TINCI(SZ:002709)2025-10-31 04:08Financial Performance - In the first three quarters of 2025, the company achieved revenue of 10.843 billion CNY, with a net profit attributable to shareholders of 420 million CNY, representing a year-on-year growth of 24.33% [2] - The net profit after deducting non-recurring gains and losses was 373 million CNY, showing a year-on-year increase of 30.13% [2] - Basic earnings per share stood at 0.22 CNY [2] Market Dynamics - The market for lithium hexafluorophosphate (LiPF6) has reached a tight balance, with prices showing signs of recovery [3] - The company’s electrolyte pricing is linked to LiPF6, with adjustments based on market conditions and historical pricing [3] Product Development - The proportion of LiFSI added to products has increased to 2.2% in Q3 2025, driven by rising demand for fast-charging and energy storage solutions [3] - The company is advancing its solid-state electrolyte technology, currently in pilot testing, with plans for a large-scale production line to be completed by mid-2026 [3] Expansion Plans - The overseas projects in Morocco and the USA are progressing, with construction expected to start between late 2025 and early 2026 [4] - The company has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming for approval in 2026 [5] Production Capacity - Current production capacity for LiPF6 is approximately 110,000 tons, with potential for upgrades through technical improvements [5] - The company anticipates that the supply side will be dominated by leading enterprises, leading to increased industry concentration [5] Raw Material Supply - The supply-demand relationship for certain additives is tightening, indicating potential price increases, while solvent supply remains stable [5]