30 Jan 2026 CMB International Global Markets | Equity Research | Company Update Zenergy (3677 HK) Zenergy (3677 HK) - Higher Higher earnings visibility amid better client hike mix, possible battery price hike Maintain BUY. We revise up Zenergy's FY25E net profit forecast by 4% to RMB591mn with better product mix than we had expected. Such trend would continue in FY26E to benefit Zenergy's revenue and gross margin. We expect GAC Toyota to surpass Leapmotor (9863 HK, BUY) to be Zenergy's largest revenue contr ...

Group 1 - The core viewpoint of the news is that lithium battery stocks in Hong Kong have seen significant increases, driven by changes in export tax policies for battery products [1] - On January 8, the Ministry of Finance and the State Taxation Administration announced a reduction in the export VAT refund rate for battery products from 9% to 6%, effective from April 1 to December 31, with a complete cancellation planned for January 1, 2027 [1] - Industry insiders suggest that the reduction in export VAT refund rates may significantly boost the inventory enthusiasm of downstream lithium battery companies, further impacting the already tight carbonate lithium market [1] Group 2 - Specific stock performances include Ganfeng Lithium rising over 8%, Hongqiao Group increasing by 6.25%, Tianqi Lithium up nearly 6%, and Zhongchuang Innovation rising nearly 3% for six consecutive days [2] - Other notable companies experiencing stock price increases include CATL, Tianneng Power, BYD, and Zhengli New Energy, all showing positive growth [1][2] - The General Administration of Customs indicated that exports in the green energy sector, including lithium batteries, are expected to grow by 26.2% and wind turbine exports by 48.7% by 2025 [1]

Group 1 - The core viewpoint of the news is that lithium battery stocks in Hong Kong are experiencing significant gains, driven by changes in export tax policies for battery products [1] - Ganfeng Lithium has led the rise with an increase of over 8%, followed by Hongqiao Group with a 6.25% increase, and Tianqi Lithium with a nearly 6% rise [2] - The Ministry of Finance and the State Taxation Administration announced a reduction in the export VAT rebate rate for battery products from 9% to 6%, effective from April 1 to December 31, with a complete cancellation planned for January 1, 2027 [1] Group 2 - Industry insiders suggest that the reduction in export VAT rebate rates may significantly boost the inventory enthusiasm of downstream lithium battery companies, further impacting the already "tight balance" in the lithium carbonate market [1] - The Deputy Director of the General Administration of Customs, Wang Jun, stated that exports of lithium batteries and wind turbine generators are expected to grow by 26.2% and 48.7% respectively by 2025 [1]

Group 1 - The core viewpoint of the news is the significant rise in Hong Kong lithium battery stocks following the announcement of changes to export tax policies for photovoltaic and battery products by the Ministry of Finance and the State Taxation Administration of China [1] - The export tax rebate for battery products will be phased down starting from April 2026, with the rate decreasing from 9% to 6%, and the complete cancellation of the rebate set for 2027 [1] - Market reactions indicate a strong expectation for short-term demand acceleration and increased downstream production, leading to a surge in lithium carbonate futures prices, which hit a new high of over 170,000 yuan/ton [1] Group 2 - Notable stock performances include: - Zhongchuang Innovation rising approximately 8.68% to 29.560 yuan - Ganfeng Lithium increasing nearly 6.76% to 63.150 yuan - Hongqiao Group up about 5.75% to 0.460 yuan - Tianqi Lithium gaining over 4.81% to 57.700 yuan - BYD shares rising by 3.97% to 99.500 yuan - Contemporary Amperex Technology (CATL) increasing by 1.94% to 494.600 yuan [2]

Group 1 - The core viewpoint of the news is that Hong Kong lithium battery stocks have significantly surged, driven by a new export tax policy announcement from the Ministry of Finance and the State Taxation Administration [1] - The export tax rate for battery products will be phased down starting in April 2026, decreasing from 9% to 6%, and will be completely eliminated by 2027 [1] - Market reactions indicate a strong expectation for short-term demand increase and downstream production ramp-up, despite unchanged long-term demand logic for new energy and energy storage [1] Group 2 - Notable stock performances include: - China Innovation Aviation up approximately 9% to 29.560 [2] - Ganfeng Lithium up nearly 7% to 63.150 [2] - Hongqiao Group up nearly 6% to 0.460 [2] - Tianqi Lithium up over 5% to 57.700 [2] - BYD Company up 3.97% to 99.500 [2] - Contemporary Amperex Technology up 1.94% to 494.600 [2] - Lithium carbonate futures have hit the daily limit for two consecutive days, with the main contract on the Shanghai Futures Exchange surpassing 170,000 yuan per ton, marking a new high since October 2023 [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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 03677 | 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 | | | 1,485,293,739 | RMB | | 1 RMB | | 1,485,293,739 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,485,293,739 | RMB | | 1 RMB | | 1,485,293,739 | | 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) | ...

Core Viewpoint - The company is experiencing rapid development driven by its "Land-Sea-Air Interconnection" strategy, achieving significant growth in revenue and profitability while expanding its product offerings in power, energy storage, and aviation battery sectors [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 3.17 billion yuan, representing a year-on-year increase of 71.9%, with a net profit of 220 million yuan, marking a successful turnaround to profitability [1] - The gross profit margin improved to 18%, indicating enhanced scale effects and profitability resilience [1] Group 2: Market Dynamics - The demand for electric batteries is being driven by the high growth in the downstream new energy vehicle and energy storage markets, with new energy vehicle sales reaching 11.2 million units in the first three quarters of 2025, achieving a penetration rate of 46% [1] - The global energy storage battery shipment is expected to grow from 530 GWh in 2025 to 1343 GWh by 2028, becoming a new engine for lithium battery demand [1] Group 3: Competitive Positioning - The company has established deep partnerships with key clients such as Leap Motor and SAIC, significantly enhancing order visibility [2] - The total production capacity is projected to reach 35.5 GWh in 2025 and 50.5 GWh by 2027, laying a solid foundation for continued output growth [2] - The company is expected to strengthen its cost advantages and technological premium through lean manufacturing capabilities and diversified customer structures [2] Group 4: Future Outlook - The company is positioned to benefit from the increasing demand in both the power and energy storage sectors, with expectations of significant profit growth as production scales up [3] - Forecasted net profits for the company are 540 million yuan, 1.21 billion yuan, and 1.84 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36, 16, and 11 times [3]

Core Viewpoint - The report from Shenwan Hongyuan highlights the growing adoption of new energy passenger vehicles in the lithium battery downstream sector and the explosive growth phase for energy storage due to the parity of solar and storage technologies. The company Zhengli New Energy (03677) is positioned to benefit significantly from this trend through its lean manufacturing and value creation strategies [1]. Group 1: Company Performance and Strategy - Zhengli New Energy has entered a rapid development phase characterized by technological accumulation, capacity expansion, and customer acquisition since its establishment in 2019. The company has implemented a "land-sea-air interconnection" strategy, covering power, storage, and aviation battery sectors, and has achieved aviation-grade power battery certification and mass production [1]. - In the first half of 2025, the company's revenue reached 3.17 billion yuan, a year-on-year increase of 71.9%, with a net profit of 220 million yuan, marking a successful turnaround from losses. The gross profit margin improved to 18%, indicating enhanced profitability and scale effects [1]. Group 2: Market Dynamics and Growth Potential - The downstream markets for new energy vehicles and energy storage are experiencing sustained high demand, with 11.2 million new energy vehicles sold in the first three quarters of 2025, achieving a penetration rate of 46%. The electrification of commercial vehicles and increased battery capacity per vehicle are further driving demand for power batteries [2]. - The global energy storage battery shipment is expected to grow from 530 GWh in 2025 to 1,343 GWh by 2028, becoming a new engine for lithium battery demand. The lithium battery industry is entering a supply-demand improvement cycle, characterized by a competitive landscape where leading companies dominate while others also progress [2]. Group 3: Competitive Advantages and Future Outlook - Zhengli New Energy has established deep partnerships with key clients such as Leap Motor and SAIC, significantly enhancing order visibility. The company's production capacity is projected to reach 35.5 GWh in 2025 and 50.5 GWh by 2027, laying a solid foundation for continued output growth [2]. - The company's lean manufacturing capabilities and differentiated product offerings across various technological routes are expected to enhance its product premium. In the first half of 2025, the company shipped 7.6 GWh of power batteries, with scale effects driving continuous optimization of unit costs. As high-end products ramp up and production utilization increases, the company is likely to strengthen its cost advantages and technical premium, unlocking further profit growth [2].

Group 1 - The core viewpoint of the report highlights the growing adoption of new energy passenger vehicles in the lithium battery downstream sector and the explosive growth in the energy storage sector due to the parity of solar and storage construction [1] - The company, Zhengli New Energy, is positioned as a leader in the lithium battery industry, benefiting from its lean manufacturing and expanding market share [1] - The company is expected to achieve net profits of 540 million, 1.21 billion, and 1.84 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding PE ratios of 36, 16, and 11 times based on the closing price on December 24 [1] Group 2 - The company has adopted a strategic focus on "land, sea, and air interconnection," driving high-quality growth through multi-dimensional layout [2] - Since its establishment in 2019, the company has entered a rapid development phase characterized by technological accumulation, capacity expansion, and customer development, achieving a revenue of 3.17 billion yuan in the first half of 2025, a year-on-year increase of 71.9% [2] - The company has successfully turned a profit with a net profit of 220 million yuan and a gross margin increase to 18%, indicating enhanced profitability and scale effects [2] Group 3 - The dual drivers of energy storage and electric vehicles are leading to a high level of market activity, with domestic new energy vehicle sales reaching 11.2 million units and a penetration rate of 46% in the first three quarters of 2025 [3] - The global energy storage battery shipment is expected to grow from 530 GWh in 2025 to 1,343 GWh in 2028, becoming a new engine for lithium battery demand [3] - The company is expected to enhance its market share and profitability due to the recovery of the industry and its technological advantages [3] Group 4 - The company has established deep partnerships with key clients such as Leap Motor and SAIC, significantly improving order visibility [3] - The company's production capacity is projected to reach 35.5 GWh in 2025 and 50.5 GWh in 2027, laying a solid foundation for continued output growth [3] - The company's lean manufacturing capabilities and differentiated product offerings are expected to enhance its cost advantages and technical premium, continuously releasing profit growth potential [3]

Core Viewpoint - The report from Shenwan Hongyuan highlights the growing adoption of new energy passenger vehicles in the lithium battery downstream sector and the explosive growth period for energy storage due to the parity of solar and storage systems. The company Zhengli New Energy (03677) is positioned to benefit significantly from its lean manufacturing and increasing market share in both the power and energy storage sectors [1]. Group 1: Company Performance - Zhengli New Energy is expanding its customer base and new vehicle models in the power sector, with energy storage cell shipments expected to ramp up soon, leading to scale effects [1]. - The company reported a revenue of 3.17 billion yuan in the first half of 2025, a year-on-year increase of 71.9%, and achieved a net profit of 220 million yuan, marking a turnaround from losses, with a gross margin of 18% [2]. - The company is projected to achieve net profits of 540 million yuan, 1.21 billion yuan, and 1.84 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 36, 16, and 11 times based on the closing price on December 24 [1]. Group 2: Industry Trends - The demand for lithium batteries is expected to grow significantly, driven by the continuous high demand in the new energy vehicle and energy storage markets, with new energy vehicle sales reaching 11.2 million units and a penetration rate of 46% in the first three quarters of 2025 [3]. - The global energy storage battery shipment is projected to increase from 530 GWh in 2025 to 1,343 GWh by 2028, becoming a new engine for lithium battery demand [3]. - The lithium battery industry is entering a supply-demand improvement cycle, characterized by a competitive landscape where leading companies dominate while diverse players also contribute [3]. Group 3: Technological and Operational Advantages - The company has established deep partnerships with key clients such as Leap Motor and SAIC, significantly enhancing order visibility [3]. - With a planned production capacity of 35.5 GWh in 2025 and an expected increase to 50.5 GWh by 2027, the company is well-positioned for sustained shipment growth [3]. - The company's lean manufacturing capabilities and differentiated product offerings across various technological routes are expected to enhance its product premium and cost advantages, driving continuous profit growth [3].