北京市金杜律师事务所 关于 石家庄尚太科技股份有限公司 向不特定对象发行可转换公司债券 的 致：石家庄尚太科技股份有限公司 北京市金杜律师事务所（以下简称金杜或本所）接受石家庄尚太科技股份有限 公司（以下简称尚太科技或发行人）的委托，担任发行人本次向不特定对象发行可 转换公司债券的中国境内专项法律顾问。 本所根据《中华人民共和国证券法》（以下简称《证券法》）、《中华人民共 和国公司法》（以下简称《公司法》）、《上市公司证券发行注册管理办法》（以 下简称《注册管理办法》）、《律师事务所从事证券法律业务管理办法》（以下简 称《证券法律业务管理办法》）、《律师事务所证券法律业务执业规则（试行）》 （以下简称《证券法律业务执业规则》）、《公开发行证券公司信息披露的编报规 则第 12 号——公开发行证券的法律意见书和律师工作报告》（证监发[2001]37 号） （以下简称《编报规则第 12 号》）等法律、行政法规、部门规章、规范性文件和中 国证券监督管理委员会（以下简称中国证监会）的有关规定，按照律师行业公认的 业务标准、道德规范和勤勉尽责精神，已于 2025 年 4 月 21 日出具《北京市金杜律 师事务所关于石家庄 ...

保荐人（主承销商） （深圳市罗湖区红岭中路1012号国信证券大厦十六层至二十六层） 保荐机构声明 本保荐机构及所指定的两名保荐代表人均是根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《上 市公司证券发行注册管理办法》（以下简称《注册管理办法》）等有关法律、法规 和中国证券监督管理委员会（以下简称中国证监会）的有关规定，诚实守信，勤 勉尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具本发行保 荐书，并保证所出具的文件真实、准确、完整。 本发行保荐书中如无特别说明，相关术语或简称具有与《石家庄尚太科技股 份有限公司向不特定对象发行可转换公司债券募集说明书》中相同的含义。 国信证券股份有限公司 关于石家庄尚太科技股份有限公司 主板向不特定对象发行可转换公司债券的 发行保荐书 一、保荐代表人情况 张宇女士：国信证券投资银行事业部业务总监，保荐代表人，法律硕士，具 有法律职业资格。2017 年进入国信证券投资银行事业部工作，曾主持及参与了 邦彦技术 IPO、蓝思科技非公开发行、麦捷科技非公开发行、晶科能源向不特定 对象发行可转换公司债券、鲲鹏资本战略入 ...

国信证券股份有限公司关于 石家庄尚太科技股份有限公司 主板向不特定对象发行可转换公司债券的 上市保荐书 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） | 十一、保荐机构对本次发行上市的推荐结论 20 | | --- | 保荐机构声明 本保荐机构及所指定的两名保荐代表人均是根据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司证券发行注册管理办法》（以下简称《注册管理办法》）等法律法规 和中国证券监督管理委员会（以下简称中国证监会）及深圳证券交易所的有关规 定，诚实守信，勤勉尽责，严格按照依法制订的业务规则和行业自律规范出具本 上市保荐书，并保证所出具的文件真实、准确、完整。 本上市保荐书中如无特别说明，相关术语或简称具有与《石家庄尚太科技股 份有限公司向不特定对象发行可转换公司债券募集说明书》中相同的含义。 3-3-2 深圳证券交易所： 石家庄尚太科技股份有限公司（以下简称"尚太科技"、"发行人"或"公 司"）拟申请向不特定对象发行可转换公司债券。国信证券股份有限公司（以下 简称"国信证券"、"保荐人"）认为 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [6] Core Insights - The industry cycle is on an upward trend, with internal differentiation observed across various segments [18] - The demand for new energy vehicles (NEVs) has significantly increased, with domestic sales reaching 6.935 million units in 25H1, a year-on-year increase of 40% [29] - The domestic energy storage market is experiencing robust growth, with new installations reaching 56.1 GWh in 25H1, up 68% year-on-year [3] - The photovoltaic (PV) sector is driven by a surge in installations, with domestic PV installations increasing by 168% year-on-year in Q2 [4] - Wind power installations also saw substantial growth, with new installations of 51.4 GW in 25H1, a 99% increase year-on-year [5] Summary by Sections New Energy Vehicles - Domestic NEV sales reached 6.935 million units in 25H1, up 40% year-on-year, with battery installations at 299.7 GWh, a 47% increase [29][30] - The average battery capacity for domestic NEVs increased to 51.5 kWh, up 9.8% year-on-year [29] - The report highlights the importance of companies with cost and technology advantages in the supply chain [2] Energy Storage - New energy storage installations in China reached 56.1 GWh in 25H1, a 68% increase year-on-year, driven by policy incentives [3] - The bidding scale for energy storage projects reached 176.6 GWh, up 181% year-on-year, indicating strong market demand [3] - The report anticipates that domestic energy storage installations could exceed 150 GWh by the end of 25 [3] Photovoltaics - The domestic PV sector saw a significant increase in installations, with Q2 25H1 showing a 168% year-on-year growth [4] - The report notes that the PV industry is benefiting from price recovery and increased shipment volumes, leading to improved profitability [4] - It emphasizes the importance of monitoring the supply-demand dynamics to reshape the industry landscape [4] Wind Power - Wind power installations in China reached 51.4 GW in 25H1, marking a 99% increase year-on-year, with a bidding scale of 71.9 GW, up 9% [5] - The report indicates that the wind turbine prices have stabilized and are expected to recover due to changes in bidding rules [5] - The outlook for the wind power sector remains positive, particularly for offshore wind projects [5] Industrial Control - The industrial control sector is experiencing upward momentum, with revenue growth of 17.3% year-on-year in 25Q2 [12] - The report highlights the potential for growth in the AIDC (Automatic Identification and Data Capture) industry, driven by increased investment in data centers [12] - Companies with strong product iteration barriers and deep customer relationships are recommended for investment [12]

Core Viewpoint - Shangtai Technology's stock has shown significant growth this year, with a year-to-date increase of 1.65% and a notable 38.91% rise over the past 60 days, indicating strong market interest and performance [1][2]. Company Overview - Shangtai Technology, established on September 27, 2008, and listed on December 28, 2022, specializes in the research, production, and sales of lithium-ion battery anode materials and carbon products [1]. - The company's revenue composition includes 91.57% from anode materials, 4.29% from graphitized coke, 3.62% from other sources, and 0.52% from diamond carbon sources [1]. Financial Performance - For the first half of 2025, Shangtai Technology reported a revenue of 3.388 billion yuan, reflecting a year-on-year growth of 61.83%, and a net profit attributable to shareholders of 479 million yuan, up 34.37% year-on-year [2]. - The company has distributed a total of 676 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 10, 2025, the number of shareholders increased by 20.10% to 29,100, while the average number of circulating shares per person decreased by 16.74% to 5,552 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.1699 million shares, a decrease of 4.0239 million shares from the previous period [3].

Group 1 - The core point of the article is that Shangtai Technology announced the establishment of a wholly-owned subsidiary and external investment during its board meeting held on September 15, 2025 [1] - For the first half of 2025, the revenue composition of Shangtai Technology was as follows: lithium-ion battery anode materials accounted for 91.57%, carbon products accounted for 4.81%, and other businesses accounted for 3.62% [1] - As of the time of reporting, Shangtai Technology had a market capitalization of 17.9 billion yuan [1]

尚太科技于2025年9月17日发布提示性公告，就向不特定对象发行可转换公司债券相关事宜进行披露。 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年5月18日，尚太科技收到深交所出具的《关于石家庄尚太科技股份有限公司申请向不特定对象发 行可转换公司债券的审核问询函》。深交所对公司报送的发行可转债申请文件审核后，形成审核问询问 题。 值得注意的是，尚太科技本次向不特定对象发行可转换公司债券事项，尚需通过深交所审核，并获得中 国证监会同意注册决定后方可实施。最终能否通过审核及获得同意注册决定，以及具体时间均存在不确 定性。公司表示将依据事项进展，严格依规及时履行信息披露义务，提醒投资者注意投资风险。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staf ...

Core Viewpoint - The company has provided a detailed response to the Shenzhen Stock Exchange regarding its application for issuing convertible bonds, outlining its operational status and fundraising project plans [1] Group 1: Operational Analysis - The company's main business includes negative electrode materials and graphitized coke, with sales revenue for negative electrode materials over the past three years being 4.198 billion, 3.736 billion, and 4.707 billion yuan, showing an 11.01% year-on-year decrease in 2023 due to market competition and price declines [2] - The gross profit margins have decreased over the years, recorded at 41.65%, 27.74%, and 25.72% [2] - Net profit attributable to the parent company was 1.289 billion, 722.9 million, and 838.3 million yuan over the same period [2] - Accounts receivable have consistently increased, with a 66.67% rise at the end of 2023 compared to 2022 [2] - The asset-liability ratios were 41.41%, 23.64%, and 32.38% respectively [2] - The company reported negative cash flow from operating activities over the past three years, with figures of -794.4 million, -416.4 million, and -284.4 million yuan [2] Group 2: Business Segment Analysis - The negative electrode materials segment contributed over 85% to the company's revenue during the reporting period, with sales prices declining from 2022 to 2024, but showing a slight increase in the first half of 2025 [2] - The company has implemented a differentiated product strategy to enhance competitiveness, with projected revenue growth of 25.97% in 2024 and 68.42% in the first half of 2025 [2] - The carbon products segment, primarily graphitized coke, has a lower revenue contribution and is subject to significant price fluctuations based on raw material costs and downstream demand [2] Group 3: Fundraising Project Insights - The company plans to raise up to 1.734 billion yuan for a new integrated production project for 200,000 tons of lithium battery negative electrode materials annually [3] - The project is expected to have a tax-adjusted static investment recovery period of 8.11 years and an internal rate of return of 12.82% [3] - The project aligns with industry growth trends and the company's market position, with plans to manage capacity and customer distribution effectively [3] - There are risks associated with land use and environmental approvals for the project, but the company has prepared countermeasures [3]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Hong Kong to explore, procure, and trade overseas coking raw material suppliers, leveraging Hong Kong's advantages as an international trade, logistics, and financial center [1] Group 1 - The subsidiary is tentatively named Shantai Technology (Hong Kong) Co., Ltd. [1] - The registered capital for the new subsidiary is set at 50 million Hong Kong dollars [1]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Hong Kong to explore, procure, and trade overseas coking raw materials, leveraging Hong Kong's advantages as an international trade, logistics, and financial center [1] Group 1 - The subsidiary is tentatively named Shantai Technology (Hong Kong) Limited [1] - The registered capital for the subsidiary is set at 50 million Hong Kong dollars [1]