智通财经APP获悉，截止8月6日收盘，东北电气(00042)、弘业期货(03678)、安德利果汁(02218)分列AH 溢价率前三位，溢价率分别为847.37%、230.56%、207.56%；宁德时代(03750)、恒瑞医药(01276)、药 明康德(02359)分列AH溢价率末三位，溢价率分别为-22.99%、-7.83%、7.16%。其中安德利果汁 (02218)、金力永磁(06680)、农业银行(01288)的偏离值位居前三，分别为26.19%、18.37%、14.05%；另 外，比亚迪股份(01211)、晨鸣纸业(01812)、东北电气(00042)的偏离值位居后三，分别 为-192.75%、-57.57%、-50.52%。 前十大AH股溢价率排行 | 钧达股份(02865) | | | | | | --- | --- | --- | --- | --- | | 山东墨龙(00568) | 4.540 | 6.59 | 73.79% | 7.87% | | 邮储银行(01658) | 5.560 | 5.9 | 27.16% | 7.75% | | 东江环保(00895) | 2.660 | 4.7 ...

| 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.490 | 47.1 | 205.14% | 24.54% | | 金力永磁(06680) | 18.700 | 27.1 | 73.58% | 15.57% | | 北京北辰实业股份 (00588) | 0.860 | 1.77 | 146.51% | 12.95% | | 农业银行(01288) | 5.380 | 6.54 | 45.54% | 10.57% | | 弘业期货(03678) | 4.350 | 12.3 | 238.62% | 10.03% | | 东江环保(00895) | 2.660 | 4.76 | 114.29% | 9.15% | | 浙江世宝(01057) | 5.250 | 12.56 | 186.48% | 8.63% | | 钧达股份(02865) | 21.700 | 43.2 | 138.43% | 8.04% | | --- | --- | --- | --- | --- | | 京城机电股 ...

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: Battery manufacturing, specifically focusing on power batteries and energy storage systems Key Points Market Position and Performance - In the first five months of 2025, CATL achieved a global market share of 38.1% in power batteries, an increase of 0.6 percentage points year-on-year, with significant growth in the European market [2][5] - The company ranked first globally in energy storage battery production, with approximately 20% of its shipments in the second quarter of 2025 being energy storage batteries [2][9] - Cumulative shipments of power batteries reached about 20 million vehicles, and energy storage batteries were applied in over 2,000 projects globally [2][6] Financial Performance - For the first half of 2025, CATL reported total revenue of 178.9 billion yuan, a year-on-year increase of 7.27%, and a net profit attributable to shareholders of 30.5 billion yuan, up 33% [4] - The overall gross margin was 25%, an increase of 1.8 percentage points year-on-year, with a sales net profit margin exceeding 18%, reaching a recent high [4][15] - The company plans to allocate 15% of its net profit for the first half of 2025 (approximately 4.6 billion yuan) for cash dividends to shareholders [2][12] Research and Development - CATL has established six global R&D centers with a team of over 21,000 people, holding a total of 49,347 patents [2][7] - Significant breakthroughs in lithium metal battery research were reported, along with the launch of innovative products such as the Xiaoyao dual-core battery and sodium-ion power batteries [2][7] Product Development and Innovation - New products like the second-generation Shenxing battery and the 587 large cell product are expected to enter the market in the second half of 2025 [2][3][14] - The company is focusing on solid-state battery technology, claiming to be at the forefront of the industry, although full commercialization is still pending [8] Global Expansion and Capacity Building - CATL is actively expanding its production capacity both domestically and internationally, with projects in Germany, Hungary, Spain, and Indonesia [11] - The company aims to build 1,000 passenger car battery swap stations and 300 heavy truck swap stations by the end of 2025 [5][36] ESG and Sustainability - CATL's ESG rating has improved, achieving a CDP environmental rating of B and inclusion in the FTSE Russell Social Responsibility Index [2][12] - The company has certified 10 zero-carbon factories, reflecting its commitment to sustainability [12] Market Trends and Future Outlook - The company anticipates a stable overseas market share for energy storage, with approximately 50% of its energy storage business coming from international markets [2][13] - CATL expects capital expenditures to grow by about 30% in 2025, primarily for expanding electronic production capacity and supply chain layout [5][29] - The company is optimistic about long-term growth, focusing on maintaining competitive advantages through technological innovation rather than price competition [18][19] Challenges and Risks - CATL is addressing challenges related to lithium carbonate price fluctuations and the renewal of mining licenses for its lithium projects [25][27] - The company is managing inventory levels carefully, with a focus on turnover rates rather than absolute inventory amounts [20][22] Conclusion - CATL is positioned as a leader in the battery industry, with strong financial performance, ongoing innovation, and a commitment to sustainability. The company is focused on long-term growth and maintaining its competitive edge in a rapidly evolving market.

Investment Rating - The report maintains a "Buy" rating on CATL's A-Shares and downgrades H-Shares to "Neutral" based on valuation [1][15]. Core Insights - CATL's 2Q25 earnings exceeded expectations, with revenue of Rmb94 billion, an 8% year-over-year growth, and a net profit of Rmb16.5 billion, up 34% year-over-year [1][17]. - The battery unit gross profit (GP) showed mixed results, with a blended unit GP of Rmb135/kWh, slightly lower than Rmb136/kWh in 1Q25, indicating domestic market pressures [2][17]. - The report anticipates that the domestic EV battery unit GP will bottom out in 2026, a shift from the previous expectation of 2025 [2][29]. Financial Performance - CATL's 2Q25 results included a sales volume of approximately 150 GWh, a 34% increase year-over-year, but 5% below expectations [1][17]. - The company's total gross profit for 2Q25 was Rmb24 billion, missing estimates by Rmb2.3 billion, but offset by stronger financial gains and operating expense savings [1][17]. - The report revises earnings forecasts for 2025-2027 down by 1%, 5%, and 3% respectively, primarily due to lower battery unit GP assumptions [15][29]. Market Position and Strategy - CATL's capital expenditure (CAPEX) is expected to rise from 13% in 2024 to 24% in 2025, supporting market share gains [15][29]. - The company is leading in R&D for all-solid-state battery products, with small-scale production expected by 2027, although commercialization is still a few years away [15][29]. - The report highlights the installation of new battery technologies, including fast-charging LFP batteries and sodium-ion batteries, in the upcoming quarters [15][29]. Valuation Metrics - The 12-month price target for CATL's A-Shares is set at Rmb328, reflecting an 18.4% upside from the current price of Rmb277.09 [1][15]. - For H-Shares, the price target is raised to HK$436, indicating a 2.2% upside from the current price of HK$426.60 [1][15]. - The report provides various financial ratios, including a projected P/E ratio of 17.4 for 2024 and a dividend yield of 2.9% [4][9].

Summary of Key Points from the Conference Call Industry Overview - The European electric vehicle (EV) market is becoming a critical battleground for battery cell manufacturers as the Chinese market matures, surpassing a 50% penetration rate. By 2030, Europe's battery demand is expected to reach 975GWh, reflecting a compound annual growth rate (CAGR) of 26%, accounting for 23% of total global demand [1][9][30]. Market Dynamics - Currently, Europe has a 20% EV penetration rate with supportive policies, despite some delays in emissions targets. Year-to-date EV sales in Europe have surged, showing a year-on-year growth of 25% [1][9]. - Chinese battery cell manufacturers have significantly increased their market share in Europe, rising from under 10% in 2020 to 65% today. CATL's market share has grown from 0% in 2019 to 45% currently, while LGES and Samsung SDI have seen declines [2][10][12]. Competitive Landscape - CATL maintains a dominant position in the European EV battery market, supported by a diverse customer base including Volkswagen, BMW, and Stellantis. CATL's batteries are expected to be incorporated in 50% of all new EV models in Europe [3][27]. - CATL's European production capacity is fully contracted with OEMs, and the company is expanding its manufacturing capabilities with new plants in Hungary (100GWh) and Spain (50GWh) [4][35]. Financial Insights - Profitability for CATL's Hungary plant is projected to be lower than its domestic operations due to higher costs, with a 46% premium over China average selling prices (ASP) and a 25% higher cost of goods sold (COGS) compared to its Chinese plants [5]. - CATL's growth strategy includes aggressive capital expenditures, with plans to triple its total production capacity to 2,000GWh by 2030, surpassing previous expectations [30]. Investment Implications - Europe is expected to become increasingly important for CATL as the Chinese market slows. The company is projected to increase its market share in Europe to 50%, driven by local capacity expansion and the adoption of LFP technology critical for affordable mass-market EVs [7][28]. - CATL's strategic localization of production in Europe is seen as a key factor in maintaining its market-leading position, despite anticipated lower margins compared to exports from China [7][28]. Customer Relationships - CATL has established significant partnerships with major automakers, with Volkswagen being a key customer. The company has also seen increased orders from BMW and Mercedes-Benz, indicating strong OEM relationships [18][27][29]. Conclusion - CATL's rapid expansion and strategic partnerships position it well to capitalize on the growing European EV market. The company's ability to localize production and adapt to market demands will be crucial for sustaining its competitive edge in the evolving landscape of battery manufacturing [30][35].

Summary of CATL 1H25 Results Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co., Ltd. (CATL) - **Stock Code**: 300750.SZ - **Industry**: Battery manufacturing, primarily for electric vehicles (EV) and energy storage systems (ESS) Key Financial Highlights - **1H25 Net Profit**: Rmb30.5 billion, up 33.3% YoY - **Core Net Profit**: Rmb27.2 billion, +35.6% YoY - **2Q25 Net Profit**: Rmb16.5 billion, +33.7% YoY, +18.3% QoQ - **2Q25 Core Net Profit**: Rmb15.0 billion, +28.5% YoY, +24.6% QoQ - **Gross Profit Margin**: 24.8% in 2Q25, up from 23.7% in 1Q25 and 23.2% in 2Q24 - **Battery Shipments**: Nearly 150 GWh in 2Q25, with ESS batteries accounting for over 20% of total shipments - **Battery Output**: 310 GWh in 1H25, +47% YoY, with a utilization ratio of 89.9%, +24.6 ppt YoY - **Interim Dividend**: Rmb1.007 per share, implying a 15% payout ratio - **Target Price**: Increased to Rmb404 per share from Rmb391 per share, based on 16.4x 2025E EV/EBITDA Segment Performance - **EV Battery Segment**: - Gross Profit: Rmb29.5 billion, +11% YoY, but down 14% HoH - Gross Margin: 22.4%, down 1.1 ppt YoY and 1.9 ppt HoH - **ESS Segment**: - Gross Profit: Rmb7.2 billion, +3% YoY, but down 13% HoH - Gross Margin: 25.5%, +1.1 ppt YoY, but down 3.8 ppt HoH Market and Operational Insights - **Overseas Revenue**: Rmb61.2 billion in 1H25, accounting for 34% of total revenue - **Overseas Gross Profit**: Rmb17.8 billion, covering 40% of total gross profit - **ESS Battery Shipment**: Approximately 50% of total shipments are directed to overseas markets - **R&D Expenses**: Rmb5.3 billion in 2Q25, +24.2% YoY, accounting for 5.6% of total revenue Financial Health - **Free Cash Flow (FCF)**: Rmb38.5 billion in 1H25, +25% YoY - **Net Gearing**: -65% at the end of 1H25, indicating a strong balance sheet - **Operating Cash Flow (OCF)**: Rmb58.7 billion in 1H25, +31% YoY Risks and Challenges - **Raw Material Costs**: Management expects gains from foreign exchange to be offset by increasing raw material costs - **Market Competition**: Potential risks from fierce competition in the EV battery market could impact market share Strategic Outlook - **Expansion Plans**: Continued investment in R&D and expansion projects, particularly in Europe (100 GWh plan in Hungary) - **Market Position**: CATL remains a top pick due to its strong competitiveness, effective cost management, and established global customer base Conclusion - CATL's strong financial performance in 1H25, driven by increased battery shipments and profitability, positions the company well for future growth in the expanding EV market. The strategic focus on R&D and international expansion further enhances its competitive edge in the industry. [1][2][3][4][9][28][29]

格隆汇8月4日丨宁德时代(03750.HK)发布公告，截至2025年7月31日，公司通过深圳证券交易所股票交 易系统以集中竞价交易方式累计回购公司A股股份6,640,986股，占公司当前A股总股本的0.1508%，最 高成交价为237.38元/股，最低成交价为231.50元/股，成交总金额为人民币1,550,809,971.05元（不含交 易费用）。 ...

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 )所發佈之《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，二零二五年八月四日 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 ...

[Company Information](index=5&type=section&id=Section%20I.%20Company%20Information) This section provides essential corporate details, including registration, stock listings, disclosure channels, and key personnel [Company Profile](index=5&type=section&id=I.%20Company%20Profile) This section provides basic registration information for Contemporary Amperex Technology Co., Limited (CATL), including its full Chinese and English names, legal representative, registered address, and official contact details | Item | Details | | :--- | :--- | | **Chinese Name** | 寧德時代新能源科技股份有限公司 | | **English Name** | Contemporary Amperex Technology Co., Limited (CATL) | | **Legal Representative** | Zeng Yuqun | | **Registered Address** | No. 2 Xingang Road, Zhangwan Town, Jiaocheng District, Ningde City, Fujian Province, China | | **Website** | https://www.catl.com | [Stock Overview](index=5&type=section&id=II.%20Stock%20Overview) This section lists the company's stock listing information on the Shenzhen Stock Exchange (A-shares) and the Hong Kong Stock Exchange (H-shares) | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shenzhen Stock Exchange | CATL | 300750 | | H-share | The Stock Exchange of Hong Kong Limited | CATL | 03750 | [Information Disclosure and Availability](index=5&type=section&id=III.%20Information%20Disclosure%20and%20Availability) This section outlines the official disclosure channels for the company's A-share and H-share related information, including designated websites and newspapers - The company's information disclosure is primarily conducted through Juchao Information Network, SZSE official website, HKEXnews website, and four major securities newspapers[11](index=11&type=chunk) [Contacts and Contact Information](index=5&type=section&id=IV.%20Contacts%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative | Position | Name | Phone | Email | | :--- | :--- | :--- | :--- | | Board Secretary | Jiang Li | 0593-8901666 | CATL-IR@catl.com | | Securities Affairs Representative | Chen Jin | 0593-8901666 | CATL-IR@catl.com | [Other Relevant Information](index=6&type=section&id=V.%20Other%20Relevant%20Information) This section details key partners such as the company's Board of Directors, Supervisors, members of various professional committees, legal advisors, and share registrars - The company has four committees: Strategy, Audit, Nomination, and Remuneration & Appraisal. Dr. Wu Yuhui, an independent non-executive director, chairs the Audit Committee, and Dr. Zhao Bei, an independent non-executive director, chairs the Remuneration & Appraisal Committee[14](index=14&type=chunk) [Financial Highlights](index=7&type=section&id=Section%20II.%20Financial%20Highlights) This section presents key financial data and indicators, highlighting the company's performance and financial position during the reporting period [Key Accounting Data and Financial Indicators](index=7&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved steady growth with revenue increasing by 7.27% year-on-year, and profit attributable to owners of the company significantly growing by 33.02% year-on-year. Operating cash flow was robust, increasing by 31.26% year-on-year, with both total assets and shareholders' equity showing growth | Indicator | Current Reporting Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue (RMB thousand) | 178,886,253 | 166,766,834 | 7.27% | | Profit Attributable to Owners of the Company (RMB thousand) | 30,512,219 | 22,937,461 | 33.02% | | Net Cash from Operating Activities (RMB thousand) | 58,687,066 | 44,708,955 | 31.26% | | Basic Earnings Per Share (RMB/share) | 6.92 | 5.21 | 32.82% | | **Indicator** | **End of Current Reporting Period** | **End of Prior Year** | **Year-on-Year Change** | | Total Assets (RMB thousand) | 867,181,431 | 786,658,123 | 10.24% | | Equity Attributable to Owners of the Company (RMB thousand) | 294,923,020 | 246,930,033 | 19.44% | [Differences in Accounting Standards between Domestic and Overseas](index=7&type=section&id=II.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Overseas%20Accounting%20Standards) This section discloses the differences in the company's net profit and net assets under International Accounting Standards and Chinese Accounting Standards. The differences primarily arise from the treatment of passive dilution effects on equity in associates, but the overall difference is small and does not significantly impact core financial data | Item | Under Chinese Accounting Standards (RMB thousand) | Under International Accounting Standards (RMB thousand) | | :--- | :--- | :--- | | **Profit Attributable to Owners of the Company for the Current Period** | 30,485,139 | 30,512,219 | | **Equity Attributable to Owners of the Company at Period-End** | 294,923,020 | 294,923,020 | - Accounting standard differences primarily arise from the "passive dilution effect on equity in associates" item, with an impact of **RMB 27.08 million** in the current period[18](index=18&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Section%20III.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's industry, principal operations, core competencies, and financial performance, along with future development strategies and corporate governance [Industry Overview During the Reporting Period](index=9&type=section&id=I.%20Industry%20Overview%20During%20the%20Reporting%20Period) The clear global trend towards clean energy transition is driving continuous high-speed growth in the new energy vehicle and energy storage markets. During the reporting period, global new energy vehicle sales and power battery usage both achieved over 30% year-on-year growth, and energy storage market demand also rapidly expanded, providing vast opportunities for the company's business development. The company maintains a leading position in the global power battery and energy storage battery sectors - From January to May 2025, global new energy vehicle sales increased by **32.4%** year-on-year, and global power battery usage increased by **38.5%** year-on-year[24](index=24&type=chunk) - From January to June 2025, global battery energy storage system installations increased by **54%** year-on-year[25](index=25&type=chunk) - The company's market position is stable: from January to May 2025, its global market share for power battery usage was **38.1%**, an increase of **0.6 percentage points** year-on-year; from January to June 2025, its energy storage battery production ranked **first globally**[28](index=28&type=chunk) [Principal Businesses Engaged by the Company During the Reporting Period](index=10&type=section&id=II.%20Principal%20Businesses%20Engaged%20by%20the%20Company%20During%20the%20Reporting%20Period) The company's core business involves the R&D, production, and sales of power batteries and energy storage batteries, extending to battery materials, recycling, and mineral resources. The company has established a comprehensive product matrix, such as the Qilin, Shenxing, and Tianheng series, to meet diverse application scenarios including passenger vehicles, commercial vehicles, and energy storage. Its operating model is centered on independent R&D, integrating procurement, production, and sales systems - The company's main products include power battery systems, energy storage battery systems, and battery materials and recycling, with applications covering passenger vehicles, commercial vehicles, front-of-meter, and behind-the-meter energy storage in various fields[30](index=30&type=chunk)[31](index=31&type=chunk) - Power battery products cover various chemical systems such as LFP, NCM, sodium-ion, M3P, and condensed matter, meeting different demands for fast charging, long lifespan, and high safety[32](index=32&type=chunk) - Energy storage batteries provide cell-to-system level solutions, such as the Tianheng energy storage system and TENER Stack, applied in utility-scale, commercial and industrial, and data center energy storage[34](index=34&type=chunk) [Core Competitiveness Analysis](index=13&type=section&id=III.%20Core%20Competitiveness%20Analysis) The company's core competitiveness is reflected in four key areas: comprehensive R&D advantages, an advanced product matrix, extensive customer collaboration, and leading sustainable development practices. The company boasts over 21,000 R&D personnel and nearly 50,000 patents, collaborates deeply with global mainstream automakers and energy storage clients, and actively promotes its zero-carbon strategy - **R&D Advantage**: Possesses six R&D centers, over **21,000** R&D personnel, with a total of **49,347** patents and applications[40](index=40&type=chunk) - **Product Matrix**: Launched multiple product series including Qilin, Shenxing, Xiaoyao, Tianxing, and Tianheng, covering full-scenario demands for passenger vehicles, commercial vehicles, and energy storage[42](index=42&type=chunk) - **Client Collaboration**: Established deep cooperation with mainstream automakers such as Volkswagen, BMW, Mercedes-Benz, Toyota, Li Auto, and NIO, as well as leading energy storage clients like NextEra and State Power Investment Corporation[43](index=43&type=chunk) - **Sustainable Development**: CDP rating improved to B, zero-carbon factories increased to **10**, and drove a **11%** reduction in supply chain raw material carbon footprint[44](index=44&type=chunk) [Analysis of Principal Business](index=15&type=section&id=IV.%20Analysis%20of%20Principal%20Business) During the reporting period, the company successfully listed on the Hong Kong Stock Exchange, raising HKD 41 billion. Operationally, it continued to launch innovative products such as the second-generation Shenxing battery and Xiaoyao dual-core battery, becoming the first enterprise with all mass-produced products passing new national standard tests. Concurrently, it accelerated the construction of its battery swap ecosystem and advanced zero-carbon technology solutions and global production capacity expansion - Listed on the Main Board of the Hong Kong Stock Exchange in May 2025, raising a total of **HKD 41 billion** for the construction of the Hungary project and working capital[45](index=45&type=chunk) - Released multiple innovative products, including the world's first LFP battery with an **800 km** range and **12C** ultra-fast charging (second-generation Shenxing), and the **9MWh** ultra-large capacity energy storage system TENER Stack[46](index=46&type=chunk)[47](index=47&type=chunk) - Deepened cooperation in the battery swap ecosystem, reaching a strategic partnership with NIO for passenger vehicle battery swap network sharing, and comprehensively deepening cooperation with Sinopec to promote Chocolate and Qiji battery swap solutions[48](index=48&type=chunk) - Steadily advanced global production capacity construction, including domestic bases in Zhongzhou and Jining, and overseas facilities such as the Hungary factory and a joint venture factory in Spain[51](index=51&type=chunk) [Financial Review](index=16&type=section&id=V.%20Financial%20Review) During the reporting period, the company's total revenue increased by 7.27% year-on-year to RMB 178.89 billion, primarily driven by the power battery business. Gross profit margin improved to 25.02%, enhancing profitability. The asset-liability ratio decreased to 62.59% due to H-share listing proceeds, optimizing the financial structure and ensuring ample cash flow [Revenue Analysis](index=16&type=section&id=1.%20Revenue%20Analysis) Total revenue increased by 7.27% year-on-year, reaching RMB 178.89 billion. Power battery systems were the primary growth driver, increasing by 16.80% year-on-year. Overseas revenue showed strong growth, increasing by 21.14% year-on-year and raising its proportion to 34.22%. Energy storage battery system revenue slightly declined, while battery materials and recycling business revenue significantly decreased | Item (Amount Unit: RMB thousand) | Current Reporting Period | Proportion | Prior Year Period | Proportion | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **178,886,253** | **100%** | **166,766,834** | **100%** | **7.27%** | | **By Product** | | | | | | | Power Battery Systems | 131,572,512 | 73.55% | 112,648,721 | 67.55% | 16.80% | | Energy Storage Battery Systems | 28,400,044 | 15.88% | 28,824,715 | 17.28% | -1.47% | | Battery Materials and Recycling | 7,887,379 | 4.41% | 14,333,007 | 8.59% | -44.97% | | **By Region** | | | | | | | Domestic | 117,677,899 | 65.78% | 116,237,917 | 69.70% | 1.24% | | Overseas | 61,208,354 | 34.22% | 50,528,917 | 30.30% | 21.14% | [Gross Profit and Gross Profit Margin](index=17&type=section&id=2.%20Gross%20Profit%20and%20Gross%20Profit%20Margin) The consolidated gross profit margin increased by 1.57 percentage points from 23.45% in the prior year to 25.02%. Overseas business gross profit margin reached 29.02%, significantly higher than the domestic business's 22.94%. Both energy storage battery and battery materials and recycling businesses saw significant improvements in gross profit margins | Item | Gross Profit Margin for Current Reporting Period | Gross Profit Margin for Prior Year Period | | :--- | :--- | :--- | | **Total** | **25.02%** | **23.45%** | | **By Product** | | | | Power Battery Systems | 22.41% | 23.48% | | Energy Storage Battery Systems | 25.52% | 24.41% | | Battery Materials and Recycling | 26.42% | 8.21% | | **By Region** | | | | Domestic | 22.94% | 22.84% | | Overseas | 29.02% | 24.86% | [Liquidity, Financial Resources, and Capital Structure](index=17&type=section&id=3.%20Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) As of the end of the reporting period, the company's asset-liability ratio decreased from 65.24% at the beginning of the year to 62.59%, primarily due to the increase in net assets from H-share issuance proceeds. Cash and cash equivalents were abundant, reaching RMB 323.79 billion, providing sufficient liquidity to support daily operations and capital expenditures | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets (RMB thousand) | 867,181,431 | 786,658,123 | | Total Liabilities (RMB thousand) | 542,792,019 | 513,201,949 | | Asset-Liability Ratio | 62.59% | 65.24% | - As of June 30, 2025, cash and cash equivalents amounted to **RMB 323.785 billion**, a significant increase from **RMB 270.160 billion** at the beginning of the year[61](index=61&type=chunk) [Outlook for the Company's Future Development](index=19&type=section&id=VI.%20Outlook%20for%20the%20Company%27s%20Future%20Development) The company will continue to advance its development around 'Three Strategic Directions' and 'Four Innovation Systems'. Strategically, it will focus on replacing fossil fuels in stationary and mobile applications, and promote integrated innovation in electrification and intelligence. Operationally, it will consolidate its industry-leading position through four innovation systems: materials, system structure, extreme manufacturing, and business models, while upholding an open innovation spirit - **Three Strategic Directions**: - **Stationary Energy Replacement**: Replacing thermal power with "electrochemical energy storage + renewable energy generation" - **Mobile Energy Replacement**: Replacing petroleum with "power batteries + new energy vehicles" - **Integrated Innovation**: Driving application innovation and zero-carbon transition across various industries through "electrification + intelligence"[72](index=72&type=chunk) - **Four Innovation Systems**: - **Material and Material System Innovation**: Efficiently screening new materials using computational platforms - **System Structure Innovation**: Iterating CTP and CTC technologies to enhance integration - **Green Extreme Manufacturing Innovation**: Building TWh-level delivery capability with DPPB-grade quality - **Business Model Innovation**: Expanding into new scenarios such as battery swap, construction machinery, ships, aircraft, and zero-carbon solutions[74](index=74&type=chunk)[75](index=75&type=chunk) [Corporate Governance](index=21&type=section&id=VII.%20Corporate%20Governance) During the reporting period, the company complied with most provisions of the Corporate Governance Code under the Hong Kong Listing Rules. The sole deviation was the dual role of Chairman and General Manager held by Mr. Zeng Yuqun. The Board believes this arrangement provides strong and continuous leadership, with sufficient checks and balances in place, benefiting the company's development - The company deviates from Rule C.2.1 of the Corporate Governance Code, as the roles of Chairman and Chief Executive Officer (General Manager) are not separated and are both held by Mr. Zeng Yuqun[80](index=80&type=chunk) - The Board explains that this arrangement provides strong leadership and facilitates strategic execution, and that the Board's composition and operation (including three independent non-executive directors) provide sufficient checks and balances[81](index=81&type=chunk) [Disclosure of Interests](index=22&type=section&id=VIII.%20Disclosure%20of%20Interests) This section discloses the shareholdings of major shareholders, directors, supervisors, and chief executives as of the end of the reporting period. Mr. Zeng Yuqun indirectly holds approximately 22.47% of the company's shares through controlled corporations, making him the controlling shareholder. Mr. Huang Shilin is the second largest shareholder, holding approximately 10.30% of the shares | Shareholder/Director | Nature of Interest | Number of Shares Held (A-shares) | Approximate Interest in Total Share Capital (%) | | :--- | :--- | :--- | :--- | | Zeng Yuqun | Interest in controlled corporations | 1,024,704,949 | 22.47% | | Huang Shilin | Beneficial owner/Interest in controlled corporations | 469,621,309 | 10.30% | | Ningbo United Innovation | Beneficial owner | 284,220,608 | 6.23% | | Li Ping | Beneficial owner | 201,510,277 | 4.42% | [Issuance, Purchase, Sale or Redemption of Securities](index=26&type=section&id=IX.%20Issuance,%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company completed its H-share issuance, raising net proceeds of approximately HKD 40.6 billion, primarily for the construction of the Hungary project. Concurrently, the company continued to utilize funds raised from its 2022 A-share issuance and executed an A-share repurchase plan, cumulatively repurchasing 22.63 million shares. Additionally, some ineligible restricted shares were repurchased and cancelled | H-share Issuance Proceeds Usage | Planned Amount (HKD thousand) | Balance as of Period-End (HKD thousand) | | :--- | :--- | :--- | | Hungary Project Construction | 36,564,393 | 36,564,393 | | Working Capital and General Purposes | 4,062,710 | 4,062,710 | - The company executed a share repurchase plan, repurchasing **6,640,986** A-shares totaling approximately **RMB 1.55 billion** during the reporting period. As of period-end, a cumulative total of **22,632,510** A-shares were repurchased, accounting for **0.51%** of the total A-share capital[101](index=101&type=chunk) [Employee Information and Share Schemes](index=28&type=section&id=X.%20Employee%20Information%20and%20Share%20Schemes) As of the end of the reporting period, the Group had approximately 148,000 employees, with employee compensation costs accounting for about 10.11% of revenue. The company has three phases of share incentive plans (2021, 2022, and 2023) in the form of restricted shares and share options to incentivize middle management and core employees, aligning the interests of shareholders, the company, and employees - As of June 30, 2025, the Group had approximately **147,716** employees, with employee compensation costs for the reporting period amounting to **RMB 18.08 billion**[103](index=103&type=chunk) - The company is implementing three phases of share incentive plans (2021, 2022, 2023) aimed at establishing long-term incentive mechanisms to attract and retain talent[104](index=104&type=chunk)[106](index=106&type=chunk) - As of June 30, 2025, the total number of equity incentives (restricted shares and share options) granted and not yet exercised under the share incentive plans was **15,229,530** shares[122](index=122&type=chunk) [Other Information](index=37&type=section&id=XI.%20Other%20Information) This section primarily outlines the 2025 interim dividend distribution plan. The company's Board of Directors resolved to distribute a cash dividend of RMB 10.07 (tax inclusive) per 10 shares, totaling approximately RMB 4.57 billion. It also details the dividend distribution and tax arrangements for A-share, H-share, and Stock Connect investors. The report also confirms no significant financial assistance, guarantees, or loan defaults - **2025 Interim Dividend Plan**: Proposed cash dividend of **RMB 10.07** (tax inclusive) per 10 shares to all shareholders, totaling approximately **RMB 4.57 billion**, representing **15%** of the net profit attributable to the parent company for the first half of the year[128](index=128&type=chunk) - H-share shareholders' interim dividend will be paid in HKD, calculated at a specified exchange rate as **HKD 11.04** (tax inclusive) per 10 shares[128](index=128&type=chunk) - The Audit Committee has reviewed this interim report and believes it complies with accounting standards and regulatory requirements, with sufficient disclosures made[145](index=145&type=chunk) [Financial Report](index=41&type=section&id=Section%20IV.%20Financial%20Report) This section presents the condensed consolidated financial statements, including the profit or loss, comprehensive income, financial position, changes in equity, and cash flow statements, along with detailed notes [Condensed Consolidated Statement of Profit or Loss](index=41&type=section&id=I.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the company's operating results for the reporting period. Revenue was RMB 178.89 billion, and gross profit was RMB 44.76 billion. After deducting various expenses and taxes, profit for the period was RMB 32.39 billion, with net profit attributable to owners of the company being RMB 30.51 billion, a year-on-year increase of 33.02% | Item (RMB thousand) | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Revenue | 178,886,253 | 166,766,834 | | Gross Profit | 44,762,650 | 39,109,590 | | Profit for the Period | 32,392,527 | 24,951,329 | | Profit Attributable to Owners of the Company | 30,512,219 | 22,937,461 | [Condensed Consolidated Statement of Comprehensive Income](index=42&type=section&id=II.%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement builds upon the profit for the period by incorporating other comprehensive income items (such as fair value changes of financial assets, cash flow hedges, etc.) to derive the total comprehensive income for the period. Total comprehensive income for the reporting period was RMB 33.77 billion, with the portion attributable to owners of the company being RMB 31.83 billion | Item (RMB thousand) | First Half 2025 | First Half 2024 | | :--- | :--- | :--- | | Profit for the Period | 32,392,527 | 24,951,329 | | Other Comprehensive Income/(Loss) for the Period | 1,376,911 | (1,936,799) | | Total Comprehensive Income for the Period | 33,769,438 | 23,014,530 | [Condensed Consolidated Statement of Financial Position](index=43&type=section&id=III.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement reflects the company's financial position at the end of the reporting period. Total assets increased to RMB 867.18 billion, and total liabilities were RMB 542.79 billion. Benefiting from profit growth and H-share issuance, equity attributable to owners of the company increased to RMB 294.92 billion, with net assets of RMB 324.39 billion, indicating a robust financial position | Item (RMB thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **867,181,431** | **786,658,123** | | Non-current Assets | 299,481,094 | 276,516,035 | | Current Assets | 567,700,337 | 510,142,089 | | **Total Liabilities** | **542,792,019** | **513,201,949** | | Current Liabilities | 336,005,110 | 317,171,534 | | Non-current Liabilities | 206,786,909 | 196,030,416 | | **Total Equity** | **324,389,412** | **273,456,174** | | Equity Attributable to Owners of the Company | 294,923,020 | 246,930,033 | [Condensed Consolidated Statement of Changes in Equity](index=45&type=section&id=IV.%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in shareholders' equity from the beginning to the end of the period. Equity attributable to owners of the company at the beginning of the period was RMB 246.93 billion. Key increases were profit for the period of RMB 30.51 billion and H-share issuance proceeds of RMB 37.36 billion, while the main decrease was dividends declared of RMB 19.97 billion, resulting in an ending equity of RMB 294.92 billion - Key drivers of changes in shareholders' equity include: - **Increases**: Total comprehensive income for the period (**RMB 31.83 billion**), H-share issuance (**RMB 37.36 billion**) - **Decreases**: Dividends declared (**RMB 19.97 billion**)[153](index=153&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=47&type=section&id=V.%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes cash inflows and outflows during the reporting period. Operating activities generated a strong net cash inflow of RMB 58.69 billion. Investing activities resulted in a net cash outflow of RMB 26.27 billion, primarily for capacity expansion. Financing activities generated a net cash inflow of RMB 20.61 billion, mainly from H-share issuance. Cash and cash equivalents at period-end increased to RMB 323.79 billion | Item (RMB thousand) | First Half 2025 | | :--- | :--- | | Net Cash from Operating Activities | 58,687,066 | | Net Cash Used in Investing Activities | (26,269,519) | | Net Cash from Financing Activities | 20,607,571 | | **Net Increase in Cash and Cash Equivalents** | **53,025,118** | | **Cash and Cash Equivalents at Period-End** | **323,785,232** | [Notes to the Financial Statements](index=49&type=section&id=VI.%20Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements, covering the company's general information, accounting policies, segment information, details of major statement items, related party transactions, contingent liabilities, and subsequent events [Note 4: Revenue and Segment Information](index=51&type=section&id=4.%20Revenue%20and%20Segment%20Information) This note details the revenue breakdown by product and geographical segment. Power battery systems are the primary source of revenue, accounting for 73.55%. Geographically, Mainland China contributed approximately 65.8% of revenue, with the remainder from overseas | Revenue Source (First Half 2025) | Amount (RMB thousand) | | :--- | :--- | | **By Product** | | | Power Battery Systems | 131,572,512 | | Energy Storage Battery Systems | 28,400,044 | | **By Region** | | | Mainland China | 117,677,899 | | Other Countries/Regions | 61,208,354 | [Note 8: Dividends](index=56&type=section&id=8.%20Dividends) This note explains the approval of the 2025 interim dividend. Authorized by the shareholders' meeting and approved by the Board of Directors, the company resolved to distribute an interim dividend of RMB 10.07 (tax inclusive) per 10 shares - The 2025 interim dividend is a cash dividend of **RMB 10.07** (tax inclusive) per 10 shares, which was not recognized as a liability at the end of the reporting period[187](index=187&type=chunk) [Note 13: Trade and Bills Receivables](index=61&type=section&id=13.%20Trade%20and%20Bills%20Receivables) As of the end of the reporting period, the company's net trade and bills receivables amounted to RMB 64.12 billion. An aging analysis indicates that the vast majority of receivables (approximately 92%) are within 90 days, suggesting a low collection risk | Trade Receivables Aging Analysis | Amount (RMB thousand) | | :--- | :--- | | 0 to 90 days | 58,778,887 | | 91 to 365 days | 4,278,694 | | Over 365 days | 742,794 | | **Total Net Amount** | **63,800,375** | [Note 18: Contingent Liabilities](index=64&type=section&id=18.%20Contingent%20Liabilities) This note discloses the company's contingent liabilities, primarily external guarantees provided. As of the end of the reporting period, the actual outstanding guarantees provided by the company and its subsidiaries to external parties amounted to RMB 4.64 billion, while guarantees provided by the company for its subsidiaries amounted to RMB 55.33 billion - As of June 30, 2025, the outstanding guarantees provided by the company to external parties amounted to **RMB 4.637 billion**, and guarantees provided for subsidiaries amounted to **RMB 55.332 billion**[206](index=206&type=chunk) [Note 19: Related Party Transactions](index=65&type=section&id=19.%20Related%20Party%20Transactions) This note lists transactions with associates, joint ventures, and other related parties. During the reporting period, sales to related parties amounted to RMB 3.90 billion, and purchases from related parties amounted to RMB 14.28 billion. At period-end, total receivables from related parties were RMB 14.54 billion, and total payables to related parties were RMB 6.32 billion | Related Party Transactions (First Half 2025) | Amount (RMB thousand) | | :--- | :--- | | Sales Transactions | 3,900,259 | | Purchase Transactions | 14,275,706 | [Note 21: Events After the Reporting Period](index=73&type=section&id=21.%20Events%20After%20the%20Reporting%20Period) This note discloses significant events occurring after the balance sheet date. The most important event is the formal approval of the 2025 interim dividend plan by the company's Fourth Board of Directors at its Seventh Meeting on July 30, 2025 - The company's Board of Directors approved the interim dividend plan on July 30, 2025, proposing a cash dividend of **RMB 10.07** (tax inclusive) per 10 shares[231](index=231&type=chunk)[232](index=232&type=chunk)

前十大AH股溢价率排行 智通财经APP获悉，截止8月4日收盘，东北电气(00042)、弘业期货(03678)、中石化油服(01033)分列AH 溢价率前三位，溢价率分别为831.03%、243.94%、213.16%；宁德时代(03750)、恒瑞医药(01276)、招 商银行(03968)分列AH溢价率末三位，溢价率分别为-23.53%、-6.00%、5.45%。其中安德利果汁 (02218)、金力永磁(06680)、弘业期货(03678)的偏离值位居前三，分别为31.31%、17.69%、15.76%；另 外，东北电气(00042)、中国人寿(02628)、国联民生(01456)的偏离值位居后三，分别 为-77.80%、-28.53%、-26.73%。 | 股票名称 | H股(港元) | A股 | 溢价率 | 偏离值↓ | | --- | --- | --- | --- | --- | | 安德利果汁(02218) | 18.190 | 47.25 | 211.16% | 31.31% | | 金力永磁(06680) | 18.500 | 27.01 | 74.86% | 17.69% | | 弘业期货(0 ...