Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Xiangtan Electric Chemical, is facing challenges due to competition from BYD in the lithium battery market for two-wheeled vehicles, which may impact its future growth prospects in manganese-based lithium materials [1][5][9] - The manganese-based cathode material market is characterized by a small scale and slow development, with the company potentially achieving a market share of 43.48% if it fully utilizes its production capacity by 2026 [7][8] - The company is heavily reliant on the electric manganese dioxide (EMD) segment, which contributes significantly to its revenue and has a higher profit margin compared to manganese lithium [9][10][12] Summary by Sections Industry Overview - Manganese has traditionally been used in the steel industry, but its application in lithium batteries is gaining attention due to the rapid growth of the power battery sector [3][4] - Manganese lithium batteries are expected to see increased demand in electric two-wheelers and low-speed electric vehicles, with a clear application scenario [4][5] Company Financials - The company plans to raise 487 million yuan through convertible bonds to fund a project for producing 30,000 tons of spinel manganese lithium battery materials [6][7] - The company's revenue for 2024 is projected to be 1.9 billion yuan, with EMD accounting for 67% and manganese lithium for 25% of the total revenue [9][12] - The gross margin for EMD is significantly higher at 37%, while manganese lithium has struggled with margins below 1% in recent years [9][10][19] Competitive Landscape - The manganese-based cathode material market is small, with few competitors, and the company is positioned as a potential leader despite the overall weak competitive environment [8][9][13] - The company faces challenges from the rising popularity of lithium iron phosphate (LFP) batteries, which may diminish the advantages of manganese lithium [25][26][30] Market Dynamics - The domestic market for electric two-wheelers is experiencing a decline, with sales expected to drop by 11.6% in 2024 compared to 2023 [33] - Despite the challenges, the demand for manganese lithium is projected to grow, with expected shipments of 115,000 tons in 2024, reflecting a 27.92% increase year-on-year [22][34] Investment and Returns - The company has a history of raising funds through multiple rounds of financing, totaling 1.72 billion yuan, but has provided only 354 million yuan in dividends to shareholders since its IPO [48][50]

Core Viewpoint - The article discusses the competitive landscape and future prospects of manganese lithium batteries in the electric two-wheeler market, highlighting the challenges posed by the dominance of lithium iron phosphate batteries and the fluctuating prices of lithium carbonate [4][24][29]. Group 1: Industry Overview - The rapid development of the power battery industry has led to increased attention on the cross-application of manganese in lithium batteries, particularly manganese lithium batteries, which have clear application scenarios in electric two-wheelers and low-speed electric vehicles [7][8]. - The electric two-wheeler market is crucial for the sustained growth of manganese lithium materials, with a projected domestic demand of 115,000 tons by 2026 [11][36]. - The market for manganese-based cathode materials is relatively small, leading to a challenging survival environment for small and medium enterprises, while larger companies dominate due to their scale and R&D capabilities [12][13]. Group 2: Company Performance - The company plans to raise 487 million yuan for a project to produce 30,000 tons of spinel manganese lithium battery materials, indicating a strategic shift towards lithium battery materials [8][9]. - In 2024, the company expects revenue of 1.9 billion yuan, with its main business segments being electrolytic manganese dioxide (EMD) and manganese lithium, where EMD contributes 67% of revenue [13][18]. - The company's EMD business has a gross margin of 37%, while manganese lithium has struggled with profitability, showing a gross margin of less than 1% in recent years [13][20]. Group 3: Market Dynamics - The electric two-wheeler market in China has reached a saturation point, with a decline in sales expected in 2024, which may impact the demand for manganese lithium batteries [35][47]. - The global electric two-wheeler market saw a slight increase in sales, but the domestic market is projected to decline by 11.6% in 2024 [34][35]. - The price of lithium carbonate has a significant impact on the profitability of manganese lithium batteries, with fluctuations leading to varying gross margins across the industry [20][29]. Group 4: Competitive Landscape - The article highlights the competitive threat posed by lithium iron phosphate batteries, which are becoming increasingly cost-effective and may overshadow manganese lithium batteries in the market [24][27][28]. - The price of manganese lithium battery materials has been revised downwards from 55,000 yuan to 33,000 yuan per ton, reflecting the competitive pressure from lithium iron phosphate [30][31]. - The company faces challenges in maintaining its market position as the advantages of manganese lithium over lithium iron phosphate diminish, particularly in terms of cost and performance [28][29].

Group 1: Business Performance and Strategy - The company’s lithium manganese oxide (LMO) business continues to thrive despite industry-wide profitability pressures, attributed to advantages such as self-sufficient precursor supply and over 60 years of experience in battery materials production [1] - In 2024, the company experienced a decline in both revenue and net profit, primarily due to falling prices of raw materials like lithium carbonate, which negatively impacted LMO revenue despite increased sales volume [3] Group 2: Research and Development Focus - R&D investments are concentrated on high-performance electrolytic manganese dioxide products, enhancing the performance of manganese lithium and its precursors, and environmentally friendly treatment of manganese slag [2] - Future R&D priorities include further applications of manganese materials in the new energy sector [2] Group 3: Raw Material Procurement and Cost Management - The company has implemented a strategic supplier and diversified backup system to mitigate the impact of raw material price fluctuations [1] - Measures include establishing a price warning mechanism for bulk materials and employing hedging strategies to manage risks associated with price volatility [1] Group 4: Environmental and Safety Investments - The company is committed to upgrading environmental protection facilities and investing in technologies for harmless treatment and resource utilization of manganese slag [2] - Safety investments include building a comprehensive mining safety system and equipping safety detection and emergency rescue equipment [2] Group 5: Market Position and Future Outlook - The company is actively seeking to optimize its resource allocation for manganese-based precursor materials, focusing on cost competitiveness and resource advantages [2] - The management emphasizes the importance of maintaining stable cash dividends while enhancing communication with institutional investors and minority shareholders to support market value management [3]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.60 RMB per share, totaling approximately 100.72 million RMB, approved by the shareholders' meeting on May 13, 2025 [1][2]. Group 1: Profit Distribution Plan - The profit distribution plan involves a cash dividend of 1.60 RMB per 10 shares, with a total cash distribution of 100,717,074.08 RMB (including tax) [1]. - The distribution will not include stock dividends or capital reserve transfers to increase share capital [1]. - If the total share capital changes before the distribution, the distribution ratio will be adjusted while keeping the total distribution amount unchanged [1]. Group 2: Dividend Taxation - For investors holding shares through the Hong Kong market, the cash dividend will be 1.44 RMB per 10 shares after tax [1]. - Different tax rates will apply for individual shareholders based on their holding period, with specific calculations for tax obligations upon stock transfer [1]. - The company will not withhold individual income tax at the time of distribution, but will calculate tax based on the holding period when shares are sold [1]. Group 3: Key Dates - The record date for the dividend distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [1][2]. Group 4: Distribution Method - The cash dividends will be distributed by China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, to all shareholders registered by the record date [2].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 湘潭电化科技股份有限公司（以下简称"公司"）已于2025年4月23日在巨 潮资讯网上披露了《2024年年度报告》。为便于广大投资者更加全面深入地了 解公司经营情况及未来发展战略，公司定于2025年5月23日举办2024年度网上业 绩说明会，具体情况如下： 证券代码：002125 证券简称：湘潭电化 公告编号：2025-027 湘潭电化科技股份有限公司 关于举办2024年度业绩说明会的公告 三、投资者问题征集及方式 为充分尊重投资者、提升公司与投资者之间的交流效率，现就公司2024年 度网上业绩说明会提前向投资者公开征集问题，广泛征求投资者的意见和建议。 投资者可于2025年5月23日15:00前按上述参会方式进入线上交流平台，点击" 互动交流"进行会前提问。公司将在本次业绩说明会上，就投资者普遍关注的 问题进行回答。 一、业绩说明会的安排 1、会议召开时间：2025年5月23日（星期五）15:00-17:00 2、会议召开方式：网络互动方式 3、会议召开地点：价值在线（www.ir-online.cn） 4、出席 ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-026 湘潭电化科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 湘潭电化科技股份有限公司（以下简称"公司"或"本公司"）2024 年年 度权益分派方案已获 2025 年 5 月 13 日召开的 2024 年度股东大会审议通过，现 将权益分派事宜公告如下： 2、自分配方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的分配方案与股东大会审议通过的分配方案一致。 一、股东大会审议通过利润分配方案的情况 1、公司 2024 年度股东大会审议通过的 2024 年度利润分配方案为：以公司 2024 年 12 月 31 日的总股本 629,481,713 股为基数，向全体股东每 10 股派发现 金红利 1.60 元（含税），合计派发现金红利 100,717,074.08 元（含税），不送 红股，不进行资本公积金转增股本。若在分配方案实施前公司总股本发生变化， 公司将按照分配总额不变的原则对分配比例进行调整。 4、本次实施分配方案距离股东大会审议通过的 ...

Meeting Overview - The shareholders' meeting was held on May 13, 2025, at the headquarters of Xiangtan Electric Technology Co., Ltd. [2] - The meeting combined on-site voting and online voting, with the board of directors as the convener [4] - The meeting was presided over by Chairman Liu Ganjiang [4] Attendance - A total of 261 shareholders and their representatives attended the meeting, representing 210,487,262 shares, which is 33.4382% of the total voting shares [5] - Among them, 259 were small investors, representing 5,673,865 shares, or 0.9014% of the total voting shares [5] - Five shareholders attended the meeting in person, representing 204,918,197 shares, or 32.5535% of the total voting shares [6] - 256 shareholders participated in online voting, representing 5,569,065 shares, or 0.8847% of the total voting shares [7] Resolutions Passed - The following resolutions were approved during the meeting: 1. The 2024 Board of Directors Work Report was approved with 210,110,514 votes in favor, accounting for 99.8210% of the valid votes [9][10] 2. The 2024 Supervisory Board Work Report was approved with 210,112,914 votes in favor, accounting for 99.8222% of the valid votes [10] 3. The 2024 Annual Report and Summary were approved with 210,113,914 votes in favor, accounting for 99.8226% of the valid votes [11] 4. The 2024 Financial Settlement Report was approved with 210,112,114 votes in favor, accounting for 99.8218% of the valid votes [12] 5. The 2024 Profit Distribution Plan was approved with 210,109,714 votes in favor, accounting for 99.8206% of the valid votes [13] 6. The expected external guarantee limit for 2025 was approved with 210,091,114 votes in favor, accounting for 99.8118% of the valid votes [14] 7. The proposal to waive business opportunities and related transactions was approved with 5,255,617 votes in favor, accounting for 92.6285% of the valid votes [15] Legal Opinion - The legal opinion was provided by Guohao Law Firm (Changsha), confirming that the meeting's procedures, qualifications of attendees, voting procedures, and results were in compliance with relevant laws and regulations [16]

国浩律师（长沙）事务所 关于 湘潭电化科技股份有限公司 2024 年度股东大会 之 法律意见书 长沙市湘江中路保利国际广场 B3 栋 17 楼 邮编：410000 17/F, Building B3, Poly International Plaza, Middle Xiangjiang Road, Changsha 410000, China 电话/Tel: +86 731 8868 1999 传真/Fax: +86 731 8868 1999 网址/Website: http://www.grandall.com.cn 2025 年 5 月 国浩律师（长沙）事务所 法律意见书 国浩律师（长沙）事务所 关于湘潭电化科技股份有限公司 2024 年度股东大会之 法律意见书 致：湘潭电化科技股份有限公司 国浩律师（长沙）事务所（以下简称"本所"）接受湘潭电化科技股份有限公 司（以下简称"公司"）的委托，指派本所律师出席并见证了公司 2024 年度股东 大会，并根据《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》"）、《上市公司股东大会规则》（以 下简称"《股东大 ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-025 湘潭电化科技股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 本次股东大会网络投票结果数据由深圳证券信息有限公司提供。 4、召开方式：现场表决和网络投票相结合 5、召集人：公司董事会 6、现场会议主持人：董事长刘干江先生 特别提示： 1、本次股东大会未出现否决或变更议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开情况 1、现场会议召开时间：2025 年 5 月 13 日 15:00 2、现场会议召开地点：湖南省湘潭市岳塘经开区湘潭电化科技股份有限公 司总部大楼三楼 C305 会议室 3、网络投票时间：通过交易系统投票的时间为 2025 年 5 月 13 日 9:15-9:25， 9:30-11:30 和 13:00-15:00；通过互联网投票系统投票的时间为 2025 年 5 月 13 日 9:15 至 15:00 期间的任意时间。 7、本次会议的召集、召开与表决程序符合《公司法》《上市公司股东大会 规则》《深圳证券交易所 ...

证券代码：002125 证券简称：湘潭电化 公告编号：2025-024 湘潭电化科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 湘潭电化科技股份有限公司（以下简称"公司"）向不特定对象发行可转 换公司债券事项已于2025年3月7日获得深圳证券交易所上市审核委员会审核通 过，并于2025年4月28日收到中国证券监督管理委员会出具的《关于同意湘潭电 化科技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〔2025〕908号）。 鉴于公司已于2025年4月23日披露了《2024年年度报告》，根据有关审核要 求和本次发行进展实际情况，公司会同相关中介机构对募集说明书等文件中涉 及的财务数据及其他变动事项进行了同步更新，具体内容详见公司于2025年5月 10日在巨潮资讯网（www.cninfo.com.cn）披露的相关文件。 公司将根据本次向不特定对象发行可转换公司债券事项的进展情况，按照 相关法律法规的规定和要求及时履行信息披露义务，敬请广大投资者注意投资 风险。 特此公告。 湘潭电化科技股份有限公司董事会 二〇二五年五月九日 关于 ...