Core Viewpoint - Zhenhua New Materials experienced a 1.69% increase in stock price on November 6, with a trading volume of 120 million yuan, indicating positive market sentiment towards the company [1]. Financing Summary - On November 6, Zhenhua New Materials had a financing buy amount of 20.82 million yuan, with a net financing buy of 1.16 million yuan after 19.66 million yuan in financing repayments. The total financing and securities balance reached 289 million yuan, accounting for 3.93% of the circulating market value, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - The company repaid 5,500 shares in securities lending on the same day, with no shares sold, resulting in a securities lending balance of 28,000 shares and a total value of 405,500 yuan, which is below the 30th percentile of the past year, indicating low securities lending activity [1]. Financial Performance - For the period from January to September 2025, Zhenhua New Materials reported a revenue of 1.067 billion yuan, reflecting a year-on-year decrease of 26.90%. The net profit attributable to the parent company was -333 million yuan, a slight decrease of 0.48% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 446 million yuan in dividends, with 335 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Zhenhua New Materials increased to 16,900, a rise of 4.89%. The average number of circulating shares per person decreased by 4.66% to 30,104 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Group 1 - Jia Yuan Technology signed a cooperation framework agreement with CATL to expand their business relationship and establish a long-term partnership for the supply and development of copper foil products for new battery applications [3] - Beizhi Technology's application for issuing shares and cash to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange [4] - Haiqi Group's general manager Ma Chao resigned due to personal career planning, and the company will expedite the election and appointment of new directors and a general manager [5] Group 2 - Hengyuan Coal Power plans to use 4.4 billion yuan to acquire 100% equity of two companies and assume 1.137 billion yuan in debts, with the transaction approved by the board [6] - *ST Xingguang's stock price deviated significantly, prompting a warning about delisting risks due to underperformance in 2024 [7] - Jishi Media's main business includes smart broadcasting, data services, and digital innovation services, with a reminder for investors to be cautious [8] Group 3 - Luzhou Laojiao plans to invest approximately 1.478 billion yuan in the construction of a historical culture industrial park and museum [9] - Aerospace Hongtu has been suspended from military procurement activities for three years due to alleged violations in a project [11] - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its international market presence [12] Group 4 - Zhenghong Technology reported a significant decrease in sales revenue from live pigs in October 2025, with a 58.93% month-on-month decline [14] - *ST Tianshan achieved a 354.15% year-on-year increase in live livestock sales in October 2025 [15] - Jindi Group's contract signing amount in October 2025 dropped by 65.78% year-on-year [16] Group 5 - Muyuan Foods reported a 22.28% year-on-year decrease in sales revenue from commodity pigs in October 2025 [17] - King Long Automobile's bus production and sales data for October 2025 showed mixed results, with production down slightly but cumulative production up [18] - Wens Foodstuff Group sold 128 million meat chickens in October 2025, with a revenue of 3.633 billion yuan [19] Group 6 - Yongji Co., Ltd. repurchased 0.1278% of its shares for a total of 5.0856 million yuan [21] - Tianzheng Electric's actual controller reduced their shareholding to 40.55% after a 1.29% decrease [22] - Hualan Co. plans to increase its shareholding by 2% through a buyback plan [23] Group 7 - Xiang Teng New Materials' shareholders terminated their share reduction plan early, having reduced 2.91% of shares [24] - Anbiping's shareholders plan to reduce their holdings by up to 1% starting from November 28, 2025 [25] - Jinshiyuan's controlling shareholder increased their stake to 46% through a buyback of 5.4 billion yuan [26] - Sanjiang Shopping's major shareholder plans to reduce their stake by up to 3% due to business arrangements [27]

本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 证券代码：688707 证券简称：振华新材 公告编号：2025-043 贵州振华新材料股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 投资者可于 2025 年 11 月 7 日(星期五)至 11 月 13 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zec@zh-echem.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 贵州振华新材料股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 14 日（星期五 ...

贵州振华新材料股份有限公司 2025年第三次临时股东会会议资料 证券简称：振华新材 证券代码：688707 贵州振华新材料股份有限公司 2025年第三次临时股东会 目 录 | | | 2025年第三次临时股东会会议议程 ....................... 5 2025年第三次临时股东会会议议案 ....................... 7 议案一：关于续聘大信会计师事务所（特殊普通合伙）为公司 会 议 资 料 二〇二五年十一月 贵州振华新材料股份有限公司 2025年第三次临时股东会会议资料 | | | 贵州振华新材料股份有限公司 2025年第三次临时股东会会议资料 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东 及股东代理人的发言，在股东会进行表决时，股东及股东代理人不再进行发言。 股东及股东代理人违反上述规定，会议主持人有权予以拒绝或制止。 七、主持人可安排公司董事和高级管理人员回答股东所提问题，对于可能将 泄露公司商业秘密及/或内幕信息，损害公司、股东共同利益的提问，主持人或 3 贵州振华新材料股份有限公司 2025年第三次临时股东会会议须知 为维护广大投资者的合法权 ...

Core Viewpoint - Zhenhua New Materials, a significant player in the lithium-ion battery cathode materials sector, faces challenges in revenue and profit due to market competition and structural changes in demand [2][6]. Group 1: Company Overview - Zhenhua New Materials was established on April 26, 2004, and listed on the Shanghai Stock Exchange on September 14, 2021, with its registered and office address in Guiyang, Guizhou Province [1]. - The company specializes in the research, production, and sales of lithium-ion battery cathode materials, holding a competitive position in the market [1]. Group 2: Financial Performance - For Q3 2025, Zhenhua New Materials reported revenue of 1.067 billion yuan, ranking 38th out of 44 in the industry, significantly lower than the top competitors [2]. - The main business segment, cathode materials, generated 700 million yuan, accounting for 98.17% of total revenue, while other segments contributed 13.07 million yuan [2]. - The net profit for the same period was -333 million yuan, placing the company 41st in the industry, with a notable gap from leading firms [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 40.13%, lower than the industry average of 51.96%, indicating relatively lower debt pressure [3]. - The gross profit margin was -15.18%, a decline from -11.82% year-on-year, and significantly below the industry average of 10.89%, highlighting challenges in profitability [3]. Group 4: Management and Shareholder Structure - The chairman, Hou Qiaokun, has extensive experience, having served in the company since May 2012, with a 2024 salary of 557,600 yuan, down from 2.1298 million yuan in 2023 [4]. - The major shareholder is China Zhenhua Electronics Group Co., Ltd., with the actual controller being China Electronics Corporation [4]. Group 5: Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders increased by 4.89% to 16,900, while the average number of shares held per shareholder decreased by 4.66% [5]. Group 6: Market Outlook - According to Huajin Securities, Zhenhua New Materials' performance in the first half of 2025 was under pressure due to market structure changes and increased competition, leading to reduced pricing power [6]. - Despite challenges, the company has seen growth in high-nickel and ultra-high-nickel cathode materials, which now account for 50% of revenue, and has made progress in new product certifications [6]. - The forecast for net profit from 2025 to 2027 is -87 million yuan, 120 million yuan, and 290 million yuan, respectively, with corresponding EPS figures indicating a potential recovery [6].

Group 1 - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][7] - The third-quarter financial statements are not audited [3][6] - The company plans to appoint Da Xin Accounting Firm as the auditor for the 2025 fiscal year [7][9] Group 2 - The audit committee approved the proposal to reappoint Da Xin Accounting Firm, stating that the firm has adhered to independent and objective auditing standards [18][19] - The board of directors also approved the reappointment of Da Xin Accounting Firm for the 2025 fiscal year [20][32] - The appointment of the accounting firm is subject to approval by the shareholders' meeting [21] Group 3 - The company appointed Zhou Zhaoyi as the vice president, who has relevant work experience and qualifications [22][24] - Zhou Zhaoyi holds 4,000 shares directly and approximately 200,000 shares through an asset management plan [24] Group 4 - The company plans to revise certain internal control systems in accordance with relevant laws and regulations [25] - The board of directors held a meeting to discuss and approve various proposals, including the third-quarter report and the appointment of the vice president [28][29][32] Group 5 - The company will hold the third extraordinary shareholders' meeting on November 10, 2025, to discuss the approved proposals [43][44] - Shareholders can vote through the Shanghai Stock Exchange's online voting system [45][48]

Core Viewpoint - The company has appointed Ms. Zhou Chaoyi as the new Deputy General Manager, which may indicate a strategic move to enhance leadership and operational efficiency within the organization [2] Group 1 - The board of directors approved the appointment of Ms. Zhou Chaoyi as Deputy General Manager [2] - Ms. Zhou will also serve as Deputy General Manager for the wholly-owned subsidiaries Guizhou Zhenhua New Materials Co., Ltd. and Guizhou Zhenhua Yilong New Materials Co., Ltd. [2]

Group 1 - The company, Zhenhua New Materials, announced the appointment of Zhou Chaoyi as the vice president, effective from the date of the board meeting on October 24, 2025, until the end of the current board's term [1] - The revenue composition for Zhenhua New Materials in 2024 is reported to be 98.19% from cathode materials and 1.81% from other businesses [1] - As of the report date, Zhenhua New Materials has a market capitalization of 7.2 billion yuan [1] Group 2 - The article highlights that the Chinese innovative drug sector has generated $80 billion in overseas licensing deals this year, indicating a robust market for biopharmaceuticals [1] - There is a contrast noted between the hot secondary market for biopharmaceuticals and the cooling fundraising environment in the primary market [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Zhenhua New Materials, indicating a significant decline in revenue and a net loss for the third quarter of 2025 [1] - Zhenhua New Materials reported a revenue of approximately 1.067 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 26.9% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 333 million yuan, with a basic earnings per share loss of 0.65 yuan [1] Group 2 - As of the report, Zhenhua New Materials has a market capitalization of 7.2 billion yuan [1] - The article also mentions the broader context of the Chinese innovative drug market, noting that overseas licensing has generated 80 billion US dollars this year [1] - The dialogue with an investment partner highlights the contrast between the hot secondary market in biomedicine and the cooling fundraising environment in the primary market [1]

内部控制评价管理制度 （2025年10月修订） 第一节 总则 第一条 为规范贵州振华新材料股份有限公司（以下简称： 公司）内部控制评价工作，根据《企业内部控制基本规范》 及其配套指引和公司章程的相关规定，结合公司实际，制定 本制度。 第二条 本制度适用于公司及纳入合并报表范围内的各 层级子公司。 第三条 内部控制评价，是指公司董事会对内部控制的有 效性进行全面评价、形成评价结论、出具评价报告的过程。 第四条 公司实施内部控制评价应当遵循下列原则： （一）全面性原则。评价工作应当包括内部控制的设计 与运行，涵盖公司的各种业务和事项。 （二）重要性原则。评价工作应当在全面评价的基础上， 关注重要业务单位、重大业务事项和高风险领域。 （三）客观性原则。评价工作应当准确地揭示经营管理 的风险状况，如实反映内部控制设计与运行的有效性。 第 1 页 共 10 页 （四）风险导向原则。评价工作应当以风险为导向，根 据风险发生的可能性和对公司内部控制目标的影响程度确定 需要评价的重点业务单元、重要业务领域和重要流程环节。 （五）及时性原则。评价工作应按照规定的时间进行， 当经营管理环境发生重大变化时，应及时进行重新评价。 第 ...