登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688184 证券简称：ST帕瓦（维权） 公告编号：2025-102 浙江帕瓦新能源股份有限公司 关于公司提起上诉案件受理立案 暨诉讼的进展公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 案件所处的诉讼阶段：公司就一审判决提起上诉 ● 公司所处的当事人地位：上诉人（一审原告） ● 涉案的金额：浙江帕瓦新能源股份有限公司（以下简称"公司""原告"）请求法院判令被告浙江格派钴 业新材料有限公司返还230吨型号为PW508和162吨型号为PW302的货物，如被告不能返还上述货物，判 令被告浙江格派钴业新材料有限公司折价赔偿。 统一社会信用代码：91330604MA288UWH65 法定代表人：王光辉 ● 是否会对上市公司损益产生负面影响：本次上诉案件已立案受理二审尚未开庭审理，上述事项对公司 当期及期后利润的影响具有不确定性，最终实际影响以法院判决及实际执行结果为准。 一、本次诉讼的基本情况 （一）诉讼当事人 原告：浙江帕瓦新能源股份有限公司 统 ...

Core Insights - Fangyuan Co., Ltd. is a leading domestic producer of lithium battery cathode material precursors, specializing in high-end ternary precursor production from recycled batteries [1] Financial Performance - For Q3 2025, Fangyuan's revenue was 1.49 billion yuan, ranking 31st among 44 companies in the industry, with the top company, Zhongwei Co., Ltd., reporting revenue of 33.297 billion yuan [2] - The company's net profit was -121 million yuan, placing it 32nd in the industry, while the leading company, Putailai, reported a net profit of 1.872 billion yuan [2] Profitability and Debt - As of Q3 2025, Fangyuan's debt-to-asset ratio was 84.32%, significantly higher than the industry average of 51.96% [3] - The gross profit margin for Q3 2025 was 3.05%, lower than the industry average of 10.89% [3] Executive Compensation - The chairman and CEO, Luo Aiping, received a salary of 1.29 million yuan in 2024, a decrease of 315,700 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 26.42% to 15,900, while the average number of shares held per shareholder decreased by 20.90% to 32,100 shares [5]

Report Information - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: October 24, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) [2] Investment Rating - Not provided in the given content Core Viewpoints - **Positive Factors**: Macro interest rate cut expectations have a positive supporting effect on market sentiment, and there are signs of marginal improvement in demand on the demand side, such as the demand for sulfate [3]. - **Negative Factors**: Refined nickel inventories continue to increase, resulting in significant supply pressure, and the inventories in the stainless steel industry chain are rising while terminal demand is relatively sluggish [3]. - **Trading Advisory Viewpoint**: The market as a whole tends to operate in a wide - range oscillation [3]. Market Data Summary Nickel Futures - **Prices**: The latest value of the main contract of Shanghai Nickel is 121,380 yuan/ton, with a weekly increase of 670 yuan and a weekly increase rate of 0.56%. The LME nickel 3M is 15,335 dollars/ton, with a change of 228 dollars and a rate of - 0.16% [4]. - **Trading Volume and Open Interest**: The trading volume is 93,921 lots, with a weekly increase of 25,077 lots and a weekly increase rate of 36.43%. The open interest is 127,005 lots, with a weekly increase of 68,347 lots and a weekly increase rate of 116.5% [4]. - **Warehouse Receipts**: The number of warehouse receipts is 26,881 tons, with a weekly decrease of 161 tons and a weekly decrease rate of 0.60% [4]. Stainless Steel Futures - **Prices**: The latest value of the main contract of stainless steel is 12,765 yuan/ton, with a weekly increase of 170 yuan and a weekly increase rate of 1%. - **Trading Volume and Open Interest**: The trading volume is 151,385 lots, with a weekly increase of 26,605 lots and a weekly increase rate of 21.32%. The open interest is 166,411 lots, with a weekly decrease of 31,783 lots and a weekly decrease rate of - 16.04% [5]. - **Warehouse Receipts**: The number of warehouse receipts is 74,376 tons, with a weekly decrease of 8,372 tons and a weekly decrease rate of - 10.12% [5]. Spot Prices of Nickel - The latest price of Jinchuan Nickel is 123,350 yuan/ton, with a daily decrease of 400 yuan and a decrease rate of - 0.32%. The price of imported nickel is 121,250 yuan/ton, with a daily decrease of 450 yuan and a decrease rate of - 0.37% [5]. Inventory Data - **Nickel Inventory**: The domestic social inventory of nickel is 47,708 tons, with no change. The LME nickel inventory is 250,854 tons, with a decrease of 24 tons [7]. - **Stainless Steel Inventory**: The stainless steel social inventory is 952.6 thousand tons, with an increase of 47 thousand tons [7]. - **Nickel Pig Iron Inventory**: The nickel pig iron inventory is 29,062 tons, with a decrease of 174 tons [7]. Industry Chain Data Upstream Nickel Ore - **Nickel Ore Price**: The average price of Philippine laterite nickel ore with 1.5% (FOB) is presented in the report, showing historical price trends [15]. - **Nickel Ore Inventory**: The inventory of nickel ore at Chinese ports shows seasonal changes [15]. Nickel Iron - **Nickel Iron Price**: The average ex - factory price of 8 - 12% nickel pig iron in China and the average price of Ni≥14% Indonesian high - nickel pig iron (arrival port, tax - included) are presented [16]. - **Nickel Iron Production**: The monthly production of nickel iron in China and Indonesia shows seasonal characteristics [17][18]. Downstream Sulfuric Acid Nickel - **Sulfuric Acid Nickel Price**: The average price of battery - grade sulfuric acid nickel is presented, showing price trends from February 2024 to August 2025 [20]. - **Sulfuric Acid Nickel Premium**: The premium of battery - grade sulfuric acid nickel over primary nickel (plate) is shown [22]. - **Profit Margins**: The profit margins of producing sulfuric acid nickel from nickel beans and producing electrowon nickel from externally purchased sulfuric acid nickel show seasonal changes [23]. - **Production Volume**: The monthly production volume of sulfuric acid nickel in China shows historical data [24]. Stainless Steel - **Profit Margin**: The profit margin of Chinese 304 stainless steel cold - rolled coils shows seasonal characteristics [26]. - **Production Volume**: The monthly production volume of stainless steel shows seasonal changes [28]. - **Inventory**: The stainless steel inventory shows seasonal changes [29].

Core Viewpoint - Zhejiang Pava New Energy Co., Ltd. has initiated legal proceedings against Zhejiang Gepai Cobalt Industry New Materials Co., Ltd. and Zhejiang Lujia New Materials Co., Ltd. regarding contract disputes related to processing agreements and the return of goods [1][3][4]. Group 1: Lawsuit Details - The lawsuit has been accepted by the court but has not yet been heard [1][3]. - Zhejiang Pava New Energy Co., Ltd. is the plaintiff in the case against Zhejiang Gepai Cobalt Industry New Materials Co., Ltd., seeking the return of 230 tons of PW508 and 162 tons of PW302 goods, or compensation if the goods cannot be returned [1][7]. - The company is also seeking the return of a total of 1,228,379.66 kg of goods from Zhejiang Lujia New Materials Co., Ltd., with similar compensation terms if the goods cannot be returned [1][7]. Group 2: Financial Claims - Zhejiang Pava Supply Chain Management Co., Ltd., a wholly-owned subsidiary of Zhejiang Pava, is requesting the return of a prepaid processing fee of 13 million RMB from Zhejiang Gepai Cobalt Industry New Materials Co., Ltd., along with interest calculated based on the Loan Prime Rate (LPR) from July 31, 2025, until full payment is made [2][6][7]. - The total amount involved in the lawsuits includes the return of goods and the processing fee, highlighting significant financial stakes for the company [1][2][7]. Group 3: Impact on Operations - The company asserts that the lawsuits will not affect its normal production and operations, emphasizing that the legal actions are aimed at protecting its and its shareholders' rights [2][8]. - The actual impact on the company's profits remains uncertain until the court's decisions are made and executed [2][8].

Core Viewpoint - The performance briefing of the new energy sector on the Sci-Tech Innovation Board highlighted the growth and strategic developments of key companies in the industry, showcasing a complete ecosystem from upstream materials to downstream applications, with a focus on intelligent and global advancements [1][2]. Group 1: Company Performance and Strategies - Seven listed companies participated in the performance briefing, including leading firms like Shanghai Pylon Energy Technology Co., Ltd. and Guangdong Liyuanheng Intelligent Equipment Co., Ltd. [1] - Pylon Technology, a leader in energy storage systems, expressed confidence in the growth of its performance supported by the expansion of energy storage applications, with plans to enhance home storage product performance by 2025 [2]. - Guangdong Fangyuan New Materials Group Co., Ltd. has successfully industrialized a new lithium extraction process in 2024, gaining recognition from major clients in the lithium battery supply chain [2]. Group 2: Technological Innovations - Guangdong Lair New Materials Technology Co., Ltd. reported a revenue of 526 million yuan in 2024, a year-on-year increase of 19.95%, with significant contributions from new energy materials [3]. - The company has expanded its functional coating film business into emerging fields such as automotive electronics and new energy batteries, achieving breakthroughs in various market segments [3]. Group 3: International Expansion - Dalian Haosen Intelligent Manufacturing Co., Ltd. has seen a rapid increase in European orders since 2023, with overseas orders expected to exceed 50% of total new orders in 2023 and 2024 [4]. - The company is also targeting emerging markets in ASEAN and Latin America, where countries like Indonesia, Thailand, and Brazil have set ambitious transformation goals [4]. Group 4: Smart Applications in New Energy - Hangzhou Hongquan Internet of Things Technology Co., Ltd. reported a revenue of 523 million yuan in 2024, a year-on-year increase of 27.81%, with significant growth in its T-BOX product line for new energy logistics vehicles [5]. - The company is actively expanding its overseas business, aligning products with international market standards and participating in global exhibitions to engage with potential clients [5].