Group 1 - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -400 million yuan, representing a reduction in losses of 390.37 million to 470.37 million yuan, an increase of 44.85% to 54.04% compared to the previous year [3] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -429 million and -358 million yuan, indicating a reduction in losses of 462.73 million to 533.73 million yuan, with a year-on-year increase of 51.89% to 59.85% [3] - The company's performance in 2024 showed a total profit of -991.61 million yuan, with a net profit attributable to shareholders of the parent company at -870.37 million yuan [5] Group 2 - The company has actively developed new products and expanded sales markets, resulting in a significant year-on-year increase in the sales volume of lithium iron phosphate, despite a decrease in the average price of lithium carbonate [6] - The company expects a reduction in the provision for inventory impairment due to improved inventory management and cost reduction measures, leading to a narrowing of overall performance losses compared to the previous year [6] - The company has adopted a pricing model for some lithium carbonate procurement, which has resulted in fair value changes being recognized as non-recurring gains and losses due to rapid price increases in the fourth quarter [6]

Core Viewpoint - Wanrun New Energy (688275.SH) forecasts a net profit attributable to shareholders of the parent company for 2025 to be between -480 million and -400 million yuan, representing a reduction in losses of 390.37 million to 470.37 million yuan compared to the previous year, an increase of 44.85% to 54.04% year-on-year [1] Group 1: Performance Analysis - The company experienced significant growth in the sales volume of its main product, lithium iron phosphate, despite a decrease in the average annual price of lithium carbonate, which led to a corresponding reduction in product prices [2] - The company's capacity utilization rate improved significantly, and the economies of scale on production lines resulted in a decrease in unit costs that outpaced the decline in revenue, leading to a recovery in the gross margin of lithium iron phosphate compared to the previous year [2] - The company implemented enhanced inventory management and cost reduction measures, which are expected to result in a decrease in the provision for inventory impairment for the 2025 fiscal year, thereby narrowing overall losses compared to the previous year [2] Group 2: Pricing and Accounting Impact - The company adopted a point pricing model for some of its lithium carbonate procurement, where the purchase price is determined based on the price adjustment mechanism agreed upon at the time of control transfer [2] - Due to a rapid increase in lithium carbonate prices in the fourth quarter, the company recognized fair value changes as losses in accordance with accounting standards, which were reported as non-recurring gains and losses [2]

证券代码：688275 证券简称：万润新能 公告编号：2026-003 二、上年同期业绩情况 湖北万润新能源科技股份有限公司 2025年年度业绩预告 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。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经湖北万润新能源科技股份有限公司（以下简称"公司"）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%。 （2）预计 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%。 （三）本次业绩预告相关财务数据未经注册会计 ...

Core Viewpoint - The lithium battery industry is experiencing a strong recovery driven by explosive downstream demand, with a significant focus on long-term contracts between battery manufacturers and lithium iron phosphate (LFP) suppliers, indicating a shift towards value competition in the industry [3][5]. Group 1: Market Dynamics - The total disclosed sales contracts for lithium iron phosphate have reached 9.3694 million tons since last year, with many contracts extending to 2030 or beyond [3][6]. - Major contracts include a 305,000-ton agreement between CATL and Rongbai Technology, estimated at 120 billion yuan, highlighting the trend of long-term supply agreements [8]. - The industry is witnessing a structural imbalance, with severe overcapacity in low-end products while high-end products remain in short supply [4][18]. Group 2: Competitive Landscape - CATL has emerged as the largest buyer, signing contracts for over 7.5306 million tons of lithium iron phosphate since 2025, indicating a strong market position [8]. - Chuangneng New Energy has also made significant strides, securing a 130,000-ton order from Longpan Technology, making it the second-largest buyer after CATL [9]. - Hunan Youneng, previously a leading player, has not disclosed any long-term contracts recently, raising questions about its competitive strategy amidst the ongoing contract frenzy [10][12]. Group 3: Product Development and Innovation - The focus of long-term contracts is shifting towards high-pressure dense lithium iron phosphate products, which offer advantages in energy density and cycle life [15][16]. - The fourth-generation high-pressure dense lithium iron phosphate is expected to enhance battery performance significantly, with a projected energy density increase of 15%-20% compared to third-generation products [16]. - Companies like CATL and BYD are actively developing high-pressure dense lithium iron phosphate technologies to maintain competitive advantages in the market [17][19]. Group 4: Future Outlook - The global demand for lithium batteries is projected to grow significantly, with an expected increase in output from 186 GWh in 2020 to 3,540 GWh by 2030, indicating robust market growth [9]. - The industry is entering a new phase of expansion, with multiple companies announcing plans to increase production capacity for high-end lithium iron phosphate products [19]. - The competition for high-end lithium iron phosphate is intensifying, with companies needing to keep pace with rapid product iterations from battery manufacturers to avoid being left behind [19].

转自：前瞻产业研究院 行业主要上市公司：湖南裕能(SZ 301358)、德方纳米(SZ 300769)、万润新能源(SH 688275)等; 本文核心数据：中国锂电池正极材料行业市场规模 2024年中国锂电池正极材料行业市场规模约2000亿元 锂离子电池的定义是利用锂离子作为导电离子，在正极和负极之间移动，通过化学能和电能相互转化实 现充放电的电池。锂离子正极材料是电池中用于储存和释放锂离子的关键组成部分，主要负责在充放电 过程中提供锂离子并接收电子。中国锂离子电池正极材料始于20世纪90年代，初期依赖进口钴酸锂 (LCO) 满足消费电子需求。2001年盟固利实现正极材料国产化突破，2008年比亚迪推动磷酸铁锂 在动 力电池商用，同期锰酸锂逐步应用。2010年后三元材料快速崛起，2015年起高镍化与LFP技术迭代并 行，随后伴随着中国新能源与新能源汽车市场的快速发展，中国锂离子电池正极材料产能、需求与技术 快速发展并实现全球领先，覆盖全材料体系并主导全球市场供应。2024年中国锂电池正极材料行业市场 规模约2000亿元，近五年行业复合增速29.40%。 | 企业名称 | 所属省份 | 布局情况 | | --- ...

Core Viewpoint - Wanrun New Energy experienced a decline of 2.92% on January 26, with a trading volume of 313 million yuan, indicating a potential market reaction to recent financial performance and investor sentiment [1]. Financing Summary - On January 26, Wanrun New Energy had a financing buy-in amount of 42.51 million yuan, with a net financing buy of 5.14 million yuan, reflecting strong investor interest despite the stock price drop [1]. - The total financing and securities balance for Wanrun New Energy reached 330 million yuan, accounting for 5.26% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of leverage [1]. - There were no short sales or repayments on January 26, with the short selling balance at zero, suggesting a lack of bearish sentiment among investors [1]. Company Performance - As of September 30, Wanrun New Energy reported a total of 16,600 shareholders, an increase of 18.84% from the previous period, while the average number of circulating shares per person decreased by 15.85% to 5,099 shares [2]. - For the period from January to September 2025, Wanrun New Energy achieved a revenue of 7.336 billion yuan, representing a year-on-year growth of 51.18%, while the net profit attributable to shareholders was a loss of 352 million yuan, which is an improvement of 41.12% compared to the previous year [2]. Dividend and Shareholding - Since its A-share listing, Wanrun New Energy has distributed a total of 300 million yuan in dividends, reflecting its commitment to returning value to shareholders [3]. - As of September 30, 2025, the top ten circulating shareholders included Donghai Securities Co., Ltd. as the third-largest shareholder with 2.2657 million shares, unchanged from the previous period, and Hong Kong Central Clearing Limited as a new fourth-largest shareholder with 2.0843 million shares [3].

湖北万润新能源科技股份有限公司 2026年第一次临时股东会会议资料 证券代码：688275 证券简称：万润新能 湖北万润新能源科技股份有限公司 2026年第一次临时股东会会议资料 2026 年 2 月 | 议案三：关于制定《董事、高级管理人员薪酬管理制度》的议案 7 | | --- | 湖北万润新能源科技股份有限公司 2026年第一次临时股东会会议资料 湖北万润新能源科技股份有限公司 2026年第一次临时股东会会议须知 为维护广大投资者的合法权益，保障湖北万润新能源科技股份有限公司（以下简称"公 司"）股东在本次股东会期间依法行使权利，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、中国证监会《上市公司股东会规则》和《湖北万润新能源科技股份有限公司股东会 议事规则》等有关规定，特制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，为确认出席会议的股东或其代理人或其 他出席者的出席资格，会议工作人员将对出席会议者的身份进行必要的核对工作，请被核 对者给予配合。 六、股东及股东代理人要求发言时，不得打断会议报告人的报告或其他股东及股东代理人 的发言，在股东会进行表决时，股东及股东代理人不再进行 ...

Core Viewpoint - Wanrun New Energy announced that the first extraordinary shareholders' meeting of 2026 will be held on February 2 at 14:00 to review three proposals [1] Group 1: Investment and Projects - The wholly-owned subsidiary Hongmai Gaoke plans to invest 1.079 billion yuan to construct a "70,000 tons/year high-pressure dense lithium iron phosphate project" [1] - The company will provide guarantees for the project related business, with a validity period of 12 months [1] Group 2: Governance and Compensation - The proposed annual allowance for Xu Chao, the employee representative director of the third board, is set at 48,000 yuan, in accordance with company policy [1] - A new "Compensation Management System for Directors and Senior Management" is to be established [1]

Industry Overview - The lithium carbonate market price has returned to 170,000 yuan/ton, with a significant increase in market activity following a drop to 150,000 yuan/ton, indicating market acceptance of the new price level [7] - The domestic lithium battery market is expected to see stable prices in the first quarter, with a projected year-on-year production decline of only 10-15%, which is better than previous years [15] Market Insights - In 2025, China's automobile sales are projected to reach 34.4 million units, with a year-on-year growth of 9.4%, and new energy vehicles (NEVs) accounting for 50.8% of domestic sales [3] - The Congo government has submitted a shortlist of state-owned mineral assets to the U.S., aiming to attract investment and enhance its influence in the critical mineral supply chain [4] Company Developments - Wanrun New Energy plans to invest 1.079 billion yuan in a high-pressure dense lithium iron phosphate project, with a production capacity of 70,000 tons per year [5] - Putailai has forecasted a net profit of 230 to 240 million yuan for 2025, representing a year-on-year increase of over 90% [6] Price Trends - As of January 22, 2025, the price for battery-grade lithium carbonate is between 161,000 to 168,000 yuan/ton, while industrial-grade is between 147,000 to 153,000 yuan/ton [8] - The price for ternary materials is experiencing fluctuations, driven by the rise in lithium carbonate prices, with 5-series single crystal materials priced at 195,000 to 202,000 yuan/ton [9] Supply Chain Dynamics - The supply of phosphoric acid is expected to be tight this year, influencing the pricing and availability of lithium iron phosphate [10] - The electrode material market is stable, with some small and medium manufacturers increasing prices for mid- to low-end products by 1,000 to 2,000 yuan/ton [12] Future Outlook - The global lithium battery application market is anticipated to grow significantly from 2025 to 2029, with ongoing research and competitive strategy analysis being conducted [18]

Core Insights - The lithium iron phosphate (LFP) market is experiencing significant growth, with major battery manufacturers aggressively purchasing LFP materials [1] - The total procurement of LFP materials by companies such as CATL, BYD, EVE Energy, Sunwoda, and Chuangneng New Energy has reached 6 million tons, with an order value exceeding 240 billion yuan [1] - There is a high demand for mid-to-high-end LFP products, leading to full-capacity operations at various companies including Longpan Technology, Wanrun New Energy, Fulian Precision, Fengyuan Co., and Rongbai Technology [1]