兴业证券股份有限公司 关于厦门厦钨新能源材料股份有限公司 （二）募集资金使用及结余情况 截至 2024 年 12 月 31 日，公司 2022 年向特定对象发行股票募投项目累计使 用募集资金 2,653,743,621.97 元，其中：使用募集资金置换以自筹资金预先偿还 银行贷款金额为 61,000,000.00 元，直接投入募投建设项目的募集资金为 148,111,362.48 元，使用募集资金补充流动资金及偿还银行贷款金额为 2,444,632,259.49 元。公司 2022 年向特定对象发行股票募投项目以前年度使用募 集资金 2,555,636,020.47 元，2024 年度使用募集资金 98,107,601.50 元，期末尚未 使用的募集资金余额为 880,200,077.55 元（包含利息收入扣除手续费支出后的净 额），其中募集资金专户余额为 380,201,077.55 元，持有未到期赎回的现金管理 产品金额 499,999,000.00 元。 2024年度募集资金存放与实际使用情况的核查意见 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为厦门 厦钨新能源材料股份有限公司（以下 ...

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) ...

Core Viewpoint - The AI Fund Shenwan Lingxin New Energy Vehicle Theme Flexible Allocation Mixed A (001156) reported a profit of 48.76 million yuan in Q1 2025, with a net value growth rate of 2.83% for the period [2]. Fund Performance - As of April 21, the fund's net value growth rates were -3.44% over the past three months, -5.17% over the past six months, 9.50% over the past year, and -21.41% over the past three years, ranking 109/182, 98/182, 75/179, and 62/119 respectively among comparable funds [3]. - The fund's Sharpe ratio over the past three years was -0.0817, ranking 61/116 among comparable funds [7]. - The maximum drawdown over the past three years was 57.59%, with the largest single-quarter drawdown occurring in Q1 2020 at 28.78% [9]. Fund Holdings and Strategy - As of Q1 2025, the fund's scale was 1.544 billion yuan [14]. - The fund has a high concentration of holdings, with the top ten stocks including BYD, CATL, Xinwangda, Keda Li, Xiamen Tungsten, Weir Shares, Jianghuai Automobile, Seres, BAIC Blue Valley, and Jingfang Technology [18]. - The fund manager indicated a strategic shift in Q1 2025, reducing exposure in the wind and solar storage sectors and focusing investments on the automotive sector, particularly in battery and materials, smart vehicles, and automotive components [2].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights the launch of new electric vehicle models, including the Xiaopeng X9 and the Denza N9, which are positioned to enhance market competition in the electric vehicle sector [6]. - The report emphasizes the importance of power batteries in electric vehicles, suggesting a focus on companies involved in battery production and related materials [6]. - The report provides detailed specifications of new vehicle models, including pricing, power output, and range, showcasing advancements in technology and design [6]. Industry Overview - The industry consists of 299 listed companies with a total market capitalization of approximately 46,881.73 billion and a circulating market value of about 41,202.87 billion [2]. - The absolute performance of the industry over the past 12 months shows a growth of 3.9%, while the relative performance indicates a decline of 3.0% compared to the benchmark index [3]. Recent Developments - The Ministry of Industry and Information Technology announced the public disclosure of new energy vehicle models, with 218 enterprises submitting 578 models for approval, including 498 pure electric models [6]. - Xiaopeng X9 is priced between 359,800 to 419,800 yuan, featuring a maximum range of 740 kilometers with a 105 kWh battery [6]. - Denza N9 offers a comprehensive range of 1302 kilometers and includes advanced driving assistance features [6]. - Wuling Hongguang has introduced a range-extended version, providing options for fuel, range-extended, and pure electric powertrains [6].