Group 1 - The report highlights the launch of hydrogen energy comprehensive application pilot projects by three government departments, which is expected to benefit 16 listed companies in the North Exchange involved in fuel cells and hydrogen metallurgy [4][14][17] - The pilot projects aim to explore commercial applications of hydrogen energy across various sectors, including fuel cell vehicles, green ammonia, hydrogen metallurgy, and hydrogen blending combustion [15][16] - By 2030, the goal is to achieve large-scale applications of hydrogen energy in multiple fields, with the average terminal hydrogen price dropping below 25 yuan per kilogram [14] Group 2 - The North Exchange's high-end equipment sector experienced an average decline of 7.34% in stock prices over the past week, with the median P/E ratio dropping to 41.7X [5][26] - The technology sector saw a median P/E ratio decrease from 48.9X to 45.5X, with an overall market capitalization decline from 501.82 billion to 465.64 billion yuan [6][49] - The automotive sector's median P/E ratio fell to 26.4X, reflecting a challenging market environment [63] Group 3 - The report emphasizes the importance of annual report disclosures, highlighting companies with high growth potential, such as Haineng Technology, which reported a 16.63% increase in revenue and a 222.3% increase in net profit [7][70] - Other companies like Minshida and Xingtou Measurement Control also reported significant revenue growth, indicating a positive trend in their financial performance [7][70]

江苏远航精密合金科技股份有限公司（以下简称"公司"）于 2025 年 3 月 20 日召开了第五届董事会第十一次会议，审议通过了《关于使用闲置募集资金 暂时补充流动资金的议案》，在确保资金安全、不影响募集资金投资项目建设的 前提下，公司拟使用额度不超过 1 亿元闲置募集资金用于暂时补充流动资金，使 用期限自董事会审议通过之日起不超过 12 个月，使用期限到期前公司将及时、 足额归还至募集资金专用账户。具体内容详见公司于 2025 年 3 月 21 日在北京证 券交易所信息披露平台（http://www.bse.cn/）披露的《使用闲置募集资金暂时补 充流动资金公告》（公告编号：2025-022）。 截至 2026 年 3 月 18 日，公司已将上述用于暂时补充流动资金的 1 亿元全部 归还至募集资金专用账户，使用期限自公司董事会审议通过之日起未超过 12 个 月。公司已将上述募集资金归还情况及时通知保荐机构国金证券股份有限公司及 保荐代表人。 证券代码：920914 证券简称：远航精密 公告编号：2026-022 江苏远航精密合金科技股份有限公司 关于闲置募集资金暂时补充流动资金归还的公告 本公司及董事会全体 ...

Investment Rating - The report rates the industry as "Outperform" [2] Core Insights - The production of domestic batteries in February 2026 decreased by 15.71% month-on-month but increased by approximately 41.18% year-on-year, with a total output of 141.6 GWh [2] - The price of battery-grade lithium carbonate has risen to 153,500 CNY/ton, while the price of battery-grade ethylene carbonate increased by 23.30% to 6,400 CNY/ton as of March 13, 2026 [2] - The demand for lithium iron phosphate batteries saw a monthly shipment of 20.60 GWh in February 2026, which is a year-on-year decrease of 24.46% and a month-on-month decrease of 37.00% [2] Summary by Sections Production - In February 2026, domestic production of lithium iron phosphate cathode materials reached 268,000 tons, reflecting a month-on-month increase of 9.34% and a year-on-year increase of 67.92% [2] Prices - The average price of lithium iron phosphate (power type) was reported at 54,100 CNY/ton, showing a slight decrease of 0.18% from March 3, 2026 [2] - The average price of lithium hexafluorophosphate remained stable at 111,000 CNY/ton as of March 9, 2026 [2] Domestic Demand - The newly awarded capacity for energy storage in China reached 34.45 GWh in February 2026, marking a month-on-month increase of 46.97% and a year-on-year growth of 6.03% [2] - The monthly shipment of ternary power batteries was 5.70 GWh in February 2026, which is a year-on-year decrease of 10.94% and a month-on-month decrease of 39.36% [2] Overseas Demand - The export volume of Chinese power batteries in February 2026 was 16.90 GWh, representing a year-on-year increase of 32.03% but a month-on-month decrease of 4.52% [2] - Global sales of new energy vehicles in January 2026 totaled 1.1829 million units, reflecting a year-on-year decrease of 5.99% and a month-on-month decrease of 45.04% [2]

证券代码：920914 证券简称：远航精密 公告编号：2026-021 江苏远航精密合金科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 □其他 （投资者线上交流会） 二、 投资者关系活动情况 活动时间：2026 年 3 月 5 日 活动地点：上海浦东世纪大道 88 号，金茂君悦大酒店 参会单位及人员：开源证券、南方基金、国海富兰克林基金、华夏未来、华 泰保兴基金、新华基金、嘉实基金、颐歌资产、长江证券、联储证券、果行资本 上市公司接待人员：公司董事、董事会秘书、副总经理徐斐女士 三、 投资者关系活动主要内容 □现场参观 □新闻发布会 √分析师会议 □路演活动 江苏远航精密合金科技股份有限公司 董事会 2026 年 3 月 9 日 本次投资者关系活动以分析师会议方式展开，就投资者关心的问题进行了 沟通与交流。本次投资者关系活动的主要问题及公司对问题的回复情况如下： □业绩说明会 □媒体采访 问题 1：请问公司年产 2,500 ...

证券代码：920914 证券简称：远航精密 公告编号：2026-020 江苏远航精密合金科技股份有限公司 2025 年股票期权激励计划股票期权预留授予结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、股票期权预留授予结果 （一）实际授予基本情况 7、股票来源：公司从二级市场回购或/和向激励对象定向发行公司 A 股普通 股股票 （二）实际授予结果明细表 1、预留授予股票期权在各激励对象间的分配情况如下表所示： | 姓名 | 职务 | 获授的股票期权 | 占本次拟授 出权益总量 | 占股本总 | | --- | --- | --- | --- | --- | | | | 数量（万份） | 的比例 | 额的比例 | | 汝金明 | 副总经理、核心员工 | 4.00 | 4.44% | 0.04% | | 其他核心员工（22 | 人） | 86.00 | 95.56% | 0.86% | | 合计 | | 90.00 | 100.00% | 0.90% | （三）本次授予结果与拟授予情况的差异说明 ...

证券代码：920914 证券简称：远航精密 公告编号：2026-019 江苏远航精密合金科技股份有限公司 关于完成工商变更登记及公司章程等备案并取得营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 江苏远航精密合金科技股份有限公司（以下简称"公司"）分别于 2025 年 7 月 22 日和 2025 年 8 月 8 日召开第五届董事会第十五次会议、2025 年第二次 临时股东会，审议通过了《关于取消监事会并修订<公司章程>的议案》，具体内 容详见公司于 2025 年 7 月 24 日在北京证券交易所信息披露平台 （http://www.bse.cn/）披露的《关于取消监事会并修订<公司章程>的公告》（公 告编号：2025-094）。 公司分别于 2025 年 12 月 11 日和 2025 年 12 月 26 日召开第五届董事会第 十八次会议、2025 年第三次临时股东会，审议通过了《关于变更注册资本暨修订 <公司章程>的议案》，具体内容详见公司于 2025 年 12 月 1 ...

Financial Performance - The company's operating revenue for the reporting period reached CNY 1,042,915,250.90, representing a year-on-year increase of 22.38% compared to CNY 852,178,999.57[4] - The net profit attributable to shareholders decreased by 17.69% to CNY 55,514,254.22 from CNY 67,442,783.31 in the previous year[4] - The basic earnings per share fell to CNY 0.56, down 17.65% from CNY 0.68 in the same period last year[4] - The weighted average return on net assets (excluding non-recurring items) was 5.90%, down from 7.60% in the previous year[4] Assets and Equity - Total assets at the end of the reporting period amounted to CNY 1,408,375,547.07, an increase of 21.27% from CNY 1,161,352,988.10 at the beginning of the period[4] - The equity attributable to shareholders increased by 6.02% to CNY 968,508,761.87 from CNY 913,507,625.93 at the beginning of the period[4] Challenges and Risks - The decline in net profit was primarily due to a significant reduction in government subsidies, increased share-based payment expenses from a new equity incentive plan, and operational losses from new business investments[6] - The company experienced a decrease in gross margin due to high inventory costs compared to current market prices for nickel products, as well as a shift in product mix towards lower-margin items[6] - The company warns that the financial data presented is preliminary and has not been audited, urging investors to exercise caution[7] Market Strategy - The company is actively expanding its market presence and deepening collaborations with strategic customers, contributing to the growth in sales of nickel strips, foils, and precision components[5]

Core Viewpoint - The company Yuanhang Precision has reached a strategic investment agreement with Yili Technology to expand their business in the new energy materials sector, particularly focusing on battery cathode materials [4]. Group 1: Company Overview - Yuanhang Precision (920914) is a leading enterprise in the domestic nickel-based conductor materials sector, with nearly 30 years of industry experience, covering areas such as new energy, energy storage, and hydrogen energy [3]. - Yili Technology, established in 2022 and located in Wuxi, is a subsidiary of Tianhua New Energy (300390), holding a 55.63% stake [3]. Group 2: Technological and Production Capabilities - Yili Technology's core technology team collaborates with research institutions like the Institute of Physics, Chinese Academy of Sciences, focusing on the R&D and industrialization of solid-state battery cathode materials [3]. - The company has developed multiple core technologies in high-nickel ternary and high-voltage cobalt acid lithium materials and has signed strategic cooperation agreements with leading solid-state battery companies [3]. - Yili Technology has a pilot production line with a capacity of 200 tons per year, currently operating at full capacity, and is constructing a fully automated production line for high-nickel ternary cathode materials with an annual capacity of 5,200 tons, expected to be operational by the end of 2026 [3]. Group 3: Investment and Strategic Importance - The investment agreement with Yili Technology is seen as a precise layout for Yuanhang Precision in the battery cathode materials field, marking a significant step in deepening its industrial strategy and expanding its investment landscape [4].

Core Viewpoint - Recently, Yuanhang Precision (920914.BJ) announced a strategic investment and deep cooperation with Jiangsu Yili Technology Co., Ltd. to explore opportunities in the new energy materials sector [1][2] Group 1: Company Overview - Yuanhang Precision has been a leader in the domestic nickel-based conductor materials industry for nearly 30 years, excelling in technology research and development, production capacity, customer resources, and supply chain integration [2] - Yili Technology, a subsidiary of Suzhou-listed Tianhua New Energy, has a strong technical foundation and a comprehensive industrial layout, focusing on solid-state battery cathode materials [1] Group 2: Investment and Strategic Cooperation - The collaboration with Yili Technology represents a precise layout for Yuanhang Precision in the battery cathode materials sector and is a key step in deepening its industrial strategy and expanding its investment footprint [2] - Both companies aim to leverage their respective industrial advantages, integrate resources, and seize opportunities in the new energy lithium battery materials field, contributing to the high-quality development of the green low-carbon industry [2] Group 3: Technological Advancements - Yili Technology has developed multiple core technologies in high-nickel ternary and high-voltage lithium cobalt oxide cathode materials, supported by research teams from the Chinese Academy of Sciences and Tianmuhu Energy Storage Technology Research Institute [1] - The company has established a pilot line with a capacity of 200 tons per year, which is currently in trial operation, and is constructing a fully automated production line for high-nickel ternary cathode materials with an annual capacity of 5,200 tons, expected to be operational by the end of 2026 [1]

证券代码：920914 证券简称：远航精密 公告编号：2026-013 江苏远航精密合金科技股份有限公司 2025 年股票期权激励计划预留授予激励对象名单 3、公司全部在有效期内的股权激励计划所涉及的标的股票总数累计不超过公司股本总 额的 30.00%。本激励计划中任何一名激励对象通过全部在有效期内的股权激励计划获授的 本公司股票累计未超过本激励计划草案公告时公司股本总额的 1.00%。预留权益比例未超过 本激励计划拟授予权益数量的 20.00%。 4、以上合计数据与各明细数相加之和在尾数上如有差异是由于四舍五入所造成，保留 两位小数。 | 序号 | 姓名 | 职务 | 序号 | 姓名 | 职务 | | --- | --- | --- | --- | --- | --- | | 1 | 潘年芬 | 核心员工 | 13 | 王冬雪 | 核心员工 | | 2 | 张哲坤 | 核心员工 | 14 | 陈惠静 | 核心员工 | | 3 | 汝金明 | 副总经理、核心员工 | 15 | 陈涛 | 核心员工 | | 4 | 钱东亚 | 核心员工 | 16 | 闫磊 | 核心员工 | （二）核心员工名单 一、预留股票期权在 ...