双方将紧密协同，结合各自的发展规划与区域布局，共同推进全球回收网络体系布局。通过资源共享与 合作开发，加速扩张全球回收市场覆盖，显著提升整体回收效率。天奇股份在海外已布局的回收资源 （包括回收网点、破碎处理工厂、湿法厂等）将授权作为亿纬锂能的指定回收点，用于合规回收、处置 海外市场废旧锂电池。双方协同发展，致力于构建覆盖广泛、运转高效的国际化回收网络及逆向供应 链，为锂电池产业的绿色闭环发展提供坚实基础。 天奇股份(002009)9月1日晚公告，公司与亿纬锂能签署《战略合作框架协议》，双方拟共同构建锂电 池"制造-应用-逆向回收-再生利用"全链条闭环体系，通过强化回收网络布局、高效分选与再生利用等逆 向供应链环节，共同构建锂电池全生命周期绿色价值链闭环，提升产业链韧性，引领行业绿色可持续发 展。 天奇股份聚焦三大主业发展：以汽车智能装备业务为核心，结合智能仓储物流、再生资源循环装备立体 多元应用的智能装备业务；以锂电池回收、锂电池再制造与梯次利用、再生利用为核心的锂电池循环业 务；以具身智能机器人在工业场景规模化应用为导向，集合机器人本体制造、机器人真机数据采集与实 训、场景算法开发的机器人业务。 亿纬锂能专 ...

本次签署战略合作协议，是双方基于全球锂电产业链低碳化、可持续的发展共识，在资源共享、技术协 同、市场联动等方面开展的深度合作。双方将共同打造覆盖全球市场的锂电池逆向供应链系统，通过再 生材料的差异化定价机制，引导市场对再生材料内在绿色价值的充分认可与重估。公司积极实施锂电池 循环全球化战略，目前已在日韩、东南亚、欧洲等国家或地区布局回收网络或破碎产能，2025年下半年 海外回收的电池废料占比有望大幅提升。在欧盟《新电池法案》实施及国内锂电池再生黑粉进口放开的 政策背景下，本次合作将进一步提升公司长期在全球锂电循环领域的市场占有率，巩固公司的综合竞争 力。 智通财经APP讯，天奇股份(002009.SZ)发布公告，近日，公司与惠州亿纬锂能股份有限公司(简称"亿纬 锂能")签署《战略合作框架协议》，双方拟共同构建锂电池"制造-应用-逆向回收-再生利用"全链条闭环 体系，通过强化回收网络布局、高效分选与再生利用等逆向供应链环节，共同构建锂电池全生命周期绿 色价值链闭环，提升产业链韧性，引领行业绿色可持续发展。 ...

Agreement Overview - Tianqi Automation Engineering Co., Ltd. signed a strategic cooperation framework agreement with Huizhou EVE Energy Co., Ltd. to establish a closed-loop system for lithium battery manufacturing, application, reverse recycling, and regeneration [1][4] - The agreement aims to enhance the resilience of the supply chain and promote sustainable development in the lithium battery industry [1][4] Partner Introduction - EVE Energy, established in December 2001 and listed on the Shenzhen Stock Exchange in 2009, specializes in the research, production, and sales of consumer batteries, power batteries, and energy storage batteries [2][3] - The company has a registered capital of approximately 2.045 billion RMB and operates in various sectors including battery manufacturing and new energy technology research [2] Main Content of the Agreement - The cooperation will integrate resources in lithium battery manufacturing, recycling, and supply chain systems, establishing an efficient information-sharing mechanism [3][4] - Both companies will collaborate to enhance global recycling network efficiency and utilize Tianqi's existing overseas recycling resources for compliant disposal of used lithium batteries [4][5] Impact on the Company - EVE Energy is recognized as a leading supplier in the global lithium battery market, ranking second in energy storage cell shipments in 2024 [6] - The partnership is expected to enhance Tianqi's market share in the global lithium recycling sector, especially with the implementation of the EU's new battery regulations and the opening of domestic lithium battery recycling [6][8] - The collaboration will significantly improve the market certainty of Tianqi's high-quality recycled materials within EVE's supply chain [7][8] Future Prospects - The agreement is valid for 10 years and can be renewed upon mutual consent [6] - Both companies will explore innovative pricing mechanisms for recycled materials, aiming to reflect the green value of the lithium battery recycling industry [5][6]

智通财经APP讯，天奇股份(002009.SZ)发布公告，近日，公司与惠州亿纬锂能股份有限公司(简称"亿纬 锂能")签署《战略合作框架协议》，双方拟共同构建锂电池"制造-应用-逆向回收-再生利用"全链条闭环 体系，通过强化回收网络布局、高效分选与再生利用等逆向供应链环节，共同构建锂电池全生命周期绿 色价值链闭环，提升产业链韧性，引领行业绿色可持续发展。 本次签署战略合作协议，是双方基于全球锂电产业链低碳化、可持续的发展共识，在资源共享、技术协 同、市场联动等方面开展的深度合作。双方将共同打造覆盖全球市场的锂电池逆向供应链系统，通过再 生材料的差异化定价机制，引导市场对再生材料内在绿色价值的充分认可与重估。公司积极实施锂电池 循环全球化战略，目前已在日韩、东南亚、欧洲等国家或地区布局回收网络或破碎产能，2025年下半年 海外回收的电池废料占比有望大幅提升。在欧盟《新电池法案》实施及国内锂电池再生黑粉进口放开的 政策背景下，本次合作将进一步提升公司长期在全球锂电循环领域的市场占有率，巩固公司的综合竞争 力。 ...

格隆汇9月1日丨天奇股份(002009.SZ)公布，近日，天奇自动化工程股份有限公司与惠州亿纬锂能（维 权）股份有限公司(简称"亿纬锂能")签署《战略合作框架协议》，双方拟共同构建锂电池"制造-应用-逆 向回收-再生利用"全链条闭环体系，通过强化回收网络布局、高效分选与再生利用等逆向供应链环节， 共同构建锂电池全生命周期绿色价值链闭环，提升产业链韧性，引领行业绿色可持续发展。 ...

行家说储能 8月结束，上半年储能相关企业的财报已基本披露完毕。 行家说储能整理了10家储能电池领域上市公司的财务数据，发现上半年储能行业部分企业体感"艰难"，但具备强品牌效应和综合实力的企业营收增长显著， 市场呈现出"强者愈强"的态势，"二八分化"趋势愈加明显。 从已发布的财报中，我们梳理出以下重点信息： NO1 10家企业营收全部同增，比例在7%-35%之间； N O2 6家企业实现利润积极发 展， 最高增80.4% ； NO3 披露储能营收的企业多数实现增长，最高增109%； NO4 多数企业 储能 毛利率有所下滑，但幅度不大。 ▋ 净利最高增80.4%！锂电营收全线增长 2025年上半年，锂电池板块10家企业营收实现全线上升。其中， 比亚迪、宁德时代营收均突破千亿，利润超百亿，领先优势显著；亿纬锂能、欣旺达营收 向300亿靠近；国轩高科营收接近200亿，中创新航则超150亿元。整体上来看，锂电池企业梯队分化明显。 ☆ 点击 星标 ， 第一时间掌握前沿趋势 上述锂电企业营收全线增长，平均增速为18.15%，其中最高增速为中创新航的31.68%，宁德时代营收同比增长7.3%，增速有所放缓。 从利润增速看，中 ...

时间： 2025年11月8日 地点：广州 一 活动背景与意义 1、 硫化物全固态电池技术发展现状分析 能量密度快速提升 : 硫化物全固态电池能量密度预计从 2025年的350Wh/kg提升至2030年的500Wh/kg，年均复合增长率达7.4%，显著高于液态锂电 池进步速度。 商业化节奏加速 : 关键节点 2026年实现规模化生产（原计划2027年），反映技术突破超预期（如电解质电导率>10 mS/cm、界面稳定性提升）。 中日技术路线趋同 : 中日企业均聚焦硫化物路线，中国 2024年专利申请量达日本三倍，但日本在基础专利仍占全球40%，显示产业化竞争白热化。 政策驱动明确 : 国内设定 2027年装车节点，企业进度普遍提前半年（如60Ah电芯2025年下线），验证政策与市场双轮驱动效应。 2025起点固态电池行业年会 暨首届硫化物全固态电池国际峰会 2、 技术商业化突破的核心价值 供应链安全重构 ： 硫化锂本土化生产可降低对日韩原材料的依赖，缓解当前 99.9%纯度产品高达200万元/吨的价格压力，推动电解质成本向100美 元/kg目标迈进。 终端应用场景拓展： 高安全性（针刺测试不起火）特性使其适用于航 ...

Core Insights - The research report from Guojin Securities highlights a significant rebound in the wind turbine bidding scale for central state-owned enterprises, reaching 10.3 GW in August, marking an 88% month-on-month increase and a 0.4% year-on-year increase [1][2] - Wind turbine average bidding prices have also seen a 5% increase in July and August, reaching 1647 RMB/kW, with an 11% increase compared to the average price for the entire year of 2024 [1][2] Wind Power - The wind power sector has shown a strong recovery in August after a decline in June and July, with a notable increase in bidding scale [2] - The average bidding price for wind turbines has increased significantly, indicating a positive trend in pricing [2] AIDC (Artificial Intelligence Data Center) - The sentiment in the liquid cooling sector has improved following a period of adjustment, with domestic companies reporting progress in liquid cooling products [2] - The HVDC (High Voltage Direct Current) segment continues to gain attention, with updates on industry developments [2] Photovoltaics & Energy Storage - The photovoltaic main chain experienced mixed results in Q2, with some companies expected to show strong improvements in Q3 due to effective measures against internal competition [2] - Companies with the ability and willingness to extend their business into high-growth sectors are recommended for attention [2] Lithium Batteries - Lithium battery production in September exceeded expectations, with a projected increase of 4% to 8% in Q3, indicating a high level of market activity [3] - Price increases for key materials have been observed, and solid-state battery development is accelerating [3] Hydrogen and Fuel Cells - The lack of electricity accessibility in the U.S. grid is a significant constraint for data center operations, with a projected 45 GW power shortfall from 2025 to 2028 [3] - Microgrids are becoming essential for supporting AI project implementations in areas without traditional grid access [3] Power Grid - The third batch of bidding for State Grid's ultra-high voltage equipment is in line with expectations, with an acceleration in the bidding pace anticipated [4] - Companies like Mingyang Electric and Jinpan Technology have reported positive Q2 performance, indicating growth opportunities in the data center sector [4] New Energy Vehicles - The market for new energy vehicles is showing signs of recovery, although the overall growth rate remains under pressure due to high year-on-year comparisons [4] - Financial reports from major manufacturers indicate a clear differentiation in performance, suggesting opportunities for secondary leading companies [4] Important Industry Events - Eight manufacturers have qualified for a 10 GW tender from Datang, with generally rising bid prices [5] - Significant developments in the hydrogen energy sector include the establishment of a liquid hydrogen base and support for SOFC and SOEC technology applications [5]

锂电板块重点推荐：排产超预期，基本面+新技术周期向上 20250831 摘要 锂电产业链中报显示了怎样的趋势？ 锂电产业链中报显示出明确的拐点向上趋势。上半年由于抢装导致需求景气度 提升，产业链整体价动率较去年同期明显抬升，头部厂商业绩表现良好。价格 方面碳酸锂价格平稳，部分环节如铁锂、铜箔、六氟等价格修复明显。设备端 宁德时代和亿纬锂能是优先推荐标的，宁德时代海外订单逐步确收，利 润结构可能超预期，亿纬锂能具备较大弹性，在欧洲及北美储能市场布 局逻辑较强。 铁锂行业受益于新技术迭代及反内卷政策驱动，供需格局持续优化，头 部企业盈利接近 1,000 元/吨，建议关注技术领先、一体化降本能力强的 头部厂商。 订单同比大幅增长，也验证了行业周期进入向上阶段。 下半年储能市场有哪些积极因素？ 锂电产业链中报显示拐点向上，上半年抢装提升景气度，头部企业业绩 良好，碳酸锂价格平稳，铁锂、铜箔等环节价格修复。设备端订单大幅 增长，验证行业周期向上。 下半年储能市场受益于美国抢装和欧洲户用储能需求回升，各省市 136 号文细则推动招投标活跃度。预计九十月份传统旺季供需两旺，七八月 份可能增加备库。 锂电池行业驱动力包括超快 ...

EVE Energy Research Summary Company Overview - **Company Name**: EVE Energy - **Ticker**: 300014.SZ - **Industry**: Technology (Battery Manufacturing) - **Established**: 2001 - **Products**: Lithium primary batteries, lithium polymer batteries, lithium-ion batteries for EV, energy storage, and consumer electronics [12][14] Key Financial Highlights - **2Q25 Revenue**: CNY 15.4 billion, up 25% y-y and 20% q-q, driven by EV and ESS battery volume growth [1][15] - **Gross Profit Margin (GPM)**: Improved by 2.2pp y-y to 17.5%, attributed to better margins in the EV battery segment [1][15] - **Net Profit**: Declined by 53% y-y to CNY 503 million due to one-off expenses including share-based compensation of CNY 579 million and impairment of ~CNY 150 million [1][15] - **1H25 Revenue Growth**: EV batteries up 42% y-y to CNY 12.7 billion; ESS batteries up 32% y-y to CNY 10.3 billion [1] Future Projections - **2025 Shipment Growth**: Expected 65% y-y growth in EV battery shipments to 50GWh and 49% y-y growth in ESS battery shipments to 75GWh [2] - **2026 Shipment Growth**: Anticipated 35% y-y growth for EV batteries to 68GWh and 30% y-y growth for ESS batteries [2] - **Revenue Forecasts**: FY25-27 revenue forecasts raised by 4-11% due to higher battery shipments [3] Valuation and Target Price - **Target Price**: Increased to CNY 62, implying a 29% upside from the current price of CNY 48.07 [5][26] - **Valuation Methodology**: Based on a Sum-of-the-Parts (SoTP) approach, with 20x 2026F P/E for EV and ESS segments and 15x for consumer batteries [3][18] - **Current P/E Ratio**: 14.7x FY26F [3] Risks and Challenges - **Downside Risks**: 1. Potential oversupply in the EV battery market due to aggressive capacity expansion [13][19] 2. Increased price competition from domestic and global battery manufacturers [13][19] 3. Stricter regulations on the e-cigarette market in China [13][19] ESG Considerations - EVE Energy plays a significant role in promoting electrification in the automotive industry and enhancing the utilization of renewable energy through its battery products [14] Additional Financial Metrics - **Market Capitalization**: USD 13.7 billion [6] - **Dividend Yield**: Expected to increase from 1.0% in FY24 to 2.2% in FY27 [4] - **Return on Equity (ROE)**: Projected to improve from 11.3% in FY24 to 17.7% in FY27 [4] Conclusion EVE Energy is positioned for significant growth in the EV and ESS battery markets, supported by strong revenue growth and improved margins. However, the company faces risks related to market competition and regulatory challenges. The revised target price reflects a positive outlook based on anticipated shipment growth and improved financial performance.