智通财经APP讯，翔丰华(300890.SZ)发布2025年半年度报告，该公司营业收入为6.88亿元，同比减少 2.80%。归属于上市公司股东的净亏损为294.59万元。归属于上市公司股东的扣除非经常性损益的净亏 损为1479.72万元。基本每股亏损为0.0247元。 ...

证券代码：300890 证券简称：翔丰华 公告编号：2025-55 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 第四届董事会第二次会议决议公告 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。 一、董事会会议召开情况 上海市翔丰华科技股份有限公司（以下简称"公司""翔丰华"）第四届董 事会第二次会议于 2025 年 7 月 30 日下午 15:00 以现场结合通讯表决方式在上海 翔丰华科技股份有限公司会议室召开。会议通知已于 2025 年 7 月 21 日通过专人 送达、邮件等方式发出。本次会议由周鹏伟先生主持，会议应出席董事 9 人，实 际出席董事 9 人。会议的召集和召开符合《公司法》等法律法规以及《公司章程》 等有关规定，会议合法、有效。 1 二、董事会会议审议情况 经与会董事充分讨论，本次会议审议并通过了以下议案： 1.审议通过《关于公司 2025 年半年度报告全文及摘要的议案》 董事会认为：公司编制的《2025 年半年度报告》全文及摘要符合法律、行 政法规和中国证监会的有关规定，报告内容真实、准确、完整地反映了公司 202 ...

翔丰华7月31日晚间披露2025年半年报，公司上半年实现营业收入6.88亿元，同比下降2.80%；归属于上 市公司股东的净利润亏损294.59万元，上年同期净利润3824.08万元；基本每股收益-0.0247元。 ...

[Important Notes, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notes%2C%20Table%20of%20Contents%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The company's board of directors, audit committee, and all senior executives guarantee the truthfulness, accuracy, and completeness of this semi-annual report, assuming legal responsibility for no false statements, misleading representations, or material omissions - Company management ensures the truthfulness, accuracy, and completeness of the report, assuming corresponding legal responsibilities[4](index=4&type=chunk) [Risk Warnings](index=2&type=section&id=Risk%20Warnings) The company faces five main risks: raw material price fluctuations, product price declines, technology substitution, industry overcapacity, and macroeconomic and policy changes - The company faces key operational risks including: - **Raw Material Price Volatility Risk**: Fluctuations in primary graphite and coke raw material prices may impact the company's profitability[5](index=5&type=chunk) - **Product Price Decline Risk**: Intense market competition, changes in downstream demand, and industry cost reduction trends may lead to lower anode material prices[6](index=6&type=chunk)[7](index=7&type=chunk) - **Technology Substitution Risk**: If the company's R&D lags behind the development of new battery material technologies, it may adversely affect future operations[8](index=8&type=chunk) - **Overcapacity Risk**: Industry expansion and new entrants may lead to slower-than-expected market demand growth and overcapacity[9](index=9&type=chunk) - **Macroeconomic and Policy Change Risk**: Adjustments in new energy industry policies and macroeconomic uncertainties may affect the company's performance[10](index=10&type=chunk)[11](index=11&type=chunk) [Profit Distribution Plan](index=4&type=section&id=Profit%20Distribution%20Plan) The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the 2025 semi-annual period - The company has no plans for cash dividends or share transfers during this reporting period[12](index=12&type=chunk) [Definitions](index=7&type=section&id=Definitions) This section defines professional terms used in the report, covering company entities, key customers, lithium battery industry technologies, and critical performance indicators [Company Profile and Key Financial Indicators](index=9&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Profile](index=9&type=section&id=Company%20Profile) Shanghai Xiangfenghua Technology Co Ltd (stock code 300890) is a Shenzhen Stock Exchange-listed company primarily engaged in the R&D, production, and sales of lithium battery anode materials Company Information | Item | Content | | :--- | :--- | | **Stock Abbreviation** | Xiangfenghua | | **Stock Code** | 300890 | | **Listing Exchange** | Shenzhen Stock Exchange | | **Company Name** | Shanghai Xiangfenghua Technology Co Ltd | | **Legal Representative** | Zhao Donghui | [Key Accounting Data and Financial Indicators](index=10&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue decreased by 2.80% to RMB 687.59 million, resulting in a net loss of RMB 2.95 million due to product price declines, and operating cash flow significantly decreased by 364.68% Key Financial Indicators | Key Financial Indicators | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 687,591,351.12 | 707,372,276.94 | -2.80% | | **Net Profit Attributable to Shareholders** | -2,945,933.47 | 38,240,844.00 | -107.70% | | **Net Profit Excluding Non-Recurring Items** | -14,797,234.41 | 24,807,682.81 | -159.65% | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | 68,551,196.79 | -364.68% | | **Basic Earnings Per Share (RMB/share)** | -0.0247 | 0.3497 | -107.06% | | **Weighted Average Return on Net Assets** | -0.14% | 1.99% | -2.13% | | **Total Assets** | 4,711,012,343.51 | 4,436,207,714.82 (End of Prior Year) | 6.19% | [Non-Recurring Gains and Losses Items and Amounts](index=11&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's non-recurring gains and losses totaled RMB 11.85 million, primarily from government subsidies and other non-operating income and expenses Non-Recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Government subsidies included in current profit/loss | 8,773,118.80 | | Fair value changes in financial assets/liabilities | 841,748.38 | | Net other non-operating income and expenses | 4,471,847.50 | | **Total** | **11,851,300.94** | [Management Discussion and Analysis](index=12&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Main Businesses of the Company During the Reporting Period](index=12&type=section&id=I.%20Main%20Businesses%20of%20the%20Company%20During%20the%20Reporting%20Period) The company's core business is the R&D, production, and sales of lithium battery anode materials, with graphite anode materials widely used in power, 3C consumer electronics, and industrial energy storage - The company's core business is graphite anode materials, applied in new energy vehicles, consumer electronics, and energy storage sectors[35](index=35&type=chunk) - The company operates a mature and stable business model, primarily based on production-to-order and direct sales[35](index=35&type=chunk) Key Financial Performance | Financial Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | **Operating Revenue** | RMB 688 million | -2.80% | | **Net Profit Attributable to Parent** | RMB -2.95 million | -107.70% | - Performance decline is primarily due to a temporary supply-demand imbalance in the graphite anode material industry, intense market competition, leading to product price reductions and lower gross margins[38](index=38&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness stems from its technological R&D, core team, and customer resources, including 71 authorized invention patents and strategic partnerships - **Technology and R&D Advantages**: The company boasts a complete product line, adheres to a technology roadmap emphasizing both artificial and natural graphite, holds 71 authorized invention patents as of the reporting period end, and collaborates with universities like Tsinghua University Shenzhen Graduate School for industry-academia-research initiatives[39](index=39&type=chunk)[40](index=40&type=chunk) - **Core Team Advantages**: The core management team, led by individuals with materials science backgrounds from Tsinghua University, possesses over a decade of experience in lithium battery materials[40](index=40&type=chunk) - **Customer Advantages**: The company has cultivated high-quality clients such as LG Energy Solution, Gotion High-tech, and BYD, while actively expanding into international markets including PowerCo SE (Germany) and SK on (South Korea)[41](index=41&type=chunk) [Main Business Analysis](index=14&type=section&id=III.%20Main%20Business%20Analysis) During the reporting period, the company's anode material revenue decreased by 3.04% to RMB 684.12 million, with gross margin falling by 6.23 percentage points to 12.35% due to lower product unit prices Key Financial Data Changes | Key Financial Data | Current Reporting Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 687,591,351.12 | 707,372,276.94 | -2.80% | Increased industry competition, lower product unit prices | | **Selling Expenses** | 13,440,556.54 | 21,549,360.75 | -37.63% | Decrease in business expenses | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | 68,551,196.79 | -364.68% | Decrease in customer cash collections | | **Net Cash Flow from Financing Activities** | 365,011,050.18 | -172,665,603.14 | -311.40% | Increase in bank borrowings | | **Construction in Progress** | 557,419,741.40 | 361,496,966.29 | 54.20% | Construction of Shanghai North-South Zone projects | | **Short-term Borrowings** | 566,688,381.64 | 331,492,332.21 | 70.95% | Increase in bank borrowings | | **Long-term Borrowings** | 586,156,378.93 | 398,511,626.03 | 47.09% | Increase in special loans for Shanghai North-South Zone construction | Revenue and Gross Margin by Product | By Product | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Operating Revenue Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Anode Materials** | 684,122,026.46 | 599,624,124.87 | 12.35% | -3.04% | -6.23% | [Analysis of Assets and Liabilities](index=16&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, the company's total assets were RMB 4.71 billion, a 6.19% increase from the end of the previous year, with significant growth in construction in progress and borrowings - Construction in progress balance at period-end was **RMB 557.42 million**, a 54.20% increase from the end of the previous year, primarily due to investment in the Shanghai North-South Zone engineering projects[52](index=52&type=chunk) - Short-term and long-term borrowings at period-end were **RMB 566.69 million** and **RMB 586.16 million** respectively, increasing by 70.95% and 47.09% from the end of the previous year, mainly due to increased bank borrowings[52](index=52&type=chunk) Restricted Assets | Item | Book Value at Period-End (RMB) | Restriction Status | | :--- | :--- | :--- | | **Monetary Funds** | 115,286,173.04 | Deposits and frozen funds | | **Notes Receivable** | 51,564,385.23 | Pledged | | **Fixed Assets** | 129,392,466.54 | Loan collateral | | **Intangible Assets** | 174,678,904.13 | Loan collateral | | **Construction in Progress** | 485,631,032.93 | Loan collateral | | **Total** | **956,552,961.87** | / | [Investment Analysis](index=19&type=section&id=VI.%20Investment%20Analysis) During the reporting period, the company's investment amounted to RMB 862 million, a 7.48% year-on-year increase, primarily focused on significant non-equity projects like R&D center construction and production bases - The investment amount for the reporting period was **RMB 862 million**, a 7.48% year-on-year increase[58](index=58&type=chunk) Major Non-Equity Investment Projects | Major Non-Equity Investment Project | Amount Invested in Current Period (RMB) | Cumulative Investment as of Period-End (RMB) | Project Progress | | :--- | :--- | :--- | :--- | | **R&D Center Construction Project** | 28,131,301.00 | 113,712,466.00 | 90.97% | | **60,000-ton Artificial Graphite Anode Material Integrated Production Base** | 34,260,246.45 | 228,566,908.44 | 66.91% | | **Shanghai Tanfeng Sci-Tech Innovation Center** | 177,733,150.82 | 467,430,002.63 | 27.48% | - Progress of raised capital projects has slowed due to objective factors: - **R&D Center Construction Project**: The original implementation site's building load-bearing capacity was insufficient, so the location was changed to Shanghai Tanfeng Sci-Tech Innovation Industrial Park, with an estimated completion time extended to July 2026[72](index=72&type=chunk) - **60,000-ton Artificial Graphite Anode Material Integrated Production Base Project**: Due to delays in land supply, the estimated completion time has been extended to December 2026[72](index=72&type=chunk)[73](index=73&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major subsidiaries include Fujian Xiangfenghua and Sichuan Xiangfenghua, with Fujian Xiangfenghua being the primary production base and Sichuan Xiangfenghua under construction Major Subsidiaries' Financial Performance (H1 2025) | Major Subsidiary | Total Assets (RMB ten thousand) | Net Assets (RMB ten thousand) | Operating Revenue (RMB ten thousand) | Net Profit (RMB ten thousand) | | :--- | :--- | :--- | :--- | :--- | | **Fujian Xiangfenghua** | 313,918.61 | 129,460.04 | 66,861.86 | 710.49 | | **Sichuan Xiangfenghua** | 103,351.55 | 29,593.36 | 10,898.85 | -243.60 | | **Hainan Xiangfenghua** | 15,405.40 | 7,304.45 | 11,999.52 | 1,402.66 | | **Shanghai Xiangfenghua** | 72,565.18 | 20,333.42 | 0.00 | -97.60 | - On July 25, 2025, the company established a new controlling subsidiary, "Sichuan Xiangzhan Zhenhua New Material Technology Co Ltd," with the company holding 60% equity, primarily engaged in new material technology R&D, graphite and carbon product manufacturing, and sales[86](index=86&type=chunk)[87](index=87&type=chunk) [Corporate Governance, Environment and Society](index=33&type=section&id=Item%204.%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Directors, Supervisors, and Senior Management](index=33&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company underwent a board and supervisory board re-election on June 30, 2025, leading to changes in several directors, supervisors, and senior management positions - On June 30, 2025, due to re-election, several directors, supervisors, and senior management personnel changed, including the election of Zhou Pengwei as Chairman and Zhao Donghui as Vice Chairman and General Manager[95](index=95&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the semi-annual period[96](index=96&type=chunk) [Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law, but actively fulfill social responsibilities - The company actively fulfills its social responsibilities, donating **RMB 1 million** to the Tsinghua University Education Foundation in the first half of the year and providing local employment opportunities[98](index=98&type=chunk) [Significant Matters](index=36&type=section&id=Item%205.%20Significant%20Matters) [Commitments Fulfilled and Overdue Unfulfilled Commitments by Controlling Shareholders, Shareholders, Related Parties, Acquirers, and the Company](index=36&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholders%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, the company and related parties strictly fulfilled all commitments made during initial public offerings, refinancing, and equity incentive activities, with no violations observed - The company and related parties strictly fulfilled all public commitments during the reporting period, with no violations observed[100](index=100&type=chunk) [Significant Related Party Transactions](index=64&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in routine related party transactions with Yong'an Dingfeng Carbon Technology Co Ltd, totaling RMB 10.33 million, within the approved annual limit Related Party Transactions | Related Party | Related Transaction Content | Amount Incurred in Current Period (RMB ten thousand) | Approved Transaction Limit (RMB ten thousand) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Yong'an Dingfeng Carbon Technology Co Ltd | Acceptance of processing services | 739.66 | 2,000 | No | | Yong'an Dingfeng Carbon Technology Co Ltd | Lease of factory buildings and equipment, sale of electricity | 293.00 | 701 | No | [Significant Contracts and Their Performance](index=70&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company provided significant guarantees for its subsidiaries, with a total approved guarantee limit of RMB 3.10 billion and an actual outstanding guarantee balance of RMB 1.14 billion Guarantee Information | Guarantee Status | Amount (RMB ten thousand) | | :--- | :--- | | **Total approved guarantee limit for subsidiaries at period-end** | 310,099.5 | | **Total actual guarantee balance for subsidiaries at period-end** | 113,989.33 | - The actual total guarantee amount accounts for **52.60%** of the company's net assets[157](index=157&type=chunk) [Changes in Shares and Shareholder Information](index=78&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) [Changes in Shares](index=78&type=section&id=I.%20Changes%20in%20Shares) During the reporting period, the company's total share capital increased by 673 shares to 119,032,152 shares due to the conversion of "Xiangfeng Convertible Bonds" - During the reporting period, the company's total share capital increased by **673 shares** due to the conversion of "Xiangfeng Convertible Bonds"[163](index=163&type=chunk) Share Capital Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | | **Restricted Shares** | 12,079,360 | 10,438,885 | 8.77% | | **Unrestricted Shares** | 106,952,119 | 108,593,267 | 91.23% | | **Total Share Capital** | **119,031,479** | **119,032,152** | **100.00%** | [Number of Shareholders and Shareholding Information](index=79&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had 24,817 common shareholders, with the top ten shareholders' holdings remaining relatively stable - As of the end of the reporting period, the company had a total of **24,817** common shareholders[167](index=167&type=chunk) Top Five Shareholders | Top Five Shareholders | Shareholding Percentage | Shares Held at Period-End | | :--- | :--- | :--- | | Zhou Pengwei | 11.29% | 13,433,514 | | Zhong Yinghao | 5.00% | 5,951,473 | | Lei Zuyun | 2.00% | 2,377,333 | | Huizhou Zhongcheng Zhiyuan Enterprise Management Center | 1.70% | 2,025,913 | | Golden Eagle Fund - Wu Haiyi - Golden Eagle Optimal 196 | 1.61% | 1,916,900 | [Bond-Related Information](index=84&type=section&id=Item%207.%20Bond-Related%20Information) [Convertible Corporate Bonds](index=84&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's "Xiangfeng Convertible Bonds" were in their conversion period during the reporting period, with RMB 226.51 million already converted into shares, representing 28.31% of the total issuance - The company's convertible corporate bonds, "Xiangfeng Convertible Bonds" (code 123225), were issued in October 2023, with a total amount of **RMB 800 million** and a term of **6 years**[178](index=178&type=chunk)[562](index=562&type=chunk) Convertible Bond Status | Item | Amount/Quantity | | :--- | :--- | | **Unconverted Amount (RMB)** | 573,488,100.00 | | **Cumulative Converted Amount (RMB)** | 226,511,900.00 | | **Cumulative Converted Shares (shares)** | 8,241,411 | | **Proportion of Unconverted Amount to Total Issuance** | 71.69% | - The conversion price underwent several adjustments during the reporting period, with the latest conversion price at period-end being **RMB 27.44/share**[185](index=185&type=chunk) - China Chengxin International Credit Rating Co Ltd's latest credit rating for the company and its bonds is **AA-**, with a stable outlook[188](index=188&type=chunk) [Financial Report](index=88&type=section&id=Item%208.%20Financial%20Report) [Financial Statements](index=88&type=section&id=Financial%20Statements) This semi-annual financial report is unaudited, presenting consolidated and parent company statements that show steady asset growth but deteriorating profitability and cash flow Consolidated Financial Statement Summary | Consolidated Statement Key Item | Period-End Balance / Current Period Amount (RMB) | | :--- | :--- | | **Total Assets** | 4,711,012,343.51 | | **Total Liabilities** | 2,452,503,616.78 | | **Total Owners' Equity** | 2,258,508,726.73 | | **Total Operating Revenue** | 687,591,351.12 | | **Net Profit** | -3,385,128.92 | | **Net Profit Attributable to Parent Company Owners** | -2,945,933.47 | | **Net Cash Flow from Operating Activities** | -181,443,834.19 | [Consolidated Balance Sheet](index=88&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 4.71 billion, total liabilities RMB 2.45 billion, and owners' equity attributable to the parent company RMB 2.17 billion, with an asset-liability ratio of 52.06% [Consolidated Income Statement](index=92&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company achieved operating revenue of RMB 688 million, with total operating costs of RMB 704 million, resulting in an operating loss of RMB 11.05 million and a net loss of RMB 3.39 million [Consolidated Cash Flow Statement](index=96&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was RMB -181.44 million, from investing activities RMB -186 million, and from financing activities RMB 365 million, leading to a net decrease in cash and cash equivalents of RMB 2.36 million [Notes to Financial Statements](index=105&type=section&id=Notes%20to%20Financial%20Statements) The financial statement notes detail the company's basic information, financial statement preparation basis, significant accounting policies and estimates, and provide detailed explanations for key items in the consolidated financial statements

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，四川翔展振华新材料科技有限公司成立，法定代表人 为展长振，注册资本1000万元，经营范围包含：一般项目：新材料技术研发；石墨及碳素制品制造；石 墨及碳素制品销售；耐火材料生产；耐火材料销售；非金属矿及制品销售；密封件制造；密封件销售； 高性能密封材料销售；密封用填料制造；密封用填料销售；非金属矿物材料成型机械制造；非金属废料 和碎屑加工处理；电子专用材料制造；电子专用材料研发；电子专用材料销售；石墨烯材料销售。(除 依法须经批准的项目外，凭营业执照依法自主开展经营活动)。天眼查APP股权穿透显示，该公司由翔 丰华、展长振共同持股。 ...

证券代码：300890 证券简称：翔丰华 公告编号：2025-52 债券代码：123225 债券简称：翔丰转债 统一社会信用代码：91510921MAEQTR788K 类型：其他有限责任公司 上海市翔丰华科技股份有限公司 关于控股子公司完成工商注册暨对外投资进展的公告 本公司及董事会全体成员保证信息披露内容的真实、准确 和完整，没有虚假记载、误导性陈述或重大遗漏。 一、对外投资概述 上海市翔丰华科技股份有限公司（以下简称"公司""翔丰华"）第三届董 事会第三十次会议于 2025 年 6 月 13 日审议通过《关于对外投资设立控股子公司 的议案》。公司拟以自有资金与展长振先生共同投资设立四川翔展振华新材料科 技有限公司（原暂定名称为四川翔展新材料科技有限公司，因原暂定名未能通过 四川省遂宁市蓬溪县行政审批和数据局的企业名称核查，更名为四川翔展振华新 材料科技有限公司，以下简称"四川翔展"）。目标公司拟注册资本人民币 1000 万元，其中公司以现金出资 600 万元，占目标公司注册资本的 60%；展长振先生 以知识产权出资 400 万元，占目标公司注册资本的 40%。 二、子公司完成工商注册登记的情况 近日，四川 ...

证券代码：300890 证券简称：翔丰华 公告编号：2025-51 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 关于签订募集资金监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市翔丰华科技股份有限公司向 特定对象发行股票注册的批复》（证监许可【2022】1335 号）核准，公司本次 向特定对象发行人民币普通股（A 股）5,841,741 股，发行价格为人民币 37.66 元/股，募集资金总额为人民币 219,999,966.06 元，扣除各项发行费用人民币 2,971,698.12 元后，募集资金净额为人民币 217,028,267.94 元。募集资金已于 2022 年 7 月 6 日划至公司指定账户。上述募集资金到位情况已经众华会计师事 务所（特殊普通合伙）审验，并于 2022 年 7 月 6 日出具了"众会字[2022]第 06923 号"验资报告。 根据中国证券监督管理委员会《关于同意深圳市翔丰华科技股份有限公司向 不特定对象发行可转换公司债券注册的 ...

Group 1 - The company, Shanghai Xiangfenghua Technology Co., Ltd., was established in June 2009 and listed on the Shenzhen Stock Exchange's ChiNext board on September 17, 2020, under the stock code "300890" [2] - The company specializes in the research, production, and sales of high-end graphite and silicon-carbon anode materials for lithium-ion batteries, as well as nuclear graphite and graphene for high-temperature gas-cooled reactors, serving various sectors including new energy vehicles and consumer electronics [2] - Major clients include well-known global lithium battery companies such as BYD, LG Energy, Guoxuan High-Tech, Samsung SDI, and CATL [2] Group 2 - For the first quarter of 2025, the company reported a revenue of 306 million yuan, a year-on-year decrease of 8.08%, and a net profit attributable to shareholders of -8.15 million yuan, a year-on-year decline of 163.61% [2] - The company's non-recurring net profit for the same period was -10.3 million yuan, reflecting a year-on-year drop of 188.57% [2] - As of April 2025, the company's shareholder concentration is relatively high, with 21,670 shareholders, an average of 5,012 circulating shares per person, and an average holding amount of 131,300 yuan [2] Group 3 - The convertible bond of Xiangfeng has a credit rating of "AA-" and a maturity of 6 years, with interest rates increasing from 0.30% in the first year to 3.00% in the sixth year [1] - The bond's conversion price is set at 27.44 yuan, with a conversion premium rate of 16.21% [1] - The bond was trading at 132.179 yuan per unit, with a transaction volume of 33.5245 million yuan on July 4 [1]

Core Viewpoint - The company, Shanghai Xiangfenghua Technology Co., Ltd., has successfully issued convertible bonds totaling RMB 800 million, with a maturity of six years and a structured interest rate that increases over time [2][3][16]. Section 1: Bond Overview - The company has received approval from the China Securities Regulatory Commission to issue 8 million convertible bonds at a face value of RMB 100 each, amounting to a total of RMB 80 million [2][3]. - The net proceeds from the bond issuance, after deducting issuance costs of RMB 9,271,542.41, will be used for the construction of an integrated production base [3][16]. - The bonds will be listed on the Shenzhen Stock Exchange starting October 26, 2023, under the name "Xiangfeng Convertible Bonds" and code "123225" [2][3]. Section 2: Bond Terms - The bonds have a fixed interest rate structure: 0.30% for the first year, increasing to 3.00% by the sixth year [3][4]. - Interest payments will be made annually, with the first payment occurring one year after the issuance date [4]. - The initial conversion price for the bonds is set at RMB 33.63 per share, subject to adjustments based on stock performance and corporate actions [5][6]. Section 3: Conversion and Redemption - The conversion period for the bonds begins six months after issuance and lasts until the maturity date [4][5]. - The company has the right to redeem the bonds at 118% of the face value after five years or under certain conditions, such as stock price performance [8][9]. - Holders of the convertible bonds have the option to sell them back to the company if specific conditions regarding stock price are met [10][11]. Section 4: Management Changes - The company held a shareholder meeting on June 30, 2025, to elect a new board of directors and appoint senior management, including the chairman and general manager [17][18]. - The new board consists of both independent and non-independent directors, ensuring compliance with corporate governance standards [18][19]. - The changes in management are part of a normal cycle and are not expected to adversely affect the company's operations or financial stability [19].

债券受托管理人 （中国（上海）自由贸易试验区商城路 618 号） 证券代码：300890 证券简称：翔丰华 转债代码：123225 债券简称：翔丰转债 二〇二五年七月 重要声明 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 2025 年第二次临时受托管理事务报告 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《深圳市翔丰华科技股份有限公司向不特定对象发行可转换公司债券之 债券受托管理协议》（以下简称"《受托管理协议》"）《深圳市翔丰华科技股 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》"）《关于完成工商变更登记的公告》《上海市翔丰华科技股份有限公 司章程》等相关规定、公开信息披露文件以及上海市翔丰华科技股份有限公司（以 下简称"发行人"、"公司"、"翔丰华"）提供的相关资料等，由本次债券受 托管理人国泰海通证券股份有限公司（以下简称"国泰海通"）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国泰海通所作的承诺 或声明。在任何情况下，投资者依据本报告所 ...