Core Viewpoint - The general aviation ETF (159378) is experiencing active trading with a notable increase in its component stocks, particularly Zhuhai Guanyu, which rose over 8% [3] Group 1: Market Performance - As of September 24, the general aviation ETF (159378) increased by 2.13% [3] - Zhuhai Guanyu's stock surged by 8.41%, with a trading volume of 44.93 million and a transaction value of 1.086 billion [4] - Other notable stocks include Lais Information (+5.13%), Zhenxin Technology (+4.20%), and Wan Feng Aowei (+3.45%) [4] Group 2: Industry Events - The 2025 Shenzhen eVTOL Industry Development Conference and Low Altitude Economy Exhibition commenced on September 23, featuring over 300 leading companies and innovative institutions [5] - The eVTOL exhibition area showcased advanced eVTOL aircraft, including flying cars and various rotorcraft designs [5] Group 3: Economic Outlook - The low altitude economy is projected to exceed 1.5 trillion by 2025 and could reach between 3.5 trillion to 6 trillion by 2035, becoming a core growth driver for economic transformation [6] - Despite a relative stagnation in the low altitude economy sector this year, it remains a significant direction for new productive forces, with expectations of increased funding and high industry prosperity [6] Group 4: Investment Tools - The general aviation ETF (159378) is the first and largest ETF product in its category, focusing on the low altitude economy and drones, serving as a valuable tool for investing in this sector [6][8] - As of September 23, the general aviation ETF had a scale of 1.137 billion [8]

Group 1 - Zhuhai Guanyu's stock price increased by 5.78% to 24.54 CNY per share, with a trading volume of 615 million CNY and a turnover rate of 2.32%, resulting in a total market capitalization of 27.781 billion CNY [1] - The stock has experienced a continuous rise for three days, accumulating a total increase of 6.42% during this period [1] - Zhuhai Guanyu Battery Co., Ltd. was established on May 11, 2007, and went public on October 15, 2021, focusing on the research, production, and sales of consumer batteries [1] Group 2 - The main business revenue composition of Zhuhai Guanyu includes 88.94% from consumer batteries, 7.95% from power and energy storage, and 3.11% from other sources [1] - According to data, a fund under China Merchants Fund holds Zhuhai Guanyu as its top position, with 800 shares in the China Merchants SSE STAR 50 ETF Linked A (023739) as of the second quarter [2] - The fund has generated a floating profit of approximately 1,072 CNY today and 1,120 CNY during the three-day rising period [2]

Investment Rating - The investment rating for Zhuhai Guanyu is "Buy" and is maintained [7] Core Views - Zhuhai Guanyu reported a revenue of 6.098 billion yuan for the first half of 2025, representing a year-on-year increase of 14.03%. The net profit attributable to shareholders was 117 million yuan, up 14.77%, while the net profit excluding non-recurring items reached 45 million yuan, showing a significant growth of 73.55% [2][5] - In Q2 2025, the company achieved a revenue of 3.599 billion yuan, marking a year-on-year increase of 28.62%. The net profit attributable to shareholders was 141 million yuan, up 53.09%, and the net profit excluding non-recurring items was 94 million yuan, reflecting a remarkable growth of 122.94% [2][5] Summary by Sections Financial Performance - The company’s revenue for H1 2025 was 6.098 billion yuan, with a year-on-year growth of 14.03%. The net profit attributable to shareholders was 117 million yuan, a 14.77% increase, and the net profit excluding non-recurring items was 45 million yuan, up 73.55% [2][5] - For Q2 2025, revenue reached 3.599 billion yuan, a 28.62% increase year-on-year. The net profit attributable to shareholders was 141 million yuan, reflecting a 53.09% growth, while the net profit excluding non-recurring items was 94 million yuan, up 122.94% [2][5] Business Segments - The company’s consumer battery sales volume increased by 43.28% year-on-year in H1 2025, driven by ongoing collaborations with downstream mobile phone manufacturers. The self-supply rate for battery packs was 44.43%, an increase of 3.68 percentage points year-on-year [11] - The energy storage business generated revenue of 973 million yuan in H1 2025, a significant year-on-year increase of 139.8%, with automotive low-voltage lithium batteries and drones accounting for 85.76% of this revenue [11] Profitability Outlook - The gross margin for Q2 2025 was 24.65%, an increase of 3.27 percentage points from the previous quarter, although still lower than the level in H2 2024. This was primarily affected by export tax rebates and rising cobalt prices [11] - The company expects profitability to improve starting from Q3 2025, as it anticipates a recovery in gross margins due to inventory adjustments and the impact of new business developments [11]

Core Viewpoint - The article discusses the performance of the Science and Technology Innovation Enhanced ETF (588520), highlighting its recent market activity and key holdings [1]. Group 1: ETF Performance - The Science and Technology Innovation Enhanced ETF (588520) opened with a gain of 0.31%, priced at 1.310 yuan [1]. - Since its inception on June 27, 2025, the fund has achieved a return of 30.89%, with a one-month return of 6.09% [1]. Group 2: Key Holdings - Major holdings in the ETF include: - Semiconductor Manufacturing International Corporation (down 0.99%) - Cambricon Technologies (up 0.14%) - Jianyuan Technology (up 6.32%) - Transsion Holdings (up 2.38%) - Zhuhai CosMX Battery Co., Ltd. (up 1.21%) - Western Superconducting Technologies (up 0.17%) - Xiangsheng Medical (up 0.81%) - Trina Solar (down 0.31%) - China Railway Signal & Communication Corp (unchanged) - Saintshine Medical (up 0.70%) [1].

Core Viewpoint - Zhuhai Guanyu has acquired at least three Chinese patents from Panasonic, which may significantly impact the patent landscape in the lithium battery industry [2]. Group 1: Patent Acquisition - The three patents acquired by Zhuhai Guanyu include: "Secondary Battery" (Patent ZL201880018653.9), "Non-Aqueous Electrolyte Secondary Battery" (Patent ZL200880001215.8), and "Lithium Secondary Battery" (Patent ZL200710008331.X) [2]. - The transfer of these patents from Panasonic to Zhuhai Guanyu occurred between June and July of this year, but the corresponding U.S. patents have not yet been recorded as transferred [2]. Group 2: Panasonic's Patent Strategy - Panasonic has been actively monetizing its patents through various methods, including bilateral litigation and patent pools [2]. - Panasonic, along with LG, established the Tulip patent pool to promote licensing of lithium battery patents, aiming to collect licensing fees from Chinese battery manufacturers [2]. - Recently, two Chinese companies, Zhuhai Guanyu and BAK Battery, have joined the Tulip patent pool, indicating a strategic move in the industry [2].

Investment Rating - The report maintains a "Recommendation" rating for Zhuhai Guanyu (688772) with a target price of 29.52 CNY [2][7]. Core Insights - The company's performance in Q2 2025 saw significant growth driven by a notable increase in mobile battery sales, with a revenue of 35.99 billion CNY, representing a 29% year-on-year increase [7]. - The company achieved a total revenue of 60.98 billion CNY in the first half of 2025, a 14% increase compared to the previous year, with a net profit of 1.17 billion CNY, up 15% year-on-year [7]. - The growth in mobile battery sales outpaced the industry, with a 43.28% increase in sales volume, attributed to enhanced market share and deep collaborations with major clients like Apple, Xiaomi, and Huawei [7]. - The focus on low-voltage lithium batteries has led to a significant revenue increase, with the subsidiary Zhejiang Guanyu achieving a revenue of 9.73 billion CNY, a 139.8% increase, primarily from automotive low-voltage and drone battery sales [7]. - The company emphasizes technological advancements, including the development of consumer-grade steel-shell batteries and high-silicon anode batteries, which enhance energy density and market competitiveness [7]. - The projected net profits for 2025-2027 are estimated at 6.4 billion CNY, 11.1 billion CNY, and 17.3 billion CNY respectively, with a target price based on a 30x PE ratio for 2026 [7]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 11,541 million CNY, 13,807 million CNY, 17,707 million CNY, and 21,558 million CNY respectively, with corresponding growth rates of 0.8%, 19.6%, 28.2%, and 21.7% [3][8]. - The net profit for the same years is projected to be 430 million CNY, 639 million CNY, 1,114 million CNY, and 1,734 million CNY, with growth rates of 25.0%, 48.5%, 74.3%, and 55.7% respectively [3][8]. - The earnings per share (EPS) are expected to increase from 0.38 CNY in 2024 to 1.53 CNY in 2027 [3][8].

Group 1 - The core point of the article highlights the performance of the Kexin Enhanced ETF (588520), which opened down 0.70% at 1.285 yuan on September 18 [1] - The major holdings of the Kexin Enhanced ETF include companies like SMIC, which rose by 2.21%, and Cambrian, which increased by 4.58%, while other stocks like Jianyuan Technology and Zhuhai Guanyu experienced slight declines [1] - The Kexin Enhanced ETF's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board Composite Price Index, managed by Yongying Fund Management Co., Ltd. Since its establishment on June 27, 2025, it has returned 29.54%, with a monthly return of 12.36% [1]

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。 | 证券代码：688772 | 证券简称：珠海冠宇 公告编号：2025-081 | | --- | --- | | 转债代码：118024 | 转债简称：冠宇转债 | 珠海冠宇电池股份有限公司 关于参加 2025 年广东辖区投资者网上集体接待日活 动的公告 特此公告。 珠海冠宇电池股份有限公司董事会 2025 年 9 月 18 日 为进一步加强与投资者的互动交流，珠海冠宇电池股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司 联合举办的"向新提质 价值领航——2025 年广东辖区投资者集体接待日暨辖区 上市公司中报业绩说明会"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 9 月 19 日（周五）15:30-17:00。 届时公司董事长兼总经理徐延铭先生、独立 ...

Core Viewpoint - Zhuhai Guanyu (688772) has been ordered by the Fujian Provincial High Court to pay ATL 9.9029 million yuan in a patent dispute, with the company also required to cease manufacturing and selling related battery models [1][3] Group 1: Legal Proceedings - The company is currently in the appeal period for the first-instance judgment, which has not yet taken effect, and will actively pursue legal measures to protect its technology and products [3] - ATL has previously claimed that the company's products infringe on its patent ZL201811108529.X, leading to the lawsuit [3] - As of the announcement date, 14 of ATL's patents have been declared invalid by the National Intellectual Property Administration or through court rulings, with 12 cases withdrawn by ATL and 4 cases dismissed by the court [3] Group 2: Research and Development - The company has maintained a strong focus on lithium-ion battery technology development, with R&D investment reaching 818.13 million yuan in the first half of 2025, accounting for 13.42% of revenue, a year-on-year increase of 23.20% [4] - As of June 30, 2025, the company holds 2,377 valid domestic patents, including 725 invention patents, 1,624 utility model patents, and 28 design patents, with nearly 6,000 total applications [4] - The company has begun mass production of semi-solid batteries and is actively engaging with clients for the development of all-solid-state batteries [4] Group 3: Financial Performance - In the first half of 2025, the company achieved total revenue of 6.098 billion yuan, a year-on-year increase of 14.03%, and a net profit attributable to shareholders of 117 million yuan, up 14.77% [4] - The company's gross profit margin decreased from 24.39% in the same period of 2024 to 23.31%, with a net profit margin of only 1.12%, down from 1.73% in the 2023 semi-annual report [5] - The company's asset-liability ratio increased from 65.32% in 2024 to 67.7% in the first half of this year [5]

Core Viewpoint - Zhuhai Guanyu's stock price has shown significant volatility, with a year-to-date increase of 40.78% but a recent decline of 2.84% over the last five trading days [1] Group 1: Stock Performance - As of September 16, Zhuhai Guanyu's stock price was 22.22 CNY per share, with a market capitalization of 25.155 billion CNY [1] - The stock experienced a net outflow of 57.9225 million CNY in principal funds, with large orders showing a buy of 75.9285 million CNY and a sell of 121 million CNY [1] - Over the past 20 days, the stock price increased by 30.86%, and over the past 60 days, it rose by 54.41% [1] Group 2: Company Overview - Zhuhai Guanyu Battery Co., Ltd. was established on May 11, 2007, and went public on October 15, 2021 [1] - The company specializes in the research, production, and sales of consumer batteries, with 88.94% of its revenue coming from consumer products, 7.95% from power and energy storage, and 3.11% from other sources [1] - The company is classified under the power equipment industry, specifically in the battery and lithium battery sectors, and is associated with concepts such as the Apple supply chain and new energy vehicles [1] Group 3: Financial Performance - For the first half of 2025, Zhuhai Guanyu reported a revenue of 6.098 billion CNY, reflecting a year-on-year growth of 14.03%, and a net profit attributable to shareholders of 117 million CNY, up 14.77% year-on-year [2] - Since its A-share listing, the company has distributed a total of 942 million CNY in dividends, with 740 million CNY distributed over the past three years [3] - As of June 30, 2025, the number of shareholders increased by 17.19% to 21,400, while the average circulating shares per person decreased by 14.32% to 52,804 shares [2][3]