Investment Rating - The report maintains a "Recommended" rating for the solid-state battery equipment sector, indicating an expectation of significant growth in the coming months [1]. Core Insights - The solid-state battery industry has achieved a milestone with the delivery of full solid-state production lines by Li Yuanheng, marking a rapid development in China's solid-state battery production capacity [7]. - The electric power equipment and new energy sector saw a weekly increase of 2.68%, outperforming the CSI 300 index by 1.86 percentage points [8]. - The report highlights a positive outlook for the electric vehicle sector, driven by the end of inventory reduction and anticipated growth in both European and domestic markets [4]. Summary by Sections Solid-State Battery Progress - The first engineering samples from a GWh-level solid-state battery production line developed by Anhui Anwa New Energy have successfully rolled off the production line, with a design capacity of 1.25 GWh [7]. - The number of GWh-level solid-state battery production lines in China is expected to increase to seven, with over 30 pilot lines in development [7]. Market Performance Review - The electric new energy sector ranked 10th among 30 industry sectors, with a 2.68% increase, while the CSI 300 index rose by 0.82% during the same period [8]. - The top-performing sub-sectors included solar energy (7.95%), fuel cells (2.99%), and distribution equipment (2.58%) [8]. New Energy Vehicle Industry Tracking - Lithium battery supply chain prices showed mixed trends, with battery-grade lithium carbonate increasing by 2.26% to 63,400 CNY/ton, while nickel sulfate decreased by 2.11% [29]. - Key announcements from listed companies included performance forecasts and stock reduction disclosures, indicating ongoing activity in the sector [41]. Valuation Situation - As of July 11, 2025, the electric new energy sector's valuation stood at 62x, significantly higher than the CSI 300's 13x, with specific segments like electric motors and energy storage showing even higher valuations [19]. - Notable companies in the sector include CATL, with a market cap of 124.91 billion CNY and a projected PE ratio of 22.8x for 2023 [28].

Group 1 - The report highlights a steady increase in domestic electrification rates and a strong recovery in European sales, with global sales expected to grow by 21% in 2025 and maintain over 15% growth in 2026 [2][3] - In 2025, domestic electric vehicle sales are projected to reach 5.61 million units, a year-on-year increase of 44%, with an annual growth forecast of 25% [2][5] - The report anticipates a robust demand for lithium batteries, with a revised growth estimate of over 30% in 2025 and nearly 20% in 2026, driven by strong energy storage policies and market dynamics [2][3] Group 2 - The report indicates that the profitability of the industry has begun to recover slightly, with leading companies starting to expand production in an orderly manner, while smaller firms continue to exit the market [2][3] - The report notes a significant disparity in profitability across different segments of the supply chain, with leading battery manufacturers maintaining high profit levels compared to second-tier manufacturers [2][3] - The solid-state battery technology is highlighted as a key area of focus, with advancements expected in sulfide-based materials and core equipment, indicating a rapid acceleration in industrialization [2][3] Group 3 - Investment recommendations emphasize focusing on leading lithium battery companies and those accelerating the industrialization of solid-state technologies, with specific companies identified for potential investment [2][3] - The report suggests that the lithium carbonate price has reached a bottom, making it favorable to invest in companies with quality resources [2][3] - The report identifies several companies in the solid-state battery sector that are expected to benefit from technological advancements and market demand [2][3]

Core Insights - The global lithium-ion battery industry is experiencing rapid growth, with shipments expected to increase from 323.2 GWh in 2020 to 1519.6 GWh by 2024, representing a compound annual growth rate (CAGR) of 47.3% [1] - The demand for lithium-ion batteries is driving the expansion of the lithium-ion battery separator market, leading to new financing needs for manufacturers [1] - Shenzhen Xinyuan Material Technology Co., Ltd. (Xinyuan Material) has submitted a listing application to the Hong Kong Stock Exchange, with plans to use the funds for overseas capacity expansion, R&D, debt repayment, strategic investments, and working capital [1] Company Overview - Xinyuan Material, established in 2003, has become a leading manufacturer of lithium-ion battery separators, being the first to achieve bulk exports and one of the few companies with dry, wet, and coated separator production technologies [2] - The company’s product lines include dry separators, wet separators, and coated separators, each with specific applications and advantages [3] Financial Performance - Xinyuan Material's revenue for the fiscal years 2022, 2023, 2024, and the first quarter of 2025 was approximately 2.867 billion, 2.982 billion, 3.506 billion, and 881 million RMB respectively, while net profits showed a declining trend [8] - The gross margin for the company's separator products decreased from 44.8% in 2022 to 28.1% in 2024, with a further drop to 23.6% in Q1 2025 [8] - The company’s asset-liability ratio increased from 37.36% in 2022 to 56.92% in 2024, indicating rising financial pressure [10] Market Position - Xinyuan Material's global market share in the separator industry increased from 11.0% in 2020 to 14.4% in 2024, reflecting its growth alongside the overall market [4] - The global battery separator market is projected to grow from 6.4 billion square meters in 2020 to 27.7 billion square meters by 2024, with a CAGR of 44.5% [4] Capacity Expansion and R&D - The company is expanding its global production capacity, with a design capacity of 4.476 billion square meters expected by 2024 and a utilization rate of 90% [12] - Xinyuan Material plans to invest part of the funds raised from its listing into R&D for solid-state battery products and new generation lithium-ion battery separators [16] Strategic Initiatives - The company is focusing on enhancing its operational quality through a series of strategic plans, including expanding production capabilities and investing in new technologies [12][16] - Xinyuan Material has established production bases in multiple regions, including China, Europe, Southeast Asia, and the United States, to support its global operations [7]

Core Viewpoint - The company, Shenzhen Xingyuan Material Technology Co., Ltd., has announced its 2024 annual profit distribution plan, which includes a cash dividend of 0.507566 yuan per 10 shares for all shareholders, based on a total share capital of 1,342,902,078 shares, excluding repurchased shares [1][4]. Summary by Sections Profit Distribution Plan - The profit distribution plan was approved at the 2024 annual shareholders' meeting held on May 21, 2025, with a total cash dividend of 66,595,418.90 yuan to be distributed to shareholders [2][3]. - The distribution is based on a total share capital of 1,331,908,378 shares after excluding 10,993,700 shares held in the company's repurchase account [2][3]. Dividend Calculation - The cash dividend per 10 shares is calculated as 0.507566 yuan, which is derived from the total cash dividend amount divided by the adjusted total share capital [4][9]. - The cash dividend for shareholders holding shares through the Hong Kong market and other specific categories will be subject to different tax treatments [4]. Key Dates - The record date for the dividend distribution is set for July 16, 2025, and the ex-dividend date is July 17, 2025 [5]. Distribution Method - Cash dividends will be directly credited to the accounts of A-share shareholders through their respective custodial securities companies on the ex-dividend date [7]. - For GDR investors, dividends will be distributed by Deutsche Bank, with a withholding tax of 10% applied [8]. Adjustments Post Distribution - Following the distribution, adjustments will be made to the repurchase price and vesting price related to the company's stock incentive plans [10].

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. (hereinafter referred to as "Xingyuan Material") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [2]. Group 1: Company Overview - Xingyuan Material was founded in 2003 by Professor Chen Xiufeng and was listed on the A-share market on December 1, 2016 [2]. - The company specializes in the manufacturing of lithium-ion battery separators and aims to provide high-quality products to global customers [2]. - According to Frost & Sullivan, Xingyuan Material is the first company in China to master the dry unidirectional stretching technology for lithium-ion battery separators, and it is projected to hold the largest global market share in dry separators by 2024 based on shipment volume [2]. Group 2: Market Position and Performance - Over the past five years, Xingyuan Material has ranked second globally in terms of lithium-ion battery separator shipments, with its global market share increasing from 11.0% in 2020 to 14.4% in 2024 [2]. - The company's revenue for the years 2022, 2023, and projected for 2024 is 2.867 billion, 2.982 billion, and 3.506 billion RMB respectively, with corresponding net profits of 748 million, 594 million, and 371 million RMB [3]. Group 3: Leadership and Governance - Professor Chen Xiufeng and Chen Weirong (a married couple) hold approximately 12.70% and 0.03% of the company respectively, giving Professor Chen the right to exercise about 12.72% of the voting rights attached to the issued shares [5]. - Professor Chen, aged 58, serves as the executive director, chairman of the board, and general manager of the company, responsible for strategic planning, business direction, and daily operations [5]. - In 2024, Professor Chen's compensation was reported to be 2.49 million RMB [7].

证券代码：300568 证券简称：星源材质 公告编号：2025-075 深圳市星源材质科技股份有限公司 2024 年年度权益分派实施公告 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。 2、本次实施权益分派后，按公司总股本折算每 10 股现金分红计算如下：按 总股本折算每 10 股现金分红的金额=本次实际现金分红总额/公司总股本 *10=66,595,336 元/1,342,902,078 股*10=0.495906 元。 在保证本次权益分派方案不变前提下，2024 年年度权益分派实施后的除权 除息价格按照上述原则及计算方式执行，即本次权益分派实施后的除权除息参考 价=除权除息前一交易日收盘价-按公司总股本折算每股现金分红金额=除权除息 前一交易日收盘价-0.0495906 元/股。（注：金额如有尾数差异，为四舍五入造 成，下同） 深圳市星源材质科技股份有限公司（以下简称"公司"）2024 年年度权益分 派方案已获 2025 年 5 月 21 日召开的 2024 年年度股东大会审议通过，现将权益 分派事宜公告如下： 特别提示： 1、本次权益分派的分配基数：根据 ...

Core Viewpoint - The company Xingyuan Material, a leading lithium battery separator manufacturer, is planning to go public in Hong Kong to raise funds for overseas expansion, particularly in Malaysia and the United States, while also establishing a research and development center in Singapore [2][3]. Company Overview - Xingyuan Material specializes in lithium battery separators, which are crucial components that prevent physical contact between electrodes and facilitate ion conduction [2]. - The company claims to be one of the few suppliers to all of the world's top ten lithium-ion battery manufacturers, with a projected global market share of 14.4% in 2024, ranking second in the market [2]. Financial Performance - Despite revenue growth, the company's profitability has been declining, with a projected revenue of 3.541 billion yuan in 2024, up 17.52% year-on-year, but a net profit of 364 million yuan, down 36.87% [4]. - The gross profit margin has decreased from 44.8% in 2022 to a projected 28.1% in 2024, with a further drop to 23.6% in the first quarter of this year, attributed to increased market competition and declining average selling prices [3][4]. Market Dynamics - The company aims to expand its overseas production capacity due to a perceived supply-demand gap in the global market for battery separators, driven by the increasing adoption of electric vehicles [3]. - The competitive landscape in the separator industry is expected to intensify, which has already impacted the company's performance [3]. Industry Trends - The trend of "southbound" financing in the lithium battery sector is notable, with eight companies having submitted IPO applications to the Hong Kong Stock Exchange this year, including Xingyuan Material [4][5].

Core Viewpoint - Xingyuan Material has submitted an application for listing on the Hong Kong Stock Exchange, aiming to create an international capital operation platform to support its global business expansion [1] Financial Performance - Xingyuan Material has faced a "revenue growth without profit" dilemma, with revenue increasing year-on-year by 4.62%, 17.52%, and 24.44% for 2023, 2024, and Q1 2025 respectively, while net profit decreased by 20.58%, 37.56%, and 52.46% during the same periods [1][3][4] - The company's revenue grew from 5.06 billion RMB in its first year to 35.41 billion RMB in 2024, with a compound annual growth rate of approximately 24.13% [3] - The gross profit margin has significantly declined, with 2024's gross margin at 28.79%, down 15.63% year-on-year, and further dropping to 23.6% in Q1 2025 [5][6] Financial Condition - As of the end of 2024, Xingyuan Material's interest-bearing debt exceeded 10 billion RMB, while its broad monetary funds decreased by 16.17% to below 4 billion RMB, indicating a funding gap of over 6 billion RMB [2][13] - The company's asset-liability ratio reached a historical high of 56.92%, with liquidity ratios (current and quick) dropping to 1.24 and 1.16, respectively, indicating significant liquidity risk [2][13] - Since its listing, the company has raised a total of 6.5 billion RMB through direct financing, but has only distributed 573 million RMB in dividends, resulting in a low dividend payout ratio of 8.83% [2][11] Industry Context - The lithium-ion battery separator industry is experiencing intense competition, leading to a significant drop in product prices and profit margins. The average selling prices for dry, wet, and coated separators fell by 26.92%, 26.39%, and 21.67% respectively in 2024 [9][10] - The industry is facing overcapacity, with total production capacity exceeding 30 billion square meters, far surpassing the actual demand of 22.75 billion square meters, resulting in a price war that has not been effectively curbed [9][10] - Despite the challenging market conditions, Xingyuan Material plans to expand its production capacity both domestically and internationally, with significant investments in new production bases in Malaysia and the United States [10]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is becoming a crucial platform for domestic lithium battery companies to connect with international capital, especially as restrictions from overseas exchanges and tightening domestic policies increase the trend of companies seeking secondary listings in Hong Kong [1] Group 1: Market Trends - There is a noticeable increase in lithium battery companies transitioning to the HKEX, with successful listings from companies like BYD, CATL, and others [1] - EVE Energy announced its intention to initiate an IPO in Hong Kong to support overseas factory construction and global capacity layout [1] Group 2: Company Developments - Star Materials, a leading separator manufacturer, submitted its application for H-share listing on July 7, 2025, and is the first in the industry to achieve mass export of lithium-ion battery separators [1] - Star Materials has a diverse customer base including LG Energy, Samsung SDI, and CATL, with a global footprint across nine production bases [1] Group 3: Financial Plans - The IPO proceeds for Star Materials will be used to expand its overseas network, including a production base in Malaysia with an investment of approximately HKD 54.62 billion, a base in the USA costing about HKD 6.32 billion, and a research center in Singapore with an investment of around HKD 2.1 billion [2] Group 4: Competitive Landscape - Tinci Materials, a leading electrolyte manufacturer, plans to issue H-shares and is expanding its global strategy, with a projected sales volume of over 500,000 tons of electrolyte in 2024, marking a 26% increase from 2023 [3] - Tinci Materials is also investing in Morocco to establish an integrated production base for electrolytes and key raw materials, with an annual production capacity of 150,000 tons [3] Group 5: Legal Challenges - Tinci Materials is currently involved in a legal dispute with Yongtai Technology over commercial secrets, with mutual claims exceeding 900 million yuan [3][4] - The ongoing patent disputes in the lithium battery sector highlight the need for companies to strengthen their R&D capabilities to navigate global competition [4]