此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已將名下所有中創新航科技集團股份有限公司股份出售或轉讓，應立即將本通函連同隨附的 代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或其他代理商，以便 轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不會就本通函全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 CALB Group Co., Ltd. 中創新航科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3931） (1)修訂2025年度委託加工框架協議項下之年度上限 (2)重續持續關連交易 及 (3)2025年度第三次臨時股東大會通告 獨立董事委員會及獨立股東的獨立財務顧問 董事會函件載於本通函第7至23頁。 本公司謹訂於2025年12月24日（星期三）下午二時正假座中國常州市金壇區江東大道1號中創新航科 技集團股份有限公司VIP1會議室舉行臨時股東大 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中創新航科技集團股份有限公司 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03931 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 761,499,395 | RMB | | 1 | RMB | | 761,499,395 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 761,499,395 | RMB | | 1 | RMB | | 761,499,395 | | 2. 股份 ...

Core Insights - The company has highlighted its technological advantages in the lithium battery anode business, including proprietary control of raw material structure, coating processes, surface modification technology, and next-generation graphitization technology, which are considered industry-leading [1] - The company is experiencing high capacity utilization in its lithium battery anode business and is actively planning new production capacity both domestically and internationally to meet the growing market demand driven by the electric vehicle and energy storage sectors [1] - The company is engaged in deep collaborations with major battery manufacturers such as CATL and EVE Energy through joint ventures and cross-shareholding, and has introduced strategic investor Kaibo Chengdu Fund to support its sustainable development [1] Company Operations - The company is currently operating at high capacity utilization in its lithium battery anode business [1] - There are plans for new production capacity expansion both in domestic and international markets to cater to increasing demand [1] Strategic Collaborations - The company has established deep partnerships with leading battery firms like CATL and EVE Energy through joint ventures and cross-shareholding arrangements [1] - The introduction of strategic investor Kaibo Chengdu Fund is aimed at facilitating the company's ongoing healthy development [1]

Core Insights - Nord's wholly-owned subsidiary, Baijiada, signed a copper foil supply agreement with Zhongchuang Xinhang for 2026-2028, with a total supply of 373,000 tons, valued at nearly 40 billion yuan based on current market prices [1] Supply Agreement Details - The annual supply volumes are set at 58,000 tons, 130,000 tons, and 185,000 tons for the respective years, which represent 41%, 93%, and 132% of Nord's current annual production capacity of 140,000 tons [1] - The order size exceeds the company's current peak production capacity [1] Future Capacity Expansion - Nord plans to expand its global total production capacity to 300,000 tons per year by 2030, focusing on lithium batteries and high-end electronic circuit copper foil sectors [1]

Core Viewpoint - The energy storage industry is undergoing significant changes, with companies exploring innovative financial models to address funding challenges and maintain competitiveness in a low-price environment [1][2][10] Group 1: Industry Developments - The new energy storage installation capacity in China reached 32.8 GW in the first three quarters of this year, a year-on-year increase of 178% [2] - The average bidding price for domestic energy storage systems has dropped from 1.6 RMB/Wh in 2022 to as low as 0.65 RMB/Wh by 2025 [2] - Price competition has intensified not only domestically but also internationally, with some companies reducing prices by 30% in major projects in Europe and the Middle East [2] Group 2: Company Innovations - Guoxia Technology has demonstrated rapid growth, with revenue increasing from 142 million RMB in 2022 to 691 million RMB in the first half of 2025, nearly a fivefold expansion [4] - Despite revenue growth, Guoxia's profitability has been under pressure, with gross margins expected to decline from 26.7% in 2023 to 12.5% in the first half of 2025 [4] - The company’s sales volume of large storage systems surged from 58.0 MWh in 2022 to 1146.0 MWh in the first half of 2025 [4] Group 3: Business Models - Guoxia Technology's light asset model focuses on ecological collaboration to reduce costs, avoiding heavy capital investments by not building factories or manufacturing cells [6] - Haibo Shichuang is exploring a hybrid model combining light and heavy assets to address low-price competition, utilizing financial leasing to enhance project liquidity [8] - Ningde Times is expanding its energy storage business by providing comprehensive system solutions and has recently increased its capital investment in renewable energy projects [9] Group 4: Market Dynamics - The competition among different business models—light asset, hybrid, and heavy asset—reflects the varying strategies companies adopt to navigate the low-price environment [10] - Analysts suggest that the ongoing price competition is a necessary phase for industry transformation, driven by overcapacity and technology homogenization [10]

Core Viewpoint - Nord Shares has signed a three-year supply agreement with Zhongchuang Xinhang to provide a total of 373,000 tons of lithium battery copper foil from 2026 to 2028, ensuring stable supply and production capacity utilization for both companies [1][4][5]. Supply Agreement Details - The agreement specifies that Nord's subsidiary, Shenzhen Baijiada New Energy Materials Co., Ltd., will supply 58,000 tons in 2026, 130,000 tons in 2027, and 185,000 tons in 2028, prioritizing Zhongchuang Xinhang's supply needs during capacity constraints [1][4][5]. - This agreement continues the partnership established in February 2025, where a supply of 45,000 tons of copper foil was successfully delivered [5]. Market Context - The price of copper has been on the rise, increasing from 73,000 yuan/ton at the beginning of 2025 to 86,000 yuan/ton currently, with expectations to exceed 90,000 yuan/ton in 2026 [2][5]. - Copper foil accounts for approximately 13% of the total cost of battery production [5]. Product Development and Innovation - Nord Shares is advancing the development of ultra-thin copper foil, with 4.5-micron copper foil reducing battery production costs by approximately 9.3 million yuan per GWh compared to 6-micron foil [2][5]. - The company has developed customized copper foil products for next-generation battery technologies, including nickel-plated alloy foil for solid-state batteries and silicon-carbon anodes [6]. Research and Development - Nord Shares has established a 120-member R&D team and has applied for over 200 patents in collaboration with domestic and international universities and industry experts [6]. - The company has implemented a comprehensive quality management system certified by IATF16949 [6]. Business Expansion - In 2025, Nord Shares continued to expand its business layout, including the establishment of a 400 million yuan energy storage industry fund focused on technology R&D and project implementation [3][6]. - The company currently has an annual copper foil production capacity of 140,000 tons, with plans to reach a global total capacity of 300,000 tons by 2030 [3][6].

Core Viewpoint - Nord Shares has signed a three-year supply agreement with Zhongchuang Xinhang for lithium battery copper foil, ensuring a total supply of 373,000 tons from 2026 to 2028, which will stabilize production and reduce raw material price fluctuations [2]. Group 1: Supply Agreement - The agreement stipulates that from 2026 to 2028, Baijiada will supply Zhongchuang Xinhang with 58,000 tons in 2026, 130,000 tons in 2027, and 185,000 tons in 2028, prioritizing supply during capacity constraints [2]. - This agreement continues the partnership that began with a previous supply agreement for 45,000 tons in 2025, which has been fulfilled as per the terms [2]. Group 2: Market Trends - Copper prices have been on the rise, increasing from 73,000 yuan/ton at the beginning of 2025 to 86,000 yuan/ton currently, with expectations to exceed 90,000 yuan/ton in 2026 [3]. Group 3: Product Development - Nord Shares is advancing the research and large-scale application of ultra-thin copper foil, with 4.5-micron copper foil reducing battery production costs by approximately 9.3 million yuan per GWh compared to 6-micron foil [4]. - The company has developed customized copper foil products for next-generation battery technologies, including nickel-plated alloy foil for solid-state batteries and silicon-carbon anodes [4]. Group 4: Capacity and Expansion - Currently, Nord Shares has an annual copper foil production capacity of 140,000 tons, with a project in Europe aiming for an additional 30,000 tons per year, targeting a total global capacity of 300,000 tons by 2030 [5]. - The company has established partnerships with over 200 global clients, including leading lithium battery manufacturers [5].

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is focusing on regulating the competitive order in the power and energy storage battery industry to promote high-quality development [1][2] Group 1: Industry Meeting Insights - A meeting was held by MIIT to discuss the power and energy storage battery industry, with participation from 12 key industry representatives [1] - Notable attendees included leaders from major companies such as BYD, CATL, and others, who shared their operational challenges and suggestions [1] Group 2: Policy and Regulatory Focus - MIIT's Minister Li Lecheng emphasized the need for targeted policies to address irrational competition and enhance capacity monitoring and quality supervision [2] - The ministry aims to combat intellectual property violations and guide companies in capacity planning and international expansion [2] Group 3: Industry Development Strategy - Companies are encouraged to foster entrepreneurial spirit, resist irrational competition, and maintain a healthy market environment [2] - Emphasis on innovation and increased R&D investment to strengthen core competitiveness and enhance collaboration within the industry chain [2] - MIIT plans to develop the "14th Five-Year" industrial development plan, focusing on technological innovation and modern governance for high-quality industry growth [2]

Group 1: Industry Insights - The Ministry of Industry and Information Technology (MIIT) held a meeting on November 28 to discuss the regulation of the power and energy storage battery industry, focusing on promoting high-quality development and addressing irrational competition [1] - MIIT Minister Li Lecheng emphasized the need for targeted policy measures to combat "involution" competition, enhance capacity monitoring, and improve product quality supervision [1] - The meeting included high-level executives from major companies, indicating strong potential for subsequent actions and policy implementations [1] Group 2: Company Developments - Shengyang Co., Ltd. specializes in the design, R&D, manufacturing, and sales of energy storage batteries and systems, with its solid-state battery successfully completing safety verification and stability tests, now entering market application [3] - Nandu Power's current unshipped orders amount to approximately 8.9 billion, with large storage orders making up about 5.5 billion, indicating strong demand in both domestic and international markets [3] - Nandu Power also secured a 2.8 GWh order for independent energy storage projects, marking a significant milestone for the commercialization of solid-state battery technology [3] Group 3: Market Conditions - Huafu Securities noted that the lithium battery materials industry is facing challenges such as "leading companies making minimal profits while second-tier companies incur losses," primarily due to overcapacity from previous blind expansions [2] - It is expected that most sub-sectors within lithium battery materials will achieve rational and orderly expansion in the coming years, reducing the likelihood of significant overcapacity [2] - Some sub-sectors with low profitability and long return cycles may see price increases, indicating potential market adjustments [2]