Core Viewpoint - The announcement indicates a strategic partnership between Jia Yuan Technology and CATL, focusing on expanding their business relationship and establishing Jia Yuan as a preferred supplier for copper foil products in the battery sector [1] Group 1: Partnership Details - Jia Yuan Technology has signed a framework agreement with CATL to deepen their existing business cooperation [1] - The agreement includes collaboration in the supply, research, and production of new battery anode current collector materials, including solid-state battery copper foil [1] - Both companies aim to establish a long-term partnership, with Jia Yuan being prioritized as a supplier for new products developed together [1] Group 2: Procurement and Supply Assurance - CATL plans to procure battery anode current collector materials from Jia Yuan, contingent on Jia Yuan meeting CATL's requirements [1] - Jia Yuan is expected to prioritize CATL's product demands based on the estimated production capacity outlined in the agreement [1] - The agreement emphasizes the need for competitive pricing from Jia Yuan to ensure a favorable supply arrangement for CATL [1]

Core Viewpoint - 嘉元科技 and 宁德时代 have reached a framework agreement to deepen their long-term procurement cooperation, establishing 嘉元科技 as a preferred supplier for copper foil products based on 宁德时代's actual needs [1] Group 1: Partnership Details - The agreement aims to expand the depth and breadth of their business relationship, focusing on the supply, research, and production of new battery anode current collector materials, including solid-state battery copper foil [1] - 嘉元科技 will be the preferred supplier for new products developed through joint cooperation, contingent upon meeting 宁德时代's requirements [1] Group 2: Procurement Plans - 宁德时代 plans to procure battery anode current collector materials from 嘉元科技 based on its operational conditions [1]

Core Viewpoint - The collaboration between Jia Yuan Technology and CATL aims to deepen their long-term procurement relationship, establishing Jia Yuan as a preferred supplier for copper foil products in the battery sector [1] Group 1: Partnership Agreement - Jia Yuan Technology (the party B) and CATL (the party A) have reached a "Cooperation Framework Agreement" to enhance their long-term procurement cooperation [1] - Both parties agree to expand the depth and breadth of their business relationship, with Jia Yuan meeting CATL's requirements to become a preferred supplier for copper foil products [1] Group 2: Collaboration Scope - The partnership will encompass comprehensive cooperation in the supply, research, and production of negative electrode current collector materials for new batteries, including but not limited to copper foil for solid-state batteries [1] - For products co-developed by both parties, Jia Yuan will be designated as the preferred supplier for these new products, contingent upon meeting CATL's requirements [1] Group 3: Procurement Plans - CATL plans to procure negative electrode current collector materials from Jia Yuan based on its operational needs [1]

Core Points - On November 5, Jia Yuan Technology's stock rose by 5.42%, reaching a price of 42.00 CNY per share, with a trading volume of 529 million CNY and a turnover rate of 3.10%, resulting in a total market capitalization of 17.903 billion CNY [1] Company Overview - Jia Yuan Technology Co., Ltd. is located in Meizhou, Guangdong Province, and was established on September 29, 2001. The company was listed on July 22, 2019. Its main business involves the research, production, and sales of various high-performance electrolytic copper foils [1] - The revenue composition of Jia Yuan Technology is as follows: lithium battery copper foil accounts for 83.77%, other income constitutes 12.64%, and standard copper foil makes up 3.58% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund has a significant holding in Jia Yuan Technology. The Huaxia SSE Sci-Tech Innovation Board 200 ETF (588820) held 155,500 shares in the third quarter, representing 1.23% of the fund's net value, making it the fourth-largest heavy stock [2] - The Huaxia SSE Sci-Tech Innovation Board 200 ETF (588820) was established on December 23, 2024, with a latest scale of 476 million CNY. Year-to-date returns are 52.09%, ranking 427 out of 4216 in its category, while cumulative returns since inception are 51.41% [2] - The fund manager of Huaxia SSE Sci-Tech Innovation Board 200 ETF is Hua Long, who has been in the position for 3 years and 77 days. The total asset scale during this period is 35.957 billion CNY, with the best fund return being 108.55% and the worst being -15.08% [2]

Core Viewpoint - The lithium battery sector in the A-share market has experienced a significant decline, with multiple stocks showing substantial drops in their share prices [1][2]. Group 1: Stock Performance - Haike Xinyuan (301292) saw a decline of 12.91%, with a total market capitalization of 7.034 billion [2]. - Xian Dao Intelligent (300450) decreased by 7.69%, with a market cap of 84.6 billion [2]. - Keda Manufacturing (600499) fell by 7.09%, with a market value of 23.4 billion [2]. - Zhongcai Technology (002080) dropped by 7.04%, with a market capitalization of 54.1 billion [2]. - Bolivian (688345) experienced a 7.02% decline, with a market cap of 3.736 billion [2]. - Jia Yuan Technology (688388) decreased by 6.45%, with a market value of 16.9 billion [2]. - Zhongyi Technology (301150) fell by 6.31%, with a market capitalization of 9.733 billion [2]. - Tianhong Lithium Battery (920252) saw a decline of 6.16%, with a market cap of 3.11 billion [2]. - Daway Co. (002213) dropped by 5.85%, with a market value of 6.264 billion [2]. - Duofluor (002407) decreased by 5.63%, with a market capitalization of 31.9 billion [2]. - Other notable declines include Changzuo Period (688353) down by 5.12%, Shida Shenghua (603026) down by 4.98%, and Dangsheng Technology (300073) down by 4.90% [2].

Group 1 - The A-share market for lithium battery concept stocks has weakened significantly, with notable declines in various companies [1] - Haike Xinyuan experienced a nearly 13% drop, while companies such as Xian Dao Intelligent, Keda Manufacturing, and Zhongcai Technology fell over 7% [1] - Other companies like Jiayuan Technology, Zhongyi Technology, and Tianhong Lithium also saw declines exceeding 6%, and Daway Co., Duofuduo, and Huasheng Lithium dropped over 5% [1]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The recovery in the lithium battery industry has significantly boosted the company's profits, with a year-on-year revenue increase of 50.71% for the first three quarters of 2025, primarily driven by higher sales volume of copper foil products [2][4] - The company is actively expanding its product offerings in the PCB copper foil sector, focusing on high-end applications to meet the demands of emerging fields such as AI and 5G [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 2.577 billion RMB, representing a year-on-year increase of 34.48% and a quarter-on-quarter increase of 30.02%. The net profit attributable to shareholders was 4.1219 million RMB, up 110.62% year-on-year but down 66.48% quarter-on-quarter [1][2] - For the first three quarters of 2025, the company reported total revenue of 6.540 billion RMB and a net profit of 40.876 million RMB, reflecting a year-on-year increase of 128.39% in net profit [1][2] Strategic Initiatives - The company is focusing on high-end, differentiated products in the PCB copper foil market, including high-frequency and high-density interconnect copper foils, to cater to the needs of AI and 5G applications [3] - The company has a planned total production capacity of 35,000 tons for its electrolytic copper foil production line in Jiangxi, with over 10,000 tons currently in production [3] Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with projected net profits of 115.26 million RMB, 258.52 million RMB, and 407.41 million RMB for 2025, 2026, and 2027 respectively [4] - The target price has been adjusted to 46.74 RMB, based on a price-to-book ratio of 2.75 for 2026 [4]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or significant omissions [2][8][20] Financial Data - The financial statements for the third quarter are unaudited [3] - The report includes major accounting data and financial indicators, with the currency specified as Renminbi [3][7] Non-Recurring Gains and Losses - The report addresses non-recurring gains and losses, indicating that applicable projects and amounts are recognized as non-recurring [4] Shareholder Information - The report provides details on the total number of common shareholders and the top ten shareholders' holdings [5] Stock Incentive Plan - The company plans to grant a total of 1,114,820 shares of restricted stock to 135 eligible participants in the fourth vesting period and 178,500 shares to 31 participants in the third vesting period [8][9] - The stock incentive plan includes a total grant of 2.3 million shares, with 2,001,000 shares for the initial grant and 299,000 shares reserved [9][10] - The grant price for the initial restricted stock is set at 74.35 yuan per share, while the reserved portion is priced at 73.644 yuan per share [9] Performance Assessment - The performance assessment for the incentive plan spans from 2021 to 2024, with specific annual profit targets set for each year [13] - The individual performance assessment will determine the actual number of shares vested based on a rating system [13][11] Decision-Making Process - The decision-making process for the stock incentive plan involved multiple board meetings and independent opinions from directors and supervisors [14][15][16][17][18]

Core Viewpoint - The company has successfully met the conditions for the fourth vesting period of its 2021 restricted stock incentive plan and the third vesting period for reserved grants, allowing for the registration of vested shares for eligible participants [2][5][44]. Group 1: Vesting Conditions and Approval - The board of directors approved the achievement of vesting conditions for the fourth vesting period and the third reserved vesting period on October 29, 2025 [2][5]. - The vesting period for the first grant's fourth vesting period is from November 1, 2025, to October 31, 2026, while the third reserved grant's vesting period is from October 11, 2025, to October 10, 2026 [1][5]. Group 2: Stock Cancellation - A total of 6.4260 million shares were canceled due to the departure of four participants from the first grant and three from the reserved grant, who no longer meet the eligibility criteria [31][48]. - An additional 103.4656 million shares were canceled as participants voluntarily waived their rights to unvested shares or due to the expiration of the vesting period [31][32]. Group 3: Financial and Legal Opinions - The legal opinion from Guangdong Xinda Law Firm confirmed that the vesting and cancellation processes complied with relevant regulations and that the conditions for vesting had been met [35]. - The independent financial advisor, Shanghai Rongzheng Enterprise Consulting Service Group Co., Ltd., also affirmed that the company had obtained necessary approvals for the vesting and cancellation matters [15][35].

Core Viewpoint - 嘉元科技 (688388.SH) reported significant growth in its third-quarter results for 2025, indicating a strong recovery and operational improvement [1] Financial Performance - The company achieved total operating revenue of 6.54 billion yuan, representing a year-on-year increase of 50.71% [1] - The net profit attributable to shareholders was 40.88 million yuan, a turnaround from a loss of 144 million yuan in the same period last year [1] - Basic earnings per share were reported at 0.1 yuan [1]