使用部分超募资金永久补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"）作为 江苏华盛锂电材料股份有限公司（以下简称"华盛锂电"、"公司"或"发行人"）首 次公开发行股票并上市及持续督导阶段的保荐机构，根据《证券发行上市保荐业 务管理办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票上市 规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等 法律法规的规定，就华盛锂电本次使用部分超募资金永久补充流动资金事项进行 了审慎核查，发表核查意见如下： 华泰联合证券有限责任公司 关于江苏华盛锂电材料股份有限公司 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意江苏华盛锂电材料股份有限 公司首次公开发行股票注册的批复》（证监许可[2022]887 号），公司获准以首次 公开发行方式向公众发行人民币普通股 2,800.00 万股，发行价格为人民币 98.35 元/股，募集资金总额为人民币 2,753,800,000.00 元，扣除各项发行费用（不含增 值税）人民币 186,795,496.51 元后，实际募集资金净额为人民币 2,567, ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The report highlights the potential for long-term growth in Xinjiang, supported by continuous policy empowerment and significant economic achievements in the region [5][22] - Xinjiang is positioned as a core area for national energy security, with rapid development in coal chemical industries and substantial investments planned [23] - The chemical industry is expected to enter a new long-term prosperity cycle, driven by supply-side reforms and improved demand from policy initiatives [8] Market Performance - The basic chemical industry index outperformed the Shanghai Composite Index by 0.2 percentage points this week, with a weekly increase of 2.3% [11] - Year-to-date, the basic chemical industry index has risen by 16.3%, outperforming the Shanghai Composite Index by 7.8 percentage points [11] Investment Opportunities - The report suggests focusing on investment opportunities in Xinjiang, particularly in sectors such as civil explosives, chemical engineering, and resource-based enterprises [5][23] - Key companies to watch include: - Civil Explosives: Yipuli, Jiangnan Chemical, Guangdong Hongda, Xuefeng Technology, Kailong Co [5] - Chemical Engineering: Sanwei Chemical, China Chemical, Donghua Technology, Sinopec Refining Engineering [5] - Resource-based Enterprises: Guanghui Energy, Baofeng Energy, Hubei Yihua, Tianfu Energy, Xinjiang Tianye [5] Product Price Movements - The report notes significant price increases in various chemical products, with hydrochloric acid rising by 900% and ammonium chloride by 13.3% [30][32] - Conversely, prices for some products like trichlorosucrose have decreased by 28% [30][32] Company Announcements - Companies such as Qixiang Tengda and Jiahuan Energy have reported significant operational updates and financial results, indicating a positive trend in revenue and profit growth [24][25][27]

Group 1 - The company has approved an investment project for the construction of a 60,000-ton annual production capacity of vinyl carbonate, with the first phase being 30,000 tons, through its subsidiary Hubei Huasheng Xianghe New Energy Materials Co., Ltd. [1][2] - The land for the project is located in the Yanchang Chemical Industry Park in Yunmeng County, Hubei Province, and the company has signed a land use rights transfer contract with the local natural resources and planning bureau [1][2] - The acquisition of the land use rights is expected to enhance the company's position in the new energy industry chain and improve its overall competitiveness, aligning with the company's strategic development plan [2] Group 2 - The land use rights acquisition does not constitute a related party transaction and is not classified as a major asset restructuring under relevant regulations [2] - The company will need to pay the transaction price and obtain necessary government approvals for the project, which introduces some uncertainties [2]

Core Viewpoint - The company Huasheng Lithium Electric announced that its subsidiary Xianghe New Energy has acquired land use rights for 59.25 million RMB to develop a production project for ethylene carbonate, aligning with its strategic development plan [1] Group 1 - The subsidiary Xianghe New Energy obtained land use rights through a bidding process for 59.25 million RMB [1] - The acquired land is located in the Salt Chemical Industry Park in Yunmeng County, Xiaogan City, Hubei Province, covering an area of 151,900 square meters [1] - The land is designated for industrial use with a lease term of 50 years [1] Group 2 - The land will be utilized for the construction of a project with an annual production capacity of 60,000 tons of ethylene carbonate, with the first phase targeting 30,000 tons [1] - This acquisition is in line with the company's strategic development plan and is not expected to adversely affect its financial and operational status [1]

Core Viewpoint - The article discusses the establishment of a significant lithium battery materials project by Zhejiang Jianli Chemical Co., Ltd., highlighting its production capacity and investment scale in the context of the growing demand for lithium-ion battery components [2][3]. Group 1: Project Overview - The project has a total construction area of approximately 40,000 square meters and aims to produce essential lithium-ion battery materials, including lithium hexafluorophosphate and lithium battery electrolytes [2]. - The total investment for the project is 518 million yuan, with production targets including 20,000 tons of lithium hexafluorophosphate, 5,000 tons of lithium bis(fluorosulfonyl)imide, 2,000 tons of vinylene carbonate, and 50,000 tons of lithium battery electrolytes annually [2]. Group 2: Company Background - Zhejiang Jianli Chemical Co., Ltd. was established in February 2022 and is a member of Zhejiang Sital Pharmaceutical Co., Ltd., which has been operational since 1997 and specializes in the research, production, and sales of non-ionic contrast agents and quinolone series APIs [3]. - The new energy materials project represents an important strategic expansion for Sital in the lithium battery sector, indicating a diversification of its business operations [3].

Group 1: Industry Overview - The electrolyte additive industry can be divided into conventional additives and new additives, with the latter emerging to meet the evolving performance demands of lithium batteries [4] - Conventional additives like VC and FEC were initially used in consumer electronics but have gradually been applied in power and energy storage batteries to enhance performance [5] - New additives, represented by compounds such as MMDS and DTD, are primarily used in power batteries to improve high voltage, low temperature cycling, and rate performance [6] Group 2: Market Trends - The proportion of new additive shipments in China's lithium battery electrolyte market increased from 12.7% in 2020 to 14.5% in 2022, with projections of approximately 18%, 22%, and 25% from 2023 to 2025 [6] - In 2022, China's new electrolyte additive shipments reached 0.7 million tons, a year-on-year increase of 75%, with expectations for global shipments to reach 4.9 million tons by 2025 [7][14] - The demand for new functional additives is expected to grow due to increasing requirements for battery safety, energy density, and performance [7] Group 3: Technological Advancements - New additives are becoming core materials for enhancing lithium battery performance, characterized by their ability to significantly improve certain battery properties while maintaining compatibility with other materials [8] - The production of new additives requires high technical standards, including purity and moisture control, leading to a high barrier for entry in the market [9] - The variety of new additives is expanding to meet diverse battery system requirements, with ongoing research and development in various chemical compounds [10] Group 4: Competitive Landscape - The domestic market for lithium battery electrolyte additives is seeing increased competition, with several companies like Saintai Materials and Suzhou Qitian actively expanding their production capacities [19] - The market concentration is rising, with the top five domestic companies holding approximately 53.5% market share in 2022, driven by technological advancements and scale [15] - Chinese manufacturers are increasingly replacing foreign suppliers, with projections indicating a rise in domestic market share from 50.8% in 2023 to 67.4% by 2025 [14] Group 5: Key Players - Major players in the industry include Korean company Chemtros, Japanese Mitsubishi Chemical, and Ube Industries, which have historically dominated the market [20][21][22] - Domestic companies such as Suzhou Qitian and Zhejiang Tianshu are also significant contributors, focusing on the development and production of various lithium battery electrolyte additives [23][24] - Saintai Materials has established itself as a key player with a strong patent portfolio and ongoing expansion plans [26][27]

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

Meeting Overview - The second supervisory board meeting of Jiangsu Huasheng Lithium Battery Materials Co., Ltd. was held on April 2, 2025, combining in-person and remote attendance [1] - The meeting was chaired by Mr. Zhou Chao, with all three supervisors present, complying with relevant laws and regulations [1] Resolutions Passed - The supervisory board unanimously approved the proposal for a new project to build an annual production capacity of 60,000 tons of vinyl carbonate, with the first phase targeting 30,000 tons [1] - The board believes that this investment aligns with the company's strategic development plan and will significantly enhance the production capacity of core products, meeting high market demands and improving overall competitiveness [1]