Core Insights - The 2025 World Energy Storage Conference opened in Ningde, where the Ministry of Industry and Information Technology released the "New Energy Storage Technology Development Roadmap (2025-2035)", aiming for over 180 million kilowatts of new energy storage capacity by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [1][2] Group 1: Industry Development Plans - The roadmap outlines development goals for new energy storage technologies, including electrochemical storage, electromagnetic storage, mechanical storage, thermal storage, and hydrogen storage [1] - The "Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" was issued, targeting over 180 million kilowatts of new energy storage capacity by 2027, with an expected direct investment of approximately 250 billion yuan [2] Group 2: Investment and Project Signings - During the conference, 22 new industrial projects were connected in Ningde, with a total planned investment of 36.7 billion yuan, and 18 projects were signed with a total investment of 24.58 billion yuan, covering new batteries, energy storage systems, new materials, and zero-carbon parks [1] - The commercial model innovation is seen as a key driver for future growth in the energy storage sector, with expectations for improved economic efficiency through coupling with wind and solar installations [2] Group 3: Company Performance - A total of 20 energy storage concept stocks reported net profits exceeding 100 million yuan in the first half of the year, with five companies achieving over 1 billion yuan in net profit, including CATL, BYD, and Sungrow [3][4] - BYD reported a revenue of 371.28 billion yuan in the first half of the year, a year-on-year increase of 23.3%, and signed the world's largest energy storage project contract with a capacity of 12.5 GWh [3] - Sungrow's energy storage system revenue reached 17.80 billion yuan, a year-on-year increase of 127.78%, with its revenue share surpassing that of its photovoltaic inverter business for the first time [3] Group 4: Profit Growth Analysis - Shanshan Co. led in net profit growth with a year-on-year increase of 1079.59%, followed by Jinlang Technology and Camel Group with increases of 70.96% and 69.46%, respectively [4] - The demand for lithium battery materials continues to grow due to the high market demand for new energy vehicles and energy storage, with Shanshan Co. reporting a revenue of 9.858 billion yuan in the first half of the year [4]

Core Viewpoint - The solid-state battery industry is advancing with significant developments in both domestic and international markets, but challenges remain in mass production and commercialization due to material stability, process maturity, and cost competitiveness [2][4][11]. Group 1: Domestic Developments - EVE Energy's "Longquan No. 2" solid-state battery line has successfully produced a 10Ah cell with an energy density of 300Wh/kg and a volume energy density of 700Wh/L, targeting high-end applications like humanoid robots and AI [4][5]. - Guoxuan High-Tech's "Jinshi Battery" is in trial production with a yield rate of 90%, achieving an energy density of 350Wh/kg, enabling a single charge range of up to 1000 kilometers [7]. - Honeycomb Energy plans to start mass production of its first-generation semi-solid-state battery by November, aiming to supply BMW's next-generation MINI models [3][8]. Group 2: International Innovations - QuantumScape demonstrated its solid-state lithium-metal battery in an electric motorcycle at the Munich Auto Show, achieving an energy density of 844Wh/L and fast charging capabilities [11]. - Rimac showcased a next-generation solid-state battery that can charge from 10% to 80% in just 6.5 minutes, even in low temperatures, while being significantly lighter than current mainstream batteries [12]. - Mercedes-Benz's solid-state battery in the EQS test vehicle achieved a real-world range of 1205 kilometers, surpassing the lithium-ion version's range of approximately 774 kilometers [14]. Group 3: Equipment and Manufacturing Advances - Various companies are developing flexible production equipment that can accommodate both solid-state and liquid batteries, enhancing production efficiency and reducing costs [16][18][26]. - Li Yuan Heng has delivered its first complete line for sulfide solid-state batteries, marking a significant breakthrough in solid-state battery manufacturing [21]. - Nako Nor's dry film forming technology significantly reduces energy consumption and costs while improving the density of battery electrodes [25][26].

Core Viewpoint - The company has shown strong performance in the first half of 2025, with significant growth in revenue and net profit, driven by robust demand in the diaphragm coating processing business and advancements in product development [3][4]. Group 1: Company Performance - The company achieved operating revenue of 7.088 billion yuan, a year-on-year increase of 11.95% [3] - The net profit attributable to shareholders reached 1.055 billion yuan, up 23.03% year-on-year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 999.2 million yuan, reflecting a 29.17% year-on-year growth [3] Group 2: Business Segments - The diaphragm coating processing business has a full order book, meeting the increasing demand from power battery customers and making significant breakthroughs in the energy storage sector [4] - The company has optimized product design and upgraded technology in the negative electrode materials business, leading to cost reduction and efficiency improvement [4][5] - The PVDF business has effectively captured market opportunities, resulting in stable product quality and increased orders [4] Group 3: Market Position and Strategy - The company is a leader in the domestic PVDF market, with a market share exceeding 30% [11] - The company has established a closed-loop layout in the industry chain, integrating diaphragm base membranes, coating materials, and equipment [5] - The company is actively pursuing the development and market promotion of silicon-carbon anode materials, which are expected to enhance energy density significantly [7][8] Group 4: Future Outlook - The company aims to achieve a shipment target of 250,000 to 300,000 tons for negative materials next year, and 10 billion to 13 billion square meters for coating diaphragms [13] - The company plans to introduce new innovative products and improve production efficiency to maintain stable profitability in the diaphragm business [5][13] - The company has over 3 billion yuan in orders for solid-state battery production equipment, indicating strong demand in this segment [9][10]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the lithium battery industry and its related sectors, including energy storage and electric vehicles [1][2][3]. Key Points and Arguments 1. **Domestic Energy Storage Demand**: The impact of Document 136 on domestic energy storage demand was less than expected, with independent energy storage demand being driven by local policies and project rush installations. The forecast for domestic energy storage demand growth has been revised upward to 10-20% for next year [1][5]. 2. **Global Electric Vehicle Market Growth**: The global electric vehicle market is expected to grow by approximately 20% year-on-year next year, with specific growth rates of 10-20% for China's passenger car retail, 25-30% in Europe, and over 30% for commercial vehicles [1][6]. 3. **Battery Installation Demand**: By 2026, the demand for power batteries is projected to reach around 1.5 TWh, representing a year-on-year growth of over 25% [1][6]. 4. **Global Energy Storage Battery Shipment**: The global shipment of energy storage batteries is expected to be revised upward to 500-550 GWh this year, with projections for 2026 at 600-650 GWh, indicating a nearly 30% year-on-year growth [1][7]. 5. **C Company Production Guidance**: C Company has provided a production guidance for 2026 that exceeds expectations, reaching TWh levels with a year-on-year growth of approximately 40% [1][8]. 6. **Market Dynamics**: The effective production capacity of major battery manufacturers is expected to grow by 25-30% year-on-year, aligning with demand growth. The industry concentration is anticipated to increase, with limited material release leading to potential price volatility [1][9]. 7. **Profitability Projections**: - Ningde Times is expected to achieve a profit of over 90 billion yuan in 2026, with a market value target of 1.8-2 trillion yuan, indicating a potential upside of 20-30% [3][10]. - Yiwei Lithium Energy is projected to have a total profit of over 9 billion yuan in 2026, with a market value target of 200 billion yuan, also showing close to 30% upside potential [3][11]. 8. **Electrolyte Industry Trends**: The processing fees for lithium hexafluorophosphate are expected to rise, with Tianqi Materials forecasting an optimistic total profit of 2.5-3 billion yuan [3][12]. 9. **Separator Industry Developments**: The separator industry is experiencing price increases due to the full production status of leading companies, which is expected to enhance profitability [3][13]. 10. **Iron Lithium Battery Market**: The iron lithium battery market shows a favorable supply-demand structure with ongoing price increase expectations [3][17]. 11. **Yuneng Company Outlook**: Yuneng is expected to grow by 30% next year, with a target profit of over 2 billion yuan [3][18]. 12. **Overseas Business Performance**: Companies like Longpan and Wanrun are expected to achieve significant profits from their overseas operations, with Longpan projecting a net profit of 500 million yuan [3][19]. 13. **Negative Material Market**: The negative material market is currently stable, but there are risks of price declines due to structural issues [3][20]. 14. **Future Profit Projections**: A company is expected to achieve a profit of 1.3 billion yuan in 2026, with a valuation of around 15-16 times [3][21]. 15. **Purtai's Incentive Goals**: Purtai has set a profit target of 3 billion yuan for 2026, with potential for exceeding expectations based on negative material performance [3][22]. 16. **Lithium Battery Sector Outlook**: The lithium battery sector is expected to have a favorable future with high cost-effectiveness and safety margins, making it a worthwhile area for investor attention [3][23]. Other Important but Overlooked Content - The call highlighted the importance of local policies and market dynamics in shaping the future of the lithium battery industry, emphasizing the need for continuous monitoring of these factors [1][4][5]. - The potential for new product launches and expansions in production capacity, particularly in emerging markets, was noted as a significant driver for future growth [3][22][23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 7.088 billion yuan for the first half of 2025, representing a year-on-year increase of 11.95%. The net profit attributable to shareholders was 1.055 billion yuan, up 23.03%, and the net profit excluding non-recurring items was 999.2 million yuan, an increase of 29.17% [2][4] - In Q2 2025, the company achieved a revenue of 3.873 billion yuan, a year-on-year growth of 17.46%, with a net profit of 568 million yuan, up 37.44%, and a net profit excluding non-recurring items of 518 million yuan, reflecting a growth of 48.32% [2][4] - The company’s separator coating sales reached 4.773 billion square meters, a year-on-year increase of 63.85%, while the sales of base film reached 528 million square meters, showing significant growth. The sales of PVDF and PAA also saw substantial increases of 68.19% and 153.1% respectively [10] - The company is expanding into new business areas, including solid-state battery equipment and materials for robotics and chip manufacturing, which are expected to contribute positively to future growth [10] Financial Performance - The company’s total revenue is projected to reach 13.448 billion yuan in 2027, with a gross profit margin expected to improve from 27% in 2024 to 31% in 2027 [14] - The net profit attributable to shareholders is forecasted to grow from 2.287 billion yuan in 2025 to 3.921 billion yuan in 2027, indicating a strong upward trend in profitability [14] - The company’s R&D expenses have significantly increased, reaching 226 million yuan in Q2 2025, reflecting a commitment to innovation and product development [10]

致：上海璞泰来新能源科技股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受上海璞泰来新能源 科技股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证 券监督管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称 《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书 之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现 行有效的法律、行政法规、部门规章、规范性文件和《上海璞泰来新能源科技 股份有限公司章程》（以下简称《公司章程》）的有关规定，指派律师出席了公 司于 2025 年 9 月 15 日召开的 2025 年第四次临时股东会（以下简称本次股东会）， 并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 公司 2025 年第三次临时股东会审议通过的《公司章程》； 北京市金杜律师事务所上海分所 关于上海璞泰来新能源科技股份有限公司 2025 年第四次临时股东会 之法律意见书 2. 公司 2025 年 ...

证券代码：603659 证券简称：璞泰来 公告编号：2025-077 上海璞泰来新能源科技股份有限公司 2025年第四次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 15 日 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由董事长梁丰先生主持，会议的召集、召开及表决方式符合《中华 人民共和国公司法》《上海证券交易所股票上市规则》及《上海璞泰来新能源科 技股份有限公司章程》《上海璞泰来新能源科技股份有限公司股东会议事规则》 等有关规定。 (五)公司董事和董事会秘书的出席情况 1、 公司在任董事5人，出席5人； 2、 董事会秘书张小全先生出席了本次会议；公司其他高管列席了本次会议。 二、议案审议情况 (一)非累积投票议案 1、 议案名称：《关于变更公司名称暨修订<公司章程>的议案》 (二)股东会召开的地点：上海市浦东新区叠桥路 456 弄 116 号上海璞泰来新 ...

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In August 2025, the production and sales of new energy vehicles (NEVs) continued to grow rapidly, with production and sales reaching 1.391 million and 1.395 million units, respectively, representing year-on-year growth of 27.4% and 26.8% [4]. - The penetration rate of NEVs reached 48.8% in August, up 0.1 percentage points from the previous month, while the cumulative penetration rate for January to August was 45.5% [4]. - Battery sales also showed significant growth, with total battery sales of 134.5 GWh in August, a year-on-year increase of 45.6% [4]. - The demand for power batteries is expected to rise further due to the traditional peak season for NEVs, and the development of renewable energy and new data centers is driving high growth in the energy storage sector [4]. Summary by Sections New Energy Vehicle Market - In August 2025, NEV production and sales were 1.391 million and 1.395 million units, with year-on-year growth of 27.4% and 26.8% respectively [4]. - Cumulative NEV production and sales from January to August were 9.625 million and 9.620 million units, with year-on-year growth of 37.3% and 36.7% [4]. - Exports of NEVs reached 224,000 units in August, doubling year-on-year, while cumulative exports from January to August were 1.532 million units, up 87.3% [4]. Battery Market - Total battery production in August was 139.6 GWh, with a year-on-year increase of 37.3% [4]. - Power battery sales accounted for 73.5% of total sales, with a volume of 98.9 GWh, reflecting a year-on-year growth of 44.4% [4]. - The export volume of batteries in August was 22.6 GWh, a year-on-year increase of 23.9% [4]. Investment Recommendations - The report suggests focusing on leading companies in the industry chain that are improving their fundamentals, particularly those with technological and production advantages in solid-state electrolytes and new materials [4]. - Key companies to watch include CATL, EVE Energy, and others that are actively involved in the solid-state battery core process and equipment [4].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **battery materials sector** and provides insights into the **battery market dynamics** as of September 2025, particularly in China [4][5]. Core Insights and Arguments - **Battery Price Expectations**: There is caution regarding sustained price increases in the battery market despite short-term tightness. Seasonal strengths may lead to temporary price rebounds, but a sustainable price hike is deemed unlikely due to expected seasonal weakness in Q1 2026 and a balanced supply-demand dynamic [4][6]. - **Earnings Sensitivity**: A sensitivity analysis indicates that a 10% price increase in batteries could result in a 30%-60% earnings upside for 2026 estimates. Companies like Gotion, CALB, and EVE Energy are noted to be more sensitive to battery price hikes [6]. - **Recent Earnings Reviews**: - **CATL**: 2Q25 earnings exceeded expectations, but the battery unit gross profit profile was mixed. The recommendation is to maintain a Buy on A-Shares and downgrade H-Shares to Neutral due to valuation concerns [6]. - **Gotion**: 2Q25 results missed expectations due to one-off items, but the recommendation remains a Buy with a raised target price reflecting strong volume trends and operational efficiency [6]. - **EVE Energy**: 2Q25 earnings missed due to one-off expenses, but unit gross profit beat expectations due to product mix upgrades. The recommendation is Neutral on valuation [6]. - **CALB**: 1H25 earnings beat expectations due to volume strength, maintaining a Neutral rating with a higher target price [6]. - **Farasis**: 2Q25 results were below expectations due to volume misses and new plant ramp-up issues, maintaining a Sell rating [6]. - **Hunan Yuneng**: Strong 2Q25 results affirming sector inflection, maintaining a Buy rating due to improving bargaining power [6]. - **Dynanonic**: Missed both volume and profitability targets, downgraded to Sell from Neutral due to marginalization risks [6]. Additional Important Insights - **Supply Chain Utilization Trends**: The report includes month-over-month changes in supply chain utilization for various battery components, indicating a general upward trend in utilization rates across cathodes, anodes, separators, and electrolytes [8][9]. - **Export Trends**: The report highlights significant growth in battery exports, particularly in Li-ion batteries, with a notable increase in export volumes and unit prices for various battery components [57][58]. - **Market Dynamics**: The report emphasizes the competitive landscape among major players in the battery materials sector, including CATL, BYD, and CALB, and their respective market shares and growth trajectories [39][40]. This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and future outlook of the battery materials industry.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims for about 32.3 million vehicle sales in 2025, a 3% YoY increase, with around 15.5 million new energy vehicle sales, a 20% YoY increase, and a 6% YoY growth in automobile manufacturing added - value. In 2026, the industry is expected to maintain a stable and positive development trend [1][105][116]. - From January to August, China's automobile sales reached 21.128 million, a 12.6% YoY increase, and new energy vehicle sales were 9.62 million, a 36.7% YoY increase, achieving 65.4% and 61.9% of the annual targets respectively [1][106][118]. - In the 36th week (September 1 - 7), new energy passenger vehicle retail sales were 220,000, a 0.5% YoY decrease, and the annual cumulative retail sales were 7.645 million, a 23.4% YoY increase. The single - week penetration rate reached 60.6%, and the annual cumulative penetration rate was 51.9%, showing a slow upward trend [2][109][118]. - In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase. Except for China, Europe and other regions had significant growth, with 29.5% and 53.4% growth respectively from January to July [2][118]. - In August, the US new energy vehicle sales were 177,000, an 18.4% YoY increase, much higher than the overall vehicle growth rate of 2%. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase [2][112][119]. 3. Summary by Related Catalogs 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. For example, BYD's closing price on September 12 was 105.91 yuan, with a - 1.26% weekly change; CATL's closing price was 325 yuan, with a - 0.03% weekly change [13][15][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports**: In August, new energy vehicle production and sales were 1.391 million and 1.395 million respectively, with YoY growth of 27.4% and 26.8%. From January to August, production and sales were 9.625 million and 9.62 million respectively, with YoY growth of 37.3% and 36.7%. In August, new energy vehicle exports were 224,000, a 100% YoY increase. From January to August, exports were 1.532 million, an 87.3% YoY increase [106][107][108]. - **Inventory Changes**: Data on monthly new additions to new energy passenger vehicle channel inventory and manufacturer inventory are provided [25][26]. - **Delivery Volumes of Chinese New Energy Vehicle Manufacturers**: Monthly delivery volumes of manufacturers such as Leapmotor, Li Auto, XPeng, NIO, Zeekr, Aion, Voyah, and Deepal are presented [28][29][33]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: In July, global new energy vehicle sales reached 1.392 million, an 18.5% YoY increase, and from January to July, sales were 9.233 million, a 25.9% YoY increase [2][118]. - **European Market**: Relevant data on new energy vehicle sales and penetration rates in Europe, including the UK, Germany, and France, are provided [44][45][49]. - **North American Market**: In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase. From January to August, the cumulative sales were 1.01 million, a 2.4% YoY increase. Data on North American new energy vehicle sales and penetration rates are also presented [2][112][119]. - **Other Regions**: Data on new energy vehicle sales and penetration rates in other regions, such as Japan, South Korea, and Thailand, are provided [60][61][65]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume (by material), export volume (by material), weekly average price of power battery cells, and material costs are presented. Information on the operating rates and prices of ternary materials, precursors, lithium iron phosphate, negative electrode materials, electrolytes, and other related materials is also provided [76][78][82]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of rubber, glass, steel, and aluminum are provided [97][98][100]. 3.3 Hot News Summaries 3.3.1 China: Policy Dynamics - The eight - department joint issuance of the "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve specific sales and growth targets for 2025 and 2026 [1][105][116]. - The six - department joint launch of a three - month special rectification action for online chaos in the automobile industry aims to improve the handling efficiency of online chaos and regulate marketing and publicity behaviors [105]. - The two - department release of the "Implementation Opinions on Promoting High - Quality Development of 'Artificial Intelligence +' Energy" promotes the application of artificial intelligence in energy - related fields [106]. 3.3.2 China: Industry Dynamics - In August, new energy vehicle production and sales data are as stated above. From January to August, the production and sales of new energy vehicles also showed significant growth [106][107][108]. - From September 1 - 7, new energy retail sales decreased by 3% YoY, and the cumulative retail sales increased by 25% [109]. - In August, China's power battery installation volume was 62.5GWh, a 32.4% YoY increase. From January to August, the cumulative installation volume was 417.9GWh, a 43.1% YoY increase [110][111]. - The China Association of Automobile Manufacturers is preparing to establish a new energy vehicle battery branch [111]. 3.3.3 Overseas: Policy Dynamics - Mexico plans to raise import tariffs on products from Asian countries such as China, South Korea, and India to 50%, which requires congressional approval [112]. - The US has exempted a variety of products, including gold, graphite, and nickel, from tariffs [112]. 3.3.4 Overseas: Industry Dynamics - In August, US new energy vehicle sales were 177,000, an 18.4% YoY increase [112][113][119]. 3.3.5 Overseas: Enterprise Dynamics - Construction of South Korean battery factories in the US has been interrupted due to immigration enforcement. LG Energy Solution has taken corresponding measures [113][114]. - VinFast delivered 72,167 vehicles globally in the first half of 2025, with significant growth in vehicle and motorcycle sales. In the second quarter, revenue increased by 91.6% YoY, and the net loss was approximately 812 million US dollars [115]. - InoBat, a Slovakian electric vehicle battery manufacturer, received 54 million euros in subsidies and 456,000 euros in loans from the Spanish government to support the construction of a battery super - factory [116][117]. 3.4 Industry Views The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" sets clear goals for 2025 and 2026, and current market data shows the development status of the new energy vehicle industry [1][116][118]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a relatively high level. In 2025, high - competitiveness new models are continuously launched, and price wars are gradually ending. - Due to severe trade protectionism in Europe and the US, there are risks in exports. Attention should be paid to new growth points such as Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market shares continue to expand. Attention should be paid to enterprises with strong product capabilities, smooth overseas expansion, and stable supply [3][120][121].