重要内容提示： 证券代码:603659 证券简称:璞泰来 公告编号:2025-060 上海璞泰来新能源科技股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 会议召开时间：2025 年 8 月 28 日(星期四)下午 15:00-16:00。 投资者可于 2025 年 8 月 21 日（星期四）至 8 月 27 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@putailai.com 进行提问，公司将在说明会上对投资者普遍关注的问题于信息 披露允许的范围内进行解答。 上海璞泰来新能源科技股份有限公司（以下简称"公司"、"璞泰来"）将于 2025年8月28日披露公司2025年半年度报告，为便于广大投资者更加全面且深入 地了解公司2025年半年度财务状况和经营成果，公司将于2025年8月28日（星期 四）下午15:00-16:00举行2025年半年度业绩说明会（以下简称"说明会"），就 投资者普遍关注的问题进行交流。 一、说明会 ...

Group 1 - The company announced a guarantee progress regarding its wholly-owned subsidiary Sichuan Zhuoqin, signing a guarantee agreement with JPMorgan Chase Bank (China) Shanghai Branch for a credit limit of 158 million yuan [1] - After this guarantee, the total amount guaranteed by the company and its subsidiaries for Sichuan Zhuoqin reached 5.21815 billion yuan, with a cumulative guarantee of 358 million yuan from 2025 to present, all within the approved limit by the shareholders' meeting [1] - Sichuan Zhuoqin, established in 2020, had total assets of 4.8157728 billion yuan by the end of 2024 [1] Group 2 - The guarantee provided is a joint liability guarantee, with the guarantee period lasting until three years after the last financing matures [1] - As of the announcement date, the company's total external guarantees amounted to 17.591 billion yuan, which represents 95.67% of the audited net assets attributable to the parent company for 2024, with no overdue guarantees [1]

Investment Rating - The report suggests a positive investment outlook for the solid-state battery industry, highlighting its advantages over traditional liquid batteries and the rapid development of related materials [3][11][20]. Core Insights - Solid-state batteries outperform liquid batteries in safety, energy density, and integration, with manufacturers and battery producers rapidly positioning themselves to support material demand [1][11]. - The core of solid-state lithium battery technology is the solid electrolyte, with sulfide and oxide being the mainstream technological routes [2][34]. - The report emphasizes the potential of sulfide electrolytes due to their superior ionic conductivity and mechanical properties, while also noting the stability and industrial progress of oxide electrolytes [3][27][36]. Summary by Sections 1. Solid-State Batteries: Performance Advantages and Accelerated Layout - Solid-state batteries are expected to emerge due to their high energy density and safety, effectively addressing issues like lithium dendrite growth [11][12]. - The transition from liquid to solid-state batteries simplifies construction by eliminating the need for separators, thus reducing costs [12][27]. 2. Solid Electrolytes: Core of Solid-State Lithium Battery Technology - Solid electrolytes are classified into sulfide, oxide, polymer, and halide types, with the choice of materials being crucial for large-scale production [27][34]. - Sulfide electrolytes exhibit high ionic conductivity and good mechanical properties, making them a promising candidate for commercialization despite challenges like air stability and high production costs [36][41]. 3. Investment Recommendations - As the solid-state battery industry matures, upstream core materials will benefit significantly. Companies that are early adopters of lithium sulfide and have technological advantages are recommended for investment [3][41]. - The report forecasts that by 2027, the shipment of solid-state batteries in China will reach approximately 18 GWh, with a compound annual growth rate of 44% from 2024 to 2028 [20][22].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Industrials** sector, focusing on various companies within the electric components and battery supply chain industries. Core Insights and Arguments 1. **Company Ratings and Market Performance**: - **Hongfa (600885.SS)**: Rated as "Buy" with a market cap of 37.807 billion RMB, current share price at 25.90 RMB, and a price target of 36.50 RMB indicating a potential upside of 41% [3][5] - **Putailai (603659.SS)**: Also rated "Buy", market cap of 38.591 billion RMB, current share price at 18.05 RMB, with a price target of 24.00 RMB, suggesting a 33% upside [3][6] - **Yunnan Energy (002812.SZ)**: Rated "Neutral", market cap of 28.307 billion RMB, current share price at 31.72 RMB, with a price target of 33.00 RMB, indicating only a 4% upside [3][6] 2. **Profitability Metrics**: - **Hongfa**: Projected net profit for 2025E is 1,921 million RMB, with a consensus of 1,893 million RMB, showing a 1% difference [3] - **Putailai**: Expected net profit for 2025E is 2,420 million RMB, with a consensus of 2,431 million RMB, indicating a 0% difference [3] - **CSSC (600150.SS)**: Projected net profit for 2025E is 7,305 million RMB, with a consensus of 7,173 million RMB, showing a 2% difference [3][7] 3. **Valuation Metrics**: - **P/BV Ratios**: Hongfa has a P/BV of 3.3x for 2025E, while CSSC has a P/BV of 3.0x, indicating relative valuation differences within the sector [3][5] - **ROE**: Hongfa's ROE is projected at 18% for 2025E, while CSSC's is at 14% [3][7] 4. **Comparative Analysis**: - The report includes a comparative analysis of various companies in the electric components and battery supply chain sectors, highlighting differences in P/E ratios, market caps, and growth projections [5][6][7]. 5. **Market Trends**: - The battery supply chain is experiencing limited pricing opportunities, with production schedules closely correlated with battery index performance [8][9]. Other Important but Potentially Overlooked Content - The report emphasizes the importance of understanding the macroeconomic environment and its impact on the industrial sector, particularly in the context of supply chain dynamics and pricing pressures [8][9]. - Analysts from UBS Securities Asia Limited are involved in the research, indicating a potential conflict of interest due to business relationships with covered companies [4]. This summary encapsulates the key points discussed in the conference call, providing insights into the performance and outlook of companies within the China Industrials sector.

Group 1 - The core viewpoint of the news is that Pu Tai Lai (603659) has shown a positive performance in both stock price and financial results, indicating potential growth opportunities for investors [1][3] - As of August 15, 2025, Pu Tai Lai's stock closed at 18.38 yuan, up 3.78%, with a trading volume of 311,700 hands and a transaction amount of 568 million yuan [1] - The company experienced a net inflow of main funds amounting to 35.09 million yuan, representing 6.18% of the total transaction amount, with significant contributions from large orders [1] Group 2 - For the first quarter of 2025, Pu Tai Lai reported total operating revenue of 3.215 billion yuan, a year-on-year increase of 5.96%, and a net profit attributable to shareholders of 488 million yuan, up 9.64% [1] - The company's financial ratios include a current ratio of 1.378, a quick ratio of 0.902, and a debt-to-asset ratio of 53.60% [1] - Pu Tai Lai has made investments in 31 companies and has participated in four bidding projects, showcasing its active engagement in the market [2]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [6]. Core Insights - In July 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid year-on-year growth, with production and sales reaching 1.243 million and 1.262 million units, respectively, representing year-on-year increases of 26.3% and 27.4% [4]. - The penetration rate of NEVs reached 48.7% in July, up 2.9 percentage points from the previous month, while the cumulative penetration rate for January to July was 45% [4]. - The total battery production in July was 133.8 GWh, with a year-on-year growth of 44.3%, while battery sales were 127.2 GWh, showing a year-on-year increase of 47.8% [4]. - The demand for power batteries is expected to recover as the traditional peak season for NEVs approaches, driven by the continuous development of renewable energy and the increasing demand for energy storage [4]. Summary by Sections New Energy Vehicle Market - In July 2025, NEV sales reached 1.262 million units, a year-on-year increase of 27.4%, while the cumulative sales from January to July were 8.232 million units, up 39.2% year-on-year [4]. - Pure electric vehicle sales in July were 811,000 units, up 47.1% year-on-year, while plug-in hybrid sales were 451,000 units, up 2.8% year-on-year [4]. Battery Production and Sales - In July, the total battery production was 133.8 GWh, with a month-on-month increase of 3.6% and a year-on-year increase of 44.3% [4]. - Power battery sales accounted for 91.1 GWh, representing 71.6% of total sales, with a year-on-year growth of 45.8% [4]. Export and Market Dynamics - In July, the total battery exports were 23.2 GWh, a year-on-year increase of 35.4%, with power battery exports at 14.8 GWh, up 48.4% year-on-year [4]. - The report highlights the potential for price increases in lithium carbonate due to supply expectations and the ongoing development of solid-state battery technology [4]. Investment Recommendations - The report suggests focusing on leading companies in the battery and materials sectors that have technological and production advantages, particularly in solid-state electrolytes and new electrode materials [4]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others that are actively involved in the solid-state battery supply chain [4].

Core Viewpoint - Shanghai-listed companies are actively engaging in share buybacks, reflecting their confidence in their own value and aiming to stabilize stock prices amid market fluctuations [1][2]. Group 1: Share Buyback Trends - Over 40 Shanghai-listed companies have announced share buyback plans or progress since October, including major firms like Baosteel, United Imaging, Putailai, and Lattice Technology, all with market capitalizations exceeding 50 billion [1]. - The buyback trend is seen as a positive signal to the secondary market, indicating companies' recognition of their intrinsic value and helping to prevent stock prices from deviating from actual value [1][2]. Group 2: Specific Company Actions - Baosteel plans to repurchase up to 500 million shares at a maximum price of 8.86 yuan per share, with a total expenditure not exceeding 3 billion yuan, citing a need to reflect its intrinsic value amid a challenging global economic environment [2]. - Yirui Technology announced a buyback plan of 10 million to 20 million yuan, with a maximum price of 345 yuan per share, aimed at employee stock ownership plans [2][3]. - Siwei Technology intends to use 30 million to 50 million yuan for share repurchases to support employee stock ownership and incentive plans [3]. Group 3: Financial Commitments by Tech Leaders - Putailai has repurchased 9.75 million shares at an average price of 30.76 yuan, totaling approximately 299.99 million yuan, with shares intended for employee stock ownership plans [4]. - United Imaging has repurchased 4.04 million shares at prices ranging from 102.20 to 111.00 yuan, with a total expenditure of 435 million yuan, also for employee stock ownership plans [4]. - Lattice Technology has repurchased 348,330 shares at prices between 47.95 and 52.00 yuan, with a total expenditure of about 174 million yuan, designated for employee stock ownership plans [5].

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

Core Insights - Several renewable energy companies have significantly improved their ESG ratings, indicating a positive trend in environmental, social, and governance practices [1][2][3][4] Group 1: ESG Rating Improvements - Purtai's ESG rating improved from A to AA, XWANDA's rating rose from BBB to A, Goldwind's rating increased from BBB to A, and Zhongwei's rating jumped from BBB to AA [1][2][3][4] - The upgrades reflect the companies' commitment to innovative practices in ESG management, combining hard data management with soft innovations in technology and business models [2][3][4] Group 2: Key Factors for Improvement - Purtai established a closed-loop ESG data management system, achieving breakthroughs in carbon emissions, chemical safety, and water resource management, which led to its AA rating [2] - XWANDA developed a comprehensive lifecycle environmental management system and committed to carbon peak by 2029 and carbon neutrality by 2050, which contributed to its rating upgrade [3] - Goldwind focused on waste management and achieved carbon neutrality in operations since 2022, with a significant portion of its energy consumption coming from green electricity [3] - Zhongwei excelled in labor management and supply chain transparency, implementing a "zero-carbon factory + circular park" model, resulting in a 23% reduction in carbon emissions per product [4] Group 3: Market Implications - The improved ESG ratings have translated into competitive advantages, allowing these companies to secure orders and partnerships, particularly in the European market [4] - The trend indicates a shift from compliance to strategic integration of ESG principles, enhancing the companies' international market expansion and supply chain resilience [5][6] Group 4: Future Trends in the Industry - The renewable energy sector is expected to see three major trends: international standardization of ESG practices, technological advancements towards low-carbon solutions, and digital management tools for ESG governance [5][6] - Companies with strong ESG performance are likely to gain more opportunities in the global market, contributing to China's transition from quantity to quality leadership in the renewable energy sector [6]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][13] Core Viewpoints - The "anti-involution" policy is expected to lead to a turning point in profitability for the lithium battery industry. The recent acceleration in capacity expansion and increased competition have resulted in significant losses for many companies in the energy storage battery and lithium battery materials sectors. However, with the ongoing push for "anti-involution" and the revision of pricing laws, market concentration is likely to increase, and leading companies with cost and technological advantages are expected to show improved profitability [3][7]. Summary by Relevant Sections Policy Developments - On July 24, the National Development and Reform Commission and the State Administration for Market Regulation released a draft for public consultation regarding the revision of the Price Law, which aims to clarify standards for identifying unfair pricing behaviors and regulate market pricing order to combat "involution" competition [2][4]. - A meeting held on July 28 emphasized the need to address eight key areas, including the elimination of overdue payments to enterprises and the consolidation of the "anti-involution" efforts in the new energy vehicle sector [5][6]. Investment Recommendations - The report suggests that leading companies in the lithium battery sector are likely to see stable improvements in profitability due to the "anti-involution" backdrop. Companies to watch include Wanrun New Energy, Hunan Youneng, CATL, Yiwei Lithium Energy, Zhongxin Innovation, Tianci Materials, New Zobon, Putailai, Keda Li, Enjie, and Xingyuan Materials [3][7]. Financial Projections - The report provides financial forecasts for several companies, indicating expected net profits in billions of RMB for 2024A to 2026E, with notable companies like CATL projected to achieve a net profit of 507.4 billion RMB in 2024A [9].