Group 1 - The core point of the article is that Xiangtan Electric's number of shareholders has decreased by 7.30% compared to the previous period, marking the second consecutive decline in shareholder numbers [1] - As of December 31, the company reported a total of 56,998 shareholders, a decrease of 4,487 from the previous count on December 20 [1] - The company's stock price is currently at 14.57 yuan, reflecting a slight increase of 0.41%, with a cumulative increase of 0.69% since the concentration of shares began [1] Group 2 - In the third quarter report, the company achieved a revenue of 1.402 billion yuan, representing a year-on-year growth of 1.36% [1] - The net profit for the same period was 157 million yuan, showing a significant year-on-year decline of 35.56% [1] - The basic earnings per share are reported at 0.2500 yuan, with a weighted average return on equity of 5.17% [1]

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：2026-003 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"电化转债"预计满足赎回条件的提示性公告 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。 特别提示： 湘潭电化科技股份有限公司（以下简称"公司"）股票自2025年12月22日至2026年1月6日期间，已有十个 交易日的收盘价格不低于"电化转债"当期转股价格的130%（即13.13元/股），若公司股票在未来连续二 十个交易日内，仍有五个交易日的收盘价不低于当期转股价的130%（含130%），将触发《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募集说明书》（以下简称"《募集说明书》"）中规定 的有条件赎回。若触发有条件赎回条款，公司有权决定是否按照债券面值加当期应计利息的价格赎回全 部或部分未转股的"电化转债"。 一、可转换公司债券基本情况 （一）发行上市情况 根据中国证券监督管理委员会《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 ...

Investment Rating - The report indicates a positive outlook for the metal manganese industry, projecting a compound annual growth rate (CAGR) of 7.30% from 2025 to 2029, with market size expected to grow from 2,491.23 billion to 3,302.17 billion RMB [4][47]. Core Insights - The metal manganese industry is characterized by strong resource dependence, clear production process differentiation, increasing environmental constraints, and a high correlation of downstream demand with the steel and new energy industries [4][10]. - The market size fluctuated from 1,688.74 billion RMB in 2019 to 1,722.36 billion RMB in 2024, with a CAGR of 0.40% during this period, influenced by factors such as the pandemic, supply-demand dynamics, and costs [4][47]. - The demand for manganese is driven by both traditional steel production and the emerging new energy sector, particularly in battery materials, creating a dual-driven growth pattern [10][53]. Industry Definition - Metal manganese is a transition metal with the symbol Mn and atomic number 25, primarily found in nature in the form of oxides and carbonates, requiring specific smelting processes for extraction [5]. Industry Classification - Metal manganese is categorized into industrial-grade manganese, electrolytic manganese, and manganese alloys, each with distinct purity levels and applications [6][7][8]. Industry Characteristics - The industry is heavily reliant on manganese ore resources, with significant concentration in countries like South Africa, Australia, and Brazil, leading to high bargaining power for large mining enterprises over downstream smelting companies [8][9]. - Environmental regulations are tightening, particularly affecting the electrolytic manganese sector, which has high water and energy consumption [9][10]. Development History - The industry has evolved through several phases, from its nascent stage (1890-1949) to a high-speed development phase post-2000, where environmental concerns became central to structural optimization [11][12][14][16]. Industry Chain Analysis - The manganese industry chain includes upstream mining and ore selection, midstream smelting, and downstream applications in steel, batteries, and chemicals [17][39]. - The upstream segment faces challenges due to high dependence on low-grade ores, with 93.6% of China's manganese reserves classified as low-grade [18][28]. Midstream Analysis - The midstream manganese alloy sector is currently experiencing significant losses, prompting calls for production cuts and industry-wide self-rescue actions [20][22][35]. - The production capacity in the silicon-manganese sector remains oversupplied, with ongoing pressure on profit margins [22][35]. Downstream Analysis - Manganese is a critical additive in steelmaking, with approximately 85%-90% of manganese resources directed towards the steel industry, while only 5%-10% is utilized in battery and chemical sectors [42][43]. - The demand for electrolytic manganese is expected to rise significantly, driven by stable steel demand and the expansion of green manufacturing sectors [44][46]. Market Size and Forecast - The market size for the metal manganese industry is projected to increase significantly, driven by energy transition and technological advancements, with a forecasted growth from 2,491.23 billion RMB in 2025 to 3,302.17 billion RMB by 2029 [4][47][53]. - The report highlights that the global demand for manganese from lithium-ion batteries is expected to rise, indicating a shift in market dynamics [53][54].

| 证券代码：002125 | 证券简称：湘潭电化 | 公告编号：2026-003 | | --- | --- | --- | | 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（以下简称"公司"）股票自 2025 年 12 月 22 日至 2026 年 1 月 6 日期间，已有十个交易日的收盘价格不低于"电化转债"当 期转股价格的 130%（即 13.13 元/股），若公司股票在未来连续二十个交易日内， 仍有五个交易日的收盘价不低于当期转股价的 130%（含 130%），将触发《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募集说明书》（以下 简称"《募集说明书》"）中规定的有条件赎回。若触发有条件赎回条款，公 司有权决定是否按照债券面值加当期应计利息的价格赎回全部或部分未转股的 "电化转债"。 一、可转换公司债券基本情况 （一）发行上市情况 根据中国证券监督管理委员会《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），公司于 2025 年 6 月 16 日向不特定对象发行 487 万张可转换公司债券（ ...

| 证券代码：002125 | 证券简称：湘潭电化 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：127109 | 债券简称：电化转债 | | 公司控股股东电化集团于 2025 年 12 月 25 日至 2026 年 1 月 5 日通过大宗交 易的方式减持公司可转债 520,000 张，占公司可转债发行总量的 10.68%。具体 内容详见公司 2026 年 1 月 6 日披露于巨潮资讯网上的《关于债券持有人可转债 持有比例变动达到 10%的公告》（公告编号：2026-002）。因上述减持，导致电 化集团及其一致行动人振湘国投拥有公司合并权益变动 0.76%，合并权益比例由 42.23%下降至 41.47%。现将本次权益变动情况公告如下： 一、本次权益变动情况 （一）基本情况 | 信息披露义务 | 信息披露义务人 | 湘潭电化集团有限公司 | | | | --- | --- | --- | --- | --- | | 人基本情况 | 住所 | 湖南省湘潭市岳塘区**** | | | | 权益变动明细 | 变动方式 | 变动日期 | 减持数量 | 权益变动比例 | 湘潭 ...

| 证券代码：002125 | 证券简称：湘潭电化 | 公告编号：2026-001 | | --- | --- | --- | | 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 2025 年第四季度可转债转股结果暨股本变动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 可转债转股情况：湘潭电化科技股份有限公司（以下简称"公司"）发行 的"电化转债"自 2025 年 12 月 22 日起可转换为公司股票。2025 年 12 月 22 日 至 2025 年 12 月 31 日期间，共有 51,900.00 元"电化转债"已转换为公司股票， 转股数为 5,130 股，占本次"电化转债"转股前公司已发行股份总额的 0.0008%。 未转股情况：截至 2025 年 12 月 31 日，尚未转股的"电化转债"金额为人 民币 486,948,100.00 元，占"电化转债"发行总量的 99.9893%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关 ...

| 证券代码：002125 | 证券简称：湘潭电化 | 公告编号：2026-002 | | --- | --- | --- | | 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 关于债券持有人可转债持有比例变动达到 10%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、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、可转换公司债券发行上市及配售情况 2、上述所列数据因四舍五入原因而与根据相关单项数据直接相加之和在尾 数上略有差异。 三、报备文件 1、电化集团出具的《关于可转债持有比例变动达到 10%的告知函》。 特此公告。 湘潭电化科技股份有限公司董事会 根据中国证券监督管理委员会《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），湘潭电 化科技股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日向不特定对象发 行 487 万张可转换公司债券（以下简称"可转债"），每张面值为人民币 100 元，募集资金总额为 48,700 万元，期限 6 年。经深圳证券交易所（以下简称"深 交所"）同 ...

Core Viewpoint - Xiangtan Electric has announced an extension of the completion date for its "30,000 tons per year spinel lithium manganese oxide battery material project" from December 31, 2025, to December 31, 2026, due to ongoing financial struggles and market demand issues [1]. Financial Performance - As of November 30, 2025, the cumulative investment in the project was only 199 million yuan, representing a progress of 41.41% [2]. - The company raised 487 million yuan through convertible bonds in June 2025, with plans to allocate 485 million yuan to this project [3]. - The net profit attributable to shareholders for the first three quarters of 2025 was 157 million yuan, a significant decline of 35.56% year-on-year [3]. - The third quarter of 2025 saw a net profit of only 31.46 million yuan, a drastic year-on-year decrease of 65.14% [4]. Business Challenges - The profitability of the company's main product, spinel lithium manganese oxide, is concerning, with a gross margin of only 2.53% for the first half of 2025, slightly improved from 2.04% in the same period of 2024, but still near breakeven [4]. - Total operating costs for the first three quarters of 2025 reached 1.291 billion yuan, an increase of 12.58% year-on-year [4]. Market Conditions - The project delay is primarily attributed to weak market demand and insufficient utilization of existing production capacity, which was reported at approximately 80% as of March 2025, up from lower levels in previous years [4]. - The actual production capacity of the existing 20,000 tons of lithium manganese oxide is about 16,000 tons at the current utilization rate [5]. - The new project will add 30,000 tons of capacity, raising total capacity to 50,000 tons, which may face greater pressure if market demand does not increase correspondingly [5]. Cash Flow and Fund Allocation - The net cash flow from operating activities for the third quarter of 2025 was 211 million yuan, a decline of 10.66% year-on-year, indicating weakened cash generation ability from core operations [5]. - Over 281 million yuan of the raised convertible bond funds remains unutilized in a dedicated account, prompting a reassessment of the project's feasibility following the delay announcement [5].

Core Viewpoint - Xiangtan Electric Chemical announced an extension of the completion period for its "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Material Project" from December 31, 2025, to December 31, 2026, to ensure project quality and expected outcomes [1] Group 1 - The project will involve an investment of 478 million yuan, funded through the issuance of convertible bonds to unspecified investors, aimed at increasing lithium manganese capacity [1] - The delay is attributed to the company's careful control of investment pace and resource allocation in line with technology research and customer development progress [1] - The first phase of the project, with an annual production capacity of 20,000 tons, has already been completed and put into operation, bringing the company's total lithium manganese annual capacity to 40,000 tons [1] Group 2 - The extension does not involve changes to the project implementation entity, purpose, or investment scale, and will not affect the direction of raised funds or harm shareholder interests [1] - The delay is not expected to adversely impact the company's current production and operations, aligning with the company's long-term development plan [1]

南财智讯12月30日电，湘潭电化公告，公司于2025年12月29日召开第九届董事会第十一次会议，审议通 过《关于使用暂时闲置募集资金进行现金管理的议案》，同意下属控股公司湘潭立劲使用不超过2.82亿 元暂时闲置募集资金进行现金管理，用于投资安全性高、流动性好、满足保本要求的投资产品。有效期 自董事会审议通过之日起12个月内有效，资金在额度范围内可滚动使用。该事项不会影响募集资金投资 项目进度和公司正常生产经营。 ...