证券代码：300041 证券简称：回天新材 公告编号：2025-51 债券代码：123165 债券简称：回天转债 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 公司是否具有表决权差异安排 □是 √否 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 4、控股股东或实际控制人变更情况 控股股东报告期内变更 □适用 √不适用 公司报 ...

Summary of Solid-State Battery and UV Adhesive Market Outlook Industry Overview - The focus is on the solid-state battery industry, particularly in China, with comparisons to Japan's Toyota [1][2] - The development of solid-state batteries in China is primarily in semi-solid or solid-liquid hybrid forms, indicating a gap in technology compared to global leaders [1][2] Key Points and Arguments - **R&D Investment and Policy Support**: There is a need for increased R&D investment and policy support to catch up with international competitors, particularly Toyota, which has already achieved installation conditions for solid-state batteries [1][2] - **Production Timeline**: Large-scale production of solid-state batteries is expected to begin after 2030, with installation validation planned between 2027 and 2030 [1][2] - **UV Adhesive Usage**: UV adhesive is being explored as a replacement for blue film in solid-state battery cathode materials, despite challenges related to cost, environmental impact, and long-term performance validation [1][4] - **Material Estimates**: The estimated usage of materials for solid-state batteries is between 1,500 to 1,800 tons per MWh, accounting for less than 5% of total usage, with a value estimate of approximately 144 million yuan per MWh based on a material price of 80,000 yuan per ton [1][6] - **Collaboration with Companies**: The company collaborates with Matsui, Company C, and Deno Laser in solid-state battery R&D, utilizing laser grooving technology combined with UV adhesive for improved precision and reliability [1][7] Technical Challenges - **Scientific and Technical Issues**: While scientific questions have been resolved, technical challenges such as sulfide preparation, interface stability, and performance metrics like cycle life and fast charging still need to be addressed [2][3][15] - **Production Capacity**: Current production capacity for UV adhesive is limited, with only three production lines capable of producing 2-4 GWh each [4][5] Market Dynamics - **Cost Comparison**: Solid-state batteries are projected to cost at least twice as much as conventional liquid batteries, with a 15%-20% premium even after scaling up production [2][16] - **Initial Applications**: Initial applications for solid-state batteries may include humanoid robots and aircraft, where performance is prioritized over cost [18] Competitive Landscape - **Leading Companies**: Companies like Toyota, Qingtai, NIO, and others are noted as leaders in the solid-state battery space, with specific mention of startups excelling in sulfide solid-state technology [2][13][21] - **Supplier Relationships**: The company has established relationships with suppliers for UV adhesive, including domestic and some overseas manufacturers, with a focus on high-end automotive applications [14] Future Outlook - **Performance Expectations**: Solid-state batteries are not expected to surpass other battery types within the next three years due to limitations in cycle life and fast charging capabilities [17] - **Collaborative Efforts**: Ongoing collaborations with Tesla and other companies are aimed at developing customized solutions to meet specific performance and design requirements [19][20]

Group 1 - The report from China Merchants Securities highlights the introduction of new isostatic equipment and UV printing technology in the solid-state battery manufacturing process to address core interface challenges [1] - UV printing technology is favored for its high precision and automation, making it suitable for the stringent production requirements of solid-state batteries, and is currently a primary choice for leading battery manufacturers [1][2] - The overall cycle time of the solid-state battery production line is currently a bottleneck, with precise control required over various parameters such as laser settings, dispensing speed, adhesive viscosity, and UV curing energy [2] Group 2 - The production of solid-state batteries imposes higher requirements on UV adhesives, particularly in terms of tensile strength, flexibility, and puncture resistance, due to their use in insulating the electrodes [3] - New formulations of solid-state battery UV adhesives are reported to have significant barriers to entry, as they must not react with sulfur-based electrolytes, indicating a specialized market for these materials [3] - Leading companies in the UV adhesive sector, such as Songjing Co., have made significant advancements in solid-state UV adhesive products and equipment [3]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company faced a loss in Q4 2024 due to the involution in the photovoltaic industry, price declines in the industrial chain, and the impact of foreign trade on the photovoltaic business's gross profit margin, along with an impairment provision of about 39.92 million yuan for photovoltaic backsheet assets [24]. - The company is working on improving its market - value management, including promoting its business highlights and investment value, interacting with institutional investors, and optimizing its internal control system [25]. - The company is seeking new performance breakthroughs by stabilizing and increasing market share in major business areas and exploring new products in high - growth tracks such as automotive electronics, lithium - battery negative electrode glue, and consumer electronics [27]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Huitian New Materials [17]. - Industry: Chemical products [17]. - Reception time: June 12, 2025 [17]. - Company reception staff: Board Secretary Zhang Hongjian, Financial Controller Shi Changyin, and Securities Affairs Representative Zhang Yan [17]. 3.2. Detailed Research Institutions - Reception object type: Investor online questions and others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Financial and Stock - related Questions** - The company clarified that the description of annual Q4 losses was inaccurate, and the 2024 Q4 loss was due to the photovoltaic industry situation [24]. - The company emphasized that it values the capital - market performance and is taking measures to improve market - value management [25]. - Stock price fluctuations are affected by multiple external factors, and the company is working to reflect its enterprise value through compliance means [26]. - **Business Goal and Performance Questions** - The company stated that its business goals and performance should be based on official announcements [26]. - The company is aiming to break through in performance by expanding market share in major fields and exploring new products in high - growth tracks [27]. - **New Business and Product Questions** - The company is making new product layouts in automotive electronics, lithium - battery negative electrode glue, consumer electronics, and photovoltaic fields [27]. - In emerging technology fields like low - altitude economy and AI, the company's products are in the initial layout stage and have not achieved stable mass supply [28]. - **Other Questions** - Regarding the fifth - phase equity incentive, the company asked investors to follow its information disclosure [29]. - The company's photovoltaic business maintained growth during the industry involution, with measures to enhance product competitiveness [29]. - For the 2025 semi - annual report performance, the company asked investors to follow the subsequent disclosure [29]. - The Jun'an Huitian Fund has completed filing and is promoting relevant projects related to the Huitian industry [29].