Core Viewpoint - The battery sector has shown remarkable performance in September 2025, leading the A-share market with a monthly increase of 28.12%, driven by the growth of the electric vehicle market and supportive policies for clean energy [1][1][1] Industry Performance - The top five performing sectors in September 2025 include batteries, home appliance components, electric motors, precious metals, and photovoltaic equipment [1][1] - Within the battery sector, 20 companies experienced a monthly increase of over 30%, with 10 companies surpassing 40% [1][1] - Leading companies such as Tianqi Materials, Xian Dao Intelligent, and Tianhong Lithium Battery achieved over 70% growth, making them highly sought after in the capital market [1][1] Driving Factors - The primary drivers for the battery sector's growth are the increasing demand for batteries due to the expanding electric vehicle market and government support for clean energy [1][1] - The rapid development of the energy storage sector, including household, commercial, and large-scale grid storage, has further increased battery demand [1][1] Company Performance - Tianqi Materials has been involved in the lithium battery electrolyte business for over a decade, while Xian Dao Intelligent covers lithium battery intelligent equipment and photovoltaic intelligent equipment [1][1] - Revenue and profit figures for Tianqi Materials from 2022 to 2024 are 22.317 billion, 15.405 billion, and 12.518 billion respectively, with net profits of 5.714 billion, 1.891 billion, and 0.484 billion [1][1] - Xian Dao Intelligent's revenue for the same period is 8.12 billion, 6.78 billion, and 5.94 billion, with net profits of 1.12 billion, 0.56 billion, and 0.34 billion [1][1] - Tianhong Lithium Battery's revenue is significantly smaller, with figures of 0.354 billion, 0.287 billion, and 0.394 billion, showing fluctuations [1][1] Cash Flow Analysis - Tianqi Materials' net cash flow from operating activities for 2022 to 2024 is 4.164 billion, 2.274 billion, and 0.882 billion [1][1] - Xian Dao Intelligent's cash flow figures are 1.664 billion, 1.234 billion, and 0.876 billion for the same years [1][1] Technological Edge - R&D expenditures for Tianqi Materials from 2022 to 2024 are 0.894 billion, 0.646 billion, and 0.668 billion, while Xian Dao Intelligent's R&D expenses are 1.348 billion, 1.676 billion, and 1.671 billion [1][1] - As of the end of 2024, Tianqi Materials has filed 1,022 patent applications, with 558 granted [1][1] Market Outlook - Despite some volatility and uncertainty, the long-term trend remains positive, with emerging industries expected to continue performing well as the economy recovers and industrial structures upgrade [1][1]

Core Viewpoint - The battery sector has emerged as the leading performer in the A-share market for September 2025, with a monthly increase of 28.12%, driven by the growth of the electric vehicle market and supportive government policies for clean energy [3][4][10]. Industry Performance - The top five performing sectors in September 2025, according to Wind data, are: 1. Battery: 28.12% 2. Home Appliance Components: 20.78% 3. Electric Motors: 19.12% 4. Precious Metals: 18.93% 5. Photovoltaic Equipment: 18.26% [3][10]. Company Performance - Within the battery sector, 20 companies saw monthly increases exceeding 30%, with 10 companies surpassing 40%. Leading companies include: - Xian Dao Intelligent: 77.81% - Tian Ci Materials: 74.76% - Tian Hong Lithium Battery: 71.55% [6][7]. - Tian Ci Materials has been focusing on lithium battery electrolyte business and has diversified into lithium iron phosphate cathode materials and battery material recycling [7][8]. - Xian Dao Intelligent operates in lithium battery intelligent equipment and photovoltaic intelligent equipment, being a global leader in new energy intelligent manufacturing solutions [7][8]. Financial Performance - Financial data for key companies from 2022 to 2024 shows: - Tian Ci Materials: Revenue of 22.317 billion, 15.405 billion, and 12.518 billion; Net profit of 5.714 billion, 1.891 billion, and 484 million [7][8]. - Xian Dao Intelligent: Revenue of 13.932 billion, 16.628 billion, and 11.855 billion; Net profit of 2.318 billion, 1.775 billion, and 286 million [7][8]. - Tian Hong Lithium Battery: Revenue of 354 million, 287 million, and 394 million; Net profit declining from 32 million to 7 million [8]. Cash Flow and R&D Investment - Operating cash flow from 2022 to 2024: - Tian Ci Materials: 4.164 billion, 2.274 billion, and 882 million - Xian Dao Intelligent: 1.691 billion, -863 million, and -1.567 billion - Tian Hong Lithium Battery: -28.947 million, 8.118 million, and 49.087 million [8][9]. - R&D expenditures from 2022 to 2024: - Tian Ci Materials: 894 million, 646 million, and 668 million - Xian Dao Intelligent: 1.348 billion, 1.676 billion, and 1.671 billion - Tian Hong Lithium Battery: in the millions [9]. Market Outlook - The battery sector is expected to maintain its growth trajectory due to the ongoing global energy transition and the increasing adoption of electric vehicles. However, fluctuations in raw material prices and technological advancements may impact the industry [3][10].

| 603667 | 五洲新 | 6 | 4.98 | 6.49 | -6.29 | | --- | --- | --- | --- | --- | --- | | | 春 | | | | | | 300322 | 硕贝德 | 9 | 4.98 | 6.51 | -9.70 | | | 中国巨 | | | | | | 600176 | 石 | 8 | 4.95 | 4.29 | 13.48 | | | 北京银 | | | | | | 601169 | | 5 | 4.93 | 9.53 | -2.30 | | | 行 | | | | | | 300100 | 双林股 | 6 | 4.75 | 8.23 | -5.46 | | | 份 | | | | | | 300065 | 海兰信 | 5 | 4.74 | 9.96 | -7.48 | | 300144 | 宋城演 | 7 | 4.22 | 10.22 | -9.60 | | | 艺 | | | | | | 002017 | 东信和 | 9 | 4.19 | 6.18 | -13.14 | | | 平 | | | | | | 688556 | 高测股 | 9 ...

Group 1 - The core point of the article is that XianDao Intelligent (300450.SZ) has announced a restricted stock incentive plan for 2025, which aims to grant a total of 9.54 million shares to its incentive objects, representing approximately 0.6091% of the company's total share capital at the time of the announcement [1] - The total number of incentive objects under this plan is 1,134 individuals [1]

Group 1 - The company, XianDao Intelligent, announced an incentive plan involving 1,134 participants, utilizing the second type of restricted stock, with a total of 9.54 million shares to be granted, representing approximately 0.6091% of the company's total share capital of about 1.566 billion shares [1] - The grant price for the restricted stock is set at 32.77 yuan per share, with a validity period of up to 36 months from the date of grant [1] - For the first half of 2025, the company's revenue composition shows that equipment manufacturing accounts for 99.95%, while other businesses contribute only 0.05% [1] Group 2 - As of the report, the market capitalization of XianDao Intelligent is 98.9 billion yuan [2] - The competition in the bottled water market is intensifying, with significant market share loss for Yibao, dropping nearly 5 percentage points following the launch of Farmer's green bottle [2]

证券代码：300450 证券简称：先导智能 无锡先导智能装备股份有限公司 2025 年限制性股票激励计划 （草案）摘要 无锡先导智能装备股份有限公司 二零二五年九月 1 声 明 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相 关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《深圳证券交易所创业板股票上市规则》、《上市公司股权激励管理 办法》、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》 和其他有关法律法规、规章和规范性文件，以及《无锡先导智能装备股份有限 公司章程》制订。 二、本激励计划采取的激励工具为限制性股票（第二类限制性股票）。股 票来源为无锡先导智能装备股份有限公司（以下简称"公司"或"本公司"） 从二级市场回购的公司 A ...

无锡先导智能装备股份有限公司 2025 年限制性股票激励计划激励对象名单 无锡先导智能装备股份有限公司董事会 2025 年 9 月 30 日 1 | 序号 | 姓名 | 国籍 | 职务 | 获授的限制 | 占授予限制 | 占目前总股 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 性股票数量 （万股） | 性股票总数 的比例 | 本的比例 | | 1 | 尤志良 | 中国 | 董事 | 0.90 | 0.09% | 0.0006% | | 2 | 倪红南 | 中国 | 副总经理 | 4.80 | 0.50% | 0.0031% | | 3 | 孙建军 | 中国 | 副总经理 | 4.80 | 0.50% | 0.0031% | | 4 | 姚遥 | 中国 | 副总经理、董事 会秘书 | 4.80 | 0.50% | 0.0031% | | 5 | 郭彩霞 | 中国 | 财务总监 | 3.00 | 0.31% | 0.0019% | | 6 | Hannes Weinmann | 德国 | 核心骨干员工 | 0.55 | 0.06% | 0.000 ...

| | （7）激励对象获授权益、行使权益的条件。拟分次授出权 | | | --- | --- | --- | | | 益的，应当披露激励对象每次获授权益的条件；拟分期行使 | | | | 权益的，应当披露激励对象每次行使权益的条件；约定授予 | | | | 权益、行使权益条件未成就时，相关权益不得递延至下期； | | | | 如激励对象包括董事和高级管理人员，应当披露激励对象行 | 是 | | | 使权益的绩效考核指标；披露激励对象行使权益的绩效考核 | | | | 指标的，应当充分披露所设定指标的科学性和合理性；公司 | | | | 同时实行多期股权激励计划的，后期激励计划公司业绩指标 | | | | 如低于前期激励计划，应当充分说明原因及合理性 | | | | （8）公司授予权益及激励对象行使权益的程序；当中，应 | | | | 当明确上市公司不得授出限制性股票以及激励对象不得行 | 是 | | | 使权益的期间 | | | | （9）股权激励计划所涉及的权益数量、行权价格的调整方 | 是 | | | 法和程序（例如实施利润分配、配股等方案时的调整方法） | | | | （10）股权激励会计处理方法，限制 ...

证券代码：300450 证券简称：先导智能 无锡先导智能装备股份有限公司 2025 年限制性股票激励计划 （草案） 无锡先导智能装备股份有限公司 二零二五年九月 1 声 明 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益归属安排的，激励对象应当自相 关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《深圳证券交易所创业板股票上市规则》、《上市公司股权激励管理 办法》、《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》 和其他有关法律法规、规章和规范性文件，以及《无锡先导智能装备股份有限 公司章程》制订。 二、本激励计划采取的激励工具为限制性股票（第二类限制性股票）。股 票来源为无锡先导智能装备股份有限公司（以下简称"公司"或"本公司"） 从二级市场回购的公司 A 股 ...

证券代码：300450 证券简称：先导智能 上海荣正企业咨询服务（集团）股份有限公司 关于 无锡先导智能装备股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 2025 年 9 月 | 一、释义 | | --- | | 二、声明 … | | 三、基本假设 | | 四、本激励计划的主要内容 | | (一) 激励对象的范围及分配情况 | | (二) 激励方式、来源及数量 | | (三) 限制性股票的有效期、授予日、归属安排 … | | (四)限制性股票的授予价格及授予价格的确定方法 . | | (五) 激励计划的授予与归属条件 | | (六) 激励计划其他内容 | | 五、独立财务顾问意见 . | | (一)对本激励计划是否符合政策法规规定的核查意见 . | | (二)对公司实行本激励计划可行性的核查意见 ……………………………………………………………………………………15 | | (三) 对激励对象范围和资格的核查意见 . | | (四) 对本激励计划权益额度的核查意见 ……………………………………………………………………………………16 | | (五)对上市公司是否为激励对象提供任何形 ...