Core Viewpoint - The global electric vehicle supply chain remains highly prosperous in the first half of 2025, with China's dominance in the market further strengthened [2]. Group 1: Production and Growth - In the first half of 2025, domestic electrolyte production in China reached 912,000 tons, a year-on-year increase of 49.74%, while global production reached 980,000 tons, up 43.12% year-on-year [3]. - Despite a slowdown compared to the over 80% growth rates of 2022-2023, the nearly 50% year-on-year growth in China and over 40% globally in 2025H1 indicates strong market momentum even at high base levels [5]. Group 2: Market Competition Landscape - The domestic electrolyte market concentration continues to rise, with leading companies showing significant advantages. Tianqi Materials holds over 30% market share, followed by BYD and New Zobang [8]. - The top three companies (Tianqi, BYD, New Zobang) together control 61.73% of the market, firmly establishing their dominance [9]. - The competition among second-tier manufacturers is intense, with companies like Xianghe Kunlun, Shida Shenghua, and Zhuhai Saiwei each holding market shares in the 4%-5% range [9]. - The share of "other" manufacturers is only 4.65%, indicating a narrowing space for smaller players and an increasing Matthew effect in the industry [10]. Group 3: Future Outlook - The electrolyte market in the first half of 2025 continues to show high growth, with Chinese companies maintaining a core position in the global supply chain. The market structure exhibits a "tripod" pattern dominated by Tianqi, BYD, and New Zobang, while second-tier companies face fierce competition [13]. - As the global electrification process deepens, technological iterations and cost control will be key for companies to maintain and enhance competitiveness, with industry concentration expected to tilt further towards leading firms [13].

Core Viewpoint - The article emphasizes the transformation of China's capital market from a focus on financing to restructuring, highlighting the importance of mergers and acquisitions (M&A) as a strategic tool for companies to adapt to market changes and enhance competitiveness [1][7][8]. Group 1: Characteristics of China's Capital Market - The capital market is transitioning from a "manufacturing + market" model to an "innovation + capital" model, driven by the need for technological advancement and innovation [4][5]. - The current market shows a significant disparity in valuation, with many profitable companies having low price-to-earnings (P/E) ratios, indicating a need for a shift towards innovation-driven growth [4][5]. - The U.S. has a more developed innovation investment system, which has led to higher valuations for tech companies compared to their Chinese counterparts [5][6]. Group 2: Role of Mergers and Acquisitions - M&A has become a crucial method for addressing industry overcapacity and fostering orderly competition, as evidenced by the increase in M&A activity in recent years [7][8]. - The article notes that from January 21, 2025, there have been 708 M&A cases, averaging 4 to 5 per day, indicating a robust trend in the market [7]. - M&A is also highlighted as a vital means for companies to secure financing and facilitate strategic transformations, especially in times of declining core business performance [8][9]. Group 3: Strategic Considerations for M&A - Companies are encouraged to adopt a long-term perspective in M&A, focusing on their core competencies and the competitive advantages of potential targets [8][9]. - The article stresses that successful M&A requires a clear strategic direction, with the alignment of organizational structure and external partnerships [10][11]. - A systematic approach to M&A, including thorough due diligence and risk assessment, is essential for achieving successful outcomes [12][15]. Group 4: Case Studies and Examples - The article provides examples of companies like Aier Eye Hospital and Huichuan Technology, which have successfully utilized M&A to achieve significant growth in revenue, net profit, and market capitalization [13][14]. - It highlights the importance of strategic acquisitions in fostering new growth avenues, as seen in the case of New Zobang and Baidao Chemical [14][15]. Group 5: Future Outlook - The future of China's capital market is expected to be shaped by the integration of innovation and capital, with M&A playing a pivotal role in this evolution [5][6][8]. - The article concludes that understanding and adapting to these changes will be crucial for companies aiming to thrive in the evolving market landscape [1][7].

Investment Rating - The investment rating for the chemical raw materials industry is optimistic (maintained) [1] Core Viewpoints - The refrigerant market continues its upward trend, with firm pricing observed [4][22] - The fluorochemical industry chain is entering a long-term prosperity cycle, with significant growth potential across various segments [22][23] Summary by Sections 1. Fluorochemical Industry Overview - The fluorochemical index increased by 1.4% during the week of June 30 to July 4, underperforming the Shanghai Composite Index by 0.002% and the CSI 300 Index by 0.14% [6][26] - The index closed at 4161.71 points, outperforming the basic chemical index by 0.73% and the new materials index by 0.12% [6][26] 2. Fluorspar Market - As of July 4, the average market price for 97% wet fluorite powder was 3,200 CNY/ton, down 2.88% from the previous week and down 13.61% year-on-year [7][33] - The market is experiencing a stalemate due to high inventory levels and weak demand, leading to a subdued trading atmosphere [19][34] 3. Refrigerant Market - As of July 4, refrigerant prices showed an upward trend: R32 at 53,000 CNY/ton (+0.95%), R125 at 45,500 CNY/ton (unchanged), R134a at 49,500 CNY/ton (+1.02%), R410a at 49,500 CNY/ton (+1.02%), and R22 at 35,000 CNY/ton (unchanged) [8][20][47] - The market for refrigerants remains stable, with companies raising prices to boost confidence despite seasonal demand challenges [21] 4. Beneficiary Companies - Recommended stocks include Jinshi Resources, Juhua Co., Sanmei Co., and Haohua Technology, with other beneficiaries being Dongyangguang, Yonghe Co., Dongyue Group, and Xinzhou Bang [10][22][23]

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Core Viewpoint - The announcement details the share reduction plans of several executives at Shenzhen Xinzhoubang Technology Co., Ltd, indicating their intention to sell a total of 1,266,000 shares over the next three months, which represents a small percentage of the company's total share capital [1][2][3]. Group 1: Shareholders' Basic Information - The shareholders involved in the reduction plan include: - Zhou Aiping, Executive Vice President, holding 2,420,086 shares (0.32%) - Xie Weidong, Vice President, holding 1,981,734 shares (0.27%) - Jiang Xisong, Vice President, holding 1,166,113 shares (0.16%) - Song Hui, Vice President, holding 214,000 shares (0.03%) - Jiang Hao, ex-Vice President's spouse, holding 342,607 shares (0.05%) - Total shares held by these shareholders amount to 6,124,540 shares (0.82%) of the total share capital [2][3][4]. Group 2: Details of the Reduction Plan - The planned share reductions are as follows: - Zhou Aiping plans to reduce 400,000 shares (0.05%) through centralized bidding or block trading - Xie Weidong plans to reduce 450,000 shares (0.06%) - Jiang Xisong plans to reduce 291,000 shares (0.04%) - Song Hui plans to reduce 42,800 shares (0.01%) - Jiang Hao plans to reduce 85,000 shares (0.01%) [3][4][5]. Group 3: Commitment Fulfillment - The involved shareholders have committed to not transferring more than 25% of their total shares during their tenure and not transferring any shares within six months after leaving the company. This commitment is being strictly adhered to, with no violations reported as of the announcement date [6][7].

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于公司董事、高级管理人员等股份减持计划的预披露公告 公司董事、常务副总裁周艾平先生，董事、副总裁谢伟东先生，副总裁姜希 松先生，副总裁宋慧女士，姜昊女士保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 特别提示： 1、持有本公司股份 2,420,086 股（占截至目前本公司剔除回购专户持股数 后的总股本比例 0.32%）的董事、常务副总裁周艾平先生计划在本公告披露之日 起 15 个交易日后的 3 个月内（法律法规规定的窗口期不减持）以集中竞价方式 或者大宗交易方式减持本公司股份 400,000 股（占截至目前本公司剔除回购专户 持股数后的总股本比例 0.05%）。 2、持有本公司股份 1,981,734 股（占截至目前本公司剔除回购专户持股数 后的总股本比例 0.27%）的董事、副总裁谢伟东先生 ...

Group 1 - The company, Xinzhou Bang (300037), announced that several executives plan to reduce their shareholdings by a total of 0.16% [1] - The specific reductions include: Vice President Zhou Aiping plans to reduce 0.05%, Vice President Xie Weidong 0.06%, Vice President Jiang Xisong 0.04%, Vice President Song Hui 0.01%, and Jiang Hao, the spouse of former Vice President Mao Yuhua, 0.01% [1] - The reduction will be executed through centralized bidding or block trading, with the reduction period starting 15 trading days after the announcement and lasting for three months [1]

| 证券代码：300037 | 证券简称：新宙邦 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：123158 | 债券简称：宙邦转债 | | 深圳新宙邦科技股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 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、"宙邦转债"（债券代码：123158）转股期限为 2023 年 3 月 30 日至 2028 年 9 月 25 日；最新的转股价格为人民币 41.05 元/股。 本次发行的可转债转股期自可转债发行结束之日（2022 年 9 月 30 日）满六 个月后的第一个交易日（2023 年 3 月 30 日）起至可转债到期日（2028 年 9 月 25 日）止。 2、2025 年第二季度，共有 20 张"宙邦转债"完成转股（票面金额共计人民 币 2,000 元），合计转成 48 股"新宙邦"股票（证券代码：300037）。 3、截至2025年第二季度末，公司剩余可转换公司债券张数为19,694,016张， 剩余可转换公司债券票面总额为人民币 1 ...

Core Viewpoint - The article discusses the upcoming 2025 Fifth Electric Two-Wheeler Battery Swapping Conference and Lightweight Power Battery Technology Summit, highlighting the growth and trends in the lithium battery electrolyte industry in China, with a focus on market dynamics and future projections [2][4]. Group 1: Event Details - The event is themed "Swapping City, Smart Two-Wheelers" and will take place on July 10-11, 2025, at the International Hall of the DENGXILU International Hotel in Bao'an, Shenzhen [2]. - Major sponsors and participants include leading companies in the industry such as Yadi Technology Group, Tailin Group, and others [2]. Group 2: Market Growth and Projections - In 2024, China's lithium battery electrolyte shipment volume is projected to reach 1.454 million tons, representing a year-on-year growth of 29.4%, driven primarily by the increase in shipments of power batteries and energy storage batteries [2]. - By 2030, the shipment volume of electrolytes in China is expected to reach 5.15 million tons, with a compound annual growth rate of 23.5% over the next six years, again driven by the growth of power and energy storage batteries [2]. Group 3: Competitive Landscape - The competitive landscape of the lithium battery electrolyte market is characterized by a "one strong, many strong" structure, with Tianqi Materials holding over 30% market share, followed by BYD and Xinzhoubang, each with over 10% market share [4]. - The CR5 (Concentration Ratio of the top 5 companies) is 73.8%, a decrease of 1.4 percentage points from 2023, indicating the gradual release of production capacity from new entrants like Shida Shenghua and others [4]. Group 4: Development Trends in Electrolytes - The article outlines several trends in the development of lithium battery electrolytes, including advancements in solutes, solvents, and additives [8]. - Lithium bis(fluorosulfonyl)imide (LiFSI) is highlighted as a promising next-generation electrolyte solute due to its superior conductivity and stability compared to traditional lithium salts [9]. - The production processes for common organic solvents are dominated by the PO process, but the EO process is expected to mature, leading to a dual technology development path in the market [10]. - The complexity of electrolyte formulations is increasing, with multifunctional additives becoming a key focus to enhance battery performance and reduce costs [11].

债券简称：宙邦转债 债券代码：123158.SZ 股票简称：新宙邦 股票代码：300037.SZ 深圳新宙邦科技股份有限公司 向不特定对象发行可转换公司债券 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 1 声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来源 于发行人对外公布的《深圳新宙邦科技股份有限公司 2024 年年度报告》等相关公开信 息披露文件、深圳新宙邦科技股份有限公司（以下简称"新宙邦""发行人"或"公司"） 提供的证明文件以及第三方中介机构出具的专业意见。 受托管理事务报告 （2024年度） 债券受托管理人 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做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。 2 | | 声明 2 | | | --- | --- | --- | | | 目录 3 | | | 第一节 | 可转换公司债券概况 4 | | | 第二节 | 债券受托管理人履职情况 | 17 | | 第三节 | 发行人 2024 年度经营情况和财务状况 | 19 ...