（文章来源：证券日报） 证券日报网讯 1月28日，湘潭电化在互动平台回答投资者提问时表示，公司主导产品有电解二氧化锰、 锰酸锂等电池正极材料，主要应用于一次电池和新能源电池领域。公司深耕锰系电池正极材料领域多 年，具备持续创新能力，掌握电解二氧化锰、锰酸锂等生产技术并通过技术研发、工艺改进持续提升产 品性能和品质。公司自有锰矿尚处于开采前期的准备工作阶段。 ...

Core Viewpoint - Xiangtan Electric Chemical (002125.SZ) focuses on the production of battery cathode materials, including electrolytic manganese dioxide and lithium manganese oxide, primarily for primary batteries and new energy batteries [1] Group 1: Company Overview - The company has been deeply engaged in the manganese-based battery cathode materials sector for many years, demonstrating continuous innovation capabilities [1] - It possesses production technologies for electrolytic manganese dioxide and lithium manganese oxide, and consistently enhances product performance and quality through technological research and process improvements [1] - The company's own manganese mine is currently in the preparatory stage for mining [1]

另外，公司的全资附属公司天等分公司的采矿权证已于2024年12月2日届满。目前相关采矿权证仍在申 请办理中。鉴于目前尚未取得有效采矿权证，天等分公司的锰矿的部份业务现时暂停生产，出现较大亏 损。公司正积极跟进有关申请事宜。由于遵义地区锰矿石需求持续偏弱，且人员成本较重，非全资附属 公司遵义公司的经营表现出现严重亏损。公司已持续评估改善遵义公司经营状况的可行方案。 消息面上，1月27日晚，南方锰业公布，董事会注意到近日网上出现若干有关公司的资料，当中涉及公 司的经营状况。公司指，其核心产品电解金属锰及电解二氧化锰的主要原材料包括锰矿石、硫酸、阳极 板等，其成本于过去一年有所上升。就此，公司已不时检视及调整其成本结构，并采取适当措施以控制 及降低生产成本。 南方锰业(01091)跌超12%，截至发稿，跌11.54%，报0.46港元，成交额1658.29万港元。 ...

Core Viewpoint - Southern Manganese (01091) has seen a significant decline in stock price, dropping over 12% to 0.46 HKD, with a trading volume of 16.58 million HKD [1] Group 1: Company Operations - The company has acknowledged recent online discussions regarding its operational status, particularly concerning its core products, electrolytic manganese metal and electrolytic manganese dioxide, whose raw material costs have increased over the past year [1] - Southern Manganese is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production - The mining rights for the company's wholly-owned subsidiary, Tiandeng, will expire on December 2, 2024, and the application for renewal is currently in process [1] - Due to the lack of valid mining rights, part of Tiandeng's manganese mining operations has been suspended, leading to significant losses [1] - The company is closely following up on the application for mining rights [1] Group 3: Regional Market Conditions - The demand for manganese ore in the Zunyi region remains weak, and high personnel costs have resulted in severe losses for the non-wholly-owned subsidiary in Zunyi [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

Core Viewpoint - The company is facing challenges due to rising raw material costs and operational issues related to mining rights, which have led to significant losses in certain subsidiaries [1] Group 1: Cost Structure and Raw Material Prices - The main raw materials for the company's core products, electrolytic manganese metal and electrolytic manganese dioxide, have seen a rise in costs over the past year [1] - The company is actively reviewing and adjusting its cost structure to control and reduce production costs [1] Group 2: Mining Rights and Production Issues - The mining rights for the company's wholly-owned subsidiary, Tian Deng Manganese Mine, will expire on December 2, 2024, and the application for renewal is still in process [1] - Due to the lack of valid mining rights, part of the Tian Deng subsidiary's manganese mining operations has been suspended, resulting in significant losses [1] - The company is actively following up on the application for the mining rights [1] Group 3: Performance of Subsidiaries - The subsidiary, Guizhou Zunyi Huixing Ferroalloy Co., Ltd., is experiencing severe losses due to weak demand for manganese ore in the Zunyi region and high personnel costs [1] - The company is continuously evaluating feasible plans to improve the operational performance of the Zunyi subsidiary [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 South Manganese Investment Limited 南方錳業投資有限公司（「本公司」）董事會（「董事會」）注意到，近日網上出現 若干有關本公司的資料，當中涉及本公司之經營狀況。董事會經作出一切合理查詢後 所深知，相關情況如下： 1 1. 本公司之核心產品電解金屬錳及電解二氧化錳的主要原材料包括錳礦石、硫酸、 陽極板等，其成本於過去一年有所上升。就此，本公司已不時檢視及調整其成本 結構，並採取適當措施以控制及降低生產成本。 2. 本公司之全資附屬公司南方錳業集團有限責任公司天等錳礦分公司（「天等分公 司」）的採礦權證已於2024年12月2日屆滿。截至本公告日期，相關採礦權證仍在 申請辦理中。鑒於目前尚未取得有效採礦權證，天等分公司的錳礦的部份業務現 時暫停生產，出現較大虧損。本公司正積極跟進有關申請事宜。 3. 由於遵義地區錳礦石需求持續偏弱，且人員成本較重，本公司之非全資附屬公司 貴州 ...

Group 1 - The core viewpoint of the article highlights that Xiangtan Electric Chemical has begun supplying its electrolytic manganese dioxide products to well-known overseas battery manufacturers such as Duracell and Energizer in the United States [2]

Group 1 - The core viewpoint of the news is that Xiangtan Electric Chemical Co., Ltd. has seen a stock price increase of 5.39%, reaching 15.44 CNY per share, with a trading volume of 467 million CNY and a turnover rate of 4.92%, resulting in a total market capitalization of 9.719 billion CNY [1] - Xiangtan Electric Chemical, established on September 30, 2000, and listed on April 3, 2007, primarily engages in the production and sale of electrolytic manganese dioxide and electrolytic metal manganese, as well as urban sewage treatment [1] - The revenue composition of Xiangtan Electric Chemical includes 62.95% from electrolytic manganese dioxide, 28.21% from spinel-type lithium manganese oxide, 6.40% from sewage treatment, 2.41% from other products, and 0.03% from manganese tetroxide [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Southern Fund ranks among them, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 54,100 shares in the third quarter, now holding 3.4578 million shares, accounting for 0.55% of circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion CNY, achieving a year-to-date return of 10.05% and a one-year return of 52.79% [2] - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has a cumulative tenure of 7 years and 69 days, managing total fund assets of 122.76 billion CNY, with the best fund return during the tenure being 234.52% and the worst being -15.93% [2]

Core Viewpoint - Xiangtan Electric Chemical's stock has shown a mixed performance with a recent increase of 2.23%, while the company faces a decline in net profit year-on-year [1][2]. Group 1: Stock Performance - As of January 9, Xiangtan Electric Chemical's stock price reached 14.64 CNY per share, with a trading volume of 266 million CNY and a market capitalization of 9.216 billion CNY [1]. - The stock has increased by 3.39% year-to-date, with a 3.39% rise over the last five trading days and an 8.04% increase over the last 20 days, but has decreased by 2.07% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 1.402 billion CNY, reflecting a year-on-year growth of 1.36%, while the net profit attributable to shareholders decreased by 35.56% to 157 million CNY [2]. Group 3: Shareholder Information - As of December 31, the number of shareholders decreased by 7.30% to 57,000, while the average number of circulating shares per person increased by 7.87% to 11,044 shares [2]. - The company has distributed a total of 354 million CNY in dividends since its A-share listing, with 286 million CNY distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 7.6294 million shares, while the Southern CSI 1000 ETF holds 3.4578 million shares, a decrease of 54,100 shares from the previous period [3].

Group 1 - The core viewpoint of the news is that Xiangtan Electric Chemical Co., Ltd. has experienced fluctuations in stock price and financial performance, with a recent decline in share price and mixed results in revenue and profit [1][2]. - As of January 8, the stock price of Xiangtan Electric Chemical was 14.20 CNY per share, with a market capitalization of 8.939 billion CNY and a trading volume of 2.23 billion CNY [1]. - The company reported a revenue of 1.402 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 1.36%, while the net profit attributable to shareholders decreased by 35.56% to 157 million CNY [2]. Group 2 - The main business segments of Xiangtan Electric Chemical include electrolytic manganese dioxide (62.95% of revenue), spinel lithium manganese oxide (28.21%), and sewage treatment (6.40%) [1]. - The company has distributed a total of 354 million CNY in dividends since its A-share listing, with 286 million CNY distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 7.30% to 57,000, while the average circulating shares per person increased by 7.87% to 11,044 shares [2].