Core Viewpoint - Camel Group has transformed from a local battery factory into the largest domestic low-voltage battery service provider, showcasing significant growth and innovation in the automotive battery sector over 45 years [1]. Group 1: Company Development - Camel Group started as a small battery factory and has now ranked among China's top 500 private enterprises for 12 consecutive years [1]. - The company has developed a comprehensive business model that includes production, sales, recycling, and re-manufacturing [1]. Group 2: Technological Advancements - Camel Group holds 508 patents in lithium battery technology and invests approximately 3% of its annual revenue in R&D [3]. - The low-voltage lithium battery products have achieved global leadership in low-temperature pulse performance, low-temperature charging performance, safety, and ultra-long lifespan [3]. Group 3: Market Position and Growth - The company has established 26 low-voltage lithium battery projects with domestic and international OEMs in 2022, and added 35 new projects in 2023 [5]. - In the first half of 2023, the revenue from low-voltage lithium batteries exceeded 350 million yuan, representing a year-on-year growth of 197% [5]. Group 4: International Expansion - Camel Group has expanded its operations internationally, with factories established in Malaysia, North America, and a European R&D center [6]. - The company has secured 7 overseas project designations in 2024 and has collaborated with 38 clients through online marketing [6].

Core Insights - The article highlights the innovative transformation of industries in Xiangyang, focusing on companies leveraging technology and collaboration to enhance productivity and efficiency [1][2][3] Group 1: Company Innovations - Zhongli Machinery is the only green electric forklift manufacturer in Central China, exploring the "oil-to-electric" conversion for old fuel forklifts, with a market potential due to over 4 million existing fuel forklifts in China [2] - The company has developed a high-pressure heavy-duty lithium battery forklift, significantly reducing energy consumption and carbon emissions while maintaining performance [2] - Cloud Up Pastoral has implemented smart farming technologies, resulting in a 1.2-ton increase in annual milk production per cow and a reduction in labor costs to below 40% of previous levels [3] - Camel Group is focusing on low-voltage lithium batteries, addressing challenges in low-temperature performance and high-temperature endurance [4][5] Group 2: Industry Collaboration and Ecosystem - Xiangyang is fostering an industrial ecosystem characterized by leading companies driving supply chain collaboration, with Zhongli Machinery's new casting project attracting numerous supporting enterprises [6] - Shunbo Aluminum has become a key player in the recycling aluminum sector, enhancing local supply chain connections with automotive parts manufacturers [7] - The local government is promoting a "chain-based" investment strategy, resulting in a significant increase in industrial cluster development and project investments [7][8] Group 3: Employment and Community Impact - The integration of employment, entrepreneurship, and industry chains in Xiangyang has created a conducive environment for returning workers, with a notable increase in returnee entrepreneurs [10][11] - The "Mom Job" initiative in Nanzhang County has successfully provided flexible employment opportunities for women, significantly improving their income and work-life balance [12] - Overall, Xiangyang has seen a substantial rise in urban employment, with 94,000 new jobs created in the first seven months of the year [12]

Group 1: Automotive Industry Insights - The automotive industry is experiencing a significant shift towards intelligent driving technologies, with companies like HUAWEI and Horizon leading the way in advanced driver assistance systems [13][14]. - The penetration rate of L2 and above autonomous driving features in passenger vehicles reached 29.7% as of June 2025, reflecting a year-on-year increase of 13 percentage points [14]. - Investment recommendations include companies such as Xpeng Motors, Leap Motor, and Geely for complete vehicles, and suppliers like Suoteng Technology and Hesai Technology for components [15]. Group 2: Pharmaceutical Sector Developments - The pharmaceutical sector showed weaker performance compared to the overall market, with the biopharmaceutical segment rising only 1.05% [16]. - The World Lung Cancer Conference (WCLC) in September 2025 will showcase innovative research from Chinese pharmaceutical companies, highlighting the growing competitiveness of domestic products [16][17]. - Investment focus is recommended on companies presenting at major conferences like ESMO and WCLC, particularly those with promising clinical data [17]. Group 3: Mining and Metals Performance - Luoyang Molybdenum's net profit for H1 2025 increased by 60% to CNY 8.67 billion, driven by rising copper and cobalt prices alongside increased production [18][19]. - Zijin Mining reported a 54.41% year-on-year increase in net profit for H1 2025, attributed to a significant rise in gold production and prices [22][23]. - Cloud Aluminum's net profit for H1 2025 grew by 10%, with a strong performance in aluminum production and a proposed cash dividend of CNY 3.2 per share [20][21]. Group 4: Real Estate and Property Management - Poly Property's revenue for H1 2025 reached CNY 8.4 billion, with a net profit increase of 5%, indicating steady growth in property management services [31][32]. - Greentown China reported a significant decline in net profit by 89.7% for H1 2025, primarily due to uneven revenue recognition and asset impairment provisions [33][34]. - The company maintained a strong sales performance, with total sales area down only 10% compared to the industry average, reflecting resilience in a challenging market [34].

Core Viewpoint - Camel Group is positioned as a leading player in the automotive low-voltage battery market, with growth opportunities in the aftermarket and overseas markets [2][8]. Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, the net profit attributable to shareholders was 295 million yuan, showing a year-on-year increase of 87% and a quarter-on-quarter increase of 25% [3][8]. - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [3][5]. Business Segments - The company sold 19.17 million KVAH of automotive low-voltage lead-acid batteries in the first half of the year, a year-on-year increase of 0.8%. In contrast, sales of automotive low-voltage lithium batteries reached 229,000 KWH, a significant year-on-year increase of 274% [3][8]. - The company has made substantial progress in its lithium battery business, achieving mass production supply for 15 designated projects and securing 23 new project designations in the first half of 2025 [5][6]. Cost Management - In Q2 2025, the company's sales, management, and R&D expense ratios were 4.3%, 2.5%, and 1.9%, respectively, showing slight year-on-year and quarter-on-quarter changes [5][6]. Market Expansion - The company has expanded its distribution channels, partnering with over 2,000 dealers and more than 120,000 terminal stores and repair points across the country [6][8]. - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a year-on-year sales increase of 21.3% in overseas markets [6][8]. Future Growth Potential - The company's future growth is expected to come from channel upgrades, as the aftermarket and overseas markets for lead-acid batteries are significantly larger than the domestic front-end market [9]. - The company is actively pursuing lithium battery business expansion and ongoing research in energy storage batteries, along with the establishment of standardized processes for lithium battery recycling [9].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [4][6][22] Core Viewpoints - The company is experiencing stable growth in both domestic and international markets, with a significant increase in net profit driven by export expansion and recovery in lithium battery profitability [1][4][22] - The company has successfully expanded its overseas capacity and strengthened its distribution channels, contributing to growth in export business [3][22] - The future growth potential lies in channel upgrades and business expansion, particularly in the lead-acid battery aftermarket and overseas markets, which are larger than the domestic market [22] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 3.86 billion yuan, a year-on-year decrease of 5% and a quarter-on-quarter decrease of 7%. However, net profit reached 295 million yuan, up 87% year-on-year and 25% quarter-on-quarter [1][10] - The gross profit margin for Q2 2025 was 15.0%, an increase of 0.5 percentage points year-on-year but a decrease of 0.8 percentage points quarter-on-quarter [2][10] Cost Management - The company maintained stable cost control with sales, management, and R&D expense ratios of 4.3%, 2.5%, and 1.9% respectively in Q2 2025 [2][13] - The gross margin for low-voltage lithium batteries improved to 15.0% in the first half of 2025, compared to 12.3% for the entire year of 2024 [2][13] Business Expansion - The company has established partnerships with over 2,000 distributors and more than 120,000 retail outlets across the country, enhancing its distribution network [3][22] - In the first half of 2025, the company developed 19 new customers, including opportunities in South America, and achieved a 21.3% year-on-year increase in overseas sales [3][22] Future Outlook - The company has revised its profit forecasts upward, expecting net profits of 930 million yuan, 1.126 billion yuan, and 1.334 billion yuan for 2025, 2026, and 2027 respectively [4][22] - The report emphasizes the potential for growth in the lead-acid battery aftermarket and the ongoing development of lithium battery projects, which are expected to contribute to future revenue [22]

Core Viewpoint - Company reported strong performance in 1H25, exceeding market expectations with significant growth in net profit and improvements in various business segments [1][2] Financial Performance - 1H25 revenue reached 7.995 billion yuan, a year-on-year increase of 6.22% - Net profit attributable to shareholders was 532 million yuan, up 69.46% year-on-year - Non-recurring net profit was 404 million yuan, a year-on-year increase of 17.94% - In 2Q25, revenue was 3.859 billion yuan, down 5.24% year-on-year and 6.72% quarter-on-quarter - 2Q25 net profit attributable to shareholders was 295 million yuan, up 86.80% year-on-year and 24.64% quarter-on-quarter [1] Business Segments - **Lead-Acid Battery Business**: - 1H25 shipment volume was 19.17 GWh, a year-on-year increase of 0.8% - Revenue from lead-acid batteries was 6.32 billion yuan, a year-on-year increase of 5.3% - The gross margin for lead-acid batteries improved to 18.4%, an increase of 1.6 percentage points [2] - **Low-Voltage Lithium Battery Business**: - 1H25 revenue was 353 million yuan, a year-on-year increase of 196% - The business is expected to reach a breakeven point as new models from European clients are set to launch in 2025 [3] Investment and Growth Strategies - Company benefited from stock and fund investments, generating approximately 90 million yuan in positive returns compared to the previous year - Debt restructuring contributed 98.41 million yuan to the company's performance in 1H25 - The company is actively exploring new technologies and applications, including partnerships with leading eVTOL manufacturers and collaborations on sodium battery products [2][3] Profit Forecast and Valuation - Profit forecasts for 2025 and 2026 have been raised by 22% and 10% respectively, now projected at 1.032 billion yuan and 1.199 billion yuan - Target price increased by 27.8% to 11.5 yuan, indicating a potential upside of 16.2% based on current stock price [4]

Core Viewpoint - The growth logic of Camel Group's low-voltage lithium battery business is clear, and the scale effect during business growth is expected to significantly enhance the company's performance, maintaining a "buy" rating [1][2]. Financial Performance - The company raised its net profit forecast for 2025/26/27 to 1.04 billion, 1.3 billion, and 1.47 billion yuan, representing year-on-year growth of 69%, 25%, and 14% respectively [2]. - For the first half of 2025, the company achieved revenue of 8 billion yuan, a year-on-year increase of 6.2%, and a net profit of 530 million yuan, a year-on-year increase of 69.5% [2]. - The gross margin was 15.4%, down 0.4 percentage points year-on-year, while the net margin was 6.7%, up 2.4 percentage points year-on-year [2]. - In Q2 2025, revenue was 3.86 billion yuan, a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 6.7% [2]. Low-Voltage Lithium Battery Business Growth - The low-voltage lithium battery business generated revenue of 350 million yuan in the first half of 2025, a year-on-year increase of 196% [3]. - The company achieved mass production supply for 15 designated projects in the automotive low-voltage lithium battery sector, with clients including Seres, NIO, and Volkswagen [3]. - Cumulative sales of automotive low-voltage lithium batteries reached 229,000 KWH, a year-on-year increase of 274%, maintaining rapid growth [3]. Overseas Business Development - The company's overseas market sales grew by approximately 21% in the first half of 2025, attributed to breakthroughs in partnerships with five major manufacturers and the development of new channels in nine countries [4]. - The sales of AGM lead-acid start-stop batteries increased by approximately 46%, indicating growth potential in the aftermarket as more vehicles with start-stop functions enter the market [4].

Core Viewpoint - Camel Group (601311) reported a strong performance in its 2025 mid-year report, with significant increases in net profit and earnings per share, despite a slight decline in quarterly revenue [1]. Financial Performance - Total revenue reached 7.995 billion yuan, a year-on-year increase of 6.22% [1] - Net profit attributable to shareholders was 532 million yuan, up 69.46% year-on-year [1] - Gross margin was 15.41%, down 2.33% year-on-year, while net margin improved to 6.72%, an increase of 55.73% [1] - Operating cash flow per share was 0.1 yuan, a significant increase of 133.27% year-on-year [1] - Earnings per share rose to 0.45 yuan, reflecting a 66.67% increase year-on-year [1] Accounts Receivable and Cash Flow - Accounts receivable amounted to 2.26 billion yuan, representing 368.08% of the net profit, indicating a high level of receivables relative to profit [1][5] - The company has a cash flow situation that warrants attention, with cash and cash equivalents to current liabilities at 71.5% [5] Cost Management - Total selling, administrative, and financial expenses were 529 million yuan, accounting for 6.61% of revenue, down 15.33% year-on-year [1] - Sales expenses decreased by 2.4% due to lower transportation costs, while management expenses fell by 9.09% due to reduced service fees [3] Investment and Financing Activities - The company increased its investment in financial products, leading to a 1764.91% change in trading financial assets [2] - Long-term borrowings increased by 51.93%, indicating a strategy to leverage financing for growth [3] Market Position and Fund Holdings - The company has a relatively low return on invested capital (ROIC) of 5.93%, with historical averages indicating weak investment returns [4] - The largest fund holding Camel Group is the Dachen Strategy Return Mixed Fund, managed by Xu Yan, which has a total scale of 3.533 billion yuan [6]

公司代码：601311 公司简称：骆驼股份 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到http://www.sse.com.cn/网站仔细阅读半年度报告全文。 1.2本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 第二节 公司基本情况 2.1公司简介 2.3前10名股东持股情况表 单位: 股 ■■ 2.4截至报告期末的优先股股东总数、前10名优先股股东情况表 □适用 √不适用 2.5控股股东或实际控制人变更情况 □适用 √不适用 2.6在半年度报告批准报出日存续的债券情况 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ （一）本次董事会会议的召开和表决符合《公司法》及《公司章程》的有关规定，会议决议合法有效。 （二）本次董事会会议通知于2025年8月11日以OA办公软件、微信等形式送达全体董 ...

本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚 假记载、误导性陈述或重大遗漏负连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开和表决符合《公司法》及《公司章程》的有关 规定，会议决议合法有效。 （二）本次董事会会议通知于 2025 年 8 月 11 日以 OA 办公软件、微信等形 式送达全体董事。 （三）本次董事会于 2025 年 8 月 21 日以现场加通讯方式召开。 证券代码：601311 证券简称：骆驼股份 公告编号：临2025-037 骆驼集团股份有限公司 第十届董事会第三次会议决议公告 表决结果：有效表决票共9票，其中同意票为9票，反对票为0票，弃权票为 特此公告。 骆驼集团股份有限公司 董 事 会 ? 报备文件 经与会董事签字确认的第十届董事会第三次会议决议 二、董事会会议审议情况 审议通过《关于公司2025年半年度报告全文及摘要的议案》 详见公司在上海证券交易所网站 www.sse.com.cn 披露的《骆驼股份2025 年半年度报告全文》和《骆驼股份2025年半年度报告摘要》。 本议案已经董事会审计委员会审议，经董事会审计委员会全体委员一致同 意后提交董事会审议 ...