Core Viewpoint - In the third quarter of 2025, Xiongtao Co., Ltd. reported a significant decline in both revenue and net profit despite a booming energy storage battery industry, highlighting operational challenges and growth bottlenecks for the company [1][7]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 2.38 billion yuan, a year-on-year decrease of 9.39%, and a net profit attributable to shareholders of 106 million yuan, down 10.40% from the previous year [1][5]. - The cash flow from operating activities plummeted by 52.04% to 219 million yuan compared to the same period last year [3][5]. - In Q3 2025 alone, revenue was 773 million yuan, a year-on-year decline of 25.8% and a quarter-on-quarter drop of 18.03% [5][7]. Profitability and Quality - The gross profit margin for the reporting period was 17.88%, down 1.26 percentage points from 19.14% in Q3 2024, while the net profit margin slightly decreased by 0.18 percentage points to 4.35% [3][5]. - The non-recurring net profit saw a significant decline of 29.44%, indicating weakened core business profitability [1][10]. Business Segments and Challenges - The company operates in multiple segments, including lead-acid batteries, lithium batteries, hydrogen fuel cells, and energy storage systems, but has not disclosed specific performance data for these segments in the Q3 report [7][9]. - The UPS power supply business, which was a key growth driver, accounted for 47% of total revenue in the first half of 2025, contributing 75% of the profits [9][10]. - The hydrogen fuel cell business has faced slow progress, with revenue dropping by 72.70% in the first half of 2025, and the overall commercialization of hydrogen energy remains sluggish [10][12][13]. Market Position and Competition - Despite the energy storage battery market experiencing a 65% year-on-year growth in Q3 2025, Xiongtao Co., Ltd. failed to capitalize on this opportunity, with energy storage revenue accounting for only 4.04% of total revenue [14][15]. - The company faces intense competition from industry leaders like CATL and BYD, which poses significant challenges for its energy storage business [14][15]. Strategic Outlook - The company is at a critical juncture, needing to optimize its business structure and enhance operational efficiency to alleviate performance pressures [15]. - Long-term success will depend on breakthroughs in core technology development, high-end market expansion, and effective integration of the supply chain [15].

Core Viewpoint - The company reported a decline in both revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 2.38 billion yuan, representing a year-on-year decrease of 9.39% [1] - The net profit attributable to shareholders of the listed company was 106 million yuan, down 10.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 80.16 million yuan, reflecting a year-on-year decline of 29.44% [1]

Group 1 - The core viewpoint of the news is that Xiongtao Co., Ltd. reported a decline in its third-quarter performance for 2025, with revenue and net profit both decreasing year-on-year [1] - For the first three quarters of 2025, the company's revenue was approximately 2.38 billion yuan, representing a year-on-year decrease of 9.39% [1] - The net profit attributable to shareholders of the listed company was about 106 million yuan, down 10.4% year-on-year [1] - The basic earnings per share were 0.28 yuan, reflecting a decrease of 9.68% compared to the previous year [1] Group 2 - As of the report, Xiongtao Co., Ltd. has a market capitalization of 8.6 billion yuan [2]

Group 1 - The core point of the article is that Xiongtao Co., Ltd. held its fifth board meeting on October 24, 2025, to review the third quarter report for 2025 [1] - For the first half of 2025, the revenue composition of Xiongtao Co., Ltd. is as follows: lithium-ion batteries accounted for 39.58%, UPS power supply batteries accounted for 38.34%, battery materials and accessories accounted for 12.96%, communication batteries accounted for 4.92%, and energy storage batteries accounted for 4.04% [1] - As of the report date, the market capitalization of Xiongtao Co., Ltd. is 8.6 billion yuan [1]

股票代码：002733 股票简称：雄韬股份 公告编号：2025-037 深圳市雄韬电源科技股份有限公司 第五届监事会2025年第五次会议决议公告 （一）、审议通过《公司 2025 年第三季度报告的议案》； 经审核，监事会认为公司 2025 年第三季度报告编制和审议程序符合法律、 行政法规和中国证监会的规定，内容真实、准确、完整，不存在虚假记载、误导 性陈述或重大遗漏。不存在参与 2025 年第三季度报告编制和审议的人员有违反 保密规定的行为。 表决结果：同意 3 票，反对 0 票，弃权 0 票。 二、备查文件 1、《公司第五届监事会 2025 年第五次会议决议》 2、深圳证券交易所要求的其他文件 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 深圳市雄韬电源科技股份有限公司（以下简称"公司"）第五届监事会 2025 年第五次会议于 2025 年 10 月 24 日下午 14:30 在公司会议室召开，会议通知已 于 2025 年 10 月 20 日通过邮件及书面形式发出，本次会议由监事会主席罗晓燕 女士主持，应出席监事 3 人，实到 3 ...

一、董事会会议召开情况 深圳市雄韬电源科技股份有限公司（以下简称"公司"）第五届董事会 2025 年第五次会议于 2025 年 10 月 24 日上午 9：30 在公司会议室以现场及通讯形式 召开，会议通知已于 2025 年 10 月 20 日通过邮件及书面形式发出，本次会议由 董事长张华农先生主持，应出席董事 9 名，实到 9 名。公司监事及非董事高级管 理人员列席了会议。会议的召集、召开符合《公司法》和《公司章程》的相关规 定，会议合法有效。 会议采用记名投票方式进行了表决，审议通过了如下决议： （一）审议通过《公司 2025 年第三季度报告的议案》； 股票代码：002733 股票简称：雄韬股份 公告编号：2025-036 深圳市雄韬电源科技股份有限公司 第五届董事会2025年第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 公司 2025 年第三季度报告根据《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》《企业会计准 则》等要求编制，内容真实、准确、完整，没有虚假记载、误导性陈述或 ...

Financial Performance - The company's revenue for Q3 2025 was ¥773,468,077.53, a decrease of 25.83% compared to the same period last year[5] - Net profit attributable to shareholders was ¥16,304,858.32, down 65.25% year-on-year[5] - The basic earnings per share decreased by 66.67% to ¥0.04[5] - Total operating revenue decreased to ¥2,379,942,874.14 from ¥2,626,434,228.58, representing a decline of approximately 9.4% year-over-year[18] - Net profit for the period was ¥103,660,311.00, down from ¥119,185,288.69, reflecting a decrease of approximately 13.1% year-over-year[19] - The total comprehensive income for the period was ¥70,036,561.56, down from ¥108,147,627.34, indicating a decrease of approximately 35.2% year-over-year[19] - Basic and diluted earnings per share for the current period are both 0.28, down from 0.31 in the previous period, representing a decrease of approximately 9.68%[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,427,025,244.55, an increase of 2.70% from the end of the previous year[5] - The company's total assets increased to ¥5,427,025,244.55 from ¥5,284,456,073.94, marking an increase of about 2.7%[17] - Total liabilities rose to ¥2,586,164,778.56 from ¥2,487,083,603.87, an increase of approximately 4.0%[17] - The company's total equity attributable to shareholders increased by 1.68% to ¥2,747,717,922.93 compared to the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥2,747,717,922.93 from ¥2,702,219,485.98, reflecting a growth of about 1.7%[17] Cash Flow - The company reported a significant decline in cash flow from operating activities, with a net cash flow of ¥218,958,850.31, down 52.04% year-to-date[5] - The company's cash received from operating activities decreased by 64.92% to ¥55,537,113.61, mainly due to the return of previously frozen funds[10] - Cash inflow from operating activities totaled ¥2,480,759,254.38, a decrease of 15.4% compared to ¥2,933,907,953.71 in the previous period[20] - Net cash flow from operating activities decreased to ¥218,958,850.31 from ¥456,555,109.03, reflecting a decline of approximately 52.0%[20] - Cash outflow from investing activities resulted in a net cash flow of -¥85,430,946.54, an improvement from -¥180,090,470.31 in the previous period[21] - Cash inflow from financing activities increased to ¥813,036,664.10, compared to ¥671,232,271.99 in the previous period, marking an increase of approximately 21.1%[21] - The net cash flow from financing activities was positive at ¥14,088,597.24, a significant recovery from a negative cash flow of -¥94,951,522.22 in the previous period[21] - The ending balance of cash and cash equivalents increased to ¥1,235,460,294.98 from ¥1,174,694,234.51, reflecting a growth of approximately 5.2%[21] - The company received ¥60,103,541.56 in tax refunds, slightly down from ¥63,102,088.31 in the previous period[20] Investments and Income - The company’s investment income increased by 362.96% to ¥14,095,046.48, attributed to better performance from invested companies[9] - The company reported an investment income of ¥14,095,046.48, recovering from a loss of ¥5,360,179.17 in the previous year[18] - Total cash inflow from investment activities was ¥14,376,665.94, compared to ¥13,253,631.87 in the previous period, indicating a slight increase[21] Shareholder Information - Total number of common stock shareholders at the end of the reporting period is 44,905[12] - Shenzhen Sanrui Technology Development Co., Ltd. holds 32.30% of shares, totaling 124,108,239 shares, with 7,000,000 shares pledged[12] - The company has not reported any preferred stock shareholders or significant changes in major shareholders due to margin trading[12] - The top three shareholders, including Shenzhen Sanrui Technology, are considered acting in concert[12] Operational Highlights - The company experienced a 94.91% decrease in receivables financing, primarily due to a decline in sales[9] - The company reported a 70.60% increase in contract liabilities, reaching ¥71,148,303.55, due to higher prepayments from foreign customers[9] - Research and development expenses increased to ¥89,086,320.72 from ¥79,755,046.47, representing a rise of approximately 11.6% year-over-year[18] - Other comprehensive income showed a significant decline, with a net loss of ¥33,623,749.44 compared to a loss of ¥11,037,661.35 in the previous period[19] - The company is focusing on expanding its market presence and enhancing its product development capabilities[12] - The company did not report any new product launches or significant market expansion strategies during the conference call[22]

Core Insights - The Ministry of Industry and Information Technology emphasizes the importance of technological innovation in the development of new battery technologies, particularly solid-state and metal-air batteries [1][2]. Industry Overview - Metal-air batteries utilize common metals like zinc, magnesium, and aluminum in conjunction with oxygen or seawater, representing a hybrid energy storage and fuel technology [3]. - The global market for metal-air batteries is projected to grow from $296 million in 2023 to $852 million by 2031, with a compound annual growth rate (CAGR) exceeding 14% [5]. Technological Advantages - Metal-air batteries offer significant advantages over lithium-ion batteries, including energy density that can exceed 3 to 4 times that of lithium-ion batteries, efficient charging, and longer range [4]. - They are considered environmentally friendly, aligning with carbon neutrality goals, as they do not release harmful substances during manufacturing, usage, or recycling [4]. Market Dynamics - The zinc-air battery segment currently holds the largest market share, being the most commercially mature, while aluminum-air batteries follow [8]. - Several domestic companies are actively engaging in the metal-air battery sector, with notable stock performance; for instance, Shanghai Xiba has seen a year-to-date increase of nearly 241% [10][11]. Academic Contributions - Multiple universities in China have achieved breakthroughs in metal-air battery technology, enhancing the development of high-performance catalysts and battery designs [9]. Company Developments - Companies such as Penghui Energy, Yun Aluminum, and China Aluminum are involved in the metal-air battery supply chain, with significant stock price increases observed in 2023 [10][12]. - Notable stock performance includes Yun Aluminum with a year-to-date increase of over 70% and Penghui Energy with an increase of nearly 15% in financing [11][12].

Core Insights - XINWANDA announced the launch of its next-generation polymer all-solid-state battery "XIN·BIXIAO" with an energy density of 400Wh/kg, exceeding current mainstream liquid batteries by over 30% [1][3] - The Ministry of Industry and Information Technology emphasized the need for technological innovation in solid-state batteries, particularly in all-solid-state and metal-air battery technologies [1] - Solid-state battery concept stocks experienced volatility, initially dropping 1.75% but closing up 0.39%, with several stocks hitting the daily limit [1] Company Developments - XINWANDA's "XIN·BIXIAO" battery can achieve a cycle life of 1200 weeks under ultra-low external pressure of <1MPa, outperforming traditional liquid batteries [3] - The company plans to establish a 0.2GWh polymer solid-state battery pilot line by the end of 2025, with 80% compatibility with liquid battery production equipment to reduce mass production costs [3] - XINWANDA has developed a laboratory sample of a lithium metal super battery with an energy density of 520Wh/kg, aiming to reach 700Wh/kg by 2027 for applications in new energy vehicles, low-altitude economy, and humanoid robots [3] Industry Trends - The solid-state battery sector is transitioning from laboratory research to commercialization, driven by policy support, market demand, and ongoing technological advancements [4] - Analysts predict that small-scale vehicle testing of solid-state batteries will begin by the end of 2025, with widespread testing expected in 2026-2027, alongside emerging applications in low-altitude, robotics, and AI [4] - China's efforts in solid-state battery research are gaining momentum, with recent breakthroughs reported in overcoming key challenges in all-solid-state lithium batteries [3]

Market Overview - The battery sector increased by 0.92% compared to the previous trading day, with Xiongtao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Top Gainers in Battery Sector - Xiongtao Co., Ltd. (002733) closed at 22.02, up 9.99% with a trading volume of 342,500 shares and a transaction value of 711 million yuan [1] - Tianhua New Energy (300390) closed at 25.28, up 8.36% with a trading volume of 441,400 shares [1] - Tianli Lithium Energy (301152) closed at 32.42, up 7.24% with a trading volume of 134,900 shares [1] - Keli Yuan (600478) closed at 6.40, up 6.31% with a trading volume of 1,908,800 shares [1] Market Capital Flow - The battery sector experienced a net outflow of 199 million yuan from institutional investors, while retail investors saw a net inflow of 16.51 million yuan [2] - The main funds showed a mixed trend, with some companies like Ningde Times (300750) experiencing significant net inflows [3] Notable Decliners - Huazi Technology (300490) closed at 11.42, down 7.23% with a trading volume of 703,500 shares [2] - Chongjian Electronics (301121) closed at 45.52, down 3.35% with a trading volume of 34,800 shares [2] - Zhongke Electric (300035) closed at 22.56, down 2.80% with a trading volume of 480,900 shares [2]