五矿新能公告，2025年上半年营业收入29.04亿元，同比增长15.85%。归属于上市公司股东的净亏损 2682.65万元，上年同期净亏损6593.03万元。 ...

格隆汇8月15日丨五矿新能(688779.SH)在互动平台表示，公司不断推进电池材料技术成果转化，超高镍 系列产品已实现电动工具及低空飞行器细分市场的批量应用，成功切入低空经济市场。 ...

Core Viewpoint - The company, Wenkang New Energy, announced that it will not adjust the conversion price of its "Lithium Science Convertible Bonds" downward, even if the conditions for downward adjustment are triggered again in the next six months [1] Summary by Relevant Sections - **Company Decision**: The board of directors decided not to lower the conversion price of the convertible bonds during the upcoming six-month period, starting from August 13, 2025, to February 12, 2026 [1] - **Future Conditions**: If the conditions for downward adjustment of the conversion price are triggered again within the specified timeframe, the company will also refrain from proposing a downward adjustment plan [1]

五矿新能源材料（湖南）股份有限公司 关于不向下修正"锂科转债"转股价格的公告 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。 重要内容提示： 截至 2025 年 8 月 12 日，五矿新能源材料（湖南）股份有限公司（以下 简称"公司"）股价已触发"锂科转债"转股价格向下修正条款。 经公司第三届董事会第二次会议审议，公司董事会决定本次不向下修正 转股价格，同时在未来六个月内（即自本次触发修正条件的次一交易日 2025 年 8 月 13 日起至 2026 年 2 月 12 日），如再次触发"锂科转债"转股价格向下修 正条件，亦不提出向下修正方案。 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于同意湖南长远锂科股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕1784 号）同 意注册，公司于 2022 年 10 月 11 日向不特定对象发行了 3,250.00 万张可转换公 司债券，每张面值为人民币 100 元，发行总额为 325,000.00 万元，期限为自发 行之日起六年，即自 20 ...

Core Viewpoint - The company, Wulian New Energy Materials (Hunan) Co., Ltd., is expected to trigger the condition for a downward adjustment of the conversion price for its convertible bonds, "Lithium Science Convertible Bonds," due to the stock price being below 85% of the current conversion price for 10 trading days [2][8]. Group 1: Convertible Bond Issuance Overview - The company issued 32.5 million convertible bonds with a total amount of 3.25 billion yuan, with a maturity period from October 11, 2022, to October 10, 2028 [3]. - The bonds began trading on the Shanghai Stock Exchange on November 7, 2022, under the name "Lithium Science Convertible Bonds" and code "118022" [3]. - The initial conversion price was set at 15.76 yuan per share, adjusted to 15.53 yuan per share starting June 15, 2023, due to the company's annual equity distribution [4]. Group 2: Conversion Price Adjustment Terms - The company has the right to propose a downward adjustment of the conversion price if the stock price is below 85% of the current conversion price for at least 15 out of any 30 consecutive trading days [5]. - The adjustment requires approval from more than two-thirds of the voting rights at the shareholders' meeting, with bondholders required to abstain from voting [6]. - If the conversion price is adjusted, the company will announce the adjustment details, including the new conversion price and relevant dates [7]. Group 3: Expected Trigger Conditions for Price Adjustment - From July 23, 2025, to August 5, 2025, if the stock price remains below 13.20 yuan (85% of the current conversion price) for 10 trading days, it may trigger the condition for a downward adjustment of the conversion price [8].

Core Viewpoint - The company, Wenkang New Energy, announced that its stock price has been below 85% of the conversion price for 10 trading days, which may trigger a downward adjustment of the conversion price [1] Summary by Relevant Sections - **Stock Performance**: From July 23, 2025, to August 5, 2025, the company's stock has closed below the conversion price of 13.20 yuan per share for 10 trading days [1] - **Potential Actions**: If the conditions for adjustment are met, the company will hold a board meeting on the triggering day to decide whether to adjust the conversion price and will fulfill its information disclosure obligations promptly [1] - **Investor Advisory**: The company urges investors to pay attention to investment risks related to this situation [1]

| 证券代码：688779 | 证券简称：五矿新能 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118022 | 转债简称：锂科转债 | | 一、可转债发行上市概况 （一）经中国证券监督管理委员会《关于同意湖南长远锂科股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2022〕1784 号）同 意注册，公司于 2022 年 10 月 11 日向不特定对象发行了 3,250.00 万张可转换公 司债券，每张面值为人民币 100 元，发行总额为 325,000.00 万元，期限为自发 行之日起六年，即自 2022 年 10 月 11 日至 2028 年 10 月 10 日。 （二）经上海证券交易所自律监管决定书〔2022〕302 号文同意，公司 325,000.00 万元可转换公司债券于 2022 年 11 月 7 日起在上海证券交易所挂牌 交易，债券简称"锂科转债"，债券代码"118022"。 （三）根据有关规定和公司《向不特定对象发行可转换公司债券募集说明书》 证券代码：688779，证券简称：五矿新能 转债代码：118022，转债简称：锂科转债 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in ESG policies and initiatives, emphasizing the importance of climate change cooperation between China and the EU, as well as the acceleration of clean energy transitions globally [9][20][24] Policy Developments - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the revised "Corporate Governance Guidelines for Listed Companies," aiming to enhance governance standards and protect minority investors [5][6] - The National Development and Reform Commission (NDRC) has revised the "Energy Conservation Review and Carbon Emission Evaluation Measures for Fixed Asset Investment Projects," integrating carbon emission evaluations into energy conservation reviews [7][8] Industry Trends - The joint statement by China and EU leaders on climate change emphasizes the need for stable policies and cooperation in addressing climate challenges, highlighting the significance of the Paris Agreement [9][12] - The 2025 World Artificial Intelligence Conference introduced the "Global Governance Action Plan for Artificial Intelligence," focusing on the opportunities and challenges posed by AI technology [13][14] - The Ministry of Water Resources released the "China Water Conservation Report 2024," indicating a 2.15 billion cubic meter increase in total water usage compared to 2023, while improving water efficiency metrics [17][18] International Events - The UN Secretary-General called for an accelerated transition to clean energy, noting that renewable energy investments have surged to $2 trillion, surpassing fossil fuel investments by $800 billion [20][21] - France is expected to see a slowdown in greenhouse gas emission reductions in 2025, with a projected increase in emissions in the first quarter of that year [22][23] - The International Court of Justice provided a systematic interpretation of countries' legal responsibilities in addressing climate change, emphasizing the urgent need for action [24][25] Corporate Developments - The first annual list of "Best ESG Companies on the Sci-Tech Innovation Board" was released, highlighting 20 companies that excel in ESG performance across various sectors [26][27] - The agricultural, forestry, and fishery sectors showed an increase in ESG disclosure rates, yet still lag behind the overall industry average [29][30]

Core Viewpoint - Lithium-rich manganese-based cathode materials are ideal for solid-state batteries due to their high specific capacity, high voltage characteristics, cost advantages, and compatibility with solid-state battery systems, showing significant potential in enhancing energy density, safety, and reducing costs [2]. Group 1: Industry Overview - The maturity of solid-state battery technology is expected to accelerate the penetration of lithium-rich manganese-based materials in high energy density demand scenarios such as new energy vehicles and low-altitude economy [2]. - According to incomplete statistics from SPIR, there are currently 34 core production enterprises of lithium-rich manganese-based cathode materials for solid-state batteries in China [2]. Group 2: List of Companies - A list of 34 companies producing lithium-rich manganese-based cathode materials includes: - Tsinghua Tongfang Technology - Rongbai Technology - Guoxuan High-Tech - Hunan Youneng - Greeenme - Ningbo Yian Lithium - Wanrun New Energy - Tianli Lithium Energy - Kunming Technology - Zhongke Gonen - Shenzhen Kejing - Changyuan Lithium Technology - Fengyuan Co., Ltd. - Huayou Cobalt - Zhenhua New Materials - Yibin Lithium Treasure - Jiangte Electric - BASF Shanshan - Chuanglu Advanced - Jinlongyu - Greenme - Xiangtan Electrochemical - Mengguli - Xiamen Tungsten New Energy - Chuangneng Huitong - Jusheng Technology - Sufang New Energy - Longli New Energy - Chuangneng New Materials - Zhuhai Guanyu - Tianhua New Energy - Su Lithium Technology - Ningxia Hanyao - Boshik High-Tech [3].

Core Viewpoint - Recently, Wenkang New Energy (688779.SH) won a first-instance lawsuit, with the court ruling to terminate the lithium carbonate procurement framework agreement and ordering the defendants to return a prepayment of 122 million yuan and pay part of the penalty, totaling 181 million yuan involved in the case [1] Group 1: Legal Proceedings and Financial Implications - The court ruled that the defendants, including individuals Nan Jinxie, Nan Dongdong, and Nan Tian, are responsible for repaying the debts [1][5] - Wenkang New Energy's subsidiary Longyuan Lithium Technology and Jinch Energy had signed an agreement with Zhizun Lithium Industry to supply no less than 24,000 tons of battery-grade lithium carbonate in 2024, with a prepayment of 500 million yuan already made [2] - The lawsuit was initiated due to Zhizun Group's breach of contract, which began in the second half of 2024, leading to Wenkang New Energy's financial losses of 508 million yuan in 2024, a year-on-year increase in losses of 307.8% [3][4] Group 2: Creditworthiness and Market Conditions - The credit situation of Zhizun Lithium Industry has deteriorated significantly, with multiple instances of contract disputes, asset freezes, and being listed as a dishonest executor [7] - The decline in lithium prices and production issues have contributed to Zhizun Lithium's credit collapse, with the price dropping to around 70,000 yuan per ton by the end of 2024 [7] - Wenkang New Energy has secured a preferential right to recover funds from the equity disposal of two companies under Jiangxi Zhongke Lithium Industry, indicating a more favorable position compared to other creditors [7]