Stock Code: 300890 Stock Abbreviation: XFH
Convertible Bond Code: 123225 Convertible Bond Abbreviation: XFH Convertible Bond
Shanghai XFH Technology Co., Ltd.
(Floor 1, No. 11, Lane 635, Xiaoyun Road, Baoshan District, Shanghai)
2026 Annual Issuance of A-Shares to Specific Targets
Feasibility Analysis Report
(Revised Draft)
June 2026
Table of Contents
- Background and Purpose of the Issuance to Specific Targets
(1) Background of the Issuance of Shares to Specific Targets
(2) Purpose of the Issuance of Shares to Specific Targets
- Necessity of the Securities Issuance and Selection of Varieties
(1) Variety of Securities Issued
(2) Necessity of Selecting the Securities Variety
- Appropriateness of the Selection Scope, Quantity, and Standards for Issuance Targets
(1) Appropriateness of the Selection Scope for Issuance Targets
(2) Appropriateness of the Quantity of Issuance Targets
(3) Appropriateness of the Standards for Issuance Targets
- Rationality of the Principles, Basis, Methods, and Procedures for Issuance Pricing
(1) Principles and Basis for Issuance Pricing
(2) Methods and Procedures for Issuance Pricing
- Feasibility of the Issuance Method
(1) Legality and Compliance of the Issuance Method
(2) Legality and Compliance of the Procedures for Determining the Issuance Method
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Fairness and Rationality of the Issuance Plan
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Dilution of Immediate Returns by the Issuance and Remedial Measures Proposed by the Company
(1) Impact of the Issuance of Shares to Specific Targets on Key Financial Indicators
(2) Risk Warning Regarding Dilution of Immediate Returns
(3) Necessity and Rationality of the Issuance of Shares to Specific Targets
(4) Relationship Between the Fundraising Projects and Existing Business; Company Reserves in Personnel, Technology, and Market
(5) Remedial Measures Taken by the Company to Address Dilution of Immediate Returns
(6) Commitments by Directors and Senior Management to Ensure Implementation of Remedial Measures
(7) Commitments by the Controlling Shareholder and Actual Controller
- Conclusion
1. Background and Purpose of the Issuance to Specific Targets
To meet the needs of business development, enhance profitability, and maintain a leading industry position, the company has prepared this feasibility analysis report in accordance with the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for the Issuance and Registration of Securities by Listed Companies, and other relevant laws, regulations, and normative documents.
Unless otherwise specified, terms used in this report have the same meanings as those defined in the "Shanghai XFH Technology Co., Ltd. 2026 Annual Issuance of A-Shares to Specific Targets Pre-plan."
(1) Background of the Issuance of Shares to Specific Targets
Since 2023, factors such as the global economic slowdown and sluggish terminal demand have intensified industry competition. The prices of the company's graphite anode materials have declined to varying degrees, leading to a decrease in product gross margins and overall profitability.
Simultaneously, driven by global energy structure adjustments and "carbon peaking and carbon neutrality" policies, the lithium-ion battery industry has maintained steady and rapid growth due to increased demand for energy storage and technological advancements in new materials. The commercial application of sodium-ion batteries, solid-state batteries, and other new energy batteries is gradually being validated, presenting new growth opportunities.