Core Viewpoint - ST Pava (688184.SH) expects a reduction in losses for the fiscal year 2025, with projected net profit attributable to shareholders ranging from -700 million to -550 million yuan, reflecting a year-on-year improvement in loss reduction of 3.65% to 24.29% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -695 million and -545 million yuan, indicating a year-on-year loss reduction of 5.02% to 25.52% [1] - The primary reason for the losses is the company's strategic decision to optimize the quality of its business by streamlining and refining the sales order structure [1] Cost Structure - High fixed costs, including depreciation of fixed assets, have hindered effective cost distribution due to low production and sales volumes [1] - The company has made provisions for impairment on various assets, including inventory, fixed assets, construction in progress, intangible assets, and accounts receivable, which significantly impacted current profits [1]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -700 million and -550 million CNY, representing a reduction in losses of 26.5 million to 176.5 million CNY compared to the previous year, a year-on-year decrease in losses of 3.65% to 24.29%[3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -695 million and -545 million CNY, indicating a reduction in losses of 36.76 million to 186.76 million CNY compared to the previous year, a year-on-year decrease in losses of 5.02% to 25.52%[5] - The company reported a total profit of -725.73 million CNY and a net profit attributable to shareholders of the parent company of -726.50 million CNY for the previous year[7] - The performance forecast is based on preliminary calculations by the company's finance department and has not yet been audited by a registered accountant[10] - The performance forecast period is from January 1, 2025, to December 31, 2025[4] Business Risks - The primary reason for the loss is the company's initiative to optimize business quality by streamlining and optimizing the sales order structure, while fixed costs remain high due to depreciation of fixed assets and low production and sales volumes[8] - The company is currently facing risks related to internal control audits, with a negative opinion issued by the accounting firm for the 2024 financial report, and uncertainties remain for the 2025 internal control audit[3] - There is a risk of delisting from the Shanghai Stock Exchange if the 2025 financial report receives a negative opinion or an inability to express an opinion from the auditor[3] - The company has made retrospective adjustments to certain accounting items due to investigations involving a former executive, which may impact the 2025 financial statements[9] Investment Advisory - Investors are advised to pay attention to investment risks as the forecast data is subject to change pending the final audited financial report[11]

Core Viewpoint - ST Pava (688184.SH) expects a reduction in losses for the fiscal year 2025, with projected net profit attributable to shareholders ranging from -700 million to -550 million yuan, reflecting a year-on-year improvement in loss reduction of 3.65% to 24.29% [1] Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, between -695 million and -545 million yuan, indicating a year-on-year loss reduction of 5.02% to 25.52% [1] - The primary reason for the reported losses is the company's strategic decision to optimize the sales order structure, which has led to a lower production volume that has not effectively distributed fixed costs [1] Asset Management - The company has made provisions for impairment on various assets, including inventory, fixed assets, construction in progress, intangible assets, and accounts receivable, which significantly impacted the current period's profit [1]

证券代码：688184 证券简称：ST 帕瓦 浙江帕瓦新能源股份有限公司 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会会议资料 2026 年第一次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证股东 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东会规则》及《浙江帕瓦新能源股份有限公司章程》等的相关规定，浙江 帕瓦新能源股份有限公司（以下简称"公司"或"本公司"或"帕瓦股份"）特 制定本须知，请全体出席股东会的人员自觉遵守。 2026 年 1 月 1 2026 年第一次临时股东会会议资料 目 录 | 2026 | 年第一次临时股东会会议须知 | 3 | | --- | --- | --- | | 2026 | 年第一次临时股东会会议议程 | 5 | | 2026 | 年第一次临时股东会会议议案 | 6 | | | 关于终止部分募投项目的议案 | 6 | 2 一、会议期间，全体出席人员应以维护股东的合法权益、保证会议的正常秩 序和议事效率为原则，认真履行法定义务，自觉遵守会议纪律，不得 ...

Core Insights - The article discusses the critical role of ternary precursors in the lithium battery industry, particularly in the context of the rapid expansion driven by the electric vehicle and energy storage markets. It highlights the expected growth in lithium battery shipments in China, reaching 1,175 GWh in 2024 and projected to rise to 1,700 GWh in 2025. However, the production of ternary precursors is expected to decline due to competition from lithium iron phosphate batteries and reduced overseas demand [1][5][6]. Industry Overview - Ternary precursors are composite metal hydroxides used to synthesize ternary cathode materials, connecting upstream metal raw materials with downstream battery manufacturing [2][3]. - The lithium-ion battery ternary precursor market is categorized into NCM (nickel-cobalt-manganese) and NCA (nickel-cobalt-aluminum) types, with further subdivisions based on nickel content and microstructure [3]. Production Trends - The global production of ternary precursors is forecasted to decline by 1.7% in 2024, with China's production expected to grow by only 0.7% to 850,000 tons. In the first half of 2025, production is anticipated to drop by 7.3% in China and 6.8% globally [6][7]. - The product structure is shifting towards high-nickel precursors, with the 6-series products expected to dominate the market, increasing their share to 46.93% by 2025, while the 5-series products are significantly reduced due to competition from lithium iron phosphate [7][8]. Competitive Landscape - The Chinese ternary precursor industry is characterized by an oligopolistic structure, with leading companies like Zhongwei Co., Greenmech, and Huayou Cobalt dominating the market. The top five companies are projected to hold a 75% market share by 2024 [8]. - Companies are leveraging integrated supply chains and technological advantages to maintain market dominance, particularly in high-end markets, while smaller players are being squeezed out [8][9]. Future Development Trends - The industry is expected to focus on technological upgrades, including high-nickel and single-crystal structures, as well as digital manufacturing processes to enhance product quality [9][10]. - There will be a continued emphasis on integrated supply chains, with companies extending upstream to secure key resources and downstream to strengthen customer relationships [10][11]. - International expansion is becoming increasingly important, with companies establishing local production bases in key markets like Europe and Southeast Asia to adapt to regional trade policies and environmental regulations [11].

Core Viewpoint - ST Pawa has decided to terminate the "annual production of 15,000 tons of ternary precursor project" as part of its fundraising investment projects, based on industry development and business conditions, aiming to optimize resource allocation and align with future strategic requirements [1][2]. Group 1 - The board of directors approved the termination of the fundraising project, which will not adversely affect the company's normal operations or harm shareholder interests [1][2]. - The total investment for the "annual production of 15,000 tons of ternary precursor project" was 47,226.97 million, with 19,093.98 million already utilized [2]. - The company split the "annual production of 40,000 tons of ternary precursor project" into two separate projects: "annual production of 25,000 tons" and "annual production of 15,000 tons" in 2022 [2].

Group 1 - The company ST Pava has decided to terminate the investment project for the annual production of 15,000 tons of ternary precursor, which was part of its initial public offering fundraising projects [2] - The board believes that this decision is a prudent choice based on industry development and business realities, aimed at optimizing resource allocation and aligning with the company's future strategic requirements [2] - The original planned investment for the project was 470 million yuan, with a construction period of 24 months, but it has been postponed to August 2026, and as of November 30, 2025, only 190 million yuan has been invested, leaving approximately 300 million yuan remaining [2]

Core Viewpoint - The company has decided to terminate the investment project for the annual production of 15,000 tons of ternary precursor due to changes in market conditions and industry dynamics, which will optimize resource allocation and improve the efficiency of fund usage [7][8][10]. Fundraising Overview - The company raised a total of RMB 1,742,885,617.16 through its initial public offering, with a net amount of RMB 1,595,130,043.93 after deducting issuance costs [1]. - All raised funds are managed in a dedicated account, with agreements in place with commercial banks and the sponsor [2]. Investment Project Status - The terminated project had an intended investment of RMB 47,226.97 million and was initially planned for a 24-month construction period [7]. - As of November 30, 2025, the project had utilized RMB 19,093.98 million, leaving a remaining balance of RMB 30,128.7307 million in the dedicated account [7]. Reasons for Termination - The decision to terminate the project was influenced by significant changes in the industry and market environment, which necessitated a dynamic adjustment of the company's business strategy and capacity planning [8]. - The company faces challenges due to reliance on imported raw materials, leading to fluctuations in product pricing and competitive disadvantages [8]. - The overall market competition has intensified, and the current production capacity is deemed sufficient to meet existing business demands, making further investment in the project unnecessary [9]. Impact on the Company - The termination of the project is expected to have no significant adverse effects on the company's normal operations and is aligned with its strategic development goals [10]. - The company will ensure compliance with relevant regulations regarding the management and usage of raised funds [10]. Board Meeting and Approval Process - The board of directors approved the termination of the project during a meeting held on January 9, 2026, and the decision will be submitted for shareholder approval [11][16].

格隆汇1月9日丨ST帕瓦(688184.SH)公布，第四届董事会第四次会议，审议通过了《关于终止部分募投 项目的议案》，同意公司根据实际情况终止首次公开发行股票募集资金投资项目（简称"募投项 目"）"年产1.5万吨三元前驱体项目"，并将剩余募集资金继续存放公司募集资金专用账户管理。 ...

国泰海通证券股份有限公司 关于浙江帕瓦新能源股份有限公司 终止部分募投项目的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 浙江帕瓦新能源股份有限公司（以下简称"帕瓦股份"、"公司"或"发行人"） 首次公开发行股票并在科创板上市的持续督导机构，根据《证券发行上市保荐业 务管理办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规 则》《上海证券交易所科创板上市公司自律监管指引第1号——规范运作》等有关 规定，对公司终止部分募投项目的事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江帕瓦新能源股份有限公司首次公 开发行股票注册的批复》（证监许可〔2022〕1637号）核准，公司首次向社会公 开发行人民币普通股3,359.4557万股，每股发行价格为人民币51.88元，募集资金 总额为人民币1,742,885,617.16元，扣除各项发行费用后实际募集资金净额为人民 币1,595,130,043.93元。上述募集资金到位情况已经天健会计师事务所（特殊普通 合伙）验证，并由其出具天健验〔2022〕483号《验资报告》。 上述募集资金 ...