w 厦门厦钨新能源材料股份有限公司 募集资金存放与使用情况鉴证报告 募集资金存放与使用情况鉴证报告 华兴专字[2025]24015510045 号 华兴会计师事务所（特殊普通合伙） 华兴专字[2025]24015510045 号 厦门厦钨新能源材料股份有限公司全体股东： 我们接受委托，对后附的厦门厦钨新能源材料股份有限公司（以下简称 厦钨新能公司）董事会编制的《2024 年度募集资金年度存放与使用情况专项 报告》（以下简称"募集资金专项报告"）执行了鉴证工作。 一、董事会的责任 厦钨新能公司董事会的责任是提供真实、合法、完整的相关资料，按照 中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》和《上海证券交易所科创板上市公司自律监管指引 第 1 号——规范运作（2023 年 12 月修订）》的规定编制募集资金专项报告。 这种责任包括设计、执行和维护与募集资金专项报告编制相关的内部控制， 保证募集资金专项报告的真实、准确和完整，以及不存在虚假记载、误导性 陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对厦钨新能公司董事会编制的募 集资金专项报 ...

w 厦门厦钨新能源材料股份有限公司 内部控制审计报告 华兴审字[2025]24015510038 号 厦门厦钨新能源材料股份有限公司全体股东： 内部控制审计报告 华兴审字[2025]24015510038 号 华兴会计师事务所（特殊普通合伙） 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了厦门厦钨新能源材料股份有限公司全体股东（以下简称"厦钨新 能公司"）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》和《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是 厦钨新能公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外， 由于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的 程度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 1 计 ...

w 厦门厦钨新能源材料股份有限公司 审 计 报 告 华兴审字[2025]24015510022 号 华兴会计师事务所（特殊普通合伙） 审 计 报 告 华兴审字[2025]24015510022号 厦门厦钨新能源材料股份有限公司全体股东： 一、审计意见 我们审计了厦门厦钨新能源材料股份有限公司（以下简称"厦钨新能" 或"公司"）财务报表，包括2024年12月31日的合并及母公司资产负债表， 2024年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司 所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了厦钨新能2024年12月31日的合并及母公司财务状况以及2024 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于厦钨新能，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,976,556,152.31, representing a decrease of 9.77% compared to CNY 3,298,786,656.17 in the same period last year[3] - Net profit attributable to shareholders was CNY 116,678,997.20, an increase of 4.84% from CNY 111,288,715.41 year-on-year[3] - The company reported a revenue of RMB 2.977 billion in Q1 2025, a decrease of 9.77% year-on-year, while the total profit was approximately RMB 124 million, an increase of 8.52% year-on-year[12] - The net profit attributable to the parent company was around RMB 117 million, reflecting a year-on-year growth of 4.84%, and the net profit after deducting non-recurring gains and losses was approximately RMB 111 million, up by 8.51% year-on-year[12] - Basic earnings per share for the period were CNY 0.28, reflecting a 7.69% increase from CNY 0.26 in the same period last year[3] - Basic earnings per share for Q1 2025 was ¥0.28, up from ¥0.26 in Q1 2024[19] - Net profit for Q1 2025 was approximately ¥114.59 million, an increase of 3.6% compared to ¥110.58 million in Q1 2024[19] Cash Flow and Assets - The net cash flow from operating activities decreased by 45.78%, amounting to CNY 273,374,182.94, primarily due to an increase in accounts payable[6] - Current assets totaled RMB 8.424 billion, down from RMB 8.571 billion at the end of 2024, with cash and cash equivalents at RMB 1.708 billion[13] - The company's total liabilities were RMB 5.370 billion, a decrease from RMB 5.685 billion at the end of 2024[15] - The equity attributable to shareholders of the parent company was RMB 8.864 billion, an increase from RMB 8.737 billion at the end of 2024[15] - Cash flow from operating activities for Q1 2025 was approximately ¥273.37 million, a decrease of 45.7% from ¥504.18 million in Q1 2024[22] - The total cash and cash equivalents at the end of the period amounted to $1.71 billion, down from $2.28 billion in the previous period, representing a decrease of approximately 25%[23] - The net cash flow from investing activities was -$156.54 million, compared to -$268.98 million in the previous period, indicating an improvement of approximately 42%[23] - The net cash flow from financing activities was -$56.44 million, a significant decrease from a positive $842.29 million in the previous period, reflecting a change of over 106%[23] Research and Development - Research and development expenses totaled CNY 98,564,879.76, which is 3.31% of operating revenue, up from 2.64% in the previous year[4] - Research and development expenses for Q1 2025 were approximately ¥98.56 million, an increase of 13.0% from ¥87.22 million in Q1 2024[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,235[9] - The largest shareholder, Xiamen Tungsten Co., Ltd., holds 50.26% of the shares, totaling 211,475,699 shares[9] Market and Product Performance - In Q1 2025, the company achieved a total sales volume of lithium-ion cathode materials of 24,800 tons, with lithium cobalt oxide sales of 12,300 tons, representing a year-on-year increase of 46.55%, while ternary material sales decreased by 31.53% to 10,900 tons[12] - The company is focused on expanding its market presence and developing new products and technologies in the lithium-ion battery sector[12] Other Financial Metrics - The weighted average return on equity increased to 1.33%, up by 0.04 percentage points compared to 1.29% in the previous year[4] - The company reported non-recurring gains of CNY 5,308,809.13 for the period, after accounting for tax and minority interests[6] - Other comprehensive income after tax for Q1 2025 was approximately ¥15.05 million, compared to a loss of ¥4.26 million in Q1 2024[19] - The company reported a decrease in financial expenses, with interest expenses dropping to approximately ¥5.82 million from ¥23.03 million in Q1 2024[18] - The company experienced a significant increase in tax expenses, which rose to approximately ¥9.12 million from ¥3.42 million in Q1 2024[18] Future Outlook - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[23] - The company’s cash flow management strategies are under review to address the significant changes in financing activities and cash reserves[23] - The company has not disclosed any significant mergers or acquisitions during the reporting period[10] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[10]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the fiscal year, representing a 25% year-over-year growth[18]. - The company's operating revenue for 2024 was approximately ¥13.30 billion, a decrease of 23.19% compared to ¥17.31 billion in 2023[24]. - The net profit attributable to shareholders for 2024 was approximately ¥494.07 million, down 6.33% from ¥527.45 million in 2023[24]. - The basic earnings per share for 2024 was ¥1.18, reflecting a decline of 5.60% from ¥1.25 in 2023[24]. - The company's cash flow from operating activities for 2024 was approximately ¥1.75 billion, a decrease of 32.05% compared to ¥2.58 billion in 2023[24]. - The total profit amounted to CNY 50,786.74 million, down 9.08% year-on-year[125]. - Net profit attributable to shareholders was CNY 49,407.38 million, reflecting a decline of 6.33% compared to the previous year[125]. - The company achieved operating revenue of CNY 1,329,679.03 million, a year-on-year decrease of 23.19%[125]. Dividend and Capital Increase - The company plans to distribute a cash dividend of 4.00 CNY per 10 shares (including tax) and to increase capital by issuing 2 additional shares for every 10 shares held, resulting in a total cash dividend of approximately 167.84 million CNY[6]. - The total share capital is expected to increase from 420,771,001 shares to approximately 504,691,083 shares after the capital increase[6]. Audit and Compliance - The company has received a standard unqualified audit report from Huaxing Accounting Firm[5]. - The board of directors and supervisory board members have all attended the board meeting, ensuring the integrity of the annual report[5]. - The company has not reported any violations of decision-making procedures regarding external guarantees[9]. - The company has not experienced any changes in its governance structure that would affect the annual report's accuracy[7]. - The company has not faced any penalties from securities regulatory authorities in the past three years[191]. Risk Management - The company has outlined various risk factors in the management discussion and analysis section of the report[4]. - The company emphasizes that forward-looking statements do not constitute a commitment to investors and advises caution regarding investment risks[8]. - The company faced significant challenges in the new energy vehicle sector due to global trade protectionism and high tariffs on exports to Europe and the United States[32]. - The company reported a decline in profit margins due to falling prices of bulk raw materials and increased competition in the new energy sector[32]. Research and Development - Research and development expenses accounted for 3.15% of operating revenue in 2024, an increase of 0.47 percentage points from 2.68% in 2023[24]. - The company has received 204 authorized patents, reflecting its commitment to technological innovation and a robust intellectual property system[34]. - The company is focusing on talent development and international recruitment to strengthen its innovation capabilities and support rapid growth[47]. - The company is advancing its solid-state battery technology, with new cathode materials and electrolytes under development, aiming to enhance energy density and performance[37]. - The company is committed to reducing costs and improving efficiency through advanced manufacturing practices and cross-base cost benchmarking[159]. Market Expansion and Product Development - The company is expanding its market presence, targeting an increase in market share by 10% in the next year through strategic partnerships and marketing initiatives[18]. - New product development includes the launch of a high-performance lithium battery, expected to enhance energy density by 20% compared to previous models[18]. - The company has developed NL new structure cathode materials, which significantly outperform traditional lithium cobalt oxide and ternary materials in energy density and charge-discharge rates[80]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence[180]. - The company aims to leverage its technological advantages to maintain its leading position in high-power ternary materials and high-voltage ternary materials[153]. Sustainability and Corporate Governance - The company has been recognized as a national-level green factory, achieving carbon neutrality in its operations for two consecutive years at its Sanming facility[106]. - The company is committed to green development and carbon neutrality goals, establishing a high-standard green manufacturing system[161]. - The company is actively engaging in discussions to enhance its corporate governance and compliance practices[198]. - The company has established a community policy as part of its commitment to sustainable development[199]. Shareholder and Board Activities - The company held 2 shareholder meetings during the reporting period, ensuring equal rights for all shareholders[166]. - The total remuneration for the chairman is 1.5028 million yuan, while the total remuneration for the general manager is 1.4669 million yuan[178]. - The company held a board meeting on April 16, 2024, to review and approve the annual assessment report and remuneration proposals for directors and senior management for 2023 and 2024[189]. - The second board held six meetings in 2024, with all resolutions passed without any objections[191].

前十大流通股东累计持有： 29830.74万股，累计占流通股比： 70.9%，较上期变化： -1205.88万股。 | 持有数量(万股) 名称 | | 占总股本比例 (%) | 增减情况(万 | | --- | --- | --- | --- | | 厦门钨业（600549）股份有限公司 | | | 股) | | 21147.57 | | 50.26 | 不变 | | 宁波海诚领尊创业投资合伙企业(有限合伙) | 2792.06 | 6.64 | -300.00 | | 福建冶控股权投资管理有限公司 | 2300.32 | 5.47 | 不变 | | 福建闽洛投资合伙企业(有限合伙) | 1056.60 | 2.51 | 不变 | | 福建三钢闽光（002110）股份有限公司 | 783.66 | 1.86 | 不变 | | 天齐锂业（002466）股份有限公司 | 675.45 | 1.61 | -117.00 | | 福建省国企改革重组投资基金(有限合伙) | 517.90 | 1.23 | -400.76 | | 南方中证500ETF | 223.24 | 0.53 | -26.10 | | 香港中央结 ...

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.1800 | 1.2500 | -5.6 | 2.9900 | | 每股净资产（元） | 20.77 | 20.39 | 1.86 | 27.28 | | 每股公积金(元) | 14.31 | 14.31 | 0 | 20.43 | | 每股未分配利润(元) | 5.05 | 4.61 | 9.54 | 5.35 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 132.97 | 173.11 | -23.19 | 287.51 | | 净利润(亿元) | 4.94 | 5.27 | -6.26 | 11.21 | | 净资产收益率(%) | 5.73 | 6.30 | -9.05 | 20.88 | 前十大流通股东累计持有： 31036.62万股，累计占流通股比： 73.76%，较上期变化： -886.33万股。 | 名称 持有数量(万股) ...

Investment Rating - The report assigns an initial "Buy" rating for the company [7]. Core Views - The company is recognized as a leader in cobalt lithium materials, with future growth driven by its leading market share in cobalt lithium shipments, advancements in nickel-rich ternary materials, and a strong position in solid-state electrolyte technology [4][16]. - The company is expected to see steady revenue growth, with projected revenues of 133.0 billion, 155.9 billion, and 205.6 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -23.2%, +17.2%, and +31.9% [12][18]. Summary by Sections 1. Cobalt Lithium Leadership and Profitability Recovery - The company has been a pioneer in cobalt lithium production since 2004 and has expanded into ternary materials since 2012, establishing a strong foothold in both consumer electronics and power battery applications [25]. - The company has a significant market share in cobalt lithium, with a projected global market share of 44% by 2024, driven by increasing demand from the 3C electronics sector [11][16]. 2. Ternary Material Technology Advantages - The company’s nickel-rich high-voltage products are technologically advanced and have achieved mass production, with a focus on meeting the growing demand in the electric vehicle sector [11][12]. - The company is developing ultra-high nickel products and has a comprehensive product range covering all nickel series and voltage platforms, enhancing its competitive edge [16]. 3. Solid-State Electrolyte and NL Electrode Advancements - The NL electrode material shows significant advantages in energy density, cycle life, and cost-effectiveness compared to traditional materials, with plans for application in various sectors by 2025 [12][34]. - The company is strategically positioned in the solid-state electrolyte market, with promising results from pilot tests indicating substantial cost reduction potential [12][34]. 4. Financial Forecast and Valuation - The company’s projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.18, 1.85, and 2.37 yuan respectively, with a compound annual growth rate (CAGR) of 23.64% over three years [12][18]. - The report estimates a fair value of 65.80 yuan per share based on discounted cash flow (DCF) analysis, with a target price of 66.6 yuan considering the company's leadership in cobalt lithium and ongoing product innovations [12][18].

Summary of Xiamen Tungsten New Energy Conference Call Company Overview - Xiamen Tungsten New Energy has established a joint venture with France's ARENA Group to accelerate overseas market expansion and is constructing a production line for 40,000 tons of ternary cathode materials in France [2][3] - The company is actively laying out upstream raw materials to mitigate raw material cost fluctuations [2] Key Financials and Growth Projections - Total shipment volume for 2024 is projected at 46,000 tons, with ternary shipments at 51,000 tons, expecting over 20% growth in 2025 for both ternary and other product areas [2][6] - Expected overall revenue for 2025 is 15.6 billion yuan, with a net profit of 780 million yuan, indicating significant future potential [4][20] Product Development and Market Trends - Lithium silicate cathode materials are widely used in the 3C electronics sector, particularly in smartphones, which account for 44% of the market share [7] - The demand for ternary cathode materials is benefiting from the growth of the new energy vehicle market, although facing competition from lithium iron phosphate batteries [2][10] - The company is focusing on mid-nickel high-voltage materials due to their cost and safety advantages [2][11] Technological Advancements - The company has made breakthroughs in new technologies, with NL cathodes outperforming traditional materials in energy density, rate capability, and cycle life [4][19] - The latest seven-series high-voltage ternary materials have been applied in lithium batteries with voltages ranging from 4.4V to 5V, achieving energy densities comparable to ultra-high nickel levels [2][12] Competitive Landscape - In 2024, the market share of 6-series and 8-series ternary materials is expected to increase, with the company’s five-series high-voltage products matching the energy density of 6-series products and exceeding 8-series products [12] - The company maintains a leading market share in lithium silicate and is the first in the country to mass-produce lithium silicate cathode materials with voltages above 4.5V [9][18] Future Directions - The company plans to continue upgrading new materials and technologies, accelerate overseas expansion, and deepen partnerships with quality customers to enhance market share and profitability [5][20] - The phosphoric iron lithium business is expected to reach a thousand-ton level in 2025, significantly reducing losses [4][20] Challenges and Considerations - The company faces challenges in the solid-state electrolyte market, including technical difficulties and high raw material costs [15] - The competitive landscape is evolving, with iron-lithium batteries gaining market share due to their cost-effectiveness [10] Conclusion - Xiamen Tungsten New Energy is positioned for significant growth with a strong focus on innovation, market expansion, and strategic partnerships, making it a compelling investment opportunity [20]

一、本次权益变动的基本情况 本次权益变动为厦门厦钨新能源材料股份有限公司（以下简称"公司"） 股东宁波海诚领尊创业投资合伙企业（有限合伙）（以下简称"宁波海 诚"）按照之前已披露的股份减持计划进行减持，不触及要约收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化，不会对公 司治理结构及未来持续经营产生重大影响。 本次权益变动前，宁波海诚持有公司股份 30,920,634 股，占公司总股 本的 7.35%。本次权益变动后，宁波海诚持有公司股份 29,427,511 股， 占公司总股本的 7.00%。 证券代码：688778 证券简称：厦钨新能 公告编号：2025-011 厦门厦钨新能源材料股份有限公司 关于持股 5%以上股东权益变动触及 1%的提示性公告 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： 2025 年 3 月 5 日，公司收到股东宁波海诚出具的《股份减持进展告知函》， 自 2025 年 2 月 17 日至 2025 年 3 月 4 日期间，其通过集中竞价交易方式减持了 公司 ...