Core Viewpoint - Wanrun New Energy is focusing on customer development and expects to maintain high capacity utilization in Q3 due to increased orders from strategic clients and successful onboarding of new customers [2] Group 1: Business Development - In the first half of the year, Wanrun New Energy has made significant efforts in customer acquisition, leading to a positive outlook for production and sales [2] - The company signed a business cooperation agreement with CATL in May, committing to supply approximately 1.32 million tons of lithium iron phosphate products starting from May 1, 2025 [2] - Both companies will collaborate on the technological iteration and mass production of high-pressure density lithium iron phosphate products, as well as deepen cooperation in the new energy market [2] Group 2: Product Focus - Wanrun New Energy primarily focuses on cathode materials and precursors for power batteries and energy storage batteries, including lithium iron phosphate, iron phosphate, sodium-ion battery materials, and lithium manganese iron phosphate [2] - In 2024, the company's lithium iron phosphate shipment is expected to reach 228,200 tons, accounting for 98.93% of its main business revenue [2]

格隆汇7月31日丨万润新能(688275.SH)在投资者互动平台表示，公司在固态电池的正极材料和电解质领 域均有所布局。正极材料方面，公司已申请多项与高能量密度正极材料、材料包覆技术相关的专利，部 分技术可服务于固态电池的材料需求，如针对正极材料表面改性的专利技术，有助于改善其与固态电解 质的界面接触。同时，公司在高镍三元、富锂锰基等高能量密度正极材料方面已有研发布局，以匹配固 态电池对高电压窗口和长循环寿命的要求。固态电解质方面，公司在聚合物、氧化物、硫化物等不同路 线固态电解质方面布局研发，其中部分型号已向客户进行了小批量送样测试工作。 ...

格隆汇7月31日丨万润新能(688275.SH)在投资者互动平台表示，公司在固态电池的正极材料和电解质领 域均有所布局。正极材料方面，公司已申请多项与高能量密度正极材料、材料包覆技术相关的专利，部 分技术可服务于固态电池的材料需求，如针对正极材料表面改性的专利技术，有助于改善其与固态电解 质的界面接触。同时，公司在高镍三元、富锂锰基等高能量密度正极材料方面已有研发布局，以匹配固 态电池对高电压窗口和长循环寿命的要求。固态电解质方面，公司在聚合物、氧化物、硫化物等不同路 线固态电解质方面布局研发，其中部分型号已向客户进行了小批量送样测试工作。 ...

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Core Insights - The average premium of the latest closing prices of listed Sci-Tech Innovation Board stocks compared to their issue prices is 111.81%, with 153 stocks experiencing a decline in value [1][2][3] Group 1: Premium and Discount Analysis - Among the 589 listed Sci-Tech Innovation Board stocks, 436 stocks have a closing price higher than their issue price, while 153 stocks have fallen below their issue price [1][2] - The stock with the highest premium is Shuangwei New Materials, with a closing price that is 3361.58% higher than its issue price [1] - The stock with the largest decline is Wanrun New Energy, which has a closing price that is 77.89% lower than its issue price of 299.88 yuan [1][2] Group 2: Notable Stocks with Significant Discounts - Other notable stocks with significant discounts include: - ST Pava, with a discount of 76.37% from its issue price of 51.88 yuan [1][2] - Chengda Biology, with a discount of 71.00% from its issue price of 110.00 yuan [2] - Tianyi New Materials, with a discount of 64.21% from its issue price of 20.37 yuan [2] Group 3: Industry Performance Metrics - The average issue price earnings ratio for Wanrun New Energy is 75.25 times, significantly higher than the industry average of 19.21 times [1] - ST Pava has an issue price earnings ratio of 93.68 times, compared to the industry average of 29.25 times [1]

Group 1: Core Insights - The core viewpoint of the article highlights the growth in the shipment volumes of lithium battery cathode materials in China for the first half of 2025, with significant increases in different categories of cathodes [2][4][6]. Group 2: Shipment Volumes of Different Cathode Materials - In the first half of 2025, the shipment volume of ternary cathode materials reached 321,000 tons, representing a year-on-year growth of 4.2% [2]. - The top 10 companies in ternary cathode shipments include Ruixiang New Materials, Rongbai Technology, and Bamo Technology [3]. Group 3: Phosphate Iron Lithium Cathodes - The shipment volume of phosphate iron lithium cathodes was 1,606,000 tons in the first half of 2025, showing a remarkable year-on-year increase of 68.5% [4]. - The leading companies in this category are Hunan Youneng, Wanrun New Energy, and Defang Nano [5]. Group 4: Cobalt Lithium Cathodes - The shipment volume of cobalt lithium cathodes was 53,500 tons in the first half of 2025, with a year-on-year growth of 24.2% [6]. - The top 5 companies in cobalt lithium shipments include Xiamen Tungsten New Energy and Bamo Technology [7].

Summary of Key Points Core Viewpoint - The average premium of the latest closing prices of listed stocks on the Sci-Tech Innovation Board is 107.86% compared to their issue prices, with 159 stocks experiencing a decline in value, indicating a significant number of stocks have broken their issue prices [1]. Group 1: Premium and Discount Analysis - Among the 589 listed stocks, 430 stocks have a closing price that exceeds their issue price, with the highest premium being 3159.68% for Shangwei New Materials [1]. - The stocks with the largest discounts include Wanrun New Energy, which has a discount of 77.76%, and ST Pava, with a discount of 76.07% [1][2]. - The average premium indicates strong market performance for the majority of stocks, while the presence of 159 stocks that have broken their issue prices suggests potential concerns in specific sectors [1][2]. Group 2: Specific Stock Performance - Wanrun New Energy, listed on September 29, 2022, has an issue price of 299.88 yuan and a latest closing price of 43.97 yuan, reflecting a discount of 77.76% [2]. - ST Pava, listed on September 19, 2022, has an issue price of 51.88 yuan and a latest closing price of 10.24 yuan, resulting in a discount of 76.07% [2]. - Other notable stocks with significant discounts include Chengda Biology at 71.05%, Tianyi New Materials at 64.21%, and *ST Guandian at 62.31% [2][3].

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [4][12] Core Viewpoints - The draft amendment to the Price Law aims to clarify standards for identifying unfair pricing behaviors, regulate market pricing order, and alleviate "involution" competition [4][6][7] - The amendment is expected to ease competition in industries such as polysilicon, lithium battery anode and cathode materials, wind power equipment, and energy storage, promoting price stability and improving profitability for related companies [4][7] Summary by Sections Price Law Amendment - The draft amendment includes ten articles focusing on three main areas: 1. Improvement of government pricing content, including the clarification of government-guided pricing mechanisms and the importance of cost monitoring in price setting [6][7] 2. Clarification of standards for identifying unfair pricing behaviors, including low-price dumping, price collusion, and price discrimination [6][7] 3. Establishment of legal responsibilities for pricing violations, including increased penalties for non-compliance with pricing regulations [7] Investment Recommendations - Companies to watch include: - Xinte Energy - GCL-Poly Energy - Wind Power Technology - Sungrow Power Supply - Wanrun New Energy [4][7] Profit Forecasts for Related Companies - Profit forecasts for selected companies indicate varying performance: - Xinte Energy: Expected net profit of -3.9 billion RMB in 2024 - GCL-Poly Energy: Expected net profit of -4.75 billion RMB in 2024 - Wind Power Technology: Expected net profit of 1.86 billion RMB in 2024 - Sungrow Power Supply: Expected net profit of 11.04 billion RMB in 2024 - Wanrun New Energy: Expected net profit of -870 million RMB in 2024 [9]

Group 1 - The National Development and Reform Commission and the State Administration for Market Regulation have released a draft amendment to the Price Law, aiming to improve the recognition standards for low-price dumping and address "involution" in various industries, emphasizing self-discipline and the elimination of backward production capacity [1] - The policy aligns with the Central Financial Committee's "anti-involution" initiative, signaling the end of rampant expansion in multiple industries, with sectors like lithium batteries, photovoltaics, steel, and cement leading the charge [1] - The secondary market has seen a recovery in the undervalued battery sector, with lithium battery stocks rising over 16% since June [1] Group 2 - Multiple industry associations have called for an "anti-involution" approach, shifting the focus from price competition to quality and innovation in the battery industry [2] - The competitive landscape for lithium iron phosphate (LFP) is expected to be reshaped, with market share concentrating among leading companies, as LFP production is projected to reach 1.632 million tons in the first half of 2025, a 66.6% year-on-year increase [2] - Leading companies maintain over 70% operating rates, while smaller firms face idle capacity, leading to the accelerated exit of backward production capacity [2] Group 3 - Integrated layout is key to cost reduction in a low-margin environment, with Wanrun New Energy signing an agreement to build an integrated lithium iron phosphate industrial park, enhancing supply chain coordination and cost optimization [3] - Wanrun New Energy has achieved an integrated production chain from raw materials to finished products, focusing on its core business of cathode materials after divesting its mining operations for 315 million yuan [3] - The company is collaborating with CATL to develop high-density lithium iron phosphate products, targeting high-value areas such as fast-charging batteries [3] Group 4 - Wanrun New Energy has improved the density and performance of its lithium iron phosphate products through material structure optimization and process innovation, making them compatible with solid-state battery systems [4] - The company has shipped over 200 tons of sodium battery materials in 2024, with existing production lines compatible with sodium battery production, potentially opening a second growth curve [4] - The top-down anti-involution policy is expected to have a profound positive impact on the lithium battery industry, marking a shift from scale expansion to value creation, with leading companies like Wanrun New Energy poised to thrive through technological innovation [4]

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 ...