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增长，但面临行业竞争加 剧、碳酸锂等原材料价格波动、产能结构性过剩等挑战。湖南裕能坚持创新引领，完善一体化布局，深 耕精细化管理。 上半年公司实现营业收入143.58亿元，同比增长33.17%；归属于上市公司股东的净利润3.05亿元，同比 下降21.59%。报告期内，磷酸盐正极材料销量48.08万吨，同比增长55.38%，其中储能端产品销量占比 约39%；CN - 5系列、YN - 9系列等产品也有相关表现。 问答环节要点下半年排产及未来展望：上半年磷酸铁锂市场需求旺盛，公司产能利用率高，新产品占比 提升。预计下半年行业仍保持较高增长，差异化需求有望带动公司新产品销量占比进一步提高。碳酸锂 库存策略：当前碳酸锂价格波动加大经营难度，公司采取灵活多种采购策略保障生产。行业"反内卷"措 施：磷酸铁锂材料分会召开"反内卷"会议，公司应邀参加，行业"反内卷"意愿强烈，具体细节以协会信 息为准。二季度盈利改善原因：产能规模提升且维持高产能利用率，CN - 5系列、YN - 9系列等新产品 销量及占比显著提高。磷矿进展：黄家坡磷矿有序建设，预计四季度 ...

证券代码：301358 证券简称：湖南裕能 销量占比中达到约 40%。 二、问答环节 1、公司上半年产能利用率很高，如何看待下半年排产情况以及 对明年市场需求及高端产品占比作何展望？ 回复：今年上半年，磷酸铁锂市场需求旺盛，行业出货量保持 较高增长。公司抓住行业机遇，维持了较高的产能利用率，产品供 不应求，尤其是公司新产品系列的占比显著提升。展望下半年，预 计行业增长仍然会保持比较高的水平，差异化市场需求有望带动公 司新产品系列的销量占比进一步提升。 2、三季度以来，碳酸锂价格有所反弹，想请教公司目前在碳酸 锂方面的库存策略？ 湖南裕能新能源电池材料股份有限公司 投资者关系活动记录表 编号：2025-007 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 业绩说明会 ☑ | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 | 与会投资者约 114 人。 | | 时间 | 年 月 日 2025 8 26 | | 地点 | 电话会议 | | | 董事、常务副总经理兼董事会秘 ...

据证券之星公开数据整理，近期湖南裕能（301358）发布2025年中报。截至本报告期末，公司营业总收 入143.58亿元，同比上升33.17%，归母净利润3.05亿元，同比下降21.59%。按单季度数据看，第二季度 营业总收入75.96亿元，同比上升21.31%，第二季度归母净利润2.11亿元，同比下降8.54%。本报告期湖 南裕能应收账款上升，应收账款同比增幅达43.86%。 营业收入变动幅度为33.17%,原因:本报告期磷酸盐正极材料的销售数量48.08万吨，较上年同期增加 55.38%。 营业成本变动幅度为34.33%,原因:本报告期销售规模增加。 管理费用变动幅度为45.62%,原因:本报告期股份支付费用增加；同时生产经营规模扩大，管理人员薪酬 及折旧、摊销增加。 经营活动产生的现金流量净额变动幅度为-737.22%,原因:（1）以票据支付固定资产等长期资产购置款的 影响；(2)2025年半年度收回的票据保证金减少及税费返还减少。 投资活动产生的现金流量净额变动幅度为-77.76%,原因:本报告期长期资产投入增加。 筹资活动产生的现金流量净额变动幅度为137.42%,原因:本报告期融资性票据贴现净额增 ...

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]

Core Viewpoint - Hunan Yuno's 2024 annual report indicates significant declines in revenue and profit, primarily due to falling lithium carbonate prices and increased competition, despite a growing demand in the electric vehicle and energy storage markets [1][2]. Financial Performance - Hunan Yuno achieved a revenue of 22.599 billion yuan in 2024, a year-on-year decrease of 45.36% - Net profit was 594 million yuan, down 62.45% year-on-year - Deducted non-recurring net profit was 570 million yuan, also down 62.44% year-on-year [1]. Product and Market Analysis - The main revenue source for Hunan Yuno is phosphate-based cathode materials, generating 22.215 billion yuan, accounting for 98.30% of total revenue - The company reported a shipment volume of 710,600 tons of phosphate cathode materials in 2024, representing a year-on-year increase of 40.20% - Hunan Yuno has maintained the highest market share in the industry for five consecutive years since 2020 [1]. Regional Sales Distribution - Hunan Yuno's sales are primarily concentrated in domestic markets, particularly in East China, South China, Southwest China, and Central China [1]. Production Capacity and Expansion - As of the end of 2024, Hunan Yuno has a designed production capacity of approximately 850,000 tons for phosphate cathode materials - The company plans to establish its first overseas production base in Spain, with a total investment of 982 million yuan, aimed at producing 50,000 tons of lithium iron phosphate cathode materials annually [2].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Insights - The company reported a revenue of 22.599 billion yuan in 2024, a decrease of 45.36% year-on-year, with a net profit attributable to shareholders of 594 million yuan, down 62.45% year-on-year [1]. - In Q4 2024, the company achieved a revenue of 6.719 billion yuan, a slight decline of 4.41% year-on-year, but a significant increase in net profit of 1.03 billion yuan, up 164.58% year-on-year [1]. - The sales volume of phosphate-based cathode materials reached 710,600 tons in 2024, an increase of 40.20% year-on-year, maintaining the highest market share in the industry for five consecutive years [2]. - The company is expanding internationally with new entities in Singapore and Spain, and is progressing on a project in Spain to produce 50,000 tons of cathode materials annually [3]. - The company has received a mining license for the Huangjiapo phosphate mine, which has a production capacity of 2.5 million tons per year, enhancing its integrated operations and cost stability [3]. - A cash dividend of 1.57 yuan per 10 shares is proposed for 2024, totaling approximately 118.89 million yuan [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 30.014 billion yuan, 37.080 billion yuan, and 42.641 billion yuan, reflecting year-on-year growth rates of 32.8%, 23.5%, and 15.0% respectively [4][5]. - Net profit attributable to shareholders is expected to reach 1.916 billion yuan, 2.676 billion yuan, and 3.052 billion yuan for the same years, with growth rates of 222.7%, 39.7%, and 14.1% respectively [4][5]. - The projected earnings per share for 2025, 2026, and 2027 are 2.53 yuan, 3.53 yuan, and 4.03 yuan [5][10].

锂电行业各细分市场陆续公布2024年成绩单。磷酸铁锂领域，湖南裕能作为全球领先的龙头企业，率先 公布业绩。 3月15日，湖南裕能正式发布2024年年度报告，全年实现 营业收入225.99亿元，同比下降45.36%；净 利润5.94亿元，同比下降62.45%；扣非净利润5.70亿元，同比下降62.44%。 | | 2024 年 | 2023 年 | 本年比上年 | 2022 年 | | --- | --- | --- | --- | --- | | | | | 增减 | | | 营业收入(元) | 22, 598, 527, 203. 79 | 41.357.670. 979.28 | -45. 36% | 42.790.361.250.00 | | 归属于上市公司股东的净利润(元) | 593, 552, 116. 99 | 1.580.629.275.19 | -62. 45% | 3.007. 205. 835. 14 | | 归属于上市公司股东的扣除非经常性 损益的净利润(元) | 570. 299. 929. 65 | 1. 518. 360. 333. 91 | -62. 44% | 3.032.6 ...