债券代码：20欣旺03 债券简称：149219.SZ 欣旺达电子股份有限公司 2020 年公开发行公司债券 受托管理事务报告（2024 年度） 债券受托管理人 第一创业证券承销保荐有限责任公司 2025 年 6 月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称《管理办法》）、 《公司债券受托管理人执业行为准则》（以下简称《执业行为准则》）和《欣旺 达电子股份有限公司2020年面向专业投资者公开发行公司债券（疫情防控债） 债券受托管理协议》（以下简称"《债券受托管理协议》"）等相关规定、《欣 旺达电子股份有限公司2024年年度报告》等，由本次公司债券的受托管理人第 一创业证券承销保荐有限责任公司 （以下简称"一创投行"、"受托管理人"） 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 事宜做出独立判断，而不应将本报告中的任何内容据以作为一创投行所做承诺或 声明。请投资者独立征询专业机构意见，在任何情况下，投资者不能将本报告作 为投资行为依据。 1 | 第一节 | 受托管理的公司债券概要 3 | | --- | --- | | 第二节 | 公司债券受托管理人履职情况 4 ...

地图之上，深圳西北，石岩湖的波光里，曾映照过工业时代初期的粗犷轮廓——厂房林立，机器轰鸣， 那是属于"工业第一街"的峥嵘岁月。时代的罗盘已悄然转向。当"新质生产力"的浪潮奔涌而至，这片沉 淀了深厚工业底蕴的土地在"智、造、城"的维度坐标系中重绘发展轨迹。一场关乎未来城市形态与产业 文明的变革，正以石岩为策源地展开。 "造"的淬炼——"工业第一街"的焕"新"密码 全国31个制造业大类，其独占27席，石岩几乎是一部微缩的中国制造业百科全书，然而，在新的产业语 境下，遇上"新质生产力"浪潮，这个"产业全能选手"如何突破"大而全"的惯性束缚？石岩给出的答案藏 在一组数字里：12个旧园区率先完成了蝶变，土地的产出效益由1.17亿元每万平方米，提升至2.2亿元每 万平方米，数字的背后是资源配置效率的优化，为更高能级的产业腾挪出的空间。被激活的制造业土壤 上奔涌着新质生产力的热潮，三大战略性新兴产业集群——超高清显示、功率半导体、新能源，正以一 种"聚木成林"的方式迅速崛起。5家百亿级"巨舰"领航，超40家国家级专精特新"小巨人"企业星罗棋 布，形成了三大千亿级产业集群，让"石岩智造"的成色愈发闪亮。 走进创维创新谷，一个 ...

Group 1 - The core viewpoint of the news highlights the significant progress in the solid-state battery sector, with major manufacturers entering pilot production and automotive companies commencing road tests, indicating an accelerated industrialization process [2] - As of June 26, 2025, the China Battery Theme Index has shown a 0.47% increase, with notable gains from component stocks such as Xingyuan Material (+6.79%) and Wenkang New Energy (+3.15%) [1] - The battery ETF, Jia Shi, has experienced a 17.39% increase in net value over the past year, with a significant growth in shares by 22.5 million [1] Group 2 - The solid-state battery industry in China has an expansion plan exceeding 50 GWh with a total investment of approximately 15 billion yuan, indicating strong growth potential [2] - The top ten weighted stocks in the China Battery Theme Index account for 50.34% of the index, with Ningde Times and Sunshine Power being the most significant contributors [2][4] - The industry is expected to reach product finalization by the end of 2025, with vehicle testing starting in 2026 and a move towards large-scale cost reduction in 2027 [2]

Group 1 - The new national standard for electric vehicle batteries, which emphasizes "non-flammability and non-explosion," is set to take effect on July 1, 2026, and aims to enhance safety requirements significantly compared to the previous standards [1][3]. - Many leading automotive brands, including Xiaomi, Xpeng, Zeekr, and BYD, along with battery manufacturers like CATL and A123 Systems, have announced that they have already met or exceeded the new standards [2]. - The current battery technologies of some leading manufacturers are already mature enough to comply with the new standards, making early compliance not uncommon in the industry [3]. Group 2 - The implementation of the new standard is intended to provide smaller manufacturers with additional time to catch up, as many may not yet meet the new requirements [4]. - Official statements from car manufacturers regarding compliance with the new standards carry legal implications, and any future violations could lead to accusations of false advertising [4].

Core Viewpoint - The energy storage industry is rapidly evolving towards larger capacity cells, with major players like CATL, EVE Energy, and others announcing mass production of high-capacity energy storage cells, indicating a competitive shift in the market towards larger battery capacities [1][21][22]. Group 1: Industry Developments - CATL announced the mass production of a 587Ah energy storage cell, marking a significant step in the competition for large-capacity cells [1][10]. - EVE Energy has begun mass production of its 628Ah "Mr. Big" cell, which has been successfully integrated into a system that has been operating efficiently for over 10 months [5][7]. - Sungrow Power has launched a 684Ah energy storage cell, which boasts a cycle life of over 15,000 times and an energy density exceeding 440Wh/L [11][13]. - Haicheng Energy has produced the world's first 1175Ah long-duration energy storage cell, setting a new industry record for cell capacity [15]. Group 2: Technological Innovations - Xinwanda's 625Ah energy storage cell features a unique thermal separation design that enhances safety by directing pressure release during thermal runaway [4]. - The new generation of large-capacity cells is designed to improve energy density and lifespan, with some cells achieving over 95% energy efficiency and cycle lives exceeding 10,000 times [19][20]. Group 3: Market Dynamics - The competition among energy storage cell manufacturers is intensifying, with the top nine companies in the market being Chinese, and CATL leading globally [22][24]. - The market is expected to see a significant increase in the production of cells over 500Ah, with mass production timelines projected between Q2 2025 and Q2 2026 [22]. - The cost advantages of cells in the 300Ah to 500Ah range are highlighted, as they can support larger storage systems while maintaining lower production costs [22]. Group 4: Global Trade and Strategic Moves - The global trade environment, particularly U.S. tariffs, is impacting the energy storage sector, with Chinese companies holding a significant market share in the U.S. [24]. - Companies like EVE Energy and CATL are expanding their production capabilities overseas to mitigate tariff impacts, with new factories being established in Malaysia and Hungary [24].

Group 1 - The Industrial Internet ETF (159778) has increased by 0.98%, with its underlying index, the CSI Industrial Internet Theme Index (931495), rising by 0.89% [1] - Notable stock performances include CATL (300750) up by 3.08%, Xinwangda (300207) up by 2.80%, and BYD (002594) up by 2.14% [1] - BYD has announced a unified payment term for suppliers to within 60 days to support the stability of the supply chain and promote high-quality development in the automotive industry [1] Group 2 - The CSI Industrial Internet Theme Index (931495) includes 50 listed companies involved in industrial internet hardware manufacturing, software development, and application services [2] - As of May 30, 2025, the top ten weighted stocks in the index include BYD (002594), Northern Huachuang (002371), and Weichuan Technology (300124), collectively accounting for 47.11% of the index [2]

Group 1 - Baiyunshan received drug registration certificate for Tadalafil tablets (2.5mg, 5mg) from the National Medical Products Administration, indicating its entry into the erectile dysfunction treatment market [1] - Huayin Power plans to invest approximately 1.398 billion yuan in three renewable energy projects with a total installed capacity of 230 MW [2] - GAC Group reported a 24.8% year-on-year decline in May automobile sales, with total sales of 117,700 units [3] Group 2 - Honghui Fruits and Vegetables announced a potential change in control due to share transfer negotiations, leading to a temporary suspension of its stock and convertible bonds [4] - Fuyuan Pharmaceutical's subsidiary received a drug registration certificate for Bromhexine Hydrochloride oral solution, aimed at treating respiratory diseases [5][6] - Jianghan New Materials plans to repurchase shares worth 200 million to 400 million yuan, with a maximum price of 30 yuan per share [7][8] Group 3 - Sinan Navigation received an administrative regulatory decision from the Shanghai Securities Regulatory Bureau due to multiple issues in its 2024 annual report [9][10] - Hesheng Co. received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [11] - Daqin Railway reported a 1.85% year-on-year decrease in cargo transportation volume in May, totaling 32.96 million tons [13] Group 4 - Ningbo Construction's subsidiary won a design and construction project with a bid of 787 million yuan [14] - Yuehongyuan A announced the termination of a major asset restructuring plan due to failure to reach an agreement on key terms [15][16] - Mingyang Smart Energy reached a 190 million yuan repurchase agreement with Haiji New Energy [18] Group 5 - CNE Group's subsidiary plans to reduce registered capital from 430 million yuan to 330 million yuan [19] - ST Baili received an administrative penalty for failing to disclose non-operating fund occupation matters, resulting in a fine of 4 million yuan [21] - Baichuan Co. completed the repurchase of a 7.14% stake in its subsidiary for 50 million yuan [22] Group 6 - Dongrui Co. reported May sales of 155,400 pigs, generating revenue of 203 million yuan, a decrease of 8.77% month-on-month [25][26] - Pengding Holdings reported a 22.43% year-on-year increase in May consolidated revenue, totaling 2.598 billion yuan [27] - Dabeinong reported May sales of 727,600 pigs, with total revenue of 1.248 billion yuan [28] Group 7 - Lihua Co. reported a 4.77% year-on-year decrease in May chicken sales revenue, totaling 1.118 billion yuan [29][30] - Jindan Technology plans to use up to 300 million yuan of idle funds for entrusted wealth management [31] - Youxunda won a project from the State Grid worth approximately 176 million yuan [33][34] Group 8 - Shenglan Co. received approval for its convertible bond issuance from the Shenzhen Stock Exchange [35][36] - Jingfang Technology's shareholder plans to reduce holdings by up to 2% of the company's shares [37] - Shiji Information's subsidiary signed a significant contract with Marriott for cloud services [39] Group 9 - Northeast Securities' subsidiary plans to terminate its listing on the New Third Board [40] - Yaji International's supervisor is under investigation for insider trading [42][43] - Yian Technology signed a strategic cooperation framework agreement with Shenzhen Hive Interconnect Technology [44] Group 10 - Jinyu Group's subsidiary acquired a real estate project for 3.364 billion yuan [46][47] - Kaiweite's major shareholder plans to reduce holdings by up to 3% of the company's shares [48] - Ningbo Energy's subsidiary plans to publicly transfer fixed assets valued at approximately 17.4372 million yuan [49]

Core Insights - The demand for Backup Battery Units (BBU) is expected to rise significantly due to the transition from traditional Internet Data Centers (IDC) to Artificial Intelligence Data Centers (AIDC), with a projected need for over 600 million high-rate cylindrical batteries by 2030 [1][2] Industry Overview - The BBU supply chain consists of battery manufacturers, equipment companies, and server enterprises, with Japanese and Korean companies dominating over 80% of the market share [2] - Domestic companies such as Weilan Lithium Chip, Yiwei Lithium Energy, and Xinneng An are beginning to supply samples, while Taiwanese firms like Delta and New Power are key players in the equipment sector [2][5] - NVIDIA holds a significant market share in the server segment, integrating BBU solutions into its GB200 and GB300 models [2] Market Dynamics - The profitability of BBU batteries is notably higher than that of standard batteries, prompting many Chinese companies to focus on this sector, with several launching new products aimed at high-rate applications by 2025 [5] - Domestic companies like Weilan Lithium Chip have initiated small-scale supplies to major clients, while Yiwei Lithium Energy and Xinneng An have begun production of their full-tab batteries [5] - As demand for BBU batteries increases, Chinese battery manufacturers are positioned to rapidly capture market share [5]

Core Viewpoint - The competition among domestic lithium battery manufacturers in the eVTOL (electric Vertical Take-Off and Landing) market is intensifying, driven by the need to find new market opportunities amid severe industry competition and the promising prospects of the low-altitude economy [1][2]. Industry Overview - Major battery manufacturers such as CATL, Sunwoda, and EVE Energy are entering the aviation power battery sector, viewing it as a strategic growth area [1][2]. - The eVTOL battery market is still in the research and development phase, with significant growth potential anticipated [1][2]. Market Potential - According to a report by Guojin Securities, the domestic eVTOL battery market is expected to reach 112.6 billion yuan by 2030 [1][12]. - The short-term demand for aviation power batteries is projected to be around 5 billion to 8 billion yuan, primarily for drone logistics and sightseeing applications [11]. Technical Challenges - The energy density requirement for eVTOL batteries is significantly higher than that of conventional vehicle batteries, needing to exceed 400 Wh/kg for large-scale commercial applications [3][8]. - Current mainstream lithium batteries have energy densities between 150 Wh/kg and 250 Wh/kg, indicating a substantial gap that manufacturers must bridge [2][4]. Competitive Landscape - The competition in the aviation power battery sector is characterized by a "three-country kill" scenario, with international giants like SES and Bosch, domestic leaders leveraging supply chain advantages, and cross-industry players like GAC Aion and Geely attempting to enter the market [7]. - Domestic manufacturers are focusing on technological breakthroughs to overcome the "inaccessible triangle" of high energy density, high discharge rates, and safety [8][9]. Future Outlook - The commercial viability of aviation power batteries remains uncertain, with significant technical hurdles and regulatory challenges to overcome [13][14]. - The industry is expected to enter a critical differentiation phase in the next 3 to 5 years, where companies with technological reserves and supply chain integration capabilities are likely to achieve profitability first [14].

欣旺达电子股份有限公司 证券代码：300207 证券简称：欣旺达 公告编号：<欣>2025-044 一、与专业投资机构共同投资情况概述 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 关于全资子公司与专业投资机构共同投资的公告 二、合作各方基本情况 成立日期：2022 年 3 月 23 日 营业期限：2022 年 3 月 23 日至无固定期限 公司类型：有限责任公司(港澳台投资、非独资) 欣旺达电子股份有限公司（以下简称"公司"或"欣旺达"）全资子公司深圳市 前海弘盛创业投资服务有限公司（以下简称"前海弘盛"）拟与普通合伙人广东星 航新创私募基金管理有限公司（以下简称"星航新创"）、上海同道同创企业管理合 伙企业(有限合伙)（以下简称"同道同创"）签署《青岛星航新能创业投资基金合伙 企业(有限合伙)有限合伙协议》（以下简称"《合伙协议》"），拟共同投资青岛星 航新能创业投资基金合伙企业(有限合伙)（以设立时核准的名称为准，下同）（以 下简称"星航新能"或"合伙企业"），该合伙企业认缴出资总额为人民币 5,410 万 元，其中有限合伙人前海弘盛认缴出资额为人民币 ...