国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于云南恩捷新材料股份有限公司 本次股东会由董事会召集，公司董事会已于 2025 年 6 月 17 日于《中国证券 报》、《证券时报》、《上海证券报》、《证券日报》及巨潮资讯网（www.cninfo.com.cn） 1 2025 年第五次临时股东会的法律意见书 致：云南恩捷新材料股份有限公司 国浩律师（上海）事务所（以下简称"本所"）担任云南恩捷新材料股份有 限公司（以下称"公司"或"恩捷股份"）之特聘法律顾问，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）等法律、法规和《上市公司股东会规则》（以下称"《股 东会规则》"）及《云南恩捷新材料股份有限公司章程》（以下称"《公司章程》"） 等有关规定，指派何佳欢律师、周烨培律师出席并见证了公司于 2025 年 7 月 3 日（星期四）下午 14:00 在云南省玉溪市高新区九龙片区春景路 8 号云南红塔塑 胶有限公司三楼会议室召开的 2025 年第五次临时股东会（以下简称"本次股东 会"），对本次股东会的召集、召开程序、出席人员资格、会议表决程 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-102 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于2025年第五次临时股东会决议的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更前次股东会决议。 一、会议的召开和出席情况 （一）会议的召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 7 月 3 日（星期四）下午 14:00。 | 证券代码：002812 | 股票简称：恩捷股份 公告编号：2025-102 | | --- | --- | | 债券代码：128095 | 债券简称：恩捷转债 | 1、本次股东会采取现场投票与网络投票相结合的方式进行投票表决。出席 本次股东会的股东及股东授权委托代表共795人，代表股份数量220,204,371股， 占公司有表决权股份总数的 22.8485%（截至股权登记日，公司总股本为 969,512,223 股，其中公司回购专用账户持有公司股票 3,674,288 股，根据《深圳 证券交易所上 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has introduced stringent safety standards for electric vehicle batteries, emphasizing the need for "non-flammability and non-explosiveness," which will be implemented from July 1, 2026. This raises the safety performance requirements for lithium batteries, particularly the separators, which are crucial for enhancing battery safety [1]. Industry Overview - In 2024, 380,700 new energy vehicles were recalled due to fire risks, with 74% (283,000 vehicles) directly related to battery issues. Most fire incidents were caused by mechanical damage to the separator during collisions, leading to internal short circuits and thermal runaway [1]. - The core cause of fires is short circuits, and the separator acts as a physical barrier between the positive and negative electrodes. Its strength and thermal stability are critical for safety [1]. Separator Safety Challenges - Innovations in separators have primarily focused on functional coating improvements, with 72% of global lithium battery separator patents from 2018 to 2023 related to coating technology. In contrast, core innovations in base film performance only accounted for 18%, leading to a persistent "safety-energy-lifetime" dilemma in the lithium battery industry [1][2]. - The innovation in base films is essential to overcome the industry's safety bottlenecks, as highlighted by the need to return to base film innovation as a core research and development strategy [2]. Technical Barriers - Three major technical barriers must be overcome for base film innovation: precise control of polymer crystallization orientation, nano-level regulation of micropore structures, and stability in stretching processes for mass production consistency [2]. Company Innovations - Enjie Co., as a global leader in separators, has proactively focused on base film innovations since 2016, achieving significant breakthroughs in molecular chain structure reconfiguration. This has resulted in a revolutionary design that enhances safety and performance, with the breaking temperature of high-safety base film products increasing from 150°C to 230°C [3]. - Enjie’s 5μm base film has a puncture strength exceeding 550gf, maintaining high strength even at extreme thinness, thus providing dual insurance for battery safety [3]. Product Matrix - Enjie has developed a comprehensive ecosystem of high-safety separator products, including the X series high-safety base films and various coated separators designed to withstand high temperatures and enhance safety [5]. - The upcoming implementation of new national standards is expected to drive profound changes in the separator industry, with companies capable of self-research in base films gaining significant supply chain leverage [5]. Future Implications - The ongoing "fundamental scientific revolution" in base film innovation is reshaping the safety boundaries of lithium batteries, opening possibilities for future high-energy-density batteries [6].

Core Viewpoint - The company has approved the use of idle raised funds for cash management, allowing up to RMB 300 million to be invested in safe and liquid financial products, ensuring that the investment plan remains unaffected [1] Group 1: Cash Management Implementation - The company has initiated cash management using RMB 6.46 million in a principal-protected deposit product with China Agricultural Bank, yielding an annualized fixed return of 0.65% [2] - The cash management period is set for a maximum of 12 months, with the possibility of rolling use of funds within the approved limit [1][2] Group 2: Risk Analysis and Control - The company acknowledges potential market volatility affecting actual returns from investments, but has implemented measures to mitigate risks by avoiding stocks and unsecured bonds [3] - The cash management strategy will not alter the intended use of raised funds and is designed to enhance fund efficiency and returns for the company and its shareholders [3] Group 3: Historical Cash Management Activities - Over the past twelve months, the company has successfully managed idle raised funds, with all matured financial products returning principal and interest as scheduled [4] - The current amount under cash management remains within the board's authorized limit, ensuring compliance with internal regulations [4]

Battery - Foton Motor has begun mass application of semi-solid batteries in its self-developed 24V starting lithium batteries, which are installed in its electric light trucks [2] - Beijing Chunzhi New Energy Technology Co., Ltd. launched a pilot project for electric bicycle battery swapping using all-solid-state batteries, marking the transition of its products from laboratory to commercial application [6] Materials - Zhongke Chuncui Technology successfully completed a Pre-A round of financing, which will be used to optimize new extraction agents for strategic metals and establish production projects for battery-grade lithium chloride and lithium dihydrogen phosphate [8] - Enjie Co., Ltd. announced that its subsidiary has begun mass shipments of high-purity lithium sulfide products, while another subsidiary is advancing the construction of a pilot project for solid-state electrolyte with a capacity of thousands of tons [10] - Hainan Mining signed a lithium spodumene off-take agreement with its subsidiary, ensuring that all spodumene produced from the Bukuni lithium mine project will be sold to Hainan Mining starting January 1, 2026 [11] - Yunnan Zhongke Xingcheng Graphite Co., Ltd. is set to construct a project with an annual production capacity of 100,000 tons of lithium battery anode materials, with a total investment of 2.5 billion yuan [13]

债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 2025年第二季度可转债转股情况的公告 本公司及全体董事保证本公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 证券代码：002812，证券简称：恩捷股份 债券代码：128095，债券简称：恩捷转债 转股价格：人民币32.01元/股 转股时间：2020年8月17日至2026年2月11日 证券代码：002812 股票简称：恩捷股份 公告编号：2025-100 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15号——可转换公司债券》的有关规定，云南恩捷新材料股份有限公司（以 下简称"公司"）现将2025年第二季度可转换公司债券（以下简称"可转债"）转股 及公司股份变动的情况公告如下： 一、可转换公司债券发行上市基本情况 （一）可转换公司债券发行情况 经中国证券监督管理委员会"证监许可[2019]2701号"文核准，公司于2020年2 月11日公开发行了1,600.00万张可转换公司债券，每张面值100元，发行总额 160,000.00万元，期限6年。 （二）可转换公司债券上市情况 经深 ...

证券代码：002812 股票简称：恩捷股份 公告编号：2025-101 债券代码：128095 债券简称：恩捷转债 云南恩捷新材料股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 现将公司根据上述决议使用部分暂时闲置募集资金进行现金管理的实施进展 情况公告如下： | 交易方 | 产品 | 投资及收 | 产品 | 金额 | 产品起息日 | | | 产品到期日 | 年化固定 | 资金 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名称 | 益币种 | 类型 | （万元） | | | | | 收益率 | 来源 | | 中国农业银行股 份有限公司常州 | 七天 | | | | 2025 6 | 年 | 月 | 满 日后随 7 | 0.65% | 募集 | | | 通知 | 人民币 | 保本型 | 646.00 | 30 | 日 | | 时支取 | | 资金 | | 金坛开发区支行 | 存款 | | | | | | | | | | 一、本次现金管理的具体情况 注：本次用于进行现金管理的暂时闲置募集资金 64 ...

Core Viewpoint - The solid-state battery concept has gained significant momentum, with the solid-state battery index rising by 11.33% recently, leading to a bullish market for related stocks, despite underlying technological and commercialization challenges [2][4][17]. Market Performance - Since April 9, the solid-state battery index has increased by over 44%, significantly outperforming the broader market's 12.79% gain during the same period [4]. - Notable stock performances include Nord Shares (105.13% increase), Keheng Shares (four consecutive 20% limit-ups), and Jinlongyu (eight limit-ups since May 20) [2][4]. Investment Dynamics - The surge in the solid-state battery sector is largely driven by speculative trading, with significant participation from retail investors and institutional funds [6][7]. - Various well-known trading groups and quantitative funds have been actively involved in the trading of stocks like Jinlongyu and Nord Shares, indicating a strong speculative interest [6][7]. Positive Developments - Recent announcements, such as the release of national standards for electric vehicle batteries and BMW's road testing of solid-state battery vehicles, have fueled market optimism [7][8]. - The establishment of industry standards and successful technological advancements, such as QuantumScape's improved production efficiency, have further catalyzed investor interest [8][9]. Technological Trends - The solid-state battery industry is focusing on solid electrolytes, with a shift from multiple technological routes to a more concentrated approach, particularly towards sulfide-based electrolytes [11][12]. - Major companies, including CATL, BYD, and QuantumScape, are investing heavily in research and development of solid-state battery technologies [12][16]. Production and Commercialization Challenges - Despite the positive market sentiment, significant gaps remain between laboratory advancements and commercial production, with ongoing concerns about technology and cost [3][17]. - Many companies in the sector report minimal revenue from solid-state battery initiatives, indicating that commercial viability is still a work in progress [17]. Future Outlook - Analysts predict that small-scale production of solid-state batteries may begin around 2027, with potential applications expanding in various sectors by 2030 [16][19]. - The industry faces challenges in balancing performance metrics such as energy density, safety, and cost, with ongoing research into hybrid approaches to solid-state battery technology [19].

Group 1 - The lithium battery index has increased by 3.80% in the last two weeks, outperforming the CSI 300 index by 2.42 percentage points as of June 26, 2025 [1][2] - The lithium battery index has accumulated a rise of 4.25% this month, surpassing the CSI 300 index by 1.50 percentage points [1][2] - Year-to-date, the lithium battery index has grown by 1.35%, outpacing the CSI 300 index by 1.06 percentage points [1][2] Group 2 - As of June 26, 2025, the average price of battery-grade lithium carbonate is 61,600 CNY/ton, showing a decrease of 0.16% over the past two weeks [3] - The price of lithium hydroxide (LiOH 56.5%) is 63,900 CNY/ton, down by 3.62% in the same period [3] - Prices for cathode materials such as lithium iron phosphate remain stable at 30,300 CNY/ton, while NCM523, NCM622, and NCM811 are priced at 112,500 CNY/ton, 121,000 CNY/ton, and 145,500 CNY/ton respectively [3] Group 3 - Solid-state battery technology is gaining traction, with multiple companies announcing advancements in this area [4] - The industrialization of solid-state batteries is accelerating, leading to structural demand for materials and equipment upgrades [4] - The government’s policies, including the "old-for-new" subsidy program, are expected to boost demand in the electric vehicle market, contributing to rapid sales growth [4] Group 4 - The overall demand and production of lithium batteries continue to grow rapidly, with the industry supply-demand relationship gradually improving [5] - The utilization rate of quality production capacity is expected to increase, leading to marginal improvements in industry profitability [5] - Key companies to watch include CATL, Kodali, Enjie, Tena Technology, and Naconor [5]

Investment Rating - The report maintains an "Overweight" rating for the lithium battery industry, expecting the industry index to outperform the market index by over 10% in the next six months [52]. Core Insights - The global lithium battery production in May 2025 reached 173 GWh, marking a year-on-year increase of 44.4%. Cumulative production from January to May 2025 was 812.74 GWh, up 62.44% year-on-year [45]. - The report highlights the ongoing rapid growth in lithium battery demand and production, with a gradual improvement in the supply-demand relationship within the industry. The profitability of the industry chain is expected to continue to improve marginally [49]. - Key companies to watch include CATL (300750), Keda Industrial (002850), Enjie (002812), Tianwei Technology (688116), and Naconor (832522) due to their strong fundamentals and market positions [49]. Summary by Sections Market Review - As of June 26, 2025, the lithium battery index increased by 3.80% over the past two weeks, outperforming the CSI 300 index by 2.42 percentage points. Year-to-date, the lithium battery index has risen by 1.35%, also outperforming the CSI 300 index by 1.06 percentage points [15][4]. Price Changes in the Lithium Battery Supply Chain - As of June 26, 2025, the average price of battery-grade lithium carbonate was 61,600 CNY/ton, down 0.16% over the past two weeks. The price of lithium hydroxide (LiOH 56.5%) was 63,900 CNY/ton, down 3.62% [28][6]. - The price of electrolytic cobalt increased to 256,000 CNY/ton, up 9.87% over the past two weeks, while electrolytic nickel decreased to 119,900 CNY/ton, down 1.80% [29][6]. - Prices for cathode materials such as lithium iron phosphate remained stable at 30,300 CNY/ton [30]. Industry News - The solid-state battery sector is experiencing accelerated industrialization, creating structural demand for materials and equipment upgrades. Companies with technological and production advantages in solid-state battery core materials are highlighted as potential investment opportunities [49]. - The report notes that the "old-for-new" subsidy policy is effectively boosting demand in the electric vehicle market, with expectations for continued rapid growth in sales [49]. Company Announcements - Notable developments include CATL's plans for solid-state battery production and Keda Industrial's expansion into humanoid robot structural components, which may enhance overall operational efficiency [46][49].