REPT BATTERO Energy Co., Ltd. 瑞 浦 蘭 鈞 能 源 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：0666） 董事會會議日期 瑞浦蘭鈞能源股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會 會議將於2025年8月11日（星期一）舉行，藉以（其中包括）考慮及批准本公司及 其附屬公司截至2025年6月30日止六個月之未經審計中期業績及其發佈。 承董事會命 瑞浦蘭鈞能源股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 主席兼執行董事 曹輝博士 香港，2025年7月30日 於本公告日期，本公司董事為執行董事曹輝博士、胡曉東先生、吳艷軍博士、黃潔華女士及 FENG, TING先生；非執行董事王海軍先生、項陽陽女士及衛勇先生；及獨立非執行董事黃 斯穎女士、王振波博士、任勝鋼博士及Simon Chen博士。 ...

Core Viewpoint - Rui Pu Lan Jun (0666.HK) is experiencing significant revenue growth and a reduction in net losses, driven by increased battery shipments and effective cost management strategies [2][3] Financial Performance - For the first half of the year, Rui Pu Lan Jun expects revenue between 9.3 billion to 9.8 billion yuan, representing a year-on-year growth of approximately 22.4% to 29% [2] - The net loss attributable to shareholders is projected to be between 0.5 billion to 1 billion yuan, a reduction of 84.8% to 92.4% compared to the same period last year [2] - In 2024, the company anticipates revenue of 17.796 billion yuan, a year-on-year increase of 29.44%, with a gross profit of 737 million yuan, up 110.52% [3] Business Operations - The increase in revenue is attributed to a rise in the shipment volume of power and energy storage battery products, improved gross margins, and effective cost control measures [2] - Rui Pu Lan Jun has established itself as a significant player in the domestic power battery market, ranking 11th in 2023 and expected to rise to 8th in 2024, with a market share increase of 0.35 percentage points [2] Strategic Initiatives - The company is focusing on expanding into overseas markets and the energy storage sector, with plans to establish its first overseas battery factory in Indonesia and a new subsidiary in California, USA [3] - Strategic partnerships have been formed, including a memorandum with Bakrie & Brothers in Indonesia for the supply of over 3,000 electric bus and truck battery systems, and a collaboration with South Korea's Hyosung Heavy Industries for energy storage systems [3] - Rui Pu Lan Jun has achieved the highest global shipment volume of household energy storage cells in the first half of this year [3]

Core Viewpoint - The energy storage industry is increasingly prioritizing safety, leading to a surge in destructive testing, such as fire tests, to demonstrate product reliability and compliance with safety standards [6][18][26]. Industry Overview - Energy storage systems are essential for balancing intermittent renewable energy generation and demand, with a growing market driven by policy support and declining battery costs [6][8]. - The global energy storage market has seen over 20 fire incidents in the past year, highlighting safety concerns that companies must address [8][19]. Testing and Standards - Major companies, including Envision Energy, have begun conducting large-scale fire tests, with costs exceeding tens of millions, to assess the resilience of their products under extreme conditions [6][9][11]. - There is currently no unified industry standard for large-scale fire testing in China, although companies reference international standards such as CSA TS-800 and UL 9540A [14][16]. - The CSA/ANSI C800:25 standard, released in March, aims to evaluate energy storage systems' durability under extreme conditions, including fire scenarios [15]. Market Dynamics - The trend of conducting fire tests is becoming a consensus among leading companies, as it enhances customer confidence and is increasingly seen as a prerequisite for entering overseas markets [9][18][21]. - The competitive landscape is shifting from price-based competition to value-based competition, as companies recognize the importance of safety and quality in securing contracts [22][26]. Future Implications - The rising costs of fire testing and the need for substantial orders may deter smaller players, potentially leading to a more concentrated and high-quality industry [23][24]. - As safety testing becomes a market entry requirement, companies are expected to focus on research and development to meet higher technical standards [26].

Core Insights - The Chinese automotive industry is leveraging its full-chain technology in the new energy vehicle (NEV) sector to reshape global industrial rules, transitioning from labor-intensive manufacturing to technology and rule output [2][3] - China has maintained its position as the world's largest NEV market for ten consecutive years, with a 68% global market share in NEV sales during the first four months of 2025, selling 4.3 million units [2] - The export of Chinese NEVs reached 850,000 units from January to May 2025, marking a 64.6% year-on-year increase, indicating a significant restructuring of the global automotive industry [2] Market Position - Chinese NEVs dominate several international markets, with market shares of 89% in Indonesia, 85% in Brazil, 66% in Israel, and 54% in Russia, attributed to a robust and mature supply chain [2] - China's lithium battery production capacity exceeds 60% of the global total, while the production capacity of key battery materials surpasses 85% [2] Future Outlook - Developed regions like the EU aim for 50% NEV sales by 2030, but face a 40% shortfall in local battery production capacity; Southeast Asia is projected to reach a 30% penetration rate for electric vehicles by 2025 due to favorable policies [3] - China is positioned to lead in climate governance and assist developing countries in transitioning to green technologies, exemplified by BYD's electric bus solutions in Latin America [3] Strategic Direction - The strategy of Chinese automotive companies has evolved from relying on foreign investment and trade to becoming leaders in technology standards and ecological output, focusing on "technology output + industry output" for global expansion [4] - In markets with high technical barriers, such as North America and Europe, the focus is on technology output, while in regions with existing industrial bases, such as Southeast Asia, the emphasis is on industry input [4] Challenges and Management - Chinese automotive companies face significant challenges in international markets, including carbon tariffs and compliance with local regulations, necessitating the establishment of effective compliance systems [4] - The core management strategy for electric vehicle companies expanding internationally is a "dual-core driving model," balancing core technology control with local resource allocation to address cross-border operational challenges [4]

Core Viewpoint - 瑞浦兰钧 has been included in the MSCI Global Small Cap Index, which is expected to attract significant global investment and enhance its market liquidity and visibility [1][5]. Group 1: Company Performance - In 2024, 瑞浦兰钧 achieved a revenue of 17.796 billion RMB, representing a year-on-year growth of 29.44% [2]. - The company's lithium battery product sales surged by 124.4% to 43.71 GWh in 2024 [2]. - 瑞浦兰钧 has established strategic partnerships with major companies, including 乐亿通 and 柳工, and secured procurement contracts with state-owned enterprises [2]. Group 2: Technological Advancements - 瑞浦兰钧 has developed a diverse product matrix, including the "问顶" series lithium iron phosphate batteries with an energy density of 185-200 Wh/kg [3]. - The company has introduced a high-nickel battery cell designed for low-altitude flying vehicles, achieving an energy density of 310 Wh/kg [4]. - The latest 392 Ah energy storage cell boasts a cycle life of over 12,000 times and an energy efficiency of 95% [4]. Group 3: Strategic Initiatives - 瑞浦兰钧's dual-drive strategy of "Power + Energy Storage" is pivotal for its growth and innovation [3][6]. - The company has invested in a battery manufacturing base in Indonesia to secure nickel resources and reduce costs [4]. - 瑞浦兰钧 aims to enhance its global competitiveness and market presence through ongoing technological innovation and product upgrades [6].

Core Viewpoint - The CIBF2025 Shenzhen Battery Exhibition showcased RuiPu LanJun's innovative battery products, including the commercial vehicle cell "Sui Xing 324Ah Pro" and the new generation of large-capacity energy storage cells, indicating the company's commitment to advancing battery technology and expanding its market presence [1][21]. Group 1: Product Innovations - RuiPu LanJun launched the "Sui Xing 324Ah Pro" commercial vehicle cell, achieving an energy density of 198Wh/kg and a lifecycle of over 10,000 cycles, with a system capable of two years of operation with zero degradation [3][5]. - The "Sui Xing 324Ah Pro" cell maintains cost stability despite a general increase of over 5% in similar products, providing over 6,300kWh usable energy throughout its lifecycle [5][9]. - The new "Stacking Battery Cluster" design offers a capacity of 680kWh, enhancing energy density by 35% and reducing weight by approximately 600kg, thus improving vehicle stability and operational efficiency [11][13]. Group 2: Safety Features - The "Sui Xing 324Ah Pro" cell incorporates multiple safety designs, including a two-stage explosion-proof valve and high insulation design, ensuring safety under extreme conditions [8][9]. - The "Wen Ding 50Ah" ternary lithium battery for eVTOL applications has passed rigorous safety tests, achieving zero explosion, zero fire, and zero leakage [18]. Group 3: Market Position and Future Outlook - RuiPu LanJun is positioned as a leader in the new energy sector, with plans to expand its product offerings to meet diverse market needs, including eVTOL and energy storage solutions [14][22]. - The company aims to accelerate the global green energy transition, with a projected total production capacity of 74GWh by the end of 2024 [23].

Group 1 - Ruipu Lanjun's PHEV series Wending 54Ah battery cells are the first to pass the new national standard certification for power batteries [1] - The new standard is titled "GB38031-2025 Safety Requirements for Power Storage Batteries for Electric Vehicles" [1] - Ruipu Lanjun becomes one of the first companies in the industry to meet the new standards [1]

Group 1 - The core point of the news is that Ruipu Lanjun Energy Co., Ltd. has obtained a patent for a labeling robot and labeling machine, which integrates a flexible labeling component with a mechanical arm to save space [1] Group 2 - Ruipu Lanjun Energy Co., Ltd. was established in 2017 and is located in Wenzhou, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 2,276.87405 million RMB and a paid-in capital of 1,463.414634 million RMB [2] - Ruipu Lanjun has invested in 10 companies, participated in 98 bidding projects, and holds 84 trademark records and 1,269 patent records [2]

Group 1: Company Performance - 瑞浦兰钧 reported a revenue of 17.79 billion yuan, a year-on-year increase of 29.4%, but still incurred a net loss of 1.16 billion yuan, which is a reduction of approximately 20% compared to the previous year's loss of 1.47 billion yuan [1] - This marks the sixth consecutive year of losses for 瑞浦兰钧, with a cumulative loss amounting to 3.8 billion yuan [1] - In contrast, 中创新航 reported a revenue of 27.75 billion yuan, with a year-on-year growth of 2.8%, and achieved a net profit of 590 million yuan, reflecting a 101% increase [4] Group 2: Market Position and Competitors - In the domestic power battery market, 中创新航 ranked third, while 瑞浦兰钧 and 正力新能 ranked eighth and ninth respectively, with 孚能科技 in twelfth place [6] - In the global energy storage battery market, 中创新航 and 瑞浦兰钧 ranked fifth and sixth respectively [7] - 瑞浦兰钧's battery sales reached 43.7 GWh, a year-on-year increase of 124%, but its gross margin was only 4.1%, significantly lower than 中创新航's 15.9% and 正力新能's 14.6% [7][8] Group 3: Financial Strategies and Cost Management - 瑞浦兰钧's gross margin for its power battery business turned positive last year, increasing from -2.6% to 2.5% [8] - The company implemented various cost-cutting measures, resulting in a 20% reduction in R&D expenses to 770 million yuan, primarily by focusing on high-value projects and reducing new experimental production lines [8] - The company is also expanding its overseas production capacity, with plans to establish a battery factory in Indonesia with an expected annual output of 8 GWh [9][10]

Core Viewpoint - In 2024, the company demonstrated strong resilience amid a challenging environment, achieving significant improvements in both product sales and operational efficiency, which lays a solid foundation for its value reassessment [1][10]. Group 1: Financial Performance - The company's revenue reached 17.796 billion RMB, a year-on-year increase of 29.44%, while net losses narrowed significantly to approximately 1.353 billion RMB [1]. - The strong revenue growth was primarily driven by a robust increase in lithium battery product sales, which surged by 124.4% to 43.71 GWh [2]. Group 2: Product Sales and Market Position - In the automotive market, the company has established deep collaborations with numerous passenger car brands, adding over 20 new models in 2024 [4]. - The company ranked sixth in the industry for lithium iron phosphate battery installation volume, with a market share of 2.97%, an increase of 1.17% year-on-year [4]. - The company achieved fifth place in global energy storage battery shipments and second in household energy storage cell shipments in 2024 [4]. Group 3: Operational Efficiency - The company improved its operational efficiency by optimizing production processes and enhancing raw material utilization, resulting in a sales gross margin increase of 1.6 percentage points year-on-year [5]. - The net cash flow from operating activities grew by approximately 7.7% to 1.157 billion RMB, providing strong support for R&D and market expansion [5]. Group 4: Strategic Planning and R&D - The company has established a "power + storage" dual-drive strategy, focusing on the development, manufacturing, and sales of lithium-ion power and storage batteries [6]. - The company has three R&D centers and employs 1,249 R&D personnel, holding a total of 2,532 patents, including 222 invention patents [7]. - The company launched the "WenDing" series of battery products, achieving energy density improvements to 185-200 Wh/kg, enhancing safety and competitive advantage in the market [7][8]. Group 5: Global Expansion and Supply Chain - The company is constructing a battery manufacturing base in Indonesia, expected to produce 8 GWh of power and storage batteries annually, leveraging local nickel resources to reduce costs [12]. - The global layout helps mitigate geopolitical risks and enhances the company's competitiveness in the global market [12]. Group 6: Market Outlook - The continuous growth of the new energy vehicle and energy storage markets provides the company with vast market opportunities, with global power battery installation expected to exceed 1,000 GWh by 2025 [11]. - The company is well-positioned to achieve further breakthroughs in the new energy vehicle and energy storage battery markets, potentially leading to a reassessment of its investment value [10][12].