Core Viewpoint - Huahui Intelligent is preparing for its listing on the Beijing Stock Exchange, with a planned fundraising of 344 million yuan, which is a reduction of nearly 100 million yuan from the original plan of 459 million yuan, representing a decrease of over 20% [1][11]. Company Overview - Huahui Intelligent, originally established as a precision component manufacturer in June 2010, shifted its focus to the lithium-ion battery industry in 2016, developing key equipment such as sand mills and pulping machines [2][12]. - The company has successfully developed and delivered its first generation of sand mills with complete independent intellectual property rights by the end of 2020, and has since expanded its product offerings to include system solutions for lithium battery manufacturing [2][12]. - The main products include grinding systems for cathode materials, single machine equipment, and precision mechanical components, with the sand mill products praised for their small grinding particle size, good consistency, low energy consumption, and low failure rates [2][12]. Financial Performance - As of the signing date of the prospectus, Huahui Intelligent has established good cooperative relationships with leading battery material manufacturers such as Hunan Youneng and Wanrun New Energy, achieving high brand recognition and competitiveness in the lithium battery materials equipment sector [3][13]. - The company reported revenue of 300 million yuan, 427 million yuan, and 616 million yuan over the reporting period, with year-on-year growth rates of 42.07% and 44.32% respectively, while net profits were 45.93 million yuan, 62.62 million yuan, and 75.82 million yuan, with year-on-year growth rates of 36.33% and 21.08% [3][14]. - Despite the downturn in performance of its downstream clients, Huahui Intelligent achieved growth in both revenue and net profit during the reporting period [3][14]. Industry Context - The lithium iron phosphate industry has seen an influx of new entrants since 2021, leading to a significant increase in production capacity and intensified market competition [4][15]. - The price of lithium carbonate, a key raw material for lithium battery cathode materials, has sharply declined in 2023, resulting in a phase of structural oversupply in the industry [4][15]. - Major clients of Huahui Intelligent, such as Hunan Youneng and Wanrun New Energy, have reported declining performance in 2023 and 2024, contrasting with Huahui Intelligent's growth [4][15]. Revenue Recognition Issues - There are concerns regarding the timing of revenue recognition, with a significant portion of revenue being recognized in the fourth quarter, accounting for 80.98% of total revenue in 2022, which decreased to 25.65% in 2024 [7][18]. - The company has faced regulatory scrutiny over potential premature revenue recognition, particularly regarding contracts with clients like Yingtan Xurui Precision Manufacturing [9][20]. - The company attributes the uneven distribution of revenue recognition to seasonal business performance, influenced by the production and acceptance cycles of its high-value equipment [10][21].

Meeting Overview - The first extraordinary general meeting of shareholders for Hubei Wanrun New Energy Technology Co., Ltd. was held on February 2, 2026 [2] - The meeting took place at the company's designated location in Shiyan City, Hubei Province [2] - There were no rejected proposals during the meeting [2] Attendance and Voting - The meeting was attended by 6 current directors and the board secretary, with additional senior management present [3] - Voting was conducted through a combination of on-site and online methods, complying with relevant laws and regulations [3] Resolutions Passed - Three main proposals were reviewed and passed: 1. Proposal for the investment in the construction of a high-pressure dense lithium iron phosphate project and providing guarantees for the wholly-owned subsidiary [4] 2. Proposal regarding the remuneration scheme for employee representative directors of the third board [5] 3. Proposal for establishing a remuneration management system for directors and senior management [5] - The first proposal required a two-thirds majority for approval, while the second and third proposals required a simple majority [5] Legal Verification - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that all procedures and voting results were in compliance with applicable laws and regulations [6]

北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月 北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：湖北万润新能源科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受湖北万润新能源科技股份 有限公司（以下简称"公司"）的委托，指派本所律师对公司 2026 年第一次临时 股东会（以下简称"本次股东会"）的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《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）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、《证 券法》、中国证券监督管理委员会《上市公司股东会规则》（ ...

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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 证券代码：688275 证券简称：万润新能 公告编号：2026-004 湖北万润新能源科技股份有限公司 2026年第一次临时股东会决议公告 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 （一） 股东会召开的时间：2026 年 2 月 2 日 （二） 股东会召开的地点：湖北省十堰市郧阳区茶店镇邦经路 55 号（郧阳区纵 一路与横二路交叉口西北 140 米）一楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 133 | | --- | --- | | 普通股股东人数 | 133 | | 2、出席会议的股东所持有的表决权数量 | 57,426,161 | | 普通股股东所持有表决权数量 | 57,426,161 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 46.6114 | | 普通股股东所持有表决权数量占公司表决权数量的比例（% ...

Group 1 - The stock price of Wanrun New Energy (688275.SH) fell by 5.02% to close at 73.10 yuan [1] - Wanrun New Energy 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] - The stock reached an all-time high of 259.99 yuan on its first trading day but is currently in a state of decline [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 and a research center for lithium battery cathode materials [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, Wanrun New Energy announced a profit distribution plan, distributing a cash dividend of 3.52 yuan per share and a capital increase of 0.48 shares per share [2] - The total cash dividend distributed amounted to approximately 299.96 million yuan, with a capital increase 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, with the ex-dividend date on May 31, 2023 [2]

Core Viewpoint - The company, Hubei Wanrun New Energy Technology Co., Ltd., forecasts a significant reduction in losses for the fiscal year 2025 compared to the previous year, driven by improved sales and cost management strategies [3][6]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -480 million yuan and -400 million yuan, representing a reduction in losses of 390.37 million yuan to 470.37 million yuan, an increase of 44.85% to 54.04% year-on-year [3]. - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between -429 million yuan and -358 million yuan, indicating a reduction in losses of 462.73 million yuan to 533.73 million yuan, with a year-on-year increase of 51.89% to 59.85% [3]. Group 2: Previous Year Performance - In 2024, the company reported a total profit of -991.61 million yuan, with a net profit attributable to shareholders of the parent company at -870.37 million yuan, and a net profit excluding non-recurring gains and losses at -891.73 million yuan [5]. - The earnings per share for 2024 were reported at -7.00 yuan per share [5]. Group 3: Reasons for Performance Changes - The company has actively developed new products and expanded sales markets, resulting in a significant year-on-year increase in the sales volume of lithium iron phosphate, despite a decrease in the average price of lithium carbonate [6]. - Improved inventory management and cost reduction measures are expected to lead to a decrease in the provision for inventory impairment, contributing to a narrower overall loss compared to the previous year [6]. - The company utilizes a pricing model for some lithium carbonate procurement, which has led to recognition of fair value changes as non-recurring gains and losses due to rapid price increases in the fourth quarter [6].

Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -400 million yuan, representing a reduction in losses of 390.37 million to 470.37 million yuan, an increase of 44.85% to 54.04% compared to the previous year [3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -429 million and -358 million yuan, indicating a reduction in losses of 462.73 million to 533.73 million yuan, with a year-on-year increase of 51.89% to 59.85% [3] - The company's performance in 2024 showed a total profit of -991.61 million yuan, with a net profit attributable to shareholders of the parent company at -870.37 million yuan [5] Group 2 - The company has actively developed new products and expanded sales markets, resulting in a significant year-on-year increase in the sales volume of lithium iron phosphate, despite a decrease in the average price of lithium carbonate [6] - The company expects a reduction in the provision for inventory impairment due to improved inventory management and cost reduction measures, leading to a narrowing of overall performance losses compared to the previous year [6] - The company has adopted a pricing model for some lithium carbonate procurement, which has resulted in fair value changes being recognized as non-recurring gains and losses due to rapid price increases in the fourth quarter [6]

Core Viewpoint - Wanrun New Energy (688275.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -400 million yuan, representing a reduction in losses of 390.37 million to 470.37 million yuan compared to the previous year, an increase of 44.85% to 54.04% year-on-year [1] Group 1: Performance Analysis - The company experienced significant growth in the sales volume of its main product, lithium iron phosphate, despite a decrease in the average annual price of lithium carbonate, which led to a corresponding reduction in product prices [2] - The company's capacity utilization rate improved significantly, and the economies of scale on production lines resulted in a decrease in unit costs that outpaced the decline in revenue, leading to a recovery in the gross margin of lithium iron phosphate compared to the previous year [2] - The company implemented enhanced inventory management and cost reduction measures, which are expected to result in a decrease in the provision for inventory impairment for the 2025 fiscal year, thereby narrowing overall losses compared to the previous year [2] Group 2: Pricing and Accounting Impact - The company adopted a point pricing model for some of its lithium carbonate procurement, where the purchase price is determined based on the price adjustment mechanism agreed upon at the time of control transfer [2] - Due to a rapid increase in lithium carbonate prices in the fourth quarter, the company recognized fair value changes as losses in accordance with accounting standards, which were reported as non-recurring gains and losses [2]

证券代码：688275 证券简称：万润新能 公告编号：2026-003 二、上年同期业绩情况 湖北万润新能源科技股份有限公司 2025年年度业绩预告 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、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经湖北万润新能源科技股份有限公司（以下简称"公司"）财务部门 初步核算，预计公司 2025 年年度实现归属于母公司所有者的净利润为-48,000.00 万元到-40,000.00 万元。与上年同期相比，减亏 39,037.09 万元到 47,037.09 万元 ，同比增加 44.85%到 54.04%。 （2）预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利 润为-42,900.00 万元到-35,800.00 万元。与上年同期相比，减亏 46,273.23 万元到 53,373.23 万元，同比增加 51.89%到 59.85%。 （三）本次业绩预告相关财务数据未经注册会计 ...

Core Viewpoint - The lithium battery industry is experiencing a strong recovery driven by explosive downstream demand, with a significant focus on long-term contracts between battery manufacturers and lithium iron phosphate (LFP) suppliers, indicating a shift towards value competition in the industry [3][5]. Group 1: Market Dynamics - The total disclosed sales contracts for lithium iron phosphate have reached 9.3694 million tons since last year, with many contracts extending to 2030 or beyond [3][6]. - Major contracts include a 305,000-ton agreement between CATL and Rongbai Technology, estimated at 120 billion yuan, highlighting the trend of long-term supply agreements [8]. - The industry is witnessing a structural imbalance, with severe overcapacity in low-end products while high-end products remain in short supply [4][18]. Group 2: Competitive Landscape - CATL has emerged as the largest buyer, signing contracts for over 7.5306 million tons of lithium iron phosphate since 2025, indicating a strong market position [8]. - Chuangneng New Energy has also made significant strides, securing a 130,000-ton order from Longpan Technology, making it the second-largest buyer after CATL [9]. - Hunan Youneng, previously a leading player, has not disclosed any long-term contracts recently, raising questions about its competitive strategy amidst the ongoing contract frenzy [10][12]. Group 3: Product Development and Innovation - The focus of long-term contracts is shifting towards high-pressure dense lithium iron phosphate products, which offer advantages in energy density and cycle life [15][16]. - The fourth-generation high-pressure dense lithium iron phosphate is expected to enhance battery performance significantly, with a projected energy density increase of 15%-20% compared to third-generation products [16]. - Companies like CATL and BYD are actively developing high-pressure dense lithium iron phosphate technologies to maintain competitive advantages in the market [17][19]. Group 4: Future Outlook - The global demand for lithium batteries is projected to grow significantly, with an expected increase in output from 186 GWh in 2020 to 3,540 GWh by 2030, indicating robust market growth [9]. - The industry is entering a new phase of expansion, with multiple companies announcing plans to increase production capacity for high-end lithium iron phosphate products [19]. - The competition for high-end lithium iron phosphate is intensifying, with companies needing to keep pace with rapid product iterations from battery manufacturers to avoid being left behind [19].