本次减持计划实施前，湖北万润新能源科技股份有限公司（以下简称"公司"） 股东湖北量科高投创业投资有限公司（以下简称"量科高投"）持有公司股份 6,305,923 股，占公司总股本的 5.0000%。上述股份为公司 IPO 前取得股份及上 市后权益分派资本公积转增股本取得的股份，已分别于 2023 年 10 月 9 日、2024 年 3 月 29 日全部解禁并上市流通； ① 证券代码：688275 证券简称：万润新能 公告编号：2025-005 湖北万润新能源科技股份有限公司 股东减持计划期限届满暨减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 减持计划的实施结果情况 公司于 2024 年 12 月 11 日披露了《湖北万润新能源科技股份有限公司股东 减持股份计划公告》（公告编号：2024-057），量科高投因自身资金需求，计划通 过集中竞价或大宗交易方式减持其所持有的公司股份合计不超过 2,520,000 股， 即不超过公司总股本的 1.9981%。减持期间 ...

Group 1 - The core viewpoint of the articles highlights Wanrun New Energy's strategic focus on solid-state battery materials and its collaboration with major institutions to enhance its market position [1][2]. - In February, over 30 institutions conducted research on Wanrun New Energy, discussing production schedules, solid-state battery layouts, and the impact of BYD's intelligent driving technology [1]. - The solid-state battery market in China is projected to reach 3 billion yuan by 2025 and 20 billion yuan by 2030, with global shipments expected to exceed 600 GWh by 2030 [2]. Group 2 - Wanrun New Energy is actively developing high-value cathode materials and electrolytes for solid-state batteries, improving lithium iron phosphate product density and performance through material structure optimization [2]. - The company has patented surface modification technology for cathode materials, which enhances interface contact with solid-state electrolytes, and is also working on high-energy-density cathode materials [2]. - Collaborations with prestigious universities are underway to develop solid-state polymer electrolytes and other advanced materials, with progress reported as satisfactory [2]. Group 3 - BYD's introduction of advanced intelligent driving technology is expected to expand the market, with significant growth potential as the technology becomes available in lower-priced models [3]. - The penetration of intelligent driving features in vehicles priced above 78,800 yuan accounts for 87% of domestic sales, indicating a substantial market opportunity for battery suppliers like Wanrun New Energy [3]. - Wanrun New Energy aims to enhance its R&D of high-value cathode materials and optimize supply chain resilience to meet the increasing demands of the intelligent vehicle market [3].

Financial Performance - Total revenue for 2024 was CNY 752,286.15 million, a decrease of 38.21% compared to the previous year[3] - Net profit attributable to the parent company was CNY -86,264.42 million, with a narrowed loss compared to CNY -150,362.98 million in the previous year[5] - Basic earnings per share were CNY -6.90, an improvement from CNY -11.93 in the previous year[3] Assets and Equity - Total assets at the end of 2024 were CNY 1,768,430.74 million, down 8.99% from the beginning of the year[6] - Equity attributable to the parent company decreased by 14.62% to CNY 562,286.26 million[6] Product Performance - Sales volume of the main product, lithium iron phosphate, increased by approximately 39.07% year-on-year despite a decline in sales price due to falling raw material costs[9] Operational Improvements - The company improved its inventory management, leading to a reduction in inventory impairment provisions[7] - The increase in production capacity utilization contributed to a decrease in asset impairment compared to the previous year[9] - The company is actively developing new products and expanding its sales market despite ongoing supply-demand imbalances in the lithium iron phosphate industry[7] Audit and Reporting - The financial data presented is preliminary and subject to final audit in the 2024 annual report[10]

Core Viewpoint - The lithium battery industry is experiencing a surge in demand for lithium iron phosphate (LFP), leading to significant price increases and a competitive landscape reshaping the market dynamics [1][4]. Group 1: Market Demand and Price Trends - The current price increase of LFP is driven by sustained market demand and product iteration, particularly for high-density LFP products [1][4]. - Major LFP manufacturers are seeing improved capacity utilization, especially for high-end products, indicating strong market demand [2]. - Recent large orders in the LFP sector include significant contracts from companies like Longpan Technology with Blue Oval and CATL, with total market value approaching 10 billion yuan [3][4]. Group 2: Product Differentiation and High-Density LFP - The price increase is more pronounced for high-density LFP products, which are in high demand due to their superior energy density [7][8]. - High-density LFP products are defined by their packing density, with higher density correlating to better battery performance [7]. - The introduction of advanced products like CATL's Shenxing battery and BYD's upcoming second-generation blade battery is expected to further boost demand for high-density LFP [8][9]. Group 3: Cost Pressures and Industry Strategies - Despite price increases, production costs are also rising, limiting the overall profit impact for manufacturers [10][11]. - The cost of producing high-density LFP is expected to increase significantly due to the need for advanced manufacturing processes [12]. - Companies are adopting integrated strategies to reduce costs and enhance profitability, with a focus on self-sufficiency in raw materials [13][14].

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 核心技术人员离职的核查意见 （二）参与的研发项目和知识产权情况 截至本核查意见出具日，陈世涛先生在公司任职期间参与的研发项目工作， 已在离职前完成工作交接，其离职不会对项目的研发进程产生不利影响。陈世涛 先生在公司任职期间参与研发的知识产权均为职务成果，相关所有权均属于公司， 不存在涉及职务发明专利权纠纷的情形。 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》及《上 海证券交易所科创板股票上市规则》等有关规定的要求，对万润新能核心技术人 员离职的事项进行了核查，具体情况如下： 一、核心技术人员离职的具体情况 为提升公司研发人员知识储备及技能水平，提高公司科研实力，公司近期与 原核心技术人员陈世涛先生签订《学历提升专项培训协议》，根据培训协议约定， 公司根据工作需要及陈世涛先生意愿，为其提供在"哈尔滨工业大学（威海）海 洋科学与技术学院博士学位（研究方向为锂离子电池正极材料）"全日制学历提 升专项 ...

证券代码：688275 证券简称：万润新能 公告编号：2025-003 一、核心技术人员离职的具体情况 为提升公司研发人员知识储备及技能水平，提高公司科研实力，公司近期与 原核心技术人员陈世涛先生签订《学历提升专项培训协议》，根据培训协议约定， 公司根据工作需要及陈世涛先生意愿，为其提供在"哈尔滨工业大学（威海）海 洋科学与技术学院博士学位（研究方向为锂离子电池正极材料）"全日制学历提 升专项培训，根据学校要求，陈世涛先生在全日制学习期间，需与公司解除劳动 关系，待陈世涛先生取得相关博士毕业证书后的 7 日内，将到公司报到并再次办 理入职手续，恢复与公司的劳动关系。基于此，陈世涛先生近日向公司申请辞去 公司职务，辞职后，在全日制学习期间，陈世涛先生将以技术顾问身份继续为公 司提供技术服务。陈世涛先生在公司任职期间恪尽职守、勤勉尽责，公司及董事 会对陈世涛先生任职期间为公司发展所做出的贡献表示衷心感谢。 （一）核心技术人员的具体情况 湖北万润新能源科技股份有限公司 关于核心技术人员离职的公告 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 ...

Group 1 - The stock price of Wanrun New Energy (688275.SH) fell by 2.71% to 46.61 yuan, currently in a state of breaking issue [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) price of 299.88 yuan per share [1] - The company raised a total of 638.86 million yuan from its IPO, with a net amount of 614.56 million yuan after deducting issuance costs, exceeding the original fundraising plan by 4.88 billion yuan [1] Group 2 - The company announced a cash dividend of 3.52 yuan per share and a capital reserve transfer of 0.48 shares per share, totaling 299.96 million yuan in cash dividends and 40.90 million shares transferred [2] - The total share capital after the distribution will be 126.12 million shares [2] Group 3 - Wanrun New Energy's preliminary forecast for 2024 indicates a net loss attributable to shareholders of the parent company between 967 million yuan and 810 million yuan [4] - The company expects a net loss of 987 million yuan to 830 million yuan after excluding non-recurring gains and losses for 2024 [4] Group 4 - In 2023, Wanrun New Energy reported a revenue of 12.17 billion yuan, a year-on-year decrease of 1.44% [5] - The net loss attributable to shareholders was 1.50 billion yuan, compared to a profit of 959 million yuan in the previous year [5] - The net cash flow from operating activities was -1.56 billion yuan, an improvement from -2.55 billion yuan in the previous year [5]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for 2024 to be between -967 million and -810 million CNY[4]. - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -987 million and -830 million CNY[4]. - In 2023, the company reported a total profit of -1,714.99 million CNY and a net profit attributable to shareholders of the parent company of -1,503.63 million CNY[6]. - The net profit after deducting non-recurring gains and losses for 2023 was -1,535.94 million CNY, with an earnings per share of -11.93 CNY[6]. Sales and Market Dynamics - The company experienced significant growth in sales volume of its main products, but faced a decline in sales prices due to market supply and demand dynamics[7]. - The decline in sales prices was offset by a decrease in inventory impairment provisions, leading to a narrowing of losses compared to the previous year[8]. Earnings Forecast and Audit - The financial data provided in the earnings forecast has not been audited by a registered accountant[5]. - The company emphasizes that the forecast data is based on preliminary calculations and the final audited financial report will provide accurate figures[10]. - There are currently no significant uncertainties affecting the accuracy of the earnings forecast[9]. - Investors are advised to pay attention to investment risks related to the preliminary nature of the forecast data[10].

湖北万润新能源科技股份有限公司 2024年第二次临时股东大会会议资料 证券代码：688275 证券简称：万润新能 湖北万润新能源科技股份有限公司 2024年第二次临时股东大会会议资料 2024 年 12 月 | 2024年第二次临时股东大会会议须知 | 1 | | --- | --- | | 2024年第二次临时股东大会会议议程 | 3 | | 2024年第二次临时股东大会会议议案 | 5 | | 议案一：关于转让全资子公司股权暨关联交易的议案 | 5 | | 议案二：关于预计2025年度日常关联交易的议案 | 6 | 湖北万润新能源科技股份有限公司 2024年第二次临时股东大会会议资料 湖北万润新能源科技股份有限公司 2024年第二次临时股东大会会议须知 为维护广大投资者的合法权益，保障湖北万润新能源科技股份有限公司（以下简称"公 司"）股东在本次股东大会期间依法行使权利，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证监会《上市公司股东大会规则》和《湖北万润新能源科技股份有限公司股东 大会议事规则》等有关规定，特制定本会议须知： 一、公司负责本次股东大会的议程安排和会务工作，为确认出席大会 ...

Investment Rating - The report gives an "Outperform" rating for the company [1][4][124]. Core Views - The actual controllers of the company have shown strong confidence in its long-term development by planning to increase their shareholding by an amount not less than 8.61 million yuan and not exceeding 17.21 million yuan within the next 12 months [3][4]. - The company has been deeply engaged in the lithium iron phosphate industry for many years and currently ranks among the top three globally in terms of shipment volume [4][7]. - The company is actively collaborating with leading clients and expanding its integrated layout and overseas production capacity, which will support long-term growth [5][4]. Summary by Sections Company Overview - The company was founded in 2003 and has focused on lithium iron phosphate and other cathode materials since its establishment in 2010. It has established partnerships with major battery manufacturers like BYD and CATL [4][7]. Financial Performance - The company achieved revenue of 12.35 billion yuan in 2022, with a compound annual growth rate (CAGR) of 324% from 2020 to 2022. The sales volume of lithium iron phosphate reached 92,200 tons in 2022, with a CAGR of 121% during the same period [16][17]. - In 2023, the company faced challenges due to a significant decline in lithium carbonate prices, leading to a revenue drop of 51% year-on-year in the first three quarters [17]. Market Position - The company ranks third in the global lithium iron phosphate market as of the first three quarters of 2024, with a market share of 24% [39]. - The company has a strong focus on high-performance products and has maintained stable supply capabilities, which has led to rapid sales growth alongside its clients [5][4]. Future Outlook - The company is expected to achieve a net profit of -6.47 billion yuan in 2024, followed by a recovery to 4.04 billion yuan in 2025 and 8.13 billion yuan in 2026. The earnings per share (EPS) are projected to be -5.13, 3.21, and 6.44 yuan for the respective years [5][124]. - The report estimates that the company's stock has a reasonable value range of 67.4 to 70.4 yuan, indicating a potential upside of 25% to 31% compared to its current price [5][124].