盛新锂能集团股份有限公司 前次募集资金使用情况 审 核 报 告 大信专审字[2025]第 2-00374 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing, China, 100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 前次募集资金使用情况审核报告 大信专审字[2025]第 2-00374 号 盛新锂能集团股份有限公司全体股东： 我们对盛新锂能集团股份有限公司（以下简称"贵公司"）编制的《关于前次募集资金 使用情况的专项报告》（以下简称"前次募集资金使用情况专 ...

Group 1 - Shengxin Lithium Energy (SZ 002240) announced on October 31 that its plan for a private placement of A-shares has been approved by the board, with the issuance targeting Shengtun Group, Zhongchuang Xinhang, and Huayou Holding Group [1] - The total number of shares to be issued is not more than approximately 188 million shares, accounting for no more than 30% of the company's total share capital before the issuance [1] - The issuance price is set at 17.06 yuan per share, aiming to raise no more than 3.2 billion yuan, which will be used to supplement working capital and repay debts [1] Group 2 - As of the first half of 2025, Shengxin Lithium Energy's revenue composition is 100% from new energy materials [1] - The current market capitalization of Shengxin Lithium Energy is 23.3 billion yuan [1]

Group 1 - The core point of the article is that Shengxin Lithium Energy announced a board meeting to discuss a proposal for issuing A-shares to specific investors, indicating potential capital raising activities [1] - Shengxin Lithium Energy's revenue composition for the first half of 2025 shows that 100% of its revenue comes from new energy materials, highlighting its focus on this sector [1] - As of the latest report, Shengxin Lithium Energy has a market capitalization of 23.3 billion yuan, reflecting its valuation in the market [2]

Core Viewpoint - The company has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange, prioritizing shareholder interests and adhering to its strategic development plan [1] Group 1 - The decision was made during the 24th meeting of the 8th Board of Directors held on October 31, 2025 [1] - The termination of the H-share issuance plan falls within the authority granted to the Board by the shareholders' meeting, thus does not require further shareholder approval [1]

Core Insights - 盛新锂能 has signed strategic cooperation agreements with 中创新航 and 华友控股集团 to introduce them as strategic investors through a conditional A-share stock issuance [1] Company Overview - 盛新锂能 aims to deepen collaboration within the industry chain and accelerate its goal of becoming a leading global player in lithium battery new energy materials [1] Strategic Partnerships - 中创新航 is recognized as one of the fastest-growing companies in the power and energy storage battery sector, with a projected power battery installation volume of 21.8 GWh in the first half of 2025, reflecting a year-on-year growth of 22.7%, ranking fourth globally and third domestically [1] - 中创新航 also achieved significant growth in energy storage cell shipments, ranking fourth globally in the same period [1] - 华友控股集团 is a major supplier of lithium battery cathode materials and ternary precursor products on a global scale [1]

Core Viewpoint - Shengxin Lithium Energy (002240) has decided to terminate its plan to issue H-shares and list on the Hong Kong Stock Exchange, as approved in the board meeting held on October 31, 2025 [1] Group 1 - The decision was made during the 24th meeting of the 8th Board of Directors [1] - The termination is based on the company's strategic development planning and other considerations [1]

Core Viewpoint - The company plans to issue A-shares to specific investors, which will not change the control of the company [1] Group 1: Issuance Details - The board meeting is scheduled for October 31 to review the proposal for issuing A-shares [1] - The targeted investors for the issuance are Shengtu Group, Zhongchuang Xinhang, and Huayou Holding Group [1] - The issuance price is set at 17.06 yuan per share, with a maximum of 187,573,269 shares to be issued [1] Group 2: Ownership Structure - Prior to the issuance, the actual controller, Yao Xiongjie, and his concerted parties hold 22.77% of the shares [1] - After the issuance, the expected shareholding will increase to 24.89%, while Zhongchuang Xinhang and Huayou Holding Group will hold 5.02% and 5.99%, respectively [1] Group 3: Regulatory Approval - The issuance is subject to approval from the shareholders' meeting, Shenzhen Stock Exchange, and the China Securities Regulatory Commission, indicating some uncertainty [1]

Core Viewpoint - The company has decided to terminate the issuance of H-shares and listing on the Hong Kong Stock Exchange, while planning to issue A-shares to specific investors [1] Group 1: Share Issuance - The company plans to issue A-shares to specific entities, including Shengtun Group, Zhongchuang Xinhang, and Huayou Holding Group [1] - The issuance price is set at 17.06 yuan per share, with a maximum issuance of 188 million shares [1] - The expected fundraising amount is up to 3.2 billion yuan, aimed at supplementing working capital and repaying debts [1] Group 2: Strategic Investors - The company intends to introduce Zhongchuang Xinhang and Huayou Holding Group as strategic investors [1] - All related proposals will require approval from the shareholders' meeting [1]

Core Viewpoint - The company plans to issue A-shares to raise up to 3.2 billion yuan, with the net proceeds aimed at enhancing working capital and repaying debts, reflecting confidence in the growth of the new energy vehicle and power battery industries [1] Group 1: Fundraising and Strategic Investors - The fundraising effort will involve introducing strategic investors, specifically Zhongchuang Xinhang and Huayou Holding Group, to deepen industry chain collaboration and optimize the equity structure [1] - The controlling shareholder, Shengtun Group, will participate in the subscription, indicating strong internal support for the initiative [1] Group 2: Financial Impact and Market Outlook - The raised funds are expected to strengthen the company's capital base and risk resistance capabilities, improving its financial structure [1] - The company believes that the lithium battery new energy materials market has significant growth potential, driven by the ongoing expansion of the new energy vehicle sector [1]

Core Viewpoint - Shengxin Lithium Energy, a leading lithium salt producer in China, is facing challenges in profitability and debt levels despite recent operational improvements and market conditions [1][2][3][6]. Group 1: Company Overview - Shengxin Lithium Energy was established on December 29, 2001, and listed on the Shenzhen Stock Exchange on May 23, 2008, with its registered office in Sichuan Province and operational headquarters in Guangdong Province [1]. - The company specializes in the production and sales of various products, including lithium chloride, battery-grade lithium hydroxide, and lithium carbonate, and operates in the non-ferrous metals sector focusing on energy metals [1]. Group 2: Financial Performance - For Q3 2025, Shengxin Lithium Energy reported revenue of 3.095 billion yuan, ranking fifth among eight companies in the industry, while the top competitor, Ganfeng Lithium, achieved 14.625 billion yuan [2]. - The net profit for the same period was -842 million yuan, placing the company eighth in the industry, with the leading company, Cangge Mining, reporting a net profit of 2.743 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 50.34%, an increase from 41.69% year-on-year, exceeding the industry average of 35.00%, indicating potential pressure on debt repayment capabilities [3]. - The gross profit margin for Q3 2025 was 10.16%, significantly higher than the previous year's 3.05%, but still below the industry average of 27.27%, suggesting room for improvement in profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 1.92% to 124,200, while the average number of shares held per shareholder decreased by 1.88% to 6,974.75 [5]. - Notably, Hong Kong Central Clearing Limited entered the top ten circulating shareholders with a holding of 10.4329 million shares, while Huaxia Industry Prosperity Mixed Fund exited the list [5]. Group 5: Operational Highlights - The company achieved a positive net profit for the first time in nearly eight quarters, attributed to the acquisition of a mining license for the Muren Mine, which is the largest hard rock lithium deposit in Asia [5]. - Shengxin Lithium Energy has established lithium salt production capacity of 137,000 tons per year and lithium metal production capacity of 500 tons per year, with solid-state battery materials already in mass production [5]. Group 6: Future Outlook - Analysts expect the company to improve its net profit from -500 million yuan in 2025 to 1.7 billion yuan in 2026 and 3.7 billion yuan in 2027, driven by rising lithium prices and operational efficiencies [5][6].