XFH(SZ:300890)2025-08-30 15:06Group 1: Company Performance and Market Conditions - The company experienced pressure on profitability in Q2 due to low negative electrode market prices and high raw material costs, although there was a noticeable improvement compared to Q1 [2] - Core customer orders are expected to increase in the second half of the year, with new customers anticipated to ramp up in Q4, leading to improved capacity utilization and gross margins [2] - The company is actively expanding its customer base, adding new clients in both power and energy storage sectors [2] Group 2: Project Development and Future Plans - The construction of the "R&D Center" is expected to be completed by July 2026, with equipment procurement nearly finished [2] - The "60,000 tons artificial graphite negative electrode integrated production base" is projected to be completed by December 2026 [2] - The Shanghai Carbon Peak Industrial Park project is progressing well, with plans to reach a rentable and sellable state by early 2026 [2] Group 3: Long-term Strategy and R&D Focus - Despite challenges in the negative electrode materials market, the long-term growth trend in demand for power batteries and energy storage remains unchanged [2] - The company aims to strengthen its position in the new carbon materials industry, focusing on R&D in high energy density, low expansion, and long cycle life negative materials [3] - The company is currently collaborating with multiple enterprises on new carbon materials, with products in the sample testing phase [3] Group 4: Production and Inventory Management - The company maintains a balanced production schedule based on existing customer demand, avoiding excess inventory issues [3] - Current production capacity is aligned with market demand, anticipating growth in industry demand in the second half of the year [3]