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 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，二零二五年九月八日 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：2025-069 宁德时代新能源科技股份有限公司 第四届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、监事会会议召开情况 第四屆監事會第七次會議決議公告 本公告乃根據香港聯合交易所有限公司證券上市 ...

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 第四屆董事會第八次會議決議公告 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第四屆董事會第八次會議決議公告》，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，二零二五年九月八日 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 ...

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 上海市通力律師事務所關於寧德時代新能源科技股份有限公司 2022年股票期權與限制性股票激勵計劃第三個歸屬期及行權期 條件成就、作廢及註銷部分限制性股票及股票期權、 2023年限制性股票激勵計劃作廢部分限制性股票的法律意見書 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。 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《上海市通力 律師事務所關於寧德時代新能源科技股份有限公司2022年股票期權與限制性股票 激勵計劃第三個歸屬期及行權期條件成就、作廢及註 ...

Core Insights - The solid-state battery industry is entering a critical phase of industrialization, driven by technological advancements and increasing market demand [5][6] - The electrolyte segment is highlighted as a key area for value creation, with significant market potential estimated at 240 billion [3] - Companies that successfully scale production of solid-state batteries are expected to see substantial market valuation increases [3][4] Material Sector - Eight battery manufacturers have established pilot lines with a capacity of 0.3 GWh, indicating progress from scientific challenges to engineering solutions for mass production [1] - Sulfide electrolytes are recognized for their potential, with two main production methods: wet method and gas-solid separation method, with companies like Huasheng Lithium and Shanghai Xiba leading the way [3] - The value of electrolytes for a 1 GWh solid-state battery is projected at 600 million, even after potential cost reductions [3] Equipment Sector - Equipment stocks are benefiting from the urgency of expansion in the solid-state battery sector, with a focus on fiberization equipment and other essential machinery [5] - Companies like Macro Technology and Delong Laser are noted for their significant order increases and technological advancements in production efficiency [5] - Solid-state battery equipment is expected to be a primary beneficiary of the industry's growth, as highlighted by reports from CITIC and CICC [5] Positive Signals from Battery Manufacturers - Companies like Rongbai Technology are signaling a shift towards lithium-rich manganese-based cathodes, which could enhance battery performance and reduce costs [4] - The introduction of these advanced materials is anticipated to drive market speculation and investment interest [4] Related Companies in the Solid-State Battery Sector - Key players in the solid-state battery supply chain include CATL, Ganfeng Lithium, Tianqi Lithium, and BYD, among others [6]

Core Insights - The solid-state battery industry is entering a critical phase of industrialization, driven by technological advancements and increasing market demand [5][6] - The electrolyte segment is highlighted as a key area for value creation, with significant market potential estimated at 240 billion [3] - Companies that successfully develop solid-state battery technologies are expected to see substantial market valuation increases [3][4] Material Sector - Eight battery manufacturers have established pilot lines with a capacity of 0.3 GWh, indicating progress in overcoming scientific challenges related to sulfide electrolytes [1] - The value of electrolytes for a 1 GWh solid-state battery is projected at 600 million, even after potential cost reductions [3] - Two main processes for sulfide electrolytes are recognized: wet method and gas-solid separation, with companies like Huasheng Lithium and Tianqi Materials leading in the wet method [3] Positive Signals in Cathode Materials - A significant development in cathode materials is indicated by Rongbai Technology's announcement of using lithium-rich manganese-based cathodes by the end of 2026, which could enhance voltage and reduce costs [4] - The combination of sulfide electrolytes and lithium-rich cathodes positions certain companies as strong candidates in the solid-state battery market [4] Equipment Sector - Equipment manufacturers are experiencing a premium due to the urgent demand for production expansion, particularly in fiberization equipment [5] - Companies like Macro Technology and Delong Laser are noted for their advanced capabilities in equipment for solid-state battery production [5] - The solid-state battery sector is expected to benefit significantly from policy support and technological advancements, leading to rapid market growth [5] Related Companies in the Solid-State Battery Sector - Key players in the solid-state battery industry include CATL, Ganfeng Lithium, Tianqi Lithium, and BYD, among others [6]

Summary of CATL Conference Call Company Overview - **Company**: Contemporary Amperex Technology Co. Limited (CATL) - **Industry**: Auto Parts, specifically focusing on lithium batteries for electric vehicles (EVs) and energy storage systems (ESS) [10][11] Key Points Market Performance - **Installed Battery Capacity**: In July, CATL's installed battery capacity in China was 27.6 GWh, representing a 37% year-over-year increase. The domestic market share was 43.2%, a slight decrease of 2.1 percentage points year-over-year but stable month-over-month [1][12] - **Global Market Share**: CATL held a 37% global market share in July, down 1 percentage point year-over-year and month-over-month, maintaining its position as the number one battery supplier globally [2] - **European Market Share**: In Europe, CATL's market share increased to 46% in July, up 5 percentage points year-over-year and 4 percentage points month-over-month [2] Production Plans - **September Production Estimate**: CATL plans to produce 69.5 GWh in September, which is a 43% increase year-over-year and an 8% increase month-over-month, indicating strong demand for ESS batteries [1][14] Strategic Initiatives - **Battery Swapping Ecosystem**: On August 4, CATL signed a strategic cooperation agreement with CAR Inc. and CMB Financial Leasing to promote battery swapping in the car rental industry. CAR Inc. aims to deploy over 100,000 battery-swappable EVs, enhancing operational efficiency and reducing leasing costs [3] Financial Projections - **Net Income Forecast**: Projected net income for 2025 is CNY 66.043 billion, with an adjusted EPS of 14.49, reflecting a 25.7% year-over-year increase [4][9] - **Valuation Metrics**: The P/E ratio is expected to decrease from 38.10x in 2023 to 26.59x in 2025, indicating potential for growth in valuation [4][9] Client Relationships - **Top Clients**: In July, CATL's major clients in China included Geely (13%), Tesla (12%), and Changan (9%), highlighting its strong position in the EV market [1][16] Industry Trends - **Overall EV Battery Market**: The total EV battery installed capacity in China reached 63.7 GWh in July, up 43% year-over-year, aligning with the growth in EV sales [12] Additional Insights - **Technological Edge**: CATL's leading battery technologies, such as the Qilin and Shenxing batteries, are expected to help maintain its market share and drive cost savings [11] - **Financial Health**: CATL's net debt-to-equity ratio is projected to improve, indicating a strong balance sheet and financial stability [9] This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of CATL's market position, production plans, strategic initiatives, and financial outlook.

Core Viewpoint - The article discusses the surge in A-share companies listing in Hong Kong through the A+H model, highlighting the significant increase in fundraising and the emergence of new listing methods, which reflect the growing interconnection between mainland and Hong Kong markets [3][4][5]. Group 1: A+H Listing Surge - In the first eight months of this year, Hong Kong Stock Exchange (HKEX) raised a total of HKD 134.5 billion in new stock financing, a nearly sixfold increase year-on-year [3]. - A+H listings accounted for 70% of the total fundraising in the first half of the year, indicating strong participation from A-share companies [3][4]. - Eleven A-share companies have successfully completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in Hong Kong [4]. Group 2: New Listing Methods - New methods for A+H listings have emerged, such as share swap mergers and privatization, which provide companies with alternative financing channels [5]. - Zhejiang Hu-Hang-Zhou announced a share swap merger with Zhenyang Development to achieve A+H listing, while New Hope Group plans to privatize New Hope Energy through its wholly-owned subsidiary [5]. Group 3: Market Structure Improvement - The trend of A+H listings is expected to improve the industry structure of the Hong Kong market, attracting more capital and updating the composition of A+H listed companies [6]. - The recent strong performance of the Hong Kong stock market and the influx of southbound capital have led to a significant decrease in A+H premium, with some companies trading at a discount in A-shares compared to H-shares [6]. Group 4: A+H Premium Situation - As of September 5, among 161 A+H stocks, five had H-share prices exceeding A-share prices, with CATL showing the largest discount at -17.43% [7]. - The article notes that the A+H premium is expected to continue declining, influenced by the low interest rate environment in mainland China [7].

Group 1 - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in new stock financing, reaching HKD 134.5 billion in the first eight months of the year, a nearly sixfold year-on-year growth, with A+H listings accounting for 70% of the total fundraising in the first half of the year [1][2] - A total of 11 A-share companies have completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in the Hong Kong market [2] - More than 51 A-share companies are currently in the process of preparing for their listings in Hong Kong, including notable firms like SANY Heavy Industry and Sungrow Power Supply [2][3] Group 2 - Innovative listing methods are emerging in the current A+H expansion wave, such as share swap mergers and privatization, which provide companies with new financing channels and resource optimization opportunities [3] - Zhejiang Hu-Hang-Yong plans to achieve A+H listing through a share swap merger with Zhenyang Development, while New Hope Group intends to privatize New Hope Energy through its wholly-owned subsidiary and list on the Hong Kong Stock Exchange [3] Group 3 - The enthusiasm for A+H listings is driven by multiple factors, including support from mainland authorities for quality companies to list in Hong Kong and the ongoing optimization of the approval process by HKEX [4] - The trend of A+H listings is expected to improve the industry structure of the Hong Kong market, attracting more capital and updating the composition of A+H listed companies [5] Group 4 - As of September 5, 2023, among 161 A+H stocks, only 5 have H-share prices exceeding A-share prices, with CATL showing the largest discount at 17.43% [5][6] - The premium of A-shares over H-shares has significantly decreased, reflecting a shift in market sentiment and a revaluation of H-shares due to the low interest rate environment in mainland China [6]

Core Viewpoint - The A-share companies are increasingly enthusiastic about listing in Hong Kong, with a significant rise in A+H listings and innovative listing methods being adopted to enhance financing channels and optimize resource allocation [4][5][7][8]. Group 1: A+H Listing Trends - In the first eight months of this year, the total amount of new stock financing on the Hong Kong Stock Exchange reached HKD 134.5 billion, a year-on-year increase of nearly six times, with A+H listings accounting for 70% of the total fundraising in the first half of the year [4]. - A total of 11 A-share companies have completed A+H listings this year, raising over HKD 90 billion, which represents about 70% of the total IPO fundraising in Hong Kong [5]. - More than 51 A-share companies are currently in the process of preparing for listings in Hong Kong, indicating a strong interest in the A+H model [5]. Group 2: Innovative Listing Methods - New listing methods such as share swap mergers and privatization are emerging in the current A+H expansion wave, providing companies with new avenues for financing [7]. - Zhejiang Hu-Hang-Zhou announced a share swap merger with Zhenyang Development, aiming to achieve A+H listing through this innovative approach [7]. - New Hope Group plans to privatize its Hong Kong subsidiary, New Hope Energy, and list it in Hong Kong through an introduction listing, marking a unique method of achieving A+H status [7]. Group 3: Market Structure Improvement - The enthusiasm for A+H listings is driven by multiple factors, including support from the mainland for quality companies to list in Hong Kong and the optimization of the approval process by the Hong Kong Stock Exchange [8]. - The influx of quality companies from the A-share market is expected to improve the industry structure of the Hong Kong stock market, which has been characterized by a lack of diversity [8]. - As of September 5, among 161 A+H stocks, five had H-share prices exceeding A-share prices, with the largest discount being 17.43% for Ningde Times [8].

Group 1 - The top three companies with the highest short positions as of August 29 are ZTE Corporation (00763) at 16.47%, COSCO Shipping Holdings (01919) at 13.94%, and CATL (03750) at 13.88% [1][2] - The company with the largest increase in short positions is Ganfeng Lithium (01772), which rose by 2.85% to 12.46% [2][3] - The companies with the largest decrease in short positions include Hisense Home Appliances (00921), which decreased by 3.57% to 4.72%, and WuXi AppTec (02359), which decreased by 2.44% to 11.64% [3][4] Group 2 - The latest short position data shows that the top ten companies with the highest short ratios include China Ping An (02318) at 12.58% and Zijin Mining (02899) at 11.91% [2] - The companies with the most significant increases in short positions also include Huahong Semiconductor (01347) with an increase of 2.56% to 9.73% and Meitu (01357) with an increase of 1.80% to 4.85% [2] - The companies with the most significant decreases in short positions also include Weimob (02013) with a decrease of 1.66% to 9.40% and Linklogis Technology (09959) with a decrease of 1.43% to 2.76% [3][4]