Core Viewpoint - 瑞浦兰钧 has signed a supply agreement with Energy Vault to provide 3GWh energy storage systems by 2026, indicating strong growth potential and ongoing collaboration in key markets [1] Group 1: Company Developments - 瑞浦兰钧's stock has increased by over 9%, currently trading at 14.02 HKD with a trading volume of 1.56 billion HKD [1] - The partnership with Energy Vault has been ongoing for several years, with a cumulative supply of over 1.5GWh of energy storage systems delivered across the US, Europe, and Australia [1] Group 2: Market Outlook - 兴业证券's recent report highlights 瑞浦兰钧's strong growth in output, with production capacity being released both domestically and internationally [1] - The company is expected to double its battery shipment volume by the first half of 2025, with significant improvements in profit metrics approaching breakeven [1] - The report maintains a "buy" rating for 瑞浦兰钧, reflecting confidence in the company's future performance and long-term growth potential [1]

Core Viewpoint - Rui Pu Lan Jun (00666) has seen a significant stock price increase, attributed to a new supply agreement with Energy Vault for a 3GWh energy storage system by 2026, enhancing their market presence in Australia, the US, and Europe [1][1]. Company Developments - Rui Pu Lan Jun's stock rose over 9%, currently trading at 14.02 HKD with a transaction volume of 156 million HKD [1]. - The company has a longstanding partnership with Energy Vault, with cumulative supply exceeding 1.5GWh and successful project deliveries across multiple markets [1][1]. Industry Insights - According to a recent report by Industrial Securities, Rui Pu Lan Jun benefits from backing by Qingshan Group, with orderly capacity release both domestically and internationally [1]. - The company is experiencing industry-leading growth in shipment volume, with scale effects becoming increasingly evident [1]. - Projections indicate that battery shipment volume will double in the first half of 2025, with significant improvements in profit metrics nearing breakeven [1]. - The long-term development potential and performance improvement outlook for the company are viewed positively, maintaining an "overweight" rating [1].

Core Viewpoint - The partnership between Ruipu Lanjun Energy and Energy Vault signifies a deepening collaboration in the energy storage market, with a new supply agreement for 3GWh of storage systems set for 2026, enhancing their joint efforts in renewable energy applications and stability of energy systems [1]. Summary by Sections Partnership Agreement - On September 16, 2025, Ruipu Lanjun Energy signed a supply agreement with Energy Vault for 3GWh of energy storage systems to be delivered in 2026 [1]. - The agreement marks an upgrade in their long-term partnership, which has already seen over 1.5GWh supplied in previous collaborations [1]. Market Impact - The collaboration aims to support the large-scale application of renewable energy and enhance the stability of energy systems globally, contributing to the transition towards clean energy [1]. - The partnership will focus on markets in Australia, the United States, and Europe, indicating a strategic expansion in these regions [1].

Core Viewpoint - The partnership between Ruipu Lanjun Energy and Energy Vault signifies a deepening collaboration in the energy storage market, highlighting Ruipu Lanjun's capabilities in product delivery and its role in supporting renewable energy applications and global clean energy transition [1]. Summary by Sections - **Supply Agreement**: On September 16, 2025, Ruipu Lanjun signed a supply agreement with Energy Vault to deliver a 3GWh energy storage system in 2026, expanding their cooperation in Australia, the US, and Europe [1]. - **Historical Collaboration**: The partnership has been ongoing for several years, with a cumulative supply scale exceeding 1.5GWh, and successful project deliveries across multiple markets in the US, Europe, and Australia [1]. - **Market Impact**: The new agreement not only strengthens the long-term relationship between the two companies but also showcases Ruipu Lanjun's product strength and delivery capabilities in the international energy storage market, contributing to the stability of energy systems and the large-scale application of renewable energy [1].

Core Viewpoint - The recent performance of Ruipu Lanjun (00666) shows a significant increase in stock price, driven by strong demand and production growth in the battery industry, particularly in the domestic and export markets [1] Industry Summary - In August, the production of power and other batteries in China reached 139.6 GWh, representing a month-on-month increase of 4.4% and a year-on-year increase of 45% [1] - From January to August, the cumulative production of power and other batteries in China was 970.7 GWh, with a year-on-year growth of 43% [1] - The market share of lithium iron phosphate battery products has shown significant advantages, with notable increases for companies like Ruipu Lanjun, XWANDA, Hive Energy, and Jidian New Energy by the end of Q3 2025 [1] Company Summary - Ruipu Lanjun's production base in Indonesia benefits from advantages in electricity and labor costs, as well as tax incentives, which help mitigate high capital expenditure and shipping costs [1] - The company is expected to see incremental profits from the release of production capacity in Indonesia, with overseas orders commanding a premium [1] - Ruipu Lanjun, backed by Qingshan Group, is experiencing orderly release of domestic and overseas production capacity, with a leading growth rate in shipment volume within the industry [1] - In the first half of 2025, the company's battery shipment volume doubled, and profit indicators have significantly improved, nearing breakeven [1] - The outlook for Ruipu Lanjun's future performance and long-term development potential is positive [1]

Core Viewpoint - The stock of Ruipulan Jun (00666.HK) experienced a significant increase, rising over 5% in the Hong Kong market on September 24, reaching a price of 13.26 HKD with a trading volume of 126 million HKD [2] Group 1 - The stock price increased by 5.24% [2] - The trading volume was reported at 1.26 billion HKD [2]

Core Viewpoint - The recent performance of Ruipu Lanjun (00666) shows a significant increase in stock price, driven by strong growth in the battery industry, particularly in the domestic and export markets for power batteries [1] Industry Summary - In August, China's total production of power and other batteries reached 139.6 GWh, representing a month-on-month increase of 4.4% and a year-on-year increase of 45% [1] - From January to August, the cumulative production of power and other batteries in China was 970.7 GWh, with a year-on-year growth of 43% [1] - The market share of lithium iron phosphate battery products has shown significant advantages, with notable increases for companies such as XINWANDA, Ruipu Lanjun, Hive Energy, and Jidian New Energy as of Q3 2025 [1] Company Summary - Ruipu Lanjun's production base in Indonesia benefits from advantages in electricity and labor costs, as well as tax incentives, which help mitigate the negative impacts of high capital expenditures and shipping costs [1] - The company is expected to see incremental profits from the release of production capacity in Indonesia, with overseas orders commanding a premium [1] - Ruipu Lanjun, backed by the Qingshan Group, is experiencing orderly release of domestic and overseas production capacity, with shipment growth rates leading the industry [1] - In the first half of 2025, the company's battery shipment volume doubled, and profit indicators have significantly improved, nearing breakeven [1] - The outlook for Ruipu Lanjun's future performance and long-term development potential is positive [1]

Core Viewpoint - The global lithium battery industry has faced significant challenges over the past year, including volatile raw material prices and intense price competition, leading to a squeeze on profitability and accelerated industry reshuffling. However, companies like Ruipu Lanjun (00666) have seen their stock prices rise nearly 60% from their lows, indicating a market re-evaluation of their value driven by strong operational improvements and strategic advantages [1]. Financial Performance - In the first half of the year, Ruipu Lanjun achieved revenue of RMB 9.49 billion, a year-on-year increase of 24.9%. The company's gross profit surged by 177.8% to RMB 829 million, with a gross margin rising from 3.9% to 8.7% [2]. - The net loss significantly narrowed by 90.5% from RMB 658 million to RMB 63 million, indicating that the company is close to breakeven [2]. - The explosive growth in sales volume was notable, with 32.4 GWh of lithium battery products sold, a year-on-year increase of 100.2% [2]. Business Segments - The company's growth was driven by both energy storage and power battery segments, with energy storage battery shipments reaching 18.87 GWh (up 119.3%) and power battery shipments at 13.53 GWh (up 78.5%), both exceeding industry averages [2]. - Ruipu Lanjun ranked among the top five globally in energy storage cell shipments and held the number one position in household energy storage cells [2]. Strategic Partnerships - The management detailed stable collaborations with leading domestic and international automotive companies, with several mainstream models expected to launch in the second half of the year [3]. - The company has deepened partnerships with major integrators in the energy storage sector, securing over 20 GWh in procurement agreements, enhancing its market competitiveness [3]. Competitive Advantages - Ruipu Lanjun benefits from a unique competitive edge due to its backing by Qingshan Industry, a global leader in stainless steel and nickel, which provides a stable supply of key raw materials and enhances its bargaining power [5]. - The company focuses on technological innovation, particularly its "Wending Technology," which significantly improves energy density and safety, making its products highly competitive in the energy storage market [5]. Technological Developments - The company has made substantial progress in semi-solid battery technology, with the first generation delivered to a European automaker and the second generation in testing with multiple mainstream car manufacturers [6]. - Ruipu Lanjun has developed specialized cells with energy densities exceeding 310 Wh/kg and has formed strategic partnerships in the recycling sector, positioning itself well in emerging markets [6]. Summary - Ruipu Lanjun's recent strong performance is attributed to improved fundamentals, unique supply chain advantages, and a recovering industry environment. The company is nearing breakeven, supported by its cost advantages and ongoing innovations in technology [7]. - Looking ahead, as the energy storage market stabilizes and global expansion accelerates, Ruipu Lanjun's growth potential is expected to increase, demonstrating its growth potential and long-term value in the renewable energy wave [7].

Core Viewpoint - The global lithium battery industry has faced significant challenges over the past year, including volatile raw material prices and intense price wars, leading to a squeeze on profitability and accelerated industry reshuffling. However, companies like Ruipu Lanjun (00666) have seen their stock prices rise nearly 60% from their lows, indicating a market re-evaluation of their value driven by strong operational improvements and strategic advantages [1]. Financial Performance - Ruipu Lanjun reported a revenue of RMB 9.49 billion in the first half of the year, representing a year-on-year growth of 24.9% [2]. - The company's gross profit surged by 177.8% to RMB 829 million, with the gross margin increasing from 3.9% to 8.7% year-on-year [2]. - The net loss significantly narrowed by 90.5% from RMB 658 million to RMB 63 million, nearing breakeven [2]. - The company sold 32.4 GWh of lithium battery products, marking a year-on-year increase of 100.2% [2]. Business Segments - The growth in sales was driven by both energy storage and power battery segments, with energy storage sales reaching 18.87 GWh (up 119.3%) and power battery sales at 13.53 GWh (up 78.5%), both exceeding industry averages [2]. - Ruipu Lanjun ranked among the top five globally in energy storage cell shipments and held the number one position in household energy storage cells [2]. Strategic Partnerships - The company has established stable collaborations with leading domestic and international automotive manufacturers, with several mainstream models expected to launch in the second half of the year [3]. - In the energy storage sector, Ruipu Lanjun has deepened partnerships with major integrators and signed procurement agreements exceeding 20 GWh, enhancing its market competitiveness [3]. Competitive Advantages - Ruipu Lanjun benefits from a unique competitive edge due to its backing by Qingshan Industry, a global leader in stainless steel and nickel, which provides a stable supply of raw materials and cost advantages [5]. - The company emphasizes technological innovation, particularly through its "Wending Technology," which enhances energy density and safety, making its products highly competitive in the energy storage market [5]. - The company has made significant advancements in semi-solid battery technology, with the first generation already delivered to a European automaker and the second generation in testing phases [6]. Future Outlook - The strong performance of Ruipu Lanjun is attributed to improved fundamentals, unique supply chain advantages, and a recovering industry environment [7]. - The company is approaching breakeven, indicating that its strategic initiatives are beginning to yield results, with further growth potential as the energy storage market stabilizes and global expansion accelerates [7].

9月12日，瑞浦兰钧(00666)于香港举行投资者推介会。公司董事长曹辉、非执行董事项阳阳、执行董事 兼董事会秘书吴艳军、执行董事兼财务总监黄洁华等管理层代表出席会议。 会上，公司董事长曹辉指出，在"双碳"政策推动下，全球新能源汽车与储能市场呈现强劲增长。瑞浦兰 钧上半年锂离子电池总销量同比增长100.2%，其中储能电池出货量增长119.3%，动力电池增长78.5%。 公司在全球储能电芯出货量排名第五，户用储能出货量位列全球第一，国内重卡及换电重卡装机量排名 第二。 曹辉强调，公司以技术创新为核心竞争力，在动力电池领域与多家国内外知名车企建立稳定合作，在储 能领域通过电芯结构创新与安全测试实现市场突破。未来，公司将依托"问顶技术"持续研发下一代储能 电芯，深化产业链协同，保障原材料供应，加速全球化布局，提升品牌影响力，支撑全球高性能电池需 求。 在动力电池方面，区分乘用车与商用车，覆盖纯电与混动场景，电芯能量密度突破200Wh/kg，乘用车 循环寿命超4000周，商用车达6000-8000周。产品序列覆盖54Ah-230Ah，适配A级车至重卡等全场景;电 池系统通过先进热管理技术支持6C以上快充，高压安全性能 ...