金十数据7月31日讯，里昂发表报告指出，宁德时代(03750.HK)香港上市后首份季度业绩表现稳健， 2025年第二季毛利率延续第一季以来的扩张趋势。尽管业绩出色，该行认为其H股上市后上涨62%已反 映过度乐观预期，当前H股相较A股溢价45%难以持续。该行将宁德时代H股评级从高度确信跑赢大市下 调至跑赢大市，目标价从447港元上调至535港元。里昂表示，宁德时代2025年第二季净利润达到165亿 元人民币，按年增长34%，按季增长18%，上半年净利润占市场全年预测的47%。同期营收按年增长 8%，按季增长11%，凸显公司韧性与毛利率防守能力。公司宣布中期股息每股1.007元人民币，派息比 率为15%。强劲的第二季及上半年业绩显示，宁德时代有望实现该行对全年净利润690亿元人民币，按 年增长32%的预测。 里昂：宁德时代次季业绩表现出色 但H股对A股溢价恐难持续 ...

Group 1 - The core viewpoint of the article indicates that CATL's stock has experienced a significant decline, with a drop of nearly 4% and a total decrease of 7.66% in the previous day [1] - CATL reported a revenue of 178.886 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 7.27% [1] - The net profit attributable to shareholders was 30.512 billion RMB, reflecting a year-on-year increase of 33.02% [1] Group 2 - Bank of America noted that CATL's second-quarter revenue was 94 billion RMB, showing a year-on-year growth of 8% and a quarter-on-quarter increase of 11%, which was below expectations [1] - The company's gross profit margin exceeded expectations due to increased overseas sales, appreciation of the euro against the RMB, and more licensing income, leading to a net profit growth of 34% year-on-year and 18% quarter-on-quarter [1] - Goldman Sachs has adjusted CATL's profit forecasts for 2025 to 2027 down by 1%, 5%, and 3% respectively, primarily reflecting a decline in battery unit gross profit expectations [1] Group 3 - Goldman Sachs maintained a "Buy" rating for CATL's A-shares, raising the target price from 323 RMB to 328 RMB, while downgrading the H-shares rating to "Neutral" and increasing the target price from 411 HKD to 436 HKD due to valuation factors [1]

Core Viewpoint - The article discusses the financial performance and operational updates of Contemporary Amperex Technology Co., Limited (CATL) for the first half of 2025, highlighting revenue growth, profit margins, and advancements in energy storage solutions [2][4][6]. Financial Performance - In the first half of 2025, CATL achieved revenue of 178.89 billion yuan, a year-on-year increase of 7.27% [2][4]. - The net profit attributable to shareholders was 30.49 billion yuan, reflecting a growth of 33.33% compared to the previous year [4]. - The net profit excluding non-recurring items was 27.20 billion yuan, up 35.62% year-on-year [4]. - Basic earnings per share reached 6.92 yuan, an increase of 33.08% [4]. Business Segments - Revenue from energy storage battery systems was 28.4 billion yuan, a decline of 1.47%, with a gross margin of 25.52%, up 1.11% [3][5][7]. - Revenue from power battery systems was 1315.72 billion yuan, showing a growth of 16.80%, but with a gross margin of 22.41%, down 1.07% [3][5][7]. International Operations - CATL's overseas sales primarily consisted of battery systems, with foreign revenue amounting to 61.21 billion yuan, accounting for 34.22% of total revenue [8][9]. - The company maintained stable foreign customer payment conditions, with no significant changes in local exchange rates or tariffs [8]. Production Capacity - CATL's battery system production capacity was 345 GWh, with a utilization rate of 89.86% and a production output of 310 GWh [10][12][13]. - The company is actively expanding its production capabilities both domestically and internationally, with ongoing projects in Hungary, Spain, and Indonesia [11][12]. Market Position - As of January to May 2025, CATL held a 38.1% global market share in power battery usage, an increase of 0.6 percentage points year-on-year [15][16]. - CATL ranked first globally in energy storage battery production for the first half of 2025 [15][16]. Strategic Partnerships - CATL has established long-term strategic partnerships with major automotive manufacturers and energy storage system integrators, enhancing its competitive edge in the global market [18][19]. - The company has collaborated with notable clients such as Volkswagen, BMW, and NextEra, among others, to support the development of energy solutions [20]. Recent Developments - On May 20, 2025, CATL successfully listed on the Hong Kong Stock Exchange, raising a total of 41 billion HKD to support its projects and operational needs [20].

Summary of Key Points Core Viewpoint - The announcement details the interim cash dividend declared by Contemporary Amperex Technology Co., Limited (CATL) for the six months ending June 30, 2025, with specific amounts and dates outlined for shareholders [1]. Dividend Information - The type of dividend is an interim (semi-annual) ordinary dividend [1]. - The declared dividend is 10.07 RMB per 10 shares [1]. - The equivalent amount in Hong Kong dollars is 11.04 HKD per 10 shares, based on an exchange rate of 1 RMB to 1.0966 HKD [1]. Important Dates - The shareholder approval date for the dividend is April 8, 2025 [1]. - The ex-dividend date is August 12, 2025 [1]. - The record date for dividend entitlement is August 19, 2025 [1]. - The dividend payment date is September 15, 2025 [1]. Tax Information - Withholding tax rates for different types of shareholders are specified, including a 10% rate for non-resident individuals from countries with tax treaties [1][2]. - For mainland Chinese individual investors, a 20% withholding tax applies when investing through the Stock Connect programs [1][2]. Company Board Information - The board of directors includes several key members, such as Chairman and Executive Director Zeng Yuqun, and other executive and independent directors [2].

Group 1 - Ningde Times (03750.HK) reported a net profit attributable to shareholders of 30.512 billion yuan for the first half of 2025, representing a year-on-year increase of 33.02% [1] - The company's revenue for the same period reached 178.9 billion yuan, showing a year-on-year growth of 7.27% [1] - The basic earnings per share for Ningde Times were 6.92 yuan per share, and the company announced an interim dividend of 10.07 yuan per 10 shares (tax included) [1] Group 2 - In the power battery sector, Ningde Times held a global market share of 38.1% from January to May 2025, an increase of 0.6 percentage points compared to the same period last year [1] - In the energy storage sector, the company ranked first globally in battery production from January to June 2025 [1]

Performance Summary - Ningde Times (03750.HK) reported a revenue of 178.886 billion yuan for the first half of the year, an increase of 7.27% year-on-year, with a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - Hisense Home Appliances (00921.HK) achieved a total operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% year-on-year [2] - New Oriental-S (09901.HK) recorded a net revenue of 4.9 billion USD for the fiscal year 2025, a year-on-year increase of 13.6%, with a net profit of 372 million USD, up 20.1% year-on-year [2] - Weisheng Holdings (03393.HK) reported an operating income of 1.368 billion yuan, a year-on-year increase of 11.88%, and a net profit of 305 million yuan, up 12.24% year-on-year [2] - Yingda Real Estate (00432.HK) had a total revenue of 736 million HKD, a year-on-year growth of 35%, but reported a net loss of approximately 249 million HKD, an increase of 62.75% year-on-year [2] - Saint Bella (02508.HK) announced a profit alert, expecting a net profit of over 320 million yuan, turning from loss to profit year-on-year [2] - Aoneng Construction (01183.HK) issued a profit alert, expecting a net profit increase of over 125% to no less than 18 million MOP year-on-year [2] - Da Cheng Corn Group (03889.HK) issued a profit warning, expecting a net loss of approximately 65 to 85 million HKD, turning from profit to loss year-on-year [2] Company News - Sinopec Oilfield Services (01033.HK) announced that its subsidiary won a natural gas pipeline engineering project with a bid amount of 3.597 billion yuan, accounting for 4.44% of the 2024 revenue [2] - CSPC Pharmaceutical Group (01093.HK) signed an exclusive licensing agreement with MADRIGAL for SYH2086, with potential total payments of up to 2.075 billion USD [2] - China Biopharmaceutical (01177.HK) reported successful external licensing cooperation for LM-299, with a milestone payment of 300 million USD expected to be received soon [2] - Chunquan Industrial Trust (01426.HK) reported an average rental rate of approximately 86% for Huamao Property in the second quarter [2] - Sihuan Pharmaceutical (00460.HK) completed the first patient enrollment in a Phase III clinical trial for the new indication of the innovative drug Annelazole Sodium for gastroesophageal reflux disease [2] - Zhaoke Ophthalmology-B (06622.HK) received orphan drug designation from the FDA for Mephalan for the treatment of retinoblastoma in children [2] - Yunnan Construction Investment Concrete (01847.HK) continues to sign concrete supply contracts for the expansion project of Kunming Changshui International Airport, with a contract amount of approximately 283 million yuan [2] Buyback and Increase Dynamics - Vitasoy International (00345.HK) repurchased 2.122 million shares for approximately 19.6 million HKD at a price range of 9.2 to 9.26 HKD [2] - China Eastern Airlines (00670.HK) spent approximately 7.2536 million HKD to repurchase 2.5 million shares at a price range of 2.89 to 2.92 HKD [2]

（股份代號：3750） 海外監管公告 關於寧德時代新能源科技股份有限公司調整股票期權行權價格和 限制性股票授予價格的法律意見書 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。 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） 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《關於寧德時代 新能源科技股份有限公司調整股票期權行權價格和限制性股票授予價格的法律意 見書》，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 中國•寧德，二零二五年七月三十日 於本公告日期，本公司董事會成員包括執行董事曾毓 ...

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 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。 宁德时代新能源科技股份有限公司 2025 年半年度报告 2025 年 7 月 宁德时代新能源科技股份有限公司 2025 年半年度报告全文 2025年半年度報告 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《寧德時代新能 源科技股份有限公司 ...

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 2025年半年度報告摘要 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2025年半年度報告摘要》，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，二零二五年七月三十日 证券代码：300750 证券简称：宁德时代 公告编号：2025-064 宁德时代新能源科技股份有限公司 2025 年半年度报告摘要 一、重要提示 ...

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 2025年半年度非經營性資金佔用及其他關聯資金往來情況匯總表 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。 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。 宁德时代新能源科技股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：宁德时代新能源科技股份有限公司 单位：人民币千元 1 非经营性资金 占用 资金占用方名称 占用方与上 市公司的关 联关系 上市公司核算的会 计科目 2025 年期初 占用资金余 额 2025 年上半年 度占 ...