Group 1 - Lithium carbonate prices have been rising due to unexpected demand and accelerated inventory depletion, with futures contracts increasing from 72,000 yuan/ton to 82,280 yuan/ton since mid-October [1] - European large-scale energy storage is experiencing accelerated growth, with project returns increasing to 10%-15% following frequent negative electricity prices, and government support intensifying after a major blackout in Spain [1] - By 2030, Europe is expected to add 165 GWh of new installed capacity, with a projected compound annual growth rate of 40% from 2024 to 2030, corresponding to a market space of 170 billion yuan [1] Group 2 - As of November 5, 2025, the China Photovoltaic Industry Index (931151) rose by 0.61%, with notable increases in stocks such as TBEA (4.24%) and Junda (2.43%) [2] - The photovoltaic ETF fund (516180) has seen a 7.03% increase over the past week, with a recent price of 0.83 yuan and a significant increase in shares by 200,000 over the past month [2] - The ETF fund has achieved a net value increase of 13.18% over the past year, with the highest monthly return reaching 24.05% since its inception [2] Group 3 - The photovoltaic ETF fund's maximum drawdown over the past six months was 7.46%, with a recovery time of 13 days, indicating a relatively quick recovery compared to similar funds [3] - The fund has a management fee of 0.50% and a custody fee of 0.10%, with a tracking error of 0.032% over the past month, demonstrating high tracking precision [3] - The top ten weighted stocks in the China Photovoltaic Industry Index account for 60.74% of the index, with significant contributions from companies like Sungrow and LONGi Green Energy [3][5]

Core Viewpoint - The company has completed the cancellation of stock options from various incentive plans due to expiration of the exercise period for certain participants, which will not impact the implementation of these plans or the company's financial status [1][2][3][4][5][7][8][9] Group 1: 2021 Stock Option Plan - The company announced the cancellation of 188,321 stock options from the 2021 stock option incentive plan due to expiration of the exercise period for 2 participants [1] - The cancellation was confirmed by the China Securities Depository and Clearing Corporation Limited on November 3, 2025 [2] - This action complies with relevant regulations and will not affect the implementation of the 2021 stock option incentive plan or the company's financial results [2] Group 2: 2022 Stock Option Plan - The company has canceled 76,497 stock options from the 2022 stock option incentive plan due to expiration of the exercise period for 3 participants [7] - The cancellation was also confirmed by the China Securities Depository and Clearing Corporation Limited on November 3, 2025 [8] - This cancellation adheres to applicable laws and will not impact the 2022 stock option incentive plan or the company's financial condition [9] Group 3: 2023 Stock Option Plan - The company canceled 1,096,590 stock options from the 2023 second phase stock option incentive plan due to expiration of the exercise period for 264 participants [4] - The cancellation was confirmed by the China Securities Depository and Clearing Corporation Limited on November 3, 2025 [5] - This action is in line with relevant regulations and will not affect the implementation of the 2023 stock option incentive plan or the company's financial performance [5]

证券代码：002865 证券简称：钧达股份 公告编号：2025-080 二、期权注销完成说明 经中国证券登记结算有限责任公司深圳分公司确认，上述股票期权注销事宜 已于 2025 年 11 月 3 日办理完毕。 公司本次注销 2021 年股票期权激励计划预留授予部分股票期权事宜符合《上 市公司股权激励管理办法》等有关法律法规、规范性文件及公司《2021 年股票期 权激励计划（草案）》的规定，不会影响公司 2021 年股票期权激励计划的实施， 不会对公司的财务状况和经营成果产生实质性影响，不存在损害上市公司及全体 股东特别是中小股东权益的情况。 海南钧达新能源科技股份有限公司 关于 2021 年股票期权激励计划 预留授予部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2025 年 10 月 27 日召开第五届董事会第四次会议，审议通过了《关于注销 2021 年股票期权激励计划预留授予部分股票期权的议案》，详见公司于 2025 年 10 月 28 日披露于巨潮资讯网的《关 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-082 海南钧达新能源科技股份有限公司 经中国证券登记结算有限责任公司深圳分公司确认，上述股票期权注销事宜 已于 2025 年 11 月 3 日办理完毕。 公司本次注销2023年第二期股票期权激励计划首次授予部分股票期权事宜符 合《上市公司股权激励管理办法》等有关法律法规、规范性文件及公司《2023 年 第二期股票期权激励计划（草案）》的规定，不会影响公司 2023 年第二期股票期 权激励计划的实施，不会对公司的财务状况和经营成果产生实质性影响，不存在 损害上市公司及全体股东特别是中小股东权益的情况。 1 特此公告。 关于 2023 年第二期股票期权激励计划 首次授予部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2025 年 10 月 27 日召开第五届董事会第四次会议，审议通过了《关于注销 2023 年第二期股票期权激励计划首次授予部分股票期权的议案》，详见公司于 2025 年 10 月 28 日披 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-081 海南钧达新能源科技股份有限公司 关于 2022 年股票期权激励计划 首次授予部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 海南钧达新能源科技股份有限公司（以下简称"公司"或"钧达股份"）于 2025 年 10 月 27 日召开第五届董事会第四次会议，审议通过了《关于注销 2022 年股票期权激励计划首次授予部分股票期权的议案》，详见公司于 2025 年 10 月 28 日披露于巨潮资讯网的《关于注销 2022 年股票期权激励计划首次授予部分股票 期权的公告》（公告编号：2025-075）。现就有关事项说明如下： 一、本次注销 2022 年股票期权激励计划首次授予部分股票期权的情况说明 在 2022 年股票期权激励计划首次授予的第二个行权期内，公司共有 3 名激励 对象合计 76,497 份期权在可行权期内尚未行权已过时效。根据《上市公司股权激 励管理办法》及《2022 年股票期权激励计划（草案）》的有关规定，公司对上述 3 名激励对象合计 76,497 份失效 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 海南鈞達新能源科技股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02865 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 63,432,300 | RMB | | 1 | RMB | | 63,432,300 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 63,432,300 | RMB | | 1 | RMB | | 63,432,300 | 本月底法定/註冊股本總 ...

Group 1 - The company reported a revenue of 5.68 billion yuan for Q1-Q3 2025, a year-on-year decrease of 30.7%, with a net profit attributable to shareholders of -420 million yuan, a year-on-year decrease of 0.5% [1] - In Q3 2025, the company achieved a revenue of 2.02 billion yuan, with a quarter-on-quarter increase of 10.4% and a year-on-year increase of 12.9%, while the net profit attributable to shareholders was -160 million yuan, showing a quarter-on-quarter increase of 38% [1] - The company's overseas sales proportion increased significantly from 23.85% in 2024 to 51.87% in 2025, with overseas gross margin at 4.5%, a year-on-year increase of 2.8 percentage points [1] Group 2 - The company is continuously reducing costs and increasing efficiency through technologies such as half-cell edge passivation and ultra-fine grid, with the xBC battery conversion efficiency improving by 1-1.5 percentage points compared to mainstream N-type batteries [2] - The laboratory efficiency of the perovskite tandem battery developed in collaboration with external institutions reached 32.08% [2] Group 3 - The company revised its revenue forecasts for 2025-2027 to 10.0 billion, 12.03 billion, and 14.67 billion yuan, respectively, down from previous estimates [3] - The forecasted net profits for 2025-2027 are -510 million, 620 million, and 1.05 billion yuan, respectively, with corresponding PE ratios of 20 and 12 times for 2026-2027 [3] - The company maintains a "buy" rating despite the competitive industry landscape [3]

Group 1 - The core viewpoint of the report is that Zhongyou Securities maintains an "overweight" rating for Junda Co., Ltd. (02865), while adjusting revenue forecasts due to intense industry competition [1] - The revenue forecasts for Junda Co., Ltd. for 2025, 2026, and 2027 are projected to be 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively [1] - The net profit attributable to the parent company is expected to be -5 million yuan for the forecast period [1] Group 2 - The company is experiencing a rapid increase in its overseas sales proportion, which is expected to rise from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is reported to be 4.5%, reflecting a year-on-year increase of 2.8 percentage points, while the domestic gross margin is at -0.8% [1] - Junda Co., Ltd. is continuously promoting N-type technology to reduce costs and improve efficiency, focusing on the next generation of battery technology [1] Group 3 - The company is implementing various technologies such as half-cell edge passivation, wave backfield, and ultra-fine grid to achieve cost reduction and efficiency improvement [1] - The pilot test xBC battery's conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency [1]

Core Viewpoint - 中邮证券 maintains an "overweight" rating for JunDa Co., predicting a decline in revenue forecasts due to intense industry competition, with projected revenues for 2025-2027 at 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively, and net profits of -510 million, 620 million, and 1.05 billion yuan respectively [1] Group 1: Financial Performance - In Q1-Q3 2025, the company achieved revenue of 5.68 billion yuan, a year-on-year decrease of 30.7%, with a net profit of -420 million yuan, a slight year-on-year decrease of 0.5% [1] - The company's gross margin and net margin were 1.5% and -7.4% respectively, with year-on-year changes of +1.2% and -2.3% [1] - The company's non-recurring net profit was -720 million yuan, showing a year-on-year increase of 2.7% [1] Group 2: International Expansion - The company's overseas sales proportion is expected to increase significantly from 23.85% in 2024 to 51.87% [1] - The gross margin for overseas sales is 4.5%, with a year-on-year increase of 2.8 percentage points, while the domestic gross margin is -0.8%, a year-on-year decrease of 1.7 percentage points [1] - The company has signed a strategic cooperation agreement with local component customers in Turkey to jointly build a high-efficiency battery project, addressing structural capacity gaps in the region [1] Group 3: Technological Advancements - The company is continuously promoting N-type technology to reduce costs and improve efficiency, utilizing techniques such as half-cell edge passivation and ultra-fine grid [2] - The lab efficiency of the perovskite tandem battery developed in collaboration with external institutions has reached 32.08% [2] - The company's pilot xBC battery conversion efficiency is expected to improve by 1-1.5 percentage points compared to mainstream N-type battery efficiency, maintaining alignment with industry leaders [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price compared to the benchmark index [6][10]. Core Insights - The company reported a revenue of 5.68 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.7%, with a net profit attributable to shareholders of -420 million yuan, a slight decrease of 0.5% year-on-year [3]. - The overseas sales proportion has significantly increased from 23.85% in 2024 to 51.87% in 2025, with overseas gross margins at 4.5%, up by 2.8 percentage points year-on-year [4]. - The company is actively pursuing N-type technology to reduce costs and improve efficiency, with laboratory efficiency of perovskite tandem batteries reaching 32.08% [5]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 10.0 billion, 12.03 billion, and 14.67 billion yuan respectively, with net profits projected at -510 million, 620 million, and 1.05 billion yuan [6][11]. - The company’s EBITDA is expected to grow significantly from 607.16 million yuan in 2025 to 2.47 billion yuan in 2027, indicating a recovery in profitability [11][12]. - The projected P/E ratios for 2026 and 2027 are 20 and 12 times respectively, reflecting an anticipated improvement in earnings [6].