（文章来源：证券日报） 证券日报网讯 11月6日晚间，万润新能发布公告称，湖北万润新能源科技股份有限公司（以下简称"公 司"）于2024年11月6日披露了《关于控股股东、实际控制人增持公司股份计划的公告》（公告编号： 2024-050），公司控股股东、实际控制人刘世琦先生、李菲女士计划自本公告披露日次一交易日起12个 月内通过集中竞价交易方式增持公司股份，在本次启动增持后增持股份的金额不低于860.67万元，不超 过触发稳定股价措施的上一年度（2022年度）获得公司分红税后金额的20%，即1，721.33万元；截至 本公告披露日，公司控股股东、实际控制人刘世琦先生、李菲女士通过上海证券交易所系统以集中竞价 交易方式累计增持公司股份195，176股，增持金额约人民币909.89万元，已超过本次增持计划下限金额 人民币860.67万元，本次增持计划已实施完毕。 ...

格隆汇11月6日丨万润新能(688275.SH)公布，截至本公告披露日，公司控股股东、实际控制人刘世琦先 生、李菲女士通过上海证券交易所系统以集中竞价交易方式累计增持公司股份195,176股，增持金额约 人民币909.89万元，已超过本次增持计划下限金额人民币860.67万元，本次增持计划已实施完毕。 ...

每经AI快讯，万润新能（SH 688275，收盘价：79.38元）11月6日晚间发布公告称，截至本公告披露 日，公司控股股东、实际控制人刘世琦先生、李菲女士通过上海证券交易所系统以集中竞价交易方式累 计增持公司股份约20万股，增持金额约人民币909.89万元，已超过本次增持计划下限金额人民币860.67 万元，本次增持计划已实施完毕。 2024年1至12月份，万润新能的营业收入构成为：锂电行业占比97.64%，其他业务占比2.36%。 截至发稿，万润新能市值为100亿元。 （记者 张明双） 每经头条（nbdtoutiao）——"十五五"新风口！专访五年规划深度参与者董煜：锚定4大新兴产业和6大 未来产业 ...

Group 1 - The demand for lithium batteries is experiencing significant growth driven by the dual forces of the electric vehicle and energy storage markets, leading to increased collaboration across the supply chain [1][2] - In September, the installed capacity of power batteries reached 76.0 GWh, a year-on-year increase of 39.5%, with lithium iron phosphate batteries accounting for 81.8% of the market [2] - The global energy storage capacity is projected to exceed 170 GWh by the third quarter of 2025, reflecting a year-on-year growth of 68%, indicating a robust development trend in the lithium battery industry [2] Group 2 - The price of lithium hexafluorophosphate has surged from approximately 47,000 CNY/ton in July to an average of 113,500 CNY/ton by November 3, nearly doubling since early October, which has significantly improved the profitability of material companies [3] - The strong demand from both power and energy storage sectors is expected to continue driving high growth in lithium battery demand next year, presenting investment opportunities across materials, batteries, and integration [3] Group 3 - Wanrun New Energy has reported a substantial year-on-year increase of 65.53% in lithium iron phosphate shipments for the third quarter of 2025, with a cumulative increase of 79.54% from January to September, significantly outpacing the industry average [4] - The company has improved its profitability through cost reduction, supply chain optimization, and enhanced customer payment collection, resulting in a strong positive cash flow [4] - With the growth of the AI industry, the demand for energy storage in data centers is expected to rise significantly, potentially benefiting Wanrun New Energy's operations in the U.S. [4]

Market Performance - The three major indices opened lower but closed higher, with the Shanghai Composite Index rising by 0.23%, the Shenzhen Component Index by 0.37%, the ChiNext Index by 1.03%, and the STAR Market 50 Index by 0.23% [2] - Over 3,100 stocks in the two markets rose, with a total trading volume of approximately 1.87 trillion yuan [2] Hainan Sector - The Hainan sector saw significant gains, with companies like Hainan Development, Haima Automobile, and Hainan Strait Holdings experiencing substantial increases [3] - A new duty-free shopping policy in Hainan, effective from November 1, expands the range of duty-free goods and increases the annual duty-free allowance for travelers to 100,000 yuan, enhancing shopping options for tourists [3] - The Hainan Free Trade Port is set to officially start operations on December 18, further boosting the sector [3] Electric Equipment Sector - The electric equipment sector performed strongly, with companies like Zhongneng Electric and Jinpan Technology seeing gains of nearly 20% [3] - Microsoft CEO Satya Nadella highlighted a power shortage as a key issue for the AI industry, indicating a potential increase in demand for electric equipment to support GPU operations [3] Energy Storage and Lithium Battery Sector - Dongwu Securities revised its forecast for U.S. energy storage installations in 2026 to 76 GWh, a year-on-year increase of nearly 44%, with significant contributions from data centers [4] - The lithium battery supply chain is experiencing active orders, with a year-on-year production increase of 35% reported for major battery manufacturers [4] - Prices for key lithium battery materials have seen a rebound, with lithium carbonate rising to 80,600 yuan per ton and lithium hexafluorophosphate increasing by 46.4% [4] Coal and Steel Sector - The coal and steel sectors showed strong performance, with companies like Antai Group and Vanadium Titanium Holdings rising by 10% [5] - CITIC Securities anticipates a quarter-on-quarter increase of over 15% in the average price of thermal coal at ports, with potential price peaks exceeding 850 yuan per ton [5] - The sector is expected to maintain a rebound due to improvements in policy, coal prices, and earnings expectations [5] Weak Sectors - The innovative drug and semiconductor sectors faced declines, with companies like 3SBio and Hua Hong Semiconductor experiencing significant drops [5] - The liquor and gaming sectors also weakened, with Perfect World and Kweichow Moutai seeing notable declines [5]

Core Viewpoint - Wanrun New Energy (688275.SH) reported a significant increase in revenue for the first three quarters of 2025, but continued to face net losses, indicating ongoing financial challenges despite revenue growth [1][2]. Financial Performance - For the first nine months of 2025, the company achieved operating revenue of 7.336 billion yuan, representing a year-on-year increase of 51.18% [1][2]. - The net profit attributable to shareholders was -352 million yuan, an improvement from -598 million yuan in the same period last year [1][2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -445 million yuan, compared to -613 million yuan in the previous year [1][2]. - The net cash flow from operating activities was 258 million yuan, showing a significant decline of 87.88% year-on-year [1][2]. Future Projections - The company is projected to incur net losses of 1.504 billion yuan and 870 million yuan for the years 2023 and 2024, respectively [2]. - The projected net loss after deducting non-recurring gains and losses for the same years is expected to be 1.536 billion yuan and 892 million yuan [2]. Company Background - Wanrun New Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 29, 2022, with an initial public offering of 21.3 million shares at a price of 299.88 yuan per share [3]. - The stock reached a peak price of 259.99 yuan on its first trading day but is currently trading below its initial offering price [4]. - The company raised a total of 638.86 million yuan through its IPO, with net proceeds of 614.56 million yuan after deducting issuance costs [4]. Shareholder Returns - In 2023, the company announced a cash dividend of 3.52 yuan per share and a capital increase of 0.48 shares per share, resulting in a total distribution of approximately 300 million yuan in cash dividends and an increase of about 40.9 million shares [5].

Core Viewpoint - The battery sector is experiencing significant growth, particularly in sodium-ion, blade, and solid-state batteries, with notable increases in related ETFs and stocks [1] Industry Summary - The three major indices showed fluctuations but ultimately turned positive, with the battery sector leading the gains [1] - The Sci-Tech Innovation Board New Energy ETF (588960) rose by 5.00%, while the lithium battery ETF (561160) increased by 4.15% [1] - The global lithium energy storage installed capacity exceeded 170 GWh in the first three quarters of 2025, marking a substantial 68% year-on-year growth [1] - Breakthroughs in solid-state battery technology have been achieved, addressing long-standing "fast charging" challenges [1] - Full solid-state batteries are identified as a key development direction for next-generation battery technology, with increasing news on technological breakthroughs and commercial orders [1] Company Summary - The Sci-Tech Innovation Board New Energy ETF (588960) closely tracks the Shanghai Sci-Tech Innovation Board New Energy Index (000692.SH), with a daily fluctuation limit of 20% [2] - The ETF comprises 50 large-cap stocks from the solar, wind, and new energy vehicle sectors, reflecting the overall performance of representative companies in the new energy industry [2] - Investors can also consider the linked funds (Class A 023851, Class C 023852) associated with the ETF [2]

Core Insights - Wanrun New Energy experienced a decline of 5.02% on November 4, with a stock price of 74.10 yuan per share and a trading volume of 1.82 billion yuan, resulting in a total market capitalization of 9.345 billion yuan [1] Company Overview - Hubei Wanrun New Energy Technology Co., Ltd. is located in Shiyan City, Hubei Province, and was established on December 24, 2010. The company went public on September 29, 2022. Its main business involves the research, production, sales, and service of lithium battery cathode materials [1] - The revenue composition of the company is as follows: 96.49% from lithium iron phosphate, 2.83% from by-products, 0.41% from phosphoric acid iron, and 0.27% from other sources [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Baoying has a significant position in Wanrun New Energy. Baoying Advanced Manufacturing Mixed A (000924) held 301,700 shares in the third quarter, accounting for 4.24% of the fund's net value, making it the eighth largest holding [2] - The fund has reported a floating loss of approximately 1.1826 million yuan as of the latest update [2] - Baoying Advanced Manufacturing Mixed A (000924) was established on December 17, 2014, with a current scale of 460 million yuan. Year-to-date returns stand at 44.88%, ranking 1405 out of 8150 in its category, while the one-year return is 40.49%, ranking 1761 out of 8043 [2] - The fund manager, Zhu Kai, has been in charge for 2 years and 262 days, with a total asset scale of 681 million yuan. The best fund return during his tenure is 15.06%, while the worst is -52.13% [2]

Core Insights - The lithium battery materials industry has shown significant improvement in the third quarter of 2025, with many companies turning losses into profits and a clear trend of recovery in the sector [1][3] Group 1: Performance of Positive Electrode Material Companies - Tianqi Lithium's revenue for the first three quarters was 7.397 billion yuan, down 26.5%, but it achieved a net profit of 180 million yuan, marking a turnaround [2] - Ganfeng Lithium reported a revenue of 14.625 billion yuan, a growth of 5.02%, with a net profit of 2.552 billion yuan, also a turnaround [2] - Huaneng Technology and other companies have seen significant profit increases, with Huaneng's revenue reaching 23.226 billion yuan, up 46.27%, and a net profit of 645 million yuan, up 31.51% [2][3] Group 2: Trends in Positive Electrode Materials - High-pressure compact lithium iron phosphate has become a focal point for companies, driven by strong demand in the energy storage sector and advancements in technology [3][4] - The price of battery-grade lithium carbonate has rebounded, maintaining a range of 80,300 to 81,700 yuan per ton, contributing to the positive performance of many positive electrode material companies [4] - Major companies like Longpan Technology have secured large orders from leading firms, enhancing their market position [4] Group 3: Performance of Negative Electrode Material Companies - The negative electrode materials sector has also seen a recovery, with a total shipment of 201.1 million tons in the first nine months of 2025, a year-on-year increase of 35.1% [7] - Shanshan Co. achieved a net profit of 33.14 million yuan in Q1, marking a successful turnaround, and its stock price has rebounded significantly [7][8] - Companies like BTR and Putailai are expanding their overseas business and solid-state battery technology, contributing to their recovery and growth [8]

Core Viewpoint - Wanrun New Energy conducted two block trades on October 31, totaling 300,000 shares and a transaction amount of 23.001 million yuan, with a trading price of 76.67 yuan, reflecting a discount of 1.50% compared to the closing price of the day [2] Trading Activity - In the last three months, Wanrun New Energy has recorded a total of 11 block trades, with a cumulative transaction amount of 86.007 million yuan [2] - On October 31, the stock closed at 77.84 yuan, up 2.99%, with a daily turnover rate of 13.83% and a total transaction amount of 920 million yuan [2] - The net outflow of main funds for the day was 38.4001 million yuan, while the stock has increased by 31.55% over the past five days, with a total net inflow of 17.2826 million yuan [2] Margin Trading Data - The latest margin financing balance for Wanrun New Energy is 242 million yuan, which has increased by 28.2136 million yuan over the past five days, representing a growth rate of 13.22% [2] Company Background - Hubei Wanrun New Energy Technology Co., Ltd. was established on December 24, 2010, with a registered capital of 1.26118463 billion yuan [2]