Core Viewpoint - The company has decided to re-evaluate and temporarily suspend the implementation of its fundraising investment projects due to significant changes in the market environment and industry dynamics, particularly in the new energy sector [1][6][9] Fundraising Basic Situation - The company issued 26 million convertible bonds on April 7, 2023, raising a total of RMB 2.6 billion, which was received on April 13, 2023 [1][2] Fundraising Investment Project Status - The company has allocated funds for the annual production of 100,000 tons of ternary precursors, with an investment of RMB 2.579 billion, of which RMB 1.104 billion has been utilized, representing a progress rate of 42.80% as of June 30, 2025 [2][3] Reasons for Re-evaluation and Suspension - The ternary precursor project was initially planned to use RMB 1.706 billion, but only 18.67% has been invested as of June 30, 2025. The project will now be implemented in phases due to market changes, with 30,000 tons expected to be completed by May 2024 and the remaining capacity by December 31, 2025 [3][4] - The recycling research institute project, planned for an investment of RMB 99.2 million, has not yet utilized any funds, and its expected completion date has been postponed to December 31, 2025 [4][5] Market Environment Changes - The domestic electric vehicle market is experiencing a slowdown, and international markets are affected by political factors, leading to increased competition and uncertainty in the ternary precursor industry. The company believes that the current market conditions are not optimal for further investment in the remaining capacity of the ternary precursor project [6][7] Strategic Focus Shift - The company is shifting its strategic focus towards solid-state battery materials technology, prioritizing research and development in materials needed for solid-state batteries, while temporarily suspending the recycling research institute project [7][8] Future Arrangements - The company will assess market demand, project necessity, and expected returns to determine whether to continue with the ternary precursor and recycling research institute projects. If these projects are ultimately deemed unviable, the company will seek new investment projects aligned with its strategic goals [7][8] Impact on Operations - The temporary suspension of these fundraising investment projects is not expected to have a significant adverse impact on the company's current operations. In the long term, this decision is seen as beneficial for optimizing resource allocation and supporting the company's strategic development [8][9]

Core Viewpoint - Lithium manganese oxide (LiMn₂O₄) is a promising cathode material for lithium-ion batteries, offering advantages such as abundant resources, low cost, non-pollution, and good safety performance, but its poor cycling performance and electrochemical stability limit its industrialization [1][6]. Industry Overview - Lithium manganese oxide is characterized by its spinel structure and is categorized into two main types: manganese oxide for small lithium-ion batteries and for power batteries [2][4]. - As of June 2025, the price of lithium manganese oxide in China is 32,500 yuan per ton, a year-on-year decrease of 22.62% [6]. Industry Chain - The upstream of the lithium manganese oxide industry includes raw materials like manganese ore and lithium sources, while the midstream involves the production of lithium manganese oxide, and the downstream applications include power batteries, energy storage batteries, and 3C digital products [4]. Industry Status - The production capacity of lithium manganese oxide in China has been expanding rapidly, with leading companies like Boshikao and Xinxiang Hongli increasing investments and launching new production lines, leading to a significant increase in market supply [6][8]. - The operating rate of lithium manganese oxide in China was 35.91% in June 2025, a decrease of 1.12 percentage points month-on-month and 24.18 percentage points year-on-year [8]. Import and Export Dynamics - From January to May 2025, China imported 19.31 tons of lithium manganese oxide, a year-on-year increase of 147.18%, with an import value of 5.7292 million yuan, up 243.19% [10]. - In the same period, China exported 1,602.20 tons of lithium manganese oxide, a year-on-year increase of 85.80%, with an export value of 77.2702 million yuan, up 46.46% [10]. Key Enterprises - Boshikao holds a leading position in the lithium manganese oxide market, achieving an integrated production model from manganese ore to cathode materials, with a market share of 30% [12][13]. - Xiangtan Electric Chemical has a production capacity of 40,000 tons of lithium manganese oxide as of the end of 2024 and is expanding its capacity through a 487 million yuan convertible bond issuance [15]. Industry Development Trends - The industry is expected to accelerate technological iterations focusing on high voltage, single crystal, and pre-lithiation technologies, with domestic companies investing more in R&D to improve the localization rate of high-end products [17]. - The export volume of lithium manganese oxide is anticipated to increase, but challenges such as EU REACH regulations and UL certification will need to be addressed [18][19]. - Companies are increasingly adopting a full industry chain layout to enhance core competitiveness, integrating upstream resources and downstream recycling processes [20].

Core Viewpoint - The stock price of Xiamen Tungsten New Energy fell by 4.20% to 50.37 yuan on July 30, with a trading volume of 352 million yuan, indicating market volatility and investor sentiment [1] Company Performance - Xiamen Tungsten New Energy specializes in the research, production, and sales of lithium-ion battery cathode materials, which are widely used in the fields of new energy vehicles, energy storage, and consumer electronics [1] - The company's preliminary performance report for the first half of 2025 shows a revenue of 7.534 billion yuan, representing a year-on-year growth of 18.04%, and a net profit of 307 million yuan, reflecting a year-on-year increase of 27.76% [1] Market Activity - On July 30, the net outflow of main funds from the company amounted to 2.9381 million yuan, suggesting a potential shift in investor interest [1]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处 于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 湖南裕能新能源电池材料股份有限公司 （湖南省湘潭市雨湖区鹤岭镇日丽路 18 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 湖南裕能新能源电池材料股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投 资风险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处 于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场 风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎 作出投资决定。 湖南裕能新能源电池材料股份有限公司 （湖南省湘潭市雨湖区鹤岭镇日丽路 18 号） 招股意向书 首次公开发行股票并在创业板上市 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 湖南裕能新能源电池材料股份有限公司 招股意向书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体 ...