Core Viewpoint - The lithium battery sector is experiencing a significant surge in stock prices, driven by a comprehensive recovery across the industry chain, with notable increases in demand and technological advancements [10][12]. Market Performance - On November 13, major A-share indices opened lower but closed higher, with the Shanghai Composite Index rising by 0.22% to 4008.89 points, and the Shenzhen Component Index increasing by 0.68% [1]. - The lithium battery concept index surged over 2%, marking it as one of the highlights of the market on that day [4]. Individual Stock Performance - Specific stocks such as Fuxiang Pharmaceutical and Huasheng Lithium Battery hit the daily limit with a 20% increase, while Haike Xinyuan rose over 18%, and Taihe Technology increased by over 17% [5][7]. - The lithium battery ETF saw a rise of 3.99%, with constituent stocks accounting for 91.33% of the index [5]. Industry Recovery - The lithium battery industry has seen a comprehensive recovery since the third quarter, with prices stabilizing and significant orders appearing, leading to improved performance across the sector [10]. - The price of lithium hexafluorophosphate has doubled within a month, indicating strong demand and recovery in the market [10]. Demand and Supply Dynamics - The explosive growth in demand, particularly in the electric vehicle sector, has solidified the foundation for the industry's recovery, with domestic power battery installation reaching 578 GWh from January to October, a 42.4% year-on-year increase [10]. - Supply-side adjustments have also contributed to the recovery, with many low-quality capacities exiting the market, leading to a more balanced supply-demand situation [10]. Technological Advancements - Continuous technological iterations are driving the industry towards stable and sustainable development, with a shift in focus from mere functionality to durability and overall value [11]. - Leading battery manufacturers are accelerating the launch of differentiated products, enhancing competition beyond just pricing [11]. Future Outlook - The lithium battery industry is expected to move towards a more rational development phase, focusing on technological innovation and value competition [12]. - The overall industry outlook remains positive, with short-term attention on raw material price trends and monthly sales, while long-term prospects for the electric vehicle sector are promising [12].

经济观察网 程久龙 实习生 雷宇 11月13日，万润新能（688275）对外公告，公司于2025年11月12日召开了第二届董事会第二十三次会议及第二届监事会第二 十次会议，审议通过了《关于部分超募资金投资项目延期的议案》，根据公司对目前市场需求变化的可行性分析，为提高公司高端产品的供给能力，同意对 超募资金投资项目鲁北万润智慧能源科技（山东）有限公司（以下简称"鲁北万润"）"24万吨/年磷酸铁锂联产24万吨/年磷酸铁项目"（以下简称"募投项 目"）中的"12万吨/年磷酸铁锂项目"生产线进行技术升级，产品结构调整为高压实密度磷酸铁锂产品，项目名称调整为"12万吨/年高压密磷酸铁锂项目"，并 对其产能释放进度进行调整，此部分项目预计完工日期拟延期至2026年12月。 公告披露，万润新能2022年首次公开募股，公司实际募集资金净额为人民币614,562.26万元，其中，超募资金金额为人民币488,353.43万元。 ill all 2 - 11 01 la 1 11 c (10) 48 18 Park Holly soul 01 2019 d 12 r in the state and and deal 315-1 ...

Group 1 - Lithium battery industry stocks surged significantly on October 13, with Huasheng Lithium Battery hitting a 20% limit up and reaching a new high, while Haike New Energy and Taihe Technology rose over 17%, also achieving new highs [1] - From October 14 to November 10, lithium carbonate futures prices have continuously increased, with a total increase of 20% [1] - The production enthusiasm in the lithium iron phosphate industry is high, with leading material manufacturers operating at full or even over capacity, indicating a strong supply-demand dynamic that is expected to continue until the end of the year [1] Group 2 - By the first half of 2025, large-scale battery cells are expected to achieve full production and sales, with leading manufacturers' capacity utilization rates generally exceeding 80%, and some nearing 90% [1] - The independent energy storage demand in China is rapidly exploding after the cancellation of mandatory storage, with an expected annual growth rate of 30%-40% [1] - The demand for electrolytes has rapidly increased, with a cumulative production of 1.47 million tons from January to September, a year-on-year increase of 43.67%, and the annual total is expected to exceed 2 million tons [1] Group 3 - The price of lithium iron phosphate has recovered from a low of 70,000-80,000 yuan/ton in 2023-2024 to the current level of 100,000-110,000 yuan/ton, although still below the 2022 peak [2] - From January to September 2025, the production of lithium iron phosphate is expected to grow by 23.9% year-on-year, with rapid overall production expansion [2] - The negative electrode sector is experiencing a significant upward shift in price levels compared to the low points of 2019-2020, driven by rapid recovery in downstream demand starting September 2025 [2]

Core Points - Wanrun New Energy announced an internal investment structure adjustment for its fundraising project related to the "240,000 tons/year lithium iron phosphate co-production 240,000 tons/year phosphoric acid project" [2] Group 1 - The company held its 23rd meeting of the second board and the 20th meeting of the second supervisory board on November 12, 2025 [2] - The adjustment involves a reduction of 93.26 million yuan in the capital of its wholly-owned subsidiary, Shenzhen Huahong Qingyuan Environmental Technology Co., Ltd., to reallocate the funds to the project [2] - The total amount of raised funds and the project's construction content, implementation methods, and purposes will remain unchanged [2]

Core Points - Wanrun New Energy announced a delay in the completion of its lithium iron phosphate project due to changes in market demand and the need to enhance high-end product supply capacity [2] - The project name has been changed to "120,000 tons/year high-density lithium iron phosphate project" following a technical upgrade of the production line [2] - The expected completion date for this part of the project has been postponed to December 2026, but the overall investment purpose and total amount remain unchanged [2] Company Summary - The company held its 23rd board meeting and 20th supervisory meeting on November 12, 2025, to discuss the investment project delay [2] - The project involves the production of 240,000 tons/year of lithium iron phosphate and is part of the company's broader investment strategy [2] - The delay is not expected to have a substantial impact on the implementation of the fundraising project [2] Industry Context - The decision to upgrade the production line reflects the company's response to evolving market demands for high-density lithium iron phosphate products [2] - The adjustment in production capacity and timeline indicates a strategic shift within the industry towards higher quality and more specialized products [2]

一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 7 月 26 日出具的《关于同意湖北万润新能源科技股份有限公司首次公开发行股票注 册的批复》（证监许可〔2022〕1635 号），同意公司首次向社会公开发行人民 币普通股（A 股）2,130.3795 万股，每股发行价格为人民币 299.88 元，募集资金 总额为人民币 638,858.20 万元，扣除发行费用人民币 24,295.94 万元（不含增值 税）后，实际募集资金净额为 614,562.26 万元。上述募集资金已全部到位，并由 天健会计师事务所（特殊普通合伙）审验，于 2022 年 9 月 23 日出具了《验资报 告》（天健验〔2022〕502 号）。 为规范公司募集资金管理和使用，保护投资者权益，公司设立了相关募集资 金专项账户。募集资金到账后，已全部存放于经公司董事会批准开设的募集资金 专项账户内，公司及子公司已与保荐机构、存放募集资金的商业银行签订募集资 金专户存储三方监管协议。 东海证券股份有限公司 关于湖北万润新能源科技股份有限公司 部分超募资金投资项目延期的核查意见 东海证券股份有限公司（以下简称 ...

关于湖北万润新能源科技股份有限公司 预计 2026 年度日常关联交易的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为湖北 万润新能源科技股份有限公司（以下简称"万润新能"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》及《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》等有关规定的要求，负责万润新能上市后的持续督 导工作，对公司预计 2026 年度日常关联交易的事项进行了核查，具体情况如下： 东海证券股份有限公司 注 2："鲁北万润"指的是公司控股子公司鲁北万润智慧能源科技（山东）有限公司； 一、日常关联交易基本情况 注 3：本核查意见中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所 致； （一）2026 年度日常关联交易预计金额和类别 注 4：本核查意见中公司与关联方预计交易及实际交易金额均为含税金额。 根据公司业务发展和生产经营的需要，公司对 2026 年度日常关联交易进行 了预计，具体情况如下： | 关联交易类别 | | 关联人 | 2025 | 年度预 | 2025年 ...

东海证券股份有限公司 关于湖北万润新能源科技股份有限公司 对全资子公司减资及使用募集资金向控股子公司增资的核 查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为湖北 万润新能源科技股份有限公司（以下简称"万润新能"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》及《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》等有关规定的要求，负责万润新能上市后的持续督 导工作，对公司对全资子公司减资及使用募集资金向控股子公司增资的事项进行 了核查，具体情况如下： 154,900.00 万元，"24 万吨/年磷酸铁锂联产 24 万吨/年磷酸铁项目"建设已累计 投入募集资金 186,035.76 万元。其中，由华虹清源负责的磷酸铁污水处理系统已 基本建设完毕，华虹清源子项目已累计实际投入募集资金 37,090.60 万元，尚余 募集资金 14,124.39 万元（含存储期间募集资金利息收入及理财收益扣除银行手 续费的净额），经业务部门测算，在扣除本项目后续待支付的工程及设备类尾款 及其他计划支出后，预估华虹清 ...

东海证券股份有限公司 关于湖北万润新能源科技股份有限公司 为全资子公司提供担保的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为湖北 万润新能源科技股份有限公司（以下简称"万润新能"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》及《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》等有关规定的要求，负责万润新能上市后的持续督 导工作，对公司为全资子公司提供担保的事项进行了核查，具体情况如下： 一、担保情况概述 为满足湖北万润新能源科技股份有限公司（以下简称"公司"）及全资子 公司湖北万润新材供应链管理有限责任公司（以下简称"万润新材"）的经营 需要，提高资金周转效率，保证公司业务顺利开展，公司拟为子公司万润新材 在原材料采购等相关业务的开展中提供担保，仅限于公司为全资子公司万润新 材的担保，不包括公司为全资子公司万润新材以外的主体提供担保，担保有效 期自公司股东大会审议通过之日起 12 个月。具体担保情况如下： | 担保方 | | 被担保方 | 担保金额（万元） | | --- | --- ...

部分超募资金投资项目内部投资结构调整的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为湖北 万润新能源科技股份有限公司（以下简称"万润新能"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》及《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》等有关规定的要求，负责万润新能上市后的持续督 导工作，对公司部分超募资金投资项目内部投资结构调整的事项进行了核查，具 体情况如下： 东海证券股份有限公司 关于湖北万润新能源科技股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2022 年 7 月 26 日出具的《关于同意湖北万润新能源科技股份有限公司首次公开发行股票注 册的批复》（证监许可〔2022〕1635 号），同意公司首次向社会公开发行人民 币普通股（A 股）2,130.3795 万股，每股发行价格为人民币 299.88 元，募集资金 总额为人民币 638,858.20 万元，扣除发行费用人民币 24,295.94 万元（不含增值 税）后，实际募集资金净额 ...