债券代码：148517.SZ 债券简称：23 格林 G1 国联民生证券承销保荐有限公司 （住所：中国(上海)自由贸易试验区浦明路 8 号） 关于格林美股份有限公司注册地址、《公司章程》变更 的临时受托管理事务报告 债券受托管理人 国联民生证券承销保荐有限公司 二〇二五年十一月 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管 理人执业行为准则》《格林美股份有限公司 2023 年面向专业投资者公 开发行绿色公司债券(第一期)募集说明书》《格林美股份有限公司 2022 年面向专业投资者公开发行公司债券受托管理协议》等相关规 定以及格林美股份有限公司（以下简称"公司"或"发行人"）提供 的相关资料等，由本次公司债券受托管理人国联民生证券承销保荐有 限公司（以下简称"国联民生承销保荐"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资 者应对相关事宜作出独立判断，而不应将本报告中的任何内容据以作 为国联民生承销保荐所做的承诺或声明。在任何情况下，投资者依据 本报告所进行的任何作为或不作为，国联民生承销保荐不承担任何责 任。 一、发行人及债券基本情况 | （一）发行人基本情况 | | - ...

证券代码：002340 证券简称：格林美 公告编号：2025-121 格林美股份有限公司 关于部分限制性股票回购注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、格林美股份有限公司（以下简称"公司"）本次回购注销的限制性股票数 量共计 875.0450 万股，占注销前公司总股本的 0.17%，回购注销完成后公司股份 总数由 5,124,299,057 股变更为 5,115,548,607 股，注册资本由 5,124,299,057 元变 更为 5,115,548,607 元。 2、本次回购注销的限制性股票为公司 2022 年限制性股票激励计划授予的 875.0450 万股限制性股票，涉及激励对象 542 名，授予日为 2022 年 7 月 18 日， 本次限制性股票回购总金额为 30,145,300.25 元。 3、2025 年 11 月 7 日，公司已在中国证券登记结算有限责任公司深圳分公 司办理完成了上述限制性股票的回购注销手续。公司将依法办理修订《公司章程》 及工商变更登记等手续。 公司于 2025 年 5 月 19 日召开 ...

Group 1 - Kelu Electronics has established a new energy storage company with a registered capital of 10 million yuan, holding 99% of the shares [3] - Kelu Electronics, as a veteran in the energy storage industry, offers comprehensive self-manufacturing capabilities for key components and systems, providing one-stop services for customers [4] - PowerCo, a subsidiary of Volkswagen, has begun construction of a 90 GWh battery factory in Canada with an estimated total investment of 7 billion CAD (approximately 5 billion USD) [5] Group 2 - China Science Electric announced a transfer of 5.001% of its shares to a state-owned investment fund for approximately 800 million yuan, marking a significant upgrade in its supply chain collaboration [6] - Nandu Power's project in Zhejiang is progressing well, with an investment exceeding 1 billion yuan and an expected annual production capacity of 5.6 GWh of lithium batteries [7] - Samsung SDI has reached an agreement with Tesla to supply approximately 30 GWh of energy storage system batteries over the next three years, valued at around 150 billion yuan [8] Group 3 - LG Energy Solution reported a Q3 revenue of approximately 5.7 trillion KRW, with a 22.2% increase in operating profit, benefiting from policy subsidies [9] - Times Qi Ji New Energy Technology has been established with a registered capital of 5 million yuan, focusing on emerging energy technology research and battery sales [10][11] - Wuliangye has announced a tender for a 10 MW/20 MWh energy storage system project, indicating its entry into the energy storage sector [12] Group 4 - Pylon Technologies has opened a subsidiary in Australia, marking its expansion into the Australian market [13] - EVE Energy has secured a strategic partnership with EVO Power to supply 2.2 GWh of energy storage batteries over the next five years [14] - Samsung C&T is entering the Japanese energy storage market through a joint venture with Irex, focusing on large-scale energy storage systems [15] Group 5 - Hichain Energy has signed a strategic cooperation agreement with El-Mor for a 1.5 GWh long-duration energy storage project in Israel [16] - A report indicates that the revenue growth of lithium battery copper foil companies is improving, with significant increases in revenue for companies like Defu Technology and Jiayuan Technology [18] - A lithium battery water-based anode binder project has been signed in Hubei, with an investment of 105 million yuan expected to enhance the local supply chain [19] Group 6 - Peking University and OneD Battery Sciences have signed a joint development agreement to advance silicon-based anode materials for lithium-ion batteries [20][21] - New Energy Company has reported a significant increase in the export volume of lithium hexafluorophosphate, indicating strong overseas demand [22][23] - Yifei Laser has secured a 1.9 billion yuan order for lithium battery equipment assembly lines, which is expected to positively impact future financial performance [25] Group 7 - Hymson has established a strategic partnership with Swiss semiconductor testing company Attolight AG, marking its entry into high-end material testing [26] - The Mannester intelligent equipment production base project has commenced in Huai'an, indicating growth in the intelligent manufacturing sector [27] - Gree's latest performance report shows a significant increase in the recycling and dismantling of power batteries, with a total of 36,643 tons recycled in the first three quarters [29] Group 8 - Zhongxin Innovation has established a new company focused on battery manufacturing and recycling, with a registered capital of 1 billion yuan [30][31] - A lithium battery recycling project in Hubei has entered trial production, with a capacity to process 20,000 tons of retired batteries annually [32] - Anhui Jinxiangzi New Energy Technology is planning a 100,000-ton battery recycling project, with a phased approach to increase capacity [33] Group 9 - Zhongxin Innovation has launched a new 5C supercharging battery pack for the Xiaopeng X9, emphasizing high energy capacity and fast charging [35] - BYD has reaffirmed its commitment to lithium iron phosphate battery technology, highlighting its safety and reliability in electric buses [36] - WM Motor has relaunched its app, restoring key functionalities for vehicle control and information synchronization [37] Group 10 - Chuangneng New Energy has officially entered the automotive manufacturing sector, utilizing the former WM Motor factory [38] - CATL is facing increased demand from multiple automakers as they rush to secure battery supplies ahead of upcoming policy changes [39]

Core Viewpoint - Greeenme (002340) has filed an international patent application for a lithium-rich manganese-based precursor and its preparation method, indicating a focus on innovation and R&D in the lithium battery sector [1][2]. Group 1: Patent Application - The patent is titled "A sub-micron small particle size lithium-rich manganese-based precursor and its preparation method and application" with application number PCT/CN2024/114979, published internationally on November 6, 2025 [1]. Group 2: R&D Investment - In 2023, Greeenme has announced a total of 146 international patent applications, representing a significant increase of 1227.27% compared to the same period last year [2]. - For the first half of 2023, the company invested 511 million yuan in R&D, which is a year-on-year increase of 6.13% [2].

Core Viewpoint - The company Greenme announced the sale of its wholly-owned subsidiary Jiangxi Green Recycling Materials Co., Ltd. to Henan Recycling Group for a transaction price of 960 million yuan, amid rising debt concerns and ongoing financial struggles [1][2]. Financial Performance - In the first three quarters of this year, Greenme reported a revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [2]. - However, after excluding non-recurring gains such as asset disposals and government subsidies, the company's net profit only grew by 8.21% to 821 million yuan [2]. Debt Situation - As of the end of the third quarter, Greenme's interest-bearing liabilities exceeded 30.1 billion yuan, significantly surpassing its cash holdings of 4.7 billion yuan [2][4]. - The company's heavy debt burden is directly related to its long-term cash flow issues, with capital expenditures consistently exceeding operating cash flow since its listing in 2010 [4][5]. Asset Disposal Strategy - To quickly recover funds, Greenme has been selling off assets, including three loss-making subsidiaries for a total of 922 million yuan, most of which were debt claims [1][2]. - The recent sale of Jiangxi Green is part of a broader strategy to address the company's substantial funding gap, although relying solely on asset sales is unlikely to resolve the underlying debt issues [5].

Core Viewpoint - The company, GreeenMei, is facing significant debt issues despite reporting revenue and profit growth in the first three quarters of the year. The sale of its subsidiary, Jiangxi Green, for 960 million yuan is part of its strategy to alleviate financial pressure, but concerns remain about the sustainability of its financial health [2][3][8]. Financial Performance - In the first three quarters of this year, GreenMei reported a revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit attributable to shareholders of 1.109 billion yuan, up 22.66% [8]. - However, after excluding non-recurring gains such as asset disposals and government subsidies, the company's net profit only grew by 8.21% to 821 million yuan [8]. Debt Situation - As of the end of the third quarter, GreenMei's interest-bearing liabilities exceeded 30.1 billion yuan, significantly surpassing its cash reserves of 4.75 billion yuan [3][8]. - The company's heavy debt burden is linked to a long-standing issue of cash flow deficits, with capital expenditures consistently outpacing operating cash flow since its listing in 2010 [4][11]. Asset Sales - GreenMei has been actively selling off assets to recover funds, including the recent sale of three loss-making subsidiaries for a total of 922 million yuan, with a significant portion of the transaction being debt claims [5][14]. - The sale of Jiangxi Green for 960 million yuan includes a cash component of 280 million yuan and debt claims of 682 million yuan, indicating the company's urgent need for liquidity [7][14]. Long-term Viability - The reliance on asset sales to address financial challenges raises concerns about the company's long-term viability, as these measures may not sufficiently cover the accumulated financial shortfalls [6][13].

Core Viewpoint - Greenme's stock price has shown a significant increase of 31.65% year-to-date, despite a slight decline of 0.12% over the last five trading days, indicating a volatile but generally positive market performance [2]. Company Overview - Greenme Co., Ltd. is based in Shenzhen, Guangdong, and specializes in the recycling of waste cobalt and nickel resources, as well as electronic waste. The company was established on December 28, 2001, and went public on January 22, 2010 [2]. - The main revenue sources for Greenme include: ternary precursors (38.70%), nickel resources (15.73%), cobalt oxide (12.28%), trade and others (8.35%), cathode materials (7.26%), cobalt recovery (6.74%), tungsten resource recovery (6.01%), comprehensive utilization of power lithium batteries (3.06%), and comprehensive utilization of scrapped vehicles (1.87%) [2]. Financial Performance - For the period from January to September 2025, Greenme reported a revenue of 27.498 billion yuan, reflecting a year-on-year growth of 10.55%. The net profit attributable to shareholders was 1.109 billion yuan, marking a year-on-year increase of 22.66% [3]. - Since its A-share listing, Greenme has distributed a total of 1.825 billion yuan in dividends, with 1.002 billion yuan distributed over the last three years [4]. Shareholder Structure - As of September 30, 2025, Greenme had 425,600 shareholders, with an average of 11,946 circulating shares per person, a decrease of 0.68% from the previous period [3]. - The top shareholders include Hong Kong Central Clearing Limited, holding 111 million shares, and Southern CSI 500 ETF, holding 74.5979 million shares, both of which have seen changes in their holdings compared to the previous period [4].

Group 1: Market Performance and Liquidity - The battery ETF managed by Jiashi has a turnover rate of 3.45% and a transaction volume of 49.24 million yuan as of November 6 [3] - The average daily transaction volume for the battery ETF over the past month is 126 million yuan, with a total scale reaching 1.428 billion yuan [3] - The net value of the battery ETF has increased by 5.90% over the past three years, with the highest monthly return since inception being 39.76% and the longest consecutive monthly gain lasting six months [3] Group 2: Industry Growth and Projections - As of September 30, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3] - China's new energy vehicle production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of 16 million units in 2025 [3] - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan by 2024, primarily driven by power batteries and energy storage batteries, with China's share of global power batteries increasing from 38.35% in 2020 to 68.79% in 2025 [3] Group 3: Market Sentiment and Stock Performance - The electric equipment (battery) industry is gaining market attention, with a shift in investment focus from TMT sectors to electric equipment, indicating increased investor interest [4] - As of October 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include companies like Sungrow Power, CATL, and EVE Energy, collectively accounting for 56.8% of the index [4] Group 4: Stock Performance Details - The stock performance of key companies includes: Sungrow Power (-1.64%, 14.31% weight), CATL (-0.51%, 8.95% weight), EVE Energy (1.73%, 6.94% weight), and others with varying performance and weight [6]

Core Viewpoint - The report highlights significant growth in China's waste resource recycling industry, with a notable increase in export value and market trends projected for 2025-2031 [1] Industry Summary - As of September 2025, the total export value of the waste resource recycling industry reached 1.13 billion, marking a year-on-year increase of 112.4% [1] - Cumulatively, from January to September 2025, the industry recorded an export value of 6.43 billion, reflecting a year-on-year growth of 48.1% [1] - The report is based on data from the National Bureau of Statistics and provides insights into the competitive landscape and industry trends [1] Company Summary - Listed companies in the waste resource recycling sector include: Greenme (002340), Huicheng Environmental (300779), Shenwu Energy Saving (000820), Farsen (000890), Yingfeng Environment (000967), Chuhuan Technology (001336), Longjing Environmental (600388), Fida Environmental (600526), Yutong Heavy Industry (600817), and Jingjin Equipment (603279) [1]

Group 1 - The battery ETF (561910) has seen a rise of 1.14% as of November 6, with significant gains from constituent stocks such as Keda, Funeng Technology, and others [1] - The ETF has attracted over 60 million in net inflows over the past two days, indicating strong investor interest [1] - China's new energy storage capacity is projected to exceed 100 million kilowatts by September 2025, reflecting rapid growth and technological advancements in the sector [1] Group 2 - The European large-scale energy storage market is experiencing accelerated growth, with project returns increasing to 10%-15% due to frequent negative electricity prices [2] - By 2030, Europe is expected to add 165 GWh of new storage capacity, with a compound annual growth rate of 40% from 2024 to 2030, representing a market opportunity of 170 billion [2] - The U.S. energy storage capacity is forecasted to reach 76 GWh by 2026, with a year-on-year increase of nearly 44%, driven by data center contributions [2] Group 3 - Companies like Sungrow and Keda are actively expanding their presence in the AI Data Center (AIDC) industry chain [3] - The battery ETF (561910) tracks the CSI Battery Index, covering the entire industry chain from materials to equipment recycling, with top constituents including Ningde Times and Yiwei Lithium Energy [4] Group 4 - Keda has announced that the rapid development of AI technology has increased the demand for computing power, leading to growth in its data center segment [5] - Sungrow has established a dedicated AIDC division to enhance its strategic positioning, aiming to transition from a "device supplier" to an "energy system service provider" [5]