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。 本公告僅供說明，不構成收購、購買或認購本公司證券的任何邀請或要約。 本公告及其任何副本不得直接或間接在美國，或在發佈或分發本公告可能構成違法的任何其他 司法管轄區發佈或分發。 本公告不構成或組成在美國購買或認購證券的任何要約或招攬。本公告所述的證券並未且不會 根據1933年美國證券法（「美國證券法」）進行登記，且不得在美國境內發售或出售，除非已根據 美國證券法進行登記，或獲得對美國證券法登記規定的豁免，或在不受美國證券法登記規定約 束的交易中進行。本公司無意根據美國證券法登記本公告所述的任何證券，也無意在美國進行 證券的公開發售。 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） 董事會欣然宣佈，於2025年10月17日（交易時段前），本公司與獨家配售代理訂 立配售協議，據 ...

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 公司名稱: 江蘇正力新能電池技術股份有限公司 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) | 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 | | | 1,439,372,739 | RMB | | 1 RMB | | 1,439,372,739 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,439,372,739 | RMB | | 1 RMB | | 1,439,372,739 | 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： RM ...

Group 1 - The core viewpoint of the article highlights that Zhengli New Energy (3677.HK) experienced a significant stock price increase of approximately 6%, reaching HKD 11.92, with a total market capitalization of HKD 29.8 billion [1] - According to the report by CMB International, the battery industry in China is expected to see strong growth by 2025, driven by increased demand for power batteries and rapid growth in the energy storage sector due to energy transition [1] - CMB International has initiated coverage on Zhengli New Energy with a "Buy" rating and a target price of HKD 18, citing the company's low historical burden, high operational efficiency, and optimized customer structure as key drivers for sales and profit growth [1] Group 2 - Despite CATL and BYD holding approximately 70% of the Chinese power battery market, Zhengli New Energy's current market share of 2% indicates significant room for growth [1] - Zhengli New Energy has been included in the Hong Kong Stock Connect program, effective from September 8, which is expected to attract mainland capital, enhancing liquidity and valuation levels [1]

Core Viewpoint - Zhengli New Energy (3677.HK) is experiencing a significant stock price increase, attributed to a strong growth outlook in the Chinese battery industry by 2025, driven by rising demand for power batteries and the rapid growth of energy storage batteries [1] Company Summary - Zhengli New Energy's stock opened high today, rising approximately 6% to HKD 11.92, with a total market capitalization of HKD 29.8 billion [1] - The company has a light historical burden, high operational efficiency, and an optimized customer structure, which are driving both sales and profit growth [1] - The company has been given a "Buy" rating by CMB International, with a target price set at HKD 18 [1] Industry Summary - The Chinese battery industry is expected to see a strong upward trend in 2025, with power batteries continuing to grow due to market demand, while energy storage batteries are emerging as the fastest-growing segment due to global energy transition [1] - Currently, CATL and BYD hold approximately 70% of the Chinese power battery market, while Zhengli New Energy has about 2% market share, indicating significant growth potential even with a stable industry landscape [1] - Zhengli New Energy has been included in the Hong Kong Stock Connect, effective from September 8, 2025, which is expected to attract more mainland capital, enhancing liquidity and valuation levels [1]

Core Viewpoint - Zhengli New Energy (03677) has seen a significant stock price increase, attributed to its inclusion in the Hong Kong Stock Connect program, which is expected to enhance shareholder base and trading liquidity [1] Group 1: Stock Performance - Zhengli New Energy's stock surged over 14% during trading, with a current increase of 5.67%, reaching HKD 11.92, and a trading volume of HKD 213 million [1] Group 2: Market Position and Strategy - The company has been added to the Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect eligible securities list effective from September 8, which is anticipated to improve its market reputation and brand awareness [1] - According to a report by CMB International, Zhengli New Energy benefits from a lighter historical burden compared to many peers, and its management's strategy of standardizing cells and platforming battery packs enhances manufacturing efficiency, forming a core competitive advantage [1] Group 3: Financial Performance - Zhengli New Energy has achieved profitability in the last two reporting periods despite a high customer concentration, with industry-leading gross margins attributed to high capacity utilization, advanced manufacturing lines, and excellent management capabilities [1] - The company is expected to maintain scale effects and high capacity utilization at least until the end of 2026, with an anticipated improvement in customer structure further enhancing profit margins [1] - GAC Toyota is projected to become Zhengli's second-largest customer this year, and foreign brands are expected to contribute approximately half of Zhengli's revenue by 2027, driven by partnerships with major automotive manufacturers [1]

Core Viewpoint - Zhengli New Energy (03677) has seen a significant stock price increase, attributed to its inclusion in the Hong Kong Stock Connect program, which is expected to enhance shareholder base and trading liquidity [1][1]. Group 1: Stock Performance - The stock price of Zhengli New Energy surged over 14% during trading, with a current increase of 5.67%, reaching HKD 11.92, and a trading volume of HKD 213 million [1][1]. Group 2: Market Position and Strategy - The company has been added to the Hong Kong and Shenzhen Stock Connect eligible securities list effective from September 8, which is anticipated to improve its market reputation and brand awareness [1][1]. - According to a report by CMB International, Zhengli New Energy benefits from a lighter historical burden compared to many peers, and its management's strategy of standardizing cells and platforming battery packs enhances manufacturing efficiency, forming a core competitive advantage [1][1]. Group 3: Financial Performance - Zhengli New Energy has achieved profitability in the last two reporting periods despite a high customer concentration, with industry-leading gross margins attributed to high capacity utilization, advanced manufacturing lines, and excellent management capabilities [1][1]. - The company is expected to maintain scale effects and high capacity utilization at least until the end of 2026, with an anticipated improvement in customer structure further enhancing profit margins [1][1]. - GAC Toyota is projected to become Zhengli's second-largest customer this year, and foreign brands are expected to contribute approximately half of Zhengli's revenue by 2027, particularly through partnerships with Volkswagen for extended-range models [1][1].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue rising from 1,844.8 million RMB in 2024 to 3,172.0 million RMB, a growth of 71.9% [2][3] - Net profit improved from a loss of 130.0 million RMB in the previous year to a profit of 220.4 million RMB, indicating a strong recovery in profitability [2][3] - The gross margin increased from 9.9% to 17.9%, and the net profit margin shifted from -7% to 6.9%, reflecting enhanced operational efficiency [2][3] Revenue and Profitability - Revenue for the first half of 2025 reached 3,172.0 million RMB, up 71.9% from 1,844.8 million RMB in the same period of 2024 [3] - Gross profit surged by 210.5% to 568.7 million RMB, compared to 183.1 million RMB in the previous year [3] - The company achieved a net profit of 220.4 million RMB, a significant turnaround from a loss of 130.0 million RMB [3] Business Segments - The sales revenue from the power battery segment reached 2,985.0 million RMB, with a shipment volume of 7.63 GWh, both showing over 80% year-on-year growth [2][5] - The company has established deep partnerships with leading automotive manufacturers, including FAW Hongqi and GAC Trumpchi, and is actively involved in innovative electric platform development [5] - The energy storage business has benefited from strong overseas demand, with the 104Ah standardized cell becoming a leading product in global home energy storage [5] Technological Advancements - The company has made significant progress in advanced battery technologies, achieving an energy density of 400 Wh/kg for lithium metal batteries, and is steadily advancing in semi-solid and solid-state battery development [6] - The second-generation "three highs and one fast" aviation power battery has entered mass production, making the company the first in the industry to deliver batteries for fixed-wing manned aircraft [5] - Ongoing investments in R&D are aimed at maintaining a competitive edge in the battery industry, with plans to enhance production capacity by 10 GWh by the end of 2025 and an additional 15 GWh by the end of 2026, reaching a total capacity of 50.5 GWh [6]

Financial Performance - For the six months ended June 30, 2025, the company's revenue increased by 71.9% to RMB 3,172.0 million from RMB 1,844.8 million for the same period in 2024[9]. - The net profit for the same period turned from a loss of RMB 130.0 million in 2024 to a profit of RMB 220.4 million in 2025, representing an increase of RMB 350.4 million[9]. - Gross profit margin improved significantly to 17.9% in 2025 from 9.9% in 2024, reflecting a gross profit increase of 210.5%[10]. - Revenue increased by 71.9% from RMB 1,844.8 million for the six months ended June 30, 2024, to RMB 3,172.0 million for the six months ended June 30, 2025, driven by a significant increase in power battery shipments[36]. - Power battery sales generated revenue of RMB 2,985.3 million, accounting for 94.1% of total revenue, up 81.9% from RMB 1,641.0 million in the previous period[37]. - The gross profit increased to RMB 568.7 million for the six months ended June 30, 2025, compared to RMB 183.1 million in the previous period[34]. - The net profit for the six months ended June 30, 2025, was RMB 220.4 million, a significant turnaround from a loss of RMB 130.0 million in the previous period[34]. - The company reported a profit before tax of RMB 213,480 thousand for the six months ended June 30, 2025, compared to a loss of RMB (136,524) thousand in the same period of 2024, representing a turnaround[100]. - The company recorded a profit attributable to equity holders of RMB 220,425,000 for the first half of 2025, a turnaround from a loss of RMB (130,034,000) in the same period of 2024[122]. Market and Sales Growth - The global electric vehicle sales reached 9.1 million units in the first half of 2025, a year-on-year increase of 28%, with China accounting for over half of the sales[11]. - In China, the production and sales of new energy vehicles reached 6.968 million and 6.937 million units respectively, with year-on-year growth of 41.4% and 40.3%[11]. - The cumulative sales of power batteries in China reached 485.5 GWh in the first half of 2025, a year-on-year increase of 51.6%[11]. - The company ranked 7th in the installation volume of new energy passenger vehicles in China for the first half of 2025, with a monthly ranking of 6th in June[20]. - The company has established a strong partnership with major automotive clients, including FAW Hongqi, GAC Trumpchi, and Volkswagen, enhancing its supply share in core vehicle models[20]. Product Development and Innovation - The company has achieved significant progress in its aviation battery business, obtaining airworthiness certification for its RX1E electric aircraft battery, with plans for large-scale production this year[22]. - The company’s lithium metal battery has achieved an energy density of 400 Wh/kg, while its second-generation semi-solid battery has been successfully mass-produced in the aviation sector[25]. - The company’s sodium-ion battery system has surpassed an energy density of 170 Wh/kg, indicating advancements in its new chemical system technology platform[25]. - The second-generation "three highs and one fast" aviation battery has an energy density exceeding 320 Wh/kg and supports 15-minute fast charging, with mass production already delivered[26]. - The company is focusing on advanced materials research, particularly for fast-charging systems and high-nickel materials, to enhance battery performance[32]. Financial Position and Investments - Cash and cash equivalents amounted to RMB 2,548.7 million as of June 30, 2025, up from RMB 2,199.1 million as of December 31, 2024[53]. - Capital expenditures for the six months ended June 30, 2025, were approximately RMB 1,598.4 million, primarily related to the purchase of properties, plants, and equipment[59]. - The group's capital commitments amounted to RMB 1,862.2 million, related to properties, plants, and equipment[60]. - The group's asset-liability ratio decreased from 62.2% as of December 31, 2024, to 59.2% as of June 30, 2025[56]. - The total equity increased to RMB 7,038,381 thousand as of June 30, 2025, up from RMB 5,897,122 thousand at the end of 2024, indicating a growth of about 19%[95]. Corporate Governance and Compliance - The company has adopted the corporate governance code as its own, aiming to enhance internal control measures and ensure compliance with applicable laws and regulations[68]. - The board believes that the company has complied with the applicable code provisions of the corporate governance code from the listing date to June 30, 2025[69]. - The company has established a management system for securities trading by directors, supervisors, and senior management, ensuring compliance with the relevant regulations[70]. Employee and Shareholder Information - The total number of full-time employees as of June 30, 2025, is 5,224, with most working in China[81]. - Total employee compensation for the first half of 2025 is approximately RMB 388.5 million, compared to RMB 312.3 million in the first half of 2024, representing a year-over-year increase of about 24.4%[81]. - The company has a significant ownership structure, with major shareholders including Zhengli Investment holding 30.16% of unlisted shares and 9.60% of H shares[76]. - The total number of unlisted shares is 1,069,127,364, while the total number of issued H shares is 1,439,372,739[80]. Future Outlook and Plans - The company plans to increase production capacity from the current 25.5 GWh to a total of 50.5 GWh by the end of 2026, with an additional 10 GWh planned for Q4 2025 and 15 GWh by the end of 2026[29]. - The company plans to allocate about 10% of the raised funds (HKD 92.8 million) for various R&D activities, including the development of new battery technologies[90]. - The company has not disclosed any additional responsibilities under the listing rules beyond what is reported in the interim report[83].

Core Viewpoint - 招银国际 initiates coverage on 正力新能 (3677.HK) with a "Buy" rating and a target price of HKD 18, highlighting its low historical burden, high operational efficiency, and optimized customer structure driving both sales and profit growth [1][2] Group 1: Growth Potential - The company has significant growth potential due to a low base, with Frost & Sullivan forecasting a 29% compound annual growth rate (CAGR) for China's electric vehicle battery installation from 2024 to 2029 [1] - 正力 currently holds approximately 2% market share in China's power battery market, indicating substantial room for growth even with the current market dynamics dominated by 宁德时代 and 比亚迪, which together account for about 70% of the market [1][2] Group 2: Customer Structure and Profitability - The customer structure is continuously improving, with the top five customers accounting for over 80% of revenue, yet the company has achieved profitability in the last two reporting periods and maintains industry-leading gross margins (17.2% in 2H24 and 17.9% in 1H25) [2] - The expected contribution from foreign brands, particularly with 广汽丰田 becoming the second-largest customer and the partnership with 大众 for extended-range models, is projected to account for about half of 正力's revenue by 2027 [2] Group 3: Financial Forecast and Valuation - Revenue growth forecasts for 正力 from 2025 to 2027 are 50%, 76%, and 48% year-on-year, with gross margins reaching 18.2%, 18.9%, and 19.0% respectively, leading to net profits of RMB 569 million, RMB 1.307 billion, and RMB 1.880 billion [2] - The company’s historical burden is lighter than most peers, and its strategy of standardizing battery cells and platform-based battery packs enhances manufacturing efficiency, forming a core competitive advantage [2]

Group 1 - The core point of the article is that Zhengli New Energy (03677) has seen its stock price increase by over 5%, currently at HKD 11.55, with a trading volume of HKD 141 million [1] - The company has been included in the Hong Kong Stock Connect program, effective from September 8, which is expected to enhance its shareholder base and improve stock liquidity [1] - The board believes that this inclusion will further enhance the company's reputation and brand awareness in the capital market [1] Group 2 - On August 18, Zhengli New Energy signed a strategic cooperation agreement with Zero Gravity Aircraft Industry for the aviation energy system [1] - The cooperation involves the supply of aviation batteries for the RX1E series electric fixed-wing aircraft, which has received airworthiness certification from the Civil Aviation Administration of China [1] - This partnership marks the beginning of mass delivery for the RX1E series, the only commercially viable electric light sport aircraft in China, indicating a shift towards accelerated production [1]