Core Viewpoint - The stock price of Keheng Co., Ltd. closed at 17.06 yuan on August 5, 2025, reflecting a decline of 1.56% from the previous trading day, with a trading volume of 162,512 hands and a transaction amount of 278 million yuan [1] Group 1: Company Overview - Keheng Co., Ltd. operates in three main business segments: new energy cathode materials, intelligent equipment, and rare earth functional materials [1] - The company's wholly-owned subsidiary, Shenzhen Haoneng Technology, focuses on the research and manufacturing of lithium-ion battery production equipment, including coating machines, roller presses, and slitting machines [1] - In the rare earth functional materials sector, the company produces rare earth luminescent materials and rare earth oxygen storage materials, which are used in lighting and exhaust treatment applications [1] Group 2: Research and Development - On August 5, the company announced on its interactive platform that it is actively advancing research and development in solid-state battery cathode materials and intelligent equipment [1] - The primary customers for new energy cathode materials and intelligent equipment are lithium-ion battery manufacturers [1] Group 3: Industry Position and Standards - In the rare earth business, the company has participated in the formulation of multiple national standards, establishing a strong brand image within the industry [1] Group 4: Financial Flow - On August 5, the net outflow of main funds was 8.6414 million yuan, with a cumulative net outflow of 54.517 million yuan over the past five days [1]

Core Viewpoint - The company, KOHEN Co., Ltd., is a significant player in the new energy and rare earth functional materials industries, focusing on the research, production, and sales of new energy cathode materials, intelligent equipment, and rare earth functional materials [1] Group 1 - The main business of the company includes new energy cathode materials, intelligent equipment, and rare earth functional materials [1] - The primary customer base for the company's new energy cathode materials and intelligent equipment consists of lithium-ion battery manufacturers, indicating a broad indirect application field [1]

Group 1 - The company held its sixth board meeting on April 27, 2025, to review the profit distribution plan for 2024, which will be submitted to the annual general meeting for approval [2] - The company reported a net profit attributable to shareholders of -191,623,150.97 yuan for 2024, with undistributed profits of -1,575,204,866.60 yuan as of December 31, 2024 [3][4] - The profit distribution plan for 2024 includes no cash dividends, no bonus shares, and no capital reserve conversion into shares due to negative distributable profits [5][6] Group 2 - The company’s accumulated undistributed losses have reached one-third of its paid-in capital, primarily due to operational losses and asset impairment provisions in 2024 [9] - The company plans to enhance cost control and operational efficiency to improve profitability in response to increased industry competition and raw material price fluctuations [11] Group 3 - The company has implemented asset impairment provisions totaling 66,065,500 yuan and has written off accounts receivable amounting to 30,271,100 yuan for the year 2024 [15][16] - The impairment provisions and asset write-offs are in accordance with accounting standards and reflect the company's prudent accounting policies [17][19] Group 4 - The company has changed its accounting policies in accordance with the Ministry of Finance's new guidelines, which will not significantly impact its financial status or results [20][25] - The company plans to continue using the new accounting policies to ensure accurate reflection of its financial condition and operational results [24][25] Group 5 - The company has proposed to reappoint Tianheng Accounting Firm as its auditor for the year 2025, pending approval from the shareholders' meeting [27][28] - Tianheng Accounting Firm has a strong track record in auditing and has provided satisfactory services in the past [30][31] Group 6 - The company will hold its 2024 annual general meeting on May 20, 2025, to discuss the proposed profit distribution plan and other matters [45][46] - The meeting will allow shareholders to vote both in person and online, ensuring broad participation [48][58]