证券代码：688275 证券简称：万润新能 公告编号：2025-022 湖北万润新能源科技股份有限公司 关于变更持续督导保荐代表人的公告 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、准确性和完整性依法承担法律责任。 湖北万润新能源科技股份有限公司（以下简称"公司"或"万润新能"）于 近日收到持续督导机构东海证券股份有限公司（以下简称"东海证券"）出具的 《关于变更湖北万润新能源科技股份有限公司持续督导保荐代表人的函》。东海 证券作为公司首次公开发行股票的保荐机构，指定盛玉照先生、江成祺先生为公 司持续督导保荐代表人，负责保荐工作及持续督导工作，持续督导期至 2025 年 12 月 31 日。 特此公告。 湖北万润新能源科技股份有限公司董事会 2025 年 7 月 22 日 孙福润先生，现任东海证券投资银行部高级经理，保荐代表人、法律职业资 格，2020 年至 2021 年任职于联储证券股份有限公司，2021 年加入东海证券投资 银行部，参与了万润新能 IPO 项目。孙福润先生在保荐业务执业过程中严格遵 守《证券发行上市保荐业务管理办法》等相关规定，执业 ...

Core Viewpoint - Wanrun New Energy (688275.SH), a leading company in cathode materials, has decided to terminate its investment project in Wuhan, which was planned to involve approximately RMB 5 billion for the establishment of a research and industrialization base for lithium-ion, sodium-ion, solid-state batteries, and hydrogen storage materials [1][1][1] Group 1 - The investment intention agreement with the Wuhan Chemical Industry Zone Management Committee was signed in July 2023 and had a validity period of 2 years, which has now expired without any project initiation [1][1] - The termination of the investment project is a cautious decision made by the company, taking into account market conditions, development strategy, and actual circumstances [1][1][1] - The company emphasizes that this decision aims to reduce investment risks and improve operational efficiency, and it will not adversely affect the development of existing business or harm the interests of shareholders, especially minority shareholders [1][1][1]

Core Viewpoint - Wanrun New Energy has decided to terminate the construction of the Wuhan R&D Technology Center and industrialization base project, which was planned to involve an investment of 5 billion yuan, due to changes in market conditions and the company's development strategy [1][3][4]. Financial Performance - After going public in 2022, Wanrun New Energy experienced a significant decline in revenue and net profit in 2023, with net profit dropping from 959 million yuan to a loss of 1.504 billion yuan [9][12]. - The company's asset impairment losses reached 747 million yuan in the same year, with inventory write-down losses accounting for 662 million yuan [12]. - By the end of Q1 2024, the company's debt ratio rose to 71.16%, marking a historical high [4]. Investment Decisions - The company has not made any substantial investments in the planned 50 billion yuan project since its inception two years ago, leading to increased financial burdens [1][4]. - In an attempt to reduce losses, Wanrun New Energy sold its lithium mine assets to companies controlled by its actual controllers, raising questions about management decisions [2][13]. Research and Development - Wanrun New Energy's R&D expenditure decreased by approximately 40% in 2024, amounting to 257 million yuan, with the R&D expense ratio slightly declining from 3.46% in 2023 to 3.42% in 2024 [7]. - The company has focused on developing high-value solid-state battery materials, including high-energy-density cathode materials and electrolytes, and has applied for multiple patents related to these technologies [6]. Strategic Moves - The termination of the 50 billion yuan project is seen as a prudent decision to mitigate investment risks and enhance operational efficiency [3][4]. - The acquisition of a 40% stake in Anqing Derun New Energy Materials Co., Ltd. turned from profit to loss shortly after the deal was completed, with the subsidiary reporting a net loss of 47.94 million yuan in 2024 [12].

Core Viewpoint - Wanrun New Energy has decided to terminate its project in Wuhan's Qingshan District, which was intended for the construction of a research and development technology center and industrialization base, due to the current market environment and strategic considerations [1][2]. Project Termination - The project was initially planned with an investment of 5 billion yuan, focusing on the research and mass production of key materials such as lithium-ion batteries, sodium-ion batteries, solid-state batteries, and hydrogen storage [1]. - The project has not commenced and will not be extended after its expiration, as confirmed through communication between the parties involved [1]. Market Position and Performance - Wanrun New Energy is a well-known supplier of lithium iron phosphate (LFP) in China and holds a significant market share globally. In Q1 2023, the shipment of LFP reached 746,000 tons, marking an 88.9% year-on-year increase, with Wanrun ranking second in shipments [3]. - The company has signed a significant contract with CATL, expecting to supply approximately 1.3231 million tons of LFP products from May 2025 to May 2030 [3][4]. Production Capacity - Wanrun New Energy has six subsidiaries involved in LFP production, with an estimated capacity of nearly 500,000 tons by the end of 2024 [4]. - The company is also developing a project in the U.S. with a planned annual production capacity of 50,000 tons of LFP, which is expected to enhance its presence in the North American lithium battery market [5]. Financial Performance - In Q1 2023, Wanrun New Energy reported total revenue of 2.278 billion yuan, a year-on-year increase of 97.3%, but a quarter-on-quarter decrease of 14.69%. The net profit attributable to shareholders was -156 million yuan, a year-on-year decline of 19.83% [5]. - The gross margin was 2.66%, up 3.51 percentage points year-on-year, while the net margin was -7.10%, improving by 5.25 percentage points compared to the previous year [5].

Core Viewpoint - The phosphoric iron market is experiencing significant growth in the first half of 2025, with a production increase of 74.2% year-on-year, reaching 1.403 million tons, which is a notable rise compared to the 43.9% growth in 2024 [1]. Group 1: Market Production and Growth - The production of phosphoric iron in the first half of 2025 is 1.403 million tons, reflecting a year-on-year growth of 74.2% [1]. - The growth rate in 2025 is significantly higher than the 43.9% increase observed in the entire year of 2024 [1]. Group 2: Company Performance - Hunan Yuno and Wanrun New Energy are the only two companies with production exceeding 100,000 tons, leading the first tier of producers [3]. - Four companies, including Bangpu Recycling and Zhongwei Xinyang, have production levels above 50,000 tons, placing them in the second tier [3]. Group 3: Capacity Utilization - There is a significant disparity in capacity utilization among companies, with leading companies like Hunan Yuno and Yuntu New Energy showing higher utilization rates [6]. - In the first tier, companies such as Hunan Yuno and Guizhou Yayou are leading in capacity utilization, while several companies in the second tier have utilization rates exceeding 50% [6]. Group 4: Self-Use vs. External Sales - The majority of phosphoric iron produced is for self-use, with the market split being 58% for self-use and 42% for external sales in the first half of 2025 [8]. - Companies like Hunan Yuno and Wanrun New Energy primarily focus on self-use, and the proportion of self-supplied phosphoric iron is on the rise [8].

证券代码：688275 证券简称：万润新能 公告编号：2025-021 湖北万润新能源科技股份有限公司 关于签订投资意向书的进展公告 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、准确性和完整性依法承担法律责任。 一、对外投资概述 湖北万润新能源科技股份有限公司（以下简称"公司"）于 2023 年 7 月 13 日召开第二届董事会第七次会议，审议通过了《关于签订投资意向书的议案》， 同意公司与武汉化学工业区管理委员会签订《投资意向书》，计划投资人民币约 50 亿元，在武汉市青山区建设武汉研发技术中心及产业化基地项目，包括锂离 子电池、钠离子电池、固态电池及氢储能等关键材料的研发及量产。具体内容详 见公司于 2023 年 7 月 14 日在上海证券交易所网站（www.sse.com.cn）披露的《关 于签订投资意向书的公告》（公告编号：2023-027）。 二、对外投资进展情况 业务的发展产生不利影响，亦不存在损害公司及全体股东，特别是中小股东利益 的情形。 特此公告。 湖北万润新能源科技股份有限公司董事会 2025 年 7 月 15 日 鉴于《投资意向书 ...

Group 1: Phosphate Iron Lithium Market Overview - In the first half of 2025, phosphate iron lithium production reached 1.632 million tons, a year-on-year increase of 66.6% [3] - Hunan Youneng holds approximately 30% market share, leading the first tier of companies, while other companies like Wanrun New Energy and Defang Nano have market shares between 5%-10% [3] - Top 10 companies such as Anda Technology and Dangsheng Technology saw production growth exceeding 200%, while others like Youshan Technology and Fulin Shenghua surpassed 100% [3] Group 2: Battery Factory Developments - CATL and an Indonesian battery company have officially commenced construction of a joint battery factory in West Java, Indonesia, with an initial capacity of 6.9 GWh expected to be operational by the end of 2026 [4] - The project, known as the "Dragon Project," aims to support the production of batteries for 300,000 electric vehicles, with potential expansion to 40 GWh if additional production lines are approved [4] Group 3: Lithium Market Pricing Trends - Domestic lithium carbonate prices have shown fluctuations, with current prices ranging from 61,400 to 64,000 yuan per ton, influenced by market sentiment and supply conditions [8][9] - The price of phosphate iron lithium has slightly rebounded, currently priced between 29,900 and 31,000 yuan per ton, amid concerns of potential price reductions due to increased competition [10][11] Group 4: Strategic Agreements and Collaborations - Hainan Mining signed a lithium spodumene off-take agreement with LMLB, ensuring the sale of lithium spodumene from the Bukuni lithium mine project starting January 1, 2026 [5] - Fulin Precision and Sichuan Development Longmang have entered a cooperation framework agreement to establish a joint venture for high-pressure dense phosphate iron lithium projects [6] Group 5: Battery and Electric Vehicle Market Insights - In the latest week, domestic electric vehicle sales reached 296,000 units, with a penetration rate of 51.9% for new energy vehicles [17] - The domestic battery market remains stable, with expectations for demand to pick up in August, particularly in the energy storage sector [18]

Group 1 - Wanrun New Energy (688275.SH) closed at 39.40 yuan, with a decline of 3.67%, currently in a state of breaking issue [1] - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 29, 2022, with an initial public offering (IPO) of 21,303,795 shares at a price of 299.88 yuan per share [1] - On the first day of trading, the stock reached a peak price of 259.99 yuan, which remains the highest price since its listing [1] Group 2 - The total funds raised from the IPO amounted to 638.86 million yuan, with a net amount of 614.56 million yuan after deducting issuance costs, exceeding the original plan by 4.88 billion yuan [1] - The funds are intended for projects including high-performance lithium-ion battery materials, a research center for lithium battery cathode materials, and to supplement working capital [1] - The issuance costs for the IPO were 24.30 million yuan, with underwriting fees accounting for 21.20 million yuan [1] Group 3 - On May 24, 2023, the company announced a profit distribution plan based on a total share capital of 85,215,178 shares, distributing a cash dividend of 3.52 yuan per share and a capital reserve increase of 0.48 shares per share [2] - The total cash dividend distributed amounted to approximately 299.96 million yuan, with a transfer of 40,903,285 shares, resulting in a new total share capital of 126,118,463 shares [2] - The record date for the equity distribution was set for May 30, 2023, and the ex-dividend date was May 31, 2023 [2]

Core Viewpoint - The lithium iron phosphate (LFP) market is expected to maintain high growth in 2025, with significant production increases and market share dynamics among leading companies [2]. Group 1: Market Growth and Production - In the first half of 2025, LFP production reached 1.632 million tons, representing a year-on-year increase of 66.6% [3]. - The top company, Hunan Youneng, holds approximately 30% market share, significantly leading the first tier of companies [5]. - Hunan Youneng produced over 400,000 tons, far ahead of other top five companies, which produced between 100,000 to 150,000 tons each [7]. Group 2: Company Performance and Potential - Among the top 10 companies, Andar Technology and Dangsheng Technology exhibited the highest growth rates, both exceeding 200% [9]. - Other companies like Youshan Technology, Fulian Shenghua, and Guoxuan High-Tech also showed growth rates above 100% [9]. - Companies such as Wanhua Chemical, Dangsheng Technology, Xiexin Lithium Battery, Bangpu Recycling, and Ruixiang New Materials are emerging with strong financial capabilities and market ambitions, indicating potential for significant market presence in the future [9].

Core Viewpoint - The article highlights the significant growth and competitive landscape of the lithium iron phosphate (LFP) battery industry in China, emphasizing the increasing market share of LFP batteries over ternary batteries due to their cost-effectiveness, safety, and evolving performance characteristics [1][3][7]. Group 1: Industry Overview - In Q1 2025, China's LFP cathode shipment reached 746,000 tons, marking an 88.9% year-on-year increase, driven primarily by demand in the power and energy storage sectors [1]. - The competitive landscape of the LFP cathode industry is characterized by a "one strong, many strong" structure, with Hunan Youneng leading the market with a share of 29.8%, followed by Wanrun New Energy, Defang Nano, Youshan Technology, and Guoxuan High-Tech, with a combined market share of 61.1% [1][3]. Group 2: Market Dynamics - The installation ratio of LFP batteries in China's power battery market reached 80.8% in Q1 2025, a 17 percentage point increase year-on-year, while the share of ternary batteries dropped to 19.2%, a decrease of 17 percentage points [3]. - The energy storage sector predominantly utilizes LFP batteries, with over 94% of installations being LFP, indicating a strong future demand for LFP technology [3][7]. Group 3: Technological Advancements - The LFP cathode has evolved through four generations, with the latest generation achieving a powder density of approximately 2.60 g/cm³ and a sheet density of about 2.75 g/cm³, enhancing energy density and performance [4][6]. - Companies are focusing on high-density LFP products, with several firms like Hunan Youneng and Wanrun New Energy making significant advancements in production techniques and partnerships to enhance product offerings [6][7]. Group 4: Future Projections - The LFP cathode shipment in China is projected to reach 3.3 million tons in 2025, representing a 36.3% year-on-year growth, with expectations to reach 7.1 million tons by 2030, indicating a compound annual growth rate of 19.6% over the next six years [6][7].