Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.05%, Green Power Environmental (01330) at 69.19%, and China Shenhua (01088) at 67.94% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and BYD Company (01211) saw the largest increases in holding amounts over the last five trading days, with increases of +126.42 billion, +37.06 billion, and +23.82 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -19.72 billion, China Telecom (00728) at -13.62 billion, and Kuaishou-W (01024) at -10.29 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 100.01 billion shares, 72.05% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.19% holding ratio [1] - China Shenhua (01088): 22.95 billion shares, 67.94% holding ratio [1] - Other notable companies include Kaisa New Energy (01108) at 67.53% and COSCO Shipping Energy (01138) at 65.47% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +126.42 billion, +88.22 million shares [1] - Horizon Robotics-W (09660): +37.06 billion, +361.88 million shares [1] - BYD Company (01211): +23.82 billion, +22.64 million shares [1] - Other companies with significant increases include Meituan-W (03690) and Ping An Insurance (02318) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -19.72 billion, -73.80 million shares [3] - China Telecom (00728): -13.62 billion, -233.30 million shares [3] - Kuaishou-W (01024): -10.29 billion, -14.02 million shares [3] - Other companies with notable decreases include Pop Mart (09992) and Meitu (01357) [3]

公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量21.8GWh，同比+23%。2025H1 公司在全球动力电池市场出 货排名第四、国内动力电池市场出货排名第三。乘用车市场，公司在国内市占率创新高，2025 年7 月单 月市占率达到8.25%。公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合 作，交付产品类型日益丰富。商用车市场，公司2025H1 国内新能源商用车电池装机量同比增长超 310%，单月排名进入前三。2025H1 公司实现新能源商用车新车公告230 款以上，同比增长33%，实现 各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、徐工、三一等客户合作密切，份额稳中向好。 公司储能业务实现快速增长。2025H1 公司储能系统产品及其他业务实现营收57.57 亿元，同比+110%， 储能电芯出货量进入全球前四。公司314Ah 电芯产品实现大批量稳定交付；392Ah 电芯作为6.25MWh 系统最优解决方案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L 以上，助 ...

香港联交所最新资料显示，9月9日，厦门金圆投资集团有限公司减持中创新航(03931)216.69万股，每股 均价29.4515港元，总金额约为6381.85万港元。减持后最新持股数目约为6656.92万股，最新持股比例为 8.74%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月9日，厦门金圆投资集团有限公司减持中创新航 (03931)216.69万股，每股均价29.4515港元，总金额约为6381.85万港元。减持后最新持股数目约为 6656.92万股，最新持股比例为8.74%。 ...

业务高增长驱动，毛利率进一步提升 SDICSI 2025 年 9 月 10 日 中创新航 (3931.HK) 事件：中创新航 3931.HK 为专业从事锂电池、电池管理系统及相关集成产品和 锂电池材料的研制、生产、销售和市场应用开发的新能源高科技企业。公司公布 2025 年上半年收入 164.18 亿元（人民币，下同），同比+31.7%；归母净利润 7.53 亿元，同比+80.4%。毛利率 17.53%，同比增加 1.91 个百分点；归母净利 率 2.84%，同比增加 0.84 个百分点。公司中期业绩实现高速增长，毛利率进一 步提升盈利能力增强。建议投资者关注。 报告摘要 动力电池市占率不断提高。公司 2025 年上半年实现动力电池收入 106.62 亿元， yoy+9.7%，占总收入占比为 64.9%。在乘用车市场，公司动力电池产品的市占 率不断提升。根据中国汽车动力电池产业创新联盟，今年 7 月公司动力电池装车 量占比 8.40%，跟今年 1 月份占比 6.52%相比提升 1.88 个百分点。1-7 月，公司 在国内动力电池企业装车量排名第三，装车量占比 6.81%。预计未来市占率仍有 提升空间。在商用车 ...

来源：市场资讯 （来源：真灼财经） 中创新航$中创新航(HK3931)2025年上半年实现收入人民币164.19亿元，同比增长31.7%，其中动力电池 收入106.62亿元，占比64.9%；储能系统及其他收入57.57亿元，占比35.1%。毛利由去年的19.48亿元提 升至28.79亿元，毛利率由15.6%升至17.5%，销售净利率由3.3%升至4.6%。期内利润增至7.53亿元，基 本每股收益0.2629元，同比增87.1%。 业务方面，上半年集团动力电池装车量21.8GWh，全球排名第四、国内第三；储能电芯出货量同样位居 全球第四。乘用车市场，公司高压5C镍钴铝电池、固液混合电池及磷酸铁锂超充电池等产品已量产配 套多款车型，包括多家国际OEM及国内头部车企。商用车产品覆盖轻卡至重卡及专用工程机械，均实 现批量交付；储能市场推出600Ah+大电芯和液冷户外储能柜等产品。 公司持续推进全固态电池及半固态电池研发。另外，管理层将2026年出货指引上修近两成至180GWh。 来源：凯基证券 ...

Core Insights - Global sales of new energy vehicles reached 1.61 million units in July 2025, representing a year-on-year growth of 21% [1] - The installed capacity of power batteries was approximately 86.8 GWh in July 2025, showing a year-on-year increase of 30% [1] - Cumulatively, global sales of new energy vehicles from January to July 2025 totaled 10.386 million units, with a year-on-year growth of 27%, driving the installed capacity of power batteries to about 552.7 GWh, an increase of 34% year-on-year [1] Market Share Analysis - The top ten companies in global power battery installed capacity accounted for a total of 495.8 GWh, which is 89.7% of the global market share [1] - Six Chinese companies, including CATL, BYD, and others, collectively held a market share of 68.9%, an increase of 1.1 percentage points compared to the same period last year [1] - Three South Korean companies (LGES, SK On, Samsung SDI) accounted for 16.7% of the market share, a decrease of 1 percentage point year-on-year [1] - Panasonic from Japan held a market share of 4.4%, down 1.3 percentage points from the previous year [1]

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·海外公司财报点评 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown a steady increase in market share in the power battery sector, with significant growth in commercial vehicle markets and a notable improvement in profitability [2][3]. - The company's revenue for the first half of 2025 reached 164.19 billion CNY, a year-on-year increase of 32%, while the net profit attributable to shareholders was 4.66 billion CNY, up 87% year-on-year [1][3]. - The company is ranked fourth globally and third domestically in power battery shipments, with a record market share of 8.25% in the passenger vehicle segment as of July 2025 [2][3]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 17.53%, an increase of 1.91 percentage points year-on-year, and a net margin of 4.59%, up 1.24 percentage points year-on-year [1]. - The company's energy storage system products and other businesses generated revenue of 57.57 billion CNY in the first half of 2025, reflecting a 110% year-on-year growth [3]. - The forecasted net profit for the company from 2025 to 2027 is expected to be 13.76 billion CNY, 21.18 billion CNY, and 30.28 billion CNY, representing year-on-year growth rates of 133%, 54%, and 43% respectively [3][4]. Market Expansion and Strategic Partnerships - The company has established deep collaborations with leading domestic and international firms such as Volkswagen, Hyundai, Toyota, and others, enhancing its product offerings [2]. - The company is expanding its global footprint with new production bases in Thailand and Europe, which will improve its international delivery efficiency [3]. - Strategic partnerships with domestic clients like State Power Investment Corporation and China Nuclear Energy are being deepened to support rapid business growth [3].

Core Viewpoint - Guochuang Innovation (03931) is rated "outperform" by Guoxin Securities, with projected net profits for 2025-2027 expected to grow significantly, indicating strong future performance [1] Financial Performance - The company expects net profits of 1.376 billion, 2.118 billion, and 3.028 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 133%, 54%, and 43% [1] - In the first half of 2025, the company achieved a net profit of 466 million yuan, up 87% year-on-year, with total revenue of 16.419 billion yuan, a 32% increase [1] - The gross margin was 17.53%, an increase of 1.91 percentage points, while the net margin was 4.59%, up 1.24 percentage points year-on-year [1] Battery Business - In the first half of 2025, the company's battery business generated revenue of 10.662 billion yuan, a 10% increase year-on-year, with a battery shipment volume of 21.8 GWh, up 23% [2] - The company ranked fourth globally and third domestically in battery shipments, achieving a record market share of 8.25% in July 2025 for passenger vehicles [2] - The company has established deep collaborations with major automotive manufacturers, enhancing product delivery diversity [2] Energy Storage Business - The energy storage system and other businesses generated revenue of 5.757 billion yuan in the first half of 2025, reflecting a 110% year-on-year increase, with battery cell shipments entering the global top four [3] - The company has successfully delivered large quantities of its 314Ah battery cells and is set to mass-produce a new generation 600Ah+ battery cell with a density exceeding 440Wh/L by Q4 2025 [3] - The company is expanding globally, with a production base in Thailand and a new facility in Europe under construction, enhancing international delivery capabilities [3]