Core Viewpoint - Zhenhua New Materials announced the completion of its IPO fundraising project for the "Lithium-ion Battery Cathode Material Production Line Construction Project (Shawen Phase II)" and that the remaining raised funds have been permanently allocated, with the corresponding fundraising account successfully closed [2] Group 1 - The IPO fundraising project has been officially completed [2] - The remaining funds from the IPO have been permanently allocated [2] - The fundraising account related to the project has been successfully closed [2]

证券代码：688707 证券简称：振华新材 公告编号：2026-004 贵州振华新材料股份有限公司 关于注销募集资金专户的公告 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。 贵州振华新材料股份有限公司（以下简称"公司"或"振华新材"）首次 公开发行股票募集资金按照相关法律、行政法规和规范性文件的规定在银行开 立了募集资金专用账户。鉴于公司上述募集资金投资项目"锂离子电池正极材 料生产线建设项目(沙文二期）"已结项，节余募集资金已永久补充流动资金， 公司按照相关要求将对应的募集资金专户予以注销，具体情况如下： 一、募集资金情况 经中国证券监督管理委员会《关于同意贵州振华新材料股份有限公司首次 公开发行股票注册的批复》（证监许可[2021]2593号）同意，公司首次向社会公 开发行人民币普通股（A股）110,733,703股，每股发行价格为11.75元。新股发 行募集资金总额为130,112.10万元，扣除不含税发行费用6,590.31万元后，实际 募集资金净额为123,521.79万元。中天运会计师事务所（特殊普通合伙）于 ...

Group 1 - The core point of the article is that Zhihua New Materials has disclosed its expected number of shareholders by the end of 2025, which is projected to be 17,782 households [2] Group 2 - The company provided this information in response to investor inquiries on an interactive platform [2]

Group 1 - The core point of the article is that Zhihua New Materials has achieved significant production milestones with its ultra-high nickel ternary 9-series materials, reaching a shipment level of hundreds of tons [1] Group 2 - The company responded to investor inquiries on an interactive platform, indicating strong market demand and production capabilities for its advanced materials [1]

Core Viewpoint - The company is successfully collaborating with mainstream downstream customers in the sodium-ion battery cathode material sector, including applications in power batteries, energy storage batteries, and start-stop power sources [1] Group 1 - The company has engaged in partnerships with key players in the sodium-ion battery market [1] - The collaborations are focused on various applications such as power batteries and energy storage [1] - Investors are encouraged to monitor the company's announcements for further details [1]

Core Viewpoint - The company Zhuhai New Materials has announced that its Shawin Phase II expansion project will be ready for production by the end of 2023 [1] Group 1 - The Shawin Phase II expansion project is a significant development for the company, indicating growth and increased production capacity [1]

Group 1 - The core point of the article is that as of January 10, 2026, the number of shareholders for Zhenhua New Materials is reported to be 18,204 households [1]

Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -500 million and -400 million yuan, indicating a reduction in losses compared to the previous year by 27.71 million to 127.71 million yuan, with a year-on-year reduction rate of 5.25% to 24.2% [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between -514 million and -414 million yuan, reflecting a decrease in losses of 20.49 million to 120.49 million yuan compared to the previous year, with a year-on-year reduction rate of 3.83% to 22.54% [2] - In 2024, the company's total profit was -630.14 million yuan, with a net profit attributable to shareholders of -527.71 million yuan and a net profit after deducting non-recurring gains and losses of -534.49 million yuan, resulting in an earnings per share of -1.05 yuan [2] Group 2 - The company attributes the losses to a decline in market demand for existing products, while new products have not yet generated bulk orders, leading to low capacity utilization and high fixed costs per unit, which significantly pressures overall profits [3] - The company has increased R&D investment to maintain technological leadership and expand into new markets, covering traditional lithium-ion battery cathode materials as well as sodium-ion battery cathode materials and solid-state battery materials, resulting in a year-on-year increase in R&D expenses [3] - The narrowing of losses in the current year is primarily due to effective cost control measures and a reduction in impairment losses from rising raw material prices [3]

Core Viewpoint - 15 companies listed on the Sci-Tech Innovation Board have provided earnings forecasts for 2025, with 8 companies expecting profit increases, 3 companies expecting reduced losses, 2 companies expecting profit declines, and 2 companies expecting losses [1] Group 1: Earnings Forecast Overview - 53.33% of the companies forecast profit increases, with 8 out of 15 companies reporting positive earnings forecasts [1] - Among the companies expecting profit increases, 2 companies anticipate a net profit growth exceeding 100%, while 2 companies expect growth between 50% and 100% [1] Group 2: Individual Company Forecasts - Zhongke Lanyun (688332) expects the highest net profit growth of 371.51% [1] - Bai'ao Saituo (688796) and Qiangyi Co., Ltd. (688809) forecast net profit growth of 303.57% and 66.24%, ranking second and third respectively [1] - Other notable forecasts include: - Xinpeng Micro (688508) with a 66.00% increase - Muxi Co., Ltd. (688802) with a reduced loss of 54.22% [1] Group 3: Detailed Company Performance - Companies with profit increases: - Zhongke Lanyun: 371.51% [1] - Bai'ao Saituo: 303.57% [1] - Qiangyi Co., Ltd.: 66.24% [1] - Xinpeng Micro: 66.00% [1] - Daotong Technology (688208): 42.76% [1] - More Thread (688795): 41.36% [1] - Jianxin Superconductor (688805): 33.55% [1] - Yongxi Electronics (688362): 31.93% [1] - Youxun Co., Ltd. (688807): 22.01% [1] - Companies with reduced losses: - Muxi Co., Ltd.: 54.22% [1] - More Thread: 41.36% [1] - Zhenhua New Materials (688707): 14.73% [1] - Companies expecting losses: - Angrui Micro (688790): -19.44% [1] - Electric Wind Power (688660): -26.15% [1] - Companies expecting profit declines: - Zhongkong Technology (688777): -57.46% [1] - Aotewei (688516): -60.65% [1]

Core Insights - The core viewpoint of the article is the significant growth forecast for the global sodium-ion battery industry, particularly in the production and shipment of cathode materials by 2025, as detailed in the "2026 Global Sodium Battery Industry White Paper" published by Qidian Research Institute SPIR [2]. Group 1: Industry Overview - By 2025, the global shipment of sodium-ion battery cathode materials is expected to reach approximately 20,000 tons, representing a year-on-year growth of 122.2% [2]. - Among the cathode materials, the shipment of polyanionic cathode materials is projected to exceed that of layered oxides, with an estimated shipment of 14,000 tons, marking a staggering year-on-year increase of 366.6%. In contrast, the shipment of layered oxide cathode materials is expected to be 5,000 tons, reflecting a year-on-year decline of 16.6% [2]. Group 2: Price Trends - The average price of layered oxide cathode materials in 2025 is forecasted to be 38,000 yuan per ton, which is a decrease of 26.3% compared to the previous year [3]. - The average price for polyanionic cathode materials is expected to be 28,000 yuan per ton, showing a decline of 22.2% year-on-year [3]. Group 3: Leading Companies - The top 10 companies in the global sodium-ion battery cathode materials shipment for 2025 include: 1. Qiana Energy 2. Rongbai Technology 3. Sodium Innovation Energy 4. Yingna New Energy 5. Wanrun New Energy 6. Sodium Science Energy 7. Dangseng Technology 8. Jiangsu Xiangying 9. Sodium Far New Materials 10. Jinguang Energy [7]. - The next tier, companies ranked 11-20, includes: 11. Ruiyang New Energy 12. Green Beauty 13. Zhenhua New Materials 14. Yangguang Technology 15. Tongxing Haosheng 16. Taihe Technology 17. Better Energy 18. Shengna Energy 19. Chaona New Energy 20. Xinna New Materials [7]. Group 4: Market Segmentation - The top 10 companies in the shipment of polyanionic cathode materials include: 1. Qiana Energy 2. Rongbai Technology 3. Yingna New Energy 4. Wanrun New Energy 5. Jinguang Energy 6. Sodium Science Energy 7. Sodium Far New Materials 8. Ruiyang New Energy 9. Tongxing Haosheng 10. Taihe Technology [9]. - The top 10 companies in the shipment of layered oxide cathode materials include: 1. Sodium Innovation Energy 2. Rongbai Technology 3. Dangseng Technology 4. Jiangsu Xiangying 5. Zhenhua New Materials 6. Sodium Science Energy 7. Green Beauty 8. Better Energy 9. Yangguang Technology 10. Changyuan Lithium Technology [9].