Summary of Contemporary Amperex Technology Co. Ltd. Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Ltd. (CATL) - **Ticker**: 300750.SZ, 3750.HK - **Market Cap**: Rmb1,870,985 million - **Current Share Price**: Rmb409.89 (as of October 9, 2025) - **Price Target**: Rmb490.00 - **52-Week Range**: Rmb424.36 - Rmb209.11 - **Shares Outstanding**: 4,387 million - **Average Daily Trading Value**: Rmb7,385 million Industry Context - **Industry**: China Energy & Chemicals - **Sector**: Battery manufacturing and technology Key Takeaways - **Export Controls**: New regulations from the Ministry of Commerce require permits for exporting batteries with energy density greater than 300Wh/kg. However, CATL's current technology is below this threshold, indicating minimal impact on operations. The company is expected to secure necessary permits for global expansion [5][6][8] - **Regulatory Intent**: The new export controls are perceived as protective measures for China's technological advancements in the battery supply chain rather than restrictions on global market access [5][6] - **Valuation Methodology**: The valuation is based on an EV/EBITDA multiple of 17x for 2026E EBITDA, which translates to a P/E ratio of 25x and a PEG ratio of 1x, reflecting a 25% five-year earnings CAGR [6] Risks and Opportunities - **Upside Risks**: - Faster-than-expected penetration of electric vehicles (EVs) and energy storage systems (ESS) - Lower geopolitical risks - Better-than-expected profit margins - Increased market share [8] - **Downside Risks**: - Slower EV penetration and ESS application - Competition from other battery manufacturers - Geopolitical tensions affecting the battery supply chain [8] Analyst Ratings - **Stock Rating**: Overweight - **Industry View**: In-Line - **Analyst**: Jack Lu from Morgan Stanley [2][22] Additional Insights - **Market Position**: CATL is positioned as a top pick within the industry, indicating strong confidence in its growth potential despite regulatory challenges [2][5] - **Investment Banking Relationship**: Morgan Stanley has a history of providing investment banking services to CATL, which may influence research objectivity [15][17] This summary encapsulates the essential points from the conference call regarding CATL's market position, regulatory environment, and investment outlook.

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 關於回購公司A股股份的進展公告 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.com.cn )所發布之《寧德時代新能 源科技股份有限公司關於回購公司A股股份的進展公告》，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，二零二五年十月十日 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 ...

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

Core Insights - The article highlights the top and bottom AH share premium rates as of October 10, with Northeast Electric (00042) leading at a premium rate of 757.14% and Ningde Times (03750) at the bottom with -9.58% [1][2][3] Summary by Category Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 757.14% with a deviation value of -57.47% - Zhejiang Shibao (01057) follows with a premium rate of 233.74% and a deviation value of 17.26% - Andeli Juice (02218) ranks third with a premium rate of 229.63% and a deviation value of 0.36% [1][2] Bottom AH Share Premium Rates - Ningde Times (03750) has a premium rate of -9.58% with a deviation value of 3.87% - Heng Rui Pharmaceutical (01276) has a premium rate of -1.10% with a deviation value of 1.03% - China Merchants Bank (03968) ranks third from the bottom with a premium rate of 4.00% and a deviation value of -1.87% [1][3] Top AH Share Deviation Values - Changfei Optical Fiber (06869) leads with a deviation value of 29.31% and a premium rate of 160.79% - Zhejiang Shibao (01057) has a deviation value of 17.26% with a premium rate of 233.74% - SMIC (00981) ranks third with a deviation value of 16.66% and a premium rate of 125.88% [1][4] Bottom AH Share Deviation Values - Northeast Electric (00042) has the lowest deviation value at -57.47% despite its high premium rate - Shanghai Electric (02727) follows with a deviation value of -19.08% and a premium rate of 155.47% - Qin Port Co. (03369) ranks third with a deviation value of -12.84% and a premium rate of 47.55% [1][6]

Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]

Core Viewpoint - Lithium stocks have collectively declined, with significant drops observed in major companies such as Ganfeng Lithium, Tianqi Lithium, and CATL, indicating a bearish sentiment in the lithium market due to supply-demand dynamics [1] Industry Summary - Recent market conditions show intense competition between lithium supply and demand, with a notable increase in lithium carbonate production, surpassing 20,000 tons per week, reaching historical highs [1] - The production of spodumene lithium has approached 13,000 tons, compensating for previous production losses from Qinghai salt lake and Jiangxia mine shutdowns [1] - Compared to 2024, the current weekly production has increased by 7,796 tons, reflecting a 61.29% rise from last year's average [1] Company Summary - Ganfeng Lithium (01772) has seen a decline of 7.7%, trading at HKD 47.12, while Tianqi Lithium (09696) dropped 6.83% to HKD 45.28, and CATL (03750) fell 6.24% to HKD 548.5, indicating a negative market reaction [1] - The structural change in inventory, with upstream destocking and downstream proactive restocking, suggests a positive growth in actual demand [1] - The upcoming resumption of production at Jiangxia mine is expected to increase supply pressure, with supply growth anticipated to outpace demand growth in the fourth quarter, leading to continued downward pressure on lithium carbonate prices [1]

Core Viewpoint - Lithium stocks have collectively declined, with significant drops observed in major companies such as Ganfeng Lithium, Tianqi Lithium, and CATL, amid intense supply-demand dynamics in the lithium market [1] Industry Summary - Recent market conditions indicate a fierce competition between lithium supply and demand, with a notable increase in lithium carbonate production, surpassing 20,000 tons per week, reaching historical highs [1] - The production of spodumene lithium has approached 13,000 tons, compensating for previous production losses from Qinghai salt lakes and other sources [1] - Compared to 2024, the current weekly production has increased by 7,796 tons, representing a 61.29% rise from last year's average [1] Company Summary - Major lithium companies such as Ganfeng Lithium (down 7.7% to HKD 47.12), Tianqi Lithium (down 6.83% to HKD 45.28), and CATL (down 6.24% to HKD 548.5) have experienced significant stock price declines [1] - The structural change in inventory, with upstream destocking and downstream proactive restocking, reflects a positive growth in actual demand [1] - The upcoming resumption of production at the Jiangxia mine is expected to increase supply pressure, with supply growth anticipated to outpace demand growth in the fourth quarter, leading to continued downward pressure on lithium carbonate prices, projected to fluctuate around RMB 70,000 to 75,000 per ton [1]

摩根士丹利则表示，将宁德时代A股目标价由425元人民币升至490元人民币，重申"增持"评级；H股目 标价由465港元升至585港元，评级由"增持"降至"与大市同步"，并将首选标的由H股转为A股。该行预 期未来五年内地储能行业将由低质量转向高质量发展，预计宁德时代在国内储能行业的市占率将由现时 约10%，于未来三年内提升至超过50%。 宁德时代(03750)再跌超6%，截至发稿，跌5.81%，报551港元，成交额6.22亿港元。 消息面上，摩根大通此前将宁德时代港股评级由"增持"下调至"中性"，称当前估值较为合理；同时将目 标价上调13%至600港元。分析师在报告中写道，持有已发行港股近50%的基石投资者的禁售期将于11 月19日届满，或将带来一定抛压并形成技术性价格上方压力。新的目标价基于对2026年盈利预测给予30 倍市盈率。 ...

消息面上，摩根大通此前将宁德时代港股评级由"增持"下调至"中性"，称当前估值较为合理；同时将目 标价上调13%至600港元。分析师在报告中写道，持有已发行港股近50%的基石投资者的禁售期将于11 月19日届满，或将带来一定抛压并形成技术性价格上方压力。新的目标价基于对2026年盈利预测给予30 倍市盈率。 摩根士丹利则表示，将宁德时代A股目标价由425元人民币升至490元人民币，重申"增持"评级；H股目 标价由465港元升至585港元，评级由"增持"降至"与大市同步"，并将首选标的由H股转为A股。该行预 期未来五年内地储能行业将由低质量转向高质量发展，预计宁德时代在国内储能行业的市占率将由现时 约10%，于未来三年内提升至超过50%。 智通财经APP获悉，宁德时代(03750)再跌超6%，截至发稿，跌5.81%，报551港元，成交额6.22亿港 元。 ...

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: New Energy Vehicles and Energy Storage Key Points Industry and Market Trends - **Electric Vehicle Demand**: Expected to grow by 25% in 2025, reaching 22.6 million units, with corresponding battery demand growth exceeding 50% [2][3] - **Battery Sales Growth**: Anticipated sales growth of over 60% year-on-year for batteries, with future growth rates for batteries projected at around 30%, outpacing the growth of electric vehicles [2][3] - **Energy Storage Demand**: Despite the cancellation of mandatory storage policies, demand remains strong, particularly in data centers and renewable energy projects, leading to a supply shortage [2][5] Company Performance - **Market Share**: CATL holds approximately 42% of the domestic market share, with a slight year-on-year decline, while global market share reached 37.5% as of July, showing a slight increase [2][5] - **Profitability**: In Q2, the net profit per watt-hour was approximately 0.1 RMB, with net cash flow from operations being 1.5 to 2 times the profit, indicating strong profitability [2][6] - **Sales Projections**: Expected sales of 600-700 GWh in 2025, with net profit projected to exceed 65 billion RMB. For 2026, sales could reach 800-900 GWh, with net profit potentially exceeding 80 billion RMB, and possibly reaching 100 billion RMB considering price increases [2][6] Technological Advancements - **Battery Technology**: CATL continues to lead in battery technology with products like the Shenxing supercharging battery, Kirin battery, and Xiaoyao battery, which are expected to capture more high-end market share [4][7] - **Solid-State Battery Development**: A dedicated R&D team of over 1,000 people has been established to focus on solid-state battery technology, with confidence in maintaining a competitive edge in the next 5-10 years [8] Pricing Strategies - **Price Adjustments**: Recent price increases in the battery sector include adjustments in commercial vehicle pricing, recovery of customer rebates, and cost transfers due to export tax policy changes [11] - **Energy Storage Pricing**: Domestic energy storage cell prices remain stable, while overseas prices are rising, with expectations for energy storage cell sales to increase from over 90 GWh to at least 130 GWh in 2025 [11] Competitive Positioning - **Supply Chain Integration**: CATL's strong supply chain capabilities enhance its competitive edge, attracting new equipment and material suppliers [9][10] - **Differentiated Competition**: In the energy storage sector, CATL focuses on integrated solutions overseas while primarily selling bare cells domestically, which is expected to improve ASP (average selling price) [10][13] Future Outlook - **Core Catalysts**: Key future developments include advancements in solid-state battery technology and the introduction of sodium-lithium hybrid batteries, which are expected to improve market share [15][16] - **Market Dynamics**: The ongoing supply shortages in the industry may lead to price increases in the energy storage segment, while the valuation of CATL remains attractive at around 20 times earnings, indicating no bubble risk [17] Conclusion - **Investment Recommendation**: Given the strong competitive position, growth potential, and current valuation, CATL is considered a key investment opportunity in the new energy sector, with projected profits for 2026 expected to reach at least 80-85 billion RMB, and potentially exceeding 90 billion RMB in optimistic scenarios [17]