Core Viewpoint - Zhengli New Energy (03677) has reported significant profitability in its first year of listing, demonstrating its competitive strength in the market [1] Financial Performance - The company expects a net profit of approximately RMB 680 million to 820 million in 2025, representing a growth of about 647.25% to 801.10% compared to last year's net profit of RMB 91 million [1] Market Demand and Sales Growth - The primary reason for the performance change is attributed to strong market demand, which has led to a substantial increase in the sales and revenue of the company's battery products [1] Investment and Technology - The steady increase in investment income from joint ventures and the implementation of AI-driven closed-loop algorithm technology have improved product yield and capacity utilization, showcasing the company's scale effects [1] Cost Management - The company has optimized its cost control measures, resulting in an increase in gross margin, while the period expense ratio has significantly decreased year-on-year [1]

Core Viewpoint - Zhengli New Energy (3677.HK) anticipates a significant increase in net profit for the fiscal year ending December 31, 2025, projecting a range of approximately RMB 680 million to 820 million, representing a growth of about 647.25% to 801.10% compared to the previous year's net profit of RMB 91 million [1] Group 1 - The primary reasons for the expected performance change include strong market demand, leading to substantial growth in battery product sales and revenue, as well as steady increases in investment income from joint ventures [1] - The company has enhanced product yield and capacity utilization through AI-driven closed-loop algorithm technology, with scale effects gradually becoming apparent [1] - Cost control measures have been optimized, resulting in an increase in gross margin, while the period expense ratio has significantly decreased year-on-year [1]

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，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Jiangsu Zenergy Battery Technologies Group Co., Ltd. 江蘇正力新能電池技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3677） 內幕消息 正面盈利預告 根據目前可得的資料，董事會認為報告期業績變動的主要原因是： 1 (i) 市場需求景氣，帶動本公司電池產品銷量與收入大幅增長，合營企業投資收 益穩步提升； (ii) 公司通過人工智能驅動的閉環算法技術，提升產品優率和產能利用率，規模 效應逐漸顯現；通過不斷優化成本管控措施，毛利率進一步提高；及 (iii) 本公司落實精細化費用管控，期間費用率同比有較大的下降。 截至本公告日期，本公司仍在編製及落實本集團截至2025年12月31日止年度的年 度業績。本公告所載資料僅由本公司管理層根據本集團報告期內的未經審核管理 賬目作出的初步評估，未經本公司核數師審閱或審核或董事會審計委員會審閱。 ...

兴业证券指出，正力新能经过一系列并购重组和自主发展，扩充产能、完善产品矩阵；现以乘用车动力 锂电池业务为核心，并布局陆海空全场景、多化学体系技术及产品。据中国汽车动力电池产业创新联 盟，2025年公司国内新能源乘用车动力电池装机量同比+62%至15.67GWh，市占率同比+0.57pcts至 2.58%，位列国内第7。 消息面上，近日，中国汽车动力电池产业创新联盟发布2026年1月动力电池月度信息。2026年1月，国内 动力电池装车量42.0GWh，环比下降57.2%，同比增长8.4%。其中三元电池装车量9.4GWh，占总装车量 22.3%，环比下降48.6%，同比增长9.6%；磷酸铁锂电池装车量32.7GWh，占总装车量77.7%，环比下降 59.1%，同比增长8.1%。 正力新能(03677)涨超5%，截至发稿，涨4.67%，报9.19港元，成交额1518.56万港元。 ...

消息面上，近日，中国汽车动力电池产业创新联盟发布2026年1月动力电池月度信息。2026年1月，国内 动力电池装车量42.0GWh，环比下降57.2%，同比增长8.4%。其中三元电池装车量9.4GWh，占总装车量 22.3%，环比下降48.6%，同比增长9.6%；磷酸铁锂电池装车量32.7GWh，占总装车量77.7%，环比下降 59.1%，同比增长8.1%。 兴业证券指出，正力新能经过一系列并购重组和自主发展，扩充产能、完善产品矩阵；现以乘用车动力 锂电池业务为核心，并布局陆海空全场景、多化学体系技术及产品。据中国汽车动力电池产业创新联 盟，2025年公司国内新能源乘用车动力电池装机量同比+62%至15.67GWh，市占率同比+0.57pcts至 2.58%，位列国内第7。 智通财经APP获悉，正力新能(03677)涨超5%，截至发稿，涨4.67%，报9.19港元，成交额1518.56万港 元。 ...

Market Performance - The Hong Kong stock market showed a positive sentiment today, with all three major indices rising collectively. The Hang Seng Index increased by 2.53% to close at 27,081.91 points, the Hang Seng Tech Index rose by 3.34% to 5,385.35 points, and the China Enterprises Index gained 2.65% to finish at 9,197.38 points [2] - During the Spring Festival period, the Hang Seng Index accumulated a nearly 2% increase over three trading days [3] Sector Performance - In terms of sector performance, gold, non-ferrous metals, lithium batteries, and computing hardware concepts saw significant gains, while tourism, film, and paper stocks declined [3] - Notable stocks in the computing hardware sector included Changfei Optical Fiber, which surged over 14%, InnoCare, which rose by over 10%, and SMIC, which increased by approximately 5% [3] Gold Stocks - Gold stocks experienced a boost due to geopolitical risks, with Tongguan Gold rising by 12.58%, Chifeng Gold increasing by 7.96%, and Zijin Gold International gaining 6.82% [5] - The price of gold has surged, with spot and futures prices rising significantly, and gold prices have surpassed $5,100 [6] Lithium Battery Sector - The lithium battery sector received positive outlooks from institutions, with Ruipu Lanjun rising by 15.42%, Zhongchuang Innovation rising by 7.35%, and Zhengli New Energy increasing by 4.52% [7] - Reports from major investment research institutions highlighted a strong demand for lithium driven by the electric vehicle market and global energy storage needs, leading to an upward revision of expectations for key Chinese lithium companies [7] Individual Stock Movements - Zhihui experienced a significant decline of 22.76% following an apology letter regarding a revision of its GLM Coding Plan [8] - Zhejiang Shibao saw a rise of nearly 20% amid speculation in the autonomous driving sector, following Tesla's announcement of the first Cybercab rolling off the production line [8]

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: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江蘇正力新能電池技術股份有限公司 呈交日期: 2026年2月5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) | 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 | ...

Investment Rating - The report maintains a BUY rating for Zenergy, with a target price of HK$18.00, indicating a potential upside of 103.4% from the current price of HK$8.85 [3][6]. Core Insights - Zenergy's FY25E net profit forecast has been revised up by 4% to RMB591 million due to a better product mix and expected revenue growth from GAC Toyota, which is anticipated to become the largest revenue contributor [1][6]. - The FY26E net profit forecast has also been increased by 4% to RMB1.36 billion, driven by improved client mix and potential battery price hikes [1][6]. - The company is expected to achieve solid earnings visibility in the second half of FY25, with a projected operating profit of RMB302 million and a net profit of RMB370 million for that period [6][7]. Financial Summary - Revenue projections for FY25E are set at RMB8.2 billion, reflecting a year-on-year growth of 59.8%, while FY26E revenue is expected to reach RMB14.6 billion, a growth of 77.6% [2][10]. - Gross margin is projected to improve from 18.0% in FY25E to 18.5% in FY26E, supported by a better product mix and higher average selling prices [2][8]. - The company is expected to achieve a net profit of RMB1.88 billion by FY27E, with a corresponding EPS of 72.27 RMB cents [2][10]. Earnings Revision - The revenue forecast for FY25E has been increased by 6.9% to RMB8.2 billion, while FY26E revenue has been revised up by 8% to RMB14.6 billion [8][9]. - The net profit estimates for FY25E and FY26E have been adjusted upwards by 3.8% and 3.9% respectively, reflecting the positive outlook for the company's performance [8][9]. Market Performance - Zenergy's market capitalization stands at HK$22.61 billion, with an average turnover of HK$20.2 million over the past three months [4]. - The stock has shown a 7.0% increase over the past month, although it has declined by 13.2% over the past six months [5].

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]