湖南裕能9月19日在业绩说明会上表示，今年以来，下游市场需求旺盛，公司产品产销两旺。磷酸盐正极材料行业在动力和储能双轮驱动下，出货量保持较高的增长速度。面对行业竞争，公司坚 产能方面，截至2025年6月末，公司已投产磷酸盐正极材料产能为85.8万吨。公司目前正稳步推进西班牙年产5万吨锂电池正极材料项目环评审批工作，同时积极开展马来西亚年产9万吨锂电池 上证报中国证券网讯（记者 王玉晴）9月29日上午，湖南裕能快速拉涨，盘中涨幅一度触及20%，截至10:30，该股涨幅达17.7%。 来源：上海证券报·中国证券网 近期储能市场需求旺盛，头部企业电芯供不应求，宁德时代等企业产能紧张。湖南裕能系宁德时代等电池企业正极材料供应商。 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 会议详情： 会议主办： 鑫椤资讯 会议时间： 2025年11月12-13日（12号报到） 会议地点： 中国·上海 会议咨询： 13248122922(微信同） END 本文来源： 北 极星储能网 9月20日，湖南 裕能 披露，截至2025年6月末， 已投产磷酸盐正极材料产能为85.8万吨。 目前正稳步推进西班牙年 产5万吨锂电池正极材料项目环评审批工作，同时积极开展马来西亚年产9万吨锂电池正极材料项目的前期准备工作。 2025年上半年，磷酸盐正极材料行业在动力和储能双轮驱动下，出货量保持较高的增长速度，但同时也面临行业竞争 加剧、碳酸锂等原材料价格波动、产能结构性过剩等挑战。湖南裕能坚持走差异化发展道路，2025年上半年公司CN- 5系列、YN-9系列等新产品销量实现进一步增长，有效满足下游客户对快充、大容量、长循环、高安全电池等应用需 求。湖南裕能正推进磷矿开采，待磷矿达产后，预计将对利润有积极影响。 ...

Group 1 - BYD's new energy vehicle sales reached 373,600 units in August, a slight increase from 373,100 units in the same month last year, with cumulative sales of approximately 2.864 million units from January to August, representing a year-on-year growth of 23% [4] - In August, BYD's total installed capacity for power and energy storage batteries was about 23.175 GWh, with a cumulative total of approximately 180.051 GWh from January to August [5] - EVE Energy's solid-state battery production facility in Chengdu officially launched, with an annual production capacity of nearly 500,000 cells planned after full production [6] Group 2 - CATL's joint project in Indonesia has commenced, with a total investment of nearly $6 billion, aiming to produce batteries for 200,000 to 300,000 electric vehicles annually [7] - CATL's Jiangsu project has officially started production, with the LY7 project achieving the fastest construction speed within the company, and the LY8 project set to be completed by March next year [8] - A 2 GWh energy storage contract was signed between China Automotive New Energy, POSCO International, and FAW Import and Export Company, marking the beginning of strategic cooperation in the energy storage sector [9] Group 3 - LG Energy Solution signed a supply agreement with Mercedes-Benz for a total capacity of 107 GWh, covering the period from 2028 to 2037 [10] - SK On secured a 7.2 GWh energy storage contract with Flatiron Energy Development, with plans to convert part of its Georgia factory's production line to energy storage systems [12] - A 30 GWh battery production project in Lanzhou has officially started construction, with an expected annual revenue of 4.1 billion yuan upon completion [13] Group 4 - Huizhou Youneng expects to ship approximately 1 million tons of phosphate materials this year, with a 55.38% year-on-year increase in shipments in the first half of 2025 [18] - Guizhou Anda Technology is investing 1 billion yuan to build a 60,000-ton/year lithium iron phosphate project, with environmental facilities and testing centers included [19] - Deyang Nano has developed a fifth-generation high-performance lithium iron phosphate material, now entering trial production [20] Group 5 - Bettery's CVD silicon-carbon anode materials are expected to enter mass production by 2025, with significant growth in sales of anode materials in the first half of 2025 [22] - Jiangyin Fuli Ying plans to establish a 1,000-ton silicon-carbon anode material project, with a total investment of 10 million yuan [23] - A major project led by Yifei Laser for precision laser welding technology for large cylindrical batteries has been initiated, aiming to enhance production processes [25] Group 6 - Xinyu Ren reported a net loss of 72.4 million yuan in the first half of 2025, with a 45.57% decline in revenue [26] - Xianhui Technology received a new order for a battery production line from a global leader in the battery industry, marking a significant expansion in Hungary [27] - Xiaomi initiated economic compensation against its supplier Amperis due to safety issues with certain power bank models [36][37] Group 7 - Chery Group achieved record exports in August, selling 130,000 vehicles, contributing to a 14.5% year-on-year increase in total sales from January to August [38] - CATL has exited its investment in Finnish Valmet Automotive, selling its 20.6% stake due to lower-than-expected electric vehicle market demand [39] - General Motors announced temporary layoffs affecting approximately 360 employees at its electric vehicle factory in Detroit [40] Group 8 - NIO reported a record high of 31,305 vehicle deliveries in August, a 55.2% year-on-year increase, surpassing Li Auto for the first time since November 2022 [41]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the given content. 2. Core View of the Report - The price of lithium carbonate is expected to experience wide - amplitude fluctuations due to repeated disturbances on the supply side [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Market Data**: For the 2509 contract, the closing price was 79,040 yuan, down 220 yuan compared to T - 1; the trading volume was 15,027 lots, down 4,545 lots; the open interest was 29,214 lots, down 4,831 lots. For the 2511 contract, the closing price was 78,860 yuan, down 160 yuan; the trading volume was 729,645 lots, up 170,046 lots; the open interest was 351,322 lots, up 1,826 lots. The warehouse receipt volume was 27,477 lots, up 787 lots [2] - **Price Difference Data**: The spot - 2509 was 2,560 yuan, up 120 yuan; the spot - 2511 was 2,740 yuan, up 60 yuan; the basis of 2509 - 2511 was 180 yuan, down 60 yuan; the difference between electric carbon and industrial carbon was 2,300 yuan, unchanged [2] - **Raw Material and Lithium Salt Data**: The price of spodumene concentrate (6%, CIF China) was 920 yuan, unchanged; the price of lepidolite (2.0% - 2.5%) was 1,970 yuan, unchanged; the price of battery - grade lithium carbonate was 81,600 yuan, down 100 yuan; the price of industrial - grade lithium carbonate was 79,300 yuan, down 100 yuan [2] - **Consumer Data**: The price of ternary material 523 (polycrystalline/consumer - type) was 114,400 yuan, unchanged; the price of ternary material 622 (polycrystalline/consumer - type) was 117,850 yuan, unchanged; the price of ternary material 811 (polycrystalline/power - type) was 145,900 yuan, unchanged; the price of lithium hexafluorophosphate was 56,200 yuan, unchanged [2] 3.2 Macro and Industry News - The SMM battery - grade lithium carbonate index price was 81,739 yuan/ton, down 780 yuan/ton compared to the previous workday. The price range of battery - grade lithium carbonate was 79,400 - 84,000 yuan/ton, with an average price of 81,700 yuan/ton, down 800 yuan/ton. The price range of industrial - grade lithium carbonate was 78,800 - 80,000 yuan/ton, with an average price of 79,400 yuan/ton, down 800 yuan/ton [3] - In the first half of 2025, Hunan Yueneng's shipments of phosphate cathode materials reached 480,800 tons, a year - on - year increase of 55.38%. Its operating income was 14.3577771 billion yuan, a year - on - year increase of 33.17%. The net profit attributable to shareholders of the listed company was 305.1675 million yuan, a year - on - year decrease of 21.59%. The product gross profit margin was 6.97%, a decrease of 1.02 percentage points compared to the same period last year [3][4] 3.3 Trend Intensity - The trend intensity of lithium carbonate was - 1, indicating a relatively bearish outlook [4]

Core Viewpoint - Hunan YN Energy's performance meeting highlighted strong growth in phosphate cathode materials, despite challenges in the industry such as increased competition and raw material price fluctuations [1][2]. Group 1: Company Performance - In the first half of 2025, the company achieved revenue of 14.358 billion yuan, a year-on-year increase of 33.17% [2]. - The net profit attributable to shareholders was 305 million yuan, a year-on-year decrease of 21.59% [2]. - The sales volume of phosphate cathode materials reached 480,800 tons, representing a year-on-year growth of 55.38%, with energy storage products accounting for approximately 39% of total sales [2]. Group 2: Market Outlook and Strategy - The company expects continued high growth in the phosphate lithium iron market in the second half of the year, driven by differentiated demand for new products [3]. - The company is implementing flexible procurement strategies to manage the volatility of lithium carbonate prices [3]. - The company is participating in industry "anti-involution" measures, indicating a strong willingness within the industry to address competitive pressures [3]. Group 3: Production and Expansion Plans - The company is on track with the construction of the Huangjiapo phosphate mine, which is expected to start bulk production in the fourth quarter [3]. - The overseas production project in Spain, with an annual capacity of 50,000 tons of lithium battery cathode materials, is progressing steadily [3]. - The company aims to produce approximately 1 million tons of phosphate cathode materials for the full year, with sales targets for the following year to be determined based on market conditions and company strategy [3].

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 14.358 billion yuan, a year-on-year increase of 33.17% [2] - The net profit attributable to shareholders decreased by 21.59% [2] - The sales volume of phosphate-based cathode materials reached 3.05 million tons, a year-on-year increase of 48.08% [2] Group 2: Market Dynamics - The demand for lithium iron phosphate materials remains strong, with high growth in industry shipments [3] - The company maintains a high capacity utilization rate, with product supply exceeding demand, particularly for new product series [3] - The market faces challenges such as intensified competition, price fluctuations of lithium carbonate, and structural overcapacity [2] Group 3: Product Development and Strategy - New product series, including CN-5 and YN-9, accounted for approximately 40% of total sales, with significant growth in sales volume [2] - The company is actively working on overseas projects, including a 50,000-ton lithium battery cathode material project in Spain and a 90,000-ton project in Malaysia [5] - The company plans to enhance production capacity for new products while cautiously managing expansion [4] Group 4: Future Outlook - The company anticipates continued high growth in the industry for the second half of the year, with expectations for increased sales of new product series [3] - The estimated total sales volume for the year is projected to be around 10 million tons [5] - The company is optimistic about market demand growth in the coming year [5]

Core Viewpoint - Hunan YN's 2025 mid-year report shows a significant increase in revenue but a decline in net profit, indicating potential challenges in profitability despite sales growth [1][3]. Financial Performance - Total revenue reached 14.358 billion yuan, a year-on-year increase of 33.17% [1]. - Net profit attributable to shareholders was 305 million yuan, down 21.59% year-on-year [1]. - In Q2, total revenue was 7.596 billion yuan, up 21.31% year-on-year, while net profit was 211 million yuan, down 8.54% [1]. - Gross margin decreased to 7.36%, a decline of 9.82% year-on-year, and net margin fell to 2.1%, down 41.82% [1][3]. Cash Flow and Debt - Operating cash flow per share was -0.8 yuan, a drastic decrease of 734.24% year-on-year [1]. - The company’s receivables increased by 43.86% year-on-year, reaching 6.302 billion yuan [1]. - Interest-bearing liabilities rose by 61.39% to 9.283 billion yuan [1]. Cost Structure - Total expenses (selling, administrative, and financial) amounted to 371 million yuan, accounting for 2.58% of revenue, an increase of 2.3% year-on-year [1]. - Management expenses increased by 45.62% due to higher share-based payment costs and increased salaries and depreciation [3]. Investment and Returns - The company's return on invested capital (ROIC) was 4.18%, indicating weak capital returns compared to a historical median of 10.92% [4]. - The business model relies heavily on capital expenditure, necessitating scrutiny of the efficiency of these investments [4]. Market Position and Fund Holdings - The largest fund holding Hunan YN is the Jiashi Competitive Advantage Mixed Fund, which has increased its position [6]. - The fund's recent performance shows a significant increase of 86.97% over the past year [6].

Summary of Key Points Core Viewpoint - The company has successfully completed the first vesting period of its 2024 restricted stock incentive plan, allowing 264 eligible participants to receive a total of 354.9651 million shares, which represents 0.4688% of the company's total share capital [3][12][19]. Group 1: Incentive Plan Overview - The incentive plan involves the issuance of restricted stock to directors, senior management, and key personnel, with a total of 1,514.506 million shares initially planned for distribution [2][16]. - The vesting price for the restricted stock was adjusted from 17.43 yuan per share to 16.855 yuan per share due to changes in the plan [10][11]. Group 2: Vesting Conditions and Performance Metrics - The first vesting period for the restricted stock is set from July 3, 2024, to July 2, 2026, with a vesting ratio of 30% for the first year [13][14]. - The performance targets for the first vesting period include a sales growth rate of at least 25% for phosphate cathode materials compared to 2023 sales figures [6][12]. Group 3: Share Distribution and Impact - The total number of shares distributed in this vesting period is 354.9651 million, impacting the company's total share capital, which will increase from 757,253,070 shares to 760,802,721 shares [15][18]. - The distribution of shares will not significantly alter the company's control structure or financial performance [18][19]. Group 4: Compliance and Approval - The plan has undergone necessary approvals and has been verified by legal and financial advisors, confirming compliance with relevant regulations [19][20]. - The company has ensured that all vesting conditions have been met, allowing for the distribution of shares to eligible participants [12][19].

Group 1 - The company held its 13th meeting of the second board on June 20, 2025, via telecommunication, with all 9 directors participating, complying with the Company Law and the Articles of Association [2][14] - The board approved the proposal to cancel 104,965 shares of the second category of restricted stock due to the departure of 12 incentive targets and non-compliance of one target with the incentive criteria [2][15][42] - The board also approved the adjustment of the grant price for the 2024 restricted stock incentive plan from 17.012 yuan per share to 16.855 yuan per share [7][61][64] Group 2 - The board recognized that the conditions for the first vesting period of the 2024 restricted stock incentive plan have been met, allowing for the allocation of 3,549,651 shares to 264 eligible incentive targets [8][30][47] - The total number of restricted stocks granted under the incentive plan is 15,145,060 shares, with the first grant not exceeding 12,382,100 shares [27][41] - The vesting conditions include performance assessments based on net profit and sales growth of phosphate-based cathode materials over the years 2024 to 2026 [33][34][35]

Summary of Key Points Core Viewpoint The announcement details the achievement of the first vesting conditions for the 2024 restricted stock incentive plan of Hunan YN Energy Battery Materials Co., Ltd, allowing 264 eligible participants to receive a total of 3.549651 million shares, which represents 0.4688% of the company's total share capital. Group 1: Incentive Plan Overview - The incentive plan involves the issuance of restricted stock to eligible participants, with a total of 1,514.506 million shares initially planned, of which 1,238.210 million shares were designated for the first grant [1][2][10] - The vesting price for the restricted stock was adjusted from 17.43 yuan per share to 16.855 yuan per share [9][10] Group 2: Eligible Participants and Share Distribution - A total of 264 individuals are eligible for the first vesting period, with the distribution of shares as follows: - Chairman Tan Xinqiao: 1.21988 million shares - General Manager Zhao Huaqiu: 0.36597 million shares - Other executives and core personnel received the remaining shares [2][12][14] Group 3: Vesting Conditions and Performance Targets - The first vesting period is set from July 3, 2025, to July 2, 2026, with a vesting ratio of 30% for the first grant [12][14] - Performance targets for the first vesting period include a sales growth rate of at least 25% for phosphate cathode materials compared to 2023 [5][12] Group 4: Compliance and Approval - The board of directors and the supervisory board have approved the vesting conditions, confirming that all legal and regulatory requirements have been met [15][18] - The independent financial advisor has also confirmed that the conditions for the first vesting period have been satisfied [18]