[Key Highlights](index=1&type=section&id=Key%20Highlights) Zhejiang Yema Battery Co., Ltd. forecasts a significant year-on-year decline in H1 2025 net profit and non-recurring net profit - Zhejiang Yema Battery Co., Ltd. anticipates net profit attributable to shareholders for H1 2025 to **decrease by 46.45% to 64.03%** year-on-year, with non-recurring net profit **down 53.55% to 68.07%** year-on-year[2](index=2&type=chunk) 2025 Half-Year Performance Forecast (Estimated Range) | Indicator | Estimated Amount (CNY 10,000) | Year-on-Year Change (CNY 10,000) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net profit attributable to parent company shareholders | 2,455.13 - 3,655.13 | Decrease 3,169.87 - 4,369.87 | Down 46.45% - 64.03% | | Net profit attributable to parent company shareholders (excluding non-recurring items) | 1,979.64 - 2,879.64 | Decrease 3,319.83 - 4,219.83 | Down 53.55% - 68.07% | [I. Performance Forecast for the Current Period](index=1&type=section&id=I.%20Performance%20Forecast%20for%20the%20Current%20Period) This section details the company's performance forecast for H1 2025, including the reporting period and key financial estimates [(I) Performance Forecast Period](index=1&type=section&id=%28I%29%20Performance%20Forecast%20Period) This performance forecast covers the period from January 1 to June 30, 2025 - The performance forecast period is from January 1 to June 30, 2025[3](index=3&type=chunk) [(II) Details of Performance Forecast](index=1&type=section&id=%28II%29%20Details%20of%20Performance%20Forecast) The company forecasts H1 2025 net profit attributable to shareholders and non-recurring net profit to decline significantly year-on-year 2025 Half-Year Performance Forecast (Estimated Range) | Indicator | Estimated Amount (CNY 10,000) | Year-on-Year Change (CNY 10,000) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Net profit attributable to parent company shareholders | 2,455.13 - 3,655.13 | Decrease 3,169.87 - 4,369.87 | Down 46.45% - 64.03% | | Net profit attributable to parent company shareholders (excluding non-recurring items) | 1,979.64 - 2,879.64 | Decrease 3,319.83 - 4,219.83 | Down 53.55% - 68.07% | [(III) Unaudited Performance Forecast](index=2&type=section&id=%28III%29%20Unaudited%20Performance%20Forecast) This performance forecast has not been audited by a certified public accountant - This performance forecast has not been audited by a certified public accountant[4](index=4&type=chunk) [II. Prior Period Performance Overview](index=2&type=section&id=II.%20Prior%20Period%20Performance%20Overview) This section provides an overview of the company's financial performance for the prior period (H1 2024) [(I) Total Profit](index=2&type=section&id=%28I%29%20Total%20Profit) In H1 2024, the company achieved a total profit of RMB 78.70 million, with corresponding net and non-recurring net profits Prior Period (H1 2024) Performance | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Total Profit | 7,870.41 | | Net profit attributable to parent company shareholders | 6,825.00 | | Net profit attributable to parent company shareholders (excluding non-recurring items) | 6,199.47 | [(II) Earnings Per Share](index=2&type=section&id=%28II%29%20Earnings%20Per%20Share) Earnings per share for the prior period (H1 2024) were RMB 0.48 - Earnings per share for the prior period were **CNY 0.48**[5](index=5&type=chunk) [III. Key Reasons for Performance Change in the Current Period](index=2&type=section&id=III.%20Key%20Reasons%20for%20Performance%20Change%20in%20the%20Current%20Period) This section outlines the primary factors for the company's performance changes, including core business and other financial impacts [(I) Impact of Main Business Operations](index=2&type=section&id=%28I%29%20Impact%20of%20Main%20Business%20Operations) Main business operations, including reduced export tax rebates and lower selling prices, are the primary drivers of the performance decline - Adjustments to China's export tax rebate policy, reducing the export battery product tax rebate rate from 13% to 9%, led to increased cost pressure in export operations and a year-on-year **decrease in gross profit margin**[6](index=6&type=chunk) - Due to market competition and industry trends, the selling prices of some of the company's products have decreased[6](index=6&type=chunk) - The company is actively responding to challenges by optimizing its marketing network, strengthening sales promotion (with **increased overseas sales** in the first half), initiating a special cost reduction and efficiency improvement plan, and actively advancing the construction of a Southeast Asian production base to optimize its global layout[6](index=6&type=chunk) [(II) Impact of Non-Operating Gains and Losses](index=2&type=section&id=%28II%29%20Impact%20of%20Non-Operating%20Gains%20and%20Losses) Non-operating gains and losses have no significant impact on the company's current period performance - Non-operating gains and losses have no significant impact on the company's performance[6](index=6&type=chunk) [(III) Impact of Accounting Treatment](index=2&type=section&id=%28III%29%20Impact%20of%20Accounting%20Treatment) Accounting treatment has no significant impact on the company's current period performance forecast - Accounting treatment has no significant impact on the company's current period performance forecast[6](index=6&type=chunk) [(IV) Other Impacts](index=2&type=section&id=%28IV%29%20Other%20Impacts) There are no other factors significantly impacting the company's current period performance forecast - The company has no other factors that significantly impact the current period performance forecast[6](index=6&type=chunk) [IV. Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This section highlights the preliminary and unaudited nature of the performance forecast, with no other major uncertainties - This performance forecast is a preliminary calculation by the company's financial department based on its professional judgment and has not been audited by a certified public accountant[8](index=8&type=chunk) - The company has no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) [V. Other Explanatory Matters](index=3&type=section&id=V.%20Other%20Explanatory%20Matters) This section clarifies that the forecast data is preliminary and advises investors to exercise caution - The forecast data is preliminary and unaudited by an accounting firm; the specific and accurate financial data will be subject to the company's disclosed 2025 half-year report[9](index=9&type=chunk) - Investors are advised to pay attention to investment risks[9](index=9&type=chunk)

野马电池（605378）公告，预计2025年半年度实现归属于母公司所有者的净利润为2455.13万元至 3655.13万元，同比减少3169.87万元至4369.87万元，下降46.45%至64.03%。预计2025年半年度实现归属 于母公司所有者的扣除非经常性损益的净利润为1979.64万元至2879.64万元，同比减少3319.83万元至 4219.83万元，下降53.55%至68.07%。 ...

Group 1 - The stock of Yema Battery (605378) experienced a decline of 8.18% with a turnover rate of 9.44% and a trading volume of 548 million yuan, showing a fluctuation of 6.14% [2] - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of -8.57%, with a net buying amount of 5.1365 million yuan from brokerage seats [2] - The top five brokerage seats accounted for a total transaction of 68.5283 million yuan, with a buying amount of 36.8324 million yuan and a selling amount of 31.6959 million yuan, resulting in a net buying of 5.1365 million yuan [2] Group 2 - The largest buying brokerage was Guotai Junan Securities Headquarters, with a buying amount of 11.8405 million yuan, while the largest selling brokerage was Guojin Securities Shenzhen Branch, with a selling amount of 7.4129 million yuan [3] - The stock saw a net outflow of 5.0503 million yuan in main funds, with a net inflow of 0.1951 million yuan from large orders and a net outflow of 5.2454 million yuan from major funds [2] - Over the past five days, the main funds had a net inflow of 70.0875 million yuan [2] Group 3 - For the first quarter, Yema Battery reported a revenue of 241 million yuan, representing a year-on-year growth of 12.09%, while the net profit was 11.9738 million yuan, showing a year-on-year decline of 50.27% [2]

New Stock Issuance - The new stock "同宇新材" (code: 301630) is listed at an issuance price of 84.00[1] - "信通电子" (code: 001388) has an issuance price of 16.42[1] Rights Issues and Announcements - "济川药业" (code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - "中程退" (code: 300208) has 13 trading days remaining until the last trading day[1] - "退市锦港" (code: 600190) also has 13 trading days remaining until the last trading day[1] - "恒立退" (code: 000622) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - "浙江东日" (code: 600113) reported severe abnormal fluctuations[1] - "汇金股份" (code: 300368) is noted for abnormal fluctuations[3]

证券代码：605378 证券简称：野马电池 公告编号：2025-019 浙江野马电池股份有限公司 股票交易异常波动公告 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： 浙江野马电池股份有限公司（以下简称"公司"）股票于 2025 年 6 月 25 日、6 月 26 日、6 月 27 日连续三个交易日收盘价格涨幅偏离值累计达到 20%。 根据《上海证券交易所交易规则》的有关规定，属于股票交易异常波动的情形。 经公司自查并向公司实际控制人核实，截至本公告披露日，不存在应予 以披露而未披露的重大信息。 （一）生产经营情况。 经公司自查，公司目前经营活动一切正常，市场环境、行业政策没有发生重 大调整、生产成本和销售等情况没有出现大幅波动、内部生产经营秩序正常，公 司内外部经营环境未发生重大变化。 （二）重大事项情况。 经公司自查并向公司实际控制人余元康、陈恩乐、陈一军、余谷峰、陈科军、 余谷涌核实：截至本公告披露之日，除了在指定媒体上已公开披露的信息外，公 司及公司实际控制人不存在应予以披露而未披露的重大信息，包括但不 ...

Quantitative Models and Construction 1. Model Name: Heston Model - **Model Construction Idea**: The Heston model is used to calculate the implied volatility of near-month at-the-money options, serving as a market fear index. Implied volatility reflects market participants' expectations of future volatility [8]. - **Model Construction Process**: The Heston model is a stochastic volatility model where the variance of the asset price follows a mean-reverting square-root process. The model is defined by the following equations: $ dS_t = \mu S_t dt + \sqrt{v_t} S_t dW_t^1 $ $ dv_t = \kappa (\theta - v_t) dt + \sigma \sqrt{v_t} dW_t^2 $ Here: - \( S_t \): Asset price - \( v_t \): Variance - \( \mu \): Drift rate - \( \kappa \): Mean reversion speed - \( \theta \): Long-term variance - \( \sigma \): Volatility of variance - \( W_t^1, W_t^2 \): Correlated Wiener processes [8] 2. Model Name: Multi-Sector Timing Model (Scissor Difference Strategy) - **Model Construction Idea**: This model uses the difference in the number of bullish and bearish signals among sector constituents to construct a timing strategy. If no bullish or bearish signals are present, the scissor difference is set to zero. The model aims to outperform sector indices [16]. - **Model Construction Process**: - Count the number of bullish and bearish signals for each sector's constituent stocks daily. - Compute the scissor difference as the difference between bullish and bearish signals. - If both counts are zero, the scissor difference is set to zero. - Construct a timing strategy based on the scissor difference ratio [16]. - **Model Evaluation**: The model historically outperformed all sector indices, demonstrating excellent backtesting performance [16]. --- Model Backtesting Results 1. Heston Model - **Implied Volatility Results**: - SSE 50: 11.85% (down 0.88% WoW) - SSE 500: 14.35% (down 1.59% WoW) - CSI 1000: 18.06% (down 0.42% WoW) - CSI 300: 12.64% (down 0.73% WoW) [10] 2. Multi-Sector Timing Model - **Sector Outperformance**: The model outperformed all sector indices, achieving a 100% success rate in backtesting [16]. --- Quantitative Factors and Construction 1. Factor Name: Shape-Based Timing Signals - **Factor Construction Idea**: Shape-based signals are derived from historical K-line patterns, including bullish patterns (e.g., "Golden Needle Bottom," "Rocket Launch," "Manjianghong") and bearish patterns (e.g., "Hanging Line," "Paradise Line," "Dark Cloud Cover"). These patterns indicate potential price reversals [24]. - **Factor Construction Process**: - Identify specific K-line patterns based on predefined criteria. - Evaluate the historical performance of these patterns in predicting price movements. - Use the patterns to generate timing signals for individual stocks [24]. - **Factor Evaluation**: Bullish patterns like "Golden Needle Bottom" and "Rocket Launch" demonstrated strong positive predictive power [24]. --- Factor Backtesting Results 1. Shape-Based Timing Signals - **Signal Statistics**: - Positive signals: 2,699 occurrences, with an average future high-point success rate of 28.25% - Negative signals: 3,525 occurrences, with an average future low-point success rate of 71.88% [13] 2. Sector Timing Signals - **Bullish Sectors**: Home Appliances, Comprehensive, Communication, Textile & Apparel, Consumer Services, Transportation, Petrochemicals [19] 3. Stock-Specific Signals - **Consecutive Bullish Signals**: - 5-day signals: Stocks like Kailong Co. and Shipu Testing [21] - 4-day signals: Stocks like Jiangnan Chemical, Beijing-Shanghai High-Speed Railway, and Nandu Property [22][23] - **Special Bullish Patterns**: - Stocks like Retired Longyu ("Arrow on the String") and Suotong Development ("Manjianghong") [25][26] 4. Broker Gold Stock Signals - **Highlighted Stocks**: BYD, Feilihua, Wancheng Group, Sichuan Road & Bridge, Wolong Electric Drive, Lansheng Co., PetroChina, Dongpeng Beverage [29][33]

Core Viewpoint - Yema Battery's Vietnam factory is expected to commence production in the first quarter of next year, but the production costs will be higher than those in the domestic market [1] Group 1: Production and Costs - The Vietnam production base is projected to start operations in Q1 2024 [1] - Production costs in Vietnam will be higher than those in the domestic market under similar conditions [1] Group 2: Financial Performance - The company's net profit for Q1 2025 is expected to decline by 50.27% year-on-year, primarily due to changes in export tax rebate policies [1] - The export tax rebate rate for battery products has been reduced from 13% to 9%, contributing to the profit decline [1] - There has been a decrease in the selling price of certain products, further impacting profitability [1] Group 3: Strategic Initiatives - The company plans to deepen the construction of overseas direct sales channels and optimize its product structure [1] - Yema Battery aims to leverage its alkaline battery technology advantages to consolidate market share [1]

A股固态电池板块持续活跃，野马电池直线封板，科恒股份、华盛锂电涨近8%，璞泰来、信宇人、金 银河、盟固利等跟涨。 订阅A股市场资讯 +订阅 ...

电池板块短线拉升，野马电池（605378）涨停，力王股份、长虹能源、浙江恒威（301222）、天能股 份、骆驼股份（601311）等纷纷走高。 "聪明钱"流向曝光！暗盘资金破解主力操盘密码>> ...

Core Points - Zhejiang Yema Battery Co., Ltd. announced a profit distribution and capital increase plan approved at the 2024 annual general meeting on May 19, 2025 [1] - The company will distribute a cash dividend of 0.50 yuan per share and increase capital by 0.40 shares for every share held, based on a total share capital of 186,676,000 shares before the distribution [1][5] - The key dates for the distribution include the record date on June 3, 2025, and the ex-dividend date on June 4, 2025 [1][3] Distribution and Capital Increase Plan - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [1][4] - For shareholders holding unrestricted circulating shares, dividends will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited [3][4] - The total number of shares after the capital increase will be 261,346,400 shares, resulting in a diluted earnings per share of 0.66 yuan for the fiscal year 2024 [7][10] Tax Implications - Individual shareholders holding shares for more than one year will be exempt from personal income tax on dividends, while those holding for one year or less will not have tax withheld at the time of distribution [4][6] - Qualified Foreign Institutional Investors (QFII) will have a withholding tax of 10% on dividends, resulting in a net cash dividend of 0.45 yuan per share [6][7] - Other institutional investors will be responsible for their own tax payments, with a gross cash dividend of 0.50 yuan per share [7]