编号：信评委函字[2025]跟踪 2935 号 湘潭电化科技股份有限公司 2025 年度跟踪评级报告 湘潭电化科技股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 8 月 1 日 2 ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 ⚫ 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 ⚫ 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 ⚫ 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 ⚫ 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金 ...

Core Viewpoint - Lithium manganese oxide (LiMn₂O₄) is a promising cathode material for lithium-ion batteries, offering advantages such as abundant resources, low cost, non-pollution, and good safety performance, but its poor cycling performance and electrochemical stability limit its industrialization [1][6]. Industry Overview - Lithium manganese oxide is characterized by its spinel structure and is categorized into two main types: manganese oxide for small lithium-ion batteries and for power batteries [2][4]. - As of June 2025, the price of lithium manganese oxide in China is 32,500 yuan per ton, a year-on-year decrease of 22.62% [6]. Industry Chain - The upstream of the lithium manganese oxide industry includes raw materials like manganese ore and lithium sources, while the midstream involves the production of lithium manganese oxide, and the downstream applications include power batteries, energy storage batteries, and 3C digital products [4]. Industry Status - The production capacity of lithium manganese oxide in China has been expanding rapidly, with leading companies like Boshikao and Xinxiang Hongli increasing investments and launching new production lines, leading to a significant increase in market supply [6][8]. - The operating rate of lithium manganese oxide in China was 35.91% in June 2025, a decrease of 1.12 percentage points month-on-month and 24.18 percentage points year-on-year [8]. Import and Export Dynamics - From January to May 2025, China imported 19.31 tons of lithium manganese oxide, a year-on-year increase of 147.18%, with an import value of 5.7292 million yuan, up 243.19% [10]. - In the same period, China exported 1,602.20 tons of lithium manganese oxide, a year-on-year increase of 85.80%, with an export value of 77.2702 million yuan, up 46.46% [10]. Key Enterprises - Boshikao holds a leading position in the lithium manganese oxide market, achieving an integrated production model from manganese ore to cathode materials, with a market share of 30% [12][13]. - Xiangtan Electric Chemical has a production capacity of 40,000 tons of lithium manganese oxide as of the end of 2024 and is expanding its capacity through a 487 million yuan convertible bond issuance [15]. Industry Development Trends - The industry is expected to accelerate technological iterations focusing on high voltage, single crystal, and pre-lithiation technologies, with domestic companies investing more in R&D to improve the localization rate of high-end products [17]. - The export volume of lithium manganese oxide is anticipated to increase, but challenges such as EU REACH regulations and UL certification will need to be addressed [18][19]. - Companies are increasingly adopting a full industry chain layout to enhance core competitiveness, integrating upstream resources and downstream recycling processes [20].

湘潭电化科技股份有限公司 关于董事辞职的公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002125 证券简称：湘潭电化 公告编号：2025-040 债券代码：127109 债券简称：电化转债 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）董事会于近日收到公司董事余磊先生的书面辞职报告， 余磊先生因工作调动申请辞去公司第九届董事会董事职务，其辞职后不再担任公司任何职务。截至本公 告披露日，余磊先生未持有公司股份。 余磊先生的辞职不会导致公司董事会成员低于法定人数，根据《公司法》《公司章程》等有关规定，余 磊先生的辞职报告自送达董事会之日起生效。余磊先生辞职不会影响公司正常经营管理。 余磊先生在任职期间恪尽职守，勤勉尽责，公司及董事会对其在任职期间为公司所作的贡献表示衷心感 谢！ 特此公告。 湘潭电化科技股份有限公司董事会 二〇二五年七月二十九日 ...

湘潭电化科技股份有限公司（以下简称"公司"）董事会于近日收到公司董 事余磊先生的书面辞职报告，余磊先生因工作调动申请辞去公司第九届董事会董 事职务，其辞职后不再担任公司任何职务。截至本公告披露日，余磊先生未持有 公司股份。 余磊先生的辞职不会导致公司董事会成员低于法定人数，根据《公司法》 证券代码：002125 证券简称：湘潭电化 公告编号：2025-040 债券代码：127109 债券简称：电化转债 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、完整，没有虚 假记载、误导性陈述或重大遗漏。 《公 司章程》等有关规定，余磊先生的辞职报告自送达董事会之日起生效。余磊先生 辞职不会影响公司正常经营管理。 余磊先生在任职期间恪尽职守，勤勉尽责，公司及董事会对其在任职期间为 公司所作的贡献表示衷心感谢！ 特此公告。 湘潭电化科技股份有限公司董事会 二〇二五年七月二十九日 ...

Core Viewpoint - Xiangtan Electric Chemical announced the resignation of director Yu Lei due to job relocation, and he will no longer hold any position in the company [1] Company Summary - The board of directors received a written resignation report from Yu Lei [1] - Yu Lei's resignation is effective immediately, and he will not serve in any capacity within the company following his departure [1]

Group 1 - The company Xiangtan Electric Chemical announced the resignation of director Yu Lei due to job relocation, effective immediately upon delivery of the resignation report to the board [2] - For the fiscal year 2024, the company's revenue composition is as follows: 91.99% from the chemical materials industry, 6.42% from the wastewater treatment industry, and 1.59% from other businesses [2]

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].

| 证券代码：002125 | 证券简称：湘潭电化 公告编号：2025-040 | | --- | --- | | 债券代码：127109 | 债券简称：电化转债 | 湘潭电化科技股份有限公司 关于董事辞职的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二〇二五年七月二十九日 湘潭电化科技股份有限公司（以下简称"公司"）董事会于近日收到公司董 事余磊先生的书面辞职报告，余磊先生因工作调动申请辞去公司第九届董事会董 事职务，其辞职后不再担任公司任何职务。截至本公告披露日，余磊先生未持有 公司股份。 余磊先生的辞职不会导致公司董事会成员低于法定人数，根据《公司法》《公 司章程》等有关规定，余磊先生的辞职报告自送达董事会之日起生效。余磊先生 辞职不会影响公司正常经营管理。 余磊先生在任职期间恪尽职守，勤勉尽责，公司及董事会对其在任职期间为 公司所作的贡献表示衷心感谢！ 特此公告。 湘潭电化科技股份有限公司董事会 ...

湘潭电化（002125）公告，公司董事余磊先生因工作调动申请辞去公司第九届董事会董事职务。余磊先 生辞职后不再担任公司任何职务，且未持有公司股份。根据《公司法》《公司章程》等有关规定，余磊 先生的辞职报告自送达董事会之日起生效。公司对余磊先生任职期间的贡献表示衷心感谢。余磊先生的 辞职不会导致公司董事会成员低于法定人数，也不会影响公司正常经营管理。 ...

Group 1 - The core focus of the recent institutional research by Kaifeng Investment is on Xiangtan Electric Chemical, specifically its electrolytic manganese dioxide and lithium manganese oxide businesses [1] - The electrolytic manganese dioxide sector is characterized by a stable industry structure with moderate demand growth [1] - Xiangtan Electric's subsidiary, Guangxi Lijin New Materials Co., is collaborating with solid-state battery companies to develop lithium manganese oxide for semi-solid/solid-state battery applications, currently in small batch sample testing phase without generating revenue [1] Group 2 - The price of electrolytic manganese dioxide remains stable, while the price of lithium manganese oxide is subject to fluctuations due to raw material lithium carbonate [1] - Lithium manganese oxide has broad applications in 3C digital products, power tools, and two-wheeled vehicles, and can be combined with other cathode materials to expand its application range [1] - To address cost pressures in the lithium manganese oxide industry, the company plans to enhance its precursor self-sufficiency, increase R&D efforts, and improve product performance and competitiveness [1]