证券代码：688275 证券简称：万润新能 公告编号：2026-009 湖北万润新能源科技股份有限公司 第三届董事会第四次会议决议公告 本公司董事会及全体董事保证本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。 湖北万润新能源科技股份有限公司（以下简称"公司"）第三届董事会第四 次会议于 2026 年 2 月 27 日以现场结合通讯方式在公司一楼四号会议室召开。本 次会议的通知以电子邮件的方式于 2026 年 2 月 24 日送达全体董事。本次会议应 出席董事 6 人，实际出席董事 6 人，公司高级管理人员列席会议，会议由董事长 刘世琦先生主持，与会董事均已知悉与所议事项相关的必要信息。会议的召集和 召开程序符合《中华人民共和国公司法》及《湖北万润新能源科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，作出的决议合法、有效。 会议以投票表决方式审议通过了以下议案： 一、审议通过《关于〈2026 年员工持股计划（草案）〉及其摘要的议案》 经审核，董事会认为：公司拟定的《湖北万润新能源科技股份有限公司 2026 年员工持股计划（草案）》及其 ...

万润新能发布业绩快报，2025年度实现营业总收入114.96亿元，同比增长52.81%；净利润亏损4.46亿 元，上年同期亏损8.7亿元。公司业绩回升主要系受益于新能源汽车与储能市场旺盛需求的驱动，公司 主营产品磷酸铁锂产销量大幅提升，销售价格也逐步上升，产品毛利回升，同时公司强化管理，推进降 本增效及优化资源配置，剥离非盈利业务，公司的亏损幅度逐步缩窄。 ...

2月27日，万润新能涨5%，截至发稿，报87.15元/股，成交2.09亿元，换手率2.92%，总市值109.91亿 元。 资料显示，湖北万润新能源科技股份有限公司位于湖北省十堰市郧阳经济开发区天马大道557号，成立 日期2010年12月24日，上市日期2022年9月29日，公司主营业务涉及锂电池正极材料的研发、生产、销 售和服务。主营业务收入构成为：磷酸铁锂96.49%，副产品2.83%，磷酸铁0.41%，其他0.27%。 从基金十大重仓股角度 数据显示，申万菱信基金旗下1只基金重仓万润新能。申万菱信新能源汽车主题灵活配置混合A （001156）四季度持有股数233.72万股，占基金净值比例为7.65%，位居第六大重仓股。根据测算，今 日浮盈赚取约969.92万元。 申万菱信新能源汽车主题灵活配置混合A（001156）成立日期2015年5月7日，最新规模18.16亿。今年以 来收益5.55%，同类排名4458/8891；近一年收益51.31%，同类排名1263/8137；成立以来收益250.93%。 申万菱信新能源汽车主题灵活配置混合A（001156）基金经理为娄周鑫。 截至发稿，娄周鑫累计任职时间3年84天 ...

Investment Rating - The report recommends an "Accumulate" rating for the energy storage sector [1][3]. Core Insights - Qinghai has initiated the first capacity price for energy storage following the implementation of Document No. 114, indicating a positive trend for the economic viability of energy storage across the country as provincial regulations are expected to follow [3][6]. - The demand for energy storage is projected to grow significantly, with expectations of a 50% increase in 2026, driven by favorable capacity pricing and strong market conditions [3][6]. Summary by Sections Investment Recommendations - The report suggests accumulating stocks in the energy storage sector, particularly benefiting from strong demand for storage systems and batteries. Recommended stocks include Haibo Shichuang, Ningde Times, Yiwei Lithium Energy, Zhongchuang Innovation, and Aters. Related stocks include Sunshine Power and Penghui Energy [6][7]. - Following the anticipated demand surge, lithium battery materials are expected to see price increases. Recommended stocks in this category include Hunan Youneng, with related stocks being Wanrun New Energy, Fulian Precision, Tianji Shares, Tianci Materials, Duofluo, Enjie, Fospower, and Xingyuan Materials [6][7]. Economic Viability of Energy Storage - The capacity price calculation method has been established, with a compensation standard of 165 RMB/(kW·year) for 2026, which is more favorable compared to previous standards. The annual compensation price for a 4-hour energy storage station is calculated to be 153.77 RMB/(kW·year) [6][7]. - January data shows a significant increase in installed capacity, with 3.8 GW/10.9 GWh added, representing a year-on-year growth of 62% and 106%, respectively. The sales of energy storage batteries reached 46.1 GWh, marking a year-on-year increase of 164% [6][7].

企查查APP显示，近日，贵州磷化万润新能源有限责任公司成立，注册资本1亿元，经营范围包含：电 子专用材料研发；电子专用材料制造；电子专用材料销售；常用有色金属冶炼等。企查查股权穿透显 示，该公司由万润新能（688275）等共同持股。 （原标题：万润新能等在贵州成立新公司，含电子专用材料业务） ...

中国经济网北京2月24日讯 万润新能(688275.SH)近日披露的2025年年度业绩预告显示，经财务部门 初步核算，预计公司2025年年度实现归属于母公司所有者的净利润为-48,000.00万元到-40,000.00万元。 与上年同期相比，减亏39,037.09万元到47,037.09万元，同比增加44.85%到54.04%。 (责任编辑：何潇) 预计公司2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为-42,900.00万元 到-35,800.00万元。与上年同期相比，减亏46,273.23万元到53,373.23万元，同比增加51.89%到59.85%。 2023年、2024年，万润新能归母净利润亏损分别为15.04亿元、8.70亿元；扣非净利润亏损分别为 15.36亿元、8.92亿元。 万润新能于2022年9月29日在上交所科创板上市，公开发行2130.3795万股，发行价格299.88元/股， 保荐机构为东海证券股份有限公司，保荐代表人为盛玉照、江成祺。 上市首日，万润新能盘中创下最高价259.99元，为该股上市以来最高价。该股目前处于破发状态。 万润新能首次公开发行股票募集资金总额 ...

Core Viewpoint - The article discusses the significant decline in the stock prices of ten high-issue-price stocks in the A-share market, with seven of them falling below their issue prices, highlighting the risks associated with high valuations and market sentiment shifts [1][22]. Group 1: Stock Performance - Among the ten stocks, only Stone Technology, Naxin Micro, and BeiGene remain above their issue prices as of mid-February 2026 [6][8]. - The maximum decline from issue prices includes: - CanSino down 69.15% - Wanrun New Energy down 58.54% - Huabao New Energy down 54.93% - Yiqiao Shenzhou down 42.22% - Hemai down 32.82% - Foxit Software down 22.17% - Suocheng Technology down 12.83% [10]. - CanSino experienced a dramatic drop of 93% from its peak price of 797.20 yuan to 63.90 yuan [11][19]. Group 2: Company Backgrounds - Hemai, the highest issue price stock at 557.80 yuan, faced a significant decline after reaching a peak of 1877.43 yuan [12]. - Wanrun New Energy, listed at 299.88 yuan, never reached its issue price after its first day of trading [15]. - Yiqiao Shenzhou, with an issue price of 292.92 yuan, peaked at 353.83 yuan before falling to 73.38 yuan [16]. - CanSino, a COVID-19 vaccine stock, was listed at 209.71 yuan and peaked at 797.20 yuan before its decline [17]. Group 3: Market Conditions and Trends - The high issue prices were driven by market enthusiasm for sectors like hard technology, new energy, and biomedicine during the registration reform period from 2020 to 2023 [5][4]. - The overall market sentiment has shifted, leading to a decline in these stocks as the initial excitement waned [22]. - The article notes that the current new stock market shows a stark contrast, with a recent increase in participation and initial gains, but also warns of accumulating risks [24][26]. Group 4: Investment Implications - The high issue prices and P/E ratios of these stocks are no longer guarantees of company strength, but rather potential warning signs of investment risk [28]. - The article emphasizes that the era of easy profits from new stock subscriptions has ended, requiring more thorough research and disciplined investment strategies [27].

Core Viewpoint - The article highlights the strong performance of stocks in the power equipment sector, particularly those benefiting from policy support and technological advancements, with a focus on battery, photovoltaic, and grid equipment industries [3][4]. Group 1: Fund Allocation Trends - Public funds have significantly increased their holdings in the power equipment sector, particularly in batteries, photovoltaics, and grid equipment, with 13 stocks seeing a rise in fund ownership by over 1 percentage point in Q4 [8]. - The most notable increase in fund holdings was observed in Tianhua New Energy (300390.SZ), where the number of funds increased from 5 to 109, and the holding ratio rose from 3.31% to 9% [10]. - Other key stocks in the battery sector that received increased attention include Penghui Energy (300438.SZ), which saw a 4 percentage point increase in fund holdings, and its stock price rose over 30% in Q4 [16]. Group 2: Performance of Key Stocks - Tianhua New Energy's stock price surged nearly 120% in Q4, driven by a significant investment from CATL, which acquired a 26 billion yuan stake, marking a deepening partnership with a core customer [10]. - Penghui Energy is expected to report a net profit of 170 million to 230 million yuan for the full year, a significant turnaround from a loss of 252 million yuan the previous year [12][13]. - Other notable stocks include Tianji Co. (002759.SZ), which is projected to turn profitable in 2025, and has seen a significant increase in fund interest [23][22]. Group 3: Sector Insights - The article emphasizes that the battery sector remains a focal point for institutional investment, with a notable shift towards upstream materials as prices for lithium carbonate and hexafluorophosphate have shown an upward trend [23]. - In the photovoltaic equipment sector, Maimai Co. (300751.SZ) has been highlighted for its significant fund inflow, with a holding ratio increase of 4 percentage points, benefiting from the growing interest in space photovoltaic technology [32]. - The grid equipment sector has also attracted attention, with Jinpan Technology and Sifang Co. being favored by institutional investors, although the increase in holdings was less pronounced compared to battery-related stocks [25].

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Group 1 - The stock price of Wanrun New Energy (688275.SH) fell by 3.96%, closing at 83.73 yuan [1] - Wanrun New Energy was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 29, 2022, with an initial public offering of 21,303,795 shares at a price of 299.88 yuan per share [1] - The stock reached an all-time high of 259.99 yuan on its first trading day but is currently in a state of decline [1] Group 2 - The total funds raised from the initial public offering amounted to 638.8582 million yuan, with a net amount of 614.56226 million yuan after deducting issuance costs [1] - The company raised 4.884 billion yuan more than originally planned, with the funds intended for high-performance lithium-ion battery materials projects and working capital [1] - The issuance costs for the IPO were 24.29594 million yuan, including underwriting fees of 21.2 million yuan [2] Group 3 - On May 24, 2023, Wanrun New Energy announced a profit distribution plan, distributing a cash dividend of 3.52 yuan per share and a capital increase of 0.48 shares per share [2] - The total cash dividend distributed amounted to 299,957,426.56 yuan, with an additional 40,903,285 shares being issued [2] - The total share capital after the distribution will be 126,118,463 shares [2]