Group 1 - The battery leader ETF (159767) saw a rise of over 2.4% in early trading on September 3, 2025, with a trading volume of 13.26 million yuan and a turnover rate of 7.1% [1] - Key stocks in the ETF, such as EVE Energy (300014), Gotion High-Tech (002074), and Xinwanda (300207), experienced significant increases in their share prices, with EVE Energy rising by 12.82% [1] - Over the past week, the battery leader ETF (159767) has accumulated a rise of 5.97%, ranking first among comparable funds, and has attracted a total of 61.52 million yuan in investments over the last five trading days [1] Group 2 - Gotion High-Tech reported a shipment of approximately 40 GWh in the first half of the year, representing a year-on-year growth of over 48%, with strong product demand and high capacity utilization [1] - The company has successfully connected its first all-solid-state battery pilot line, achieving a yield rate of 90% in the current trial production phase [1] - A series of macro policies have been implemented to address "involution" competition in the industry, which is expected to enhance the global competitiveness of China's new energy vehicle and lithium battery sectors [2] Group 3 - The National Index for New Energy Vehicle Batteries (980032) reflects the market performance of listed companies in the new energy vehicle battery industry, with the top ten weighted stocks accounting for 65.1% of the index [2] - The top ten stocks in the index include major players such as CATL, BYD, and EVE Energy, indicating a concentrated market structure [2]

人民财讯9月3日电，国轩高科（002074）在9月2日召开的投资者电话交流会上表示，公司宜春项目矿石 开采正常推进，正积极配合相关部门开展自查，以确保生产经营活动依法合规、安全有序地开展。同 时，根据市场供需关系，灵活调整生产能力。 ...

人民财讯9月3日电，国轩高科（002074）在9月2日召开的投资者电话交流会上表示，2025年上半年，公 司出货40GWh左右，同比增长超48%。公司产品需求旺盛，排产情况良好，产能利用率保持高位，预计 今年出货量将保持增长态势。 ...

Group 1: Fourth Paradigm (6682 HK) - The company is transitioning its business model from customized solutions to standardized platform delivery, focusing on building underlying vertical models and providing decision-making recommendations to clients [1] - Revenue growth is expected to be strong, with an annualized growth rate exceeding 30% from 2024 to 2028, and a projected revenue of over 7 billion yuan in 2025, reaching 20 billion yuan in four years [1] - The company is on track to achieve profitability, with a long-term profit margin target of 8-10% [1] Group 2: Guoxuan High-Tech (002074 CH) - The company has seen significant growth in power battery shipments, with a revenue of 19.39 billion yuan in the first half of 2025, up 15.5% year-on-year, driven by power and energy storage battery revenues of 14.03 billion yuan and 4.56 billion yuan, respectively [2][3] - The gross margin has slightly declined, with a second-quarter gross margin of 14.8%, down 3.0 percentage points year-on-year, primarily due to uncertainties in U.S. tariff policies and changes in product structure [2] - The company is advancing its solid-state battery layout, with the first phase of its Vietnam factory successfully launched and additional factories in Morocco and Slovakia expected to start production in 2026 and 2027, respectively [2] Group 3: Automotive Industry - In August, several new energy vehicle companies achieved record sales, with BYD selling 371,501 passenger vehicles, maintaining year-on-year stability, and exporting 80,464 units, up 146% [5][6] - NIO delivered 31,305 vehicles in August, a 55.2% year-on-year increase, with the ES8 expected to launch in September, potentially boosting sales [5] - Xpeng Motors delivered 37,709 vehicles in August, marking a 169% year-on-year increase, while Li Auto delivered 28,529 vehicles, reflecting a 41% decrease [6]

Summary of Gotion High-Tech Co. (002074.SZ) Conference Call Company Overview - **Company**: Gotion High-Tech Co. (002074.SZ) - **Market Cap**: Rmb69.4 billion / $9.7 billion - **Enterprise Value**: Rmb89.0 billion / $12.5 billion - **Target Price**: Rmb45.40 (up from Rmb28.80) with a current price of Rmb40.12, indicating an upside of 13.2% [1][20] Financial Performance - **2Q25 Results**: - **Net Profit**: Rmb266 million, +32% YoY, +164% QoQ, but below estimates by 31% (or ~Rmb120 million) [1] - **Gross Profit**: Rmb1.5 billion, -7% YoY, -8% QoQ, below estimates by 3% [1] - **Revenue**: Rmb10.3 billion, +11% YoY, +14% QoQ, above estimates by 17% [1] - **Sales Volume**: ~22 GWh, +47% YoY, +22% QoQ, beating estimates by 25% [1] Key Insights - **Earnings Miss**: Attributed to an unexpected asset impairment of Rmb154 million related to lithium price corrections [1] - **Unit Gross Profit (GP)**: Estimated at ~Rmb62/kWh in 2Q25, below estimates of ~Rmb78/kWh and down from Rmb84/kWh in 1Q25 due to: - Stronger-than-expected US tariff impacts hindering exports [2] - Industry-wide GP decline due to price competition [2] - Unit depreciation, depletion, and amortization (DD&A) inflation from new capacity ramp-up [2] - **OPEX Efficiency**: Improved OPEX efficiency at 11% of revenue, significantly below earlier estimates of 15% [2] - Consistent decline in OPEX ratio from 14% in 4Q24 to 11% in 2Q25 [2] - OPEX improvements expected to sustain due to stronger volume growth [2] Future Projections - **Revenue Forecasts**: - 2025E: Rmb44.14 billion (up from Rmb40.42 billion) - 2026E: Rmb54.91 billion (up from Rmb48.43 billion) - 2027E: Rmb58.71 billion (up from Rmb56.36 billion) [4][39] - **Earnings Per Share (EPS)**: - 2025E: Rmb0.86 - 2026E: Rmb2.24 - 2027E: Rmb2.36 [4][39] Risks and Challenges - **Volume Growth**: Slower-than-expected volume growth could lead to a 4%/2%/3% earnings downside in 2025E-2027E for every 1% volume miss [21] - **Market Competition**: Potential share loss with major OEMs could undermine revenue and earnings forecasts [21] - **Price Competition**: Stronger-than-expected price competition could significantly impact earnings, with a Rmb10/kWh GP decline potentially lowering earnings by ~60% in 2025E and ~30% in 2026E [21] Subsidy Insights - **Government Subsidies**: Major swing factor for earnings, with updated forecasts reflecting CAPEX-based subsidies from China and production-based subsidies from the US [26] - Total subsidies expected to peak in 2026E, representing 58%/25%/7% of net profit for 2025-2027E [28] Conclusion - **Investment Rating**: Maintain Buy rating with a revised target price reflecting strong volume trends and operational efficiency improvements [20]

Financial Performance - The company achieved a revenue of 193.94 million CNY in the first half of 2025, representing a year-on-year growth of 15.48% [2] - The net profit attributable to shareholders reached 36.7 million CNY, with a year-on-year increase of 35.22% [2][3] - The net cash flow from operating activities increased by over 80% year-on-year [2][9] Market Position - The company's market share in domestic power battery installations rose to 5.18%, ranking fourth in the industry [2] - In the energy storage sector, the company ranked seventh globally in terms of battery shipments [2] Product Development - The company is advancing its all-solid-state battery technology, with a pilot production line achieving a yield rate of 90% [4] - In the first half of 2025, the company shipped approximately 40 GWh of products, marking a year-on-year growth of over 48% [5] Inventory and Production - The increase in inventory is attributed to strong market demand and a strategy to maintain a reasonable safety stock [6] - The company plans to establish new battery production bases in Jiangsu and Wuhu, targeting a total capacity of 40 GWh to meet growing order demands [7] Research and Development - R&D investment for the first half of 2025 was 1.382 billion CNY, a year-on-year increase of 13.34% [12] International Expansion - The company has established deep partnerships with international clients, with overseas revenue reaching 6.4 billion CNY, accounting for 33% of total revenue, an increase of 1.9 percentage points from the end of 2024 [14] New Products and Technologies - The company has launched several new products, including the LMFP-based L600 battery and the "Jinshi" all-solid-state battery [17]

Summary of Guoxuan High-Tech Conference Call Company Overview - **Company**: Guoxuan High-Tech - **Industry**: Battery Manufacturing, specifically focusing on power batteries and energy storage solutions Key Points Performance Metrics - In the first half of 2025, Guoxuan High-Tech achieved a shipment volume of **40 GWh**, with power batteries accounting for **67%** and energy storage for **32%**. Domestic shipments made up **77%** while overseas shipments were **23%**. It is expected that the overseas shipment ratio will increase to nearly **30%** in the second half of the year [2][4] Revenue and Profit Growth - The company reported a revenue of **19.3 billion yuan**, a **15%** year-on-year increase, and a net profit of **360 million yuan**, up **35%** year-on-year. The non-recurring net profit grew nearly **50%**, reaching over **70 million yuan** [3] Production Capacity and Expansion Plans - Guoxuan High-Tech plans to increase its production capacity to **150 GWh** by the end of 2025 and aims for **200 GWh** by 2026, with the construction of two new factories [2][7] Cost Management and Profitability - The gross margin slightly decreased in Q2 due to U.S. tariffs, but cost-cutting measures are expected to restore margins to early-year levels in the second half. The energy storage business's share is projected to rise to **1/3**, which will help improve gross margins [2][7] Strategic Partnerships - A breakthrough partnership with Volkswagen is anticipated, with monthly shipments expected to start in 2026. The gross margin from Volkswagen orders is projected to exceed **15%**, positively impacting overall profitability [2][16] Product Development - Guoxuan High-Tech is on track to complete the design standardization for solid-state batteries by the end of 2025, with mass production lines expected to be established in 2026. The goal is to achieve small-scale vehicle installations by 2027 [2][11][20] - The semi-solid battery is expected to enter mass production in the second half of 2026, with an energy density of **330 Wh/kg** [2][12] Market Expansion - The company is targeting the two-wheeler power market, aiming for a revenue scale of **10 billion yuan** in the future. It is also focusing on solid-state and low-altitude applications, entering the industrialization phase [2][37] Customer Base and Product Structure - The sales of the third-generation battery cells in B-class vehicles and above are around **20%**, with a target to increase to **30%** by year-end [5] - For high-priced models (above **200,000 yuan**), the company plans to use ternary semi-solid products and future solid-state products, while continuing to focus on liquid batteries for models priced around **200,000 yuan** [6] Lithium Supply and Cost Management - The company has no immediate plans to increase lithium production due to price volatility but aims to reduce cash costs to around **60,000 yuan** per ton to align with lithium carbonate price bottoms. The expected lithium output for the year is about **10,000 tons** [17] Challenges and Future Outlook - The main challenges in solid-state battery development include cost reduction, particularly for electrolytes, and improving charging rates. Safety tests have been passed, indicating confidence in the safety of solid-state batteries [21][22] International Projects - Guoxuan High-Tech is planning a factory in Morocco to cater to European automakers and is also exploring partnerships with other international clients [23] Overall Market Trends - The overall battery market is seeing increased demand, particularly in the power sector, with expectations for continued growth in both domestic and international markets [36] Conclusion - Guoxuan High-Tech is strategically positioned for growth with its expansion plans, partnerships, and product innovations, aiming to enhance its market share and profitability in the competitive battery industry [39]

New Stock Issuance - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - KaiPu Cloud (688228) reported severe abnormal fluctuations on August 30, 2025[1] - Xinhua Jin (600735) announced on August 30, 2025, regarding its stock activities[1] Trading Alerts - JiShi Media (601929) issued a notice on August 30, 2025, regarding trading activities[1] - XianDao Intelligent (300450) and DeChuang Environmental (603177) both reported updates on September 2, 2025[1] - Huahai Pharmaceutical (600521) and *ST HuiCheng (002168) also provided trading updates on September 2, 2025[1] Abnormal Fluctuations - Several companies, including Changjiang Materials (001296) and WanBangDe (002082), reported abnormal fluctuations on August 28, 2025[3] - Longjing Technology (301396) and Jinli Yongci (300748) also noted significant trading irregularities on August 27, 2025[3] - The report includes multiple links to announcements regarding trading activities and fluctuations for various companies[3]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-1.82 billion), Northern Rare Earth (-1.55 billion), and Dongfang Fortune (-1.40 billion) [1] - The sectors affected by capital outflows include communication equipment, small metals, and internet services [2][3] - Notable declines in stock prices were observed, with Xinyi Technology down by 8.46%, Northern Rare Earth down by 2.67%, and Zhongyou Capital down by 9.95% [2][3] Group 2 - The total capital outflow from the top 20 stocks reached significant amounts, indicating a trend of investors pulling back [1] - Other companies experiencing notable outflows include Inspur Information (-1.08 billion), Guoxuan High-Tech (-1.07 billion), and ZTE Corporation (-1.06 billion) [1] - The overall market sentiment appears to be cautious, as reflected in the negative performance of several stocks [2][3]

Core Insights - The battery sector is experiencing positive momentum, with the China Battery Theme Index rising by 0.61% and notable gains in key stocks such as Xiamen Tungsten and CATL [1][4] - The battery ETF, Jia Shi, has shown strong performance with a weekly increase of 7.63%, ranking first among comparable funds [1][3] - The ETF has seen significant liquidity and inflows, with a recent net inflow of 55.46 million yuan over four days [3] Market Performance - The top-performing stocks in the battery sector include: - Xiamen Tungsten: +5.37% - CATL: +0.16% - Leading stock, Xian Dao Intelligent, surged by 10.02% [1][6] - The Jia Shi battery ETF has reached a new high in scale at 401 million yuan and a new high in shares at 630 million [3] Production and Export Data - In the first seven months of 2025, the production of power and other batteries reached 831.1 GWh, reflecting a year-on-year increase of 57.5% [3] - Power battery exports for the same period totaled 96.4 GWh, up 29.4% year-on-year [3] Industry Trends - The report from CITIC Securities highlights CATL's sodium battery production progress and its competitive edge with a 40% market share [4] - The future performance of the sector may depend on the strength of inventory replenishment by automakers in Q4 and the realization of overseas orders [4]