Core Insights - The metal-air battery technology has made significant breakthroughs in recent years, particularly in electrode materials, electrolytes, and battery structures, enhancing performance and stability, which drives applications in electric vehicles, energy storage systems, and backup power sources [1][6] - The market size of China's metal-air battery industry is projected to reach approximately 28.63 billion yuan in 2024, representing a year-on-year growth of 2.87% [6] Industry Overview - Metal-air batteries utilize metals (such as zinc, aluminum, magnesium, and lithium) as anodes and oxygen from the air as cathode active materials, offering high theoretical energy densities (zinc-air batteries up to 1360 Wh/kg, aluminum-air batteries over 1000 Wh/kg), low cost, and environmental benefits [2][4] - The industry faces challenges such as self-discharge, limited cycle life, and electrolyte management [2] Market Size - The advancements in metal-air battery technology have led to increased market demand and growth, with the market size expected to reach approximately 28.63 billion yuan in 2024, a 2.87% increase from the previous year [6] Key Companies - Major players in the metal-air battery industry include Xiongtao Co., Ltd. and Penghui Energy, focusing on cost optimization and application expansion for zinc-air batteries, while CATL is exploring future applications of aluminum-air batteries through cross-industry collaborations [7] - Xiongtao Co., Ltd. has achieved a zinc-air battery energy density of 1360 Wh/kg, with applications in hearing aids, electric bicycles, and 5G base station energy storage, reporting a revenue of 1.606 billion yuan in the first half of 2025, a 1.44% increase year-on-year [7][8] - Penghui Energy reported a revenue of 4.301 billion yuan in the first half of 2025, a 13.99% increase year-on-year, despite a net profit decline [9] Industry Development Trends 1. Continuous technological innovation is expected to drive breakthroughs in energy density and battery life, focusing on optimizing battery structure, developing efficient catalysts, and improving the stability of metal anodes and electrolytes [10] 2. The application scenarios for metal-air batteries are diversifying, with zinc/aluminum air batteries becoming key players in energy storage for 5G base stations and data centers, while aluminum-air batteries are highlighted for their energy density advantages in logistics and drones [10] 3. Policies are expected to support the metal-air battery industry, promoting a complete supply chain from raw material supply to battery recycling, with leading companies collaborating on technology advancements and resource utilization [11]

Core Viewpoint - The company, Xiongtao Co., Ltd., is a leading player in the global LFP lithium battery UPS market, with a diverse product range including lead-acid, lithium, hydrogen fuel cells, and sodium batteries. The company has significant advantages in the UPS power supply business [1]. Group 1: Business Performance - In Q3 2025, Xiongtao Co., Ltd. achieved a revenue of 2.38 billion yuan, ranking 6th in the industry, significantly lower than the top competitor, Tianneng Co., Ltd., which reported 33.40 billion yuan [2]. - The net profit for the same period was 104 million yuan, placing the company 5th in the industry, again below Tianneng Co., Ltd.'s 1.39 billion yuan [2]. Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 47.65%, slightly down from 48.37% year-on-year, but higher than the industry average of 38.83% [3]. - The gross profit margin for the same period was 17.88%, down from 19.15% year-on-year, yet still above the industry average of 17.75% [3]. Group 3: Executive Compensation - The chairman, Zhang Huanong, received a salary of 713,200 yuan in 2024, a decrease of 600,900 yuan from 2023 [4]. - The general manager, Tang Tao, earned 1,086,400 yuan in 2024, down 205,300 yuan from the previous year [4]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.01% to 44,900, while the average number of circulating A-shares held per shareholder increased by 4.18% to 8,214.29 [5]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 16.20 million shares, an increase of 11.78 million shares from the previous period [5]. Group 5: Market Outlook - The company is recognized as a veteran in the power supply industry, with its UPS power supply business for data centers contributing 47% of revenue and 75% of profits in the first half of 2025 [5]. - Forecasts for total revenue from 2025 to 2027 are 4.84 billion, 5.65 billion, and 6.66 billion yuan, with year-on-year growth rates of 36.2%, 16.8%, and 17.9% respectively [5]. - Expected net profits for the same period are 290 million, 460 million, and 640 million yuan, with growth rates of 197.0%, 58.3%, and 40.2% respectively [5].

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].