Core Viewpoint - The company, Camel Group (601311), emphasizes its commitment to adhering to relevant policies and regulations regarding information disclosure, and it will provide financial data for the second half of 2025 in its annual report [1] Group 1: Financial Performance - As of the end of Q3 2025, the company's accounts receivable stood at approximately 2.241 billion, reflecting a year-on-year increase of 5.19% from 2.131 billion in the same period last year [1] - The growth rate of accounts receivable is lower than the year-on-year growth rate of operating revenue, which is 7.14% [1] - The proportion of accounts receivable to operating revenue has slightly decreased year-on-year, indicating improved efficiency in revenue collection [1] Group 2: Production and Sales - The company reports that its production and sales conditions are good, with capacity utilization remaining at a high level [1]

Core Viewpoint - The announcement details the partial release of share pledges by Hubei Tuofeng Investment Co., Ltd., a shareholder of Camel Group Co., Ltd., indicating a positive development in the company's financial stability and shareholder confidence [2][3]. Group 1: Share Pledge Release - Hubei Tuofeng Investment holds 150,382,009 shares, representing 12.82% of the total share capital, and after the release of the pledge, it has a total of 50,000,000 shares pledged, which is 33.25% of its holdings and 4.26% of the total share capital [2]. - Following the release, the controlling shareholder, Ms. Sun Jie, along with her concerted parties, has a total of 64,000,000 shares pledged, accounting for 15.84% of their total holdings and 5.46% of the total share capital [2]. Group 2: Financial Stability and Risk Management - Tuofeng Investment is reported to have a good credit status, with sufficient financial capacity and risk control measures in place, indicating no risk of forced liquidation of pledged shares [5]. - The release of the share pledge is not expected to impact the company's operations or governance [6].

证券代码：601311 证券简称：骆驼股份 公告编号：临 2025-052 骆驼集团股份有限公司 关于公司股东部分股份解除质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 本次解除质押的股份目前没有用于后续质押的计划。 二、股东累计质押股份情况 截至公告披露日，上述股东及其一致行动人累计质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 情况 | | 情况 | | | | | | 本次解质押 | 本次解质押 | 占其所 | 占公司 | 已质 | 已质 | 未质 | 未质 | | 股东 | 持股数量 | 持股 | 前累计质押 | 后累计质押 | 持股份 | 总股本 | 押股 | 押股 | 押股 | 押股 | | 名称 | | 比例 | | | | | 份中 | 份中 | 份中 | 份中 | | ...

Group 1 - The shareholder Hubei Tuofeng Investment will release the pledge of 56 million shares on December 26, 2025, which accounts for 37.24% of its holdings and 4.77% of the company's total share capital [1] - After the release, Hubei Tuofeng Investment will hold 150 million shares, representing 12.82% of the company's total share capital, with a cumulative pledge of 50 million shares, accounting for 33.25% of its holdings and 4.26% of the company's total share capital [1] - The company's controlling shareholder Sun Jie and his concerted actors hold a total of 404 million shares, with a cumulative pledge of 64 million shares, accounting for 15.84% of their holdings and 5.46% of the company's total share capital [1]

Group 1 - The core viewpoint of the news is that Camel Group Co., Ltd. has shown significant trading activity and financial performance, with notable changes in shareholder structure and stock financing [1][2]. Group 2 - On December 29, Camel Group's stock price fell by 1.18%, with a trading volume of 165 million yuan. The financing buy-in amount for that day was 23.30 million yuan, while the financing repayment was 13.53 million yuan, resulting in a net financing buy of 9.77 million yuan [1]. - As of December 29, the total balance of margin trading for Camel Group was 610 million yuan, with the financing balance accounting for 5.63% of the circulating market value, indicating a high level compared to the past year [1]. - In terms of securities lending, on December 29, 4,000 shares were repaid, and 46,300 shares were sold short, amounting to 426,900 yuan at the closing price. The remaining short selling volume was 185,400 shares, with a balance of 1.71 million yuan, also indicating a high level compared to the past year [1]. Group 3 - As of September 30, the number of shareholders for Camel Group was 71,600, an increase of 38.00% from the previous period. The average circulating shares per person decreased by 27.54% to 16,391 shares [2]. - For the period from January to September 2025, Camel Group achieved an operating income of 12.14 billion yuan, a year-on-year increase of 7.14%, and a net profit attributable to shareholders of 619 million yuan, a year-on-year increase of 26.95% [2]. - Since its A-share listing, Camel Group has distributed a total of 2.52 billion yuan in dividends, with 892 million yuan distributed in the last three years [2]. - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh largest circulating shareholder, holding 15.46 million shares, a decrease of 6.51 million shares from the previous period. The Southern CSI 1000 ETF was a new addition to the top ten circulating shareholders, holding 6.44 million shares [2].

Group 1: Market Policies and Regulations - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with an estimated total reduction exceeding 1.9 billion yuan, including approximately 1.113 billion yuan from the Shanghai Stock Exchange and over 800 million yuan from the Shenzhen Stock Exchange [1] - The National Financial Work Conference confirmed the continuation of "national subsidies" in 2026, focusing on boosting consumption and supporting the replacement of consumer goods [1] - The People's Bank of China aims to significantly increase the scale and proportion of various medium- and long-term funds invested in A-shares, promoting a healthy cycle between capital market stability and high-quality economic development [1] Group 2: Industry Developments - The Ministry of Industry and Information Technology established a standardization committee for humanoid robots and embodied intelligence, which will focus on developing industry standards in key technology areas [2] - Wall Street's first GPU company, Birun Technology, has set its Hong Kong IPO price range at HKD 17.00 to 19.60 per share, with plans to list on January 2, 2026 [3] - The National Investment UBS Silver LOF has reduced the A-class regular investment limit back to 100 yuan and announced a suspension of C-class share subscriptions to protect the interests of existing fund holders [4] Group 3: Market Trends and Performance - The A-share market is experiencing a bullish trend, with indices rising for eight consecutive days, indicating a potential for further gains [7] - The total box office for the 2025 Chinese film New Year season has surpassed 5 billion yuan, marking the highest figure for the same period in nearly eight years [8] - The battery recycling industry is expected to see new policies aimed at improving the efficiency of production capacity and addressing the mismatch between battery supply and recycling capacity [9]

Group 1 - The core point of the article is that Camel Group Co., Ltd. announced a significant share pledge by its shareholder, Hubei Tuofeng Investment Co., Ltd., which holds approximately 150 million shares, accounting for 12.82% of the total share capital [1] - After the recent share pledge, Tuofeng Investment has pledged a total of 106 million shares, representing 70.49% of its holdings and 9.04% of the total share capital [1] - The controlling shareholder, Sun Jie, along with Tuofeng Investment and other related parties, has pledged a total of 120 million shares, which is 29.7% of their total holdings and 10.23% of the total share capital [1] Group 2 - For the fiscal year 2024, Camel Group's revenue composition is as follows: lead-acid batteries account for 79.86%, recycled lead for 15.75%, lithium batteries for 2.59%, and others for 1.79% [1] - As of the report date, Camel Group's market capitalization is 10.8 billion yuan [2]

证券代码：601311 证券简称：骆驼股份 公告编号：临 2025-051 骆驼集团股份有限公司 关于公司股东部分股份质押的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: 骆驼集团股份有限公司（以下简称"公司"）股东湖北驼峰投资有限公司 （以下简称"驼峰投资"）持有公司股份 150,382,009 股，占公司总股本的 12.82%； 本次股份质押后，驼峰投资累计质押公司股份 106,000,000 股，占其持有公司股 份总数的 70.49%，占公司总股本的 9.04%。 本次股份质押后，公司控股股东孙洁女士及其一致行动人驼峰投资、上 海睿亿投资发展中心（有限合伙）—睿亿投资揽月六期私募证券投资基金 A（以 下简称"睿亿基金"）、刘长来先生累计质押 120,000,000 股，占其持有公司股份 总数的 29.70%，占公司总股本的 10.23%。 公司于 2025 年 12 月 23 日获悉股东驼峰投资所持有公司的部分股份被质押， 具体情况如下： | 是否 | 占公 | 是否 | 是否 | 占其所 | ...

Core Viewpoint - The announcement reveals that Hubei Tuofeng Investment has pledged 50 million shares of Camel Group, representing 33.25% of its holdings and 4.26% of the company's total share capital, to repay an upcoming stock pledge loan [1] Group 1 - After the pledge, Tuofeng Investment has a total of 106 million shares pledged, which accounts for 70.49% of its holdings and 9.04% of the company's total share capital [1] - The controlling shareholder, Sun Jie, along with concerted parties, has pledged a total of 120 million shares, representing 29.70% of their holdings and 10.23% of the company's total share capital [1]

Core Viewpoint - The waste lead industry is experiencing growth due to the increasing volume of waste lead from lead-acid batteries, driven by the deployment of electric vehicles and energy storage systems, with a projected recovery volume of 2.9 million tons in 2024 and a market value of 48.5 billion yuan, reflecting a year-on-year growth of 9.2% [1][10]. Overview - Waste lead primarily originates from lead-acid batteries, which are widely used in electric two-wheelers, automotive start-stop systems, and backup power sources. The increasing deployment of new energy vehicles and energy storage systems is leading to a significant amount of batteries entering the waste cycle [1][10]. - Waste lead is classified as hazardous waste under the National Hazardous Waste List (2025 Edition), requiring strict compliance with environmental regulations for its treatment and disposal [2][4]. Market Policy - The Chinese government has issued multiple policies to support the development of the waste lead recycling industry, creating a favorable policy environment for growth [5][6]. Industry Chain - The waste lead industry in China features a clear "recovery-recycling-application" closed-loop model, with upstream focusing on waste lead resource recovery, midstream on recycling lead smelting, and downstream on the application of recycled lead [7][9]. Current Development - The demand for waste lead is expected to remain strong due to the continued use of lead-acid batteries, with the recovery volume projected at 2.9 million tons in 2024, a recovery value of 48.5 billion yuan, and a recovery price of 16,725 yuan per ton, marking increases of 9.2%, 12.2%, and 7.0% respectively [1][10]. Competitive Landscape - The waste lead market in China is becoming increasingly competitive, with major companies like Henan Yuguang Gold Lead Co., Ltd., Zhejiang Fortune Holdings Co., Ltd., and others establishing a presence in the sector. Leading companies are leveraging a full industry chain approach to enhance their competitive edge [11][12]. - Henan Yuguang Gold Lead Co., Ltd. is recognized as a leader in the recycling industry, focusing on a circular economy and achieving significant revenue from lead products [13]. - Camel Group Co., Ltd. has developed a comprehensive recycling network for lead-acid batteries, ensuring stable raw material supply and contributing to its revenue growth [14]. Development Trends - The industry is expected to see continued consolidation, with smaller, less efficient players being eliminated or merged into larger firms, leading to increased market concentration [15]. - The shift towards low-carbon and intelligent technologies is anticipated, with traditional high-energy smelting processes being replaced by more environmentally friendly methods [16]. - The extension of producer responsibility will encourage lead-acid battery manufacturers to engage more deeply in the recycling process, creating a complete closed-loop industry chain [17]. - International competition and cooperation are expected to increase, with domestic companies striving to meet international standards and potentially expanding overseas [18].