璞泰来公告，公司实控人梁丰质押2073万公司股份，占其持股比例3.90%，占公司总股本0.97%；质押 开始日为2025年12月10日，质押用途为自身资金需求。同日，梁丰质押2095万公司股份，占其持股比例 3.94%，占公司总股本0.98%，质押开始日为2025年12月11日，质押用途为自身资金需求。 ...

Core Viewpoint - The company announces that its subsidiary, Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. (referred to as "Jiatuo Intelligent"), will officially list its shares on the National Equities Exchange and Quotations (NEEQ) starting December 11, 2025 [1]. Group 1 - Jiatuo Intelligent's stock will be publicly traded under the name "Jiatuo Intelligent" with the stock code "874969" [1]. - The trading method for Jiatuo Intelligent will be through collective bidding [1]. - Jiatuo Intelligent is classified under the "Innovation Layer" of the NEEQ [1]. Group 2 - The public transfer prospectus for Jiatuo Intelligent was disclosed on November 25, 2025, on the NEEQ website for investors to review [1].

证券代码：603659 证券简称：璞泰来 公告编号：2025-089 上海璞泰来新能源科技集团股份有限公司 关于控股子公司在全国中小企业股份转让系统 正式挂牌的公告 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法律责任。 上海璞泰来新能源科技集团股份有限公司（以下简称"公司"）于近日收 到控股子公司江苏嘉拓新能源智能装备股份有限公司（以下简称"嘉拓智 能"）通知，嘉拓智能股票于2025年12月11日起在全国中小企业股份转让系统 挂牌公开转让，相关信息如下： 证券简称：嘉拓智能 嘉拓智能公开转让说明书已于2025年11月25日在全国中小企业股份转让系 统（www.neeq.com.cn）进行披露，供投资者查阅。 特此公告。 上海璞泰来新能源科技集团股份有限公司 董 事 会 2025年12月12日 证券代码：874969 交易方式：集合竞价交易 所属层级：创新层 ...

Group 1 - The core point of the article is that Putailai (603659.SH) announced that its subsidiary, Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. (referred to as "Jiatuo Intelligent"), will be publicly listed on the National Equities Exchange and Quotations system starting December 11, 2025 [1]

Core Viewpoint - The company announced that its subsidiary, Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. (referred to as "Jiatuo Intelligent"), will be publicly listed on the National Equities Exchange and Quotations system starting December 11, 2025 [1] Group 1 - The company has received notification regarding the public transfer of Jiatuo Intelligent's shares [1]

Group 1 - The core announcement is that the company Puxin Technology (璞泰来) has received notification from its subsidiary Jiangsu Jiatuo New Energy Intelligent Equipment Co., Ltd. (嘉拓智能) regarding its stock listing [1] - Jiatuo Intelligent will be publicly listed on the National Equities Exchange and Quotations (NEEQ) starting from December 11, 2025 [1]

Industry Overview - Graphite is a crucial anode material in lithium-ion batteries, characterized by high-temperature resistance, corrosion resistance, electrical conductivity, and thermal conductivity [1] - Graphite anode materials are categorized into natural and synthetic types, each with distinct performance, cost, and application scenarios [1][2] Production and Supply Chain - The upstream supply chain includes raw material suppliers like natural graphite mines and carbon materials for synthetic graphite, while the midstream consists of manufacturers of graphite anode materials, and the downstream includes various battery producers [5][8] - China's natural graphite production reached 91 million tons in 2023, with a projected increase to approximately 95 million tons in 2024 [15] Market Trends - The market share of synthetic graphite anode materials has been increasing, with over 90% of the total anode material shipments being synthetic by mid-2025 [25] - The total output of graphite anode materials in China is expected to exceed 200 million tons by 2024, with a growth rate of 26% [24] Competitive Landscape - Leading companies in the graphite anode materials sector include BETTERI, Sanyuan, and others, with BETTERI's revenue from graphite-related business exceeding 10 billion yuan [29] - The industry is concentrated in regions like Guangdong, Shanghai, and Zhejiang, with many representative companies located in Guangdong [30] Future Outlook - The demand for graphite anode materials is anticipated to surge, particularly driven by the growth in electric vehicle batteries and energy storage systems, with projections indicating that shipments could exceed 5 million tons by 2030 [36][37] - The industry is expected to see further innovation and consolidation, with leading firms investing in high-end synthetic graphite and other advanced materials [34]

Core Insights - The rapid development of the electric vehicle industry in China has significantly increased the demand for lithium battery intelligent equipment, with the market size growing from 27.5 billion yuan in 2020 to 72.2 billion yuan in 2022. However, a slowdown in downstream market demand is expected to reduce the market size to 20.2 billion yuan in 2024, before recovering to 26 billion yuan in 2025 due to increased production rates from leading battery companies [1][7]. Industry Overview - Lithium battery intelligent equipment integrates advanced technologies such as AI, IoT, big data, and automation to enhance the efficiency and digitalization of the entire lithium battery production process [2]. - The production process is divided into three stages: front-end (electrode preparation), mid-stage (cell assembly), and back-end (testing and packaging), with intelligent equipment corresponding to each critical stage [4]. Industry Policies - The Chinese government has implemented various policies to promote the transformation and high-quality development of the lithium battery intelligent equipment industry, including the "Action Plan for Promoting Large-Scale Equipment Updates" and the "High-Quality Development Action Plan for New Energy Storage Manufacturing" [2]. Market Dynamics - The global lithium battery intelligent equipment market grew from $6.524 billion in 2020 to $17.811 billion in 2022. However, it is projected to decline in 2023-2024 due to changes in terminal market demand. Recovery is expected in 2025, with the market size reaching $10.882 billion [5][6]. - In 2024, China is expected to account for 34.1% of the global market, with significant contributions from the Asia-Pacific region, Europe, and North America [5]. Application Segments - In 2024, the application of lithium battery intelligent equipment is primarily in the electric vehicle sector (68%), followed by consumer electronics (17%) and energy storage (13%) [7]. Competitive Landscape - The competitive landscape of the lithium battery intelligent equipment industry in China is characterized by a leading player, XianDao Intelligent, followed by strong competitors like YingHe Technology and HuaZi Technology. The market is also populated by numerous small and medium-sized enterprises [8][10]. - XianDao Intelligent holds a significant market share due to its comprehensive product line and strong R&D capabilities, while other companies focus on specific segments and maintain competitive advantages through technology and customer service [8]. Development Trends - Future trends in the lithium battery intelligent equipment industry include the evolution towards integrated "turnkey" solutions, deep integration with AI and industrial big data, and the adoption of flexible and modular designs to adapt to rapid technological changes and market fluctuations [11][12][13].

Core Viewpoint - The company Puxin (璞泰来) reported that as of September 30, 2025, it had 124,499 shareholders, with the top ten shareholders holding 61.38% of the shares [1] Summary by Categories - **Shareholder Information** - As of September 30, 2025, the number of shareholders is 124,499 [1] - The top ten shareholders collectively own 61.38% of the company's shares [1]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the cyclical nature of the lithium battery industry, emphasizing the price and stock performance trends during the last lithium cycle [8]. - It notes that the price of lithium carbonate and other materials has shown significant fluctuations, impacting the profitability of companies within the supply chain [12][19][23]. - The report indicates that the stock prices of major lithium battery companies peaked in late 2021, with a notable lag behind the price peaks of raw materials [39]. Summary by Sections Section 1: Market Review - The previous lithium cycle saw a dramatic increase in prices, with 6F prices rising from 70,000 CNY/ton in mid-2020 to 425,000 CNY/ton by August 2021, while lithium carbonate prices surged to 500,000 CNY/ton by early 2022 [12]. - The report discusses the impact of long-term contracts on pricing stability, noting that leading companies maintained higher prices even as market prices began to decline [12]. Section 2: Price Trends of Key Materials - Iron lithium processing fees increased significantly from Q1 2021 to Q1 2022, with a total rise of approximately 20,000 CNY/ton, before stabilizing and then declining in 2023 [19]. - The report details the price trends of negative electrode materials, indicating a price increase of 10,000 CNY/ton from H2 2021 to Q1 2022 due to supply constraints [23]. - Wet-process separator prices saw a modest increase of 0.2-0.3 CNY/sq.m from H2 2021 to H1 2022, with a subsequent decline starting in Q1 2023 [26]. Section 3: Battery Cost and Profitability - The report estimates that the costs for iron lithium and ternary batteries were 0.77 and 0.91 CNY/Wh respectively in Q2 2022, reflecting an increase from Q1 2021 [31]. - It notes that battery companies were able to pass on cost increases to automakers starting in Q2 2022, leading to stable unit profitability despite earlier cost pressures [31]. Section 4: Stock Performance Review - The report provides a detailed review of stock performance across key companies in the lithium battery sector from 2019 to 2022, highlighting significant gains during the electric vehicle boom [37]. - It notes that the stock prices of most companies peaked in November 2021, with a subsequent decline observed in the following year [39]. - The report emphasizes that the price peaks of raw materials often lagged behind stock price peaks, indicating a complex relationship between market dynamics and stock performance [39].