60,700 tons in the first half of 2025, a 35.50% increase year-on-year [68] - The company’s total profit for the first half of 2025 was approximately 339 million RMB, marking a 35.47% increase compared to the previous year [69] - The company’s research and development investment amounted to approximately 243 million RMB, accounting for 3.23% of total revenue [71] Group 3 - The company plans to use up to 500 million RMB of temporarily idle raised funds for cash management, with a validity period until December 31, 2025 [46][56] - The company has established a governance structure that includes a board of directors, a supervisory board, and management, ensuring effective decision-making processes [77][78] - The company has implemented various measures to achieve carbon neutrality, including completing carbon footprint certifications and reducing CO2 emissions by over 3.78 million kg [73]

Summary of Key Points Core Viewpoint The report outlines the fundraising and usage status of Ningbo Rongbai New Energy Technology Co., Ltd. as of June 30, 2025, detailing the amounts raised, expenditures, and adjustments made to investment projects. Group 1: Fundraising Overview - The company raised a total of RMB 1,191.90 million through its initial public offering (IPO) by issuing 45 million shares at RMB 26.62 per share, with net proceeds amounting to RMB 1,101.00 million after deducting fees [1]. - As of June 30, 2025, the company has utilized RMB 1,023.73 million of the raised funds, with a remaining balance of RMB 168.87 million [1][2]. Group 2: Fund Usage and Adjustments - The company has decided to reduce the construction scale of the "2025 Dynamic Lithium Battery Material Comprehensive Base (Phase I)" project from an annual production capacity of 60,000 tons to 30,000 tons, concluding the project due to market demand changes [1][5]. - A total of RMB 15 million of the remaining funds will be kept in a special account for future project payments and quality assurance, while RMB 18.49 million will be permanently allocated to supplement working capital [1][5]. Group 3: Fund Management - The company has established three special accounts for fundraising management, with a total balance of RMB 28.87 million as of June 30, 2025 [2][4]. - The company has engaged in cash management with idle funds, totaling RMB 140 million, and has received RMB 1.43 million in interest income from these investments [4][5]. Group 4: Project Progress and Compliance - The company has reported no abnormal situations regarding the investment projects funded by the raised capital, and all disclosed information has been timely and accurate [5][6]. - The company has adhered to regulations regarding the management of raised funds, ensuring compliance with the relevant rules and guidelines [2][3].

Core Viewpoint - Wenkang New Energy has been facing significant financial challenges, including two consecutive years of losses and a declining gross margin, leading to shareholder concerns as major stakeholders plan to reduce their holdings [1][2][11]. Financial Performance - The company reported revenues of 10.729 billion in 2023 and 5.539 billion in 2024, representing year-on-year declines of 40.31% and 48.37% respectively [2]. - The net profit attributable to shareholders was -124 million in 2023 and -508 million in 2024, indicating a shift from profit to loss [2]. - In Q1 of the current year, the net profit attributable to shareholders was -64 million, continuing the trend of increasing losses [2]. Shareholder Actions - Major shareholder Shenzhen Anyan Investment plans to reduce its holdings by up to 57.8766 million shares, accounting for 3.0% of the total share capital, following a previous reduction of 26.7591 million shares [1][2]. Operational Challenges - The company's capacity utilization rate dropped to 47% in 2023 and is projected to decline further to 42% in 2024, despite significant expansions in production capacity [10]. - The company has experienced a deterioration in cash flow, with inventory turnover days increasing from 45 days in 2022 to 56 days in 2024, and accounts receivable turnover days rising from 61 days to 156 days in the same period [11]. Financial Costs - Financial expenses have surged, with interest expenses exceeding interest income for the first time in 2023, leading to financial costs surpassing 100 million in 2024 [4]. - The company has a high level of both cash and interest-bearing liabilities, with cash balances of 2.653 billion and interest-bearing liabilities of 3.184 billion, raising regulatory concerns [7]. Expansion and Capital Raising - The company raised 2.725 billion through its IPO in 2021 and an additional 3.25 billion through convertible bonds in 2022, primarily for capacity expansion [8][10]. - Despite these capital raises, the company has struggled with cash flow, reporting a net cash outflow of 632 million in its first year post-IPO [8].

Core Viewpoint - The article discusses the advancements and challenges faced by Chinese lithium battery material companies in Finland, highlighting the strategic importance of the region for the European market and the complexities involved in project execution [3][6][7]. Group 1: Industry Developments - The 2025 High-Performance Sodium Battery Industry Summit and the 2025 High-Performance Solid-State Battery Technology and Application Summit are scheduled for June 9 and June 10, respectively, in Suzhou, China [2][3]. - A new lithium battery cathode material project by Dangsheng Technology (Finland) has commenced, with a total investment of approximately €800 million (around 6.537 billion RMB), aiming for an initial production capacity of 60,000 tons/year of NCM [4]. - Sanyuan Technology plans to establish a lithium-ion battery anode material integrated project in Finland, with a projected annual capacity of 100,000 tons, divided into two phases [5]. Group 2: Regional Advantages - Finland's geographical proximity to the Baltic Sea facilitates easy access to European markets, enhancing logistics for raw materials and products [6]. - The country possesses abundant resources necessary for lithium battery production, including nickel, cobalt, and lithium, along with a stable supply of graphite materials from its forestry industry [6]. - Finland's renewable energy resources, such as hydropower and biomass, contribute to lower energy costs, making it an attractive location for energy-intensive lithium battery production [6]. Group 3: Challenges and Uncertainties - The construction cycle for lithium battery projects in Europe is notably longer, with Dangsheng Technology's project planning initiated six years ago and Sanyuan Technology's projects requiring two years for each phase [6]. - The international market's volatility and changing geopolitical landscape have introduced uncertainties for Chinese companies operating in Finland, exemplified by Zhongwei Co.'s decision to shelve its high-nickel ternary precursor production project after four years of planning [7].

Group 1 - CATL's Luoyang base project phase one has been fully operational, achieving a cumulative output value exceeding 5 billion yuan, with an annual capacity of 30GWh [2] - The Luoyang base has all production lines in operation, with over 95% of production equipment connected to the network, producing one cell every second and one battery pack every 2.5 minutes [2] - CATL is also progressing with the construction of phase two of the Luoyang base, which is set to start in May 2024 [2] Group 2 - CATL has become the first company to pass the new national standard for power batteries, receiving two GB 38031-2025 safety requirement testing reports [3][4] - The new standard will officially be implemented on July 1, 2026 [4] Group 3 - Chuangneng New Energy and Huachuang New Materials have signed a strategic cooperation agreement for a lithium battery copper foil project, with Huachuang supplying 150,000 tons of raw materials over the next five years [5] - Ganfeng Lithium has signed a strategic cooperation agreement with Shenzhen Tianbangda Technology for over 5GWh of battery management systems (BMS) in 2025 [6] Group 4 - Funeng Technology reported a net loss reduction of 1.538 billion yuan in 2024, with total revenue of 11.68 billion yuan and ranking third in national power battery export volume [7] - Ruipu Lanjun has signed a strategic cooperation agreement with Yufeng Future for eVTOL aircraft energy solutions, providing customized high-nickel battery solutions [8] Group 5 - Guoxuan High-Tech has commenced construction of the largest battery manufacturing base in western China, with a project area of approximately 158,000 square meters [9] - Zhuhai Guanyu's quasi-solid-state battery project has passed expert acceptance, achieving key technological breakthroughs [10] Group 6 - XWANDA reported a 21.23% increase in net profit for Q1 2025, with total revenue of 12.289 billion yuan [11] - A 5.8 billion yuan cylindrical battery project has been signed in Sichuan, focusing on lithium-ion battery production lines [12] Group 7 - SK On has been selected as the battery supplier for the US electric vehicle startup Slate, with a contract to supply 20GWh of batteries from 2026 to 2031 [13][14] - Samsung SDI plans to promote its latest ESS battery products at an upcoming battery exhibition in Europe [15] Group 8 - A major negative electrode material base has been initiated in Ningxia, with a total investment of 31 billion yuan, including projects for lithium iron phosphate and artificial graphite [17] - Zhenhua New Materials has postponed the implementation of its positive electrode material production line project [18] Group 9 - A 100,000-ton lithium iron phosphate project has received environmental approval, with plans to be operational by June 2026 [20][21] - LG Energy has announced plans to build a battery recycling plant in partnership with Derichebourg, with a processing capacity of over 20,000 tons [33] Group 10 - BYD reported a revenue of approximately 170.4 billion yuan in Q1 2025, with a net profit increase of 100.38% [37] - The company aims to sell 5.5 million vehicles in 2025, with significant growth expected in overseas markets [37]

北京当升材料科技股份有限公司 2024 年度述职报告 尊敬的各位股东及股东代表： 在报告期内，本人严格按照《中华人民共和国公司法》 （以下称"《公司法》"） 《中华人民共和国证券法》（以下称"《证券法》"）《上市公司独立董事管理 办法》以及《公司章程》《公司独立董事工作制度》等规定和要求，本着对全体 股东负责的态度，积极参与公司各项重大决策并审慎发表独立意见，积极维护公 司及全体股东的合法权益。现将本人 2024 年度履职情况报告如下： （夏定国） 北京当升材料科技股份有限公司 独立董事 2024 年度述职报告 一、出席会议情况 本人自2024年4月担任公司独立董事以来，出席公司董事会会议、董事会战 略和可持续发展委员会会议、提名委员会会议、股东大会、半年度经营总结会等 重要会议共16次，不存在委托他人、缺席或连续两次未出席董事会会议的情况。 对于公司董事会讨论的议案，本人会提前主动获取会议资料，并进行认真审议， 结合自身专业知识，在市场开发、技术研发、产业布局等领域为公司提出专业意 见和建议。对于各项议案，本人能够明确地表达自己的看法，并审慎地提出自己 的独立意见，切实保护了全体股东尤其是中小股东的权益。本 ...

Battery - CATL established a new subsidiary, Luoyuan Times New Energy Technology Co., Ltd., with a registered capital of 2 billion yuan, focusing on battery manufacturing and sales, new materials technology R&D, and energy recovery systems [2] - In February, the production and sales of new energy vehicles reached 888,000 and 892,000 units respectively, marking a year-on-year increase of 91.5% and 87.1%, with new energy vehicles accounting for 41.9% of total new car sales [3] - Fulin Precision signed a strategic cooperation agreement with CATL to collaborate on lithium iron phosphate material product R&D, capacity construction, international expansion, and supply chain management [5] Materials - Dingsheng Technology signed a long-term supply agreement with LG Energy Solution for the procurement of 110,000 tons of high-nickel and medium-nickel lithium battery cathode materials from 2025 to 2027, with an estimated total value of 14 billion yuan [8] Investment and Financing - Jinchuan Group Nickel Cobalt Co., Ltd. submitted an IPO counseling record to the Gansu Securities Regulatory Bureau, with CITIC Securities and CICC as counseling institutions, aiming for a main board listing [11] Overseas - Porsche announced the acquisition of V4Drive, a subsidiary of German Varta AG, to integrate expertise in developing and producing high-performance cylindrical batteries, with plans to start mass production of V4Smart brand batteries in April [13]

其二，与SK On签订1.7万吨采购协议。 3月3日，当升科技公告显示，其与SK On于2月28日在江苏常州签订了相关协议，SK On预计在 2025年至2027年向当升科技采购1.7万吨高镍及中镍等多型号锂电正极材料。 同时双方就2026年-2028年非约束性额外供销11万吨左右锂电正极材料产品合作事宜将进行后 续协商与确定。合计来看， 2025-2028年，当升科技或将为SK On提供近13万吨锂电正极材料 产品。 锂电行业再现百亿级订单！2025年3月，当升科技凭借一己之力改写三元材料"颓势"，一月内 拿下两大国际订单。 其一，与LG新能源签订约140亿元供货协议。 3月10日晚，当升科技宣布，公司与旗下公司与LG新能源在韩国签署供货协议，将于2025- 2027年向LG新能源供应中镍高电压、高镍等多种型号正极材料约11万吨。 按照当前市场价格估算， 协议总金额预计达到人民币140亿元。 公告显示，LG新能源是当升科技的长期合作伙伴，2022年至2024年1-9月，公司对LG新能源及 其关联方的销售产品金额分别为人民币67672.04万元、125061.39 万元、97154.31万元，呈现 上涨趋势， ...

Core Viewpoint - The partnership between Dangsheng Technology and LG signifies a strategic collaboration that enhances both companies' positions in the lithium battery market, with a focus on high-nickel cathode materials and solid-state battery development [1][3]. Group 1: Supply Agreement and Financial Impact - Dangsheng Technology signed a supply agreement with LG to deliver approximately 110,000 tons of various cathode materials from 2025 to 2027, with a total contract value of around 14 billion RMB [1]. - This long-term supply contract is expected to solidify Dangsheng's competitive advantage in the international lithium battery market and support sustained rapid growth in its future performance [1]. Group 2: Product Development and Market Position - Dangsheng has established a comprehensive product portfolio in high-nickel, ultra-high-nickel, and medium-nickel high-voltage materials, as well as lithium iron phosphate and next-generation battery materials [2]. - The company has overcome several performance limitations in energy density, lifespan, safety, and storage, positioning its products at the industry-leading level [2]. - In the solid-state battery materials sector, Dangsheng is among the earliest companies to develop and industrialize solid-state lithium battery cathode materials, collaborating closely with major battery manufacturers and automotive companies [2]. Group 3: Strategic Importance of LG - LG, as the world's third-largest electric vehicle battery manufacturer, plays a crucial role in the global lithium battery supply chain and aims to diversify its business, particularly in energy storage, with plans to double its revenue in the next five years [3]. - The partnership with Dangsheng is expected to elevate their strategic collaboration, leveraging Dangsheng's advanced cathode material technology to support LG's global strategy [3].