Group 1: Company Performance - In 2024, the company sold 68,851.47 tons of graphite anode materials, an increase of 6,894.16 tons, representing a growth of 11.13% [3] - The operating revenue for 2024 was 138,833.84 million yuan, a decrease of 17.67% compared to the previous year [3] - The net profit attributable to shareholders was 4,955.46 million yuan, down 40.23% year-on-year [3] Group 2: Product Development and Capacity - The company has achieved mass production and commercialization of silicon-carbon anode materials, with plans to increase investment and establish batch production lines [1] - Ongoing projects include a 60,000-ton high-end artificial graphite anode materials project in Suining, Sichuan, and a production line for anode materials for electric vehicle batteries in Yong'an, Fujian [2] - The company is focusing on new materials such as silicon-carbon, sodium-ion hard carbon, and graphene, with ongoing R&D efforts [2] Group 3: Market Trends and Challenges - The lithium battery anode materials market is expected to grow, with an estimated shipment volume of 2.08 million tons in 2024, a year-on-year increase of 26% [5] - The overall market price for anode materials is declining, leading to compressed profit margins due to intensified competition [5] - The company plans to expand its international market presence and develop new products to enhance competitiveness [4] Group 4: Financial Management and Shareholder Relations - In 2023, the company repurchased 1.3051 million shares for a total of 51.032 million yuan [6] - The company acknowledges the need for improved market performance and plans to enhance operational efficiency and product innovation [4] - The company is committed to transparent communication with investors and aims to improve response times to shareholder inquiries [7]

证券代码：300890 证券简称：翔丰华 公告编号：2025-27 债券代码：123225 债券简称：翔丰转债 上海市翔丰华科技股份有限公司 关于召开 2024 年度股东大会的提示性公告 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。 上海市翔丰华科技股份有限公司（以下简称"翔丰华"或"公司"）第三 届董事会第二十九次会议决定于 2025 年 5 月 12 日（星期一）召开 2024 年度 股东大会，会议通知已于 2025 年 4 月 21 日在中国证监会指定创业板信息披露 媒体上进行公告。本次会议采取现场表决与网络投票相结合的方式召开，现将 有关事项通知如下： 一、召开会议的基本情况 1.会议届次：2024 年度股东大会 2.会议召集人：公司董事会。 3.会议召开的合法、合规性：公司于 2025 年 4 月 17 日召开的第三届董事会 第二十九次会议同意召开此次股东大会。本次股东大会的召开符合有关法律、行 政法规、部门规章、规范性文件和《公司章程》的规定。 4.会议召开的日期、时间： （1）会议召开的时间：2025 年 5 月 12 日 15:00 （2）网 ...

Core Viewpoint - The performance of leading anode material companies in China has diverged, with some experiencing significant profit declines while others report substantial profit increases [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% compared to the previous year [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, an increase of 15.79% year-on-year [2][4]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, up 626.56% year-on-year [2][4]. - **Guifengbiao**: Net profit was 50 million yuan, down 40.23% year-on-year [2]. - **Shanshan Co.**: Experienced a net loss of 367 million yuan, marking a 147.79% decline year-on-year [2][3]. Industry Trends - The anode materials industry is facing a phase of structural overcapacity, leading to a decline in product prices [5]. - The overall capacity utilization rate for anode materials is at 60.8%, down 4.5 percentage points year-on-year [5]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy in response to market conditions [5]. Capacity Expansion - Despite the overcapacity, companies continue to expand production. Most companies reported an increase in construction projects compared to the previous year [6][7]. - **Shangtai Technology**: Increased its construction investment to 687 million yuan, over 16 times higher than the beginning of the year [7]. - **Xiangfenghua**: Reported a 92.53% increase in construction investment due to new projects [7]. - **Zhongke Electric**: Has taken a cautious approach, recognizing the need for impairment provisions on certain projects due to market slowdown [7]. Fast-Charging Technology Development - Fast-charging technology is a clear trend in consumer and power batteries, with significant growth expected in the coming years [8][9]. - Companies like Purtai and BTR are developing fast-charging anode materials that meet high-performance standards [8][10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies securing bulk orders [10].

Core Viewpoint - The performance of domestic anode material companies showed significant divergence in 2024, with four out of six major listed companies reporting a decline in net profit [1][2]. Company Performance Summary - **Purtai**: Reported a net profit of 1.191 billion yuan, down 37.72% year-on-year [2][3]. - **BTR**: Achieved a net profit of 930 million yuan, a decrease of 43.76% year-on-year, attributed to price declines in anode materials and a drop in demand from end customers [2][3]. - **Shangtai Technology**: Recorded a net profit of 838 million yuan, up 15.79% year-on-year, driven by a differentiated product strategy and cost reduction measures [2][5]. - **Zhongke Electric**: Reported a net profit of 303 million yuan, an increase of 626.56% year-on-year, benefiting from rising demand in the electric vehicle and energy storage markets [4][5]. - **Xiangfenghua**: Achieved a net profit of 49.55 million yuan, down 40.23% year-on-year, due to supply-demand imbalance and increased financial costs [3]. - **Sunsun Co.**: Experienced a net loss of 367 million yuan, a decline of 147.79% year-on-year, primarily due to challenges in its polarizer business [2][3]. Industry Trends - The anode materials industry is facing structural overcapacity, with a production capacity utilization rate of 60.8%, down 4.5 percentage points year-on-year [5][6]. - Companies are increasingly focusing on cost reduction and efficiency improvement as a common strategy to navigate the challenging market environment [5][6]. - The trend towards fast-charging anode materials is becoming clearer, with expectations of significant demand growth in 2025 and 2026 [9][10]. Capacity and Expansion - Among the six companies, Zhongke Electric has the highest capacity utilization rate at 95.66%, followed by BTR at 90.41% and Xiangfenghua at 83.43% [6]. - Despite the overcapacity, companies continue to expand, with significant increases in construction projects reported by most firms [7][8]. - Shangtai Technology's construction projects increased over 16 times year-on-year, indicating aggressive expansion plans [8]. Fast-Charging Material Development - Companies are actively developing fast-charging anode materials, with Purtai and BTR launching products that meet high-performance standards [10]. - The market for silicon-based anode materials is also expanding rapidly, with leading companies like BTR and Sunsun Co. securing bulk orders [10].

Core Viewpoint - Xiangfenghua (300890.SZ) reported a decline in revenue and net profit for 2024, indicating ongoing challenges in the lithium battery industry, particularly in the anode materials sector, which is facing intense competition and price pressures [1][2][4]. Financial Performance - For 2024, Xiangfenghua's operating revenue was 1.388 billion yuan, a year-on-year decrease of 17.67% [1]. - The net profit attributable to shareholders was 50 million yuan, down 40.23% year-on-year [1]. - The company experienced a loss of 8.15 million yuan in Q1 2025, continuing the trend of losses from Q4 2024 [4]. Industry Context - The lithium battery demand has surged due to the growth of green vehicles and energy storage systems, but the industry has shifted from high prosperity to overheating, leading to overcapacity and price declines [2][6]. - The anode materials sector has seen a significant increase in production capacity, with global capacity rising from 81.1 million tons/year in 2020 to 354.6 million tons/year in 2024, a growth of 337% [5][6]. Regional Performance - Over 70% of Xiangfenghua's revenue comes from the East China region, which saw a revenue decline of 19.04% to 1.036 billion yuan in 2024 due to fierce competition and reduced orders [4][5]. - In contrast, revenue from South China and Central China grew by 35.75% and 95.57% respectively, although they only accounted for 18% of total revenue [4]. Market Dynamics - The anode materials market is characterized by intense price competition, with over 99% of Xiangfenghua's revenue derived from graphite anode materials [5][7]. - The overall price of anode materials has dropped by 40% from 2020 to 2024, with profit margins decreasing by 98% during the same period [5][6]. Strategic Adjustments - The company is considering a shift in its business strategy to stabilize gross margins, including optimizing customer relationships and exploring new markets [1][4][7]. - Xiangfenghua aims to focus on customers with better pricing and shorter payment cycles, as the current market conditions are expected to remain challenging [7].

证券代码：300890 证券简称：翔丰华 公告编号：2025-26 债券代码：123225 债券简称：翔丰转债 上海市翔丰华科技股份有限公司 关于举行 2024 年度业绩说明会的公告 特此公告。 上海市翔丰华科技股份有限公司董事会 2025 年 4 月 24 日 上海市翔丰华科技股份有限公司（以下简称"公司"）2024 年年度报告及报 告摘要已于 2025 年 4 月 21 日刊登于中国证监会指定的创业板信息披露网站巨 潮资讯网。为使投资者能够进一步了解公司的经营业绩及利润分配等情况，公司 定于 2025 年 5 月 7 日（星期三）15:00-17:00 在全景网举办 2024 年度业绩说明 会，本次年度业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投 资者关系互动平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次说明会的人员有：公司董事长周鹏伟先生；总经理赵东辉先生；副 董事长、财务总监、董事会秘书叶文国先生；独立董事孙俊英女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 ...

Core Viewpoint - The company achieved a total shipment of 68,200 tons of anode products in 2024, representing a year-on-year increase of 11%. The expected shipments for Q4 2024 and Q1 2025 are 14,200 tons and 15,000 tons respectively. The average operating net profit per ton for 2024 is projected to be 1,200 RMB, with expectations of 3,400 RMB and -300 RMB for Q4 2024 and Q1 2025 respectively. The increase in Q4 profit is mainly due to a slight rise in overseas sales, while the decline in Q1 profit is attributed to a return to the average customer structure and rising petroleum coke prices [1][3][4]. Shipment Analysis - The company’s total shipment for 2024 is 68,200 tons, with a year-on-year growth of 11%. The growth rate is lower than the industry average due to the company's selective abandonment of low-priced orders. Expected shipments for Q4 2024 and Q1 2025 are 14,200 tons and 15,000 tons respectively [3]. Profitability Analysis - The average operating net profit per ton for 2024 is 1,200 RMB. For Q4 2024, the expected profit is 3,400 RMB per ton, while for Q1 2025, it is projected to be -300 RMB per ton. The increase in Q4 profit is attributed to a higher overseas sales contribution from LG and the introduction of products to Volkswagen, while the decline in Q1 profit is due to a return to the average customer structure and the impact of rising petroleum coke prices [4]. Customer Base - The company has a stable customer base for its anode business, including major clients such as BYD, LG Energy, and Guoxuan High-Tech. Additionally, the company is actively expanding into international markets, engaging with renowned lithium battery companies such as Volkswagen, SK On, BMW China, Panasonic, and Tesla. The company has passed various audits from Volkswagen and is supplying products in small batches [4]. Strategic Partnerships - The company has signed a strategic cooperation agreement with Qingtao Energy to develop high-capacity anode materials for solid-state and semi-solid-state batteries. The latest silicon-carbon products utilize a new deposition process to evenly distribute nano-silicon within a porous carbon framework, achieving a preliminary capacity of 2,000 mAh/g and a cycle life exceeding 1,200 hours, currently in the sample testing phase [4]. Financial Performance - In 2024, the company reported revenue of 1.39 billion RMB, a year-on-year decrease of 18%, with a net profit attributable to shareholders of 50 million RMB, down 40%. For Q4 2024, the revenue was 340 million RMB, with a net profit of -700,000 RMB, reflecting a year-on-year decrease of 5% and a slight increase in revenue [2][5]. Expense Analysis - The company's three expenses plus R&D expense ratio for 2024 is 16%, an increase of 0.9 percentage points year-on-year, primarily due to a 37.96% increase in financial expenses resulting from interest costs associated with convertible bonds issued in 2023 [5].

Company Overview - The company primarily engages in the research, production, and sales of lithium battery anode materials, focusing on customer-centric and market-driven approaches to provide better products and services [2][3] - The main product is graphite anode materials, widely used in lithium battery applications including electric vehicles, consumer electronics, and industrial energy storage [2] - The company aims to strengthen and expand its new carbon materials industry, aspiring to become a leading manufacturer of carbon-based materials [2] Business Model - The company operates on a sales-driven production model, primarily selling graphite anode materials to generate revenue and profit [3] - The procurement model is based on "production-driven procurement," ensuring that raw materials are sourced from qualified suppliers after thorough evaluation [5] - The production model is characterized by "order-based production," allowing adjustments based on customer orders and sales forecasts to ensure timely delivery [6] - The sales model is direct sales, involving customer engagement, product testing, and comprehensive support throughout the sales process [7] Financial Performance - In 2024, the company achieved operating revenue of 1,388.34 million yuan, a decrease of 17.67% year-on-year, and a net profit attributable to shareholders of 49.55 million yuan, down 40.23% compared to the previous year [8] - The decline in revenue and profit is attributed to several factors, including increased market competition leading to lower product prices, higher financial expenses due to interest from convertible bonds issued, and increased asset impairment losses [8][9] - The company faced challenges from a complex international environment, resulting in extended payment cycles from some customers and increased credit impairment losses [9] Research and Development - The company has established a research and development center with various specialized teams focused on developing both graphite and non-graphite lithium battery anode materials, as well as other new carbon materials [4]

Financial Performance - The company reported a basic earnings per share of -0.0685 yuan for Q1 2025, a decrease of 157.76% compared to 0.1186 yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.08 billion yuan, down 161.54% from 0.13 billion yuan in Q1 2024 [1] - Operating revenue decreased by 8.11% to 3.06 billion yuan in Q1 2025 from 3.33 billion yuan in Q1 2024 [1] - The return on equity was -0.38% in Q1 2025, a significant drop from 0.67% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 21.793 million shares, accounting for 20.08% of the circulating shares, with an increase of 2.8643 million shares compared to the previous period [2] - Notable changes among the top shareholders include a decrease of 48.82% in holdings by Zhong Yinghao, while Zhou Pengwei increased holdings by 164.05% [3] - New entrants to the top ten shareholders include Jin Ying Fund and Xu Junhao, while Zhang Shuo Cheng and Shenzhen Qianhai Chunqiu Investment Management have exited [3] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

国泰海通证券股份有限公司关于 上海市翔丰华科技股份有限公司 2024 年度内部控制评价报告的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为上 海市翔丰华科技股份有限公司（以下简称"翔丰华"或"公司"）向不特定对象 发行可转换公司债券（以下简称"本次发行"）的保荐人，根据《证券发行上市 保荐业务管理办法》《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》和《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等相关文件的规定，对翔丰华 2024 年度内部控制评价报告进行了审慎核查，并发表如下核查意见： 一、管理层内部控制评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，董事会认为，公司已按照企业内部控制 规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日至内部控制评价报告发出日之间，未发生影响 ...