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 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2026-003 浙江帕瓦新能源股份有限公司 关于终止部分募投项目的公告 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 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 浙江帕瓦新能源股份有限公司（以下简称"公司"）于 2026 年 1 月 9 日召 开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（以下简称"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。保荐机构国泰海通证券股份有限公司对本事项出具了明确 同意的核查意见，本次终止事项尚需提交公司股东会审议，现就相关情况公告如 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），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 ...

证券代码：688184 证券简称：ST 帕瓦 公告编号：2026-005 浙江帕瓦新能源股份有限公司 关于召开2026年第一次临时股东会的通知 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 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 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会召开当日的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 2026年第一次临时股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2026 年 1 月 26 日14 点 00 分 召开地点：浙江省诸暨市陶朱街道友谊北路 57 号本公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2026 年 1 月 26 日 至2026 年 1 月 26 日 ...

第四届董事会第四次会议决议的公告 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个别及连带责任。 一、董事会会议召开情况 浙江帕瓦新能源股份有限公司（以下简称"公司"）第四届董事会第四次会 议于 2026 年 1 月 9 日以现场结合通讯方式召开，本次会议通知已通过通讯等方 式通知全体董事。本次会议由董事长王振宇主持，应参会董事 7 名，实际参会董 事 7 名，公司高级管理人员列席会议。本次会议的召集、召开程序符合有关法律 法规、规范性文件及《公司章程》等的规定，作出的决议合法、有效。 二、董事会会议审议情况 经与会董事认真审议，本次会议审议通过了如下议案： 证券代码：688184 证券简称：ST 帕瓦 公告编号：2026-004 浙江帕瓦新能源股份有限公司 经审核，董事会认为：本次募集资金投资项目终止系公司根据行业发展以及 公司业务发展的实际情况做出的审慎决策，不会对公司正常经营产生重大不利影 响。本次募集资金投资项目终止有利于公司优化资源配置，符合公司未来发展的 战略要求，不存在损害股东利益的情形。 表决结果：7 票同意，0 票反对 ...

帕瓦股份公告称，公司拟终止首次公开发行股票募集资金投资项目"年产1.5万吨三元前驱体项目"，该 项目计划投资47,226.97万元，截至2025年11月30日累计投入19,093.98万元，剩余30,128.73万元。因行业 和市场环境变化，继续推进该项目可能效益不及预期、产生产能闲置。公司将剩余资金存放于专用账 户，前期资产将通过多种方式回收投资。2026年1月9日董事会已审议通过，尚需股东会审议。保荐机构 对该事项无异议。 ...