Core Points - Lichong Group announced that from October 9, 2025, to November 10, 2025, its stock price has closed at or above 130% of the current conversion price of "Lichong Convertible Bonds" (18.66 CNY/share), which is 24.26 CNY/share [1] - If the conditional redemption clause of "Lichong Convertible Bonds" is triggered in the future, the company has the right to redeem all or part of the unconverted convertible bonds at face value plus accrued interest, according to the relevant provisions in the prospectus [1] - Investors are advised to pay attention to company announcements and be aware of the investment risks associated with "Lichong Convertible Bonds" [1]

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。 特别提示： 自 2025 年 10 月 9 日至 2025 年 11 月 10 日，立中四通轻合金集团股份有限 公司（以下简称"公司"）股票已有十个交易日的收盘价不低于"立中转债"当 期转股价格（18.66 元/股）的 130%（含 130%，即 24.26 元/股）。若在未来触发 "立中转债"的有条件赎回条款（即：在转股期内，如果公司股票在任意连续三 十个交易日中至少十五个交易日的收盘价格不低于当期转股价格的 130%（含 130%）），届时根据《立中四通轻合金集团股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）中有条件赎回条款 的相关规定，公司有权决定按照债券面值加当期应计利息的价格赎回全部或部分 未转股的可转换公司债券（以下简称"可转债"）。敬请广大投资者及时关注公 司公告，注意"立中转债"投资风险。 一、可转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于同意立中四通轻合金集团股份有限公司向 不特定对象发行可转换公司债券注册的批复》(证监许可〔2023 ...

Core Viewpoint - The A-share market for humanoid robot concept stocks experienced a collective decline, primarily due to Tesla's revised delivery target for humanoid robots, pushing the goal from 2029 to 2035 for a total of 1 million units [1] Group 1: Market Reaction - Zhejiang Rongtai hit the daily limit down, while Hanyu Group, Lixing Co., Shiyun Circuit, and Hanwei Technology fell over 6% [1] - Other companies such as Lens Technology, Weichuang Electric, Haon Automotive Electric, Feirongda, Anpeilong, and Dayang Electric dropped more than 5% [1] Group 2: Tesla's Revised Target - Tesla's new target is to deliver a cumulative total of 1 million humanoid robots by 2035, starting from September 3, 2025 [1] - Market analysts noted that this figure was already known since September 3, indicating that the actual reason for the market pullback may be profit-taking after the recent shareholder meeting, with no immediate catalysts to drive prices higher [1] Group 3: Individual Stock Performance - Zhejiang Rongtai: -10.00% with a market cap of 29.9 billion [2] - Hanyu Group: -6.43% with a market cap of 8.864 billion [2] - Lixing Co.: -6.35% with a market cap of 5.945 billion [2] - Shiyun Circuit: -6.04% with a market cap of 30.1 billion [2] - Hanwei Technology: -6.04% with a market cap of 16.4 billion [2] - Lens Technology: -5.62% with a market cap of 155.2 billion [2] - Weichuang Electric: -5.62% with a market cap of 15.5 billion [2] - Haon Automotive Electric: -5.22% with a market cap of 13.2 billion [2] - Feirongda: -5.14% with a market cap of 17.4 billion [2] - Anpeilong: -5.11% with a market cap of 12.7 billion [2] - Dayang Electric: -5.08% with a market cap of 27.4 billion [2]

Core Viewpoint - Lichong Group has announced a strategic investment partnership with Kunlun New Materials to advance the industrial application of solid-state battery electrolytes, including sulfide and oxide electrolytes [2][3]. Group 1: Transaction Details - Lichong Group will transfer a 36.72% stake in its subsidiary Shandong Lichong New Energy Materials Co., Ltd. (Shan Lixin) to Kunlun New Materials for a transaction price of 22,769,918.08 yuan [2]. - Additionally, Lichong Group will acquire a 16.5% stake in Shan Lixin at zero cost and invest 78,094,100 yuan for cash capital increase [2]. - Post-transaction, Lichong Group's ownership in Shan Lixin will decrease to 45.1546%, making Kunlun New Materials the controlling shareholder with a 51% stake [2]. Group 2: Company Background - Kunlun New Materials, established in 2004, specializes in lithium battery electrolytes and has over 20 years of technological expertise in battery materials [2]. - The company has developed comprehensive capabilities in sulfide electrolytes, oxide electrolytes, and sodium-ion battery electrolytes [2]. - Lichong Group, founded in 1984 and listed on the Shenzhen Stock Exchange in 2015, operates in three main product segments: Lichong Sihua New Materials, Lichong Alloys, and Lichong Wheels, focusing on lightweight aluminum components for various industries [3]. Group 3: Strategic Goals - The partnership aims to leverage capital injection, technological collaboration, and market introduction to enhance the technology and market expansion of liquid battery electrolyte materials [3]. - The collaboration will focus on joint research, trial production, sales, and equity investment in key materials such as sulfide and oxide electrolytes [3]. - The goal is to accelerate the transition of lithium sulfide products from laboratory results to commercial applications, particularly in solid-state and sodium-ion battery sectors [3].

Core Viewpoint - Lichong Group is intensifying its investment in battery technology by introducing strategic investor Kunlun New Materials to its subsidiary Shandong Lichong New Energy Materials, aiming to enhance technology, market expansion, and cost optimization in liquid and solid-state battery sectors [1][2][3] Group 1: Strategic Investment and Shareholding Changes - The transaction involves Lichong Group transferring 36.72% of its stake in Shandong Lichong to Kunlun New Materials for 22.77 million yuan and acquiring an additional 16.5% stake at zero cost, leading to a total investment obligation of 33 million yuan [2] - Following the capital increase, Shandong Lichong's registered capital will rise from 200 million yuan to approximately 402 million yuan, with Kunlun New Materials subscribing to 120 million yuan of the new capital [2] - After the completion of the transaction, Kunlun New Materials will hold 51% of Shandong Lichong, becoming the controlling shareholder, while Lichong Group's stake will decrease to 45.15% [2][3] Group 2: Business Development and Financial Performance - Lichong Group has shown steady growth over the past five years, with revenue increasing from 18.63 billion yuan in 2021 to 27.25 billion yuan in 2024, and net profit rising from 450 million yuan to 707 million yuan [4] - In the first three quarters of 2025, Lichong Group reported revenue of 22.92 billion yuan and net profit of 625 million yuan, reflecting year-on-year growth of 18.34% and 26.77% respectively [4] - The company has been increasing its R&D investment, with expenses rising from 552 million yuan in 2021 to 934 million yuan in 2024, and 730 million yuan in the first three quarters of 2025 [4] Group 3: Market Position and Future Prospects - Lichong Group is actively expanding its aluminum alloy wheel business, receiving multiple project confirmations from international and domestic automotive manufacturers, with expected sales amounting to approximately 1.87 billion yuan and 16.43 billion yuan from recent projects [5] - The company anticipates significant growth in its aluminum alloy wheel segment, with projected project sales exceeding 24 billion yuan in 2024, surpassing its total revenue of 23.37 billion yuan in 2023 [4][5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The solid-state battery sector is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle trials by the end of 2025 and widespread trials in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to expand the market for solid-state batteries, accelerating industrialization [24][28][30] Summary by Sections Industry Overview - The solid-state battery index increased by 3.1% during the week from November 3 to November 7, 2025, with a cumulative increase of 67.8% since December 31, 2024. In comparison, the CSI 300 index rose by 18.9% during the same period [4][10][11] Recent Developments - On November 6, 2025, Haimeixing announced it successfully established a complete production process for lithium metal solid-state batteries, securing the industry's first commercial order for high-energy lithium metal solid-state battery equipment, valued at 400 million yuan for a scale of 2GWh. The company is also advancing its full-chain layout for sulfide solid-state battery equipment [28][29] - A strategic cooperation agreement was signed between Huitian New Materials and Tailan New Energy on November 3, 2025, focusing on joint research and development of solid-state battery adhesives, addressing technical challenges such as ionic conductivity and solid-solid interface bonding [30][31] Individual Stock Performance - The top five performing stocks during the week included Huasheng Lithium Battery (+61.2%), Sanxiang New Materials (+20.6%), and Tianji Shares (+17.4%). Conversely, the stocks with the largest declines were Naconoer (-9.9%), Honggong Technology (-9.7%), and Haicheng Pharmaceutical (-9.4%) [16][20][22] Industry Dynamics - A joint venture agreement was signed on November 6, 2025, between Lichun Group's subsidiary and Kunlun New Materials to accelerate the commercialization of sulfide and oxide electrolytes through research, trial production, and equity investment [26] - The fifth xEV Battery Technology Forum and the third Solid-State Battery Technology Industry Conference were held in Shanghai on November 3-4, 2025, where industry players disclosed significant technological breakthroughs [27]

Core Viewpoint - The company has signed a joint venture agreement with Kunlun New Materials, which will lead to a reduction in its shareholding in its subsidiary, Shanli New, to 45.1546%, resulting in Shanli New no longer being included in the company's consolidated financial statements [1] Group 1: Strategic Partnership - The introduction of Kunlun New Materials as a strategic investor will enable Shanli New to leverage its high-quality customer resources and established channel advantages to penetrate the supply chain of leading battery enterprises [1] - The partnership aims to enhance the technological iteration of key materials for liquid battery electrolytes, optimize costs, and improve profitability through capital injection, technological empowerment, and market introduction [1] Group 2: Collaboration in Solid-State Batteries - Shanli New will collaborate with Kunlun New Materials' subsidiary, Kunlun Advanced, in key areas such as sulfide electrolytes and oxide electrolytes for solid-state batteries through R&D, trial production, sales, and equity investment [1] - The goal of this collaboration is to achieve strategic or business partnerships with relevant solid-state battery companies, ensuring value creation for all shareholders through industrial synergy [1]

Group 1: Company Overview and Strategic Partnership - The partnership with Kunlun New Materials aims to enhance the technological upgrade, market expansion, and cost optimization of liquid battery electrolyte materials at Shandong Lizhong New Energy Materials Co., Ltd. (Shanli New) [1] - Kunlun New Materials, established in 2004, has an annual production capacity of 180,000 tons of liquid electrolyte, with projects in Hubei and Hungary underway [2] - The collaboration will leverage Kunlun's customer resources and market channels to expand Shanli New's market presence and improve profitability [4] Group 2: Financial Transactions and Shareholding Structure - Lizhong Group plans to transfer 36.72% of Shanli New's shares to Kunlun New Materials for a transaction price of 22.7699 million yuan and will also invest 78.0941 million yuan for cash capital increase [2] - Post-transaction, Lizhong Group's shareholding will decrease to 45.15%, while Kunlun New Materials will hold 51% [2] Group 3: Technological Development and Product Innovation - Kunlun New Materials is advancing in solid-state battery electrolytes, with sulfide electrolyte conductivity reaching 12 mS/cm, nearing the performance of liquid electrolytes [3] - The company has established deep cooperation with various downstream clients for solid-state battery applications, with mass production of oxide electrolytes expected by Q4 2025 [3] Group 4: Future Development and Market Strategy - The partnership is aligned with the long-term strategic development plans of both companies, focusing on joint research, trial production, and sales in solid-state battery materials [4] - The collaboration aims to secure strategic partnerships with solid-state battery enterprises to capitalize on opportunities in the new energy sector [4]

中原证券股份有限公司 关于 立中四通轻合金集团股份有限公司 转让控股子公司股权后继续为其担保 暨形成关联担保的核查意见 保荐机构 一、交易及关联担保概述 （一）本次交易的背景 昆仑新材成立于 2004 年，是锂电池电解液行业的技术领跑者，昆仑新材凭 借在电池材料领域 20 余年的技术积淀，积极前瞻性地拓展布局了固体电解质和 钠离子电池电解液等产品。目前，昆仑新材在硫化物电解质、氧化物电解质和钠 离子电池电解液的开发和供应方面，已形成全方位的高品质服务能力。 根据公司控股子公司山东立中新能源材料有限公司（以下简称"山立新"、 "标的公司"）的战略发展规划，本次拟引入战略投资者香河昆仑新能源材料股 份有限公司（以下简称"昆仑新材"），旨在通过资本注入、技术协同、市场导 入等方式，进一步推动山立新液态电池电解质关键材料的技术升级、市场拓展和 成本优化，同时加速山立新固态电池、钠离子电池领域的业务布局，推动山立新 硫化锂产品从实验室成果到商业化应用的快速转化，提升山立新盈利能力，助力 股东各方在新能源产业上实现协同发展与价值共赢。 （二）本次交易和关联担保的基本情况 立中集团拟以 22,769,918.08 元的交易 ...

Core Viewpoint - Lichong Group is strategically reducing its stake in its subsidiary, Shandong Lichong New Energy Materials Co., Ltd. (Shanli New), to below 50% through a share transfer and capital increase, allowing for financial optimization while maintaining a significant shareholder position [1][2]. Group 1: Transaction Details - Lichong Group transferred 36.72% of its stake in Shanli New to Kunlun New Materials for 22.7699 million yuan and acquired 16.5% of the shares from a former shareholder at zero cost, taking on the obligation to fulfill the capital contribution [1]. - Following the transaction, Shanli New's registered capital increased from 200 million yuan to approximately 402 million yuan, with Kunlun New Materials acquiring 51% of the shares, making it the controlling shareholder [2]. - Lichong Group's stake decreased from 72% to 45.1546%, becoming the second-largest shareholder, with governance adjustments in the board structure [2]. Group 2: Strategic Implications - The introduction of Kunlun New Materials, a leader in lithium battery electrolyte technology, aims to enhance Shanli New's technological capabilities, market expansion, and cost optimization, particularly in solid-state and sodium-ion battery sectors [2]. - The partnership is expected to accelerate the commercialization of lithium sulfide products and improve profitability for Shanli New, facilitating collaborative development in the new energy sector [2][3]. - Lichong Group retains significant influence with nearly 45% ownership and the right to appoint the financial officer, allowing it to benefit from Shanli New's future growth while mitigating risks associated with non-core investments [3].