Core Viewpoint - Rui Pu Lan Jun (00666) experienced a significant stock price increase of over 5% in early trading, attributed to a strong demand for ESS batteries and record shipment volumes in Q3 2025 [1] Group 1: Company Performance - The company reported a Q3 2025 shipment volume exceeding 23 GWh, marking the highest quarterly shipment record in its history [1] - The monthly shipment volume also reached a record high, surpassing 8 GWh [1] Group 2: Market Analysis - Analysts from Credit Lyonnais believe that Rui Pu Lan Jun is benefiting from the recovery in ESS battery demand [1] - The net profit forecast for the company has been raised to 102 million RMB for this year, with projections for 2026 and 2027 adjusted to 724 million RMB and 1.3 billion RMB, respectively [1]

Core Viewpoint - Rui Pu Lan Jun (00666) has seen a significant increase in stock price, rising over 5% in early trading, attributed to strong quarterly shipment performance and positive profit forecasts from analysts [1] Group 1: Company Performance - Rui Pu Lan Jun reported a record shipment volume of over 23 GWh for Q3 2025, marking the highest quarterly shipment in the company's history [1] - The company achieved a monthly shipment record exceeding 8 GWh, indicating strong demand and operational efficiency [1] Group 2: Analyst Forecasts - Citi has upgraded Rui Pu Lan Jun's net profit forecast for this year to 102 million RMB, reflecting confidence in the company's growth trajectory [1] - The net profit forecasts for 2026 and 2027 have been adjusted to 724 million RMB and 1.3 billion RMB, respectively, highlighting expected continued growth in the energy storage system (ESS) battery market [1]

Core Viewpoint - 瑞浦兰钧 (00666) reported a record high shipment volume of over 23 GWh in Q3 2025, marking the best quarterly performance for the company [1] - The company also achieved a monthly shipment record exceeding 8 GWh, indicating strong demand and operational efficiency [1] Group 1 - The total shipment volume for Q3 2025 surpassed 23 GWh, setting a new quarterly record for the company [1] - The monthly shipment volume reached a peak of over 8 GWh, establishing a new monthly record [1]

Core Viewpoint - The company, 瑞浦兰钧 (00666), reported record-breaking shipment volumes for the third quarter of 2025, exceeding 23 GWh, marking the highest quarterly shipment in the company's history [1] Group 1 - The total shipment volume for the third quarter of 2025 surpassed 23 GWh, setting a new record for the company [1] - The monthly shipment volume also reached a peak of over 8 GWh, establishing the highest monthly shipment record for the company [1]

Shipment Performance - The company reported a record shipment volume of over 23 GWh for Q3 2025, marking the highest quarterly shipment in its history[2] - The highest monthly shipment exceeded 8 GWh, also setting a new record for the company[2] Executive Compensation - The total compensation for executives, including FENG TING, was updated, with FENG TING's total compensation for 2024 amounting to RMB 259,000[7] - The total compensation for directors and key executives for 2024 was RMB 52,353,000, compared to RMB 53,348,000 in 2023, reflecting a decrease of approximately 1.86%[5] - The performance bonus for executives decreased from RMB 3,658,000 in 2023 to RMB 1,498,000 in 2024, a decline of approximately 59%[5] - The company is committed to transparency in its governance practices, as evidenced by the detailed disclosure of executive compensation[5] Annual Report - The company plans to maintain the remaining content of the 2024 annual report unchanged, aside from the disclosed updates[7] - The annual report for 2024 is set to be published on April 17, 2025[3] Strategic Focus - The company continues to focus on enhancing its operational efficiency and market presence through strategic initiatives[8] - The board of directors includes a diverse group of executives and independent directors, ensuring a broad range of insights and governance[9]

Group 1 - The core viewpoint of the report is that 瑞浦兰钧 (00666) is expected to benefit from the recovery in ESS battery demand, leading to an increase in profit forecasts [1] - The net profit forecast for the company has been raised to 102 million RMB for this year [1] - The net profit forecasts for 2026 and 2027 have been adjusted to 724 million RMB and 1.3 billion RMB, respectively [1] Group 2 - The rating for 瑞浦兰钧 has been maintained at "outperform" [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach [1] - The target price has been increased from 14 HKD to 19 HKD, which corresponds to an enterprise value to EBITDA ratio of approximately 12 times for the forecasted year 2027 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Ruipulan Jun (00666) is expected to benefit from the recovery in ESS battery demand, leading to an upward revision of the company's profit forecasts for the coming years [1] Financial Projections - The net profit forecast for Ruipulan Jun for this year has been raised to 102 million RMB [1] - The net profit projections for 2026 and 2027 have been adjusted to 724 million RMB and 1.3 billion RMB, respectively [1] Rating and Valuation - Credit Lyonnais maintains a "Outperform" rating for Ruipulan Jun [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach, with the target price increased from 14 HKD to 19 HKD [1] - The new target price corresponds to an enterprise value to EBITDA ratio of approximately 12 times for the year 2027 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Ruipulan Jun is expected to benefit from the recovery in ESS battery demand, leading to an upward revision of the company's profit forecasts for the coming years [1] Financial Projections - The net profit forecast for Ruipulan Jun for this year has been raised to 102 million [1] - The net profit projections for 2026 and 2027 have been adjusted to 724 million and 1.3 billion respectively [1] Rating and Valuation - Credit Lyonnais maintains a "Outperform" rating for Ruipulan Jun [1] - The valuation method has been changed from discounted cash flow to a sum-of-the-parts approach, with the target price increased from 14 HKD to 19 HKD [1] - This new target price corresponds to an estimated enterprise value to EBITDA ratio of approximately 12 times for 2027 [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 瑞浦蘭鈞能源股份有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00666 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 874,422,124 | RMB | | 1 | RMB | | 874,422,124 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 874,422,124 | RMB | | 1 | RMB | | 874 ...

Group 1 - The research team from the Chinese Academy of Sciences has made a breakthrough in solid-state lithium batteries, addressing key issues such as high interfacial resistance and low ionic conductivity [1] - Solid-state batteries are considered a significant development direction for next-generation energy storage technology due to their high safety and energy density [1] - The new material developed by the research team integrates ionic conductive ethoxy groups and electrochemically active short sulfur chains, achieving interfacial integration at the molecular level [1] Group 2 - The integrated flexible battery based on the new material exhibits excellent bending resistance, capable of withstanding 20,000 cycles of bending [1] - When used as a polymer electrolyte in composite cathodes, the energy density of the composite cathode increases by 86% [1] - The research provides new material design ideas and research paradigms for the development of high-performance and high-safety solid-state batteries [1] Group 3 - CICC reports that solid-state batteries are expected to become the next generation of lithium battery technology, with accelerated industrialization driven by material innovation and process iteration [2] - The solid-state battery supply chain is anticipated to open up mainline investment opportunities, particularly for battery, material, and equipment manufacturers [2] - GF Securities highlights that in 2024, profits in the new energy vehicle supply chain will remain highly concentrated in the battery segment, with leading companies maintaining stable profitability even in downturns [2] Group 4 - Related Hong Kong stocks in the solid-state battery supply chain include CATL, Ganfeng Lithium, Tianqi Lithium, Longpan Technology, Ruipu Lanjun, Zhongchuang Xinhang, BYD, GAC Group, and Shuangdeng Co [3]