Core Viewpoint - The company, Zhejiang Yema Battery Co., Ltd., is experiencing growth in its stock performance and is focusing on expanding its product offerings and production capabilities in the lithium battery sector, benefiting from the depreciation of the RMB and increasing overseas revenue. Group 1: Company Performance - On October 21, Yema Battery's stock rose by 3.36%, with a trading volume of 216 million yuan and a market capitalization of 6.345 billion yuan [1] - For the first half of 2025, Yema Battery achieved operating revenue of 585 million yuan, representing a year-on-year increase of 11.21%, while net profit attributable to shareholders decreased by 55.13% to 30.626 million yuan [7] Group 2: Product Development and Innovation - The company has accelerated the research and development of new products, with the production line for button-type lithium batteries completed and operational [2] - Yema Battery is developing an intelligent alkaline battery production line by integrating various systems such as ERP, MES, and AI technologies to enhance production efficiency and management [2] Group 3: Revenue Composition and Market Position - As of the 2024 annual report, overseas revenue accounted for 88.30% of the company's total revenue, benefiting from the depreciation of the RMB [3] - The company's main business revenue composition includes 86.16% from alkaline batteries, 8.51% from carbon batteries, and 5.20% from other sources [7] Group 4: Market Dynamics and Technical Analysis - The stock has shown signs of accumulation, but the buying pressure is weak, with an average trading cost of 27.72 yuan and a current price near a resistance level of 24.54 yuan [6] - The main funds have been reducing their positions, with a net outflow of 1.1285 million yuan on the day of analysis, indicating a lack of strong control by major investors [4][5]

Core Insights - Yema Battery's stock rose by 3.36% to close at 24.28 yuan, with a significant block trade of 115,000 shares totaling 2.4852 million yuan [1] - The first transaction occurred at a price of 21.61 yuan, with a premium rate of -11.00%, indicating a discount on the transaction price [1] - Over the past three months, Yema Battery has recorded six block trades with a total transaction value of 17.5932 million yuan [1] - In the last five trading days, the stock has declined by 11.19%, with a net outflow of 78.9464 million yuan in principal funds [1]

Core Insights - On October 21, Yema Battery executed a block trade of 115,000 shares, amounting to 2.4852 million yuan, which represented 1.14% of the total trading volume for the day [1] - The transaction price was 21.61 yuan, reflecting an 11% discount compared to the market closing price of 24.28 yuan [1] Group 1 - The block trade involved 115,000 shares of Yema Battery [1] - The total transaction value was 2.4852 million yuan [1] - The transaction price was significantly lower than the market closing price, indicating a potential opportunity for investors [1]

Core Viewpoint - The company, Zhejiang Yema Battery Co., Ltd., is experiencing fluctuations in stock performance and is focusing on product development and digital transformation to enhance its market position. Group 1: Company Performance - On October 15, Yema Battery's stock fell by 2.89%, with a trading volume of 225 million yuan and a market capitalization of 6.939 billion yuan [1] - For the first half of 2025, the company reported revenue of 585 million yuan, a year-on-year increase of 11.21%, while net profit attributable to shareholders decreased by 55.13% to 30.626 million yuan [7] Group 2: Product Development and Innovation - The company has accelerated the research and development of new products, with the production line for button-type lithium batteries completed and operational [2] - Yema Battery is developing an intelligent alkaline battery production line by integrating various systems such as ERP, MES, and AI technologies to achieve digital manufacturing [2][3] Group 3: Market Position and Revenue Sources - As of the 2024 annual report, overseas revenue accounted for 88.30% of total revenue, benefiting from the depreciation of the RMB [3] - The company's main business revenue composition includes 86.16% from alkaline batteries, 8.51% from carbon batteries, and 5.20% from other sources [7] Group 4: Shareholder and Market Dynamics - As of June 30, the number of shareholders increased by 53.05% to 38,200, with an average of 6,840 circulating shares per person, a decrease of 8.53% [7] - The stock has shown signs of accumulation, but the strength of this accumulation is weak, with the average trading cost at 28.17 yuan and the stock price near a resistance level of 26.70 yuan [6]

Market Overview - The battery sector experienced a decline of 0.53% on the previous trading day, with Defu Technology leading the drop [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Top Gainers in the Battery Sector - Haike Xinao (301292) saw a closing price of 26.44, with a significant increase of 12.46% and a trading volume of 317,800 shares, amounting to 788 million yuan [1] - Jinyinhai (300619) closed at 37.67, up 12.35%, with a trading volume of 224,800 shares and a turnover of 810 million yuan [1] - Qiaocheng Ultrasonic (688392) closed at 103.40, rising by 11.97% with a trading volume of 72,800 shares, totaling 728 million yuan [1] Top Losers in the Battery Sector - Defu Technology (301511) closed at 32.27, down 5.95%, with a trading volume of 288,100 shares and a turnover of 928 million yuan [2] - Keda Li (002850) closed at 174.01, decreasing by 5.05%, with a trading volume of 87,900 shares and a turnover of 1.526 billion yuan [2] - Anfu Technology (603031) closed at 39.85, down 4.18%, with a trading volume of 71,500 shares and a turnover of 285 million yuan [2] Capital Flow in the Battery Sector - The battery sector experienced a net outflow of 3.121 billion yuan from institutional investors, while retail investors saw a net inflow of 3.336 billion yuan [2][3] - Notable net inflows from retail investors included Tianqi Materials (002709) with 2.12 billion yuan and Greenmei (002340) with 2.11 billion yuan [3] - Major net outflows from institutional investors included Shida Shenghua (603026) with 94.291 million yuan and Jinyinhai (300619) with 71.922 million yuan [3]

Summary of Key Points Core Viewpoint - On October 9, a block trade of 600,000 shares of Yema Battery was executed, amounting to 15.108 million yuan, which represented 3.88% of the total trading volume for the day. The transaction price was 25.18 yuan, reflecting an 11.9% discount compared to the market closing price of 28.58 yuan [1]. Group 1: Trading Details - The block trade involved a total of 600,000 shares at a price of 25.18 yuan per share [1]. - The total transaction value was 15.108 million yuan [1]. - The transaction accounted for 3.88% of the total trading volume on that day [1]. Group 2: Price Comparison - The executed price of 25.18 yuan was 11.9% lower than the market closing price of 28.58 yuan [1].

Core Viewpoint - The completion of the fundraising project for Yema Battery marks a significant step in enhancing its production capacity and technological upgrades, despite facing delays and challenges in the implementation process [1][4][12]. Fundraising and Project Development - Yema Battery raised approximately 5.45 billion yuan through its initial public offering, with the funds allocated to four main projects, including the construction of a research and testing center and an intelligent manufacturing center [2][4]. - The original project for expanding alkaline zinc-manganese battery production was adjusted to increase capacity from 610 million to 810 million units, with total investment rising to approximately 4.43 billion yuan [2][4]. - The project faced multiple delays, with the completion date for the research and testing center being postponed twice before finally being announced as operational on September 27, 2025 [3][4]. Capacity and Technological Challenges - The new facilities are expected to enhance Yema Battery's R&D capabilities and production efficiency, which are crucial for maintaining competitiveness in the growing alkaline battery market [4][5]. - The intelligent manufacturing center aims to improve automation and reduce reliance on manual labor, which is essential for optimizing production costs and improving profit margins [6][12]. - The alkaline battery market is experiencing a shift towards higher performance, with developed regions seeing a market share of 60% to 90% for alkaline batteries [6][12]. Financial Performance and Market Position - Yema Battery has faced challenges in profitability, with revenue growth not translating into profit increases from 2020 to 2024, and a significant drop in net profit of 55.13% in the first half of 2025 [8][9]. - The company’s management has recently sold shares, raising concerns about their confidence in the company's short-term outlook amidst declining profits [9][12]. - The transition from a traditional battery manufacturer to a green energy solutions provider is seen as essential for Yema Battery's long-term growth, especially in light of new EU regulations and domestic carbon reduction goals [10][11][12]. Future Outlook - The impact of the new facilities on Yema Battery's performance will take time to materialize, as the transition to new technologies and processes requires adaptation and market development [12]. - The company is also working on establishing a production base in Vietnam to optimize its global supply chain, although progress has been slow [11][12].

Core Viewpoint - The company, Zhejiang Yema Battery Co., Ltd., is experiencing growth in its lithium battery segment and is benefiting from the depreciation of the RMB, with a significant portion of its revenue coming from overseas markets. Group 1: Company Performance - In the first half of 2025, the company achieved a revenue of 585 million, representing a year-on-year growth of 11.21% [7] - The net profit attributable to the parent company was 30.63 million, a year-on-year decrease of 55.13% [7] - The company has accelerated the development of new products, with the production line for button-type lithium batteries completed and operational [2] Group 2: Market Position and Strategy - The company has a high overseas revenue ratio of 88.30%, benefiting from the depreciation of the RMB [3] - The main business revenue composition includes 86.16% from alkaline batteries, 8.51% from carbon batteries, and 5.20% from other sources [7] - The company is integrating new technologies such as 5G, big data, and AI into its production processes to enhance digitalization and manufacturing collaboration [2] Group 3: Stock Performance - On September 29, the stock price increased by 1.95%, with a trading volume of 203 million and a turnover rate of 2.85%, leading to a total market capitalization of 7.114 billion [1] - The average trading cost of the stock is 28.24, with the current price fluctuating between resistance at 29.10 and support at 25.50 [6] - The stock has seen a net inflow of 5.415 million today, with no significant trend in the main capital flow [5]

Core Points - The company has completed the fundraising investment project "Research and Testing Center and Intelligent Manufacturing Center Project" and is now ready for settlement [2][5] Group 1: Fundraising Overview - The company raised a total of RMB 587.45 million through its initial public offering, with a net amount of RMB 544.68 million after deducting issuance costs [3] - The initial public offering involved the issuance of 33.34 million shares at a price of RMB 17.62 per share [3] Group 2: Project Adjustments - The project "Annual Production of 610 Million Alkaline Zinc-Manganese Batteries Expansion and Technological Transformation Project" was adjusted to "Annual Production of 810 Million Alkaline Zinc-Manganese Batteries Expansion and Technological Transformation Project," increasing the total investment from RMB 253.98 million to RMB 443.13 million [4] - The adjusted project still planned to use RMB 253.98 million from the raised funds, accounting for 46.63% of the net amount raised [4] Group 3: Project Settlement - The project "Research and Testing Center and Intelligent Manufacturing Center Project" has reached the predetermined usable state as of the announcement date, meeting the settlement conditions [5] - The company decided to settle the project after it achieved the required status [5] Group 4: Investor Communication - The company will hold a half-year performance briefing on October 20, 2025, to discuss its operational results and financial status for the first half of 2025 [7][9] - Investors can submit questions for the briefing from October 13 to October 17, 2025, and the company will address common concerns during the session [7][10]

投资者可于 2025 年 10 月 13 日(星期一)至 10 月 17 日(星期五)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 邮 箱 dsb@mustangbattery.com 进行提问。公司将在说明会上对投资者普遍关注的问 题进行回答。 证券代码：605378 证券简称：野马电池 公告编号：2025-035 浙江野马电池股份有限公司 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。 重要内容提示： 会议召开时间：2025 年 10 月 20 日（星期一）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 浙江野马电池股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发 布公司 2025 年半年度报告，为便于广大投资者更全面 ...