会社律师事务所 KING&WOD 上海环贸广场写字楼一期16-18层 邮编200031 7th Floor, One ICC, Shanghai ICC 99 Huai Hai Road 200031 Shanghai P. R. China 致:上海瑞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(以下简称本所)接受上海碟泰来新能源 科技股份有限公司(以下简称公司)委托,根据《中华人民共和国证券法》(以 下简称《证券法》)、《中华人民共和国公司法》(以下简称《公司法》)、中国证 券监督管理委员会(以下简称中国证监会)《上市公司股东会规则(2025年修 订 ))(以下简称《股东会规则》)等中华人民共和国境内(以下简称中国境内, 为本法律意见书之目的,不包括中国香港特别行政区、中国澳门特别行政区和 中国台湾地区)现行有效的法律、行政法规,部门规章,规范性文件和《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, 指派律师出席了公司于 2025年5月16日召开的 2024年年度股东大会(以下简 称本次股东大会),并就本次股东大会相关事项出具本法律意见书。 +86 21 2412 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4]. Core Views - The company is experiencing a challenging year in 2024, but there is an improvement in Q1 2025 performance. The ongoing platform layout and new product development are expected to enhance competitive advantages [4]. - The integration of operations is progressing, and new businesses are anticipated to gradually contribute to performance growth [4][6]. Financial Summary - The company's revenue for 2024 is projected at RMB 13,448 million, a decrease of 12.3% year-on-year, while the net profit is expected to be RMB 1,191 million, down 37.7% year-on-year [9]. - For Q1 2025, the company reported revenue of RMB 3,215 million, a year-on-year increase of 5.96%, and a net profit of RMB 488 million, up 9.64% year-on-year [11]. - The projected earnings per share (EPS) for 2025 is RMB 1.14, with a corresponding price-to-earnings (P/E) ratio of 15.5 [6][8]. Business Segments - The company has a significant competitive advantage in the coating diaphragm segment, with a sales volume of 7,003 million square meters in 2024, representing a year-on-year growth of 32.85% [9]. - The negative electrode business faced challenges in 2024, with sales declining by 14.81% to 132,300 tons. However, new silicon-carbon anodes have begun small-scale shipments [9]. - New business lines, including an 8GWh slurry and electrode coating production line, have commenced operations and are expected to achieve scale production in 2025 [9].

从上证新能源车产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证新能源车产业指数持仓样本的行业来看，工业占比56.62%、原材料占比23.76%、可选消费占比 14.43%、信息技术占比5.19%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，上证新能源车产业指数近一个月上涨7.69%，近三个月上涨0.01%，年至今上涨4.43%。 据了解，上证新能源车产业指数从沪市选取主营业务与新能源汽车产业相关的上市公司证券作为指数样 本，反映沪市新能源汽车产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以1000.0点 为基点。 从指数持仓来看，上证新能源车产业指数十大权重分别为：华友钴业（17.02%）、宏发股份 （10.01%）、璞泰来（6.82%）、厦门钨 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.448 billion yuan in 2024, a year-on-year decline of 12.33%, with a net profit attributable to shareholders of 1.191 billion yuan, down 37.72% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.608 billion yuan, a slight decline of 1.21% year-on-year, with a net loss of 48 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 3.215 billion yuan, a year-on-year increase of 5.96%, and a net profit of 488 million yuan, up 9.64% year-on-year [2][4]. Financial Performance Summary - The total revenue for 2024 was 13.448 billion yuan, with a gross profit margin of 27%, down 5.94 percentage points year-on-year [10]. - The company’s negative electrode shipments were 132,000 tons for the year, reflecting a strategic adjustment, while coating sales increased by 33% year-on-year [10]. - The company recorded an asset impairment provision of 509 million yuan, primarily due to high-cost inventory and equipment [10]. - The forecast for 2025 indicates a potential recovery in the negative electrode business, with expected net profits of 2.3 billion yuan and 3 billion yuan for 2025 and 2026, respectively [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Insights - The company reported a recovery in revenue and net profit for Q1 2025, indicating an improvement in profitability and cash flow [7]. - The main products of the company include key materials for lithium batteries and automation equipment, with a focus on cost reduction and efficiency improvement [7][8]. - The negative electrode materials business is under short-term pressure, but profitability is expected to improve in 2025 due to new product launches and cost reduction measures [7]. - The new energy automation equipment business remains relatively stable, with future orders expected to recover as downstream customers expand production [7]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 134.48 billion yuan, a year-on-year decrease of 12.33%, and a net profit of 11.91 billion yuan, down 37.72% [7]. - For Q1 2025, revenue was 32.15 billion yuan, up 5.96% year-on-year, and net profit was 4.88 billion yuan, an increase of 9.64% [7]. - The gross margin for Q1 2025 was 32.16%, up 0.81 percentage points year-on-year, while the net margin was 16.81%, up 0.09 percentage points [7]. Business Segments - The lithium battery materials segment, including negative and membrane materials, saw a revenue decline of 19.74% in 2024, primarily due to price drops and excess capacity in the industry [7]. - The new products, such as high-capacity artificial graphite and silicon-carbon anodes, are expected to contribute to growth in 2025 [7]. - The new energy automation equipment segment generated revenue of 37.69 billion yuan in 2024, a year-on-year increase of 4.92%, with a leading market share in coating machines [7]. Investment Recommendations - The report maintains a "Buy" rating, with expected EPS of 1.07 yuan and 1.35 yuan for 2025 and 2026, respectively, corresponding to PE ratios of 16 times and 13 times [7][8].

超薄电子铜箔指厚度≤12微米的铜箔材料，因其轻薄化特性被广泛应用于储能电池（如锂离子电池、钠 离子电池）及高速印刷电路板（PCB）领域。在储能场景中，超薄铜箔主要作为负极集流体，承担活性 物质载体与电子传输功能，其厚度直接影响电池的能量密度、成本及安全性。 从产品分类看，储能用超薄电子铜箔主要按厚度（常规8-12μm、主流6-8μm、高端≤6μm）、工艺（电 解法主导、压延法高端）、表面处理（光面降内阻、毛面强附着力）和应用场景（动力/储能/固态电池 差异化需求）分类，其中6-8μm电解铜箔凭借性价比主导储能市场，而极薄化（≤4.5μm）和复合集流体 成为技术突破方向，中国企业在中端市场优势明显，但高端产品仍面临日韩竞争。 内容概要：在"双碳"战略目标引领下，我国新型储能产业迎来爆发式增长，这一快速发展态势直接带动 储能电池用超薄电子铜箔需求激增。数据显示，2024年我国超薄电子铜箔总产能已突破25万吨，其中储 能专用铜箔产能占比达40%，约10万吨规模。随着新型电力系统建设加速推进，预计2025年中国储能电 池用铜箔需求量将超过40万吨。在市场前景方面，受益于下游需求放量和产品结构升级，预计2025年中 国 ...

Core Insights - The electric vehicle sector showed a recovery in Q1 2025 after a decline in Q4 2024, with significant improvements in revenue and net profit [1][2][4] Group 1: Financial Performance - In Q1 2025, the sector's revenue reached 790.2 billion yuan, reflecting a 9% increase year-on-year but a 26% decrease quarter-on-quarter [1][2] - The net profit attributable to shareholders in Q1 2025 was 40.9 billion yuan, marking a 38% increase year-on-year and a 41% increase quarter-on-quarter [1][2] - The gross margin in Q1 2025 was 17%, a slight decrease of 1 percentage point year-on-year but an increase of 4 percentage points quarter-on-quarter [4] Group 2: Profit Contribution by Segment - In Q1 2025, the profit contribution from batteries was 38%, down 4 percentage points year-on-year, while the contribution from complete vehicles was 37%, down 7 percentage points [1][2] - The profit share from midstream materials remained stable at 8%, while lithium carbonate saw a 10% increase in profit contribution to 4% [1][2] Group 3: Market Trends and Outlook - The overall market for electric vehicles remained robust, with global sales reaching 5.82 million units in Q4 2024, a 33% increase year-on-year [2] - The industry is expected to grow by 25% in 2025, driven by a 25% increase in domestic electric vehicle sales and more than double growth in emerging markets and Europe for energy storage [4][5] - The report highlights a positive outlook for leading battery manufacturers and material suppliers, with specific recommendations for companies like CATL, BYD, and others [5]

上海璞泰来新能源科技股份有限公司 2024 年年度股东大会 会议材料 2025 年 5 月 上海璞泰来新能源科技股份有限公司 2024 年年度股东大会会议材料 目 录 | 一、会议议程…………………………………………………………………………………………………….3 | | --- | | 二、会议须知…………………………………………………………………………………………………….5 | | 三、会议议案…………………………………………………………………………………………………….7 | 2 上海璞泰来新能源科技股份有限公司 2024 年年度股东大会会议材料 上海璞泰来新能源科技股份有限公司 2024 年年度股东大会会议议程 时间：（1）现场会议召开时间：2025 年 5 月 16 日星期五下午 14:00。 （2）网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投 票平台的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当 日的 9:15-15:00。 地点：上海市浦东新区叠桥路 456 弄 11 ...

2024 年持续督导年度报告书 | 保荐人名称：中信建投证券股份有限 | 被保荐上市公司名称：上海璞泰来新能源 | | --- | --- | | 公司 | 科技股份有限公司 | | 保荐代表人姓名：张帅 | 联系方式：010-56051435 联系地址：北京市朝阳区景辉街 号院 16 | | | 1 号楼泰康集团大厦 11 层 | | 保荐代表人姓名：李立波 | 联系方式：010-56051435 16 号院 | | | 联系地址：北京市朝阳区景辉街 | | | 1 号楼泰康集团大厦 11 层 | 经中国证券监督管理委员会（简称"中国证监会"）《关于核准上海璞泰来新 能源科技股份有限公司非公开发行股票的批复》（证监许可〔2022〕2741 号） 核准，上海璞泰来新能源科技股份有限公司（以下简称"发行人"、"公司"、"璞 泰来"）以非公开方式发行人民币普通股（A 股）121,787,554 股，每股面值 1 元。 发行价格为 23.16 元/股，募集资金总额为 2,820,599,750.64 元，扣除发行费用（不 含增值税）5,469,795.80 元后，实际募集资金净额为 2,815,129,954.84 ...

中信建投证券股份有限公司 关于上海璞泰来新能源科技股份有限公司 2022 年度非公开发行 A 股股票之保荐总结报告书 3、主要办公地址：北京市朝阳区景辉街 16 号院 1 号楼泰康集团大厦 1 经中国证券监督管理委员会（简称"中国证监会"）"证监许可[2022]2741 号" 批准，上海璞泰来新能源科技股份有限公司（以下简称"公司"、"发行人"或"璞 泰来"）非公开发行股票。本次公司发行新股的发行价为 23.16 元/股，募集资金 总额为 282,059.98 万元，扣除发行费用 546.98 万元后，实际募集资金净额为 281,513.00 万元。本次非公开发行的股票于 2023 年 11 月 20 日在上海证券交易 所上市。中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 担任本次非公开发行股票的保荐机构。 截至 2024 年 12 月 31 日，持续督导期已经届满，中信建投证券根据《证券 发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 11 号— —持续督导》等法规和规范性文件的相关规定，出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文 ...