Core Insights - The solid-state battery technology is making significant progress, with GAC Group establishing the first large-capacity solid-state battery production line in China, capable of mass production of automotive-grade solid-state batteries with over 60Ah capacity [1] - The energy density of the newly developed solid-state batteries is nearly double that of existing batteries, enabling vehicles with over 500 km range to achieve over 1000 km after usage [1] - The industry anticipates small-scale vehicle testing by 2026 and gradual mass production from 2027 to 2030 [1] Industry Developments - Solid-state batteries are referred to as the "holy grail of next-generation battery technology," offering higher energy density, inherent safety, longer lifespan, and wider temperature range compared to traditional liquid lithium batteries [2] - No company has yet commercialized solid-state batteries globally, but several companies, including CATL and Changan Automobile, plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% over liquid batteries [2] - The industry expects a peak in pilot production lines in 2026, with small-scale commercialization starting in 2027 and a potential market scale of 100 GWh by 2030 [3] Company Updates - SAIC Group announced that its solid-state battery production line in Shanghai has been fully operational, with sample production expected by the end of this year and vehicle testing in 2024, aiming for mass production in 2027 [4] - Penghui Energy confirmed that its solid-state battery pilot line is operational, with results pending further evaluation [4] - Baichuan Co. has conducted research on solid-state battery technology but has not yet achieved mass production, indicating ongoing monitoring of industry developments [4]

Core Insights - The first large-capacity all-solid-state battery production line in China has been completed and is currently undergoing small-scale testing [1] - The all-solid-state battery technology is seen as a significant breakthrough in addressing "range anxiety" and "safety concerns" in the electric vehicle industry [1] - The energy density of the newly developed all-solid-state battery is nearly double that of existing batteries, enabling vehicles with over 500 kilometers of range to achieve more than 1000 kilometers [1] Industry Developments - Currently, no company globally has commercialized all-solid-state batteries, but several companies have set timelines for production and testing [2] - Companies like CATL and Changan Auto plan to achieve vehicle integration by 2027, with Changan's battery safety improved by 70% compared to liquid batteries [2] - The industry is expected to see a peak in pilot production lines in 2026, with small-scale commercialization anticipated by 2027 and a potential market scale of 100 GWh by 2030 [2] Technological Advancements - The transition from laboratory to pilot production for all-solid-state batteries is accelerating, with multiple companies initiating pilot line construction [3] - Key challenges include material systems, manufacturing processes, and cost reduction, with ongoing engineering validation of core processes [3] - The demand for equipment is expected to rise as pilot lines transition to GWh-level production, benefiting equipment manufacturers [3] Company Updates - SAIC Group has achieved full connectivity of its all-solid-state battery production line in Shanghai and plans to conduct vehicle testing in 2023 [4] - Penghui Energy has established its pilot line for solid-state batteries, with results pending further evaluation [4] - Baichuan Co. is monitoring the development of solid-state battery technology but has not yet initiated mass production [4] - The Chinese Association for Science and Technology emphasizes the need to overcome technical bottlenecks in manufacturing costs and lifecycle for solid-state batteries [4]

Group 1 - The core point of the announcement is that Zhongchuang Innovation has completed the acquisition of Jiangsu Aoliwei Sensor Technology Co., Ltd., making it a non-wholly-owned subsidiary, with its financial performance to be consolidated into Zhongchuang Innovation's financial statements [2] - The acquisition process included the completion of all preconditions by October 10, 2025, and Zhongchuang Innovation now holds 10.94% equity in the target company [2] - Following the completion of the share transfer registration, the target company held a shareholders' meeting on November 21, 2025, to approve the adjustment of the board of directors, which now consists of 5 members, with 4 nominated by Zhongchuang Innovation [3] Group 2 - The announcement indicates that as of November 21, 2025, the subscription for the newly issued shares of the target company has not yet been completed [4]

Group 1 - The company has completed the acquisition of 10.94% equity in Jiangsu Aoliwei Sensor Co., Ltd. as of October 10, 2025 [1] - Following the completion of the share transfer registration, the company will complete the board member adjustments and amendments to the articles of association within 30 working days [1] - The target company's board now consists of 5 directors, with 3 non-independent directors and 2 independent directors, allowing the company to have substantial influence over board decisions [1] Group 2 - The target company is considered a non-wholly-owned subsidiary, and its financial performance will be consolidated into the group's financial statements [2] - The subscription for newly issued shares by the target company has not yet been completed, and the company will provide updates as necessary [2]

Group 1 - The company has completed the acquisition of 10.94% equity in Jiangsu Aoliwei Sensor Technology Co., Ltd. as of October 10, 2025 [1] - Following the completion of the share transfer registration, the company will hold a majority of the board seats in the target company, allowing it to significantly influence board resolutions [1] - The target company is considered a non-wholly-owned subsidiary, and its financial performance will be consolidated into the group's financial statements [2] Group 2 - The subscription for newly issued shares of the target company has not yet been completed as of the announcement date [2] - The company will issue further announcements regarding the progress of the subscription in accordance with listing rules, if necessary [2]

Core Points - The acquisition of a 10.94% stake in Jiangsu Aoliwei Sensor Technology Co., Ltd. has been completed as of October 10, 2025, with all preconditions met [1] - The board of directors of the target company has been adjusted, with a total of 5 directors, including 3 non-independent directors and 2 independent directors, following the completion of the share transfer [1] - The target company is considered a non-wholly-owned subsidiary of the company, and its financial performance will be consolidated into the group's financial statements [2] Summary by Sections - **Acquisition Completion** - The share transfer registration for the acquisition was completed on October 10, 2025, allowing the company to hold a 10.94% equity interest in the target company [1] - The parties involved are required to complete board member adjustments and amendments to the articles of association within 30 working days after the share transfer registration [1] - **Board Composition** - The target company held a shareholders' meeting on November 21, 2025, to approve the adjustment of board members [1] - The new board consists of 5 members, with 3 being non-independent directors (including 1 employee director) and 2 independent directors, where 4 directors are nominated by the company [1] - **Financial Integration** - The target company will be treated as a non-wholly-owned subsidiary, and its financial results will be included in the consolidated financial statements of the company [2]

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，概不對因本公告全部或任何部分內容而產生或因倚 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） 自願公告 完成對目標公司的收購 本公告（「本公告」）乃由中創新航科技集團股份有限公司（「本公司」，連同其附屬 公司統稱為「本集團」）自願作出。 茲提述日期為2025年5月6日及2025年7月9日的公告以及日期為2025年6月18日的 通函（「通函」），內容有關收購目標公司（「本次收購」）及認購目標公司新發行股份 （「本次認購」）。除文義另有所指外，本公告所用詞彙與通函所界定者具有相同涵 義。 完成本次收購 目標公司被視為本公司的非全資附屬公司，目標公司的財務業績將併入本集團的 合併財務報表。 於本公告日期，目標公司新發行股份的認購尚未完成。本公司將根據上市規則適 時就（其中包括）有關本次認購之最新進展另行刊發公告（如必要）。 承董事會命 中創新航科技集團股份有限公司 ...

Group 1 - The core point of the article is the launch of the Xiaopeng X9 Super Extended Range version, which is priced at 309,800 yuan, significantly lower than market expectations and previous pre-sale pricing [1] - The pre-sale orders for the X9 Super Extended Range version reached nearly four times that of the 2024 X9 pure electric version within the first hour, indicating strong market demand [1] - The vehicle's performance in terms of range is highlighted, with the X9 Super Extended Range version achieving a pure electric range of over 452 km and a comprehensive range of 1,602 km, making it the longest-range large seven-seat MPV globally [1] Group 2 - The exclusive battery supplier for the X9 Super Extended Range version is Zhongchuang Xinhang, which provides a 5C supercharging battery that is the first of its kind in the industry [2] - The battery can charge from 10% to 80% in just 11.5 minutes, showcasing advanced technology that balances fast charging efficiency with safety [2] - This collaboration marks a significant breakthrough for Zhongchuang Xinhang in the extended range market, potentially solidifying its leading position in the extended battery sector as the Xiaopeng X9 gains popularity [2]

Core Viewpoint - Jiangsu Province is focusing on the development of the new energy industry, emphasizing the importance of innovation and collaboration between enterprises, academia, and research institutions to enhance the overall competitiveness of the sector [1] Group 1: Industry Development - Jiangsu Province has a solid foundation and clear advantages in the development of the new energy industry [1] - The provincial government aims to identify key innovation directions within the industry [1] Group 2: Enterprise Role - Leading enterprises are encouraged to play a pivotal role in driving industry growth [1] - There is a call for deeper integration of production, education, and research led by enterprises [1] Group 3: Economic Impact - The initiative aims to support a comprehensive green transformation of economic and social development [1] - The goal is to create a more competitive new energy industry cluster [1]

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]