Core Viewpoint - The company expects to report a net loss of approximately 70 million yuan for the first half of 2025, which represents a year-on-year reduction in loss of about 56% compared to the same period last year [1] Financial Performance - The company reported a revenue of 5.277 billion yuan for 2024, a year-on-year increase of 15.44%, with a net loss of 352 million yuan [2] - In the first quarter of 2025, the company achieved a revenue of 1.409 billion yuan and a net loss of 38 million yuan [2] - The expected net loss for the first half of 2025 is approximately 82 million yuan when excluding non-recurring items [1] Market Conditions - The demand for power batteries is slowing due to domestic macroeconomic impacts and overseas trade conflicts, leading to a supply surplus in the lithium battery copper foil market [1] - The price of copper, a key raw material for copper foil production, has been on an upward trend in the first half of 2025, increasing production costs for the company [1] Product Development - The company focuses on developing high-value-added products such as ultra-thin lithium battery copper foil and high-temperature resistant copper foil, which have high technical barriers [3] - The company has successfully achieved stable mass production of 3-micron lithium battery copper foil and is gradually increasing the output of high-value-added products [3] Stock Performance - The company's stock price experienced a significant increase due to its classification as a "solid-state battery" concept, with a cumulative price increase of 100% over nine trading days [4] - The revenue from the copper foil business applied in the solid-state battery field accounts for less than 1% of total revenue, indicating limited contribution to overall performance [4]

[Current Period Performance Forecast](index=1&type=section&id=Current%20Period%20Performance%20Forecast) The company forecasts a net loss for the first half of 2025, significantly reduced from the prior year, with an estimated net loss attributable to shareholders of approximately CNY 70 million 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (CNY million) | Year-on-Year Change | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Approximately -70.00 | Loss narrowed by approximately 56.00% | | Net Profit Attributable to Shareholders After Non-Recurring Items | Approximately -82.00 | - | - This performance forecast is a preliminary estimate by the company's financial department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Operating Performance and Financial Status in the Same Period Last Year](index=1&type=section&id=Operating%20Performance%20and%20Financial%20Status%20in%20the%20Same%20Period%20Last%20Year) The company presents its 2024 first-half financial data as a comparative baseline, reporting significant net losses attributable to shareholders and after non-recurring items 2024 Semi-Annual Performance Review | Indicator (2024 Semi-Annual) | Amount (CNY million) | | :--- | :--- | | Total Profit | -167.75 | | Net Profit Attributable to Shareholders | -159.09 | | Net Profit Attributable to Shareholders After Non-Recurring Gains and Losses | -195.08 | | Earnings Per Share | -0.0911 CNY | [Main Reasons for Current Period's Estimated Loss](index=2&type=section&id=Main%20Reasons%20for%20Current%20Period%27s%20Estimated%20Loss) The loss primarily stems from compressed profit margins in main business operations due to market oversupply and rising raw material costs, partially offset by non-recurring gains such as government subsidies [Impact of Main Business Operations](index=2&type=section&id=Impact%20of%20Main%20Business%20Operations) Market oversupply in lithium-ion battery copper foil due to slowing demand and unreleased energy storage demand, coupled with rising raw material costs, compressed profit margins, despite some improvement from high-value-added products - Affected by macroeconomic conditions and trade barriers, the slowdown in power battery demand has led to an oversupply in the lithium-ion copper foil market, intensifying competition and keeping copper foil processing fees low, thereby compressing the company's profit margins[8](index=8&type=chunk) - In the first half of 2025, the price of primary raw material copper generally trended upwards, leading to increased production costs for the company[8](index=8&type=chunk) - While orders for high-value-added products (e.g., 4-5um copper foil) increased, their contribution to overall profitability improvement was limited due to being in the market introduction phase with insignificant incremental volume, though this factor contributed to the year-on-year narrowing of the company's loss[8](index=8&type=chunk) [Impact of Non-Recurring Gains and Losses](index=2&type=section&id=Impact%20of%20Non-Recurring%20Gains%20and%20Losses) During the reporting period, the company received approximately **CNY 12 million** in non-recurring gains, primarily from government subsidies, which positively impacted current period profit - Non-recurring gains and losses, including government subsidies recognized in current period profit, amounted to approximately **CNY 12 million**[9](index=9&type=chunk) [Risk Warning](index=2&type=section&id=Risk%20Warning) The company emphasizes that this performance forecast is a preliminary, unaudited estimate by the financial department, subject to potential differences from the final semi-annual report, with no major uncertainties affecting its accuracy - This performance forecast is a preliminary estimate, unaudited by certified public accountants, and the final data will be subject to the official semi-annual report[10](index=10&type=chunk)[11](index=11&type=chunk) [Other Explanatory Matters](index=2&type=section&id=Other%20Explanatory%20Matters) The company advises investors to rely on the officially disclosed 2025 semi-annual report for financial data and to exercise caution in investment decisions, being mindful of investment risks - The company urges investors to make cautious decisions and be aware of investment risks[11](index=11&type=chunk)

Core Viewpoint - Nord Co., Ltd. (600110) announced an expected net profit attributable to shareholders of approximately -70 million yuan for the first half of 2025, representing a year-on-year narrowing of about 56% [1] Financial Performance - The expected net profit attributable to shareholders for the first half of 2025 is projected to be around -70 million yuan [1] - The expected net profit after deducting non-recurring gains and losses for the first half of 2025 is projected to be approximately -82 million yuan [1]

Core Viewpoint - The solid-state battery industry is experiencing accelerated industrialization driven by technological breakthroughs and increased investments from upstream and downstream companies, with significant growth potential anticipated in the coming years [1][2][3]. Industrialization Process Acceleration - The Wind solid-state battery concept index has risen by 10.36% since June 20, indicating strong market interest [1]. - Notable stock performances include Silicon Treasure Technology, which surged by 18.29%, reaching a new high of 24.67 CNY per share [1]. - Major battery manufacturers are advancing their solid-state battery projects, with CATL launching a 5GWh production line and Guoxuan High-Tech introducing its first-generation solid-state battery [1][2]. Policy and Industry Support - The Ministry of Industry and Information Technology has prioritized solid-state batteries in its 2025 standards work, aiming to establish a comprehensive standard system [2]. - Analysts predict that with increasing policy and industry support, the speed of solid-state battery mass production may exceed expectations [2]. Investment Opportunities in Material Sector - High-performance materials are expected to lead the industrialization of solid-state batteries, with a focus on reducing production costs [4]. - Analysts suggest seven key areas for investment, including lithium iron phosphate, structural components, anode materials, electrolytes, copper foil, ternary materials, and separators [4][5]. Market Growth Projections - The solid-state battery market is projected to reach 1GWh by 2027 and exceed 100GWh by 2030, indicating substantial growth potential [3]. - The industry is expected to benefit from new applications, particularly in humanoid robotics and other emerging sectors [3].

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

Group 1 - The Shanghai Stock Exchange New Energy Vehicle Industry Index (950194) reported a value of 1507.32 points, showing an increase of 8.77% over the past month, 18.52% over the past three months, and 13.09% year-to-date [1] - The index is composed of listed companies in the Shanghai market whose main business is related to the new energy vehicle industry, reflecting the overall performance of these companies [1] - The index was established with a base date of December 31, 2014, and a base value of 1000.0 points [1] Group 2 - The top ten weighted companies in the index are: Huayou Cobalt (15.47%), Hongfa Technology (10.63%), Putailai (7.79%), Junsheng Electronics (6.7%), Farah Electronics (6.11%), Tiannai Technology (5.03%), Rongbai Technology (4.4%), Funeng Technology (3.99%), Xiamen Tungsten New Energy (3.65%), and Nord Technology (3.32%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange, with the industrial sector accounting for 69.11%, materials for 15.47%, consumer discretionary for 9.32%, and information technology for 6.11% [2] - The index samples are adjusted every six months, with adjustments implemented on the next trading day following the second Friday of June and December each year [2]

Market Performance - The PET copper foil sector declined by 1.29%, ranking among the top losers in the market, with notable declines from companies such as Longyang Electronics, Zhongyi Technology, and Dadongnan [1][2] - Among the 14 stocks that increased in price, Sanfu New Materials, Oulai New Materials, and Nord Shares led with gains of 5.32%, 3.94%, and 2.03% respectively [1][2] Capital Flow - The PET copper foil sector experienced a net outflow of 840 million yuan, with 29 stocks seeing net outflows, and 9 stocks with outflows exceeding 50 million yuan [2] - The stock with the highest net outflow was Tongguan Copper Foil, which saw a net outflow of 137 million yuan, followed by Defu Technology and Dadongnan with outflows of 135 million yuan and 116 million yuan respectively [2][3] Top Gainers and Losers - The top gainers in the PET copper foil sector included Sanfu New Materials, Oulai New Materials, and Nord Shares, while the top losers included Tongguan Copper Foil, Defu Technology, and Dadongnan [2][3] - The trading volume for the top losing stocks showed significant turnover rates, with Tongguan Copper Foil at 39.31% and Defu Technology at 13.99% [3]

New Stock Listings - The new stock "同宇新材" (code: 301630) is listed at an issue price of 84 on July 10, 2025[1] - "中程退" (code: 300208) and "退市锦港" (code: 600190) have 6 trading days remaining until their last trading day[1] - "恒立退" (code: 000622) has 3 trading days remaining until its last trading day[1] Delisting and Trading Alerts - "退市九有" (code: 600462) has 2 trading days remaining until its last trading day[1] - "工智退" (code: 000584) will have its last trading day on July 10, 2025[1] - "美迪西" (code: 688202) is listed with no specific trading alerts mentioned[1] Market Volatility - "北方长龙" (code: 301357) has been flagged for severe abnormal fluctuations[1] - "浙江东日" (code: 600113) and "诺德股份" (code: 600110) have also been noted for abnormal trading activities[1] - "长春一东" (code: 600148) is included in the list of stocks with trading alerts[1]

Core Insights - The solid-state battery index decreased by 0.8% from June 30 to July 4, with a cumulative increase of 18.2% expected by 2025, outperforming the CSI 300 index which is projected to increase by 17.0% [1][4] - Among the solid-state battery-related stocks, the average decline was 1.3%, with only the current collectors segment showing an increase of 7.0% [1][4] Stock Performance - Top five gainers: Zhongyi Technology (+21.1%), Defu Technology (+21.0%), Honggong Technology (+21.0%), Yuanhang Precision (+12.2%), and Jiayuan Technology (+6.7%) [1][4] - Top five losers: Yinglian Co. (-17.7%), Nuode Co. (-12.9%), Tianji Co. (-11.3%), Jinlongyu (-9.2%), and Zhonglun New Materials (-8.5%) [1][4] Industry Developments - Shanghai Xiba plans to participate in the auction for Yuyuan Rare Earth's lithium sulfide business assets [2] - Several companies have secured orders for solid-state battery copper foil products, including Defu Technology with a significant order from a leading power battery customer [2] - Anwa Technology has successfully launched the first GWh-level solid-state battery production line, marking a significant advancement in solid-state battery development [2] - The industry is transitioning from laboratory stages to mass production validation, with expectations for small batch vehicle testing by the end of 2025 and widespread testing in 2026-2027 [2]

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]