北京市金杜律师事务所上海分所 关于上海璞泰来新能源科技股份有限公司 2022 年股票期权和限制性股票激励计划 回购注销部分限制性股票实施情况之 法律意见书 致：上海璞泰来新能源科技股份有限公司 北京市金杜律师事务所上海分所（以下简称金杜或本所）接受上海璞泰来新能 源科技股份有限公司（以下简称公司）委托，作为公司 2022 年股票期权和限制性 股票激励计划（以下简称本计划或本激励计划）的专项法律顾问，根据《中华人民 共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证 券法》）、中国证券监督管理委员会（以下简称中国证监会）《上市公司股权激励管 理办法》（以下简称《管理办法》）等法律、行政法规、部门规章及规范性文件（以 下简称法律法规）和《上海璞泰来新能源科技股份有限公司章程》（以下简称《公 司章程》）的有关规定，就公司回购注销部分已获授但尚未解除限售的限制性股票 （以下简称本次回购注销）的实施情况出具本法律意见书。 为出具本法律意见书，金杜依据《律师事务所从事证券法律业务管理办法》和 《律师事务所证券法律业务执业规则（试行）》等有关规定，收集了相关证据材料， 查阅了按规定需要查阅的文件以 ...

Core Viewpoint - The city of Qionglai is rapidly developing into a world-class production base for new energy battery materials, supported by robust industrial data and a complete supply chain in lithium battery materials [1][3]. Group 1: Industrial Growth and Data - In 2024, the industrial output value of new energy materials in Qionglai is projected to reach 19.51 billion yuan, with a growth rate of 17.9% [1]. - Qionglai has established a complete supply chain covering lithium battery anodes, cathodes, separators, and equipment manufacturing, with over 320 enterprises in the industry chain by July 2025 [1][3]. Group 2: Leading Enterprises - Puxin Technology is a leading enterprise in Qionglai's new energy materials industry, with significant production capabilities and a projected annual output value of 12 billion yuan from its lithium battery anode materials [3][4]. - Chengdu Rongjie Lithium Industry is focusing on digital transformation to enhance production efficiency and management, aiming to establish a significant battery-grade lithium salt production base [4]. Group 3: Collaborative Development - The integration of upstream and downstream enterprises is crucial for the collaborative development of the industry chain, with companies like Aiminte and Hongli New Energy contributing to local production and reducing logistics costs [5][6]. - Hongli New Energy has achieved rapid production timelines, with its manganese lithium battery production line operational within 86 days, showcasing the efficiency of local government support [6]. Group 4: Strategic Expansion - Qionglai is actively pursuing cross-regional and cross-industry collaborations to enhance its new energy materials sector, including partnerships with the Tianfu New Area for research and production integration [7][8]. - The city is also focusing on emerging sectors such as new energy storage and low-altitude economy, aiming to attract projects related to high-performance lithium batteries and composite materials [8]. Group 5: Future Outlook - Qionglai is implementing policies to strengthen and expand its industrial chain, with infrastructure developments like the 500 kV power transmission project and the G108 expressway enhancing connectivity [9]. - The city aims to build a "trillion-level" industrial cluster centered on battery materials, quality liquor, and pharmaceuticals, contributing to the development of Chengdu's sub-center [9].

Group 1 - The company will hold a half-year performance briefing on August 28, 2025, from 15:00 to 16:00 to discuss its financial status and operational results for the first half of 2025 [2][3][4] - Investors can submit questions for the briefing from August 21 to August 27, 2025, through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][6] - The briefing will be conducted via video and online interaction, allowing for real-time communication with investors [3][4] Group 2 - The company has provided a guarantee of 158 million yuan for its wholly-owned subsidiary, Sichuan Zhuoqin New Materials Technology Co., Ltd., which is not classified as a related party guarantee [9][11] - The total amount of guarantees provided by the company and its subsidiaries to Sichuan Zhuoqin has reached 521.815 million yuan, with 35.8 million yuan provided in 2025 alone [9][11] - The total external guarantee amount after this new guarantee is 17.591 billion yuan, accounting for 95.67% of the company's audited net assets attributable to shareholders as of 2024 [11][16]

Group 1 - The stock price of Putailai reached 18.65 yuan as of August 20, 2025, with an increase of 0.97% from the previous trading day and a trading volume of 394 million yuan [1] - Putailai's main business includes the research, production, and sales of key materials for lithium-ion batteries and automation process equipment, widely used in new energy vehicles and energy storage [1] - The company operates in sectors such as batteries, composite current collectors, and solid-state batteries [1] Group 2 - The company announced a semi-annual performance briefing scheduled for August 28, 2025, for investors to follow related updates [2] - On August 20, 2025, there was a net outflow of 12.50 million yuan in main funds, with a cumulative net outflow of 66.33 million yuan over the past five days [3]

Core Viewpoint - The company Puxin (璞泰来) announced that it will hold a semi-annual performance briefing for 2025 on August 28, 2025, from 15:00 to 16:00 [1] Company Summary - Puxin (璞泰来) is scheduled to conduct a performance explanation meeting to discuss its financial results for the first half of 2025 [1]

证券代码：603659 证券简称：璞泰来 公告编号：2025-061 上海璞泰来新能源科技股份有限公司 （二）担保事项履行的内部决策程序 关于对子公司提供的担保进展公告 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： 被担保人名称及是否为关联担保：四川卓勤新材料科技有限公司（以下 简称"四川卓勤"），本次担保为上海璞泰来新能源科技股份有限公司（以下 简称"璞泰来"、"公司"）为其全资子公司四川卓勤提供的担保，不属于关 联担保。 本次担保金额及已实际为其提供的担保余额：本次因公司全资子公司四 川卓勤授信事宜，公司与摩根大通银行（中国）有限公司上海分行签订了《保 证》,公司为四川卓勤15,800万元的授信额度提供担保。本次担保事项后，扣除 已履行到期的担保，公司及子公司已累计为子公司四川卓勤提供担保金额为 521,815万元。2025年至今公司及子公司累计为子公司四川卓勤提供担保金额为 35,800万元，公司前述担保在公司股东会批准的担保额度范围内。 本次担保是否有反担保：无。 对外担保逾期的累计数量：无。 特别风 ...

重要内容提示： 证券代码:603659 证券简称:璞泰来 公告编号:2025-060 上海璞泰来新能源科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 会议召开时间：2025 年 8 月 28 日(星期四)下午 15:00-16:00。 投资者可于 2025 年 8 月 21 日（星期四）至 8 月 27 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@putailai.com 进行提问，公司将在说明会上对投资者普遍关注的问题于信息 披露允许的范围内进行解答。 上海璞泰来新能源科技股份有限公司（以下简称"公司"、"璞泰来"）将于 2025年8月28日披露公司2025年半年度报告，为便于广大投资者更加全面且深入 地了解公司2025年半年度财务状况和经营成果，公司将于2025年8月28日（星期 四）下午15:00-16:00举行2025年半年度业绩说明会（以下简称"说明会"），就 投资者普遍关注的问题进行交流。 一、说明会 ...

Group 1 - The company announced a guarantee progress regarding its wholly-owned subsidiary Sichuan Zhuoqin, signing a guarantee agreement with JPMorgan Chase Bank (China) Shanghai Branch for a credit limit of 158 million yuan [1] - After this guarantee, the total amount guaranteed by the company and its subsidiaries for Sichuan Zhuoqin reached 5.21815 billion yuan, with a cumulative guarantee of 358 million yuan from 2025 to present, all within the approved limit by the shareholders' meeting [1] - Sichuan Zhuoqin, established in 2020, had total assets of 4.8157728 billion yuan by the end of 2024 [1] Group 2 - The guarantee provided is a joint liability guarantee, with the guarantee period lasting until three years after the last financing matures [1] - As of the announcement date, the company's total external guarantees amounted to 17.591 billion yuan, which represents 95.67% of the audited net assets attributable to the parent company for 2024, with no overdue guarantees [1]

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of 37.807 billion RMB, current share price at 25.90 RMB, and a price target of 36.50 RMB indicating a potential upside of 41% [3][5] - **Putailai (603659.SS)**: Also rated "Buy", market cap of 38.591 billion RMB, current share price at 18.05 RMB, with a price target of 24.00 RMB, suggesting a 33% upside [3][6] - **Yunnan Energy (002812.SZ)**: Rated "Neutral", market cap of 28.307 billion RMB, current share price at 31.72 RMB, with a price target of 33.00 RMB, indicating only a 4% upside [3][6] 2. **Profitability Metrics**: - **Hongfa**: Projected net profit for 2025E is 1,921 million RMB, with a consensus of 1,893 million RMB, showing a 1% difference [3] - **Putailai**: Expected net profit for 2025E is 2,420 million RMB, with a consensus of 2,431 million RMB, indicating a 0% difference [3] - **CSSC (600150.SS)**: Projected net profit for 2025E is 7,305 million RMB, with a consensus of 7,173 million RMB, showing a 2% difference [3][7] 3. **Valuation Metrics**: - **P/BV Ratios**: Hongfa has a P/BV of 3.3x for 2025E, while CSSC has a P/BV of 3.0x, indicating relative valuation differences within the sector [3][5] - **ROE**: Hongfa's ROE is projected at 18% for 2025E, while CSSC's is at 14% [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in P/E ratios, market caps, and growth projections [5][6][7]. 5. **Market Trends**: - The battery supply chain is experiencing limited pricing opportunities, with production schedules closely correlated with battery index performance [8][9]. Other Important but Potentially Overlooked Content - The report emphasizes the importance of understanding the macroeconomic environment and its impact on the industrial sector, particularly in the context of supply chain dynamics and pricing pressures [8][9]. - Analysts from UBS Securities Asia Limited are involved in the research, indicating a potential conflict of interest due to business relationships with covered companies [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the performance and outlook of companies within the China Industrials sector.