Core Points - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony took place in Nantong, Jiangsu, highlighting the importance of the Golden Bull Award as a benchmark for evaluating the comprehensive strength of listed companies in China [1] - The Golden Bull Award has been held for 27 years since its inception in 1999, aiming to create a credible platform for communication and brand display in the capital market, and to promote the healthy development of listed companies [1] Company Overview - Yicheng New Energy, a core platform of China Pingmei Shenma Group's new energy and new materials industry, focuses on a "high-end carbon materials and new energy storage" strategy [2] - The company leverages the industrial chain advantages of China Pingmei Shenma Group, producing large-scale ultra-high-power graphite electrodes and anode materials, as well as engaging in wind and solar power station construction and supporting energy storage stations [2] - Yicheng New Energy operates across eight provinces and twelve cities in China, with its ultra-high-power graphite electrodes being the only product in the world with a complete industrial chain, achieving a leading domestic market share and ranking among the top five in the international market [2]

Core Viewpoint - The article highlights the achievements of Henan's state-owned enterprises during the "14th Five-Year Plan" period, focusing on their contributions to energy security, traditional energy transformation, and the rapid development of renewable energy, culminating in a significant shift towards a low-carbon economy [1][24]. Group 1: Traditional Energy Transformation - Henan's state-owned enterprises have invested approximately 5 billion yuan in smart technologies, establishing 1 national and 11 provincial smart coal mines, significantly enhancing operational efficiency [2][5]. - The province has achieved a coal production of 477 million tons, fulfilling national supply tasks, with a mechanization rate of 97% in coal mining [5][6]. - The coal power sector has seen a capacity increase of 10.7 million kilowatts, with energy efficiency improvements leading to a reduction in average coal consumption to 298 grams per kilowatt-hour, which is 5 grams lower than the national average [8]. Group 2: Renewable Energy Development - Henan has experienced a remarkable growth in renewable energy, with total installed capacity exceeding 160 million kilowatts, a 55% increase since 2020, and renewable energy generation surpassing 100 billion kilowatt-hours [14]. - The province's renewable energy capacity has grown by over 160% since 2020, with a significant portion of this growth attributed to the development of all-vanadium flow batteries and other advanced technologies [9][11][14]. - The implementation of 622 source-grid-load-storage projects, with a total investment of approximately 55.6 billion yuan, aims to enhance green energy consumption and reduce electricity costs by nearly 30 billion yuan annually [23]. Group 3: Collaborative Energy Transition - The integration of traditional and renewable energy sources is emphasized as a key strategy for Henan's energy transition, with projects designed to meet the green transformation needs of key industries [15][17]. - Collaborative projects, such as the "pasture-solar" initiative, demonstrate innovative approaches to combining renewable energy with agricultural practices, showcasing the province's commitment to sustainable development [21][22]. - The efforts of state-owned enterprises in Henan are positioned as a model for balancing energy security with the goals of carbon neutrality, contributing to the national dual carbon strategy [24].

Core Viewpoint - Yicheng New Energy's Q3 2025 report reveals a contradictory picture of revenue growth, narrowing losses, and tight cash flow, alongside high accounts receivable [1][3]. Financial Performance - For Q3 2025, the company reported revenue of 9.41 billion yuan, a year-on-year increase of 20.23%, while net loss was 950.34 million yuan, with a non-recurring net loss of 985.18 million yuan [1]. - Year-to-date revenue reached 30.1 billion yuan, up 12.79% year-on-year, but net loss was 2.65 billion yuan, showing a reduction in losses compared to the previous year [1]. - The operating cash flow net amount was -357 million yuan, a decrease of 406 million yuan year-on-year, indicating ongoing cash flow issues [1][4]. Business Transformation - The company has undergone significant strategic adjustments, moving from substantial losses in 2024 to a path of recovery, albeit with challenges [1][2]. - The decline in revenue in 2024 was primarily due to a sharp drop in battery cell sales and falling prices of graphite electrode products [1][2]. Cash Flow Crisis - The cash flow situation remains dire, with a net cash flow decrease of 816.14% year-on-year and accounts receivable reaching 2.246 billion yuan, a 37.34% increase from the beginning of the year [4]. - Accounts receivable and notes receivable combined amount to approximately 2.703 billion yuan, accounting for 89.78% of revenue, indicating that most sales have not converted into actual cash flow [4]. - The company's monetary funds stood at 1.285 billion yuan against interest-bearing liabilities of 4.363 billion yuan, resulting in a monetary funds to current liabilities ratio of only 30.83%, highlighting weak short-term debt repayment capacity [4]. Strategic Layout - Yicheng New Energy is focusing on "high-end carbon materials" and "new energy storage" as its main business areas, having divested from the loss-making photovoltaic cell business [5][6]. - The acquisition of Shanxi Meishanhu Company has strengthened the company's graphite electrode production capacity, with an expected increase in overall profitability [6]. - The company is also expanding its new energy storage capabilities through acquisitions and partnerships, including a framework cooperation agreement with CATL's subsidiary [6]. - The strategic restructuring is supported by the controlling shareholder, China Pingmei Shenma Group, which is undergoing a strategic merger with Henan Energy Group, potentially providing new resource integration opportunities [6]. Industry Insight - Yicheng New Energy's experience reflects broader trends in China's renewable energy sector, emphasizing the need for companies to balance innovation with stability amid technological changes and market fluctuations [7]. - The path to profitability and sustainable cash flow remains a critical challenge for the company, as it seeks to navigate its transformation [7].

Core Insights - The capital market in Henan has significantly developed over the past five years, with the number of A-share listed companies exceeding 100 and the number of companies with a market value over 10 billion yuan doubling, indicating increased attention and strength in the region's capital market [9][10][12] - The "14th Five-Year Plan" has seen Henan's capital market transition from quantity growth to quality improvement, becoming a financial engine for high-quality development in Central China [10][12] Group 1: Company Performance - Luoyang Molybdenum Co., Ltd. reported a revenue of 145.485 billion yuan and a net profit of 14.280 billion yuan for the first three quarters, marking a year-on-year increase of 72.61% and achieving a historical high [11] - Xinyuan Co., Ltd. achieved a revenue of 3.618 billion yuan and a net profit of 664 million yuan in the same period, with net profit growth of 1939.5% year-on-year [11] - The overall R&D intensity of Henan listed companies reached 5.57% in 2024, an increase of 2.5 percentage points year-on-year, with R&D spending exceeding 11 billion yuan in the first half of 2025 [12] Group 2: Market Trends - As of September 2024, Henan had 137 listed companies, maintaining its 12th and 9th positions nationally for A and H shares, respectively [12] - The Henan Index rose by 3.36% in September, outperforming the Shanghai Composite Index and the CSI 300 Index, with a cumulative increase of 32.92% in the first three quarters of 2024 [12] - The dividend yield for Henan listed companies was 3.11%, ranking 5th nationally, with a significant ratio of share buybacks and dividends to fundraising [12][13] Group 3: Regulatory and Structural Changes - The provincial government has implemented a three-year action plan to improve the quality of listed companies, resulting in a significant reduction in high-risk companies by over 85% [17] - A strategic restructuring of major state-owned enterprises is underway, with the merger of Henan Energy Group and China Pingmei Shenma Group expected to create a large energy enterprise with total assets exceeding 550 billion yuan [18][19] - The establishment of the specialized board for "specialized, refined, and innovative" companies has attracted attention from national investment institutions, enhancing the operational capabilities of focused enterprises [16]

河南易成新能源股份有限公司（以下简称"公司"）第六届董事会将于2025 年10月30日任期届满，鉴于目前公司第六届董事会换届选举工作尚在筹备中，根 据《中华人民共和国公司法》《上市公司章程指引》《关于新〈公司法〉配套制 度规则实施相关过渡安排》等法律、法规、规范性文件的有关要求，为确保董事 会相关工作的连续性和稳定性，公司董事会将适当延期换届，董事会各专门委员 会和高级管理人员的任期亦相应顺延。 证券代码：300080 证券简称：易成新能 公告编号：2025-096 河南易成新能源股份有限公司 关于董事会延期换届及部分独立董事任期即将届满的 提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会延期换届事项 在换届选举工作完成前，公司第六届董事会全体成员及高级管理人员仍将依 照《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第2号——创业板上市公司规范运作》等法律、法规、规范性文件及《公司 章程》的规定，继续履行相应的义务与职责。 公司董事会延期换届不会影响公司的正常运营。公司将根据相关工作进展情 况，持续推进董事会的 ...

Core Viewpoint - The Henan state-owned enterprise reform sector experienced a decline of 1.48% on October 24, with Zhengzhou Coal Power leading the drop. In contrast, the Shanghai Composite Index rose by 0.71% and the Shenzhen Component Index increased by 2.02% [1]. Group 1: Market Performance - The closing price of Zhengzhou Coal Power was 5.12, reflecting a significant drop of 8.57% with a trading volume of 1.75 million shares and a transaction value of 911 million [2]. - Major stocks in the Henan state-owned enterprise reform sector showed mixed performance, with 合众思壮 (Hezhong Sizhuang) closing at 60.6, up by 1.79%, while other stocks like 神火股份 (Shenhuo Co.) and 中原传媒 (Zhongyuan Media) also saw slight increases [1][2]. Group 2: Capital Flow - The Henan state-owned enterprise reform sector saw a net outflow of 893 million from institutional investors, while retail investors contributed a net inflow of 608 million [2]. - The capital flow data indicates that 合众思壮 (Hezhong Sizhuang) had a net inflow of 13.42 million from institutional investors, while 安彩高科 (Ancai High-Tech) experienced a net outflow of 1.05 million [3].

Core Viewpoint - Yicheng New Energy's stock performance shows a slight increase, with significant financing activities indicating high investor interest despite a net buyout decline [1][2] Financing Summary - On October 23, Yicheng New Energy recorded a financing buy-in of 49.18 million yuan, with a net financing buyout of -7.04 million yuan, indicating more repayments than new purchases [1] - The total financing balance reached 322 million yuan, accounting for 3.09% of the circulating market value, which is above the 90th percentile of the past year [1] - The company also experienced a high level of short selling, with 4,500 shares sold and a short balance of 1.04 million yuan, also exceeding the 90th percentile of the past year [1] Company Profile - Yicheng New Energy, established on November 4, 1997, and listed on June 25, 2010, is based in Zhengzhou, Henan Province, and specializes in the production and sales of diamond wires, solar power station construction, high-efficiency monocrystalline silicon cells, and lithium battery materials [2] - The company's revenue composition includes: photovoltaic aluminum frames and non-ferrous metal processing (30.47%), other products (22.68%), graphite electrodes and related products (18.67%), graphite products (10.07%), photovoltaic/wind power generation (6.62%), lithium batteries (5.88%), and photovoltaic/wind power construction (5.61%) [2] Financial Performance - For the period from January to September 2025, Yicheng New Energy achieved a revenue of 3.01 billion yuan, reflecting a year-on-year growth of 12.85%, while the net profit attributable to shareholders was -265 million yuan, showing a year-on-year increase of 54.98% [2] Shareholder Information - As of October 10, 2025, the number of shareholders decreased by 6.96% to 53,100, with an average of 35,230 circulating shares per person, an increase of 7.48% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable reductions in holdings compared to the previous period [3]

Core Viewpoint - The company, Yicheng New Energy, emphasizes its commitment to the development of high-end carbon materials and new energy storage as its main business areas while actively seeking quality assets and industrial opportunities that align with its core operations [1] Group 1 - The company is focused on deepening its development in two main areas: high-end carbon materials and new energy storage [1] - The company is open to potential asset injections and significant arrangements in the future, ensuring compliance with relevant laws and regulations [1] - The company will adhere to internal decision-making processes and timely information disclosure regarding any major developments [1]

Core Viewpoint - The company is focusing on two main businesses: high-end carbon materials and new energy, aiming to enhance its industry chain layout and market position [1] Group 1: Carbon Materials Business - The company plans to strengthen its carbon materials business through strategic restructuring and professional integration [1] - Efforts will be made to improve the upstream and downstream industry chain, reduce production costs, and increase product added value [1] - The goal is to enhance market share and promote sustainable growth in the carbon materials sector [1] Group 2: New Energy Projects - The company is accelerating the implementation of source-grid-load-storage projects [1] - It aims to utilize diverse financing channels, including bond issuance and external capital introduction, to support these projects [1] - The focus is on speeding up project implementation and capturing market opportunities [1]

Core Viewpoint - The company emphasizes the importance of improving operational performance and aims to enhance profitability while preserving and increasing the value of state-owned assets [1] Group 1 - The company's board and management are highly focused on operational performance [1] - The company is implementing a series of solid measures, including focusing on core business, reducing costs, increasing efficiency, and accelerating technological innovation and results transformation [1] - The company is committed to continuously improving its operational status [1]