Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - On June 12, Xiangtan Electrochemical issued an announcement to issue convertible bonds online on June 16, 2025, with a planned total issuance of no more than 487 million yuan. 485 million yuan is intended for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", and 2 million yuan is for supplementary working capital [1][12]. - The initial target price of the convertible bond on the first day is 134 - 139 yuan, and it is recommended to actively subscribe. The conversion premium rate on the first - day of listing is expected to be in the range of [32%, 37%] [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0033% - 0.0036% [4][19]. Group 3: Summary by Directory 1. Electro - Chemical Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Electro - Chemical Convertible Bond are priority placement and online issuance. The bond and entity ratings are AA. The issuance scale is 487 million yuan, the initial conversion price is 10.1 yuan, the convertible bond parity on June 12 is 101.39 yuan, the calculated pure bond value is 99.52 yuan. The downward revision clause is relatively strict, the redemption clause and the put - back clause are normal. The bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good [2][14]. 1.2 New - Bond Initial Price Analysis after Listing - The company's main businesses are battery materials and sewage treatment. The main products and services include various types of EMD, lithium manganese oxide cathode materials, etc. The raised funds are mainly used for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", which can optimize the company's capital structure and enhance its competitiveness [3][17]. 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old shareholders' placement ratio is 42% - 46%, the scale left for the market is 263 million - 282 million yuan. Assuming the online effective subscription number is 7.91 million households, the lottery winning rate is around 0.0033% - 0.0036% [4][19]. 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Up - and Downstream Situations - The company's main businesses are battery materials and sewage treatment. The main upstream industries are manganese ore, sulfuric acid, etc. The supply of upstream manganese ore restricts the supply of electrolytic manganese dioxide, and the price of lithium carbonate affects the price of lithium manganese oxide. The main downstream industries are primary and secondary battery industries. The demand of the downstream battery industry is crucial for the development of the electrolytic manganese dioxide industry [20][21]. 2.2 Company's Operating Conditions - The company's recent operating income has shown small fluctuations. From 2022 to Q1 2025, the operating income was 2.1 billion yuan, 2.163 billion yuan, 1.912 billion yuan, and 418 million yuan respectively. The comprehensive gross profit margin has also shown small fluctuations. The recent period expenses have shown small fluctuations, and the R & D expenses have gradually increased. The accounts receivable have shown small fluctuations, and the accounts receivable turnover rate has been generally stable. The recent net profit attributable to the parent company has shown a downward trend [24][28][38]. 2.3 Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, the company's equity structure is relatively concentrated. The top two shareholders hold 42.23% of the shares in total, and the top ten shareholders hold 46.13% of the shares in total. The company's direct controlling shareholder is Electro - Chemical Group, the indirect controlling shareholders are Zhenxiang State - owned Investment and Industrial Investment Group, and the actual controller is the State - owned Assets Supervision and Administration Commission of Xiangtan City. The company has 10 important wholly - owned subsidiaries and 3 affiliated companies [43]. 2.4 Company's Business Characteristics and Advantages - The company has scale operation advantages, continuous innovation advantages, industrial chain advantages, core team advantages, and franchise operation advantages [45]. 2.5 Allocation of Raised Funds - The company plans to issue convertible bonds to raise no more than 487 million yuan. 485 million yuan is for the "Annual Production of 30,000 Tons of Spinel Lithium Manganese Oxide Battery Materials Project", with a planned construction period of 24 months. Due to market volatility, no specific benefit calculation is made for this project [48].

Group 1 - EcoPro BM announced the suspension of its CAD 1.2 billion battery materials factory project in Quebec, Canada, due to uncertainties in the electric vehicle and battery industry, as well as challenges from U.S. tariff policies [1] - The factory, a joint venture between EcoPro BM, SK On, and Ford, was expected to produce 45,000 tons of nickel-cobalt-manganese battery cathode active materials annually, sufficient to supply approximately 225,000 Ford electric vehicles [1] - The factory's production was initially scheduled to start in the first half of 2026, but faced multiple delays, including a pause in construction due to contractor issues and a redesign of the factory [1][2] Group 2 - Ford, a key investor and potential customer for the factory, withdrew its investment in November, further increasing uncertainty surrounding the project [2] - In April, Ford delayed the production timeline for its electric SUVs from 2025 to 2027, citing slower-than-expected growth in electric vehicle demand [2] - In July, Ford announced a shift in its Canadian factory's production focus from electric vehicles to gasoline-powered versions of its flagship F-series trucks, raising concerns about the factory's future [3]

Core Viewpoint - EcoPro BM has announced the suspension of its CAD 1.2 billion (approximately RMB 6.3 billion) battery materials factory project in Quebec, Canada, due to uncertainties in the electric vehicle and battery industry, compounded by challenges from U.S. tariff policies [1]. Group 1: Company Overview - EcoPro BM is a subsidiary of South Korea's EcoPro, established in May 2016, specializing in the production of lithium battery cathode materials, including NCA and NCM [1]. - The Quebec cathode materials factory is a joint venture between EcoPro BM, SK On, and Ford, with plans to produce 45,000 tons of nickel-cobalt-manganese battery cathode active materials annually, sufficient to supply approximately 225,000 Ford electric vehicles [1]. Group 2: Project Developments - The factory was initially scheduled to begin mass production in the first half of 2026, but faced delays due to issues in selecting a construction contractor, leading to a temporary suspension in April 2024 [1]. - The factory was halted again in August 2024, with the official reason cited as "factory redesign" [1]. Group 3: Market Dynamics - Ford, a key investor and potential customer for the factory, withdrew its investment in November 2024, further increasing uncertainty surrounding the project [2]. - In April 2024, Ford had already postponed the production timeline for its electric SUVs from 2025 to 2027, citing slower-than-expected growth in electric vehicle demand [2]. - In July 2024, Ford announced a shift in production plans for its Canadian factory, opting to produce gasoline-powered versions of its flagship F-series trucks instead of electric vehicles [2].

Core Insights - EcoPro BM, a South Korean battery materials manufacturer, announced a suspension of its CAD 1.2 billion (approximately RMB 6.3 billion) battery materials factory project in Quebec, Canada, due to uncertainties in the electric vehicle and battery industry, compounded by challenges from U.S. tariff policies [1][2] Group 1: Company Overview - EcoPro BM specializes in the production of lithium battery cathode materials and is a subsidiary of EcoPro, established in May 2016. Its main products include NCA and NCM cathode materials [1] - The Quebec factory was a joint investment by EcoPro BM, SK On, and Ford, with plans to produce 45,000 tons of nickel-cobalt-manganese battery cathode active materials annually, sufficient to supply approximately 225,000 Ford electric vehicles [1] Group 2: Project Developments - The factory was initially scheduled to begin production in the first half of 2026, but faced delays due to issues in selecting a construction contractor, leading to a temporary suspension in April 2024, which was later resumed [1] - In August 2024, the factory was halted again for "factory redesign," indicating ongoing uncertainties surrounding the project [1][2] Group 3: Market Context - Ford, as both an investor and potential customer, withdrew its investment in November 2024, further increasing uncertainty regarding the factory's future [2] - In April 2024, Ford had already delayed the production timeline for its electric SUVs from 2025 to 2027, citing slower-than-expected growth in electric vehicle demand [2] - In July 2024, Ford announced a shift in its Canadian factory's production focus from electric vehicles to gasoline-powered versions of its flagship F-series trucks [2]

以下文章来源于Carbontech ，作者Carbontech Carbontech . 传播碳材料领域前沿资讯，带您进入碳时代！ 随着新能源汽车市场对高能量密度电池需 求的持续增长， 硅基负极作为突破锂离子电池能量密度 瓶颈的关键性材料，将实现从"潜力材料"到"规模化应用"的战略转型，为锂离子电池能量密度提 升提供关键材料支撑，进而 推动新能源产业实现高质量发展。 目前，多家公司在硅碳负极方面取得重要进展。 1.贝特瑞新材料集团股份有限公司 目前，贝特瑞硅基负极材料研发一代、储备一代、量产一代，现已开发至超高容量第六代产品。 贝特瑞与国联研究院联合攻关的"高能量密度锂离子电池用硅基负极材料的开发与产业化"项目， 成功攻克了硅基负极材料界面不稳定、首次效率低、循环寿命短等关键技术难题。 5月13日，贝特瑞 举办"未来能量引擎"新品发布会， 正式发布其针对固态电池材料整体解决方 案"贝安"，方案包括半固态电池材料整体解决方案和全固态电池材料整体解决方案。 2.宁波杉杉股份有限公司 杉杉股份新型硅碳材料已实现量产出货，并在宁波硅基工厂后续规划中加大产能设计，进一步提升 供应能力。杉杉股份宁波4万吨一体化硅基负极产 ...

Core Viewpoint - Tianli Lithium Energy Group Co., Ltd. has reported that its unremedied losses have reached one-third of its paid-in capital, necessitating a shareholder meeting for further deliberation [1] Summary by Sections Situation Overview - As of December 31, 2024, the company's undistributed profits amounted to -592,136,194.11 yuan, while the paid-in capital was noted [1] - The company is required to submit this matter for shareholder approval in accordance with relevant regulations [1] Reasons for Losses - The significant drop in lithium source prices has led to a 40.55% decrease in selling prices compared to the same period last year [1] - Although the gross profit margin has improved year-on-year, it remains in the negative range, and the total gross profit has not turned positive [1] - The company has made substantial provisions for bad debts, resulting in a significant increase in credit impairment losses [1] Response Measures - The company plans to increase R&D investment, focusing on high-nickel ternary materials and solid-state battery technologies to enhance product competitiveness [2] - Efforts will be made to optimize production processes to reduce energy consumption and improve product consistency [2] - The company aims to expand its market share by promoting high-nickel products for electric vehicles and enhancing lithium iron phosphate products for energy storage [2] Supply Chain and Sustainability - To mitigate the volatility of raw material prices, the company will enhance its green supply chain and reduce reliance on external materials through a lithium recycling project [3] - The company will pursue strategic partnerships with upstream suppliers to secure core raw material supplies [3] - The company is committed to improving its green manufacturing system and reducing carbon footprint in response to increasing ESG requirements [3] Financing and Market Strategy - The company will explore diversified financing channels to support technology development and market expansion [3] - It will focus on collaboration opportunities with quality upstream resource companies and downstream battery enterprises to strengthen its industry chain layout [3]

Group 1 - Shuangliang Energy signed a sales contract worth 450 million RMB for a green hydrogen system with Hongyang New Energy, indicating a significant breakthrough in the green hydrogen production sector [1] - The green hydrogen production capacity from the contract is 72,000 Nm³/h, which is expected to positively impact the company's total assets, net assets, and net profit in the current and future years [1] - This collaboration enhances Shuangliang Energy's market expansion and technical experience accumulation in the green hydrogen business, solidifying its position in the renewable energy sector [1] Group 2 - Tinci Materials announced plans to invest in a comprehensive production base for electrolyte and raw materials in Morocco, with a total investment of approximately 2.8 million USD [2] - The project aims to produce 150,000 tons of electrolyte products annually, which will help the company expand its production capacity and ensure a stable supply of key raw materials [2] - This investment reflects Tinci Materials' confidence in the new energy industry and is expected to strengthen its leadership position in the global electrolyte market [2] Group 3 - Jinying Co. clarified that it is not involved in solid-state battery business, addressing recent stock price fluctuations due to market speculation [3] - The company's lithium battery materials business generated revenue of 21.72 million RMB in 2024, accounting for only 1.70% of its main business income, indicating a relatively small impact on overall performance [3] - The company confirmed that there are no undisclosed significant matters concerning its major shareholders or actual controllers, which may alleviate market concerns regarding internal information [3]

锂电产业链又一企业加速布局欧洲市场！ 6月5日消息， 万华化学与欧洲磷酸铁锂（LFP）电池制造商ElevenEs已于5月签署合作备忘录， 将携手在欧洲建立本地化的电池正 极材料供应链。 根据协议，万华化学将向ElevenEs供应LFP正极材料、PVDF粘合剂、NMP（N-甲基-2-吡咯烷酮）溶剂等关键电池材料，并为后者 塞尔维亚生产基地提供全球供应链支持。 未来，双方还计划在电动汽车、储能系统等领域展开更广泛合作。 起点锂电了解到， ElevenEs是塞尔维亚一家电池制造商，由 Al Pack集团拆分而来，自2019年开始 一直对磷酸铁锂电池进行研 发，在2022年生产出欧洲首款同时也是当时 欧洲最大的磷酸铁锂电池原型。 2023年4月，ElevenEs专门生产磷酸铁锂电池的旗舰工厂，在塞尔维亚的苏博蒂察正式开业。目前，ElevenEs 正计划建设一座年产 能1GWh的磷酸铁锂电池"超级工厂"，并进一步将产能扩产至8GWh。 行业认为，磷酸铁锂电池在欧洲市场获得较大的关注，对于 ElevenEs而言，正是推动生产的好时机。同时对于 万华化学来说，与 ElevenEs的合作 有利于海外业绩的增长，并强化其全球竞 ...

智通财经6月9日电，当升科技在互动平台表示，公司成功研发出高电化学活性、超高镍固态专用大尺寸 单晶正极材料，目前已实现批量生产并装车应用。固态电池凭借其高能量密度、高安全性等优势，在新 能源汽车、低空经济、机器人等领域应用前景广阔。 当升科技：公司成功研发超高镍固态专用大尺寸单晶正极材料 ...

Group 1 - Fulin Precision Industry's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a prepayment of 500 million yuan to support the construction of production bases in Jiangxi and Sichuan [1] - Jiangxi Shenghua commits to complete the Jiangxi base by April 30, 2025, and achieve an annual production capacity of 80,000 tons of lithium iron phosphate cathode materials by June 30, 2025 [1] - The agreement ensures that 100% of Jiangxi Shenghua's capacity from 2025 to 2029 will prioritize materials meeting CATL's requirements, with CATL committing to purchase no less than 80% of the promised capacity annually [1] Group 2 - ST Lingda announced the resignation of Chairman and CEO Wang Mingsheng due to personal reasons, with Jin Yongfeng elected as the new Chairman and Yang Xusheng appointed as the new CEO [2] - The impact of this management change on the company's operations remains to be seen, with market focus on the new management's ability to improve the company's performance [2] Group 3 - Nanshan Aluminum plans to invest approximately 1.868 billion yuan to establish a joint venture in Indonesia for the production of 200,000 tons of caustic soda and 165,000 tons of epoxy chloropropane [3] - This investment reflects the company's internationalization strategy and intention to extend its industrial chain, potentially enhancing its global competitiveness [3]