Fundraising Overview - The company raised a total of RMB 1,822,399,641.00 through a private placement of 184,266,900 shares at a price of RMB 9.89 per share, with a net amount of RMB 1,796,015,374.00 after deducting issuance costs [2] - The funds are managed in a dedicated account, and a tripartite supervision agreement has been signed with the bank and the sponsor [2][3] New Fundraising Account and Agreement - On May 23, 2025, the company approved the establishment of a new dedicated fundraising account and authorized the signing of a supervision agreement [3] - The new account was opened at Shengjing Bank and is intended solely for the management of fundraising, ensuring compliance with relevant regulations [3][4] Main Content of the Supervision Agreement - The agreement stipulates that the dedicated account can only hold fundraising funds and may be used temporarily for working capital related to the company's main business [4][5] - The sponsor is responsible for supervising the use of the funds and has the right to conduct on-site investigations and inquiries [5][6] - The bank must provide monthly account statements to both the company and the sponsor, ensuring accurate and complete information [5][6] Conditions for Withdrawal and Termination - If the company withdraws more than RMB 50 million or 20% of the net fundraising amount within a twelve-month period, both the company and the bank must notify the sponsor [6] - The agreement can be terminated unilaterally by the company if the bank fails to comply with reporting requirements [6][7]

证券代码 ：600516 证券简称： 方大炭素 公告编号：2025—026 方大炭素新材料科技股份有限公司 关于签署募集资金专户存储三方监管协议的公告 公司于 2025 年 5 月 23 日召开了第九届董事会第十一次临时会议，审议通 过了《关于新增募集资金专户并授权签署监管协议的议案》，同意公司新增开立 募集资金专项账户，并与保荐机构、募集资金专项账户开户银行签署募集资金 监管协议，对募集资金的存放和使用情况进行监管。 为规范公司募集资金管理，保护投资者利益，根据《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自 律监管指引第 1 号—规范运作》等法律法规的规定，公司在盛京银行股份有限 公司沈阳市万泉支行开立募集资金专项账户，并与开户银行、保荐机构共同签 1 署了《募集资金三方监管协议》。协议内容与上海证券交易所制定的《募集资金 专户存储三方监管协议（范本）》不存在重大差异。 | 开户主体 | 开户银行 | 专户账户 | 募集资金用途 | 专户余额 | | --- | --- | --- | --- | --- | | | | | | （万元） | | 方大炭素新材 ...

Core Viewpoint - Badminton is a popular sport with low risk and high skill, increasingly adopted in schools, leading to a rise in badminton racket market demand. Technological advancements in racket design and materials enhance user experience, expanding the market significantly. The Chinese badminton racket market is projected to grow from approximately 2.553 billion yuan in 2024 to 3.79 billion yuan by 2030, driven by health consciousness and sports popularity [1][17]. Industry Overview - The badminton racket typically consists of the racket head, shaft, handle, and the joint between the shaft and frame. The development of rackets has focused on reducing weight, increasing frame stiffness, improving shaft elasticity, and minimizing air resistance [3][10]. - The badminton racket market is expected to reach approximately 5.55 billion yuan globally in 2024, with projections of growth to 8.24 billion yuan by 2030, fueled by rising health awareness and fitness culture [16]. Key Parameters of Badminton Rackets - Important parameters include racket length, weight, handle thickness, frame cross-section, head shape, balance point, shaft stiffness, maximum tension, and materials used. The standard length for international rackets is 665mm, with most domestic rackets being 675mm [6][9]. - The materials used in rackets have evolved from wood to aluminum and now to advanced composites like carbon fiber, which offers superior strength and lightweight properties [14][26]. Industry Development History - The design of badminton rackets has evolved from simple wooden designs focused on durability to modern rackets made from lightweight materials like carbon fiber, enhancing performance and aesthetics [10][20]. Industry Chain - The upstream of the badminton racket industry includes raw material suppliers (carbon fiber, graphene, titanium alloys, etc.), the midstream involves manufacturing processes (frame molding, handle processing, etc.), and the downstream consists of sales channels (sports specialty stores, e-commerce, supermarkets) [12]. Competitive Landscape - Major domestic brands in the badminton racket market include Li Ning, Victor, and Hong Shuangxi, while international brands like Yonex and Kawasaki dominate the high-end market. The competition is intensifying as brands increase R&D investments to enhance product performance and quality [20][21]. Future Trends - Material technology upgrades will drive high-end development, with a focus on optimizing composite materials and integrating smart technologies into rackets for enhanced user experience [26][27]. - The market is expected to see segmentation, with high-end products led by international brands and local brands focusing on mid-range offerings, catering to diverse consumer needs [28].

Core Insights - The carbon industry is at a crossroads due to deep adjustments in the global economic landscape and accelerated industrial transformation, prompting companies to innovate and optimize resource allocation to maintain competitive advantages [3][4][5] Group 1: Industry Challenges and Strategies - The carbon industry faces downward pressure from fluctuating raw material prices, reduced demand in the steel sector, and complex international economic conditions, leading to sustained low prices for graphite electrode products and decreased profitability [4][5] - The company emphasizes the importance of refining internal capabilities during industry downturns, focusing on market-oriented strategies and fine management to enhance resource allocation efficiency and maintain leading profitability [4][5] - The company is investing in smart upgrades to improve automation in key production processes, exemplified by a collaboration with Jingtai Technology to develop an intelligent dynamic optimization system for the baking process of graphite electrodes, significantly reducing energy consumption and improving product uniformity [5] Group 2: Technological Innovation and New Opportunities - The year 2025 is identified as a critical turning point for the company, with a strategic partnership established with CATL to co-develop key technologies in lithium battery materials, solid-state battery electrolytes, and supercapacitor electrodes, aiming for industrial zero-carbon development [6][7] - The company plans to invest over 57 million yuan in 2024 for R&D focused on new products and materials, particularly in carbon/carbon composite materials and graphene, to drive technological innovation and product upgrades [7] - The company has established long-term strategic partnerships with universities and research institutions to enhance its R&D capabilities in graphene and other advanced materials, achieving significant breakthroughs in various applications [8] Group 3: Talent Development and Organizational Strength - The company is actively recruiting over 600 personnel, highlighting the importance of talent as a core competitive advantage for developing new production capabilities [8] - The company has established partnerships with renowned academic institutions to foster high-level talent development, which is crucial for advancing its technological innovation efforts [8] - The focus remains on developing carbon new materials while maintaining a stable growth trajectory in traditional products like graphite electrodes and carbon bricks [9]

Group 1 - The establishment of the Fangda Carbon Legal Service Station by the Honggu District People's Procuratorate in Lanzhou is a practical implementation of the Supreme Procuratorate's policy to support the development of the private economy and reflects the commitment of the procuratorial organs to integrate into the national strategy of optimizing the business environment [1] - The service station aims to extend its services to the production front lines of world-class carbon enterprises, addressing enterprise expectations with a focus on legal protection and optimizing the regional economic ecosystem [1][3] - The service station employs a "full-cycle legal guarantee system" through ten precise service measures, including establishing a "green channel" for enterprise-related cases and providing customized compliance solutions for enterprises [3] Group 2 - The function of the service station has expanded from "legal supply" to "governance co-construction," introducing a "normal risk warning mechanism" and an "enterprise compliance assessment system" to enhance internal management within enterprises [5] - The collaborative governance model involving "judiciary + enterprise + industry" serves as a judicial sample for Lanzhou to build a "provincial business environment demonstration zone" and supports Gansu's procuratorial work in advancing to the "national first echelon" [5] - The proactive approach of the procuratorial organs in providing "zero-distance" services demonstrates the transformation of "judicial temperature" into "development heat," offering replicable experiences for legal protection of private enterprises in Northwest China [7]

Investment Rating - The report maintains an investment rating of "Positive" for the steel industry, consistent with the previous rating [2]. Core Viewpoints - The overall profit from blast furnace steel production is considered satisfactory, and the profit recovery for general steel companies may accelerate [3]. - Despite facing supply-demand contradictions, the steel industry's overall profit is expected to decline, but with the implementation of various "stability growth" policies, steel demand is anticipated to remain stable or slightly increase [4]. - The report highlights that general steel companies, which are less affected by export tariffs, may see significant performance improvements due to the marginal recovery in demand from the real estate and infrastructure sectors [4]. Summary by Sections 1. Market Performance - The steel sector declined by 0.94% this week, underperforming the broader market, with specific declines in special steel (0.28%), long products (0.36%), and flat products (1.21%) [3][11]. 2. Supply Data - As of May 23, the average daily pig iron production was 2.436 million tons, a week-on-week decrease of 1.17 tons, but a year-on-year increase of 6.71 tons [28]. - The capacity utilization rate for blast furnaces was 91.3%, down 0.44 percentage points week-on-week, while electric furnace utilization increased by 2.93 percentage points to 59.5% [28]. 3. Demand Data - The consumption of five major steel products was 9.046 million tons, a week-on-week decrease of 92,000 tons, reflecting a 1.01% decline [37]. - The transaction volume of construction steel by mainstream traders was 95,000 tons, down 1.47 tons week-on-week, marking a 13.33% decrease [37]. 4. Inventory Data - Social inventory of five major steel products was 9.606 million tons, a week-on-week decrease of 331,000 tons, or 3.33% [45]. - Factory inventory increased slightly to 4.38 million tons, up 0.99 tons week-on-week, but down 6.67% year-on-year [45]. 5. Price Trends - The comprehensive index for general steel was 3,452.2 yuan/ton, down 33.36 yuan/ton week-on-week, a decrease of 0.96% [51]. - The comprehensive index for special steel was 6,652.6 yuan/ton, down 3.32 yuan/ton week-on-week, a decrease of 0.05% [51]. 6. Profitability - The profit for rebar from blast furnaces was 88 yuan/ton, down 15 yuan/ton week-on-week, a decline of 14.56% [59]. - The average profit margin for 247 steel companies was 59.74%, an increase of 0.4 percentage points week-on-week [59]. 7. Investment Recommendations - The report suggests focusing on regional leading companies with advanced equipment and environmental standards, as well as companies benefiting from the new energy cycle and those with strong cost control [4].

证券代码 ：600516 证券简称： 方大炭素 公告编号：2025-024 方大炭素新材料科技股份有限公司 第九届董事会第十一次临时会议决议公告 （一）审议通过《关于新增募集资金专户并授权签署监管协议的议案》 为规范公司募集资金管理，保护投资者利益，根据《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《上海证券交易所上市公司自律 监管指引第 1 号—规范运作》等法律法规的规定，公司拟新增开立募集资金专项 账户，并与保荐机构、募集资金专项账户开户银行签署募集资金监管协议，对募 集资金的存放和使用情况进行监管；同时，董事会授权公司经营管理层办理募集 资金专项账户开立及募集资金监管协议签署等事宜。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 （二）审议通过《关于使用部分闲置募集资金暂时补充流动资金的议案》 在保证募集资金投资项目正常进行的前提下，公司拟使用不超过人民币2.5 亿元的募集资金暂时用于补充流动资金，使用期限自公司董事会审议通过之日起 不超过12个月。 表决结果：同意11票；反对0票；弃权0票。 1 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大 ...

瑞信证券（中国）有限公司关于 方大炭素新材料科技股份有限公司使用部分闲置募集资金 暂时补充流动资金的核查意见 1 2017 年 9 月，公司召开的第六届董事会第四十次临时会议审议批准了《关于变更 部分募集资金专用账户的议案》，同意注销公司在上海浦东发展银行沈阳泰山支行设 立的募集资金专户，将余额转入公司在广发银行沈阳分行营业部新设立的募集资金专 项账户，后续销户时结算的利息将一并转入新募集资金专户。2017 年 10 月，公司与 广发银行股份有限公司沈阳分行及保荐机构签订了《募集资金三方监管协议》。 公司 2013 年非公开发行股票的募集资金在扣除发行费用后，拟投资于 3 万吨/年 特种石墨制造与加工项目及 10 万吨/年油系针状焦工程项目。截至 2022 年 12 月 31 日，3 万吨/年特种石墨制造项目已投入本次募集资金 14,683.30 万元（含利息）和公司 2008 年度非公开发行募集资金节余 37,885.70 万元（含利息），（经公司第四届董事 会第二十三次临时会议以及 2011 年第二次临时股东大会审议，同意将 2008 年度非公 开发行募集资金节余 30,570 万元用于该项目）；10 万 ...

证券代码 ：600516 证券简称：方大炭素 公告编号：2025—025 方大炭素新材料科技股份有限公司 关于使用部分闲置募集资金暂时补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： ●方大炭素新材料科技股份有限公司（以下简称公司）本次使用闲置募集资 金暂时补充流动资金的金额为2.5亿元；使用期限自董事会审议通过之日起不超 过12个月。 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2012]1733号《关于核准方大炭素新材 料科技股份有限公司非公开发行股票的批复》核准，公司于2013年6月以非公开 发行股票的方式向3名特定投资者发行了184,266,900股人民币普通股股票，发行 价格为人民币9.89元/股，募集资金总额人民币1,822,399,641元，扣除发行费用 人民币26,384,267.00元，募集资金净额为人民币1,796,015,374元。国富浩华会 计师事务所（特殊普通合伙）[现更名为瑞华会计师事务所（特殊普通合伙）， 下 同 ] 对 募 集 资 金 到 位 情 况 ...

Group 1 - The annual general meeting of shareholders for Fangda Carbon New Material Technology Co., Ltd. was held on May 22, 2025, in Lanzhou, Gansu Province [4][5] - All resolutions presented at the meeting were approved without any objections [2][4] - The meeting was convened by the board of directors and chaired by Chairman Ma Zhuo, following legal and procedural requirements [2][3] Group 2 - All 11 current directors and 5 supervisors attended the meeting, along with the board secretary and other senior executives [3] - The meeting reviewed and approved several key reports, including the 2024 annual board work report and the 2024 annual financial report [4][5] - The meeting also approved the profit distribution plan for 2024 and the special report on the use of raised funds [5][6] Group 3 - The meeting was witnessed by lawyers from Gansu Jincheng Law Firm, who confirmed that the meeting complied with relevant laws and regulations [6] - The legal opinion stated that the meeting's procedures, attendees, and voting results were all valid and lawful [6]