| 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 | | | 934,422,124 | RMB | | 1 | RMB | | 934,422,124 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 934,422,124 | RMB | | 1 | RMB | | 934,422,124 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | - | ...

Core Viewpoint - The company, Ruipu Lanjun, anticipates a net profit of approximately RMB 6.30 billion to RMB 7.30 billion for the fiscal year ending December 31, 2025, following a net loss of about RMB 13.53 billion for the year ending December 31, 2024, indicating a turnaround to profitability [1][3]. Financial Performance - In 2024, Ruipu Lanjun achieved a revenue of RMB 177.96 billion, representing a year-on-year growth of 29.44%, despite a net loss of RMB 13.53 billion [1][3]. - For the first half of 2025, the company reported a revenue of RMB 94.91 billion, reflecting a year-on-year increase of 24.9%, with a net loss of RMB 65.32 million [4]. Product Shipment and Revenue Breakdown - The total shipment of power and energy storage batteries reached 32.4 GWh, marking a year-on-year growth of 97.6%. This includes a power battery installation volume of 13.53 GWh (up 78.5%) and energy storage battery shipments of 18.87 GWh (up 119.3%) [2][4]. - Revenue from energy storage batteries was RMB 50.83 billion, a year-on-year increase of 58.4%, accounting for 53.6% of total revenue, making it the largest source of income for the company [2][4]. Market Position - Ruipu Lanjun ranked fifth globally in energy storage cell shipments in 2024, second in the household storage segment, third in the installation volume of new energy heavy trucks in China, and sixth in domestic shipments of lithium iron phosphate power cells [1][3].

Core Viewpoint - Ruipu Lanjun has announced a profit forecast, expecting a net profit between approximately RMB 630 million to RMB 730 million by December 31, 2025, after a net loss of approximately RMB 1.353 billion for the year ending December 31, 2024, indicating a turnaround in performance driven by increased sales of power and energy storage battery products, improved capacity utilization, and cost reduction measures [1][3] Group 1: Financial Performance - The company reported a revenue of RMB 9.491 billion for the first half of 2025, representing a year-on-year growth of 24.9%, with a significant reduction in net loss by over 90% compared to the previous year [3] - The forecasted net profit for 2025 marks a significant recovery from the previous year's losses, showcasing the company's confidence in its operational improvements and market strategies [1][3] Group 2: Strategic Adjustments - Under the leadership of President Feng Ting, who took office in November 2024, the company has implemented strategic adjustments, resource integration, and internal reforms, contributing to its improved financial performance [3] - The company has shifted its strategic focus from "technology exploration" to a "customer demand-driven" approach, ensuring that technological advancements align closely with market needs [8] Group 3: Technological Advancements - The core technology platform "WenDing®" has successfully transitioned from laboratory to market, enhancing internal space utilization by 3%-5% and reducing direct current resistance (DCR) by 16% [8][9] - The company has developed several industry-leading products based on this technology, including a 392Ah energy storage cell with an energy efficiency of 95%-96.4% and a 588Ah ultra-large capacity cell achieving 96.6% efficiency in specific charging scenarios [9] Group 4: Global Expansion Strategy - Ruipu Lanjun is shifting its global strategy from simple product exports to "industrial chain export" and deep localization, exemplified by its investment in a battery factory in Indonesia with an initial planned capacity of 8GWh [11] - The company has signed strategic cooperation agreements with local firms in Indonesia and South Korea, significantly increasing its overseas revenue by 153.4% year-on-year to RMB 2.663 billion in 2024 [11] Group 5: Future Outlook - The company is positioning itself as a comprehensive energy solutions provider, aiming to integrate deeply into local green energy infrastructure in Southeast Asia, the Middle East, and Europe [15] - Ruipu Lanjun's global narrative is evolving from "going out" to "going in" and "integrating in," with a focus on sustainable innovation and maintaining its technological edge in the global energy revolution [15]

Group 1 - SF Express (09699) expects a profit of no less than RMB 238 million for the year ending December 31, 2025, representing an increase of at least 80% compared to 2024. Adjusted net profit is projected to be no less than RMB 376 million, a growth of at least 158%, with revenue expected to reach no less than RMB 22 billion, a 40% increase from 2024 [1] - Fuhong Hanlin (02696) shares rose nearly 5% following a successful offline researcher meeting in San Francisco regarding its international multi-center Phase III clinical study for HLX22, a new anti-HER2 monoclonal antibody [1] - Xpeng Motors (09868) saw a decline of over 2.2% as it reported January vehicle deliveries of 20,011 units, a year-on-year decrease of 34.07% and a month-on-month decrease of 46.65% [1] Group 2 - Engineering machinery stocks continued to rise, with Zoomlion (01157) up 7.47% and Sany International (00631) up 3.57%. The total import and export trade of engineering machinery in China for 2025 is projected to be USD 62.743 billion, a year-on-year increase of 13.2% [2] - Ruipu Lanjun (00666) shares increased over 5% after announcing its first profit forecast since listing, expecting a net profit of RMB 630 million to RMB 730 million for the year ending December 31, 2025 [2] - Pony.ai (02026) shares rose over 2.5% following a partnership with Aitbot to build a fully autonomous driving service fleet [2] Group 3 - MINIMAX-WP (00100) shares surged over 12.7% after the release of the MiniMax Music 2.5 audio model, which achieved breakthroughs in "paragraph-level strong control" and "physical-level high fidelity" [3] - China International Marine Containers (02039) shares rose over 12% after discussing its data center business and container manufacturing performance in an investor relations activity [3] Group 4 - WanGuo Gold Group (03939) shares increased over 6.8% after announcing an expected profit of approximately RMB 1.4 billion to RMB 1.5 billion for 2025, a year-on-year increase of about 143% to 161% due to rising sales volume and prices of gold products [4] - Junda Co., Ltd. (02865) shares rose over 13% after completing a placement agreement [4] Group 5 - Carnival Cruise Line (CCL.US) shares rose 8.09% as U.S. House Speaker Mike Johnson expressed confidence in gaining Republican support to end the government shutdown [5] - Major tech stocks like AMD (AMD.US) and Intel (INTC.US) saw gains, with AMD up 4.03% and Intel up 5.04%, following unexpected expansion in U.S. manufacturing activity [5] - The storage sector strengthened, with SanDisk (SNDK.US) up 15.44% as demand for AI and data centers continues to drive price increases in DRAM and NAND Flash products [6] Group 6 - Disney (DIS.US) shares fell 7.4% despite reporting a 5% year-on-year revenue increase to USD 26 billion for Q1 2026, exceeding analyst expectations [7] - Coterra Energy (CTRA.US) shares dropped 3.6% following Devon Energy's announcement of a significant acquisition deal [6] - Oracle (ORCL.US) shares declined 2.75% as the company plans to raise USD 45 billion to USD 50 billion for expanding its cloud infrastructure [8]

Core Viewpoint - RuiPu LanJun (00666) has released its first profit warning since listing, projecting a net profit of RMB 630 million to RMB 730 million for the fiscal year ending December 31, 2025, marking a successful turnaround to profitability [1][5]. Group 1: Financial Performance - The expected profit increase is driven by two main factors: a continuous rise in the shipment volume of power and energy storage battery products, which effectively boosts revenue, and improvements in capacity utilization along with cost reduction measures that significantly enhance gross margins [1][5]. Group 2: Industry Outlook - According to CMB International, the energy storage industry is expected to maintain high prosperity in 2026, benefiting from the accelerated global energy transition [1][5]. - RuiPu LanJun is strategically positioned in the household storage sector, with its shipment volume ranking among the industry leaders [1][5]. Group 3: Capacity Expansion - The company has a clear capacity expansion plan, targeting a production capacity of 90 GWh by 2025, with expectations to expand to approximately 120 GWh in 2026 and 150 GWh in 2027, which is anticipated to continuously release scale effects [1][5]. Group 4: Product Strategy - RuiPu LanJun is shifting its focus from solely selling battery cells or modules to promoting direct current system integration products, which is expected to structurally enhance the gross margin of the overall energy storage segment [1][5].

Core Viewpoint - 瑞浦兰钧 has released its first profit warning since its listing, projecting a net profit of RMB 630 million to RMB 730 million for the fiscal year ending December 31, 2025, marking a successful turnaround to profitability [1] Company Summary - The increase in profitability is attributed to two main factors: a continuous rise in the shipment volume of power and energy storage battery products, which has effectively driven revenue growth, and improvements in capacity utilization and cost reduction measures that have significantly enhanced gross margins [1] - 瑞浦兰钧 is strategically positioned in the household energy storage sector, ranking among the top in industry shipment volumes, benefiting from the accelerated global energy transition [1] - The company has a clear capacity expansion plan, targeting 90 GWh by 2025 and expanding to approximately 120 GWh and 150 GWh in 2026 and 2027, respectively, which is expected to continuously release scale effects [1] - The product strategy has evolved beyond just selling individual cells or modules, with a strong push towards promoting direct current system integration products, which is anticipated to structurally enhance the gross margin of the overall energy storage segment [1] Industry Summary - The energy storage industry is expected to maintain a high level of prosperity through 2026, driven by the global energy transition [1]

Group 1 - The core viewpoint of the article highlights that compared to automakers, power battery suppliers are potentially more profitable, as evidenced by the financial forecasts of companies like Ruipu Lanjun and Guoxuan High-Tech [2][3]. - Ruipu Lanjun expects a net profit of approximately 630 million to 730 million yuan in 2025, a significant turnaround from a net loss of 1.353 billion yuan in 2024, driven by increased product shipments and improved capacity utilization [2]. - Guoxuan High-Tech anticipates a net profit of 2.5 billion to 3 billion yuan in 2025, representing a year-on-year growth of 107.16% to 148.59% [3]. Group 2 - The profitability of leading power battery companies like CATL is highlighted, with projected net profits of 44.121 billion yuan, 50.745 billion yuan, and 49 billion yuan for 2023, 2024, and the first three quarters of 2025, respectively [3]. - In contrast, leading electric vehicle manufacturer BYD's net profits for the same periods are significantly lower, at 30.041 billion yuan, 40.254 billion yuan, and 23.333 billion yuan [3]. - The automotive industry's sales profit margin is projected to be only 4.1% in 2025, down from 4.3% at the end of 2024, indicating ongoing profitability challenges due to factors like price wars and rising raw material costs [4].

Major Events - Singularity Guofeng (01280) sold all shares of China Silver Ray (Hong Kong) Investment Holdings Limited at zero cost [1] - ZTE Corporation (00763) plans to invest 117 million yuan to subscribe to Jianxing Zhanlu Fund shares [1] - Cloud Factory (02512) subsidiary won the bid for the second phase of the artificial intelligence industry base project [1] - CSPC Pharmaceutical Group (01093) received drug registration approval for Chlorpheniramine Lactate Injection [1] - Derin Holdings (01709) reported a Bitcoin balance of 84.555 BTC as of January 31 [1] - Baiguoyuan Group (02411) diluted its stake in Baiguoyuan Commercial Management to 51.02%, with core management investing to enhance new business layout [1] Operating Performance - XPeng Motors-W (09868) delivered 20,011 new vehicles in January [1] - Ruipulan Jun (00666) issued a profit warning, expecting a net profit of approximately 630 million to 730 million yuan in 2025, turning from loss to profit [1] - China Merchants Jinling (00978) projected a total contract sales amount of approximately 32.308 billion yuan in 2025, a year-on-year decrease of 23.91% [1] - China National Building Material (03323) issued a profit warning, expecting a shareholder loss of approximately 2.3 billion to 4 billion yuan in 2025, turning from profit to loss [1]

来源：华夏能源网 编辑 | 夏夏 华夏能源网（公众号hxny3060）获悉，2月2日，瑞浦兰钧(HK：00666)发布公告，预期公司2025年度录 得净利润约人民币6.30亿—7.30亿元。 瑞浦兰钧2023年在港交所上市，上市后业绩持续亏损，2024年净亏损13.53亿元。2025年是其上市以来 的首次盈利。 对于业绩变化，瑞浦兰钧表示，主要是因为动力及储能电池产品出货量持续增加，带动收入持续增长。 同时，公司产能利用率提升与降本增效措施也带动毛利显著提升。 华夏能源网注意到，2025年以来，瑞浦兰钧的电池产品出货大幅增长。 2025年上半年，瑞浦兰钧锂电池产品共出货32.4GWh，较2024年同比增长100.2%，实现翻倍增长；其中 储能电池上半年出货18.87GWh，同比增长119.3%。 到第三季度，瑞浦兰钧出货量继续保持快速增长，Q3出货量超23GWh，创下单季度出货量最好纪录， 其中单月最高出货量更是突破8GWh。 公开资料显示，瑞浦兰钧成立于2017年，是世界500强企业青山实业在新能源领域布局的首家企业。公 司专注锂离子电池的研发、生产与销售，为新能源汽车动力及智慧储能提供解决方案。 官网资料 ...

Group 1 - The core viewpoint is that battery suppliers are becoming more profitable than automakers in the automotive industry, with significant profit forecasts for companies like Ruipu Lanjun and Guoxuan High-Tech [2] - Ruipu Lanjun expects a net profit of approximately 630 million to 730 million yuan in 2025, recovering from a net loss of 1.353 billion yuan in 2024, driven by increased sales volume and improved capacity utilization [2] - Guoxuan High-Tech anticipates a net profit of 2.5 billion to 3 billion yuan in 2025, representing a year-on-year growth of 107.16% to 148.59% [2] Group 2 - The profitability of the battery industry has improved significantly compared to automakers, with CATL's net profits for 2023, 2024, and the first three quarters of 2025 being 44.121 billion, 50.745 billion, and 49 billion yuan respectively [2] - BYD's net profits during the same period are 30.041 billion, 40.254 billion, and 23.333 billion yuan, highlighting a clear disparity in profitability between battery suppliers and automakers [2] - In the automotive industry, the sales profit margin is projected to be only 4.1% in 2025, down from 4.3% at the end of 2024, with a significant drop to 1.8% in December 2025, indicating ongoing pressure on profitability [3]