根据《中华人民共和国证券法》（下称"《证券法》"）、《中华人民共和国 公司法》（下称"《公司法》"）等相关法律、法规及中国证券监督管理委员会颁 布的有关规定和《盛新锂能集团股份有限公司章程》（下称"《公司章程》"）的规定， 北京市万商天勤律师事务所（下称"本所"）接受盛新锂能集团股份有限公司（下 称"公司"）的委托，指派律师参加公司二〇二五年第一次（临时）股东大会（下 称"本次股东大会"），并出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的有关事项进行了审 查，查阅了本所律师认为出具本法律意见书所必须查阅的文件。本所律师得到公 司如下保证，即其已提供了本所律师为出具本法律意见书所必需的材料，所提供 的原始材料、副本及复印件等材料均符合真实、准确、完整的要求，有关副本、 复印件等材料与原始材料一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》、《证券 法》等法律、法规、规范性文件及《公司章程》的规定发表意见，不对会议审议 的议案内容以及这些议案所表述的事实或数据的真实性及准确性发表意见。 北京市万商天勤律 ...

Market Overview - In Q2 2025, lithium resource clearing was below expectations, with lithium prices continuing to decline to 60,000 yuan/ton [2] - The growth rate of lithium salt production in China slowed down in Q2 2025 [2] - Due to weak demand, social inventory of lithium salt remained high at over 150,000 tons [2] Company Performance - In Q2 2025, listed companies increased revenue by 3% year-on-year by compensating volume for price [3] - Net profit attributable to shareholders decreased by 9% year-on-year due to reduced gross profit and inventory impairment losses [3] - Gross and net profit margins were reported at 22.36% and 9.13%, respectively, indicating a reversal trend [3] - Financial expenses decreased in 2024, while management and sales expenses have limited room for reduction [3] - Capital expenditures remained at a cyclical low [3] - Debt repayment capability remained stable and within a reasonable range [3] Industry Changes - Chinese companies showed a very low willingness to reduce production, with lithium prices dropping from 74,000 yuan/ton to 60,000 yuan/ton, further compressing profit margins [4] - Some companies reported net losses, such as Shengxin Lithium Energy with a net loss of 165 million yuan and Zhongmin (Hong Kong) with a net loss of 210 million yuan in H1 2025 [4] - Despite some companies experiencing losses, their debt repayment capabilities remained relatively stable, with overall leverage still in a safe zone [4] - Capital expenditures have slowed down, with total capital expenditure for sample companies at 4.1 billion yuan, a year-on-year decrease of 8.0%, indicating that the lithium cycle turning point is approaching [5]

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - The lithium mining industry is experiencing a gradual stabilization after a period of clearing out excess inventory, with signs of a cyclical turning point approaching [2][3] - The report highlights that the performance of listed lithium companies is under pressure due to declining lithium prices and increased inventory levels, but there are indications of potential recovery in the second half of 2025 [8][10] Market Analysis - Lithium prices fell to 60,000 yuan/ton in Q2 2025, down from 74,000 yuan/ton, reflecting a continued downward trend due to oversupply [10] - The production growth rate of lithium salts in China slowed, with Q2 2025 production at 299,000 tons, a year-on-year increase of 4% [11] - Social inventory of lithium salts remained high at over 150,000 tons due to weak demand [16] Company Performance - The total operating revenue of the 12 listed lithium companies reached 35.36 billion yuan in Q2 2025, a year-on-year increase of 3% [21] - The net profit attributable to shareholders decreased by 9% year-on-year to 3.227 billion yuan in Q2 2025, impacted by reduced gross profit and inventory impairment losses [25] - The gross margin for the companies was 22.36%, showing a reversal trend, while the net margin was 9.13% [33][36] Financial Metrics - The total expenses for the 12 companies amounted to 2.287 billion yuan in Q2 2025, a decrease of 16.3% year-on-year [40] - Capital expenditures for the companies totaled 11.5 billion yuan in H1 2025, indicating a slowdown in investment as the industry approaches a cyclical bottom [53] - The debt repayment capability remains stable, with an average cash ratio of 0.64 and a debt-to-asset ratio of 26.25% [61][62]

Investment Rating - The industry investment rating is "Positive" [3] Core Views - The semiconductor industry is experiencing strong demand, driven by the ongoing domestic substitution and the global AI wave, which is pushing high-end chip and related manufacturing demand to remain robust [24][28] - The storage chip sector is entering a new upcycle, with DRAM prices showing a strong upward trend due to high demand from AI servers, next-generation PCs, and data centers [26][27] - The "domestic substitution" has shifted from an optional strategy to a necessary one, creating a highly certain domestic market for equipment and materials companies, which can withstand global cyclical fluctuations [4][30] Summary by Sections Weekly Market Review - The market continued a weak oscillation pattern from September 22 to 26, with the Shanghai Composite Index rising by 0.21% to 3828.11 points, the Shenzhen Component Index rising by 1.06% to 13209.00 points, and the ChiNext Index rising by 1.96% to 3151.53 points [8][10] - The semiconductor equipment ETF surged nearly 8% on September 23, with significant gains in semiconductor stocks, including Changchuan Technology and Shengmei Shanghai, which rose over 10% [31] Industry Data Tracking - The consumer electronics sector may face slowing growth in mobile phone sales, while domestic demand remains stable due to policies like "national subsidies" [20] - The semiconductor industry is currently seeing robust demand, with domestic semiconductor equipment demand remaining strong [24] - The storage chip industry is entering a new upcycle, with DRAM prices reflecting strong demand for high-performance memory [26][27] Investment Recommendations - Focus on companies that achieve technological breakthroughs in key areas and have entered the mainstream chip manufacturing supply chain, as they are likely to be the foundation for China's semiconductor industry [30] - The TMT sector is expected to be a market leader due to its high growth potential and rich themes, especially in semiconductor and AI fields [5][30] Industry News and Important Announcements - Major positive developments in the semiconductor sector include a significant increase in chip concept stocks and a strategic partnership between Nvidia and OpenAI, with Nvidia planning to invest $100 billion [31][32] - Longchuan Technology expects a net profit increase of 131.39% to 145.38% for the first three quarters of 2025, driven by strong market demand [34]

Core Insights - The energy metals sector experienced a significant increase of 4.85% on September 29, with Boqian New Materials leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Sector Performance - Boqian New Materials (605376) saw a closing price of 59.49, with a rise of 10.00% and a trading volume of 18,400 lots, amounting to 110 million yuan [1] - Ganfeng Lithium (002460) closed at 58.50, up 7.83%, with a trading volume of 1,189,500 lots and a transaction value of 6.772 billion yuan [1] - Other notable performers included: - Sai Rui Aluminum (300618) at 53.24, up 5.78% [1] - Huayou Cobalt (603799) at 60.25, up 5.46% [1] - Tengyuan Diamond (301219) at 72.27, up 5.20% [1] Capital Flow - The energy metals sector saw a net inflow of 1.344 billion yuan from main funds, while retail funds experienced a net outflow of 828 million yuan [1] - Ganfeng Lithium had a main fund net inflow of 5.42 billion yuan, but retail funds saw a net outflow of 2.96 billion yuan [2] - Huayou Cobalt also reported a main fund net inflow of 4.97 billion yuan, with retail funds experiencing a net outflow of 4.53 billion yuan [2]

Core Viewpoint - Shengxin Lithium Energy Group Co., Ltd. is making a significant investment by acquiring a 21% stake in Qicheng Mining for 1.456 billion yuan, which will allow it to indirectly control the Muro Lithium Mine, marking a milestone in its mining business [2][3]. Group 1: Acquisition Details - The acquisition will increase Shengxin Lithium's stake in Qicheng Mining to 70%, thereby enhancing its control over Huirong Mining, which holds the mining rights to the Muro Lithium Mine [4]. - The Muro Lithium Mine is recognized as the largest known spodumene-type lithium mine in Asia, with an annual mining capacity of 3 million tons, translating to approximately 75,000 tons of lithium carbonate equivalent, which is about 9% of China's lithium demand last year [2][5]. Group 2: Financial Implications - The transaction reflects a net asset appreciation rate of 388.77%, with the total equity value of Qicheng Mining assessed at 6.934 billion yuan, significantly higher than its book value of 1.419 billion yuan [5]. - Shengxin Lithium's cash flow may face pressure due to the high transaction amount, which is nearly half of its cash reserves of 3.085 billion yuan as of June 2025 [8]. Group 3: Mining Project Overview - The Muro Lithium Mine has received a mining license and is currently in the construction phase, with a projected fixed asset investment of 4.167 billion yuan and additional costs for intangible assets and working capital [6][9]. - The mine is expected to achieve an annual production of 713,400 tons of lithium concentrate and 300 tons of tantalum-niobium concentrate under normal operating conditions by 2030 [6]. Group 4: Market Context - Despite fluctuations in lithium carbonate prices, mining resources remain valuable, leading to significant investments in the sector, particularly in Sichuan Province, where several high-value mining rights have been auctioned [3]. - The market price for lithium concentrate is projected to range between 62,000 yuan and 85,000 yuan per ton in 2026, with a breakeven point for spodumene mines estimated at around 65,000 yuan per ton [9].

Group 1 - The company received a notification from its controlling shareholder, Shenzhen Shengtun Group Co., Ltd., regarding the pledge of 4.5 million shares by Shenzhen Shengtun Huize Trading Co., Ltd. [1][2] - The pledged shares were registered with Shanghai Pudong Development Bank Co., Ltd., Shenzhen Branch, on September 26, 2025 [1][3] - There are no significant asset restructuring or performance compensation obligations associated with the pledged shares [2] Group 2 - As of the announcement date, the total pledged shares by the shareholder and its concerted parties are detailed in the disclosure [2]

证券日报网讯 9月26日晚间，盛新锂能发布公告称，2025年9月26日，公司控股股东深圳盛屯集团有限 公司的一致行动人深圳市盛屯汇泽贸易有限公司（有限合伙）将其所持有的450万股公司股份质押给上 海浦东发展银行股份有限公司深圳分行。 （编辑 姚尧） ...

证券代码：002240 证券简称：盛新锂能 公告编号：2025-058 盛新锂能集团股份有限公司（以下简称"公司"）于近日接到公司控股股东 深圳盛屯集团有限公司的一致行动人深圳市盛屯汇泽贸易有限公司（有限合伙） （以下简称"盛屯汇泽"）的通知，获悉盛屯汇泽将其所持有的公司无限售流通 股 450 万股股份办理了股权质押登记手续。现将具体情况公告如下： 一、本次股份质押基本情况 2025 年 9 月 26 日，盛屯汇泽将其所持有的 450 万股公司股份质押给上海浦 东发展银行股份有限公司深圳分行。 | | 是否为控 | | | | 是否为 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | 本次质押 | 占其所 | 占公司 | 限售股 | 为补 | 质押起始 | 质押到期 | | | | 股东名称 | 第一大股 | 数量（股） | 持股份 | 总股本 | （如是， | 充质 | 日 | 日 | 质权人 | 质押用途 | | | 东及其一 | | 比例 | 比例 | 注明限 | 押 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with notable gains for Dongcai Technology, Seres, and Gree Electric, showing target price increases of 51.97%, 37.62%, and 36.96% respectively [1][3] - On September 25, a total of 12 target price adjustments were made by brokerages, with the highest target price set at 32.43 yuan for Dongcai Technology [1][3] - A total of 35 listed companies received brokerage recommendations on September 25, including Sanyuan Shares, Anhui Weaving High-tech, and Yixin Pharmacy [1][3] Group 2 - On the same date, two companies had their ratings upgraded, with Renfu Pharmaceutical's rating raised from "Hold" to "Buy" by Shouchuang Securities, and Sanhuan Group's rating upgraded from "Hold" to "Buy" by Huazheng Securities [4][6] - A total of 10 companies received initial coverage from brokerages, with Frontier Biotech receiving a "Buy" rating from Kaiyuan Securities and Jiete Biotech also receiving a "Buy" rating from Xinda Securities [4][7] - Other companies receiving initial coverage include Bowei Alloy with a rating of "Hold" and Leisai Intelligent with a "Buy" rating, indicating a diverse range of sectors being covered [4][7]