机构指出，固态电池潜在催化不断，固态电池2030年全球市场规模超两千亿，国内有望在2027年进入快 速增长期，重视产业链主题投资机会。 6月19日，固态电池板块短线拉升，截至发稿，海科新源20%涨停，科恒股份涨超12%，湘潭电化、丰 元股份等涨停，宁新新材、金银河、江特电机、曼恩斯特等跟涨。 | 代码 名称 | | 涨幅量 | 现价 | | --- | --- | --- | --- | | 301292 海科新浪 | | 20.02% | 19.60 | | 300340 | 科恒股份 | 12.05% | 17.85 | | 839719 | 宁新新材 | 10.55% | 21.49 | | 600110 | 诺德股份 | 10.12% | 4.68 | | 002125 | 湘潭电化 | 10.05% | 11.17 | | 002805 | 丰元股份 | 10.03% | 13.05 | | 002240 | 盛新锂能 | +9.98% | 12.34 | | 301152 天力锂能 | | +8.82% | 26.78 | | 300373 | 扬杰科技 | +7.17% | 51.87 | | ...

Group 1 - The solid-state battery concept continues to show strong performance, with Xiangtan Electric and Fengyuan Co., Ltd. both hitting the daily limit up [1] - Other companies such as Haike New Energy, Nord Co., Ltd., Huasheng Lithium Battery, and Fangyuan Co., Ltd. also experienced gains [1] - The Fifth China International Solid-State Battery Technology Conference and the 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition is scheduled to take place on June 19-20, 2025 [1]

Group 1 - The battery chemicals sector has experienced a short-term surge, with Xiangtan Electric Chemical (002125) hitting the daily limit up [1] - Other companies such as Tianji Co., Ltd. (002759), Fengyuan Co., Ltd. (002805), Dangsheng Technology (300073), Tianhua New Energy (300390), and Shida Shenghua (603026) have also seen significant increases in their stock prices [1] - There is a notable influx of dark pool funds into these stocks, indicating potential investor interest and activity [1]

证券代码：002125 证券简称：湘潭电化 公告编号：2025-035 湘潭电化科技股份有限公司 本次发行的可转债向发行人在股权登记日（2025年6月13日，T-1日）收市后 中国证券登记结算有限责任公司深圳分公司（以下简称"中国结算深圳分公司"） 登记在册的原股东优先配售，原股东优先配售后余额部分（含原股东放弃优先配 售部分）通过深圳证券交易所（以下简称"深交所"）交易系统网上向社会公众 投资者发行。 请投资者认真阅读本公告及深交所网站（www.szse.cn）公布的相关规定。 向不特定对象发行可转换公司债券中签号码公告 保荐人（主承销商）：财信证券股份有限公司 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。 特别提示 湘潭电化科技股份有限公司（以下简称"湘潭电化"、"公司"或"发行人" ）和财信证券股份有限公司（以下简称"财信证券"或"保荐人（主承销商）"） 根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》（证监会令 〔第227号〕）、《证券发行与承销管理办法》（证监会令〔第228号〕）、《深 圳证券交易所上市公司自律监管指引第15号——可转换 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The initial price of Dianhua Convertible Bonds on the listing day is expected to be between RMB 131.46 and RMB 145.94, with an estimated winning rate of 0.0022%. Considering the good bond - bottom protection, attractive rating, and scale of the bonds, it is recommended to actively subscribe [2][13][15][17]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Dianhua Convertible Bonds (127109.SZ) started online subscription on June 16, 2025, with a total issuance scale of RMB 487 million. After deducting issuance fees, the net proceeds will be used for the project of an annual output of 30,000 tons of spinel - type lithium manganate battery materials [2][8]. - The current bond - bottom valuation is RMB 99.57, and the YTM is 2.35%. The bond has a 6 - year term, with a credit rating of AA/AA. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.50%, 1.80%, and 2.00% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [2][11][12]. - The current conversion parity is RMB 102.6, and the parity premium rate is - 2.60%. The conversion period is from December 22, 2025, to June 15, 2031. The initial conversion price is RMB 10.1 per share. The closing price of the underlying stock, Xiangtan Electrochemical, on June 13 was RMB 10.37 [2][12]. - The convertible bond terms are standard. The down - revision clause is "15/30, 80%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%". The dilution rate of the total share capital is 7.11%, and the dilution pressure on the equity is small [2][12]. 3.2. Investment Subscription Suggestion - Based on comparable targets and empirical results, considering the good bond - bottom protection, attractive rating, and scale of Dianhua Convertible Bonds, the expected conversion premium rate on the listing day is around 35%, and the corresponding listing price is between RMB 131.46 and RMB 145.94 [2][13][15]. - The expected priority subscription ratio of original shareholders is 63.84%. The expected winning rate is 0.0022%, and it is recommended to actively subscribe [16][17]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Since 2019, the company's revenue has steadily increased, with a compound growth rate of 15.63% from 2019 - 2024. In 2024, the company achieved an operating income of RMB 1.912 billion, a year - on - year increase of 3.01%. Meanwhile, the net profit attributable to the parent company showed a downward trend, with a compound growth rate of - 50.88% from 2019 - 2024. In 2024, it achieved a net profit attributable to the parent company of RMB 315 million, a year - on - year decrease of 10.60% [2][18]. - The company's main businesses are battery materials and sewage treatment. From 2022 - 2024, the proportion of main - business income in total operating income was 91.81%, 98.38%, and 98.41% respectively [2]. - The company's net sales margin and gross profit margin fluctuated, the sales expense ratio remained low, the financial expense ratio declined slowly, and the management expense ratio increased in recent years. From 2019 - 2024, the net sales margins were 5.81%, 1.99%, 13.60%, 19.21%, 15.73%, and 15.95% respectively, and the gross profit margins were 24.93%, 20.39%, 19.69%, 26.48%, 21.56%, and 27.49% respectively [2]. 3.3.2. Company Highlights - The company has been focusing on the manganese - based battery cathode material industry. Its production process technology for deep - processing of manganese - based materials is at the leading level in China. It has a good reputation in the industry and maintains long - term stable cooperative relationships with many well - known battery enterprises at home and abroad [27].

证券代码：002125 证券简称：湘潭电化 公告编号：2025-034 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 网上发行中签率及优先配售结果公告 保荐人（主承销商）：财信证券股份有限公司 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。 特别提示 湘潭电化科技股份有限公司（以下简称"湘潭电化"、"公司"或"发行 人"）和财信证券股份有限公司（以下简称"财信证券"或"保荐人（主承销 商）"）根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》 （证监会令〔第227号〕）、《证券发行与承销管理办法》（证监会令〔第228 号〕）、《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 （2025年修订）》（深证上〔2025〕223号）、《深圳证券交易所上市公司证 券发行与承销业务实施细则（2025年修订）》（深证上〔2025〕268号）和《 深圳证券交易所上市公司自律监管指南第1号——业务办理（2025年修订）》 （深证上〔2025〕396号）等相关规定组织实施向不特定对象发行可转换公司 债券（以下简称"可转债"或"电化转债"）。 本 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On June 12, Xiangtan Electrochemical issued an announcement to issue convertible bonds online on June 16, 2025, with a planned total issuance of no more than 487 million yuan. 485 million yuan is intended for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", and 2 million yuan is for supplementary working capital [1][12]. - The initial target price of the convertible bond on the first day is 134 - 139 yuan, and it is recommended to actively subscribe. The conversion premium rate on the first - day of listing is expected to be in the range of [32%, 37%] [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0033% - 0.0036% [4][19]. Group 3: Summary by Directory 1. Electro - Chemical Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Electro - Chemical Convertible Bond are priority placement and online issuance. The bond and entity ratings are AA. The issuance scale is 487 million yuan, the initial conversion price is 10.1 yuan, the convertible bond parity on June 12 is 101.39 yuan, the calculated pure bond value is 99.52 yuan. The downward revision clause is relatively strict, the redemption clause and the put - back clause are normal. The bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][14]. 1.2 New - Bond Initial Price Analysis after Listing - The company's main businesses are battery materials and sewage treatment. The main products and services include various types of EMD, lithium manganese oxide cathode materials, etc. The raised funds are mainly used for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", which can optimize the company's capital structure and enhance its competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 42% - 46%, the scale left for the market is 263 million - 282 million yuan. Assuming the online effective subscription number is 7.91 million households, the lottery winning rate is around 0.0033% - 0.0036% [4][19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are battery materials and sewage treatment. The main upstream industries are manganese ore, sulfuric acid, etc. The supply of upstream manganese ore restricts the supply of electrolytic manganese dioxide, and the price of lithium carbonate affects the price of lithium manganese oxide. The main downstream industries are primary and secondary battery industries. The demand of the downstream battery industry is crucial for the development of the electrolytic manganese dioxide industry [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown small fluctuations. From 2022 to Q1 2025, the operating income was 2.1 billion yuan, 2.163 billion yuan, 1.912 billion yuan, and 418 million yuan respectively. The comprehensive gross profit margin has also shown small fluctuations. The recent period expenses have shown small fluctuations, and the R & D expenses have gradually increased. The accounts receivable have shown small fluctuations, and the accounts receivable turnover rate has been generally stable. The recent net profit attributable to the parent company has shown a downward trend [24][28][38]. 2.3 Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 42.23% of the shares in total, and the top ten shareholders hold 46.13% of the shares in total. The company's direct controlling shareholder is Electro - Chemical Group, the indirect controlling shareholders are Zhenxiang State - owned Investment and Industrial Investment Group, and the actual controller is the State - owned Assets Supervision and Administration Commission of Xiangtan City. The company has 10 important wholly - owned subsidiaries and 3 affiliated companies [43]. 2.4 Company's Business Characteristics and Advantages - The company has scale operation advantages, continuous innovation advantages, industrial chain advantages, core team advantages, and franchise operation advantages [45]. 2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise no more than 487 million yuan. 485 million yuan is for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", with a planned construction period of 24 months. Due to market volatility, no specific benefit calculation is made for this project [48].

Core Viewpoint - Xiangtan Electric Chemical Co., Ltd. is issuing convertible bonds to unspecified investors, with a focus on original shareholders for priority subscription before public offering [3][10][12]. Group 1: Issuance Details - The convertible bonds will be issued with a total amount of 4,870,000 bonds, each with a face value of 100 yuan, amounting to approximately 487 million yuan [10][12]. - Original shareholders can subscribe to the bonds based on their shareholding as of June 13, 2025, with a ratio of 0.007736 bonds per share [14]. - The subscription date for original shareholders is set for June 16, 2025, during which they must pay the full subscription amount [12][14]. Group 2: Subscription Process - The minimum subscription amount for public investors is set at 10 bonds (1,000 yuan), with a maximum limit of 10,000 bonds (1 million yuan) per account [15]. - Investors must ensure their accounts have sufficient funds by June 18, 2025, to cover their subscriptions, or they will be deemed to have forfeited their subscription [17]. - If the total subscription amount is less than 70% of the issuance, the issuer and underwriter may consider suspending the issuance [18]. Group 3: Underwriting and Risk Management - The underwriter, Caixin Securities, will underwrite any shortfall in subscriptions, with a maximum underwriting amount not exceeding 30% of the total issuance [19]. - If the underwriting exceeds this limit, an internal risk assessment will be conducted to determine the next steps [19]. - Investors who fail to fulfill their subscription obligations may face restrictions on future participation in similar offerings [17].

证券代码：002125 证券简称：湘潭电化 公告编号：2025-033 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发行提示性公告 保荐人（主承销商）：财信证券股份有限公司 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。 特别提示 湘潭电化科技股份有限公司（以下简称"湘潭电化"、"公司"或"发行 人"）和财信证券股份有限公司（以下简称"财信证券"或"保荐人（主承销 商）"）根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》 （证监会令〔第227号〕）、《证券发行与承销管理办法》（证监会令〔第228 号〕）、《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 （2025年修订）》（深证上〔2025〕223号）、《深圳证券交易所上市公司证 券发行与承销业务实施细则（2025年修订）》（深证上〔2025〕268号）和《 深圳证券交易所上市公司自律监管指南第1号——业务办理（2025年修订）》 （深证上〔2025〕396号）等相关规定组织实施向不特定对象发行可转换公司 债券（以下简称"可转债"或"电化转债"）。 本次发行的可转债向发行 ...

Core Viewpoint - Manganese-based cathode materials are gaining attention from major manufacturers like Tesla and BYD due to their advantages such as abundant manganese sources, low costs, and high voltage, positioning them as a breakthrough in power battery research [2] Company Overview - Xiangtan Electric Chemical Group has a strong foundation in manganese-based battery materials and has incubated and invested in Hunan Youneng, a leading global lithium iron phosphate company [2][6] - The company holds a 20% global market share in electrolytic manganese dioxide (EMD) for primary batteries and has achieved sustainable profitability, supporting its expansion into new industries [2][3] Market Demand and Trends - The demand for primary batteries is expected to maintain moderate growth, with stable overall demand for EMD and an anticipated increase in high-end demand [2][3] - In 2024, China's primary battery export volume is projected to reach 33.165 billion units, a year-on-year increase of 14.75%, with approximately two-thirds of production being exported [3] Industry Position - Xiangtan Electric Chemical is a leading player in the EMD industry, with over 30% domestic market share and around 20% global market share [3] - The company’s no-mercury alkaline EMD is recognized as a "national manufacturing single champion product," indicating its competitive edge in the market [3] Future Opportunities - The company is expanding into the lithium manganese oxide (LMO) sector, with a current annual production capacity of 40,000 tons and a market share expected to grow significantly [4][5] - LMO is anticipated to see a shipment volume of 115,000 tons in 2024, reflecting a year-on-year growth of 27.6%, with further increases projected in subsequent years [4] Strategic Initiatives - Xiangtan Electric Chemical plans to raise up to 487 million yuan to invest in a new project for 30,000 tons of spinel-type manganese oxide battery materials, enhancing its production capabilities [6][7] - The company has established strategic partnerships with major automotive manufacturers for the development of solid-state batteries, indicating a proactive approach to innovation [5][7] Governance and Support - The company benefits from the support of Hunan state-owned assets, which has enabled it to incubate successful ventures like Hunan Youneng, showcasing a model for innovation and growth [6][8] - The governance structure emphasizes the importance of diverse and synergistic shareholders, standardized operations, and incentivizing management and technical teams [8][9]