Key Points Summary of Guoxuan High-Tech (002074.SZ) 2026 Business Outlook Conference Call Company Overview - Guoxuan High-Tech (002074.SZ) held a conference call on January 17 to discuss its business outlook for 2026, attended by Vice President of Investor Relations Liu Qinfeng and other management members [1] Industry and Market Insights - As of the end of 2025, the company expects to have an effective battery capacity of approximately 150 GWh, including over 30 GWh of energy storage battery capacity [1] - Management anticipates that by the end of 2026, effective battery capacity will exceed 200 GWh, with energy storage battery capacity around 60 GWh [1] Investment Ratings and Financial Data - Citigroup has assigned a rating to Guoxuan High-Tech [1] - As of January 16, 2026, the company's stock price was CNY 41.34 per share, with a target price set at CNY 56.70 per share, indicating an expected stock return of 37.2% [1] - The expected dividend yield is 0.3%, and the total expected return is 37.4% [2] - The company's total market capitalization is CNY 749.95 billion, equivalent to approximately USD 107.62 billion [2] Cost Structure and Pricing Mechanism - The pricing mechanism for electric vehicle batteries and energy storage batteries incorporates lithium costs [2] - Guoxuan High-Tech is negotiating with customers to include costs of electrolyte, lithium hexafluorophosphate, and copper in the pricing mechanism [2] - The self-sufficiency rate for lithium iron phosphate cathode materials is high, with annual production capacity between 200,000 to 300,000 tons [2] - The company also has a certain scale of anode material production capacity [2] Lithium Resource Business - In 2025, the company's lithium product output is expected to be less than 10,000 tons [2] - Management projects that lithium product output will exceed 10,000 tons in 2026, contingent on lithium price conditions [2] Overseas Capacity Expansion - The company has launched a 5 GWh battery capacity in Vietnam and is advancing plans for a second phase with customers [2] - Battery capacity has been planned in the United States, Slovakia, and Morocco [2] Electric Vehicle Battery Shipment Insights - In 2023, the shipment volume of batteries for mid-to-high-end electric vehicle models accounted for less than 10% of the total electric vehicle battery shipments [2] - The company has been continuously increasing the shipment proportion of batteries for mid-to-high-end electric vehicle models [2] - By the end of 2025, the monthly shipment volume of batteries for mid-to-high-end electric vehicle models is expected to exceed a certain percentage of total electric vehicle battery shipments [3] Valuation Analysis - Citigroup employs an enterprise value/EBITDA valuation method for Guoxuan High-Tech, which mitigates uncertainties related to capital structure [3] - Based on the expected enterprise value/EBITDA of 16.7 times for 2026, this figure is 0.4 standard deviations below the historical average since 2012, primarily due to a slowdown in EBITDA growth compared to historical highs [4] - The calculated reasonable stock price is CNY 56.70 per share, corresponding to a projected P/E ratio of 69.4 times for 2025 and 37.1 times for 2026 [4]

Core Viewpoint - The A-share market experienced fluctuations with the battery sector under pressure, as evidenced by the decline of the Battery 50 ETF (159796) by 2.55% after four consecutive days of gains, with a trading volume of 322 million yuan [1]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with significant drops including Sunshine Power down over 5%, and others like Xian Dao Intelligent and Multi-Fluorine down over 4% [3]. - The top ten constituent stocks of the Battery 50 ETF include major players such as Sunshine Power and Ningde Times, with varying declines in their stock prices [4]. Group 2: Project Announcements - On January 19, China Energy Construction announced the procurement results for a 153 MW battery storage project in South Africa, with Sunshine Power winning the bid for a total project capacity of 742.22 MWh and a contract value of 528 million yuan (approximately 0.86 yuan/Wh) [5]. Group 3: Industry Trends - The battery sector is expected to recover due to multiple catalysts, including a surge in demand for energy storage, rising material prices, and accelerated solid-state battery technology [6]. - Global demand for large-scale energy storage is projected to exceed expectations, with a forecasted growth of over 60% by 2026, driven by various market factors including the U.S. Inflation Reduction Act [7]. - Prices of upstream raw materials have generally increased, with battery-grade lithium carbonate rising by 64.4% to 157,000 yuan/ton, and lithium hydroxide up by 77.51% to 150,000 yuan/ton as of January 16, 2026 [8]. Group 4: Technological Developments - The solid-state battery sector is witnessing rapid advancements, with significant policy support and market catalysts enhancing industry prospects [9]. - Major automotive manufacturers are accelerating the integration of solid-state batteries, with companies like FAW Hongqi and GAC Group making substantial progress towards mass production by 2027 [9]. Group 5: Investment Opportunities - The Battery 50 ETF (159796) is positioned to benefit significantly from the energy storage sector, with a storage component of 18.7%, and a solid-state battery component of 45%, indicating strong growth potential [10]. - The ETF's focus on energy storage and power batteries, along with its low management fee of 0.15% per year, makes it an attractive investment option for capturing opportunities in the battery sector [16].

Core Viewpoint - The article discusses the advancements and production timelines of solid-state batteries from various companies, highlighting the competitive landscape and technological progress leading up to 2026 and beyond [4]. Group 1: Company Developments - CATL launched the world's first sulfide solid-state battery pilot line in Hefei in May 2025, achieving an energy density of 450Wh/kg, with plans to expand production capacity to 50GWh by 2026 [6]. - Guoxuan High-Tech introduced its "Guan" quasi-solid-state square aluminum shell cell with an energy density greater than 300Wh/kg and initiated a pilot line with a 90% yield rate in May 2025 [8]. - EVE Energy's solid-state battery, "Longquan No. 2," achieved an energy density of 300Wh/kg and is aimed at high-end applications like humanoid robots and low-altitude aircraft [8]. - Aoxin Technology plans to launch its polymer solid-state battery with an energy density of 400Wh/kg by the end of 2025, targeting high-end new energy vehicles [8]. - Ganfeng Lithium announced the mass production of lithium sulfide, completing the last link in the solid-state battery ecosystem, with plans to launch solid-state batteries by the end of 2025 [9]. Group 2: Industry Trends - The solid-state battery industry is expected to enter a critical year in 2026, with many companies racing to achieve mass production [4]. - The article outlines the competitive landscape, with over 30 companies making significant strides in solid-state battery technology, indicating a robust growth trajectory in the sector [4]. - The anticipated commercialization of solid-state batteries is projected for around 2030, as supply chains mature and production processes are refined [6].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002074 证券简称：国轩高科 公告编号：2026-002 国轩高科股份有限公司 关于第三期员工持股计划存续期届满暨终止的公告 二、本员工持股计划持股情况及后续安排 截止本公告披露日，本员工持股计划通过集中竞价交易的方式累计出售股份 2,189,100 股，本员工持股计划仍持有公司股票 944,584 股，占公司当前股本总额 的 0.05%。本员工持股计划实施期间，公司严格遵守股票市场交易规则及中国证 券监督管理委员会、深圳证券交易所关于信息敏感期不得买卖股票的规定，未利 用任何内幕信息进行交易。 根据本员工持股计划的有关规定，本员工持股计划将于 2026 年 1 月 17 日存 续期届满后自行终止。后续将由本员工持股计划管理委员会在存续期届满之日起 30 个工作日内完成相关资产的处置和清算，并在依法扣除相关税费后，按持有 人持有的份额进行分配。 特此公告。 国轩高科股份有限公司董事会 国轩高科股份有限公司（以下简称"公司"）第三期员工持股计划（以下简 称"本员工持股计划"）的存续期于 2026 年 ...

Flash | 18 Jan 2026 19:42:13 ET │ 10 pages Gotion High Tech (002074.SZ) Takeaways from 2026 Business Outlook Call CITI'S TAKE We hosted a 2026 Business Outlook Call with Gotion on Jan 17. Mr. Liu Qinfeng, Vice President of the IR department, and other management team members attended the call. Effective battery capacity was ~150GWh at YE2025, including 30+GWh ESS battery capacity, and mgmt. expects effective capacity to reach 200GWh+ in YE2026E, including ~60GWh ESS battery capacity. Below are our key takea ...

Core Viewpoint - Technological innovation is a crucial driving force for the sustainable development of the energy storage industry, impacting various sectors such as large-scale battery cells, long-duration energy storage, and grid-connected energy storage [2]. Group 1: Technological Innovation in Energy Storage - China's investment in energy storage technology and talent has been steadily increasing, with R&D spending expected to reach nearly 100 billion yuan by 2025, nearly doubling from five years ago [2]. - The number of R&D personnel has surpassed 200,000, and the number of patents has exceeded 100,000, indicating a growing foundation and strength in technological innovation [2]. - The competitive landscape is characterized by intense price wars, which may hinder R&D investments and innovation momentum in the technology sector [2]. Group 2: Future Competitiveness of Enterprises - The 24潮产业研究院 (TTIR) emphasizes that only companies with global layout capabilities, strong market expansion, financial health, and significant brand influence will have the potential for sustainable growth [3]. - Starting in 2026, TTIR will release a ranking of the top 10 Chinese energy storage companies based on their technological innovation capabilities across seven primary dimensions and 20 secondary dimensions [3]. Group 3: Ranking of Technological Innovation - The ranking will assess companies based on R&D investment, foundational strength, innovation outcomes, commercial promotion capabilities, product competitiveness, achievements, and leading layouts [4]. - The scoring breakdown for the ranking includes 45% for R&D investment, 15% for foundational strength, 10% for innovation outcomes, and various other dimensions [4]. Group 4: Top 10 Energy Storage Companies by Innovation - The top-ranked companies for technological innovation include BYD, CATL, and Sungrow, with scores reflecting their R&D investment, innovation outcomes, and product competitiveness [7]. - BYD scored 87.49, followed by CATL with 81.90, and Sungrow with 81.00, showcasing their leadership in the energy storage sector [7]. Group 5: Detailed Scoring Metrics - The detailed scoring metrics for R&D investment show that BYD leads with a score of 95.42, while CATL and Sungrow follow with scores of 83.12 and 78.33, respectively [9]. - In terms of innovation outcomes, Sungrow leads with a score of 86.88, followed closely by BYD and CATL [11]. - The foundational strength scores indicate that Sungrow also leads in R&D personnel metrics, highlighting its commitment to innovation [13].

Core Viewpoint - The acceleration of production expansion for sulfide solid electrolytes signifies a pivotal shift towards industrialization in the domestic market, driven by companies like Guoxuan High-Tech, which is establishing a 10,000-ton production capacity for sulfide solid electrolyte materials [3][4]. Group 1: Company Developments - Guoxuan High-Tech has completed a full-chain layout in the sulfide solid battery sector, achieving breakthroughs in technology, pilot testing, and capacity reserves [4]. - The company has established collaborative innovation networks with institutions like Tsinghua University and the Chinese Academy of Sciences to tackle challenges in electrolyte interface stability and material modification [4]. - Guoxuan High-Tech's first 0.2 GWh solid-state battery pilot line became operational in May 2025, with a 100% localization rate for core equipment [4]. Group 2: Industry Trends - The domestic sulfide solid electrolyte industry is experiencing a wave of expansion, with multiple companies accelerating their production capabilities [5]. - Key projects include Enjie Co., which is set to establish a 1,000-ton production line by 2026, and Ruigu New Materials, which launched China's first mass production line for sulfide solid electrolytes in June 2025 [6]. - The Ministry of Industry and Information Technology has included Guoxuan High-Tech in a major technology funding initiative, providing 15 billion yuan for solid-state battery R&D and industrialization [5]. Group 3: Challenges and Future Outlook - Despite the rapid industrialization, sulfide electrolytes face significant challenges, including high production costs and stringent environmental controls [7]. - The cost of sulfide electrolytes is currently 10 to 100 times that of liquid electrolytes, necessitating further cost reductions for competitive viability [7]. - Major automotive players like Toyota and BMW are advancing their timelines for mass production of sulfide solid batteries to 2027, indicating a competitive landscape for domestic leaders like Guoxuan High-Tech and CATL [7].

Group 1 - In December, China's total production of power and energy storage batteries reached 201.7 GWh, with a month-on-month increase of 14.4% and a year-on-year increase of 62.1% [12][9] - For the entire year of 2025, the cumulative production of power and energy storage batteries was 1,755.6 GWh, representing a year-on-year growth of 60.1% [12][10] Group 2 - In December, the total sales of power and energy storage batteries in China amounted to 199.3 GWh, with a month-on-month increase of 11.1% and a year-on-year increase of 57.5% [17][15] - The cumulative sales for the year 2025 reached 1,700.5 GWh, reflecting a year-on-year growth of 63.6% [17][15] Group 3 - In December, the total export of power and energy storage batteries was 32.6 GWh, with a month-on-month increase of 1.3% and a year-on-year increase of 49.2% [29][25] - The cumulative export for the year 2025 was 305.0 GWh, showing a year-on-year growth of 50.7% [29][25] Group 4 - In December, the domestic installation of power batteries reached 98.1 GWh, with a month-on-month increase of 4.9% and a year-on-year increase of 35.1% [51][48] - The cumulative installation for the year 2025 was 769.7 GWh, representing a year-on-year growth of 40.4% [51][48] Group 5 - In December, the average energy density of power batteries reached 400 Wh/kg, with significant advancements in technology [8] - The price of battery-grade lithium carbonate reached 150,000 yuan per ton by the end of 2025, indicating a notable increase in key material costs [8]

Group 1 - The core viewpoint of the articles highlights the significant growth in the global power battery installation volume, which reached 1046 GWh in 2025, representing a year-on-year increase of 32.60% [1] - CATL leads the market with an installation volume of 400 GWh, followed by BYD and LG Energy, while Honeycomb Energy shows remarkable performance with an 85.60% year-on-year growth [1] - The Chinese government aims to establish a new power grid platform by 2030, supporting renewable energy generation to account for approximately 30% of total generation, which will provide a stable green energy foundation for the power battery industry [1] Group 2 - Tianfeng Securities predicts that the total demand for power and energy storage batteries will reach 1872 GWh in 2025 and 2336 GWh in 2026, with year-on-year growth rates of 45% and 25% respectively, particularly noting the significant growth in the energy storage market [1] - The industry is transitioning from laboratory research to the brink of industrialization, with solid-state battery technology gaining traction, and leading companies like CATL planning to commercialize this technology by 2027 [1] - As of December 31, 2025, the top ten weighted stocks in the CSI Battery Theme Index account for 51.77% of the index, with CATL, Sungrow Power, and Sanhua Intelligent Control being the top three [2]

Group 1 - The core viewpoint of the news highlights the strong performance of the battery sector, particularly the solid-state battery technology, which is expected to see significant advancements and applications by 2028 [1][2] - The China Securities Battery Theme Index has risen by 1.61%, with notable increases in stocks such as Weixin Materials (up 8.92%) and Xiamen Tungsten (up 7.99%) [1] - The EIA reports a projected increase in wholesale electricity prices in the U.S., with a 23% rise in 2025 and an additional 8.5% in 2026, indicating a growing demand for energy solutions [1] Group 2 - Tianfeng Securities forecasts that the demand for power and energy storage batteries will reach 1,872 GWh in 2025 and 2,236 GWh in 2026, representing year-on-year increases of 45% and 25% respectively [2] - The top ten weighted stocks in the China Securities Battery Theme Index account for 51.77% of the index, with leading companies including CATL and Sungrow Power [2] - The solid-state battery production line and supply chain establishment are expected to be critical in 2026, with equipment and core materials showing significant growth potential [1]