Core Viewpoint - Jiangte Electric's control rights are undergoing changes, with the actual controllers planning a transfer of control amid ongoing losses in the lithium industry due to falling lithium carbonate prices [3][4]. Group 1: Control Rights and Company Background - Jiangte Electric's actual controllers, Zhu Jun and Lu Shunmin, hold 14.12% of the company's shares through the controlling shareholder Jiangxi Jiangte Electric Group [4]. - The company's total market value before the suspension was 13.2 billion yuan, with the market value corresponding to the actual controllers' holdings at 1.877 billion yuan [4]. - Zhu Jun has been the chairman and general manager since January 2002, while Lu Shunmin joined the board in the same year and became the chairman of the controlling shareholder in 2006 [4]. Group 2: Financial Performance and Industry Context - Jiangte Electric has faced continuous losses since 2023, attributed to the decline in lithium carbonate prices [3][8]. - The company reported a revenue of 6.572 billion yuan in 2022, with a profit of 2.326 billion yuan, marking significant growth compared to previous years [8]. - The company has been involved in the lithium industry since 2010, acquiring various lithium-related assets, but faced substantial losses from its investment in Jiulong Automobile, leading to a strategic shift towards smart motors and lithium industries [6][8]. Group 3: Lithium Resource and Production Challenges - Jiangte Electric holds significant lithium resources, with over 1 million tons of proven lithium resources and several mining rights [7][9]. - The company has a production capacity of 30,000 tons of lithium carbonate per year, but has struggled with profitability due to high production costs compared to current market prices [9][10]. - The company is currently undergoing a 26-day shutdown for maintenance of its lithium salt production line, aimed at improving production efficiency and reducing costs [3][10].

截至目前，公司第二期员工持股计划尚持有公司股票 814,100 股，约占公 司总股本的 0.0477%。 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。 一、员工持股计划的基本情况 （一）第二期员工持股计划的基本情况 江西特种电机股份有限公司（以下简称"公司"）于 2022 年 8 月 17 日召 开了第十届董事会第二次会议、第十届监事会第二次会议，并于 2022 年 9 月 5 日召开了 2022 年第三次临时股东大会，会议分别审议通过了《关于＜江西特种 电机股份有限公司第二期员工持股计划（草案）＞及其摘要的议案》《关于＜江 西特种电机股份有限公司第二期员工持股计划管理办法＞的议案》等相关议案， 同意公司实施第二期员工持股计划。 公司于 2022 年 9 月 28 日收到中国证券登记结算有限责任公司深圳分公司 出具的《证券过户登记确认书》，公司回购专用证券账户当中的 1,385,000 股已 于 2022 年 9 月 27 日以非交易过户形式过户至公司开立的第二期员工持股计划证 券专用账户，占公司总股本的 0.0812%。第二期员工持股计划的存续期为 36 ...

证券代码：002176 证券简称：江特电机 公告编号：2025-036 江西特种电机股份有限公司 第十届董事会第二十二次会议决议公告 审议通过《关于延长第二期、第三期员工持股计划存续期的议案》 本议案已经公司第十届董事会薪酬与考核委员会第三次会议审议通过。 表决结果：4 票同意，0 票反对，0 票弃权，3 票回避。 关联董事胡春晖、卢顺民、朱文希对该议案进行了回避表决。 具体内容详见同日刊登在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 特此公告。 江西特种电机股份有限公司 董事会 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。 一、董事会会议召开情况 江西特种电机股份有限公司（以下简称"公司"）于 2025 年 7 月 24 日 14：30 在公司五楼会议室以现场结合通讯方式召开了第十届董事会第二十二次会议。胡春 晖先生主持召开了本次会议，本次会议应参加表决的董事 7 名，实际参加表决董事 7 名，公司 3 名监事及部分高级管理人员列席了会议。本次会议的召集、召开程序 符合《公司法》《公司章程》和《董事会议事规则》的有关规定。 二、董事会会 ...

Group 1 - The company announced a stock suspension due to the planning of a change in control, which may lead to a change in the actual controller [1] - The actual controllers, Zhu Jun and Lu Shunmin, are in discussions regarding the control change, but no formal agreements have been signed yet [1] - Industry insiders speculate that the potential acquirer may be interested in the company's rich lithium mineral resources [1] Group 2 - The company disclosed that its wholly-owned subsidiary, Yichun Yinli New Energy Co., Ltd., will initiate a comprehensive production suspension for maintenance starting July 25, lasting approximately 26 days [1] - The main purpose of the maintenance is to reduce production costs and ensure the safe and stable operation of production equipment [1] - During the maintenance period, a technical team will conduct a thorough inspection and maintenance of production equipment, along with technical upgrades to improve production line efficiency [1]

Report Industry Investment Rating - Not provided in the content Core View of the Report - The price increase is mainly due to supply - side disturbances, which boost market sentiment but have limited impact on the fundamentals. In the short term, strong market sentiment and frequent rumors support futures prices, but the pricing weight of the spot market may increase, and industry players can consider hedging at high prices. Also, the basis between the current spot and the 08 contract has been repaired, which will stimulate the production of warehouse receipts [3] Summary by Relevant Catalogs Lithium Compounds - SMM battery - grade lithium carbonate has an average price of 70,450 yuan with a daily increase of 1,350 yuan; SMM industrial - grade lithium carbonate has an average price of 68,800 yuan with a daily increase of 1,350 yuan [1] - Futures contracts: lithium carbonate 2508 has a closing price of 69,320 yuan with a decline of 3.59%; lithium carbonate 2509 has a closing price of 69,380 yuan with a decline of 4.07%; lithium carbonate 2510 has a closing price of 68,800 yuan with a decline of 3.91%; lithium carbonate 2511 has a closing price of 68,620 yuan with a decline of 3.7%; lithium carbonate 2512 has a closing price of 68,780 yuan with a decline of 3.48% [1] Lithium Ore - Lithium spodumene concentrate (CIF China) (Li20: 5.5% - 6%) has an average price of 750 yuan with a daily increase of 8 yuan; lithium mica (Li20: 1.5% - 2.0%) has an average price of 1,040 yuan with a daily increase of 10 yuan; lithium mica (Li20: 2.0% - 2.5%) has an average price of 1,605 yuan with a daily increase of 15 yuan; phospho - lithium - aluminum stone (Li20: 6% - 7%) has an average price of 5,400 yuan; phospho - lithium - aluminum stone (Li20: 7% - 8%) has an average price of 6,325 yuan [1][2] Cathode Materials - The average price of lithium iron phosphate (power type) is 32,665 yuan with a daily increase of 325 yuan; the average price of ternary material 811 (polycrystalline/power type) is 143,150 yuan with a daily increase of 300 yuan; the average price of ternary material 523 (single - crystal/power type) is 115,845 yuan with a daily increase of 350 yuan; the average price of ternary material 613 (single - crystal/power type) is 120,675 yuan with a daily increase of 300 yuan [2] Price Spreads - The difference between battery - grade and industrial - grade lithium carbonate is 1,650 yuan; the difference between battery - grade lithium carbonate and the main contract is 1,070 yuan with a change of 4,850 yuan; the difference between the near - month and the first - continuous contract is - 60 yuan with a change of 20 yuan; the difference between the near - month and the second - continuous contract is 520 yuan with a change of - 160 yuan [2] Inventory - The total inventory (weekly, tons) is 142,620 tons with a change of 1,827 tons; the inventory of smelters (weekly, tons) is 58,039 tons with a change of - 559 tons; the inventory of downstream (weekly, tons) is 41,271 tons with a change of 506 tons; the inventory of others (weekly, tons) is 43,310 tons with a change of 1,880 tons; the registered warehouse receipts (daily, tons) is 10,754 tons with a change of 665 tons [2] Profit Estimation - The cash cost of purchasing lithium spodumene concentrate externally is 67,813 yuan, and the profit is 1,688 yuan; the cash cost of purchasing lithium mica concentrate externally is 72,868 yuan, and the profit is - 4,992 yuan [3] Company News - Yichun Yinli, a subsidiary of Jiangte Motor, is expected to conduct equipment maintenance on its production line on July 25, 2025, with an estimated maintenance time of about 26 days [3]

证券代码：002176 证券简称：江特电机 公告编号：2025-035 江西特种电机股份有限公司 二、进展情况说明 截至目前，相关各方正在积极推进本次交易的各项工作，相关工作尚未完成。 为保证公平信息披露，避免公司股价异常波动，维护广大投资者利益，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 6 号— —停复牌》等相关规定，经向深圳证券交易所申请，公司股票（股票简称：江特 电机，股票代码：002176）自 2025 年 7 月 24 日（星期四）开市起继续停牌，预 关于筹划公司控制权变更进展暨继续停牌的停牌公告 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。 特别提示： 1、江西特种电机股份有限公司（以下简称"公司"）股票（股票简称：江 特电机，股票代码：002176）自 2025 年 7 月 24 日（星期四）上午开市起继续停 牌，预计停牌时间不超过 3 个交易日。 2、本次交易事项能否最终实施完成及实施结果尚存在不确定性，敬请广大 投资者关注后续公告，注意投资风险。 一、停牌情况概述 公司近日收到实际控制人朱军先生、卢顺民先生 ...

Group 1 - Jiangte Electric (002176) is planning a change in control, which may lead to a shift in its actual controller [1][2][4] - The company's largest shareholder, Jiangte Electric Group, holds 14.12% of the shares, and there have been rumors about potential acquisitions by BYD [1][3][5] - Jiangte Electric has faced financial pressure, with a reported cash balance of 714 million yuan and interest-bearing liabilities of 1.507 billion yuan as of Q1 2025 [2][6] Group 2 - The company has experienced significant operational challenges, with consecutive losses expected in 2023 and 2024, primarily due to declining lithium carbonate prices [1][9] - Jiangte Electric's revenue peaked in 2021 and 2022, with revenues of 2.982 billion yuan and 6.572 billion yuan, respectively, but has since faced a downturn [8][9] - The market is hopeful that a new controlling shareholder will bring positive changes and help the company overcome its operational difficulties [10]

Group 1 - Jiangte Electric announced a suspension of trading due to potential changes in its actual control, as notified by its actual controllers Zhu Jun and Lu Shunmin [1] - The company's stock closed at 7.74 yuan per share, with a total market value of approximately 13.21 billion yuan [1] - Jiangte Electric's controlling shareholder is Jiangxi Jiangte Electric Group Co., Ltd., which holds 14.12% of the company's shares [1] Group 2 - Jiangte Electric has faced significant operational challenges, with revenues of 2.799 billion yuan and 2.103 billion yuan in the past two years, and net losses of 397 million yuan and 319 million yuan respectively [2] - The company has accumulated losses exceeding 1 billion yuan after deducting non-recurring items [2] - The lithium mining segment is projected to have a gross margin of -22% in 2024, while the intelligent motor segment has a gross margin of 21% [2] Group 3 - To address its financial difficulties, Jiangte Electric's subsidiary Yichun Yinli New Energy Co., Ltd. will undergo a 26-day production halt for equipment maintenance starting July 25 [3] - The maintenance aims to reduce production costs across all lithium salt production lines [3]

Market Overview - On July 21, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.72% to 3559.79 points, the Shenzhen Component Index increasing by 0.86% to 11007.49 points, and the ChiNext Index up by 0.87% to 2296.88 points [2][3] - The total trading volume in the Shanghai and Shenzhen markets reached 172.71 billion yuan, an increase of 133.9 billion yuan from the previous day, with over 4000 stocks rising and more than 120 stocks hitting the daily limit [2] Sector Performance - The leading sectors included engineering machinery, cement and building materials, steel, electric grid equipment, and new urbanization, all showing significant gains [2] - Conversely, sectors such as cross-border payment, banking, education, and photolithography concepts experienced declines [2] International Market - In the U.S. market, the Dow Jones Industrial Average fell by 0.04% to 44323.07 points, while the S&P 500 rose by 0.14% to 6305.60 points, and the Nasdaq Composite increased by 0.38% to 20974.17 points [4][5] - European markets showed mixed results, with the UK FTSE 100 up by 0.23%, the French CAC40 down by 0.31%, and the German DAX up by 0.08% [4][5] - International oil prices declined, with WTI crude oil falling by 0.21% to $67.20 per barrel and Brent crude down by 0.10% to $69.21 per barrel [4] Regulatory Developments - The State Council of China announced the implementation of the "Housing Rental Regulations" effective from September 15, 2025, aimed at standardizing rental activities and promoting high-quality development in the housing rental market [6][7][8] - The regulations emphasize the need for market-driven and government-guided approaches, encouraging the growth of professional rental enterprises and ensuring compliance with safety standards [6][7] Cross-Border Financial Initiatives - The People's Bank of China and other regulatory bodies released the "Implementation Rules for Cross-Border Asset Management Pilot Business" in Hainan, facilitating foreign investment in financial products within the Hainan Free Trade Port [9] - This initiative aims to enrich cross-border financial product offerings and attract asset management institutions to Hainan, supporting the development of the free trade port [9] Consumption Trends - The Chinese consumption market saw robust growth in new consumption models, with online retail sales of physical goods increasing by 6.0% year-on-year, accounting for 24.9% of total retail sales [10] - Notable growth was observed in green consumption, particularly in the new energy vehicle sector, which saw a retail volume increase of 33.3% [10] Energy Consumption - In June, China's total electricity consumption reached 867 billion kWh, marking a year-on-year increase of 5.4% [11] - Cumulative electricity consumption for the first half of the year was 4841.8 billion kWh, up by 3.7% compared to the same period last year [11] Technological Investment - Hangzhou aims to increase its technological innovation investment to 300 billion yuan by 2027, with a focus on enhancing research and development spending [12] Automotive Industry Regulation - Guangdong and Anhui provinces are implementing measures to regulate competition in the automotive industry, focusing on quality management and fair payment practices to combat "price wars" [14][15]

Core Viewpoint - Jiangte Motor's actual controller is planning a change in control, leading to a suspension of trading starting July 22, with an expected duration of no more than two trading days [2][7]. Group 1: Control Change Announcement - Jiangte Motor announced that its actual controllers, Zhu Jun and Lu Shunmin, are planning a change in the company's control, which may result in a change of the actual controller [7][12]. - The company has received notifications regarding the control change, and the parties involved have not yet signed any formal agreements [13]. Group 2: Stock Performance and Market Position - As of the close on July 21, Jiangte Motor's stock price was 7.74 yuan per share, with an increase of 1.18%, and a total market capitalization of 13.21 billion yuan [4]. - Jiangte Motor's major shareholder is Jiangxi Jiangte Electric Group Co., Ltd., with Zhu Jun and Lu Shunmin indirectly controlling the group [9]. Group 3: Financial Performance and Forecast - Jiangte Motor issued a profit warning on July 15, forecasting a net loss attributable to shareholders of 95 million to 125 million yuan for the first half of 2025, compared to a loss of 64.07 million yuan in the first half of 2024 [15]. - The company also expects a loss of 135 million to 165 million yuan in net profit after deducting non-recurring items for the first half of 2025, compared to a loss of 145 million yuan in the same period of 2024 [16]. - The company is increasing investment in the smart motor sector to enhance competitiveness, but is facing losses in the lithium segment due to falling lithium carbonate prices [17]. Group 4: Production and Operational Updates - Jiangte Motor's wholly-owned subsidiary, Yichun Yinli New Energy Co., Ltd., plans to conduct equipment maintenance starting July 25, with an estimated duration of about 26 days [17]. - The maintenance is aimed at reducing production costs and ensuring the safe and stable operation of production equipment [18].