Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading lithium-ion battery separator manufacturer with over 20 years of industry experience [1] Group 1: Company Overview - Xingyuan Material is recognized as a world-class manufacturer of lithium-ion battery separators, being the first in China to master dry unidirectional stretching technology for separators [1] - The company has achieved the highest global market share in dry separators by shipment volume in 2024 and is also the first to achieve mass exports of lithium-ion battery separators [1] - It possesses all three production technologies for lithium-ion battery separators: dry, wet, and coated [1] Group 2: Market Position and Performance - As an early entrant in the lithium-ion battery industry, Xingyuan Material has established itself as a well-known supplier and technology innovator in the global separator market [2] - The company has independent equipment research and design capabilities and has developed a world-class battery separator production line [2] - Xingyuan Material's global market share for lithium-ion battery separators increased from 11.0% in 2020 to 14.4% in 2024 [2] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 2.867 billion, RMB 2.982 billion, and RMB 3.506 billion, respectively, with net profits of RMB 748 million, RMB 594 million, and RMB 371 million [3] - In Q1 2025, the company reported revenue of RMB 881 million and a net profit of RMB 51 million [3] - The gross profit margin has shown a declining trend, with figures of 44.8%, 43.3%, 28.1%, and 23.6% for 2022, 2023, 2024, and Q1 2025, respectively [3] Group 4: Risks - The company faces pressure from declining average product prices due to increased market competition, which could adversely affect its gross profit margin and overall financial performance [3] - High customer concentration poses a risk, with the top five customers accounting for 67.4%, 63.8%, 50.9%, and 60.9% of revenue in 2022, 2023, 2024, and Q1 2025, respectively [4] - The company's reliance solely on lithium-ion battery separators exposes it to risks related to policy changes and market demand fluctuations [4]

鉴于本次发行上市的认购对象仅限于符合相关条件的境外投资者及依据中国相关 法律法规有权进行境外证券投资的境内合格投资者，公司将不会在境内证券交易所的网 站和符合境内监管机构规定条件的媒体上刊登该申请资料，但为使境内投资者及时了解 该等申请资料披露的本次发行以及公司的其他相关信息，现提供该申请资料在香港联交 所网站的查询链接供查阅： 中文： https://www1.hkexnews.hk/app/sehk/2025/107526/documents/sehk25070701486.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107526/documents/sehk25070701487.pdf 证券代码：300568 证券简称：星源材质 公告编号：2025-074 深圳市星源材质科技股份有限公司 关于向香港联交所递交境外上市外资股（H 股） 发行及上市申请并刊发申请资料的公告 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。 深圳市星源材质科技股份有限公司（以下简称"公司"）已于 2025 年 7 月 7 日向 ...

据港交所7月7日披露，深圳市星源材质（300568）科技股份有限公司(星源材质，300568.SZ)向港交所 主板递交上市申请，中信建投（601066）国际为其独家保荐人。根据弗若斯特沙利文的资料所示，公司 是中国首家掌握锂离子电池隔膜干法单向拉伸技术的企业，2024年按出货量计算，公司的干法隔膜的市 场份额全球排名第一。 星源材质是少数拥有独立设备研究及设计能力的公司之一，并且具备专有的微孔制备技术，已借此建立 世界级的电池隔膜生产线。公司为世界领先的锂离子电池制造商提供服务，例如LG新能源、三星SDI、 远景动力、村田、SK On、SAFT、宁德时代（300750）、比亚迪（002594）、国轩高科（002074）、 中创新航、亿纬锂能（300014）和欣旺达（300207）。根据弗若斯特沙利文的资料显示，星源材质过去 连续五年的锂离子电池隔膜出货量位列全球第二名，全球市场占有率由2020年的11.0%增至2024年的 14.4%。 星源材质是最早进入海外市场的中国锂离子电池隔膜制造商之一，在生产、研发和客户群方面建立了全 面的全球网络，全球布局覆盖中国、欧洲、东南亚及美国等九大生产基地，并在华南、华东、 ...

智通财经7月7日电，利弗莫尔证券显示，深圳市星源材质科技股份有限公司向港交所提交上市申请书， 独家保荐人为中信建投国际。 ...

据港交所文件，深圳市星源材质科技股份有限公司向港交所递交上市申请书。 ...

深圳市星源材质（300568）科技股份有限公司向港交所提交上市申请书。(港交所) ...

Core Viewpoint - The article discusses the rapid expansion of China's lithium battery industry into Southeast Asia, highlighting significant investments and the establishment of a complete supply chain from materials to electric vehicle production in the region [5][17]. Group 1: Event Overview - The fifth "Starting Point Two-Wheeled Vehicle Battery Swap Conference" and "Lightweight Power Battery Technology Summit Forum" will be held on July 11, 2025, in Shenzhen [2]. - The event is organized by various entities including Starting Point Lithium Battery and Starting Point Sodium Battery [2]. Group 2: Major Investments - CATL's joint battery factory project in Indonesia has officially commenced, with a total investment of $5.9 billion (approximately 422.5 billion RMB), capable of supplying batteries for 300,000 electric vehicles [3]. - Xingyuan Material's ASEAN base in Malaysia has begun production with an investment of nearly 5 billion RMB, aiming for an annual capacity of 2 billion square meters [4]. - EVE Energy's board approved an investment of up to 8.654 billion RMB for a large-scale energy storage battery project in Malaysia [4]. Group 3: Industry Expansion - Over 10 battery companies, including Gotion High-tech and Aoxin Technology, have established production bases in Southeast Asia [6][7]. - Gotion High-tech was the first to establish a battery pack factory in Indonesia, with plans for a long-term capacity of 20 GWh in the region [7]. - Other companies like Zhuhai Coslight and Ruipu Lanjun are also investing in battery production facilities in Southeast Asia [8][9]. Group 4: Material Supply Chain - Leading material companies such as Enjie and Huayou Cobalt are enhancing their production capabilities in Southeast Asia, covering the entire supply chain from cathode and anode materials to electrolytes and separators [11][12]. - Enjie plans to invest approximately 2 billion RMB in a lithium battery separator project in Malaysia, with a capacity of about 1 billion square meters per year [12]. - Other companies like Keda and Shangtai Technology are also making significant investments in the region for battery materials [13][14]. Group 5: Market Dynamics - The Southeast Asian market is becoming a key investment destination for Chinese lithium battery companies, with over 20 companies planning investments exceeding 76 billion RMB [17]. - The region is seen as a strategic location for capacity transfer and as a springboard for broader overseas market penetration, leveraging local resources and policies [17].

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Core Insights - Major Chinese lithium battery companies are expanding their operations in Southeast Asia, indicating a deeper collaboration in the lithium battery supply chain [1] Group 1: Major Investments - CATL has commenced a joint battery factory project in Indonesia with a total investment of $5.9 billion, covering the entire electric vehicle battery production chain [2] - Xingyuan Material's factory in Malaysia, with an investment of nearly 5 billion RMB, aims to produce 2 billion square meters of wet and coated separators annually, becoming the largest production base for lithium-ion battery separators [2] - EVE Energy announced an investment of up to 8.654 billion RMB for a new energy storage battery project in Kedah, Malaysia [2] Group 2: Strategic Importance - The expansion of production capacity overseas is crucial for meeting the growing global demand for energy storage solutions and enhancing the market position of these companies [3] - Chinese lithium battery companies possess advantages in technology, capacity, and cost, which complement the resource and market advantages of Southeast Asia [3] Group 3: Industry Trends - Various upstream and downstream companies in the lithium battery supply chain are also establishing operations in Southeast Asia, indicating a collective strategy to localize production [4] - Southeast Asia is rich in mineral resources, such as Indonesia's nickel reserves, which supports the development of the lithium battery industry [4] - The region's relatively low labor costs provide a competitive edge for production [4] Group 4: Market Dynamics - The clustering of electric vehicle manufacturing in emerging markets like Thailand is attracting battery companies to establish local production facilities, creating a localized production ecosystem [4] - The collaboration among lithium battery manufacturers around electric vehicle factories is a strategic move to maximize supply chain efficiency and market penetration [5]

Conference Announcement - The 2025 High-Performance New Energy Materials Industry Conference will be held on July 8-9, 2025, in Chengdu, Sichuan, focusing on new materials, new dynamics, and new ecology [1] Company Developments - Jia Yuan Technology has made commercial progress in solid-state battery copper foil, supplying products to five leading battery companies, which are also applicable in low-altitude economic scenarios like eVTOL testing [2] - Defu Technology has signed supply agreements for lithium battery copper foil products with two major companies in the photovoltaic and consumer battery sectors [3] - Tangshan Hengwang New Energy Materials has commenced trial production of a 200,000-ton lithium iron phosphate project, with a total investment of 5.5 billion yuan, expected to achieve mass production by October 2025 [5] - Zhenhua New Materials has achieved hundred-ton level shipments of solid electrolyte and modified ternary materials for high energy density applications, establishing cooperation with major downstream clients [7] Equipment Collaborations - Keheng Co., Ltd. has signed a strategic cooperation agreement with Beijing Pure Lithium New Energy Technology to build a full-chain strategic partnership involving solid-state lithium-ion battery production equipment and materials [9] Overseas Expansion - EVE Energy plans to invest up to 8.654 billion yuan in a new energy storage battery project in Kedah, Malaysia, to enhance its global strategy and meet rising market demand [11] - Xingyuan Materials has completed the first phase of its ASEAN base in Malaysia, with an annual production capacity of 2 billion square meters for lithium battery separators [13] - CATL has officially commenced construction of its joint venture factory in Indonesia, with an initial capacity of 6.9 GWh, expected to expand to 15 GWh by the end of 2026 [15] - Tesla's first lithium iron phosphate battery factory in North America is nearing completion in Sparks, Nevada, adjacent to its existing Gigafactory [17] - Nandu Power has secured a large order for a 1.4 GWh energy storage system for a major solar project in India, marking one of the largest single energy storage projects in the country [19]