证券代码：300014 证券简称：亿纬锂能 公告编号：2025-078 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。 根据《中华人民共和国公司法》《惠州亿纬锂能股份有限公司章程》的规定，惠 州亿纬锂能股份有限公司（以下简称"公司"）决定于2025年6月27日（星期五）14:30 召开2025年第二次临时股东大会，具体情况如下： 关于召开 2025 年第二次临时股东大会的通知 一、召开会议的基本情况 1、股东大会届次：2025年第二次临时股东大会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：经第六届董事会第五十三次会议审议通过，公司 决定召开公司2025年第二次临时股东大会，召集程序符合相关法律、行政法规、部门 规章、规范性文件和《公司章程》的规定。 4、会议时间： （1）现场会议召开时间：2025年6月27日（星期五）14:30开始。 惠州亿纬锂能股份有限公司 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统进 行网络投票的具体时间为2025年6月27日9:15—9:25，9:30—11:30 和13:00—15:00；通 过 ...

证券代码：300014 证券简称：亿纬锂能 公告编号：2025-070 惠州亿纬锂能股份有限公司 第六届监事会第五十次会议决议公告 公司及监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。 惠州亿纬锂能股份有限公司（以下简称"公司""亿纬锂能"）第六届监事会第五 十次会议于 2025 年 6 月 7 日在广东省惠州市仲恺高新区惠风七路 38 号亿纬锂能零号 会议室采用现场表决的方式召开。本次会议的会议通知及相关资料于 2025 年 6 月 5 日 以邮件方式送达各位监事，全体监事知悉本次会议的审议事项，并充分表达意见。 本次会议由监事会主席祝媛主持，应参加会议监事 3 名，实际参加监事 3 名。本 次会议的召开符合《公司章程》规定的法定人数。 会议的召集和召开符合《中华人民共和国公司法》和《公司章程》的有关规定。经 表决，形成以下决议： 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司上市的议 案》 公司拟发行 H 股股票并在香港联合交易所有限公司（以下简称"香港联交所"）主 板挂牌上市（以下简称"本次发行上市"）。 监事会认为公司发行 H 股，是为了进 ...

惠州亿纬锂能股份有限公司 第六届董事会第五十三次会议决议公告 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。 惠州亿纬锂能股份有限公司（以下简称"公司""亿纬锂能"）于 2025 年 6 月 7 日 在广东省惠州市仲恺高新区惠风七路 38 号亿纬锂能零号会议室采用通讯表决的方式 召开第六届董事会第五十三次会议。本次会议由董事长刘金成先生主持，应参加会议 董事 7 名，实际参加 7 名。本次会议的召开符合《公司章程》规定的法定人数。 本次会议的会议通知及相关资料于 2025 年 6 月 5 日以邮件方式送达各位董事，全 体董事知悉本次会议的审议事项，并充分表达意见。公司监事会成员和高级管理人员 列席了本次会议。 会议的召集和召开符合《公司法》和《公司章程》的有关规定。经表决，形成以下 决议： 证券代码：300014 证券简称：亿纬锂能 公告编号：2025-079 一、审议通过了《关于公司发行 H 股股票并在香港联合交易所有限公司上市的议 案》 为进一步提高公司的资本实力和综合竞争力，提升公司国际化品牌形象，满足公 司国际业务发展需要，深入推进公司全球化战略，公司拟 ...

Core Viewpoint - The ChiNext 50 Index is experiencing a strong upward trend, with significant gains in constituent stocks, indicating a positive market sentiment towards growth-oriented companies in the ChiNext sector [2][3]. Group 1: Index Performance - As of June 9, 2025, the ChiNext 50 Index (399673) rose by 1.41%, with notable increases in stocks such as Tianfu Communication (300394) up 7.03% and Tiger Medical (300347) up 5.68% [2]. - The ChiNext 50 ETF (159367) also saw a rise of 1.47%, with a latest price of 0.97 yuan, and a cumulative increase of 2.26% over the past week [2]. Group 2: Trading and Liquidity - The ChiNext 50 ETF recorded a turnover rate of 0.59% during the trading session, with a transaction volume of 24.10 thousand yuan [2]. - Over the past year, the average daily trading volume for the ChiNext 50 ETF was 538.65 thousand yuan [2]. Group 3: Return and Drawdown - Since its inception, the ChiNext 50 ETF has achieved a maximum monthly return of 3.14%, with an average monthly return of 1.79% during rising months [2]. - The relative drawdown since inception is 1.34% compared to its benchmark [2]. Group 4: Fee Structure - The management fee for the ChiNext 50 ETF is 0.15%, and the custody fee is 0.05%, which are among the lowest in comparable funds [2]. Group 5: Valuation Metrics - The ChiNext 50 Index is currently valued at a historical low with a price-to-book (PB) ratio of 4.21, which is below 81.19% of the time over the past five years, indicating attractive valuation [3]. - The index comprises 50 stocks with high liquidity and market capitalization, reflecting the overall performance of well-known companies in the ChiNext market [3]. Group 6: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the ChiNext 50 Index account for 65.6% of the index, including Ningde Times (300750) at 24.47% and Dongfang Wealth (300059) at 10.62% [3][5].

Core Viewpoint - Solid-state batteries are a hot topic in the electric vehicle industry, but their commercialization faces significant challenges despite recent advancements by leading battery companies [2][6]. Group 1: Industry Trends - Leading battery companies are adopting a dual strategy of developing both solid-state and semi-solid-state batteries to accelerate technological breakthroughs and market positioning [3][6]. - CATL has launched a semi-solid-state battery with an energy density of 500Wh/kg and plans to achieve small-scale production of solid-state batteries by 2027 [3][4]. - BYD has been developing solid-state batteries since 2016, with plans to launch a 60Ah solid-state battery in 2024 and achieve mass production by 2030 [4][5]. - Guoxuan High-Tech has completed its first solid-state battery production line with a design capacity of 0.2GWh and a yield rate of 90% [4][5]. Group 2: Technical Challenges - The transition from laboratory samples to mass production of solid-state batteries is expected to take 8 to 10 years, with many current offerings being semi-solid or quasi-solid-state batteries [6][7]. - The industry lacks a clear and suitable production technology for solid-state batteries, with various technical routes each having distinct advantages and disadvantages [6][7]. - High production costs and low yield rates hinder the large-scale adoption of solid-state batteries, with significant modifications required for existing production lines [7][8]. Group 3: Market Outlook - Semi-solid-state batteries are projected to have a stronger commercial viability in the short term, with expectations that they will dominate the market in the next five years [8][9]. - The energy density of semi-solid-state batteries ranges from 350 to 450Wh/kg, supporting rapid charging and stable performance across a wide temperature range [8][9]. - Several automakers have already begun mass production of semi-solid-state batteries, indicating a growing acceptance and integration of this technology in the market [9][10]. Group 4: Strategic Implications - The dual approach of advancing semi-solid-state batteries while continuing to invest in solid-state technology is seen as a strategic advantage for companies in the industry [10][12]. - Solid-state batteries are viewed as a potential game-changer for the electric vehicle market, but their development is still in the early stages, requiring time for the industry to mature [11][12].

70GWh！吉利旗下电池公司官宣产能规划 5月29日，吉曜通行在全球生态日上正式发布品牌全新英文标识 ——吉曜通行ENERGEE ，发布 "金砖电芯超强混动系列"产品，未来其将搭载 在吉利集团旗下品牌车型中。同时宣布，预计到2027年形成70GWh产能规模。 生态日现场，吉曜通行还展示出 "8针同刺、坦克碾压、真弹贯穿"等军工级安全的极限测试，再次印证吉曜通行以安全为核心的底层逻辑。 亿纬锂能又下50亿订单 6 月 2 日龙蟠科技公告称 旗下公司 锂源与 亿纬锂能马来西亚公司 签署协议，预计自 2026 至 2030 年间向 亿纬马来西亚公司发货 15.2 万 吨磷酸铁锂正极材料，金额预计超 50 亿元。 亿纬马来西亚工厂 主要生产制造圆柱电池 ，用于两轮车和电动工具领域， 投资约 30 亿人民币，今年 2 月开始投产运营 ，并且刚建好就迎来 大单： 与美洲某集团签署协议达成长期购销关系。 瑞浦兰钧斩获电池大单 据瑞浦兰钧 6 月 4 日消息， 5 月 29 日，瑞浦兰钧与印度尼西亚 Bakrie & Brothers 集团正式签署商用车电池系统战略合作备忘录，共同推 动绿色能源在印度尼西亚市场的应用与普及， ...

Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The State Council has approved the separation of the China Weapon Equipment Group, with its automotive business becoming an independent central enterprise, changing the controlling shareholder of Changan Automobile [3][8] - The Hongmeng Zhixing Zun Jie S800 has received over 2,600 orders within 72 hours of its launch, with a price range of 708,000 to 1,018,000 yuan [3][8] - Shenzhen has released the first nationwide open autonomous driving technology guidelines, establishing evaluation principles and requirements for road testing [3][8] - Xiaoma Zhixing has partnered with Shenzhen Xihu Group to create a fleet of 1,000 L4 autonomous vehicles [3][8] - The IM LS7, a flagship SUV from Zhiji Automobile, has officially launched in Mexico, targeting the high-end electric vehicle market [3][8] - Geely's Galaxy A7 has been unveiled, featuring a range of over 2,100 km and a hybrid system [3][8] - Yiwei Lithium Energy is making progress in solid-state battery production, aiming for breakthroughs by 2026 [3][8] - NIO plans to enter seven European markets between 2025 and 2026, launching five models [3][8] Market Performance - The A-share automotive sector underperformed the broader market, with a decline of 0.09% compared to a 0.88% increase in the CSI 300 index [5][12] - The passenger vehicle sector's PE ratio has slightly increased, while the commercial vehicle sector's PE ratio has decreased [16] Key Data Tracking - Steel prices have slightly decreased, while aluminum and natural rubber prices have shown slight increases [17][18] - The container shipping price index from China to North America has significantly increased [25]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 49.20 [5][8]. Core Views - The company is expected to see a gradual recovery in its power battery profitability throughout 2025, with a production capacity utilization rate exceeding 60% in Q1 2025 and anticipated further increases in Q2 [2]. - The energy storage business is projected to continue growing in volume while maintaining stable profitability, with the company holding the second-largest global market share in energy storage batteries [3]. - The consumer battery segment remains a cash cow for the company, with a revenue increase of 23.4% year-on-year in 2024, and a forecasted growth rate of 20% for 2025 [4]. Summary by Sections Power Battery Business - In 2024, the company shipped 30.29 GWh of power batteries, although it remained in a loss position. The company expects significant growth in power battery shipments in 2025 due to new customer acquisitions in passenger vehicles and increased demand in commercial vehicles [2]. - The company has secured a contract with BMW for cylindrical batteries and is expanding production capacity in Hungary and the U.S. [2]. Energy Storage Business - The company shipped 50.45 GWh of energy storage batteries in 2024, representing a year-on-year increase of 91.9%. The estimated net profit per watt-hour is approximately RMB 0.03 [3]. - A procurement agreement for 50 GWh of battery cells was signed with a partner for the years 2025-2027, providing revenue support for the energy storage segment [3]. Consumer Battery Business - The consumer battery segment generated revenue of RMB 10.32 billion in 2024, with a gross margin of 27.58%, reflecting a year-on-year increase of 3.85 percentage points [4]. - The company has expanded its market share in various segments, including small cylindrical batteries, and has begun production at its new facility in Malaysia [4]. Financial Projections - The company forecasts net profits of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for the years 2025, 2026, and 2027, respectively [5]. - The projected revenue for 2025 is RMB 72.494 billion, representing a 49.12% increase from 2024 [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 49.20 [5][8]. Core Views - The company is expected to see a gradual recovery in its power battery profitability throughout 2025, with a production capacity utilization rate exceeding 60% in Q1 2025 and anticipated further improvements in Q2 [2]. - The energy storage business is projected to continue growing in volume while maintaining stable profitability, with the company holding the second-largest global market share in energy storage batteries [3]. - The consumer battery segment remains a cash cow for the company, with a revenue increase of 23.4% year-on-year in 2024, and the company expects a revenue growth rate of 20% in 2025 [4]. Summary by Sections Power Battery Business - In 2024, the company shipped 30.29 GWh of power batteries, although it remained in a loss position. The company expects significant growth in power battery shipments in 2025 due to new customer acquisitions in passenger vehicles and increased demand in commercial vehicles [2]. - The company has secured a contract with BMW for cylindrical batteries and is expanding its production capacity in Hungary and the U.S. [2]. Energy Storage Business - The company shipped 50.45 GWh of energy storage batteries in 2024, representing a year-on-year increase of 91.9%. The estimated net profit per watt-hour for energy storage is approximately RMB 0.03 [3]. - A procurement agreement for 50 GWh of battery cells was signed with a partner for the years 2025-2027, providing revenue support for the energy storage segment [3]. Consumer Battery Business - The consumer battery segment generated revenue of RMB 10.32 billion in 2024, with a gross margin of 27.58%, reflecting a year-on-year increase of 3.85 percentage points [4]. - The company has expanded its market share in various segments, including small cylindrical batteries, and has commenced production at its new factory in Malaysia [4]. Financial Forecast - The company forecasts net profits of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for the years 2025, 2026, and 2027, respectively [5][28]. - The projected revenue for 2025 is RMB 72.494 billion, with a year-on-year growth of 49.12% [28].