Shenzhen Dynanonic Science and Technology Co., Ltd. 2026 Analysis Report on the Proposed Issuance of Shares to Specific Objects
Shenzhen Dynanonic Science and Technology Co., Ltd. (hereinafter referred to as "Dynanonic", "the Company", or "the Issuer") is a company listed on the ChiNext board of the Shenzhen Stock Exchange (hereinafter referred to as "SZSE"). To meet the Company's capital needs for business development, enhance its capital strength, and improve its profitability, in accordance with the "Company Law of the People's Republic of China" (hereinafter referred to as "Company Law"), the "Securities Law of the People's Republic of China" (hereinafter referred to as "Securities Law"), the "Administrative Measures for the Registration of Issuance of Securities by Public Companies" (hereinafter referred to as "Registration Measures"), the "Shenzhen Stock Exchange ChiNext Stock Listing Rules", and other relevant laws, regulations, and normative documents, as well as the "Articles of Association of Shenzhen Dynanonic Science and Technology Co., Ltd.", the Company proposes to issue shares to specific objects to raise capital (hereinafter referred to as "this Issuance"). The total amount of capital to be raised in this Issuance shall not exceed RMB 2,900.00 million (inclusive). After deducting issuance expenses, the funds will be used for the integrated lithium battery new materials project (Phase I) (i.e., the 20,000 tons/year phosphate new materials project) and to supplement working capital.
Unless otherwise specified, the abbreviations used in this report have the same meanings as in the "Shenzhen Dynanonic Science and Technology Co., Ltd. 2026 Plan for Issuance of Shares to Specific Objects".
I. Background and Objectives of the Current Issuance to Specific Objects
(I) Background of the Current Issuance of Shares to Specific Objects
- "Dual Carbon" Strategy Coupled with Computing Power Synergy: New Energy Vehicles and Energy Storage Drive the Phosphosalt Cathode Material Industry to a Historic Opportunity
Facing the dual challenges of global energy shortage and ecological environment, the development of clean energy has become a global consensus concerning the fate of humanity and is the core path to promote green and low-carbon transformation and achieve sustainable development. To achieve the national strategic goals of "carbon peaking and carbon neutrality," China is vigorously developing clean energy sources such as wind and solar power, promoting carbon emission reduction from the energy production side. On the other hand, it is accelerating the development of the new energy vehicle industry with electricity as the core driving force, achieving carbon emission reduction from the energy consumption side. These two major strategic directions have spurred enormous market demand for energy storage batteries and power batteries, jointly driving the phosphosalt cathode material industry into a period of rapid development.
According to statistics from the China Association of Automobile Manufacturers, China's new energy vehicle sales have grown from 777,000 vehicles in 2017 to 16.49 million vehicles in 2025, with a compound annual growth rate of 46.51%. The market has moved from policy-driven to market-led. According to CNESA statistics, as of the end of December 2025, China's cumulative installed capacity for power energy storage reached 213.3 GW, a year-on-year increase of 54%, indicating a leapfrog growth in new energy storage. According to GGII data, China's power battery shipments reached 1,103 GWh in 2025, a year-on-year increase of 41%, and are expected to exceed 1.3 TWh in 2026, a growth of over 20%. In 2025, energy storage lithium battery shipments reached 630 GWh, a year-on-year increase of 85%, and are expected to exceed 850 GWh in 2026, with a growth rate expected to exceed 35%.