跨界投资标的尚亏损 东方材料回复上交所问询

Core Viewpoint - Oriental Materials announced a two-step cross-industry investment plan totaling 48 million yuan, involving an initial investment of 18 million yuan in Suzhou First Element Nano Technology Co., Ltd, which has been questioned by the Shanghai Stock Exchange regarding the commercial rationale of investing in a loss-making asset [1][2]. Investment Details - The investment plan includes establishing a joint venture, Carbon Nest Technology (Tengzhou) Co., Ltd, with a registered capital of 100 million yuan, where Oriental Materials will contribute 30 million yuan for a 30% stake [1]. - First Element is projected to incur cumulative losses exceeding 5.4 million yuan in the first half of 2025, with revenues of 1.05 million yuan and a net loss of 415,000 yuan in 2024 [2]. Business Rationale - First Element specializes in the research and sales of nano carbon materials, with its core product being high-purity carbon nanotubes (CNTp), which are expected to see rapid growth in applications for high-power lithium batteries and solid-state batteries [2][3]. - The company has a production capacity of 4.67 tons of CNTp powder and 65.5 tons of CNTp slurry for 2024, with major clients contributing significantly to its revenue [2]. Investment Justification - Oriental Materials stated that the investment aims to expand First Element's CNTp production capacity to ensure a stable supply of core materials for the joint venture, addressing potential production constraints due to funding limitations [3][6]. - The investment will initially be in the form of convertible debt, with conditions for conversion tied to First Element's future financing rounds [3]. Regulatory Inquiry - The Shanghai Stock Exchange has raised concerns about the commercial rationale behind investing in a loss-making asset and requested additional disclosures regarding First Element's business operations, shareholder relationships, and valuation methods for the convertible debt [2][4]. Shareholder Background - Oriental Materials clarified that there are no related party transactions with First Element's shareholders, although a former executive of Oriental Materials is involved in the project as a personal investor [5]. - The joint venture's intellectual property contributions from First Element have not yet been evaluated for their value [5]. Future Plans - The joint venture, Carbon Nest Technology, plans to invest 100 million yuan to establish a production base capable of producing 1,000 tons of conductive slurry and 30 million square meters of CNTp-3D current collectors, which is expected to enhance the competitiveness of China's battery industry [6].