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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 中國國際金融股份有限公司關於寧德時代新能源科技股份有限公司 股東向特定機構投資者詢價轉讓股份的核查報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo.com.cn )所發佈之《中國國際金融 股份有限公司關於寧德時代新能源科技股份有限公司股東向特定機構投資者詢價 轉讓股份的核查報告》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 中國•寧德，二零二五年十一月二十四日 | 出让方名称 ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 中國•寧德，二零二五年十一月二十四日 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘健先生、李平 先生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝博士、 林小雄先生及趙蓓博士。 证券代码：300750 证券简称：宁德时代 公告编号：2025-090 宁德时代新能源科技股份有限公司 海外監管公告 股東詢價轉讓結果報告書暨持股5%以上股東權益變動 觸及5%整數倍的提示性公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn /）及巨潮資訊網( www.cninfo ...

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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 中國•寧德，二零二五年十一月二十四日 Contemporary Amperex Technology Co., Limited 寧德時代新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3750） 海外監管公告 簡式權益變動報告書 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列寧德時代新能源科技股份有限公司（「本公司」）於深圳證券交易所網站 （ http://www.szse.cn/ ）及巨潮資訊網( www.cninfo.com.cn )所發佈之《寧德時代新能 源科技股份有限公司簡式權益變動報告書》，僅供參閱。 承董事會命 寧德時代新能源科技股份有限公司 董事長、執行董事兼總經理 曾毓群先生 於本公告日期，本公司董事會成員包括執行董事曾毓群先生、潘健先生、李平先 生、周佳先生、歐陽楚英博士及趙豐剛先生；及獨立非執行董事吳育輝博士、 林小雄先生 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 270.27% and Hongye Futures (03678) at 269.94% [1][2] - Zhejiang Shibao (01057) and Fudan Zhangjiang (01349) also show high premium rates of 263.16% and 250.00% respectively [2] Group 2: Bottom AH Premium Rates - The lowest premium rates are observed in CATL (03750) at -4.68%, China Merchants Bank (03968) at -1.05%, and Heng Rui Medicine (01276) at 4.32% [1][2] - Other companies like WuXi AppTec (02359) and Midea Group (00300) also show modest premium rates of 5.49% and 5.97% respectively [2] Group 3: Top AH Deviation Values - Guanghe Tong (00638) has the highest deviation value at 32.28%, followed by Beijing Jingcheng Machinery Electric (00187) at 21.40% and Fudan Zhangjiang (01349) at 17.42% [1][3] - Nanjing Panda Electronics (00553) also shows a significant deviation value of 17.34% [3] Group 4: Bottom AH Deviation Values - The lowest deviation values are recorded for Zhongwei New Materials (02579) at -23.92%, Longpan Technology (02465) at -15.25%, and Anhui Wanshan Expressway (00995) at -12.36% [1][3] - Other companies like Ganfeng Lithium (01772) and China Life (02628) also show negative deviation values of -11.85% and -9.94% respectively [3]

Core Viewpoint - After the end of the IPO lock-up period for CATL (03750.HK), the stock price adjusted by 9% over the past two days, with the HA premium narrowing to 15% [1] Valuation and Growth - Based on a price-to-earnings ratio of 22 times and 18 times for the fiscal years 2026 and 2027, CATL's H-share valuation appears more attractive compared to its projected 31% compound annual growth rate in earnings from 2025 to 2027 [1] - The target price for CATL's H-shares is maintained at HKD 685, with the rating upgraded from "Outperform" to "Highly Confident Outperform" [1]

Core Insights - On November 21, shareholders of CATL (03750) transferred shares from Goldman Sachs (Asia) Securities to Citibank, with a market value of HKD 29.05 billion, accounting for 3.86% of the company [1] Group 1: Shareholder Activity - Nearly 50% of CATL's H-share IPO lock-up shares were released on November 20, with approximately 77.5 million shares facing potential sell-off [1] - Huang Shilin, a co-founder and the third-largest shareholder of CATL, plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The initial inquiry transfer price is set at HKD 376.12 per share, potentially allowing Huang Shilin to cash out HKD 17.163 billion [1] Group 2: Market Implications - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the release of lock-up shares may exert pressure on the stock price due to CATL's current share price being 107% higher than the IPO price and a 23% premium of H-shares over A-shares, which is rare in dual-listed shares [1]

Core Insights - The top three companies with the highest short positions as of November 14 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and ZTE Corporation (00763) with short ratios of 17.68%, 16.49%, and 16.03% respectively [1][2] - The companies with the largest absolute increase in short positions include GCL-Poly Energy (03800), Dongfang Electric (01072), and Hansoh Pharmaceutical (01276), with increases of 1.99%, 1.54%, and 1.35% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), ZTE Corporation (00763), and Samsonite (01910), with decreases of -2.53%, -1.02%, and -0.95% respectively [1][2] Top 10 Short Positions - The top 10 companies with the highest short ratios include Vanke Enterprises (02202) at 17.68%, COSCO Shipping Holdings (01919) at 16.49%, and ZTE Corporation (00763) at 16.03% [2] - Other notable companies in the top 10 include Heng Rui Pharmaceutical (01276) at 15.64% and Ping An Insurance (02318) at 13.66% [2] Changes in Short Positions - The companies with the largest increases in short ratios include GCL-Poly Energy (03800) from 6.87% to 8.86%, Dongfang Electric (01072) from 8.67% to 10.21%, and Heng Rui Pharmaceutical (01276) from 14.30% to 15.64% [2] - Conversely, the companies with the largest decreases in short ratios include Ganfeng Lithium (01772) from 11.32% to 8.79%, ZTE Corporation (00763) from 17.05% to 16.03%, and Samsonite (01910) from 6.67% to 5.72% [2][3]

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with a premium rate of 918.87%, followed by Sinopec Oilfield Service (01033) at 304.05% and Hongye Futures (03678) at 298.14% [1] - The top three stocks with the highest deviation values are Northeast Electric (72.50%), Beijing Jingcheng Machinery Electric (00187) (65.68%), and Sinopec Oilfield Service (51.01%) [1] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include CATL (03750) at 0.74%, China Merchants Bank (03968) at 0.92%, and Midea Group (00300) at 6.26% [1] - The bottom three stocks with the lowest deviation values are China Eastern Airlines (00670) (-6.33%), Jiangsu Ninghu Expressway (00177) (-6.04%), and Anhui Wanan Expressway (00995) (-5.20%) [1] Group 3: Additional Insights on Premium and Deviation - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the significant differences in market valuation between H-shares and A-shares [1][2] - The premium rates and deviation values are calculated based on the current rates compared to the average rates over the past 30 days, indicating potential investment opportunities or risks [2]

Core Viewpoint - CATL's stock has dropped over 4%, currently trading at 463.6 HKD, with a trading volume of 2.109 billion HKD, amid concerns over the unlocking of nearly 50% of its H-share IPO locked shares [1] Group 1: Stock Performance - CATL's stock price has decreased by 4.02% as of the latest report [1] - The current trading price represents a 107% premium over the IPO price, and a 23% premium compared to its A-share price, which is unusual for dual-listed shares [1] Group 2: Share Unlocking and Potential Selling Pressure - Approximately 77.5 million shares are facing potential sell-off due to the unlocking of H-share IPO locked shares starting November 20 [1] - Morgan Stanley indicated that some strategic investors, such as Sinopec, are unlikely to sell their shares, but the unlocking will still exert pressure on the stock price [1] Group 3: Major Shareholder Activity - Major shareholder Huang Shilin plans to transfer 45.6324 million shares through an inquiry-based transfer, representing 1% of the total share capital as of November 13, 2025 [1] - The preliminary inquiry transfer price is set at 376.12 HKD per share, which would allow Huang Shilin to cash out approximately 17.163 billion HKD [1] - Huang Shilin is a co-founder of CATL and currently holds 10.21% of the company's shares, making him the third-largest shareholder [1]

Core Viewpoint - The recent stock price decline of CATL (Contemporary Amperex Technology Co., Limited) is primarily driven by the significant share reduction by co-founder Huang Shilin, which has raised concerns in the market despite the company's overall strong market position and future growth potential in the energy storage sector [3][4][11]. Group 1: Share Reduction Impact - On November 20, CATL's stock dropped over 6% as approximately half of the shares held by cornerstone investors were unlocked, involving around 77.5 million shares [3]. - Huang Shilin announced plans to reduce his stake by approximately 45.6 million shares, representing 1% of the total share capital, valued at about 18.4 billion yuan based on the closing price on that day [4][11]. - The share transfer was conducted through an inquiry-based method, which is typically used in the STAR Market and GEM, aimed at minimizing direct market impact [4][10]. Group 2: Market Reactions and Institutional Interest - The inquiry transfer received 55 valid bids, with institutional investors showing strong interest, subscribing over 3.2 times the offered shares at a price of 376.12 yuan per share, resulting in Huang Shilin cashing out approximately 17.163 billion yuan [6][10]. - Despite the structured transfer, CATL's stock still experienced a decline, with a total market value loss of 84 billion yuan in A-shares and over 250 billion HKD in H-shares over two days [11][12]. Group 3: Company Performance and Strategic Direction - CATL's revenue growth has been sluggish, with a year-on-year increase of only 9.28% in the first three quarters, contrasting sharply with competitors like Zhongxin Innovation and Yiwei Lithium Energy, which saw growth rates of 49.89% and 32.17%, respectively [30]. - The company's market share in the power battery sector has been declining, dropping from 52.1% in 2021 to 41.7% in the first three quarters of this year [31]. - CATL is increasingly focusing on its energy storage business, which is projected to account for 27.6% of revenue in 2024, surpassing the power battery segment for the first time [26][27]. Group 4: Future Growth Strategies - CATL is investing in the battery swapping business as a strategic direction, with plans to establish 1,000 battery swap stations by the end of this year and a long-term goal of 30,000 stations [31]. - The company is also expanding its manufacturing capabilities, with new plants in Hungary, Spain, and Indonesia set to begin operations soon [28].