以下文章来源于Carbontech ，作者Carbontech Carbontech . 传播碳材料领域前沿资讯，带您进入碳时代！ 【DT新材料】 获悉，8月19日， 圣泉集团 发布公告，拟向不特定对象发行不超过25亿元可转债，其中20亿元投向绿色新能源电池材料产业化项目，5亿 元补充流动资金。 硅基负极是提升锂电能量密度的关键方向，但产业化进程却始终受制于工艺稳定性和成本问题 。当前主流路线大致分为机械球磨法、包覆改性法与CVD （化学气相沉积）法。其中，CVD因硅分布均匀、界面稳定性好，正逐渐成为行业新主流，但其放大难度极高，对温场、气场控制的均匀性要求近乎苛 刻。 目前，行业普遍仅在百吨级规模实现稳定量产。圣泉此次直接瞄准万吨产能，某种程度上是对工艺稳定性与规模化复制能力的"豪赌"。产业层面， 2025- 2026年将是硅碳负极集中投产的关键窗口 。包括 贝特瑞、璞泰来 在内的多家头部企业均有千吨级项目在推进。谁能率先突破万吨级产能，并在成本和良 率上建立优势，谁就有机会在未来几年锁定主流电池厂的订单，这恰恰是圣泉此番动作的产业逻辑所在。 此次圣泉项目的配套设计并非单纯扩产硅碳负极，而是 将多孔碳的产能 ...

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, which may dilute immediate returns, and has proposed specific measures to mitigate this impact while ensuring the protection of minority shareholders' interests [1][4][12]. Financial Impact Analysis - The company has analyzed the impact of the convertible bond issuance on its key financial indicators under various assumptions regarding net profit growth for 2025 and 2026, including scenarios where net profit remains flat, grows by 10%, or grows by 20% [2][3]. - Under the assumption of flat net profit, the diluted earnings per share (EPS) for 2026 would be 0.90 yuan per share, compared to 0.98 yuan per share before the bond issuance [2][3]. - If net profit grows by 10%, the diluted EPS could increase to 1.08 yuan per share in 2026, while a 20% growth scenario could lead to a diluted EPS of 1.29 yuan per share [2][3]. Use of Proceeds - The total investment for the projects funded by the bond issuance is estimated at 300,051.78 million yuan, with the company planning to raise up to 250,000.00 million yuan through this issuance [4][5]. - The projects are aligned with the company's core business in chemical new materials and biomass new materials, particularly in the production of phenolic resins and furan resins, which are leading products in the domestic and global markets [4][5]. Project Implementation and Market Position - The company aims to enhance its production capacity and optimize processes through the "Green New Energy Battery Material Industrialization Project," which is expected to meet the growing demand for high-energy-density batteries in consumer electronics and power batteries [6][9]. - The company has established a strong technical and research team, with over 800 effective patents, to support the successful implementation of the funded projects [8][9]. Measures to Mitigate Dilution - The company has committed to improving the management of raised funds and ensuring their effective use to enhance shareholder returns and mitigate the dilution of immediate returns [10][11]. - A stable profit distribution policy will be maintained to provide reasonable returns to shareholders, particularly minority shareholders, following the bond issuance [11][12]. Commitments from Management - The board of directors and senior management have made commitments to ensure the execution of measures to mitigate the dilution of immediate returns, including adherence to legal and regulatory requirements [12][13].