湘潭电化4.8亿锰酸锂募投项目延期 盈利持续下滑闲置产能或进一步增加

Core Viewpoint - Xiangtan Electric has announced an extension of the completion date for its "30,000 tons per year spinel lithium manganese oxide battery material project" from December 31, 2025, to December 31, 2026, due to ongoing financial struggles and market demand issues [1]. Financial Performance - As of November 30, 2025, the cumulative investment in the project was only 199 million yuan, representing a progress of 41.41% [2]. - The company raised 487 million yuan through convertible bonds in June 2025, with plans to allocate 485 million yuan to this project [3]. - The net profit attributable to shareholders for the first three quarters of 2025 was 157 million yuan, a significant decline of 35.56% year-on-year [3]. - The third quarter of 2025 saw a net profit of only 31.46 million yuan, a drastic year-on-year decrease of 65.14% [4]. Business Challenges - The profitability of the company's main product, spinel lithium manganese oxide, is concerning, with a gross margin of only 2.53% for the first half of 2025, slightly improved from 2.04% in the same period of 2024, but still near breakeven [4]. - Total operating costs for the first three quarters of 2025 reached 1.291 billion yuan, an increase of 12.58% year-on-year [4]. Market Conditions - The project delay is primarily attributed to weak market demand and insufficient utilization of existing production capacity, which was reported at approximately 80% as of March 2025, up from lower levels in previous years [4]. - The actual production capacity of the existing 20,000 tons of lithium manganese oxide is about 16,000 tons at the current utilization rate [5]. - The new project will add 30,000 tons of capacity, raising total capacity to 50,000 tons, which may face greater pressure if market demand does not increase correspondingly [5]. Cash Flow and Fund Allocation - The net cash flow from operating activities for the third quarter of 2025 was 211 million yuan, a decline of 10.66% year-on-year, indicating weakened cash generation ability from core operations [5]. - Over 281 million yuan of the raised convertible bond funds remains unutilized in a dedicated account, prompting a reassessment of the project's feasibility following the delay announcement [5].