Financial Performance - The company's profit increased by 93.0% from RMB 437.16 million for the year ended December 31, 2023, to RMB 843.63 million for the year ended December 31, 2024[2]. - Basic earnings per share rose by 100.8% from RMB 0.1661 to RMB 0.3336 year-on-year[2]. - Total revenue for the year ended December 31, 2024, was RMB 27,751.53 million, compared to RMB 27,005.89 million for the previous year, reflecting a growth of approximately 2.75%[3]. - Gross profit increased to RMB 4,409.89 million, up from RMB 3,511.52 million, marking a growth of 25.5%[3]. - The company reported a total comprehensive income of RMB 768.77 million for the year, compared to RMB 406.48 million in the previous year, representing an increase of 89.1%[4]. - The group reported a profit of approximately RMB 591,196,000 for 2024, compared to RMB 294,377,000 in 2023, marking a 100.7% increase[26]. - The gross margin improved from 13.0% in 2023 to 15.9% in 2024, an increase of 2.9 percentage points, driven by scale effects and cost reductions[66]. - Sales net margin rose from 1.6% in 2023 to 3.0% in 2024, an increase of 1.4 percentage points, primarily due to the rise in gross margin[66]. Revenue Breakdown - Revenue from sales of power batteries for 2024 was RMB 19,550,893 thousand, a decrease of 12.1% from RMB 22,249,046 thousand in 2023[13]. - Revenue from sales of energy storage systems and other products increased significantly to RMB 8,200,633 thousand in 2024, up 72.5% from RMB 4,756,839 thousand in 2023[13]. - The group’s revenue from the mainland China market was RMB 27,111,618 thousand in 2024, up 2.9% from RMB 26,353,028 thousand in 2023[15]. - Domestic revenue increased by 2.9%, from RMB 26,353.03 million in 2023 to RMB 27,111.62 million in 2024, due to enhanced production capacity and rising demand from major customers[70]. - International revenue decreased by 2.0%, from RMB 652.86 million in 2023 to RMB 639.91 million in 2024, mainly due to falling battery prices despite increased sales volume[71]. Expenses and Liabilities - Research and development expenses rose to RMB 1,417.61 million from RMB 991.96 million, indicating a 42.9% increase[3]. - The company's total liabilities increased from RMB 36,821.461 million to RMB 45,584.301 million, reflecting a rise of 23.7%[6]. - Total borrowing costs increased to RMB 1,231,592,000 in 2024 from RMB 971,178,000 in 2023, representing a 26.7% rise[21]. - The debt-to-asset ratio increased to 60.8% as of December 31, 2024, compared to 56.0% as of December 31, 2023[75]. Assets and Investments - Non-current assets increased to RMB 86,867.996 million from RMB 73,318.005 million, a growth of 18.6%[5]. - The net asset value increased to RMB 48,053.925 million from RMB 46,385.790 million, a growth of 3.6%[6]. - Total assets increased by 16.2% from RMB 105,429.03 million on December 31, 2023, to RMB 122,473.38 million on December 31, 2024[72]. - Capital expenditures for the year ended December 31, 2024, were RMB 16,606.58 million, down from RMB 20,129.02 million in 2023[77]. Market and Product Development - The global power battery market is expected to grow, with a projected 26.1% increase in global new energy vehicle sales to 17.63 million units in 2024[37]. - The energy storage market in China is projected to see a 113% year-on-year growth in new grid-connected capacity, reaching 111.63 GWh in 2024[40]. - The company launched several new product series, achieving breakthroughs in high energy density, safety, and fast charging capabilities[42]. - The company has established strategic partnerships with major power groups and has been recognized as a core supplier in the energy storage sector, enhancing market share and ranking[59]. Legal and Compliance Issues - The company was ordered to pay a total of RMB 40.56 million in damages related to patent infringement claims, along with RMB 1.02 million for reasonable expenses, as per the ruling from the Fujian High Court in May 2024[86]. - A new patent infringement claim was filed against the company, demanding RMB 92.00 million in damages and RMB 0.30 million in reasonable expenses, as reported in July 2024[87]. - The company has made a provision of RMB 3.24 million for the patent claims assessed by internal and external legal advisors[86]. - The company believes that claims related to patents seven, eight, nine, and ten lack legal basis and are unlikely to result in economic outflow[91]. Employee and Governance - The total number of employees as of December 31, 2024, was 10,534[98]. - The company has established a competitive and fair compensation system to enhance employee motivation and performance[98]. - The audit committee confirmed compliance with applicable accounting principles and standards for the financial year ending December 31, 2024[106]. - The company has adhered to all applicable corporate governance codes, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[103].

3月25日，成都经开区"立园满园"2025年一季度重大工业项目暨中创新航成都项目二期开工仪式举行，中创新航成都项目二期等项目集中开 工，总投资超300亿元，涉及新能源汽车、智能网联汽车、高端装备、低空经济、绿色储能等领域，为推动成都经开区产业转型升级高质量发 展、加快打造先进制造业高地注入强劲动能。 此次开工的二期项目，将高标准打造绿色化、现代化、数智化标杆工厂，是企业基于市场需求、应用创新技术、定位领先产品的战略性项目和 又一重要布局。这不仅将极大提升中创新航在新能源领域的产能规模，还将增强其在全球市场的竞争优势。 （ 来源：综合报道 ） Vitam电 (2)起量哪家限 第七届起点钠电论坛 暨钠电行业排行榜发布会 技术成实敛 市场爆发元年」 2025年3月28日 深圳宝安登喜路国际酒店2楼国际厅 演讲及赞助单位 11 > 金钠科技 Komaro 科迈罗 《》 同兴环保 股票代码:00302 L 隐 隐功科技 C 中国电子技术标准化研究院 W 23 Power CNAE 中国钠电 RY 瑞扬新能源 REIEL JNION IIIII ZR 茹天机械 ROOT GROUP C. L域格岛 EAST & $ ¥ ...

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **halide solid-state electrolyte** technology, which is considered a breakthrough for the next generation of solid-state batteries [2][5]. Core Insights and Arguments - **Research Progress**: Significant advancements in halide solid-state electrolytes were highlighted at the Second China All-Solid-State Battery Innovation Development Summit held in February 2025. The research began in 2018, with breakthroughs in chloride and bromide halides showing sufficient ionic conductivity and stability, achieving 1 mS/cm at room temperature [2][5]. - **Technical Challenges**: The main challenges include humidity stability and the interface with the anode. Humidity sensitivity can reduce ionic conductivity, which can be improved through doping or coating. The anode interface is prone to reactions that lead to capacity decay, necessitating interface modification or composite electrolyte designs [2][6]. - **Commercial Viability**: Balancing performance and cost is crucial for commercial applications. Early halide materials relied on rare earth elements, making them expensive. However, since 2021, zirconium-based non-rare earth materials have emerged as a cost-effective alternative, despite initially lower ionic conductivity [2][7]. - **Recent Breakthroughs**: In 2023, a zirconium-based 4.75 chloride oxide solid-state electrolyte achieved a room temperature ionic conductivity of 2.42 mS/cm, with a cost of $11.6 per kilogram, laying a foundation for commercialization [2][8]. - **Patent Activity**: There has been a rapid increase in patent applications for halide solid-state electrolytes since 2016. Panasonic leads with 74 patents, while domestic companies like the Automotive Power Battery Research Institute and Honeycomb Energy follow with 17 and 13 patents, respectively. In the period from 2024 to March 2025, domestic manufacturers added 25 new patents, indicating accelerated development [2][9]. - **Automaker Innovations**: Domestic automakers, such as Geely, have made significant strides, obtaining 8 patents in 2024. Their self-developed oxychloride zirconium lithium solid-state electrolyte demonstrated good humidity stability, with minimal ionic conductivity loss [2][10]. - **Battery Manufacturer Developments**: Leading battery companies like CATL and BYD have made notable advancements. CATL introduced a doped sulfide solid-state electrolyte with an ionic conductivity of 1.15 mS/cm, while Honeycomb Energy developed a chloride-oxide composite lithium metal anode system with a conductivity of 7.5 mS/cm [2][11]. Additional Important Content - **Preparation Methods**: Various preparation methods for halide solid-state electrolytes include solid-phase synthesis, liquid-phase synthesis, and gas-phase synthesis, each with its own advantages and challenges [2][6]. - **Future Outlook**: The halide solid-state electrolyte technology is expected to play a crucial role in the future of solid-state batteries, with ongoing research aimed at overcoming existing technical challenges and enhancing commercial viability [2][12].

Investment Rating - The investment rating for the automotive industry is "Outperform" [1] Core Insights - The automotive market in China continues to show year-on-year growth, with February production and sales reaching 2.103 million and 2.129 million vehicles respectively, marking a year-on-year increase of 39.6% and 34.4% [4][10] - The new energy vehicle (NEV) sector is experiencing significant growth, with February sales reaching 889,200 units, a year-on-year increase of 87.1% [35][39] - The market share of Chinese brand passenger vehicles has risen to 70.6% in February, up 11.2 percentage points from the previous year [21] Summary by Sections 1. Automotive Market - In February, China's automotive production and sales were 2.103 million and 2.129 million vehicles, respectively, with a year-on-year growth of 39.6% and 34.4% [4][10] - From January to February, total production and sales reached 4.553 million vehicles, with year-on-year increases of 16.2% and 13.1% [4][10] - Domestic sales in February were 1.688 million vehicles, a year-on-year increase of 39.9% [15] 1.1. Chinese Automotive Sales and Structure - In February, the domestic passenger vehicle sales were 1.445 million units, with a year-on-year growth of 41.9% [17] - The total sales of commercial vehicles in February were 243,000 units, showing a year-on-year increase of 28.8% [17] 1.2. New Energy Vehicle Market - In February, NEV sales accounted for 41.9% of total automotive sales, with a total of 190,300 units sold from January to February, reflecting a year-on-year growth of 52% [39] - The global NEV market saw sales of 1.2583 million units in January, a year-on-year increase of 18% [27] - In February, the production and sales of NEVs in China reached 888,000 and 892,000 units, respectively, with year-on-year growth of 91.5% and 87.1% [35][39] 2. Lithium Battery Market - In February, China's total production of power and other batteries was 100.3 GWh, a year-on-year increase of 128.2% [6] - The total sales of power batteries in February were 90.0 GWh, with a year-on-year growth of 140.7% [6] 2.1. Lithium Battery Production and Sales - The cumulative production of power and other batteries from January to February was 208.1 GWh, with a year-on-year increase of 89.2% [6] 2.2. Battery Installation and Market Structure - In February, the installation volume of power batteries was 34.9 GWh, showing a year-on-year increase of 94.1% [6]

Core Viewpoint - In 2024, global shipments of energy storage lithium batteries are expected to increase by over 55% year-on-year, with Chinese companies contributing more than 90% of global production capacity and dominating the top 10 rankings for the first time [1][2]. Group 1: Market Overview - The top five companies in global energy storage lithium battery shipments for 2024 are CATL, EVE Energy, Hicharge Energy, BYD, and Zhongxin Innovation, while the bottom five include Ruipu Lanjun, Guoxuan High-Tech, Envision Power, Penghui Energy, and Chuangneng New Energy [2]. - The significant change from 2023 is that Chinese companies now account for over 90% of global energy storage battery shipments, with all top ten companies being Chinese [2][4]. Group 2: Growth and Demand - The global energy storage lithium battery shipment volume is projected to grow by over 55% in 2024, with Chinese shipments increasing by over 60%. Specifically, shipments for power, household, and commercial energy storage batteries are expected to grow by over 70%, 25%, and 40%, respectively [5]. - In 2024, overseas demand remains a hot market for energy storage lithium batteries, with Chinese companies expected to export over 120 GWh of energy storage batteries, primarily to the US, Europe, Southeast Asia, and the Middle East, with North America and Europe accounting for 73% of the demand [7]. Group 3: Competitive Landscape - Despite strong demand, the energy storage lithium battery market is facing intense competition, leading companies to enhance their integrated research and development capabilities [8]. - The market concentration for energy storage lithium batteries has increased, with the CR10 rising from 88% in 2023 to 93% in 2024, indicating a stronger dominance of leading companies like CATL, EVE Energy, and Hicharge Energy [12]. Group 4: Company Highlights - CATL's energy storage system revenue reached 28.825 billion yuan in 2024, with a gross margin of 28.87%, making it a core profit growth point for the company [16]. - EVE Energy's energy storage battery shipments reached 35.73 GWh in 2024, a year-on-year increase of 115.57%, positioning it as the second-largest globally [17]. - Hicharge Energy has rapidly risen to become the third-largest global player in energy storage battery shipments, focusing on large-capacity battery solutions [19]. - BYD has provided energy storage system solutions for over 360 projects globally, with its new MC Cube-T system achieving significant efficiency improvements [20]. - Zhongxin Innovation has become a Tier 1 energy storage manufacturer, with its 314Ah energy storage cell gaining widespread market acceptance [22]. - Ruipu Lanjun has introduced a series of innovative products and solutions, enhancing system efficiency and reducing costs [23]. - Guoxuan High-Tech's energy storage business revenue reached 4.339 billion yuan in the first half of 2024, with a gross margin of 23.87% [24]. - Envision Power has delivered over 30 GWh of 300+Ah energy storage cells, leading the industry in safety performance [26]. - Penghui Energy has developed advanced technologies and achieved significant breakthroughs in battery performance [27]. - Chuangneng New Energy has rapidly expanded its production capacity and secured multiple large-scale contracts [28].

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...

证券研究报告 | 公司点评 gszqdatemark 2025 03 13 年 月 日 中创新航（03931.HK） 海外业务可期，入通改善流动性 2025 年 2 月 24 日，公司发布盈利预喜。根据公司初步评估，2024 年公 司净利润介于 7.86-8.74 亿元，较 2023 年的 4.37 亿元同比增长 80%- 100%。业绩增长的主要驱动因素包括： Q1 出货规模值得期待，关注海外业务。根据高工锂电，中创新航 2025Q1 动储电池出货量预计达 20GWh，同比增幅近 150%。其中，面向出口车型 的出货量预计占中创新航动力板块整体出货量的 30%以上，这可能得益 于：1）2024 年 7 月阳光电源与沙特 ALGIHAZ 成功签约当时全球最大储 能项目，容量高达 7.8GWh，中创新航为该项目供应高性能电芯；2）2024 年 11 月，阳光电源再获欧洲市场 4.4GWh 储能订单，中创新航再次为阳 光电源储能项目配套高性能电芯；3）公司和多家国际车企就新平台项目 达成合作，并助力多个国内车企实现整车出口。 2025 年 3 月 10 日起，中创新航被正式纳入港股通。3 月 9 日中创新航 在港 ...

Core Viewpoint - The article highlights the significant growth in China's power battery production and sales in February 2025, with notable year-on-year increases in both metrics, indicating a robust demand for electric vehicle batteries in the market [5][10][30]. Group 1: Battery Production - In February 2025, the total production of power and other batteries reached 100.3 GWh, a month-on-month decrease of 7.0% but a year-on-year increase of 128.2% [5][6]. - Cumulative production for January-February 2025 was 208.1 GWh, reflecting a year-on-year growth of 89.2% [5][6]. - The production breakdown by material type shows that lithium iron phosphate batteries accounted for 80.9 GWh (80.7% of total), while ternary materials contributed 19.3 GWh (19.2%) [7]. Group 2: Battery Sales - In February 2025, total sales of power and other batteries reached 90.0 GWh, with a month-on-month increase of 12.0% and a year-on-year increase of 140.7% [15][20]. - Cumulative sales for January-February 2025 were 170.4 GWh, marking an 80.3% year-on-year growth [15][20]. - The sales distribution indicated that power batteries accounted for 74.3% of total sales, while other batteries made up 25.7% [15]. Group 3: Battery Exports - In February 2025, the total export volume of power and other batteries was 21.1 GWh, reflecting a month-on-month increase of 21.0% and a year-on-year increase of 144.7% [20][25]. - Cumulative exports for January-February 2025 reached 38.6 GWh, with a year-on-year growth of 102.2% [20][25]. - The export composition showed that power batteries constituted 60.6% of total exports, while other batteries accounted for 39.4% [20]. Group 4: Battery Installation - In February 2025, the installation volume of power batteries was 34.9 GWh, a month-on-month decrease of 10.1% but a year-on-year increase of 94.1% [33][38]. - Cumulative installation for January-February 2025 was 73.6 GWh, reflecting a year-on-year growth of 46.5% [33][38]. - The breakdown by battery type showed that lithium iron phosphate batteries accounted for 28.4 GWh (81.5% of total installations), while ternary batteries contributed 6.4 GWh (18.5%) [33]. Group 5: Market Concentration - In February 2025, 38 battery companies participated in the market, a decrease of 2 compared to the previous year [45]. - The top three, five, and ten battery companies accounted for 73.0%, 82.7%, and 93.2% of the total installation volume, respectively, indicating a slight decrease in market concentration compared to the previous year [45].

Core Viewpoint - The article emphasizes the significant growth of China Innovation Aviation's energy storage battery shipments, projecting a 150% year-on-year increase to 20 GWh in Q1 2025, highlighting the company's successful global expansion strategy and the evolving competitive landscape in the lithium battery industry [1][2]. Group 1: Overseas Market Expansion - The shift towards overseas markets is becoming a crucial indicator of battery companies' globalization, with a focus on high-value markets [3]. - China Innovation Aviation's substantial growth in Q1 2025 is attributed to its deep cooperation on international projects, including a major 7.8 GWh energy storage project in Saudi Arabia and a 4.4 GWh order for the UK market [4]. - Despite Q1 typically being a slow season for domestic electric vehicles, the rapid growth in overseas markets has effectively countered this seasonal impact, contributing significantly to the company's overall shipment increase [5]. Group 2: Growth Metrics and Market Position - In 2024, global power battery installations reached 894.4 GWh, a 27.2% increase, with Chinese companies occupying six positions in the market, and overseas market contributions exceeding 30% [6]. - The global lithium battery storage installations surged to 165 GWh, marking a 77.4% increase, with Chinese companies dominating the top 10 in storage battery shipments [6]. - China Innovation Aviation is projected to surpass Panasonic and SK On in power battery installations, ranking fourth globally, while maintaining a top five position in energy storage shipments [7]. Group 3: Strategic Transformation - The overseas expansion strategy of Chinese lithium battery companies is transitioning from a "cost-driven" approach to one focused on "value collaboration and zero-carbon ecosystems," reducing associated risks [8]. - China Innovation Aviation is collaborating with international automakers to develop battery platforms that meet stringent European standards, while also implementing AI-driven manufacturing systems in its Portuguese factory to minimize energy waste [8]. - The company aims to deliver a zero-carbon AI super factory in Portugal by 2027, showcasing its commitment to sustainable practices [8]. Conclusion - The article concludes that overseas expansion is a critical aspect of the renewable energy industry's development, representing a pathway for companies to achieve sustainable growth and diversify their market presence. The rise in China Innovation Aviation's overseas shipments reflects the broader trend of globalization in the lithium battery sector and the company's successful transition from rapid scale expansion to value creation [9].

Group 1 - The core point of the article is that Zhongchuang Innovation has been included in the list of eligible securities for the Hong Kong Stock Connect under the Shanghai-Hong Kong Stock Connect, effective from March 10, 2025 [1] - The company's board believes that this inclusion will help expand its investor base and enhance the liquidity and market activity of its shares [1]