Group 1 - The core viewpoint of the report is that Zhongchuang Innovation (03931) maintains a positive profit forecast and a "Buy" rating, with an increased target price of HKD 29.50 per share, driven by economies of scale and cost reduction [1] - The company has raised its shipment forecast for next year, with strong support from new projects in power batteries and demand for energy storage batteries, which are currently in short supply [1][3] - In the first half of the fiscal year 2025, Zhongchuang Innovation's revenue increased by 31.7% year-on-year to RMB 16.42 billion, with power battery sales rising by 9.7% to RMB 10.66 billion, and energy system products and other sales growing by 109.7% to RMB 5.76 billion [1] Group 2 - In the first seven months, China's power battery installation volume increased by 45.1% year-on-year to 355.4 GWh, with Zhongchuang Innovation achieving a strong growth of 21.8 GWh in the first half of the year, surpassing the market estimate of 19.5 GWh [2] - The average selling price of the company's power batteries fell by approximately 10.6%, yet the gross margin increased to 17.5%, driven by significant sales volume growth [2] - The company achieved a remarkable performance in the commercial vehicle sector, with a 310% year-on-year increase in domestic commercial vehicle installations in the first half of 2025, and the annual sales volume is likely to exceed the initial target of 10 GWh [2] Group 3 - In the energy storage sector, Zhongchuang Innovation experienced strong growth in the first half of the fiscal year, securing new orders in Europe alongside a diversified domestic customer base [3] - The energy storage business is expected to maintain a high growth rate, with a target of 45 GWh in total shipments for the year and approximately 70 GWh next year, while profit margins are also expected to improve [3]

Core Viewpoint - The report from Xiniu Securities maintains a positive profit forecast for Zhongchuang Innovation航 (03931), raising the target price to HKD 29.50 per share, driven by economies of scale and cost reduction efforts [1] Group 1: Financial Performance - In the first half of the fiscal year 2025, Zhongchuang Innovation航 reported a revenue increase of 31.7% year-on-year to RMB 16.42 billion, with power battery sales rising 9.7% to RMB 10.66 billion and energy storage system products growing 109.7% to RMB 5.76 billion [1] - The gross profit margin increased to 17.5%, leading to a net profit increase of 80.4% year-on-year to RMB 750 million, with a net profit margin rising to 4.6% [1] Group 2: Market Position and Growth - In the first seven months, China's power battery installation volume increased by 45.1% to 355.4 GWh, with Zhongchuang Innovation航 achieving a strong performance, reaching 21.8 GWh in the first half, surpassing the market estimate of 19.5 GWh [2] - The average selling price of the group's power batteries fell by approximately 10.6%, yet the gross profit margin improved to 17.5%, driven by significant sales volume increases [2] - The group achieved a remarkable 310% year-on-year growth in commercial vehicle installations in the first half of 2025, with annual sales likely exceeding the initial target of 10 GWh [2] Group 3: Energy Storage Business - Zhongchuang Innovation航 experienced strong growth in the energy storage sector, securing new orders in Europe and diversifying its domestic customer base [3] - The energy storage business is expected to maintain a high growth rate, aiming for an annual shipment target of 45 GWh, with projections to reach approximately 70 GWh next year [3]

Group 1: SK On Developments - SK On has officially launched its all-solid-state battery pilot plant in Daejeon, South Korea, aimed at sample production and product quality verification, marking a significant step towards sustainable development [3] - The company plans to commercialize all-solid-state batteries by 2029, one year ahead of the original target of 2030, focusing on achieving an energy density of 800Wh/L, with future plans to increase it to 1000Wh/L [3] - The new plant utilizes SK On's proprietary Warm Isostatic Pressing (WIP) technology, which enhances electrode density and battery performance under varying temperatures [3][4] Group 2: Technological Innovations - SK On has successfully integrated WIP technology into a continuous production line, overcoming traditional manufacturing limitations and improving production efficiency [4] - The company has optimized the ratio of active materials and conductive agents to reduce internal resistance and enhance battery performance, leading to a threefold increase in the lifespan of sulfide-based all-solid-state batteries [4] Group 3: Zhongxin Innovation Developments - Zhongxin Innovation has completed the construction of its all-solid-state battery production line, with plans to begin operations this year, focusing on a gradual transition from semi-solid to all-solid-state batteries [7] - The company has introduced a semi-solid battery with an energy density of 350Wh/kg, designed for eVTOL aircraft, and plans to launch a higher energy density all-solid-state battery with 430Wh/kg by 2027 [7][8] - Zhongxin Innovation emphasizes its position as one of the first companies in China to develop 400Wh/kg level hybrid solid-liquid battery technology, aiming for mass production [8]

Core Points - The company announced the resignation of independent non-executive director Mr. Wu Guangquan due to personal work adjustments [1] - Mr. Wu also stepped down from his roles as chairman of the remuneration committee, member of the nomination committee, and member of the audit committee [1] - The board has agreed to nominate Ms. Xiao Wen as a candidate for independent non-executive director of the second board, effective September 16, 2025 [1]

Core Points - The company announced the resignation of independent non-executive director Mr. Wu Guangquan due to personal work adjustments [1] - Mr. Wu also stepped down from his roles as chairman of the remuneration committee, member of the nomination committee, and member of the audit committee [1] - The board has agreed to nominate Ms. Xiao Wen as a candidate for independent non-executive director of the second board, effective September 16, 2025 [1]

Core Viewpoint - 中创新航 (03931.HK) announced the resignation of Wu Guangquan from the position of independent non-executive director of the second board due to personal work adjustments [1] Group 1 - Wu Guangquan also resigned from his roles as chairman of the remuneration committee, member of the nomination committee, and member of the audit committee [1] - The company has agreed to nominate Xiao Wen as a candidate for the independent non-executive director of the second board [1]

中創新航科技集團股份有限公司（「本公司」）董事會（「董事會」）於近日收到本公 司獨立非執行董事吳光權先生（「吳先生」）提交的書面辭職報告。吳先生因個人工 作調整原因申請辭去本公司第二屆董事會獨立非執行董事職務，同時一併辭去本 公司董事會薪酬委員會（「薪酬委員會」）主席、提名委員會（「提名委員會」）委員 和審計委員會（「審計委員會」）委員職務。吳先生辭職之後將不再擔任本公司其他 任何職務，並向董事會確認，其與董事會並無意見分歧，亦無其他因辭職而須提 請本公司股東（「股東」）及╱或香港聯合交易所有限公司垂注之事項。 為保證本公司董事會工作的連續性，吳先生的辭職將自本公司召開臨時股東大會 選舉產生新任獨立非執行董事填補其空缺後生效。在本公司臨時股東大會選舉出 新任獨立非執行董事之前，吳先生仍將按照有關法律法規和本公司章程（「《公司 章程》」）的規定繼續履職。 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 ...

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

Group 1 - The lithium battery sector index outperformed the CSI 300 index in August 2025, with the lithium battery index rising by 13.23% and the new energy vehicle index increasing by 14.99%, compared to a 10.90% rise in the CSI 300 index [1] - In August 2025, China's new energy vehicle sales reached 1.395 million units, representing a year-on-year growth of 26.82% and a month-on-month increase of 10.54%, with a monthly sales share of 48.83% [1] - The installed capacity of power batteries in August 2025 was 62.5 GWh, a year-on-year increase of 32.42%, with ternary material installations accounting for 17.44% [1] Group 2 - As of September 12, 2025, the prices of upstream raw materials have generally increased, with battery-grade lithium carbonate priced at 71,000 yuan/ton, up 3.65% from early August, and lithium hydroxide at 76,800 yuan/ton, up 12.25% [2] - The price of electrolytic cobalt was 274,000 yuan/ton, an increase of 1.48% from early August, while lithium iron phosphate was priced at 34,700 yuan/ton, up 0.58% [2] - The price of lithium hexafluorophosphate was 55,000 yuan/ton, up 6.80% from early August, indicating a focus on the price trends of lithium carbonate [2] Group 3 - The industry maintains a "stronger than the market" investment rating, with lithium battery and ChiNext valuations at 27.58 times and 44.35 times, respectively, reflecting a positive industry outlook [3] - The strong performance of the lithium battery sector is attributed to market style shifts, continuous growth in new energy vehicle sales, and performance growth in the lithium battery sector [3] - The industry is expected to continue its upward trend, with short-term focus on upstream raw material price trends, monthly sales, domestic and international policies, and developments in solid-state batteries [3]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].